source:
  type: regulation
  id: fhlmc-1201.2
  authority: Freddie Mac Single-Family Seller/Servicer Guide §1201.2 — Overview of Freddie Mac’s purchase programs
    (12/17/25)
  description: "Freddie Mac Guide §1201.2 (Overview of Freddie Mac’s purchase programs). Gap-fill (verbatim, ID-diff).\
    \ \n"
obligations:
- id: fhlmc-1201.2-0
  canonical_id: fhlmc-1201.2-0
  section: Freddie Mac Guide 1201.2
  description: '1201.2 Overview of Freddie Mac’s purchase programs: (12/17/25) Freddie Mac purchase programs provide
    for the purchase of conventional Home Mortgages on a whole loan basis. Freddie Mac does not set a minimum loan
    amount for purchases and encourages the Seller to make loans of any amount. Mortgages under all purchase programs
    are pu…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §1201.2 — Overview of Freddie Mac’s purchase programs
      (12/17/25)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: (12/17/25) Freddie Mac purchase programs provide for the purchase of conventional Home Mortgages
      on a whole loan basis. Freddie Mac does not set a minimum loan amount for purchases and encourages the Seller
      to make loans of any amount. Mortgages under all purchase programs are purchased by Freddie Mac on a Required
      Net Yield basis to Freddie Mac. Freddie Mac compensates Seller/Servicers for Servicing Mortgages in an amount
      equal to the amount of interest payments received on the Mortgages that is over and above the Required Net
      Yield and authorizes Seller/Servicers to retain such compensation out of such interest payments.
    drafter_attestation: Verbatim from Freddie Guide §1201.2 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-1201.2-1
  canonical_id: fhlmc-1201.2-1
  section: Freddie Mac Guide 1201.2
  description: '1201.2 Overview of Freddie Mac’s purchase programs: 201-2 Under no circumstance does a Seller/Servicer
    retain any legal ownership in any portion of the interest due or received under a Mortgage that is owned by
    Freddie Mac. When a Mortgage is purchased, the Seller must select a Minimum Servicing Spread in an amount that
    provides a…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §1201.2 — Overview of Freddie Mac’s purchase programs
      (12/17/25)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: 201-2 Under no circumstance does a Seller/Servicer retain any legal ownership in any portion
      of the interest due or received under a Mortgage that is owned by Freddie Mac. When a Mortgage is purchased,
      the Seller must select a Minimum Servicing Spread in an amount that provides adequate Servicing compensation
      to the Seller/Servicer.
    drafter_attestation: Verbatim from Freddie Guide §1201.2 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-1201.2-2
  canonical_id: fhlmc-1201.2-2
  section: Freddie Mac Guide 1201.2
  description: '1201.2 Overview of Freddie Mac’s purchase programs: Characterization and nature of Mortgage purchase
    transactions (12/17/25) The Seller and Freddie Mac agree that each and every Mortgage purchase and sale transaction
    entered into under the Purchase Documents (including, without limitation, any purchase and sale under the Cash,
    Gua…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §1201.2 — Overview of Freddie Mac’s purchase programs
      (12/17/25)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: 'Characterization and nature of Mortgage purchase transactions (12/17/25) The Seller and Freddie
      Mac agree that each and every Mortgage purchase and sale transaction entered into under the Purchase Documents
      (including, without limitation, any purchase and sale under the Cash, Guarantor or MultiLender Swap programs)—whether
      sold with or without recourse—is expressly intended by the Seller and Freddie Mac: ■ To be construed as the
      Seller’s sale, transfer, conveyance and delivery of all such Mortgages to Freddie Mac ■ To be construed as
      Freddie Mac’s purchase and receipt of such Mortgages, and ■ Not to be construed as the Seller’s pledge to
      secure a debt or any other obligation The Seller and Freddie Mac intend for the sale, transfer, conveyance
      and delivery of all Mortgages to Freddie Mac by the Seller to be true, absolute and unconditional sales conveying
      all of the Seller’s right, title and interest in and to the Mortgages and all proceeds from the Mortgages.
