Freddie Mac Single-Family Seller/Servicer Guide §6201.2 — Guarantor and MultiLender Swap Contracts (12/03/25)
Freddie Mac Guide §6201.2 (Guarantor and MultiLender Swap Contracts). Gap-fill (verbatim, ID-diff).
Verbatim regulatory text
Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide §6201.2 — Guarantor and MultiLender Swap Contracts (12/03/25) — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Freddie Mac Guide 6201.2
(12/03/25) This section contains requirements related to: ■ Review of Mortgages for compliance with Seller’s Maximum Annual Mortgage Purchase Amount ■ Seller’s election to sell with or without recourse under the Guarantor and MultiLender Swap programs
Freddie Mac Guide 6201.2
201-5 ■ Buyup and buydown programs under the fixed-rate Guarantor and MultiLender Swap programs (a) Review of Mortgages for compliance with Seller’s Maximum Annual Mortgage Purchase Amount If Freddie Mac has established a Maximum Annual Mortgage Purchase Amount with respect to the Seller, Freddie Mac will, after the commitment has been made, review the aggregate amount of Mortgages purchased from the Seller to date in the current calendar year. Freddie Mac, in its sole and absolute discretion, may purchase Mortgages from the Seller in an amount that exceeds the Seller’s Maximum Annual Mortgage Purchase Amount or may rescind, in whole or in part, its acceptance of the Seller’s offer to sell any Mortgages that will result in the Seller’s exceeding its Maximum Annual Mortgage Purchase Amount. Any such rescission shall be made without the payment by Freddie Mac of any Seller claims. Freddie Mac reserves the right to charge a fee on the entire amount of any Purchase Contract that causes the Seller to exceed its Maximum Annual Mortgage Purchase Amount. (b) Seller’s election to sell with or without recourse under the Guarantor and MultiLender Swap programs Mortgages may be sold to Freddie Mac with or without recourse, as elected by the Seller and as set forth in the Purchase Documents. (i) Mortgages with recourse A Seller who elects to sell Mortgages to Freddie Mac with recourse bears all risks and costs of a Borrower default, including the costs of foreclosure. Under a recourse obligation: ■ The Seller must repurchase the Mortgage, plus accrued interest, upon completion of the foreclosure sale (or upon delivery of a deed-in-lieu of foreclosure), whether or not the Borrower retains an equity of redemption ■ The Seller may, at its option, repurchase: ❑ Any Mortgage that is 90 days delinquent in accordance with the requirements in Sections 3602.2(c), 3602.3(a) and 3602.3(b) ❑ Any Mortgage for which foreclosure has been initiated If the Seller elects to sell Mortgages to Freddie Mac with recourse, the Seller’s financial ability to fulfill the required recourse obligation will be reviewed. If Freddie Mac determines that the Seller’s financial condition is not sufficient to support a recourse obligation, the Seller may be required to meet additional requirements. There may be
Freddie Mac Guide 6201.2
201-6 instances in which additional recourse sales from the Seller will not be allowed because of the Seller’s financial condition. In addition, if the Seller elects to sell Mortgages to Freddie Mac with recourse, Freddie Mac will monitor the Seller’s continuing ability to fulfill its recourse obligations and may: ■ Require that the Seller submit specific financial information relating to the Seller’s ability to fulfill its recourse obligations ■ Require that the Seller provide Freddie Mac with additional assurances, including guaranties or pledges of collateral, to support recourse obligations ■ Treat the Seller’s failure to provide Freddie Mac with requested additional assurances as a failure to fulfill an obligation under the Purchase Documents The Seller who elects to sell Mortgages with recourse represents and warrants to Freddie Mac that on the Date of Seller’s Offer, the Seller’s aggregate recourse obligations comply with all applicable federal and State regulations. The Seller should be aware that in the event of a Transfer of Servicing, the Transferee Servicer must be approved by Freddie Mac and may be subject to the same recourse obligations as the Seller of the related Mortgages. For Mortgages sold to Freddie Mac with recourse, the Note must bear the proper endorsement for sales with recourse, as set forth