source:
  type: guide
  id: fhlmc-6305.1
  authority: Freddie Mac Single-Family Seller/Servicer Guide Section 6305.1 — Warehouse
    financing arrangements
  description: Freddie Mac Single-Family Seller/Servicer Guide Section 6305.1 — Warehouse
    financing arrangements.
  coverage_tier: operative
obligations:
- id: fhlmc-6305.1-full
  canonical_id: fhlmc-6305.1-full
  section: Freddie Mac Single-Family Seller/Servicer Guide Section 6305.1 — Warehouse
    financing arrangements
  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 6305.1 — Warehouse
      financing arrangements
    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: '6305.1: Warehouse financing arrangements (12/17/25) This chapter
      addresses arrangements in which the Seller has entered into a Warehouse Agreement
      with a Warehouse Lender and has granted that Warehouse Lender a security interest
      in or conveyed to that Warehouse Lender an ownership interest in, certain Mortgages
      that are subsequently offered for sale to Freddie Mac. In these situations,
      the Warehouse Lender also holds the Note and, at times, ancillary documents
      for those Mortgages and delivers the Note (and, at times, ancillary documents)
      to Freddie Mac pursuant to the Seller’s Purchase Contract with Freddie Mac.
      Subject to certain conditions, the Document Custodian will hold the Note and
      any ancillary documents relating to the Pledged Mortgages pending their purchase
      by Freddie Mac. This chapter sets forth and explains the relationships among
      the Seller, the Warehouse Lender and Freddie Mac. Note: For additional requirements
      related to Pledged eMortgages, see Sections 1402.3(d) and 1402.6. 6305.2: Delivery
      and general procedures for Pledged Mortgages (12/03/25) This section contains
      requirements related to: ■ Delivery and acceptance of Pledged Mortgages ■ Delivery
      procedures for Pledged Mortgages ■ Rejection of Pledged Mortgages (a) Delivery
      and acceptance of Pledged Mortgages If the requirements of this chapter have
      been met, and until Freddie Mac purchases a Pledged Mortgage, the Document Custodian
      will hold the Note and any ancillary documents for that Pledged Mortgage subject
      to the interest of the Warehouse Lender created under the Warehouse Agreement
      unless Freddie Mac specifically agrees otherwise in writing. Freddie Mac does
      not recognize any other statements or conditions regarding its receipt of these
      documents, including: Freddie Mac Single-Family Seller/Servicer Guide Chapter
      6305 As of 04/08/26 Page 6305-2 ■ Trust receipts, ■ Bailee letters, or ■ Other
      purported statement of a continuing security or other interest (b) Delivery
      procedures for Pledged Mortgages For delivery under a Purchase Contract, the
      Seller must submit Form 996E, Warehouse Provider Release and Transfer, which
      includes an Appendix I showing the following: ■ Each Mortgage in the delivery,
      ■ The Freddie Mac contract number, ■ Freddie Mac loan number, ■ UPB, ■ Borrower’s
      name, and ■ The address of the Mortgaged Premises Freddie Mac may, in its sole
      discretion, require the Seller, Warehouse Lender and, in certain circumstances,
      Document Custodian to enter into an addendum to the Form 996E (such addendum
      sometimes referred to as a “Quad Party Agreement”). (c) Rejection of Pledged
      Mortgages If Freddie Mac decides not to purchase a Pledged Mortgage, the Seller
      will be notified of such decision, and the Note for that Pledged Mortgage will
      be delivered to the Warehouse Lender indicated on Form 996E or to that Warehouse
      Lender’s document custodian. 6305.3: Wire transfer and settlement instructions
      for Pledged Mortgages (12/17/25) This section contains requirements related
      to: ■ Wire transfer instructions for Pledged Mortgages sold for cash ■ UMBS®,
      MBS and WAC ARM PC delivery instructions for Pledged Mortgages (a) Wire transfer
      instructions for Pledged Mortgages sold for cash Freddie Mac Single-Family Seller/Servicer
      Guide Chapter 6305 As of 04/08/26 Page 6305-3 (i) Submission of wire transfer
      authorization and warehouse provider release and transfer With each delivery
      of Pledged Mortgages to be sold to Freddie Mac for cash through Loan Selling
