Freddie’s new system for the near-real-time reporting of default events doesn’t become mandatory until September 2027, but servicers may begin reporting as early as November 2026.
Freddie Mac servicers will have to transition from the monthly foreclosure reporting cycle of its old EDR system to a “near real-time” system based on key events.
FHFA greenlights the use of actual cash value insurance to cover the roofs of condos; all other elements of the project will still require replacement value policies, though.
The GSEs continue the modernization of the datasets critical to the mortgage industry, including updates that will be key to the implementation of multiple credit scores for mortgage borrowers.
Starting in October, properties that are part of a condo project in insolvency proceedings will not be eligible for GSE loans. The rule applies immediately if the lender is already aware of the proceedings.