in Section 6301.2(a). (ii) Mortgages without recourse If the Seller elects to sell Mortgages without recourse, Freddie Mac assumes the risk of loss from Borrower defaults, subject to the terms and conditions of the Purchase Documents. (c) Buyup and buydown programs under the fixed-rate Guarantor and MultiLender Swap programs (i) Adjustments to Credit Fees in Yield When taking out a Fixed-Rate Guarantor Contract or MultiLender Swap Contract, the Seller may request an adjustment to the Credit Fee in Yield by selecting one of the following buyup and buydown programs: ■ Note-level, or ■ Loan-level (if permitted under the Seller’s Pricing Identifier Terms under which the Seller is taking out the Purchase Contract)
Freddie Mac Guide 6201.2
201-7 The adjustment will be based on the Note Rate, the Coupon, and the Minimum Contract Servicing Spread: ■ For the note-level program, the Credit Fee in Yield will be adjusted in the same manner for all Mortgages with that Note Rate and remaining maturity ■ For the loan-level program, the Seller may select the specific Mortgages for which the Credit Fee in Yield is to be adjusted For purposes of this section, Credit Fee in Yield means the total Credit Fee in Yield, which consists of the Credit Fee in Yield stated on the Seller’s Rate Sheet plus all applicable Credit Fee in Yield Add-Ons and negotiated Credit Fee in Yield adjustments. (ii) Selection of applicable option For the note-level program, at the time the Seller takes out a Purchase Contract, the Seller must select one of the following options: ■ Buyup and buydown ■ Buydown only ■ Buyup only, or ■ Neither buyup nor buydown For the loan-level program, the Seller will select the applicable option for each Mortgage at the time the Seller delivers the Mortgage. See Section 6302.35 for delivery requirements for such Mortgages. If the Seller fails to deliver the required loan-level buyup and buydown ULDD Data Points for a Mortgage, the Mortgage will not be allocated to the Seller’s Purchase Contract. For both the note-level and loan-level programs, the Seller may update the specified buyup or buydown amount, as applicable, until the Purchase Contract for which the buyup or buydown amount applies is in settlement locked status. (iii) Buyup and buydown fees In exchange for an increase to the Credit Fee in Yield (buyup) for certain Mortgages, Freddie Mac will make a cash payment to the Seller. In exchange for a decrease in the Credit Fee in Yield (buydown) for certain Mortgages, the Seller will make a cash payment to Freddie Mac.
Freddie Mac Guide 6201.2
201-8 Buyup payments to be made to the Seller will be netted against buydown fees to be paid by the Seller and the result will be paid in accordance with the provisions relating to fees in Section 6303.2(a). (iv) Calculation of buyup proceeds and buydown fees Freddie Mac will determine the amount of the increase or decrease in the Credit Fee in Yield for each Mortgage delivered based on the following information specified when taking out a Purchase Contract: ■ Coupon for which the Mortgage is delivered ■ Minimum Contract Servicing Spread ■ Note Rate ■ Credit Fee in Yield ■ Buyup maximum amount In determining the amount of any increase or decrease in the Credit Fee in Yield, Freddie Mac will use the following formula: Note Rate - Minimum Contract Servicing Spread - Total Credit Fee in Yield - Coupon = Amount of increase or decrease in Credit Fee in Yield * * Expressed in basis points If the result is a positive number: The Credit Fee in Yield will be increased by the amount of that positive number, subject to the maximum buyup limit prevailing at the time the Purchase Contract is taken out. Any Mortgage with a positive number greater than the maximum buyup limit will retain a Servicing Spread greater than the Minimum Contract Servicing Spread specified at the time the Purchase Contract is taken out. If the result is a negative number: The Credit Fee in Yield will be decreased by the amount of that negative number, subject to the maximum buydown limit prevailing at the time the Purchase Contract is taken out but will not be decreased to less than zero. A Note Rate must equal or exceed the Coupon plus the Credit Fee in Yield (as adjusted for the amount of the buyup or buydown) plus the Minimum Contract Servicing Spread to be accepted for purchase for the Coupon specified.
