1. CONFIDENTIAL
For Internal Use Only Until Published
June 26 Guide Bulletin
Single-Family Advisory E-mail
Draft: June 22, 2009
Delivery Date: June 26, 2009
Subject: Previewing LTV Ratios up to 125 Percent and Providing Detailed
Requirements for Recently Previewed and New Updates to Relief Refinance
Mortgages
Today’s Single-Family Advisory e-mail provides important information on a series of
updates to the Freddie Mac Relief Refinance MortgageSM
that will make it easier for
qualified borrowers to take advantage of this offering:
 First, we are previewing that we will allow LTV ratios up to 125 percent for all
Relief Refinance Mortgages. This expanded eligibility will make refinancing
opportunities through the Making Home Affordable Program (MHA) more
broadly available, particularly in communities hardest hit by declining home
values where access to affordable refinancing options remains a barrier for many
borrowers.
 Second, we are publishing Single-Family Seller/Servicer Guide (Guide) Bulletin
2009-15 that provides detailed requirements for the changes to Relief Refinance
Mortgages under the Same Servicer and Open Access options that we previewed
on June 5.
 Finally, in today’s Guide Bulletin we are also announcing additional updates not
previously previewed for our Relief Refinance Mortgages under the Same
Servicer option.
Promoting sustainable homeownership opportunities for the nation’s families is at the
core of our work to support MHA. By allowing the Relief Refinance Mortgage – Open
Access to be originated by any Freddie Mac-approved Seller and increasing LTV ratios
up to 125 percent for all Relief Refinance Mortgages, we are furthering our commitment
to the success of MHA by expanding availability of refinancing opportunities in the
market and providing borrowers with more choices during this critical time.
It is important that you review today’s Guide Bulletin for detailed requirements on these
revisions.
Preview of Expanded Eligibility Requirements
Today, we are previewing the following changes to Relief Refinance Mortgages under
both the Same Service and Open Access options that will be finalized and announced in
an upcoming Guide Bulletin:
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2. CONFIDENTIAL
For Internal Use Only Until Published
 Expanding maximum LTV Ratios to 125 percent. We will continue to allow
unlimited TLTV/HTLTV ratios.
Revising postsettlement delivery fees in the Guide Exhibit 19 Mortgages With High LTVs
delivery fee grid to reflect these higher LTV ratios.
[PLACEHOLDER - rate and the LTV bucket(s) are TBD]
MORTGAGES WITH HIGH LTVs
Effective for Settlements on or after XXXXXXXXXX XX, XXXX
Product
LTV Ratios
>95% & <
97%
> 97% &
< XXX%
>XXX% &
< XXX%
> XXX%
All Eligible
Product
0.50% 1.00% X.XX% X.XX%
All other applicable postsettlement delivery fees and the revised credit requirements
announced in today’s Guide Bulletin will apply to Relief Refinance Mortgages with LTV
ratios greater than 105 percent.
You may begin accepting borrower applications using these higher LTV ratios for:
 Relief Refinance Mortgages under the Same Servicer option immediately. These
mortgages will be eligible for Freddie Mac settlements on or after XXX.
 Relief Refinance Mortgages under the Open Access option on or after October 1,
2009. These mortgages will be eligible for Freddie Mac settlements on or after
XXX.
We are providing you with this preliminary information today so you can begin to
prepare for these upcoming revisions. Final requirements for Relief Refinance Mortgages
with LTV ratios greater than 105 percent will be announced in an upcoming Guide
Bulletin.
Requirements for the Relief Refinance Mortgage – Open Access
The Relief Refinance Mortgage – Open Access expands availability of Relief Refinance
Mortgages in the market by allowing the new refinance mortgage to be originated by any
Freddie Mac-approved Seller/Servicer, regardless of whether or not they are the Servicer
of record for the mortgage being refinanced. To be eligible for sale to Freddie Mac,
Relief Refinance Mortgages under the Open Access option must have note dates on or
after October 1, 2009, and on or before June 10, 2010. Additionally, these mortgages
must have Freddie Mac settlement dates on or after October 1, 2009.
Like the Same Servicer option, the mortgage being refinanced must be owned or
securitized by Freddie Mac to be eligible for the Relief Refinance Mortgage – Open
Access offering and the new refinance mortgage must improve the borrower’s position.
