5101.4: Documentation requirements when using Loan Product Advisor® (07/11/16)
- Marsha Freeman
© Freddie Mac Single-Family Seller Servicer Guide
The Documentation Level shown on the Last Feedback Certificate indicates the minimum level of documentation that Freddie Mac will accept for the Mortgage.
Streamlined Accept Documentation
A Streamlined Accept Documentation Mortgage requires significantly less documentation than a Standard Documentation Mortgage.
Standard Documentation
Standard Documentation is required for higher-risk Accept Mortgages, Caution Mortgages (including all A-minus Mortgages) and all Non-Loan Product Advisor Mortgages. This is the most comprehensive level of documentation.
Specific feedback messages will describe the type of documentation needed for employment, income and asset verification based on the data input into Loan Product Advisor®. The specific feedback messages are for guidance purposes only. For complete details regarding employment and income documentation requirements using Streamlined Accept and Standard Documentation Levels, see Chapters 5303 through 5307. For complete details regarding asset documentation requirements using Streamlined Accept and Standard Documentation Levels, see Section 5501.3.
The Seller is responsible for documenting information in the Mortgage file and, except as stated in Chapter 4602 and Section 5101.6, must make sure that the information submitted to Loan Product Advisor matches what is documented in the Mortgage file.
The Seller must have processes in place to ensure that the requirements on the Feedback Certificate and other applicable requirements of the Guide and the Seller's other Purchase Documents are met. If the Mortgage delivered to Freddie Mac does not comply with the requirements of the Last Feedback Certificate, the Guide or the Seller's other Purchase Documents, Freddie Mac may require additional documentation.