Red Diamond's Freddie Mac Seller/ Servicer Approval Information:
Full Contact Sheet: CLICK HERE
- Seller/Servicer #: 198259
- AE: Robert (Rob) Finter: 571-382-5925
- On-boarding Specialist: Donna Peoples: 703-903-3322
- Customer Risk Evaluation, Sr: Mary Jo Maloney: 571-382-3457
- Freddie Customer Support: 1-800-Freddie
- Approval Letter - Click Here
- Terms Of Business: Click Here
Table of Contents:
- Appraisals
- Guidelines
- Collateral Underwriter FAQ's
- Uniform Collateral Data Portal Learning Center
- Freddie Mac's Guidelines
- Freddie's Document Matrix
- Seller/ Servicer Guide
- HomeOne Guidelines
- Commission Income Calculations
- Reference Guides
- FM Loan Level Price Adjustments
- Home Possible Income and Property Eligibility
- Seller Guide
- Alternative Credit Guidelines
- Marketing Center
- FM Loan Prospector Doc Matrix
- Income Doc Matrix
- FM Loan Level Price Adjustments
- HomeOne Guidelines
- Capital Markets Site
- Assets as a Basis for Repayment of Obligations
- Link to FM Webpage
- Link to PDF of Information
- Helpful Documents Provided for Setting Up Access Manager
- New Client Education Quick Start
- Access Manager Tools and Roles Help
- Delegated Admin Briefing
- 35 years of Mortgage Pricing Weekly (.xls)
Appraisals
Red Diamond Home Loans will generally follow Fannie Mae and Freddie Mac's guidelines on appraisal quality. See below for more details of those guidelines from the agencies.
Below are our guidelines for how we will handle loans with various appraisal scores:
- “The purpose of Collateral Underwriter is to identify appraisals with a heightened risk of property eligibility or policy compliance violations, overvaluation, and appraisal quality issues. “
- “The objective of CU is to assist lenders with assessing property eligibility and appraisal quality. It does not provide approvals or denials, nor should it be used as a basis for a credit decision.”
- For RDHL a score of 2.5 or lower would be an acceptable risk. On a loan with a score 3 or 4, RDHL will review the warnings and see if the appraiser can justify/correct the items listed in the SSR reports. RDHL will reserve the right to decline a file with an appraisal score of 5. A score of 4 would need to be approved by RDHL management to move forward.
Freddie Mac guidelines also are valuable to know and understand. There are some unique differences between the two. They have unique Home Possible Guidelines as an example.
Guidelines
We Need An Investor To Accept This: Unsecured Lien Guidelines - Up to 2% or $1,500 can be from an unsecured lien.
2020 Loan Limits: $510,400
Reference Guides:
Marketing Center
Assets as a Basis for Repayment of Obligations
For quick access, Screenshots Provided Below
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