      Advisor®, the Seller must: 1. Submit a completed, executed and duly authorized
      Form 987E, Wire Transfer Authorization for a Warehouse Delivery. This form is
      a general wire transfer authorization for all contracts under which Pledged
      Mortgages are offered for sale to Freddie Mac using Loan Selling Advisor. A
      separate Form 987E is not required for each contract, but the Seller must: ■
      Execute a Form 987E for each of the Seller’s Warehouse Lenders, ■ Provide Freddie
      Mac with a new Form 987E for any change to the wire transfer instructions, and
      ■ Deliver Form 987E to Freddie Mac as an Electronic Record (as defined in Section
      1401.1(b)), using a Portable Document Format (PDF) (or other Electronic Record
      format commonly used in the mortgage industry), that has been completed and
      contains the copy or representation of the pen and ink signature of the Authorized
      Employee (such copy or representation of the Authorized Employee’s signature
      shall be such Authorized Employee’s adopted Electronic Signature as defined
      in Section 1401.1(b)) and either: ❑ An attachment to an e-mail sent to CashCollections@FreddieMac.com,
      or ❑ An upload through the Freddie Mac eBill system 2. Complete Form 996E, Warehouse
      Provider Release and Transfer, available only through Loan Selling Advisor,
      for the Warehouse Lender to submit to Freddie Mac in Loan Selling Advisor by
      no later than 12:30 p.m. Eastern time on the Business Day immediately preceding
      the Funding Date. (ii) Delivery of Electronic records and signatures Freddie
      Mac and the Seller agree that delivery of Electronic Records with Electronic
      Signatures are eligible Electronic Transactions, as defined in Section 1401.1(b),
      and are governed by the applicable provisions of Chapter 1401. If Freddie Mac
      does not receive wire transfer instructions on Form 987E or the Warehouse Lender’s
      release or transfer of its interest in the Pledged Mortgages on Form 996E in
      sufficient time to process payments, Freddie Mac may, in its sole discretion,
      postpone the Funding Date. Freddie Mac Single-Family Seller/Servicer Guide Chapter
      6305 As of 04/08/26 Page 6305-4 If Freddie Mac does not receive the Warehouse
      Lender’s Form 990SF, Agreement and Certificate of Incumbency: Warehouse Lender,
      in sufficient time to process it and to assign User Roles for the Warehouse
      Lender’s access to Loan Selling Advisor or believes that the Certificate of
      Incumbency cannot be relied upon, or that its information is not reliable, Freddie
      Mac may, in its sole discretion, postpone the Funding Date. (b) UMBS, MBS and
      WAC ARM PC delivery instructions for Pledged Mortgages (i) Completing wire transfer
      information For Pledged Mortgages allocated to a Guarantor or MultiLender Swap
      Contract, the Seller must complete: ■ All requested wire transfer information
      and instructions in the applicable screens in Loan Selling Advisor ■ Form 996E,
      which the Warehouse Lender must submit to Freddie Mac as described in Section
      6305.4(b) (ii) Authorization requirements for employees The employee authorized
      to perform the Setup Manager role (to approve wire transfer information and
      instructions in the applicable Loan Selling Advisor screens on the Seller’s
      behalf) must be an “Authorized Employee” on the Seller’s Certificate(s) of Incumbency
      (See Section 2201.1 for additional information.) If the person performing the
      Setup Manager role is not an Authorized Employee, Freddie Mac may postpone the
      Settlement Date. See Section 2403.2(b) regarding designating Authorized Employees.
      See Sections 6203.3(c), 6204.3(c) and 6205.3(c) for additional instructions
      for delivering Certificates of Incumbency and submitting Form 996E for fixed-rate
      Guarantor, WAC ARM Guarantor and MultiLender Swap Contracts, respectively. (iii)Submission
      of Warehouse Provider release and transfer The person who submits Form 996E
      for the Warehouse Lender must be authorized on Form 990SF to provide Freddie
      Mac with instructions (or to modify instructions) to transfer funds on behalf
      of the Warehouse Lender. (See Section 6305.4(c) for additional information.)
