/
5701.7: Exempt From Review (11/19/18)
5701.7: Exempt From Review (11/19/18)
© Freddie Mac Single-Family Seller Servicer Guide
To be eligible under Exempt From Review:
1. The Mortgage must be:
- Secured by a Condominium Unit in a 2- to 4-Unit Condominium Project, or
- Secured by a Detached Condominium Unit, or
- A Freddie Mac owned "no cash-out" refinance Condominium Unit Mortgage
2. The applicable requirements in the following table must be met:
2- to 4-Unit Condominium Projects |
|
Detached Condominium Units |
|
Freddie Mac owned "no cash-out" refinance Condominium Unit Mortgages | If the Condominium Unit Mortgage being refinanced is currently owned by Freddie Mac in whole or in part or securitized by Freddie Mac then the Mortgage is exempt from project review provided the following requirements are met:
|
3. The general project eligibility requirements in Section 5701.2(b) must be met
Attached and semi detached units within projects containing Detached Condominium Units may not be delivered as Exempt From Review unless the attached or semi detached units are within a 2- to 4-Unit Condominium Project or meet the requirements for Freddie Mac owned "no cash-out" refinance Condominium Unit Mortgages.
Note: If the requirements for Exempt From Review in this Section 5701.7 are met, then the Seller is not required to comply with the requirements for any of the other project review types in Sections 5701.4, 5701.5, 5701.6 and 5701.9.