FHLMC Updates to Workout Prospector

On August 17, Freddie Mac issued a Single-Family Update, entitled Updates to Workout Prospector.

In order to help you successfully deliver timely Home Affordable Foreclosure Alternatives (HAFA) loan workouts, Freddie Mac will update Workout Prospector® on Monday, August 20, with an indicator that distinctly identifies HAFA Short Sales and HAFA Deeds-in-Lieu through the loan life cycle. This update will provide you with greater efficiency resulting in quicker processing of file preparation, settlement, and reporting when delivering HAFA loan workouts.

With this update, you will also find:

  • The Freddie Mac Standard Modification Non-interest Bearing UPB will be updated.
  • You no longer will receive a warning message for a Standard Modification when entering a Workout Decision Date that is greater than 30 days from the Workout Evaluation Date.
  • You no longer will need to enter Pre-Modification Remaining Term data. This field will be automatically calculated.
  • In the Workout Prospector Bulk Upload Tag and CSV File Format documents, the Remaining Term field will change from required to optional. There will be no changes to the Workout Prospector Bulk Upload Users’ Guide.
  • The Workout Prospector fax number and mailing address for settlement will be updated and aligned with the Single-Family Seller/Servicer Guide.

 

To view the online release, please click here.

 

About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees  and a handful of contractors performing services in the Midwest, to a national company with nearly 1,000 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.

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