source:
  type: regulation
  id: fhlmc-5201
  authority: "FHLMC Single-Family Seller/Servicer Guide Chapter 5201 — Credit Assessment with Loan Product Advisor"
  description: "FHLMC Single-Family Guide §5201.1 governs Credit Assessment via\nLoan Product Advisor (LPA) for Accept Mortgages. Operative\nrequirements include the four documentation components for Accept\nMortgage credit reputation (URLA, credit reports, Last Feedback\nCertificate, underwriting summary); for Mortgages where not all\nBorrowers have a usable Credit Score, at-least-one-Borrower-with-\nusable-score; for the 50%+ income case, 12-month payment-reference\nduration, no 30+ day housing delinquencies in last 12 months, and\nno collections/judgments/tax liens in last 24 months.\n"
obligations:
- id: fhlmc-5201-accept-mortgage-credit-documentation
  canonical_id: fhlmc-5201-accept-mortgage-credit-documentation
  section: "FHLMC Single-Family Guide §5201.1(a) — Accept Mortgage credit reputation documentation set"
  description: "To document the credit reputation for Loan Product Advisor Accept\nMortgages, [LENDER] (Seller) shall use the following: (1) the\nUniform Residential Loan Application (URLA / Form 65); (2) the\ncredit reports per §5203.1; (3) the Last Feedback Certificate;\nand (4) an underwriting summary (e.g., Form 1077 Uniform\nUnderwriting and Transmittal Summary). Direct verification of\nmortgage debt, rental payments, and other debts not on the\ncredit reports is typically NOT required for Accept Mortgages.\n"
  type: do
  audit_question: 'For every Accept Mortgage [LENDER] delivered to FHLMC, can [LENDER] produce all four documentation components in the Mortgage file: URLA, credit reports, Last Feedback Certificate, and an underwriting summary (e.g., Form 1077)?'
  workflow_phase: loan_origination
  owner_role: underwriting_manager
  secondary_owner_role: loan_processor
  cadence: per-accept-mortgage
  consequence: Missing any of the four Accept Mortgage credit-documentation components is a Selling Guide breach + R&W exposure.
  tags:
  - round-d
  - regulator-direct
  - fhlmc
  - selling-guide
  - lpa
  - accept-mortgage
  - credit-documentation
  - promoted
  primary_source:
    tier: 1
    authority: "FHLMC Single-Family Guide §5201.1(a) — Documenting Borrower's credit reputation"
    source_class: fhlmc-guide
    source_url: https://guide.freddiemac.com/app/guide/
    snapshot_id: fbba421721d90cb1
    fetched_at: '2026-05-25T14:09:48Z'
    content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
    paragraph_quote: 'To document the credit reputation for Loan Product Advisor Accept Mortgages, the Seller must use the following:

      '
    drafter_attestation: "Copied verbatim from snapshot fbba421721d90cb1. §5201.1(a) Accept-\nMortgage-documentation-set operative chapeau. Four enumerated\ncomponents (URLA, credit reports, Last Feedback Certificate, Form\n1077) paraphrased in description.\n"
  promoted_at: '2026-05-25T19:59:22+00:00'
  promoted_from: fhlmc-5201-roundd-v1.yaml
  program_review: Does the program ensure every LPA Accept Mortgage carries all four credit-reputation documents (URLA, §5203.1 credit reports, Last Feedback Certificate, underwriting summary e.g. Form 1077)?
  file_review: Pull Accept Mortgage files; confirm presence of all four documentation components.
  judgment: false
- id: fhlmc-5201-at-least-one-borrower-usable-credit-score
  canonical_id: fhlmc-5201-at-least-one-borrower-usable-credit-score
  section: "FHLMC Single-Family Guide §5201.1(c)(i) — At least one Borrower must have a usable Credit Score"
  description: 'For LPA-assessed Mortgages where not all Borrowers have a usable

    Credit Score, [LENDER] (Seller) shall ensure that at least one

    Borrower has a usable Credit Score, as determined by Loan Product

    Advisor. This minimum-credit-score-Borrower rule prevents

    reliance on entirely-no-score files in mixed-score scenarios.

