FHLMC Guide Bulletin 2016-05: Important Servicing Requirement Changes
March 9, 2016
In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2016-5, we’re updating servicing requirements, largely in response to your feedback. As always, we’ll continue to listen and make it easier to do business with us.
- We’ve updated requirements for:
- State foreclosure timelines, including ending the temporary suspension of compensatory fee assessments and billing in five jurisdictions.
- Payment and reimbursement requirements for taxes and HOA dues on REO properties. The new requirements will eliminate, or at least minimize, the duplication of payments by you and our REO closing agent.
- Mortgages subject to indemnification agreements are now eligible for modification, provided certain conditions are met. This applies to all borrower evaluations for any available Freddie Mac mortgage modification.
- We’re giving you more flexibility to expedite Freddie Mac Default Legal Matters by waiving our deficiency rights in certain cases.
Please read Guide Bulletin 2016-5 for more details on these and additional updates.
For More Information
- Read Guide Bulletin 2016-5 [pdf].
- Check out our Summary of Upcoming Requirement Changes [pdf] document.
- Visit Freddie Mac’s Learning Center for more on our training programs and reference tools.
- Contact your Freddie Mac representative.
Source: Freddie Mac