Facsimile verification forms are acceptable if it is clear from the document that the information was sent by facsimile transmission directly from the source to the originator and are considered to be originals.
Standard verification forms, such as the original verification of employment (VOE), verification of deposit (VOD), direct verification of Tradelines and Noncredit Payment References, including Mortgage payment history and verification of rental payments must be sent directly from the originator to the Borrower’s employer, depository, creditor or landlord and, upon completion, returned directly from that entity to the originator.
Written verifications must meet all of the following requirements: dollars at the time of translation and it must be clear that the Borrower owned the funds prior to the transfer. All foreign currency amounts must be converted to U.S. All documents of foreign origin must be filled out in English or the originator must provide a translation, attached to each document, and warrant that the translation is complete and accurate. To be acceptable to Freddie Mac, the documents used for written verifications, verbal verifications, third-party verifications and quality control reverification must meet the requirements in Section 37.11(c) and Sections 37.20 through 37.23.ĭocuments obtained from a foreign country, whether provided by the Borrower or obtained directly by the originator, must also meet the requirements and standards stated in Section 37.11(c) and Sections 37.20 through 37.23. Outlined below are the Freddie Mac Selling Guide changes:ģ7.20: General requirements for verifying documents (10/15/14) This Single-Family Seller/Servicer Guide (“Guide”) Bulletin announced a range of updates that are itemized in another Compliance Monitor newsletter. Learn more at, Twitter and Freddie Mac’s blog /blog.October 15, 2014, Freddie Mac Issued October 15, 2014, Freddie Mac issued Bulletin 2014-18: Selling Updates. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. Before that, he served as CTO at CIT Group.įreddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. He served as Group Vice President and CTO for Travelport LLC, where he led cloud architecture, infrastructure and operations globally. Prior to his career at Freddie Mac, Nazzaro held a number of senior technology and management roles within the financial services industry. “I’m honored to have the opportunity to further advance our technology strategy, which is key to better and more resilient systems that protect our company while meeting the demands of our customers and employees.” We’re not only transforming our infrastructure and tools, we’re modernizing the way we work,” said Nazzaro. “It’s a pivotal and exciting time to be at Freddie Mac. “I look forward to his leadership in creating a world class operating platform that delivers lasting benefits for our company while responsibly managing our risks.” “Frank has demonstrated that he is the right person at the right moment to deliver technology solutions that make us faster, smarter and more efficient,” said David Brickman, Freddie Mac chief executive officer. As CIO, he will head the Information Technology division and provide corporate-wide leadership for the company’s technology strategy, including the employee technology experience. Nazzaro, who joined Freddie Mac in 2018 as the Chief Technology Officer (CTO) and has been Acting CIO since May 2019, brings more than 20 years of executive experience in technology and financial services to the company. He is a member of the senior operating committee and reports directly to CEO David Brickman. 17, 2019 (GLOBE NEWSWIRE) - Freddie Mac (OTCQB: FMCC) today announced that Frank Nazzaro has been named executive vice president and chief information officer (CIO) of the company.