Freddie Mac Single-Family Seller/Servicer Guide 2201.2 — Establishing and maintaining wire transfer instructions for cash proceeds

This section contains requirements related to: ■ Maintaining wire transfer instructions ■ Prerequisites for wire transfers ■ Submissions of Form 483, Wire Transfer Authorization, for wire transfer instructions and requirements ■ Legal indemnification obligations ■ Electronic submission of Form 483 ■ Participation in electronic transactions

(a) Maintaining wire transfer instructions In order to make timely and accurate wire transfers of cash proceeds for the purchase of Mortgages, Freddie Mac maintains a centralized database containing individual wire instructions as provided by the Seller on Form 483. This file is maintained and controlled in the Freddie Mac office in McLean, Virginia.

(b) Prerequisites for wire transfers Freddie Mac will not wire transfer any cash proceeds for the purchase of Mortgages unless and until the Seller has submitted a valid Certificate of Incumbency (COI) using one of the following forms: ■ Form 988SF, Certificate of Incumbency: for Banks, Savings Banks, Savings and Loan Associations, Credit Unions, Corporations or Limited Liability Companies, or ■ Form 989SF, Certificate of Incumbency for Limited Partnerships, as applicable The COI must list “Authorized Employees” who are authorized and empowered to provide Freddie Mac with instructions (or modified instructions) to transfer funds (cash or securities) by wire transfer on the Seller’s behalf in connection with the sale of Mortgages to Freddie Mac. See Section 2201.1 for additional information regarding COI requirements.

(c) Submissions of Form 483 for wire transfer instructions and requirements Form 483 is the Seller’s legal authorization to allow Freddie Mac to wire transfer funds to a designated bank. Settlements cannot be made if wire transfer instructions are not on file with Freddie Mac. The Seller must ensure that the wire transfer instructions on file at the time of Mortgage delivery are complete and correct. Once instructions are on file, all future settlements will be transferred according to the same instructions, unless the instructions are changed in accordance with the Guide. The Seller can change the wire transfer instructions only by submitting a new, executed and authorized Form 483 to Freddie Mac. At least five Business Days are required by Freddie Mac to process a change. Note: Wire transfer instructions given in connection with the payment of Purchase Proceeds to a Warehouse Lender for Pledged Mortgages must comply with Chapter 6305. (i) Wire transfer instructions Freddie Mac accepts wire transfer instructions only if submitted to Freddie Mac on Form 483 signed by an authorized officer of the Seller who is designated as an Authorized Employee (as defined in Section 2201.1) on the Seller’s COI. The officer’s signature on Form 483 must be acknowledged by a notary public. (Wire transfer instructions will not be accepted by telephone.) Note: Any questions concerning COIs or wire transfer instructions may be directed to Freddie Mac (see Directory 8). (ii) Multiple wire transfer instructions To use multiple wire transfer instructions, the Seller must complete and execute a new Form 483 for each set of wire transfer instructions. In each instance, the Form 483 executed by an Authorized Employee on the Seller’s most recently accepted COI must be submitted to Freddie Mac at the address on the form.

(d) Legal indemnification obligations The Seller agrees to indemnify, defend and hold Freddie Mac, its successors, assigns and transfer agents harmless from and against any and all losses, claims, demands, actions, suits, damages, costs and expenses (including reasonable attorney fees) of every nature and character that may arise or be made against or be incurred by Freddie Mac as a result of any of the following: ■ The Seller’s failure to provide a COI that lists Authorized Employees authorized and empowered to provide Freddie Mac with instructions (or modified instructions) to transfer funds (cash or securities) by wire transfer on the Seller’s behalf in connection with the sale of Mortgages to Freddie Mac ■ The Seller’s failure to provide Freddie Mac with a resolution of the board of directors or other governing body resolution that authorizes and empowers the employees identified by the Seller as Authorized Employees in the COI ■ Freddie Mac’s transfer of any cash proceeds in connection with the sale of Mortgages to Freddie Mac in accordance with the Purchase Documents and Seller’s wire transfer instructions on Form 483 and the Seller’s listing and designation of Authorized Employees on the Seller’s COI ■ The Seller’s failure to provide complete, accurate and authorized wire transfer instructions ■ The Seller’s failure to promptly notify Freddie Mac of any necessary or desired changes to the authorized wire transfer instructions ■ Security interests, claims or encumbrances of any third party, including a Warehouse Lender, if any

(e) Electronic submission of Form 483 The Seller will deliver or transmit a completed Form 483 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).) Form 483 can be submitted as either: ■ An attachment to an e-mail and delivered to Freddie Mac at [email protected], or ■ An upload through the Freddie Mac eBilling system

(f) Participation in Electronic Transactions By delivering or transmitting to Freddie Mac a properly completed Electronic Form 483 with a copy or representation of the Seller’s Authorized Employee’s handwritten signature as an Electronic Signature attached to, logically associated with or contained on such Electronic Form 483, the Seller: ■ Consents to conduct Electronic Transactions (as defined in Section 1401.1(b)) with Freddie Mac using fax copies of Records, Electronic Records and/or Electronic Signatures in connection with the delivery of an Electronic Form 483 ■ Adopts as its Electronic Signature the Electronic Signature of its Authorized Employee as it appears on the Electronic Form 483 ■ Agrees that its Authorized Employee intended to sign Form 483 with the authority and intent to bind the Seller to the terms and conditions contained therein