Identify the name of the third party source used to obtain the phone number (such as 411.com etc.).The phone number must be obtained from an acceptable third-party source Identify the phone number for the individual contacted.
#Contact freddie mac phone number verification#
Confirm that the information in the original verification was accurate or identify any inaccuracy.Identify the name of the business (employer, bank, etc.).Identify the name of the quality control reviewer who made the contact.Any verbal re-verifications of employment, income and source of funds must be documented in writing. Copies of the original verifications should be submitted to the issuers with a request that they confirm the accuracy of the documentation. Verifications of employment, income and sources of funds for post-closing quality control reviews must re-verify all employment, income and sources of funds used in the original underwriting process and based on the minimum documentation required at the time of origination. Re-verifications may be in written or verbal form and all reverification documentation must be retained in the Mortgage file. Freddie Mac expects lenders to begin re-verifying the information listed in this section as soon as possible after the sample selection to facilitate the mortgage file review. The purposes of the reverification process are to evaluate the validity and quality of the information used in the original underwriting decision and to protect the lender against fraud and misrepresentation. Sellers are encouraged to maintain procedures and process controls to ensure the quality of services used and products provided are acceptable.įreddie Mac requires its sellers to make certain re-verifications on Loan Prospector and Non-Loan Prospector® Mortgages selected for post-closing quality control review. Sellers remain responsible for the accuracy and integrity of all information provided. All income and employment verifications must meet the requirements of the Guide. Freddie Mac has removed the specific list of acceptable third-party employment and income verification service providers from the Guide however, Sellers may continue to use third-party service providers for the purposes of verifying employment and/or income. The two key updates are:ġ) Social Security Number validation requirements for a seller’s in-house quality control programĢ) Use of third party employment or income verification servicesįreddie Mac sellers are not required to validate each borrower’s Social Security number during the post-closing quality control review. On May 15, 2012, Freddie Mac published Bulletin Number 2012-11, updating its Selling Guide to include two key updates along with a revision to its pre-closing quality control best practices. The announcement (2011-16) which was published in Augalso included “best practices for Pre-closing quality control reviews” published in a new section 48.8.
The revisions strengthened sampling requirements to include targeted and discretionary loans and requiring an occupancy verification for primary residences. On December 1, 2011, Freddie Mac had implemented revisions to Chapters 46 and 48 of its Seller Servicer Guide, requiring additional procedures for post-funding quality control for all loans delivered as of.
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