Freddie Mac Guide 6201.2
201-9 (v) Calculation of buyup and buydown fees Buyup and buydown fees will be calculated in accordance with the following requirements. For each basis point (0.010%) by which the Credit Fee in Yield for a Mortgage must be increased or decreased as determined by the preceding formula, a payment will be required in an amount equal to a fixed percent (expressed in basis points) of the UPB of the Mortgage. The number of basis points determined by Freddie Mac will depend on: ■ The Note Rate, ■ The Mortgage product, and ■ Whether a buyup or buydown is required (vi) Application of buyup maximum amount for Note Rate program Mortgages are subject to the buyup maximum amount applicable for Mortgage products as stated in the Seller’s Purchase Documents. The Seller may enter a lower buyup maximum amount to be applied to the Fixed-Rate Guarantor Contract or MultiLender Swap Contract. If the Seller does not enter a value into the buyup maximum field for a Purchase Contract, Loan Selling Advisor® will apply the applicable buyup maximum amount as stated in the Seller’s Purchase Documents. (vii) Buyup and buydown options under WAC ARM Guarantor program The buyup and buydown options are not permitted under WAC ARM Guarantor program. (viii) Payment of buyup proceeds and buydown fees All buyup proceeds and buydown fees will be paid in accordance with Section 6303.2(a). Note: For general billing information, call Customer Service at 800-FREDDIE.
Freddie Mac Guide 6201.2
Guarantor and MultiLender Swap pricing, purchase and settlement (12/03/25) This section contains requirements related to: ■ Guarantor Pricing ■ Security wire instructions for the Guarantor and MultiLender Swap programs ■ Settlement under the Guarantor and MultiLender Swap programs ■ Postsettlement adjustments for Mortgages purchased under the Guarantor and MultiLender Swap programs (a) Guarantor Pricing This section applies when a Seller’s Rate Sheet (as defined below) issued through Loan Selling Advisor® states that the Seller is eligible to sell Mortgages to Freddie Mac through the Guarantor program or MultiLender Swap program. (i) Defined terms For purposes of this section, the following terms have the meanings ascribed to them below: Defined terms related to guarantor pricing G Guarantor Pricing Credit Fees in Yield, Credit Fee in Yield Add-Ons, negotiated Credit Fee in Yield adjustments, buyup and buydown ratios, maximum buyup and maximum buydown, and/or certain negotiated Credit Fees, credits for Credit Fees and/or such other components as Freddie Mac may include from time to time P Pricing Day The day or days of the month on which Guarantor Pricing is available to the Seller in Loan Selling Advisor R Rate Sheet The Rate Sheet Results screen in Loan Selling Advisor that contains the information described in Section 6201.3(a)(ii)
Freddie Mac Guide 6201.2
201-11 (ii) Pricing Day and pricing notification The Pricing Day will be stated on the Seller’s Rate Sheet. If the Pricing Day is not a Business Day, Freddie Mac will make the Guarantor Pricing available to the Seller on the first Business Day after such Pricing Day. The Rate Sheet will include all applicable components of Guarantor Pricing, the Mortgage products eligible under the Rate Sheet and the applicable effective dates and Settlements Dates covered by the Rate Sheet and any applicable additional terms stated in the Business Arrangement Stipulations section of the Rate Sheet. (iii) Taking out Purchase Contracts The Seller may take out Purchase Contracts for settlement in a particular month only after Freddie Mac has entered Guarantor Pricing on the Rate Sheet for the Purchase Contract for Settlement in such particular month. (iv) Acceptance of Guarantor Pricing The Seller’s delivery of Mortgages eligible under a Rate Sheet will be deemed to be the Seller’s acceptance of the Guarantor Pricing stated in the Rate Sheet. (v) Amendment and termination of Guarantor Pricing provisions In addition to the provisions of Section 1101.2(a)(ii), Freddie Mac may amend, supplement, revise or terminate any of the provisions of this section, including, but not limited to, establishing Guarantor Pricing for a Seller more than one time in a calendar month and changing the Guarantor Pricing provided in accordance with the above provision, in whole or in part, upon written notice to the Seller. The written notice may be in the form of new Guarantor Pricing being made available to the Seller on the Rate Sheet in Loan Selling Advisor. The effective date of changes will be stated on the revised Rate Sheet. The changes will not apply to contracts the Seller has taken out prior to the effective date of the changes. (b) Security wire instructions for the Guarantor and MultiLender Swap programs (i) Acknowledgment and consent to electronic transactions In accordance with Chapter 1401, the Seller is bound by the security wire instructions it provides to Freddie Mac. (ii) Security wire verification For information about wire transfer instructions and delivery of UMBS®, MBS or ARM PCs.
