Freddie Mac: Default and Workout Reporting Changes
January 25, 2016
Today, based on Servicer feedback, we’ve made default and workout reporting changes so it’s easier to do business with us.
- Servicers are now able to directly change the reporting of a third-party sale to an REO status without submitting a rollback request.
- We’ve updated our foreclosure sale reporting error codes to more accurately reflect today’s housing market and align with Servicers’ business needs.
What’s in it for Our Servicers?
Today’s updates should lead to a significant reduction in:
- Rollback fees assessed and billed.
- Time spent submitting Form 106, Rollback Request Form, tracking the status of rollback(s), and re-posting sales results.
- Late foreclosure timeline reporting fees and corresponding appeals.
- Corrections required for sales reporting errors.
- REO properties that aren’t marketed in a timely manner.
- For more information on common foreclosure sale errors, please read our updated Quick Reference [pdf].
As announced in Single-Family Seller/Servicer Guide (Guide) Bulletin 2015-18, all mortgages subject to state foreclosure timeline compensatory fees will now be billed on a monthly basis regardless of the foreclosure referral date. For additional details, please read Guide Bulletin 2015-18 [pdf].
For More Information
- Read Guide Bulletin 2015-18 [pdf].
- View our Resolving Foreclosure Sale Reporting Errors Quick Reference [pdf].
- Visit Freddie Mac’s Learning Center for more on our training programs and reference tools.
- Contact your Freddie Mac representative.
Source: Freddie Mac