FHLMC Guide Bulletin 2013-22 Updates to Servicing Requirements
On October 18, Freddie Mac released Single-Family Seller/Servicer Guide (Guide) Bulletin 2013-22, which updates and revises servicing requirements.
In Single-Family Seller/Servicer Guide (Guide) Bulletin 2013-22, we’re announcing servicing changes that will streamline processes to help Servicers operate more efficiently in a constantly changing servicing industry. Some requirement changes included in Guide Bulletin 2013-22 are:
- Providing guidance on when to foreclose in Freddie Mac’s name without prior written approval.
If applicable law prevents a Servicer from conducting a foreclosure in its own name, because the Servicer owns or services a subordinate mortgage on the mortgage premises, Servicers may instruct foreclosure counsel to conduct the foreclosure in Freddie Mac’s name without prior written approval.
- Revising requirements for vesting the title after a foreclosure sale.
For conventional mortgages not purchased by a third party at foreclosure sale, the property’s title may be vested in the Servicer’s name after foreclosure sale and subsequently transferred to Freddie Mac, if it is in Freddie Mac’s best interest to do so.
- Adding new expense codes and item unit pricing for property preservation as well as new reimbursement limits for abandoned properties.
We’re making these changes to more accurately reflect the type of property preservation work done by Servicers and to eliminate certain requests for pre-approval.
We’re also reminding Servicers of requirements related to reimbursement requests for condominium, homeowners association and Planned Unit Development assessments as well as offering them relief from certain tax penalties incurred on delinquent non-escrowed mortgages in the State of California.
Read Guide Bulletin 2013-22 for additional updates.
Training and Resources
Please visit Freddie Mac’s Learning Center for additional information on our training programs and references tools.
For More Information
- Read Guide Bulletin 2013-22.
- Contact your Freddie Mac representative.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.