Freddie Mac New and Improved Workout Prospector
On August 25, Freddie Mac issued the following release for their new and improved Workout Prospector.
Checkout the New and Improved Workout Prospector
Today we launched the new and improved Workout Prospector®. We made the following enhancements based on your feedback:
- A streamlined, more intuitive user interface that makes the tool easier to use.
- A new automated settlement capability for modifications of conventional mortgages.
- Delegated authority to process Freddie Mac Standard and Streamlined Modifications
with mark-to-market loan-to-value ratios less than 80 percent.
Functional Changes and Benefits
The new and improved Workout Prospector allows you to streamline existing processes and help your bottom line, while continuing to optimize borrower outcomes with greater certainty.
Specifically, the enhancements have:
- Eliminated the need to submit Guide Form 1128, Loss Mitigation Transmittal Worksheet, for modifications on conventional mortgages.
- Reduced the number of required settlement fields from 50 to 17.
- Provided real-time notifications on potential missing or incorrect data.
- Decreased settlement times considerably.
- Reduced the average amount of user clicks by 75 percent.
- Provided the ability to download and maintain a comprehensive record of your settlement transactions.
We’ve also addressed concerns related to the costs of servicing Freddie Mac loans by increasing operational efficiency and mitigating potential data correction fees.
We’ve developed comprehensive webinars to assist you in learning about Workout Prospector’s more intuitive user interface and the streamlined path for modeling modifications and liquidations.
For additional support, you can review and download the updated Workout Prospector Users’ Guide[PDF] or access the HELP feature within the tool.
For More Information
- Sign up for Single-Family news emails, updates, alerts, and education opportunities on our Subscription Center.
- Visit Freddie Mac’s Learning Center for information on our training programs and reference tools.
- Contactyour Freddie Mac representative.
To view the online release, please click here.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.