Freddie Mac Single-Family Seller/Servicer Guide 6304.3 — Document Custodian’s functions and duties upon receiving Notes and assignments

Freddie Mac Single-Family Seller/Servicer Guide 6304.3 — Document Custodian’s functions and duties upon receiving Notes and assignments

Effective 2025-12-17 · Freddie Mac's stamp for this section

This section contains requirements related to: ■ Verifications ■ Certification process ■ Electronically recorded documents ■ Duties to Freddie Mac (a) Verifications (i) Verification of Notes and assignments Upon receiving the Notes and assignments from the Seller/Servicer for Mortgages delivered for purchase by Freddie Mac, the Document Custodian must verify and certify that the following requirements have been met: ■ Note: The information on each Note matches all corresponding loan data for the related Mortgage contained in Loan Selling Advisor®. The Document Custodian is not required to verify the Seller/Servicer number. ■ Note endorsement: Each Note is endorsed as required by Section 6301.2(a). If the Seller/Servicer delivering the Note is not the original payee on the Note, the Document Custodian must verify that the chain of endorsements is proper and complete from the original payee on the Note to the Seller delivering the Note to Freddie Mac (not to the Servicer). ■ Assignments: The assignments of the Security Instruments from the original Mortgagee to the Seller/Servicer or to MERS® are prepared, executed and recorded where required, in accordance with Sections 6301.2(d) and 7101.4(a). The Seller/Servicer must provide its Document Custodian with any documentation necessary for the Document Custodian to determine whether the Seller/Servicer has elected to retain physical custody of all assignments for Mortgages registered with MERS and store the assignments in the Mortgage files, as provided in Section 6301.2(d). (ii) Verification of Notes and assignments for Cooperative Share Loans For each Cooperative Share Loan, in addition to the requirements in Section 6304.3(a)(i), the Document Custodian must verify that the Seller has delivered to Document Custodian and has in its possession the following: ■ Original stock certificate, membership certificate or other instrument or agreement of similar import that is commonly used and is valid and enforceable in the applicable jurisdiction and evidences the Shareholder’s ownership interest in the Cooperative Corporation, ■ Original stock power, executed in blank, ■ Original Proprietary Lease, occupancy agreement or other agreement of similar import that is commonly used and is valid and enforceable in the applicable jurisdiction, ■ Original assignment of Proprietary Lease executed in the name of Seller or in blank, ■ A copy of recorded UCC-1 financing statements and renewal assignment statements, if applicable, with original filing stamp, ■ Original Form UCC-3 assigning interest to Freddie Mac in a form suitable for filing, but not filed, ■ Original security agreement, and ■ Original Recognition Agreement (b) Certification process The Document Custodian must comply with the applicable requirements of the Purchase Documents when certifying Mortgages delivered for purchase by Freddie Mac. Refer to the Document Custody Procedures Handbook for additional information. The Document Custodian must not execute the Custodian Certification for a Mortgage if any of the information on the related Note, required to be verified and certified, does not match the corresponding loan data for the related Mortgage in Loan Selling Advisor as set forth in Section 6304.3(a) or if any discrepancy is not sufficiently justified. The Document Custodian must notify the delivering Seller/Servicer of any error, omission or other discrepancy that requires corrective action. (c) Electronically recorded documents See Sections 1401.3(d) and 1401.3(e) for information and instructions regarding electronically recorded paper documents and/or electronically recorded Electronic (as that term is defined in Section 1401.1(b)) documents. (d) Duties to Freddie Mac Upon certification of the Notes, the Document Custodian must maintain physical custody of the Notes, any assignments, any power of attorney, any modification agreement and any other documents relating to the Mortgage, and, for Cooperative Share Loans, the documents listed in Section 6304.2(b), in trust, for the benefit of Freddie Mac. Note: See Sections 8107.2(b) and (c) for requirements related to the physical or constructive possession of the Note in connection with the Servicing of a Mortgage.

Source: Freddie Mac Single-Family Seller/Servicer Guide 6304.3 — Document Custodian’s functions and duties upon receiving Notes and assignments · source URL · snapshot 4c94f67729042dd6