FHLMC Guide Bulletin 2014-17 Servicing Updates
On October 1, Freddie Mac released an update titled Single-Family Seller/Servicer Guide Bulletin 2014-17.
Servicing Updates Announced in Guide
In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-17 [pdf], we announced the following servicing updates made with you and your borrowers in mind:
- Updated eligibility requirements for Freddie Mac Streamlined Modifications. We removed the 720-day delinquency cap so more eligible borrowers have the opportunity to modify their loan and stay in their homes, effective April 1, 2015. We’re continuing to explore options to optimize borrower outcomes.
- Opened modification eligibility to borrowers with mortgages under non-routine litigation.
Applies to Freddie Mac Standard Modifications, Streamlined Modifications, and Capitalization and Extension Modifications for Disaster Relief.
Effective April 1, 2015.
- Streamlined the reimbursement process by including expense offsets in your invoices. You no longer need to send us a separate check when you owe money from a reimbursement claim. These amounts will be included in your monthly Servicer Billing Statement or Non-Performing Loans Invoice when necessary, beginning with your March 2015 statements.
- Freddie Mac Interest Rate – Visit our Standard Modification Interest Rate Web page for the latest update.
For More Information
- Updated At-A-Glance: Freddie Mac Modification Comparison [pdf] job aid.
- Sign up for the latest emails on Single-Family news, updates, alerts, and education opportunities on our Subscription Center.
- Visit Freddie Mac’s Learning Center for additional information on our training programs and references tools.
- Contact your Freddie Mac representative.
Please click here to view the online update.
Please click here to view Guide Bulletin 2014-17 [pdf].
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.