Meeting Requirements and Filing Application
Lenders who are interested in becoming approved by Freddie Mac first need to determine if they meet the minimum eligibility requirements. According to the Freddie Mac eligibility page, the minimum requirements are:
Tenure - Sellers who are interested in selling loans to Freddie Mac must have established themselves in the jurisdictions where the loans are being made;
Viability - Sellers must have the means to support the loans that they are making; they must provide accurate financial statements. Financial statements must be audited and the net worth must meet minimum requirements;
Properly accredited - Sellers must have credentials that are acceptable in the United States. This means they must be organized under the charter of one of the states, the US Virgin Islands or have a US branch if they are a foreign bank;
Quality control - Sellers must have a quality control system in place that conforms to Freddie Mac standards;
Insurance requirements - Interested banks who want to be a Freddie Mac seller must meet the insurance requirements, including errors and omissions and fidelity insurance.
It is important to note that Freddie Mac reserves the right to change their requirements at any time. Applications are to be filed online and will first require the submission of an email address to obtain a password. This can be done from the Freddie Mac website.