How Do I Come Off the Freddie Mac Exclusionary List?
Over the years I’ve created content around the Freddie Mac Exclusionary List – videos, Crushing Debt Podcast episodes and blogs. Put simply, the Freddie Mac Exclusionary List is a list of real estate professionals that Freddie Mac believes have taken some action, failed to take some action, originated loans, or have some systemic failure that caused harm to the mortgage origination of loan products bought or backed by Freddie Mac. Your inclusion on the List has no correlation to criminal law, although we have seem some cases where Freddie Mac refers the person on the List to the appropriate licensing or governing body. We have never encountered a situation where there was any fine or monetary penalty imposed by Freddie Mac.
In August 2016, I wrote a blog outlining my experience with getting real estate professionals off of the Freddie Mac Exclusionary List and created the following list of documents that I suggested someone use in support of a request to come off of the Exclusionary List:
- Policy Manual;
- Job Description;
- Letters of Recommendation from superiors or clients;
- Certificates from continuing education received or taught;
- Public Record documents;
- Any other relevant documents
As a supplement to that post, below are some additional documents clients have provided to successfully show Freddie Mac they deserve to come off of the Exclusionary List:
- An affidavit describing your situation, why you should not be on the List and why you should come off of the List (In other words, what has changed since you went on the List – what have you “learned” about what you did “wrong”);
- A resume or CV;
- YouTube Videos, and other social media promotions or commercials;
- Testimonial letters from clients;
- Proof of awards won in the industry;
- Proof of community involvement, with your religious organization, homeowner / condo association, or other charitable organization;
- Credit Report or other proof of “financial responsibility.”
To tie all of this together, we will write a letter on your behalf that emphasizes the positive arguments around why you should come off the Exclusionary List, referencing all or as many of the above documents as you can provide.
Once the package is submitted to Freddie Mac (and they now take electronic submissions) we normally get a response within 45 – 60 days. We still have a challenge in that Freddie Mac does not provide any explanation (positive or negative) in their decision – they simply issue a letter of congratulations, or a letter of denial. However, we have been successful many more times than not in helping our clients come off of the Freddie Mac Exclusionary List.
We may be able to help you come off of the Freddie Mac Exclusionary List too. For more information, please contact us to schedule a free initial consultation to discuss your options at 813-774-5737 or email me directly at firstname.lastname@example.org. Please also subscribe to the Crushing Debt Podcast, on Apple Podcasts, Spotify, and other podcast players, including Amazon Echo (“Alexa”) for more free information about this topic.
Shawn M. Yesner, Esq., is the host of the Crushing Debt Podcast and founder of Yesner Law, P.L., a Tampa-based boutique real estate and consumer law firm that helps clients eliminate the financial bullies in their lives. We assist clients with asset protection, the sale and purchase of real property, Chapter 7 liquidation, Chapter 13 reorganization, bankruptcy, foreclosure defense, debt settlement, landlord/tenant issues, short sales, and loan modifications in Tampa, Westchase, Odessa, Oldsmar, Palm Harbor, Clearwater, Pinellas Park, Largo, St. Petersburg, and throughout the greater Tampa Bay area.