      The Seller represents and warrants to, and covenants and agrees with Freddie Mac, that it does not retain
      any rights or legal ownership interests in the Mortgages it sells to Freddie Mac or in any payment due under
      or proceeds from such Mortgages, including, but not limited to: ■ Any portion of the interest due or received
      under such Mortgages; or ■ The Servicing Contract Rights Freddie Mac acknowledges that a Seller/Servicer may
      recognize Servicing Contract Rights as assets on its balance sheet in the form of “mortgage servicing rights”
      in accordance with generally accepted accounting principles (GAAP); however, such recognition as under GAAP
      does not confer any legal ownership interest in any Servicing Contract Rights or the Mortgage. If despite
      the intent of the Seller and Freddie Mac, the Mortgages (or any of them) are determined to be property of
      the Seller (i.e., the sale was not a true sale), Freddie Mac and the Seller agree that:'
    drafter_attestation: Verbatim from Freddie Guide §1201.2 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-1201.2-3
  canonical_id: fhlmc-1201.2-3
  section: Freddie Mac Guide 1201.2
  description: '1201.2 Overview of Freddie Mac’s purchase programs: 201-3 ■ The Purchase Documents created a security
    agreement within the meaning of the Uniform Commercial Code (UCC) in effect in the applicable State, conveying
    to Freddie Mac a security interest in all of the Seller’s right, title and interest in and to the Mortgage and
    all proc…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §1201.2 — Overview of Freddie Mac’s purchase programs
      (12/17/25)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: 201-3 ■ The Purchase Documents created a security agreement within the meaning of the Uniform
      Commercial Code (UCC) in effect in the applicable State, conveying to Freddie Mac a security interest in all
      of the Seller’s right, title and interest in and to the Mortgage and all proceeds from the Mortgage ■ Freddie
      Mac is the secured party under such security agreement ■ The possession by Freddie Mac or its designee (including,
      without limitation, any applicable Document Custodian) of the Notes (and any related documents) shall be deemed
      to be possession by the secured party for purposes of perfecting the security interest pursuant to the UCC
      ■ The Seller shall assist Freddie Mac with any reasonable actions necessary to ensure that Freddie Mac receives
      a perfected security interest of first priority under applicable law; and ■ Freddie Mac will have all of the
      rights and remedies of a secured party and creditor under the UCC and may execute and file UCC financing statements
      as reasonably necessary
    drafter_attestation: Verbatim from Freddie Guide §1201.2 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-1201.2-4
  canonical_id: fhlmc-1201.2-4
  section: Freddie Mac Guide 1201.2
  description: '1201.2 Overview of Freddie Mac’s purchase programs: Limitation on Mortgage purchases and commitments
    (12/17/25) This section contains requirements related to: ■ Limitation on number and amount of Mortgage purchases
    and commitments ■ Review of aggregate purchase amount (a) Limitation on number and amount of Mortgage purchases
    and c…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §1201.2 — Overview of Freddie Mac’s purchase programs
      (12/17/25)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: 'Limitation on Mortgage purchases and commitments (12/17/25) This section contains requirements
      related to: ■ Limitation on number and amount of Mortgage purchases and commitments ■ Review of aggregate
      purchase amount (a) Limitation on number and amount of Mortgage purchases and commitments Freddie Mac reserves
      the right to, at its sole discretion: ■ Limit the number and/or aggregate dollar amount of Mortgage commitments
      it will accept from any Seller. Maximums are subject to change by Freddie Mac at any time without prior notice
      or publication. ■ Establish the Maximum Annual Mortgage Purchase Amount that Freddie Mac will purchase from
      a Seller in any calendar year. Freddie Mac will notify a Seller in writing if Freddie Mac has established
      a Maximum Annual Mortgage Purchase Amount for that Seller for that calendar year and will inform the Seller
      of the maximum amount for that year. Note: The Maximum Annual Mortgage Purchase Amount will not be adjusted
      by a purchase tolerance, and the purchase tolerances in Section 6401.1 will not apply to the Maximum Annual
      Mortgage Purchase Amount.'
