Company: FMCCN
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001026214-25-000040
Chunk: 141

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-02-13
Form: 10-K
Item: Item 15
Chunk 141
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 consumer reporting agencies for each borrower. 

In February 2024 after a public engagement process on the initiative, FHFA announced further updates to the implementation of new credit score requirements for single-family loans acquired by the Enterprises. 

In July 2024, FHFA announced the publication of historical VantageScore 4.0 credit scores on loans acquired by the Enterprises during the 10-year period from April 1, 2013 to March 31, 2023, to support the implementation of Freddie Mac and Fannie Mae’s updated credit score and credit reporting requirements. FHFA and the Enterprises will continue to work towards providing similar data to support the transition to the FICO 10T model, contingent upon achieving the necessary conditions for acquisition and publication of this data.

On January 16, 2025, FHFA and the Enterprises announced an update to the credit score models and reports initiative to revise the implementation date from the fourth quarter of 2025 to a to-be-determined date for the Enterprises to incorporate the new credit score model requirements into mortgage processes and implement optional bi-merge credit reports.

Policies on Appraisals, Loan Repurchase Alternatives, and Pricing Notifications

On October 28, 2024, FHFA announced updates to several Freddie Mac and Fannie Mae policies that are intended to enhance efficiencies and promote cost savings in the single-family mortgage market. These policy updates cover the following key areas:

n    Expanded eligibility for appraisal waivers on purchase loans from 80% to 90% maximum LTV ratio;

n    Expanded eligibility for appraisal waivers with a property data report from 80% to program limits (e.g., 97% for Home Possible loans);

n    Expanded UAD to include FHA data;

n     Expanded eligibility for Freddie Mac performing loan repurchase alternative pilot; and

n    60 days advance notice of Enterprise pricing increases greater than 1 basis point.

FREDDIE MAC  |  2024 Form 10-K103

Management's Discussion and AnalysisRegulation and Supervision

January 2025 Letter Agreement and the Purchase Agreement

The January 2025 Letter Agreement amended the Purchase Agreement to remove certain provisions that generally limited Freddie Mac’s ability to acquire certain types of mortgage loans. These provisions had been suspended since September 2021. The removed provisions include the limitations on: acquiring for cash from any single seller in a year single-family mortgage loans with an aggregated principal balance in excess of $1.5 billion; the acquisition of certain