Freddie Mac Single-Family Seller/Servicer Guide 2202.4 — Transfer of custody and terminating Tri-Party Agreements

Freddie Mac Single-Family Seller/Servicer Guide 2202.4 — Transfer of custody and terminating Tri-Party Agreements

Effective 2025-12-17 · Freddie Mac's stamp for this section

This section contains requirements related to: ■ Transfers and terminations initiated by Freddie Mac ■ Transfers and terminations initiated by Seller/Servicers ■ Terminations initiated by Document Custodians ■ Additional responsibilities (a) Transfers and terminations initiated by Freddie Mac (i) Termination without cause Upon 30 days written notice to the Seller/Servicer and the Document Custodian and at its sole discretion, Freddie Mac may terminate a Tri-Party Agreement without cause and require the transfer of all Notes and assignments held by the Document Custodian to another Document Custodian or to a Designated Custodian (see Directory 4). (ii) Immediate termination conditions Freddie Mac may immediately terminate a Tri-Party Agreement upon written notice to a Seller/Servicer and the Document Custodian and require the transfer of all Notes and assignments to another Document Custodian or as directed by Freddie Mac upon the occurrence of any of the following: ■ Disqualification or suspension of the Seller/Servicer pursuant to Section 2301.1(b), ■ Failure of the Document Custodian to meet Freddie Mac’s eligibility requirements (see Section 2202.1(b)), ■ Freddie Mac’s determination that the Document Custodian’s performance has been unsatisfactory, or ■ Any other circumstance with respect to the Document Custodian, the Notes or assignments that might adversely affect the Notes or assignments or Freddie Mac’s interests (b) Transfers and terminations initiated by Seller/Servicers To change Document Custodians for a group of Mortgages or to terminate a Tri-Party Agreement, the Seller/Servicer must ensure the following: ■ It has a new Tri-Party Agreement in place with another Document Custodian (see Sections 2202.1(b) and 2202.2), and ■ The Document Custodian transfers custody of all Notes and assignments held pursuant to the Tri-Party Agreement being terminated to the Transferee Document Custodian within 30 days after Freddie Mac’s written approval of the transfer of custody or by such other date requested by the Seller/Servicer and approved by Freddie Mac. Note: Freddie Mac may require the Notes and assignments to be transferred immediately. (c) Terminations initiated by Document Custodians A Document Custodian may terminate a Tri-Party Agreement by following these required steps: ■ Provide 90 days prior written notice to the Seller/Servicer and to Freddie Mac (see Directory 1), and ■ The Document Custodian must transfer custody of all Notes and assignments held pursuant to the Tri-Party Agreement being terminated to a new Document Custodian no later than 30 days after Freddie Mac’s written approval of transfer of custody or by such other date approved by Freddie Mac. Note: Freddie Mac may require the Notes and assignments to be transferred immediately. (d) Additional responsibilities (i) Fulfillment of obligations A Document Custodian may not refuse or fail to fulfill its custodial obligations under a Tri-Party Agreement or for any Mortgage in a transfer of custody until the Notes and assignments have been transferred to the Transferee Document Custodian. (ii) Certification of transfer The Transferee Document Custodian must deliver Form 1034T, Document Custodial Certification Schedule for Transfer of Custody and Subsequent Transfers of Servicing, executed by the Seller/Servicer and the Transferee Document Custodian to Freddie Mac (see Directory 9) no later than 180 days after the termination date of the Tri-Party Agreement or approved Date of Transfer. By submitting Form 1034T to Freddie Mac, the Seller/Servicer and the Transferee Document Custodian represent and warrant to Freddie Mac that the information in Form 1034T is correct and complete and that each of them shall be bound by the certifications contained in Form 1034T.

Source: Freddie Mac Single-Family Seller/Servicer Guide 2202.4 — Transfer of custody and terminating Tri-Party Agreements · source URL · snapshot 4c94f67729042dd6