Freddie Mac New Default Fee Appeal System
On October 27, Freddie Mac published an update titled Introducing the New Freddie Mac Default Fee Appeal System.
Introducing the New Freddie Mac Default Fee Appeal System
Today we deployed a new tool in our suite of servicing technology tools that will help make doing business with us easier. The Freddie Mac Default Fee Appeal System allows you to electronically submit appeal data, and supporting documentation, for foreclosure timeline compensatory fees and late foreclosure sale reporting compensatory fees. We first announced the new appeal system in Single-Family Seller/Servicer Guide Bulletin 2014-16 [pdf].
Beginning January 1, 2015, Servicers must use the Default Fee Appeal System for all compensatory fee appeals but are encouraged to begin using the appeal system today. Authorized users must be fully registered at least 30 calendar days prior to January 1, 2015, in order to process appeals by the effective date.
The Default Fee Appeal System automates the appeals process and provides greater clarity, transparency and communication between you and Freddie Mac for appeals. It also provides the following benefits:
- Quicker appeal decisions
- Single loan appeal submissions
- Real-time confirmation of submissions
- Bulk upload appeals and supporting documentation for foreclosure time line compensatory fees
- Approval status on a loan-by-loan basis for bulk submissions
- Maintain appeal history electronically
- Ability to re-appeal, as needed
Request System Access
To gain access, you’ll first need to review and agree to the terms set forth in Guide Exhibit 94, Freddie Mac Default Fee Appeal System User Agreement , and comply with its terms as it supersedes any other terms of use documents related to the Default Fee Appeal System.
Once reviewed, complete and submit the appropriate user setup form(s) to be authorized as a “Default Fee Appeal Specialist.” These setup forms must be executed by an authorized Vice President or higher ranking officer. Visit the new Default Fee Appeal System Web page for detailed instructions on how to start using this new servicing technology tool.
Training
- We’ve updated our foreclosure training and materials to incorporate the Default Fee Appeal System. Register for upcoming foreclosure training opportunities to learn more.
- View and download the Default Fee Appeal System Reference Guide [pdf], which provides a detailed overview of the appeal system and its functions.
For More Information
- Visit the Default Fee Appeal System Web page.
- 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.
- Contact your Freddie Mac representative.
Please click here to view the update online.
About Safeguard
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.
