Edit, Download, and Sign the Freddie Mac Form 988SF Certificate of Incumbency
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How do I fill this out?
To fill out this form, gather the necessary information about the Seller/Servicer and authorized employees. Make sure to have the resolutions and signatures ready for verification. Follow the prompts in each section to complete the required fields accurately.
How to fill out the Freddie Mac Form 988SF Certificate of Incumbency?
1
Gather the required information about the Seller/Servicer.
2
Identify and list the authorized employees and their roles.
3
Attach the resolution from the Board of Directors.
4
Ensure all signatures are genuine and correctly placed.
5
Submit the completed form to Freddie Mac.
Who needs the Freddie Mac Form 988SF Certificate of Incumbency?
1
Banks, as they require this to authorize transactions with Freddie Mac.
2
Credit Unions, needing to certify their authorized personnel.
3
Savings and Loan Associations for compliance with funding directives.
4
Corporations involved in servicing mortgages.
5
Limited Liability Companies that participate in loan buying or servicing.
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1
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What are the instructions for submitting this form?
Submit Form 988SF via the email designated by Freddie Mac or through their online submission portal. Ensure all fields are accurately filled and verified with necessary signatures. For any inquiries regarding submission, contact the customer service center of Freddie Mac for assistance.
What are the important dates for this form in 2024 and 2025?
The relevant important dates revolve around the effective date of the form revisions. Make sure to adhere to the regulations set forth in the Freddie Mac Single-Family Seller/Servicer Guide, effective 06/08/22. Regular updates are generally published annually.
What is the purpose of this form?
The purpose of Form 988SF is to certify the authority of individuals to act on behalf of the institution in transactions with Freddie Mac. It serves to provide a clear documentation trail for all financial operations involving wire transfers and other electronic transactions. By maintaining accurate records, it ensures compliance and facilitates smoother processing of transactions.
Tell me about this form and its components and fields line-by-line.
- 1. Name: The full name of the authorized employee.
- 2. Position/Title: The job title of the authorized employee.
- 3. Signature: The signature of the authorized employee.
- 4. Telephone: Contact number of the authorized employee.
- 5. E-mail Address: Email for electronic communications.
What happens if I fail to submit this form?
Failure to submit Form 988SF can lead to delays in processing transactions with Freddie Mac. This may result in funding delays or missed deadlines for important financial operations.
- Processing Delays: Incomplete or missing forms can cause significant delays in funding.
- Returned Funds: Incorrect information may lead to returned funds.
- Non-compliance: Failure to comply with regulation can jeopardize agreements.
How do I know when to use this form?
- 1. Initial Setup: When setting up new authorized employees for transactions.
- 2. Modifications: To change the details of current authorized personnel.
- 3. Compliance Checks: During compliance reviews by Freddie Mac.
Frequently Asked Question
What is Form 988SF?
Form 988SF is a Certificate of Incumbency required by Freddie Mac.
Who needs to fill out this form?
Banks, credit unions, and other financial institutions need to fill out this form.
How can I fill out this form?
You can fill out the form by entering the required information directly in PrintFriendly.
What if I need to add more authorized employees?
You can edit the PDF to include as many authorized employees as needed.
How do I sign the document?
You can apply your Electronic Signature in the designated area.
Can I download the edited form?
Yes, you can download the modified form from PrintFriendly.
What happens if I make a mistake?
You can easily go back and edit the fields as needed.
How do I share the form with others?
Use the sharing options available in PrintFriendly after editing.
Is this form mandatory?
Yes, it is necessary for transactions with Freddie Mac.
Who verifies the signatures?
Freddie Mac verifies the signatures as part of their transaction approval.
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