Freddie Mac Single-Family Seller/Servicer Guide 4504.2 — Overview of HeritageOne® Mortgages

Freddie Mac Single-Family Seller/Servicer Guide 4504.2 — Overview of HeritageOne® Mortgages

Effective 2025-07-09 · Freddie Mac's stamp for this section

This section contains information related to: ■ Approved Sellers of HeritageOne® Mortgages ■ Negotiated underwriting provisions ■ Defined terms ■ Eligible property ■ First Lien priority ■ Assumable Mortgages ■ Special delivery requirements ■ Special Servicing requirements (a) Approved Sellers of HeritageOne Mortgages The Seller must obtain Freddie Mac’s written approval to sell HeritageOne Mortgages to Freddie Mac by contacting its Freddie Mac representative or Customer Service at 800FREDDIE. (b) Negotiated underwriting provisions Unless specifically made applicable to HeritageOne Mortgages, negotiated underwriting provisions in the Seller’s Purchase Documents do not apply to HeritageOne Mortgages and cannot be used with HeritageOne Mortgages. (c) Defined terms As used in this chapter, the following terms have the meanings ascribed to them below: Defined terms for HeritageOne Mortgages B BIA U.S. Department of the Interior Bureau of Indian Affairs. E Eligible Native American Tribe A Native American Tribe that either: ■ Is listed as a participating tribe in HUD’s most recent Section 184 Participating Tribes List; or ■ Has entered into a memorandum of understanding with Freddie Mac that, to the Seller’s knowledge, is and will remain in full force and effect A list of Eligible Native American Tribes is available on Freddie Mac’s website. N Native American Tribe A federally recognized Indian tribe of the United States that is included in the BIA’s most recent publication of the notice titled “Indian Entities Recognized by and Eligible To Receive Services From the United States Bureau of Indian Affairs”. “Native American Tribe” includes any housing authority, utility, corporation, partnership or other entity that is partially or wholly owned by the Native American Tribe. T Tribal Area A census tract, or any portion thereof, that is designated as both a HUD Indian Housing Block Grant (IHBG) Area and a rural area under FHFA’s Duty to Serve Regulation and is identified as an “Indian area” in the current version of the FHFA’s Indian Areas File. (d) Eligible property The Mortgaged Premises must be located in the Tribal Area of an Eligible Native American Tribe. Mortgages must be secured by 1- to 4-unit Primary Residences, which may include: ■ Manufactured Homes, including Manufactured Homes that are CHOICEHomes® ■ Condominium Units ■ Units located in Planned Unit Developments (PUDs) ■ Properties with ADUs (e) First Lien priority The Seller must comply with all statutory and regulatory requirements and obtain all approvals and signatures necessary to establish and maintain a valid First Lien on the Mortgaged Premises. The Security Instrument must be signed by all individuals or entities with an ownership interest in the Mortgaged Premises. See Section 4101.6 for additional information on signatures required for the Security Instrument. If necessary to establish or maintain the First Lien, the Seller must: ■ Obtain any necessary approvals or signatures from the U.S. Secretary of the Interior or the BIA, as applicable; and ■ Record the Security Instrument and all other Mortgage documents required to be recorded in the appropriate jurisdiction Even if not necessary to establish or maintain the First Lien, it is recommended that the Security Instrument and all other Mortgage documents required to be recorded also be recorded in the locality in which the Mortgaged Premises is located. (f) Assumable Mortgages Mortgages sold under the Guarantor program that meet the requirements of Section 4101.9(c) and this chapter may be assumable Mortgages, if permitted under the Seller’s Purchase Documents. (g) Special delivery requirements See Section 6302.50 for special delivery requirements for HeritageOne Mortgages. (h) Special Servicing requirements See Section 8406.1(d) and Chapter 8901 for special Servicing requirements for HeritageOne Mortgages, including requirements for post-closing Borrower counseling, Transfers of Servicing and Transfers of Ownership.

Source: Freddie Mac Single-Family Seller/Servicer Guide 4504.2 — Overview of HeritageOne® Mortgages · source URL · snapshot 4c94f67729042dd6