FHLMC Guide Bulletin 2014-23 Servicing Updates
On December 8, Freddie Mac released an update titled Guide Bulletin 2014-23: Servicing Updates.
Guide Bulletin 2014-23 Announces Time-Saving Additions and Revisions
Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-23 announces additions and revisions to improve our processes and response times. All changes announced in Guide Bulletin 2014-23 are effective immediately.
What’s Changing and What It Means for You
One simple change can make a difference. With these changes announced today, we’ll be able to streamline processes and respond to you quicker, while saving you time and money:
- New Charge-off Requirements. Filing and settling any property insurance claims with property insurers before sending Freddie Mac mortgage charge-off recommendations will help speed up our decision-making time.
- New Submissions Process for Mortgage Modifications with Partial Prepayments. We’re requiring a copy of the fully executed mortgage modification agreement that results in reduced monthly principal and interest payments due to partial principal curtailments.
- Limited Reporting for Distressed Properties. Please report any mortgage secured by a distressed property to Freddie Mac using the contact information provided in Guide Directory 5 only when there is a risk of property ownership.
- Waiting Period for Approving Changes to Mortgaged Premises. You must wait at least one year from the origination date before approving requests to release a portion of the mortgaged premises or grant borrowers an easement.
- Reduced Fees for Interior and Exterior Property Valuations with Photographs.
Additional Updates Announced in Guide Bulletin 2014-23
- Creating a new email account for you to submit limited power of attorney requests.
- Updating Form 960, Agreement for Concurrent Transfer of Servicing of Single-Family Mortgages, to help you identify refinance mortgages originated under the Home Affordable Refinance Program® when submitting a Transfer of Servicing.
- Removing and retiring several outdated Guide forms and exhibits.
For More Information
- Review Guide Bulletin 2014-23 [pdf].
- Read our Summary of Upcoming Requirement Changes [pdf] to stay on top of upcoming requirement changes by effective date.
- 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 2014-23 [pdf].
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