    '
  type: do
  audit_question: For every LPA-assessed Mortgage where at least one Borrower lacked a usable Credit Score, can [LENDER] evidence that LPA confirmed at least one OTHER Borrower had a usable Credit Score?
  workflow_phase: loan_origination
  owner_role: underwriting_manager
  secondary_owner_role: chief_credit_officer
  cadence: per-mixed-score-mortgage
  consequence: "Mortgages where no Borrower has a usable Credit Score must follow the separate no-score-Borrower rules in §5201.1(c)(ii), not the mixed-score path; misclassification is a Selling Guide breach."
  tags:
  - round-d
  - regulator-direct
  - fhlmc
  - selling-guide
  - lpa
  - credit-score-eligibility
  - mixed-score
  - promoted
  primary_source:
    tier: 1
    authority: "FHLMC Single-Family Guide §5201.1(c)(i)"
    source_class: fhlmc-guide
    source_url: https://guide.freddiemac.com/app/guide/
    snapshot_id: fbba421721d90cb1
    fetched_at: '2026-05-25T14:09:48Z'
    content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
    paragraph_quote: 'At least one Borrower must have a usable Credit Score, as determined by Loan Product Advisor

      '
    drafter_attestation: "Copied verbatim from snapshot fbba421721d90cb1. §5201.1(c)(i) at-\nleast-one-usable-credit-score operative requirement.\n"
  promoted_at: '2026-05-25T19:59:22+00:00'
  promoted_from: fhlmc-5201-roundd-v1.yaml
  program_review: Does the program ensure that, in mixed-score LPA-assessed Mortgages, LPA confirmed at least one Borrower has a usable Credit Score?
  file_review: Spot-check mixed-score files; confirm the LPA determination that one Borrower had a usable Credit Score.
  judgment: false
- id: fhlmc-5201-payment-reference-12-month-minimum
  canonical_id: fhlmc-5201-payment-reference-12-month-minimum
  section: "FHLMC Single-Family Guide §5201.1(c)(i) — Payment references must have existed for at least the most recent 12 months"
  description: 'When [LENDER] (Seller) uses payment references for a Borrower

    without a usable Credit Score (where that Borrower contributes

    50% or more of total monthly income on a non-Refi-Possible

    Mortgage), each payment reference must have existed for at least

    the most recent 12 months. Sub-12-month payment references

    cannot satisfy the no-credit-score documentation rule.

    '
  type: do
  audit_question: For every Mortgage where a no-Credit-Score Borrower used payment references, can [LENDER] evidence each payment reference had at least 12 months of payment history as of the application date?
  workflow_phase: loan_origination
  owner_role: underwriting_manager
  secondary_owner_role: loan_processor
  cadence: per-no-credit-score-borrower
  consequence: "Under-12-month payment references cannot substantiate credit reputation under §5201.1(c)(i); Selling Guide breach + R&W exposure."
  tags:
  - round-d
  - regulator-direct
  - fhlmc
  - selling-guide
  - lpa
  - payment-references
  - 12-month-minimum
  - promoted
  primary_source:
    tier: 1
    authority: "FHLMC Single-Family Guide §5201.1(c)(i)"
    source_class: fhlmc-guide
    source_url: https://guide.freddiemac.com/app/guide/
    snapshot_id: fbba421721d90cb1
    fetched_at: '2026-05-25T14:09:48Z'
    content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
    paragraph_quote: 'Each payment reference must have existed for at least the most recent 12 months

      '
    drafter_attestation: "Copied verbatim from snapshot fbba421721d90cb1. §5201.1(c)(i)\npayment-reference-12-month-minimum operative requirement.\n"
  promoted_at: '2026-05-25T19:59:22+00:00'
  promoted_from: fhlmc-5201-roundd-v1.yaml
  program_review: Does the program ensure that, where a no-Credit-Score Borrower contributing ≥50% of income on a non-Refi-Possible Mortgage uses payment references, each reference has existed for at least the most recent 12 months?
  file_review: For no-Credit-Score files using payment references, confirm each reference has ≥12 months of history as of application date.
  judgment: false
- id: fhlmc-5201-no-housing-30-day-delinquencies-last-12-months
  canonical_id: fhlmc-5201-no-housing-30-day-delinquencies-last-12-months
  section: "FHLMC Single-Family Guide §5201.1(c)(i) — Housing payment histories: no 30+ day delinquencies in last 12 months"
  description: 'For Borrowers without a usable Credit Score whose payment

    references include a housing payment history, [LENDER] (Seller)

    shall verify all such housing payment histories have NO 30-day

    or greater Delinquencies in the most recent 12 months. If more

    than one no-Credit-Score Borrower has a housing payment history,

    all such histories must be verified for the most recent 12 months

    (or shorter if the history is shorter).