Freddie Mac Guide 6201.2
201-12 Security wire verification instructions and delivery Type of program Guide section Fixed-rate Guarantor program Section 6203.3(c) WAC ARM Guarantor program Section 6204.3(c) MultiLender Swap program Section 6205.3(c) (iii) Liability Freddie Mac is not liable for errors in the delivery of UMBS, MBS or ARM PCs provided that Freddie Mac delivered the securities pursuant to security wire instructions that were provided by the Seller in accordance with the requirements of the Purchase Documents. (c) Settlement under the Guarantor and MultiLender Swap programs As of the Settlement Date, ownership of, and (subject to the terms of any recourse obligation) risk of loss with respect to, the Mortgages being sold on the Settlement Date will pass from the Seller to Freddie Mac. Freddie Mac will, in accordance with Section 6201.6(c), deliver to the Seller in Book-Entry Form the UMBS, MBS or ARM PCs representing interests therein in the amount determined by Freddie Mac and verified by the Seller in the Loan Selling Advisor “View Wire Instructions” screen. (i) Postsettlement credits and calculations Freddie Mac will credit or remit to the Seller on a postsettlement basis the sum of: ■ An amount of interest equal to one of the following: • With respect to Pools without the Note-level buyup and buydown feature, interest at the Credit Fee in Yield on the Mortgages for the period from the Issue Date to the day before the Settlement Date, inclusive • With respect to Pools in which the Note-level buyup and buydown feature has been used, the weighted average Credit Fee in Yield of the Mortgages in the Pool for the period from the Issue Date to the day before the Settlement Date, inclusive ■ The excess, if any, of the aggregate UPB as of the Settlement Date of the Mortgages, over the aggregate original principal balance of the related UMBS, MBS or ARM PCs The sum will be credited against any fees payable by the Seller to Freddie Mac for monthly invoiced fees, including, but not limited to, buydown fees, Gold Rush® fees and Credit Fees. If this sum exceeds postsettlement fees, a net amount is payable to the Seller.
Freddie Mac Guide 6201.2
201-13 Payment of the net amount due to the Seller will be made in accordance with the Credit Fee and funding fee provisions stated in Chapter 6303. (ii) Failure of transfer or purchase obligations If the Seller fails for any reason to transfer all or any portion of the Mortgages accepted for purchase by Freddie Mac, Freddie Mac will have no obligation to sell all or any portion of the UMBS, MBS or ARM PCs to the Seller. If the Seller fails for any reason to purchase all or any portion of the UMBS, MBS or ARM PCs from Freddie Mac, Freddie Mac will have no obligation to purchase all or any portion of the Mortgages from the Seller. (d) Postsettlement adjustments for Mortgages purchased under the Guarantor and MultiLender Swap programs (i) Transfer of ownership for unfunded Mortgages If, after any Settlement Date, Freddie Mac determines that the aggregate UPB, as of the Settlement Date, of the Mortgages purchased on such date (the “settlement balance”) was greater than the aggregate UPB verified for purchase (the “verified balance”) and greater than the original principal balance of the related UMBS, MBS or ARM PC, Freddie Mac will transfer back to the Seller ownership of the smallest number of Mortgages (“unfunded Mortgages”) having an aggregate UPB as of the Settlement Date at least equal to the excess of the settlement balance over the verified balance. (ii) Reporting and remitting of excess amounts If the aggregate UPB of the unfunded Mortgages transferred back to the Seller exceeds the difference between the settlement balance and the verified balance, the excess must be reported and remitted promptly by the Seller to Freddie Mac in accordance with Sections 8302.3(e) and 8303.2(b) as if such difference were a principal prepayment (Mortgage paid in full) on the related Mortgages. (iii) Correction of verified balance discrepancies Without Freddie Mac’s prior written approval, the Seller may not remedy an incorrect verified balance by offsetting any difference between the settlement balance and the verified balance against principal collections received on the Mortgages by the Seller after the Settlement Date. The amount of principal reduction reported by the Seller via the Loan-Level Transaction (or any other report developed for reporting accounting information) must, for each accounting reporting period, accurately reflect all principal collections actually received by the Seller on the verified balance plus any prepayment resulting from the transfer of unfunded Mortgages.