Freddie Mac: REO Reimagined is Here
July 15, 2019
Source: Freddie Mac
Today, we are relieving Servicers of most post-foreclosure responsibilities for real estate owned (REO) properties in response to client feedback. Under the Reimagine ServicingSM initiative, REO Reimagined is all about streamlining a process that was previously manual and tedious, while reducing hurdles and costs.
The following responsibilities have transferred to Freddie Mac’s vendor, Green River CapitalOpens in a new window effective July 15:
- HOA/Condo/Co-op/Planned Unit Development (PUD) payments
- Lender Paid Insurance (LPI)
- Preservation and maintenance functions
- Tax payments
- Monitoring of Property Condition Certificate (PCC) date or sale pending status
Note: Rollbacks would reinstate Servicer responsibilities. Additionally, Servicers are still responsible for notifying tax and utility services of Freddie Mac’s vendor for correspondence related to future payments.
For questions after July 15, please send urgent notices or correspondence received on an asset in Freddie Mac’s REO inventory including but not limited to tax sale notices, HOA sale notices or code violation hearings to: email@example.com.
Expense Reimbursement, Simplified
As part of Reimagine Servicing, we said we’d improve the current expense reimbursement process and based on recent client insights, we’re doing just that. The newest enhancement provides Servicers ability to resubmit denied and curtailed expense reimbursement requests without the use of a mailbox. This will lead to:
- reduced transaction steps
- improved tracking and efficiency
- eliminated redundancy
Stay tuned for more enhancements over the next few months in preparation for the new expense reimbursement platform.