      Freddie Mac may, in its sole discretion, postpone the Settlement Date if: ■
      The person submitting Form 996E is not an Authorized Employee, ■ Freddie Mac
      does not receive Form 990SF in sufficient time to process it, or Freddie Mac
      Single-Family Seller/Servicer Guide Chapter 6305 As of 04/08/26 Page 6305-5
      ■ Freddie Mac believes that the Certificate of Incumbency cannot be relied upon
      or that the information on the Certificate of Incumbency is unreliable 6305.3:
      Wire transfer and settlement instructions for Pledged Mortgages (Future effective
      date 07/01/26) This section contains requirements related to: ■ Wire transfer
      instructions for Pledged Mortgages sold for cash ■ UMBS®, MBS and WAC ARM PC
      delivery instructions for Pledged Mortgages (a) Wire transfer instructions for
      Pledged Mortgages sold for cash (i) Submission of wire transfer authorization
      and warehouse provider release and transfer With each delivery of Pledged Mortgages
      to be sold to Freddie Mac for cash through Loan Selling Advisor®, the Seller
      must: 1. Submit a completed, executed and duly authorized Form 987E, Wire Transfer
      Authorization for a Warehouse Delivery. This form is a general wire transfer
      authorization for all contracts under which Pledged Mortgages are offered for
      sale to Freddie Mac using Loan Selling Advisor. A separate Form 987E is not
      required for each contract, but the Seller must: ■ Execute a Form 987E for each
      of the Seller’s Warehouse Lenders, ■ Provide Freddie Mac with a new Form 987E
      for any change to the wire transfer instructions, and ■ Deliver Form 987E to
      Freddie Mac as an Electronic Record (as defined in Section 1401.1(b)), using
      a Portable Document Format (PDF) (or other Electronic Record format commonly
      used in the mortgage industry), that has been completed and contains the copy
      or representation of the pen and ink signature of the Authorized Employee (such
      copy or representation of the Authorized Employee’s signature shall be such
      Authorized Employee’s adopted Electronic Signature as defined in Section 1401.1(b))
      and either: ❑ An attachment to an e-mail sent to CashCollections@FreddieMac.com,
      or ❑ An upload through the Freddie Mac eBilling system Freddie Mac Single-Family
      Seller/Servicer Guide Chapter 6305 As of 04/08/26 Page 6305-6 2. Complete Form
      996E, Warehouse Provider Release and Transfer, available only through Loan Selling
      Advisor, for the Warehouse Lender to submit to Freddie Mac in Loan Selling Advisor
      by no later than 12:30 p.m. Eastern time on the Business Day immediately preceding
      the Funding Date. (ii) Delivery of Electronic records and signatures Freddie
      Mac and the Seller agree that delivery of Electronic Records with Electronic
      Signatures are eligible Electronic Transactions, as defined in Section 1401.1(b),
      and are governed by the applicable provisions of Chapter 1401. If Freddie Mac
      does not receive wire transfer instructions on Form 987E or the Warehouse Lender’s
      release or transfer of its interest in the Pledged Mortgages on Form 996E in
      sufficient time to process payments, Freddie Mac may, in its sole discretion,
      postpone the Funding Date. If Freddie Mac does not receive the Warehouse Lender’s
      Form 990SF, Agreement and Certificate of Incumbency: Warehouse Lender, in sufficient
      time to process it and to assign User Roles for the Warehouse Lender’s access
      to Loan Selling Advisor or believes that the Certificate of Incumbency cannot
      be relied upon, or that its information is not reliable, Freddie Mac may, in
      its sole discretion, postpone the Funding Date. (b) UMBS, MBS and WAC ARM PC
      delivery instructions for Pledged Mortgages (i) Completing wire transfer information
      For Pledged Mortgages allocated to a Guarantor or MultiLender Swap Contract,
      the Seller must complete: ■ All requested wire transfer information and instructions
      in the applicable screens in Loan Selling Advisor ■ Form 996E, which the Warehouse
      Lender must submit to Freddie Mac as described in Section 6305.4(b) (ii) Authorization
      requirements for employees The employee authorized to perform the Setup Manager
      role (to approve wire transfer information and instructions in the applicable
      Loan Selling Advisor screens on the Seller’s behalf) must be an “Authorized
      Employee” on the Seller’s Certificate(s) of Incumbency (See Section 2201.1 for
      additional information.) If the person performing the Setup Manager role is
      not an Authorized Employee, Freddie Mac may postpone the Settlement Date. Freddie
      Mac Single-Family Seller/Servicer Guide Chapter 6305 As of 04/08/26 Page 6305-7
      See Section 2403.2(b) regarding designating Authorized Employees. See Sections
      6203.3(c), 6204.3(c) and 6205.3(c) for additional instructions for delivering
      Certificates of Incumbency and submitting Form 996E for fixed-rate Guarantor,
      WAC ARM Guarantor and MultiLender Swap Contracts, respectively. (iii)Submission
      of Warehouse Provider release and transfer The person who submits Form 996E
      for the Warehouse Lender must be authorized on Form 990SF to provide Freddie
      Mac with instructions (or to modify instructions) to transfer funds on behalf
      of the Warehouse Lender. (See Section 6305.4(c) for additional information.)
