FHLMC Guide Bulletin 2014-9 Updates to Servicing Requirements
On May 15, Freddie Mac released an update titled Guide Bulletin 2014-9 Announces Updates to Servicing Requirements.
Guide Bulletin 2014-9 Announces Updates to Servicing Requirements
Today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-9 announces updates to several servicing requirements. Here are the highlights:
- Expedite Freddie Mac Default Legal Matters with the New York Foreclosure Inquest Program as an alternative foreclosure process. Read Guide Section A66.10 for more information.
- You’re no longer required to refer mortgages secured by a Primary Residence to foreclosure within 5 business days after the 121st day of delinquency.
- Use our revised foreclosure sale bidding guidelines for states with the right of redemption.
Freddie Mac Reimbursement System
- Permitted vendors can access the Reimbursement System to submit claims on your behalf using the expense and income codes in Guide Exhibit 74.
- We added 6 new income codes to improve reporting accuracy.
Read Guide Bulletin 2014-9 [PDF] for additional information on these updates and more – including changes to Guide Form 105, Guide Exhibit 88, and requirements for submitting your subsequent Transfer of Servicing requests.
- Online Self-Service Password Reset – Be sure to create your online user profile today. Click here for more information.
- Freddie Mac Interest Rate – Effective July 8, 2014, Freddie Mac will evaluate market rates and update the Standard Modification interest rate, if necessary, on a monthly basis.
Reference Guides Updates
- We updated our Electronic Default Reporting Quick Reference Guide [PDF] to reflect changes we announced in Guide Bulletin 2014-1 [PDF]. The new codes became mandatory on May 1, 2014.
- To help you understand foreclosure timeline compensatory fees, we updated our Foreclosure Time Line Compensatory Fees Reference Guide [PDF]. Log in using your assigned Servicing Applications secure user ID and password.
- 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 bulletin.
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.