FHLMC Guide Bulletin 2015-14 Prepare Now for New Settlement Automation for Third-Party Foreclosure Sales
Investor Update
September 29, 2015
In Single-Family Seller/Servicer Guide (Guide) Bulletin 2015-14, we announced new automated settlement functionality for liquidation transactions in Workout Prospector®, which will now be available on November 16, 2015, and includes short sales, deeds-in-lieu of foreclosure, charge-offs, and third-party foreclosure sales.
To help you plan ahead, we want to ensure that you’re set up to use Workout Prospector for settling third-party sales. While you don’t have to submit third-party sales for settlement through Workout Prospector until March 1, 2016, we strongly encourage you to implement this new process, beginning on November 16.
Sign Up for Access
Please follow these simple steps to hit the ground running on November 16:
- Complete and submit the Workout Prospector Order Form.
- Complete and submit the Servicing Technology Tools Sign Up Form to gain access to Workout Manager®, which allows you to monitor your settlements after they’re submitted.
- Familiarize yourself with Workout Prospector:
- Review the Workout Prospector Users’ Guide [pdf].
- Sign up for available workout settlement training and view helpful reference materials to familiarize yourself with the tool.
NOTE: We’ll notify you in mid-November when this new functionality is available and our training materials and resources, including the Workout Prospector Users’ Guide, are updated.
For More Information
- Visit our Workout Prospector Web page.
- Visit our Workout Manager Web page.
- Read Guide Bulletin 2015-14 [pdf].
- Contact your Freddie Mac representative or Customer Support (800-FREDDIE).
Source: Freddie Mac