    '
  type: do
  audit_question: For every no-Credit-Score Borrower whose payment references included housing history, can [LENDER] evidence verification confirming no 30+ day delinquencies in the most recent 12 months across ALL such Borrowers' housing histories?
  workflow_phase: loan_origination
  owner_role: underwriting_manager
  secondary_owner_role: loan_processor
  cadence: per-no-credit-score-borrower
  consequence: "Any 30+ day housing delinquency disqualifies the Mortgage under §5201.1(c)(i); Selling Guide breach if delivered anyway."
  tags:
  - round-d
  - regulator-direct
  - fhlmc
  - selling-guide
  - lpa
  - housing-payment-history
  - no-30-day-delinquency
  - promoted
  primary_source:
    tier: 1
    authority: "FHLMC Single-Family Guide §5201.1(c)(i)"
    source_class: fhlmc-guide
    source_url: https://guide.freddiemac.com/app/guide/
    snapshot_id: fbba421721d90cb1
    fetched_at: '2026-05-25T14:09:48Z'
    content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
    paragraph_quote: 'no 30-day or greater Delinquencies in the most recent 12 months

      '
    drafter_attestation: "Copied verbatim from snapshot fbba421721d90cb1. §5201.1(c)(i)\nhousing-payment-no-30-day-del operative requirement. Multi-\nBorrower verification logic paraphrased in description.\n"
  promoted_at: '2026-05-25T19:59:23+00:00'
  promoted_from: fhlmc-5201-roundd-v1.yaml
  program_review: Does the program ensure all housing payment histories for no-Credit-Score Borrowers are verified to show no 30+ day delinquencies in the most recent 12 months (or shorter if shorter), across all such Borrowers?
  file_review: Confirm the verification of housing histories shows no 30+ day delinquency in the most recent 12 months for every no-Credit-Score Borrower.
  judgment: false
- id: fhlmc-5201-no-collections-judgments-tax-liens-24-months
  canonical_id: fhlmc-5201-no-collections-judgments-tax-liens-24-months
  section: "FHLMC Single-Family Guide §5201.1(c)(i) — No-Credit-Score Borrowers: no collections/judgments/tax liens last 24 months"
  description: '[LENDER] (Seller) shall verify that each Borrower without a

    usable Credit Score has NO collections (other than medical),

    judgments, or tax liens filed in the most recent 24 months. The

    medical-collections carve-out reflects FHLMC''s longstanding

    treatment of medical debt as distinct from non-medical debt.

    '
  type: do
  audit_question: For every no-Credit-Score Borrower, can [LENDER] evidence verification (via public-records search, credit-report supplement, or other documentation) confirming no non-medical collections, judgments, or tax liens were filed in the most recent 24 months?
  workflow_phase: loan_origination
  owner_role: underwriting_manager
  secondary_owner_role: chief_credit_officer
  cadence: per-no-credit-score-borrower
  consequence: "Any non-medical collection/judgment/tax-lien in last 24 months disqualifies the Mortgage under §5201.1(c)(i); Selling Guide breach if delivered."
  tags:
  - round-d
  - regulator-direct
  - fhlmc
  - selling-guide
  - lpa
  - collections-judgments-liens
  - 24-month-lookback
  - medical-carveout
  - promoted
  primary_source:
    tier: 1
    authority: "FHLMC Single-Family Guide §5201.1(c)(i)"
    source_class: fhlmc-guide
    source_url: https://guide.freddiemac.com/app/guide/
    snapshot_id: fbba421721d90cb1
    fetched_at: '2026-05-25T14:09:48Z'
    content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
    paragraph_quote: 'Each Borrower without a usable Credit Score must have no collections (other than medical), judgments or tax liens filed in the most recent 24 months

      '
    drafter_attestation: "Copied verbatim from snapshot fbba421721d90cb1. §5201.1(c)(i)\nno-collections-judgments-tax-liens-24-months operative requirement.\n"
  promoted_at: '2026-05-25T19:59:23+00:00'
  promoted_from: fhlmc-5201-roundd-v1.yaml
  program_review: Does the program ensure each no-Credit-Score Borrower is verified to have no non-medical collections, judgments, or tax liens filed in the most recent 24 months (medical-collections carve-out)?
  file_review: Confirm the public-records/credit-supplement verification shows no non-medical collections, judgments, or tax liens in the last 24 months.
  judgment: false
_promotion_history:
- promoted_at: '2026-05-25T19:59:23+00:00'
  candidate_path: obligations\_remediation\round-d-investor-guides\fhlmc-5201-roundd-v1.yaml
  candidates_promoted: 5
  candidates_skipped_existing: 0
