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The Freddie Mac Template (Form 91) is a Template that captures Freddie Mac’s Underwriting Guidelines. Data from self-employed borrower tax returns is systematically populated into the Template to automatically calculate income.
How the Freddie Mac R&W Process works (high level overview):
- Download the Freddie Mac Form 91 LoanBeam workbook
- Make adjustments to the workbook to assess your borrower's Qualified income (as needed)
- Submit the application reference number to Freddie Mac for R&W eligibility
- Get R&W results via LPA (Loan Product Advisor)
- NOTE: There are 3 Income Types that are eligible for Freddie Mac R&W:
- Schedule C
- Partnerships
- S Corporations
The Reference Number
- Found on the Cover Page of the LoanBeam workbook, in the Application Details section
- Available in the Dashboard in LoanBeam
- Available on the Check Status/View Results tab in the Encompass integration
- Available on the Forms Tab in Encompass (choose show all forms, select the Forms Tab again, choose 'Freddie Mac Additional Data', scroll to Income/Asset Validation section - see the LoanBeam field. This field will hold the reference number)
Qualifying Income
- Seen on the Summary Sheet
- Net Qualifying Income per Borrower (In the details - Black is added, Red is subtracted, Grey is excluded)
- Seen on the Main Sheet
- manual changes can be done based on your guidelines
Submitting the LoanBeam Form 91 workbook to Freddie Mac LPA via the LoanBeam Dashboard
- Copy the reference number from LoanBeam
- Login to LPA and submit the reference number to Freddie Mac
- Remember: If you have made changes to your LB workbook and need to resubmit, you need to upload the edited excel workbook to LoanBeam and choose to UPDATE the application in LB, before submitting your reference number to Freddie Mac.
Submitting the LoanBeam Form 91 workbook to Freddie Mac LPA via the Encompass Integration
- Once you have complete the process to submit your application to LoanBeam for income calculation, and have reviewed the results and made any necessary changes, you'll go to underwriting in Encompass...
- In Encompass, go to the SERVICES Tab
- Choose UNDERWRITING
- From the Underwriting pop up window choose FREDDIE MAC'S LOAN PRODUCT ADVISOR SYSTEM TO SYSTEM
- Submit as normal (the reference number will automatically be submitted, no need to copy and paste it anywhere)
- Remember: If you have made changes to your LB workbook and need to resubmit, you need to upload the edited excel workbook to LoanBeam (via the LoanBeam workbook tab in Encompass), then select the newly uploaded workbook and choose to SEND TO LOANBEAM, before going to the underwriting service.