FHLMC Guide Bulletin 2015-2 Selling and Servicing Updates
On February 17, Freddie Mac released an update titled Single-Family Seller/Servicer Guide Bulletin 2015-2.
Guide Bulletin 2015-2 Announces Updates and Improvements
We’re focused on finding ways to work smarter. In addition to the new and revised requirements announced in today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2015-2 [pdf], we’re also streamlining processes and updating forms that will save you time, increase efficiency, and enable us to respond quicker.
All changes announced in Guide Bulletin 2015-2 are effective immediately unless otherwise noted. Key highlights include:
- Updating the following forms so they are easier to prepare and send:
- Guide Forms 16SF, Annual Eligibility Certification Report, and 1107SF, Seller/Servicer Change Notification Form. Effective February 23, 2015.
- Forms 1035, Custodial Agreement: Single-Family Mortgages, and 1035DC, Designated Custodial Agreement: Single-Family Mortgages. These forms are available on our Document Custody Forms Web page.
- Requiring Seller/Servicers to screen all Freddie Mac mortgages against the Federal Housing Finance Agency Suspended Counterparty Program list.
- Revising notification requirements for bankruptcy cramdowns. In lieu of submitting a bankruptcy cramdown plan and all other previously required documentation, we’ve developed new Form 1155, Bankruptcy Cramdown Pre-Confirmation Proposal of Settlement Terms, to notify us of proposed plans.
- Updating our reporting and remittance requirements for properties purchased by third parties at foreclosure sale, to enhance the settlement process.
With Guide Bulletin 2015-2, we’re also:
- Modifying requirements for partial principal curtailments, to provide you with more flexibility.
- Introducing a new Guide section with more transparent reporting requirements regarding when rollbacks are necessary, to reduce rollback reporting delays and associated errors.
- Providing you with more guidance for handling bankruptcy filings after foreclosure sale.
- Updating insurance loss settlement requirements if the total insurance proceeds are less than or equal to $10,000 when the mortgage status at time of notification of loss is current or less than 31 days delinquent.
Please read Guide Bulletin 2015-2 for more details on these changes and for additional updates.
- Expense Manager retires March 1. All reports have been migrated to the Freddie Mac Reimbursement System.
- The 2015 Freddie Mac Servicer Success Scorecard is available March 6. Register for training now!
For More Information
- Read Guide Bulletin 2015-2 [pdf].
- Review our Summary of Upcoming Requirement Changes [pdf] to stay on top of upcoming requirement changes by effective date.
- Sign up for our new Single-Family Week in Review email. This new email provides you with a weekly snapshot of all Single-Family News Center articles from the prior week as well as additional resources you may find helpful.
- 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.
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.