Get the free Freddie Mac Document Custody Procedures Handbook

This document outlines the options and requirements for document custodians as it pertains to the certification and safeguarding of mortgage notes for Freddie Mac.

How to fill out freddie mac document custody

How to fill out Freddie Mac Document Custody Procedures Handbook

1. Obtain a copy of the Freddie Mac Document Custody Procedures Handbook from the Freddie Mac website or your designated contact.
2. Read the introduction and overview sections to understand the purpose of the handbook.
3. Review the section on document custody to familiarize yourself with the definitions and key concepts.
4. Follow the detailed step-by-step instructions provided for accepting, storing, and managing documents.
5. Ensure you understand the requirements for document verification and the criteria for acceptable documents.
6. Complete any necessary self-assessment forms or checklists included in the handbook.
7. If applicable, attend any training sessions or webinars offered by Freddie Mac on document custody.
8. Implement the procedures within your organization and ensure all relevant team members are trained on these guidelines.
9. Regularly review and update your processes in accordance with any amendments to the handbook.

Who needs Freddie Mac Document Custody Procedures Handbook?

1. Financial institutions that are involved in the purchase or securitization of mortgage loans through Freddie Mac.
2. Mortgage service providers responsible for managing and safeguarding mortgage documents.
3. Entities participating in Freddie Mac's document custody programs to ensure compliance with established procedures.

People Also Ask about

What does a document custodian do?

The document custodian certifies the complete and accurate representation of the documents within its control. Under the terms of the Master Custodial Agreement, documents may be released to the Issuer from time to time in connection with servicing. Only the Issuer may request the release of documents.

What is the role of the document control custodian?

The Document Custodian is required to retain control over the relevant pool and loan package documents and is responsible for their safe-keeping during these reviews.

What is the main role of a custodian?

The primary role of a custodian is to hold and safekeep client assets. Custody banks and brokerage firms have different responsibilities. Using a custody bank or a brokerage firm are both viable options for holding assets; however, different rules and standards apply regarding how the assets are treated.

What is the role of a document custodian?

Document custody—including electronic document custody— safeguards critical documents and makes them available for review in a convenient, secure way.

What is the purpose of a records custodian?

The custodian of records speaks for the organization and may therefore establish the authenticity of the organization's documents. The custodian may provide information about the documents' creation and maintenance to allow for their admission into evidence.

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What is Freddie Mac Document Custody Procedures Handbook?

The Freddie Mac Document Custody Procedures Handbook is a comprehensive guide that outlines the policies and procedures for the custody of mortgage documents that are pledged to Freddie Mac.

Who is required to file Freddie Mac Document Custody Procedures Handbook?

Lenders and other approved sellers who are involved in the process of pledging mortgage documents to Freddie Mac are required to adhere to and file the procedures outlined in the handbook.

How to fill out Freddie Mac Document Custody Procedures Handbook?

To fill out the Freddie Mac Document Custody Procedures Handbook, lenders must provide accurate information regarding their document custody process by following the guidelines set out in the handbook, including the required forms and documentation.

What is the purpose of Freddie Mac Document Custody Procedures Handbook?

The purpose of the Freddie Mac Document Custody Procedures Handbook is to ensure the proper custody and handling of mortgage documents, providing a standardized framework for lenders to follow, and minimizing risks associated with document management.

What information must be reported on Freddie Mac Document Custody Procedures Handbook?

Information that must be reported includes the lender's identification details, descriptions of document custody processes, the type of documents held, reporting frequency, and any discrepancies or issues regarding document management.