      Freddie Mac may, in its sole discretion, postpone the Settlement Date if: ■
      The person submitting Form 996E is not an Authorized Employee, ■ Freddie Mac
      does not receive Form 990SF in sufficient time to process it, or ■ Freddie Mac
      believes that the Certificate of Incumbency cannot be relied upon or that the
      information on the Certificate of Incumbency is unreliable 6305.4: Warehouse
      Lender and Seller responsibilities (12/17/25) This section contains requirements
      related to: ■ Warehouse Lender’s interest ■ Seller representations and warranties
      for Pledged Mortgages ■ Special Warehouse Lender acknowledgments and agreements
      (a) Warehouse Lender’s interest (i) Conditions for assignments No Pledged Mortgage
      will be accepted for purchase by Freddie Mac if the Seller has assigned the
      Mortgage to a Warehouse Lender unless one of the following applies: ■ The assignment
      of the Pledged Mortgage has been recorded in the public records, and the Seller
      obtains an assignment of the Mortgage in favor of the Seller that is executed
      by the Warehouse Lender, in recordable form, to be effective on or before the
      Settlement Date of the Pledged Mortgage. Such assignment must be promptly Freddie
      Mac Single-Family Seller/Servicer Guide Chapter 6305 As of 04/08/26 Page 6305-8
      recorded in the public records of the appropriate jurisdiction by the Seller
      after the Settlement Date. ■ The assignment of the Mortgage to the Warehouse
      Lender was not recorded, and the Warehouse Lender returns that unrecorded assignment
      to the Seller prior to the Settlement Date (ii) Conditions for financing statements
      No Pledged Mortgage will be accepted for purchase by Freddie Mac if the Warehouse
      Lender has filed a financing statement relating to the Pledged Mortgage in the
      public records of any jurisdiction unless: ■ The Seller obtains an executed
      termination statement from the Warehouse Lender to be filed promptly in the
      public records of the appropriate jurisdiction by the Seller after the Settlement
      Date, or ■ The security interest in the Pledged Mortgage by its express terms
      will be released automatically upon Freddie Mac’s purchase of the Pledged Mortgage
      (b) Seller representations and warranties for Pledged Mortgages The Seller represents
      and warrants to, and covenants with, Freddie Mac that: ■ As of the Settlement
      Date, each Pledged Mortgage is free and clear of any and all security interests,
      claims and encumbrances of any third party, including, without limitation, the
      Warehouse Lender and any party claiming through the Warehouse Lender, ■ Seller
      will take or will cause the Warehouse Lender to take all such further action,
      including, without limitation, preparing, executing and filing additional documents
      and instruments to assure and confirm to Freddie Mac that each Pledged Mortgage
      is free and clear of any and all security interests, claims and encumbrances
      and that absolute and unencumbered title to the Pledged Mortgage is conveyed
      to Freddie Mac as of the Settlement Date, and ■ The wire transfer or UMBS®,
      MBS or WAC ARM PC delivery instructions delivered to Freddie Mac are in accordance
      with the Seller’s Warehouse Agreement and that the person providing the wire
      transfer or UMBS, MBS or WAC ARM PC delivery instructions is an “Authorized
      Employee” on the Certificate of Incumbency. (See Section 2201.1 for additional
      information.) (c) Special Warehouse Lender acknowledgments and agreements (i)
      Form 990SF, Agreement and Certificate of Incumbency: Warehouse Lender (A) Submission
      of Form 990SF Freddie Mac Single-Family Seller/Servicer Guide Chapter 6305 As
      of 04/08/26 Page 6305-9 Each Warehouse Lender must provide Freddie Mac with
      an agreement and certificate of incumbency (“Certificate of Incumbency”) on
      Form 990SF with Exhibit A, which is a copy of resolution by the Warehouse Lender’s
      board of directors or other governing body (the “Resolution”) in the form provided
