The changes aim to enhance Freddie Mac’s standards for UMBS
Freddie Mac has announced that its Investor Reporting Change Initiative (IRCI) will make changes on its single-family investor reporting requirements, effective May 2019.
The changes will help streamline investor reporting and remitting processes, as well as enhance operational efficiencies. They will also include moving the investor reporting cycle from mid-month to end-of-month and updating remittance cycles, according to Freddie Mac.
The GSE said it is updating the reporting requirements to “promote alignment and industry standards for the Uniform Mortgage Backed Security (UMBS).”
This initiative will also apply to the new Freddie Mac UMBS and MBS, which the company will begin issuing on June 3. The monthly factor/disclosure for all currently issued PCs this June 6 will kick off the IRCI updates.
