source:
  type: guide
  id: fhlmc-5102.1
  authority: Freddie Mac Single-Family Seller/Servicer Guide Section 5102.1 — Underwriting
    a Mortgage
  description: Freddie Mac Single-Family Seller/Servicer Guide Section 5102.1 — Underwriting
    a Mortgage.
  coverage_tier: operative
obligations:
- id: fhlmc-5102.1-full
  canonical_id: fhlmc-5102.1-full
  section: Freddie Mac Single-Family Seller/Servicer Guide Section 5102.1 — Underwriting
    a Mortgage
  type: do
  tags:
  - regulator-direct
  - fhlmc
  - freddie-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide Section 5102.1 — Underwriting
      a Mortgage
    source_class: fhlmc-guide
    source_url: https://guide.freddiemac.com/ci-guide
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-05-23T00:27:40Z'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '5102.1: Underwriting a Mortgage (02/04/26) The section contains
      information related to: ■ Overview of credit reputation, capacity and collateral
      ■ Documentation requirements for creditworthiness ■ Number of Borrowers (a)
      Overview of credit reputation, capacity and collateral When underwriting a Mortgage,
      the Seller must determine, in compliance with the requirements in the Guide
      and Purchase Documents, that the Borrower is creditworthy (i.e., acceptable
      credit reputation and capacity) and the Mortgaged Premises (i.e., collateral)
      is adequate for the transaction. Credit reputation, capacity and collateral
      are often called the “three Cs” of underwriting. When one of these components
      does not comply with the Guide requirements or if there is excessive layering
      of risk across components, the Mortgage is not eligible for sale to Freddie
      Mac. (b) Documentation requirements for creditworthiness All information used
      to evaluate the creditworthiness of the Borrower must be supported by documentation
      in the Mortgage file. The documentation must be obtained before, as applicable,
      the Note Date or: ■ For Construction to Permanent Mortgages and Renovation Mortgages,
      the Effective Date of Permanent Financing ■ For Seller-Owned Modified Mortgages,
      the modification date ■ For Seller-Owned Converted Mortgages, the Conversion
      Date ■ The date of the applicable assumption agreement Freddie Mac Single-Family
      Seller/Servicer Guide Chapter 5102 As of 03/01/26 Page 5102-2 (c) Number of
      Borrowers Freddie Mac does not limit the number of Borrowers on the Mortgage
      or require they be related. The overall creditworthiness of each Borrower, and
      all Borrowers collectively, must be evaluated. The presence of more than one
      Borrower helps to reduce risk.'
  judgment: false