      by Freddie Mac (unless applicable law or other circumstances require another
      form). The Resolution must empower and authorize (a) employees identified by
      title or by name and title on the Form 990SF (each, an “Authorized Employee”)
      to provide instructions, or modifications of instructions, to Freddie Mac in
      conjunction with a Seller’s sale of Pledged Mortgages to Freddie Mac through
      Loan Selling Advisor® and (b) authorize Administrators to grant access to Authorized
      Employees with the External WHL Approver and External WHL Reviewer role. A new
      Warehouse Lender will not be given access to Loan Selling Advisor until Freddie
      Mac has accepted the Warehouse Lender’s Form 990SF. Any person identified on
      Form 990SF as performing the External WHL Approver and External WHL Reviewer
      roles (to submit Form 996E, Warehouse Provider Release and Transfer, through
      Loan Selling Advisor) must be designated as an Authorized Employee authorized
      to provide Freddie Mac with wire transfer instructions on the Warehouse Lender’s
      Form 990SF. (B) Electronic record requirements and legal obligations The Certificate
      of Incumbency must contain either the pen and ink signature or an Electronic
      copy or representation of the pen and ink signature of each Authorized Employee.
      The Certificate of Incumbency, Resolution and any other required documents or
      forms, signed by the Warehouse Lender’s Secretary, Assistant Secretary or legal
      counsel must be delivered to Freddie Mac as an Electronic Record, as defined
      in Section 1401.1(b), in Portable Document Format (PDF) and contain an Electronic
      Signature, as defined in Section 1401.1(b). The Electronic Signature must meet
      the requirements contained in Form 990SF itself and, at a minimum, be a copy
      or representation of the pen and ink signature of the Warehouse Lender’s signatory
      attached thereto or logically associated therewith. Although Freddie Mac reserves
      the right to verify or authenticate any Seller/Servicer request for a change,
      the Seller/Servicer may not consider Freddie Mac’s failure to do so an act of
      negligence. By executing the complete Certificate of Incumbency and delivering
      it to Freddie Mac, the Warehouse Lender makes the same representations and warranties
      to, and covenants with, Freddie Mac as Sellers make to Freddie Mac in Section
      2201.1. Freddie Mac Single-Family Seller/Servicer Guide Chapter 6305 As of 04/08/26
      Page 6305-10 Freddie Mac may, periodically and at its sole discretion, require
      the Warehouse Lender to submit a new Form 990SF and/or Resolution. The Warehouse
      Lender must renew its Form 990SF every two years and its Resolution every four
      years and determine if such renewal requires new or modified Wire Transfer Instructions.
      Freddie Mac will notify the Warehouse Lender approximately 120 days before the
      renewal due date. If a Warehouse Lender fails timely to deliver a replacement
      Certificate of Incumbency, Freddie Mac may, in its sole discretion, cancel or
      postpone purchasing any Pledged Mortgages financed by that Warehouse Lender
      until a renewal Certificate of Incumbency has been accepted by Freddie Mac and
      any other requirements have been met. The Warehouse Lender shall indemnify and
      hold Freddie Mac, its directors, officers, employees, successors, assigns and
      fiscal and transfer agents harmless from and against the consequences of any
      such cancelation or postponement. (ii) Form 996E In connection with Freddie
      Mac’s purchase of Pledged Mortgages, the Warehouse Lender must submit Form 996E
      to Freddie Mac through Loan Selling Advisor. Freddie Mac will not accept a “bailee
      letter” or equivalent documentation with respect to any Pledged Mortgage. If
      a Warehouse Lender or any other party delivers such a document to Freddie Mac,
      Freddie Mac has the right, in its sole discretion, to cancel or postpone the
      Settlement Date for the related Pledged Mortgage(s).'
  judgment: false
