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#184706 - 04/28/04 03:43 PM Freddie Mac and govmt. monitoring info.
beaten blind Offline
Gold Star
Joined: Oct 2003
Posts: 473
the Bat Cave
The Freddie Mac tranmittal form includes government monitoring information for all loans. I have been told by our underwriting dept. that Freddie "requires" the transmittal of this information for all sold loans. Is anyone else aware of this? What about 1st mortgage loans where the purpose is NOT to purchase the home - ie. home is paid off and couple wants to mortgage it to pay for children's college expense. They want to go Freddie for the rate. In that instance, monitoring info. should not be collected. Would Freddie still require the information for transmission??? Thanks - I'm no Freddie expert!

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#184707 - 04/28/04 06:16 PM Re: Freddie Mac and govmt. monitoring info.
Beagles22 Offline
Power Poster
Joined: Jan 2004
Posts: 3,626
State of confusion
I have serviced and underwritten Freddie Mac loans for 3 years and have always reported the monitoring information. As far as I know you have to collect the monitoring information on all Freddie Mac loans even if it is not HMDA reportable. The info may be used for self monitoring on Freddie's part and then it is acceptable to collect?? I don't know why but I know we always have. You could call 1-800-FREDDIE and ask them if it has to be reported on delivery.
Last edited by Beagles22; 04/28/04 06:18 PM.
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#184708 - 04/29/04 02:00 PM Re: Freddie Mac and govmt. monitoring info.
beaten blind Offline
Gold Star
Joined: Oct 2003
Posts: 473
the Bat Cave
Thanks - I'll call. My concern lies in a violation of Reg. B for collecting monitoring info. inappropriately on a non-covered loan.

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