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Freddie Mac postpones deadline for loan-level data.

In an effort to provide lenders with more time to prepare for business process and system changes, Freddie Mac has postponed the effective date for its new loan-level origination data for mortgage requirements. Earlier this year, the Federal Housing Finance Agency announced that Freddie would be required to capture new loan-level origination data for mortgages with application dates on or after Jan. 1, 2010.

Now Freddie Mac, with FHFA's approval, has changed the effective date for this requirement to apply to mortgages with application dates on or after July 1, 2010, according to a news release.

For such mortgages, Freddie will be required to collect the following unique identifiers:

* appraiser's state license number

* supervisory appraiser's state license number, if applicable

* loan originator identifier

* loan origination company identifier

Although the effective date has been changed, Freddie is encouraging lenders to deliver the four data elements listed above as soon as sellers have them available in their updated systems. Freddie has noted that its selling system will be updated in December to allow sellers to begin delivering these data elements before the end of the year.

To view the FHFA's new mortgage data requirements for loan origination, visit www.fhfa.gov/webfiles/400/LoanOhglDS11509.pdf or www.freddiemac.com/sell/secmktg/new_details.htm.
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Title Annotation:Industry Headlines
Publication:Valuation Insights & Perspectives
Date:Sep 22, 2009
Words:212
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