FHLMC Guide Bulletin 2015-08 Updates Seller/Servicer Financial and Operational Eligibility
On May 20, Freddie Mac released an update titled Guide Bulletin 2015-08 Updates Seller/Servicer Financial and Operational Eligibility.
Guide Bulletin 2015-8 Updates Seller/Servicer Financial and Operational Eligibility
In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2015-8, we’re revising Seller/Servicer financial eligibility requirements and providing additional guidance for Servicer operational requirements.
Seller/Servicer Financial Eligibility Requirements
We’re revising our Seller/Servicer net worth requirements and adding new Seller/Servicer capital and liquidity requirements, effective December 31, 2015. These requirements build on our mission to provide liquidity, stability and affordability to the nation’s housing market.
Please read Guide Bulletin 2015-8 [pdf] for detailed information on eligibility requirements for Seller/Servicers that are depository and non-depository institutions.
Servicing Operational Eligibility Requirements
Sometimes a little extra guidance goes a long way.
Effective August 18, 2015, we’re expanding our operational eligibility requirements for transfers of servicing and subservicing in these areas:
- Master Servicers and Servicing Agents – Adding requirements in Guide Sections 51.4 and 51.4.1 outlining roles and responsibilities for Master Servicers and their servicing agents. We’ve also created a Servicing Agent Oversight and Surveillance Program Best Practices [pdf] document to help Master Servicers oversee their servicing agents.
- Subsequent Transfers of Servicing – Revising transfer of servicing requirements and posting our new Servicing Transfer Best Practices [pdf] document, which helps Servicers identify steps for an efficient transfer of servicing as well as avoid pitfalls that lead to poor performance.
- Seller/Servicer Notification Requirements – Reminding Servicers to notify us if they become subject to certain legal proceedings or regulatory actions.
- Quality Control Program – Consolidating references to all quality control program requirements into new Guide Section 51.29, Servicer’s Quality Control Program.
These new and updated requirements are at the direction of the Federal Housing Finance Agency.
Please read Guide Bulletin 2015-8 for additional details.
- View our Quick Tips on Guide Features video for tips to quickly find and access Guide changes.
- Reference our recently published Guide Snapshot PDF, which reflects Guide requirements as published on March 17, 2015.
- Visit our Servicing Web page under the Help & Training tab for the two best practices documents listed above and other resources.
For More Information
- Read Guide Bulletin 2015-8 [pdf].
- Reference Seller/Servicer Eligibility Requirement FAQs [pdf].
- Check out our Summary of Upcoming Requirement Changes [pdf] document.
- 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 2015-08 [pdf].
Safeguard Properties is the mortgage field services industry leader, preserving vacant and foreclosed properties across the U.S., Puerto Rico, Virgin Islands and Guam. Founded in 1990 by Robert Klein and headquartered in Cleveland, Ohio, Safeguard provides the highest quality service to our clients by leveraging innovative technologies and proactively developing industry best practices and quality control procedures. Consistent with Safeguard’s values and mission, we are an active supporter of hundreds of charitable efforts across the country. Annually, Safeguard gives back to communities in partnership with our employees, vendors and clients. We also are dedicated to working with community leaders and officials to eliminate blight and stabilize neighborhoods. Safeguard is dedicated to preserving today and protecting tomorrow. Website: www.safeguardproperties.com.