    drafter_attestation: Verbatim from Freddie Guide §1201.2 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-1201.2-5
  canonical_id: fhlmc-1201.2-5
  section: Freddie Mac Guide 1201.2
  description: '1201.2 Overview of Freddie Mac’s purchase programs: 201-4 ■ Limit the number and/or aggregate dollar
    amount of Home Mortgages it will purchase in any subdivision, tract, Condominium Project, Planned Unit Development
    (PUD) or ground lease community ■ Establish maximum Mortgage purchase amounts for time frames other than one
    year ■ …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §1201.2 — Overview of Freddie Mac’s purchase programs
      (12/17/25)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '201-4 ■ Limit the number and/or aggregate dollar amount of Home Mortgages it will purchase
      in any subdivision, tract, Condominium Project, Planned Unit Development (PUD) or ground lease community ■
      Establish maximum Mortgage purchase amounts for time frames other than one year ■ Establish maximum purchase
      amounts for specific types of Mortgages based on Mortgage characteristics ■ Establish representative mix requirements
      such that Mortgages sold to Freddie Mac must have similar loan characteristics when compared to Mortgages
      sold by the Seller to other investors ■ Establish minimum Mortgage purchase amounts (b) Review of aggregate
      purchase amount If Freddie Mac has established a Maximum Annual Mortgage Purchase Amount with respect to the
      Seller, Freddie Mac will, after a commitment has been made, review the aggregate amount of Mortgages purchased
      from the Seller to date in the current calendar year. Freddie Mac will notify the Seller if the contract commitment
      amount stated in the Purchase Contract, when added to the aggregate amount of Mortgage purchases to date from
      the Seller for that calendar year, would cause the Seller to exceed the Maximum Annual Mortgage Purchase Amount
      established for the Seller. In such cases, Freddie Mac, in its sole and absolute discretion, may either: ■
      Purchase Mortgages from the Seller in an amount that exceeds the Seller’s Maximum Annual Mortgage Purchase
      Amount; or ■ Rescind, in whole or in part, any Purchase Contract (including any Purchase Contract entered
      into by any other Freddie Mac authorized method) that will result in the Seller’s exceeding its Maximum Annual
      Mortgage Purchase Amount The Seller agrees that any such rescission shall be made without the payment by Freddie
      Mac of any Seller claims.'
    drafter_attestation: Verbatim from Freddie Guide §1201.2 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-1201.2-6
  canonical_id: fhlmc-1201.2-6
  section: Freddie Mac Guide 1201.2
  description: '1201.2 Overview of Freddie Mac’s purchase programs: Servicing in accordance with Purchase Documents
    (12/17/25) Mortgages purchased by Freddie Mac must be serviced by a Servicer in accordance with applicable law
    and the applicable Purchase Documents. For performing Servicing duties, Freddie Mac will compensate the Servicer
    in accor…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §1201.2 — Overview of Freddie Mac’s purchase programs
      (12/17/25)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: Servicing in accordance with Purchase Documents (12/17/25) Mortgages purchased by Freddie Mac
      must be serviced by a Servicer in accordance with applicable law and the applicable Purchase Documents. For
      performing Servicing duties, Freddie Mac will compensate the Servicer in accordance with Chapter 8103. Freddie
      Mac reserves the right to refuse to purchase any Mortgage that, in its sole discretion, Freddie Mac determines
      cannot be adequately serviced by the Seller (if also a Servicer), its assignee or its duly authorized Servicing
      Agent.
    drafter_attestation: Verbatim from Freddie Guide §1201.2 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
