SOURCE: Freddie Mac

Freddie Mac

May 20, 2015 16:05 ET

Statement on Revised Seller/Servicer Eligibility Standards by Dave Lowman, EVP, Single Family Business, Freddie Mac

MCLEAN, VA--(Marketwired - May 20, 2015) - The following statement was released today by Dave Lowman, executive vice president of single family business at Freddie Mac (OTCQB: FMCC):

"The new Seller/Servicer eligibility standards announced today incorporate the lessons of the recent housing crisis and reflect the expanding role of non-bank servicers in the mortgage industry. These new standards are intended to improve the customer experience for borrowers and mortgage investors alike by establishing common-sense servicing benchmarks for operational efficiency and financial strength. Our revised operational standards for servicers will take effect on August 18, 2015 and revised Seller/Servicer financial standards will take effect on December 31, 2015. Today's announcement underscores Freddie Mac's commitment to work with the Federal Housing Finance Agency and other stakeholders to continually improve America's mortgage finance system."

For more information see Servicing Eligibility Requirements and Frequently Asked Questions at www.freddiemac.com

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.