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3. CONFIDENTIAL
For Internal Use Only Until Published
While the Relief Refinance Mortgage - Open Access option preserves many of the key
benefits of our existing Same Servicer option, there are several key differences to our
requirements for the Open Access option, including:
 Requiring the new refinance mortgage to be fully underwritten and submitted to
Loan Prospector®. With full underwriting, you are not required to retain any of the
original representations and warranties from the mortgage being refinanced.
 Allowing mortgages secured by 1- to 4-unit primary residences, second homes or
1- to 4-unit investment properties to be refinanced under the Open Access option
regardless of the occupancy type of the mortgage being refinanced.
 Allowing the lesser of 4 percent or $5,000 of closing costs, financing costs and
prepaids/escrows to be rolled into the new refinance mortgage. Cash back to the
borrower may not exceed $250.
 Permitting junior liens currently serviced by the Seller originating the Relief
Refinance Mortgage – Open Access to be refinanced simultaneously with the new
refinance mortgage subject to certain conditions, including subordinating the
junior lien to the new refinance mortgage.
 Requiring a full interior/exterior appraisal of the mortgaged premises. Sellers are
required to provide certain representations and warranties related to the appraisal,
including representations and warranties on the value, condition and marketability
of the property for the new refinance mortgage. Use of Home Value Explorer® is
not permitted.
Loan Prospector will be updated on October 1, 2009, for Relief Refinance Mortgages
under the Open Access option. For eligible mortgages, the Loan Prospector Feedback
Certificate will provide the Freddie Mac loan number, mortgage insurance certificate
number, percentage of mortgage insurance coverage, and Mortgage Insurer name, as
applicable. Mortgages that are ineligible for this offering will not receive this information
in the Loan Prospector Feedback Certificate. Please note that mortgages with credit
enhancements other than primary mortgage insurance are ineligible for the Relief
Refinance Mortgage – Open Access.
Relief Refinance Mortgages – Open Access must be submitted through the selling system
and you will be required to deliver new Special Characteristic Code (SCC) H08, Freddie
Mac Relief Refinance Mortgage – Open Access, as well as all other applicable SCCs
outlined in today’s Guide Bulletin.
Updated Requirements for Relief Refinance Mortgages – Same Servicer
Today’s Guide Bulletin provides details on the following recently previewed and new
updates to our requirements for Relief Refinance Mortgages under the Same Servicer
option.
 Allowing the lesser of 4 percent or $5,000 of closing costs, financing costs and
prepaids/escrows to be rolled into the new refinance mortgage. Cash back to the
borrower may not exceed $250. This change is effective for Freddie Mac
settlements on or after September 1, 2009.
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4. CONFIDENTIAL
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 Permitting junior liens currently serviced by the Seller originating the Relief
Refinance Mortgage – Same Servicer to be refinanced simultaneously with the
new refinance mortgage subject to certain conditions, including subordinating the
junior lien to the new refinance mortgage. This change is effective immediately.
We are also updating the Guide to provide terms and conditions for use of Home Value
Explorer data you receive from Freddie Mac, effective on June 26, 2009.
Updates to Pricing Requirements
All applicable postsettlement delivery fees from Guide Exhibit 19, Postsettlement
Delivery Fees, including a new Mortgages With High LTVs delivery fee for mortgages
with LTV ratios greater than 95 percent, apply to Relief Refinance Mortgages under the
Same Servicer and Open Access options.
The total of all delivery fees will be capped at 200 basis points and any deductions will
be reflected in your monthly invoice under the fee name Relief Refinance Cap Deduction.
Relief Refinance Mortgages sold for cash will see the net delivery fees and credits
reflected in the selling system’s Net Price functionality.
Please note that Relief Refinance Mortgages under the Same Servicer option are exempt
from all A-minus delivery fees in the CS/LTV Delivery Fees (“A-Minus Fees”) – Non-
LP Mortgages delivery fee grid.
These changes to our postsettlement delivery fees apply to Relief Refinance Mortgages
under the Same Servicer option, effective for Freddie Mac settlements on or after
September 1, 2009, and under the Open Access option, effective for Freddie Mac
settlements on or after October 1, 2009.
It is important that you carefully review today’s Guide Bulletin and the updated Guide
Exhibit 19 to prepare for the changes we are announcing today.
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