Freddie Mac Single Sign-On and Other Enhancements for Servicer Performance Profile
August 7, 2015
We listened to your feedback. To make doing business with us easier, we’ve made several updates to the Freddie Mac Servicer Performance Profile, including single sign-on functionality. Log into the Servicer Performance Profile one time and you can freely navigate to the Manager Series and Freddie Mac Servicer Success Scorecard (Scorecard) without having to log in again.
“What if I bookmarked a direct link to the Scorecard in my browser?” No problem. You can log in through the Scorecard and navigate to other areas of the Servicer Performance Profile without having to log in again.
On top of that, we made other enhancements to the Servicer Performance Profile including:
- Adjustments for Timely REO Notifications Based on Holidays
When a holiday occurs, use the “next business day” rule when you report a foreclosure sale by the notification due date. Here’s an example:
The calendar holiday is July 4, 2015, but the Freddie Mac observed holiday is July 3, 2015.
- REO Sale Date: July 1, 2015
- Notification Due Date: July 2, 2015
- Servicer gives notification on: July 6, 2015
- Compensatory Fee charge : 4 days (July 3 holiday is included)
- REO Sale Date: July 2, 2015
- Notification Due Date: July 6, 2015
- Servicer gives notification on: July 7, 2015
- Compensatory Fee charge: 1 day
This change will affect your FC Sales Reported Current Year and FC Sales Reported Last Year reports in Default Reporting ManagerSM.
- Alternatives to Foreclosure Criteria: Quarter-to-Date Results
We’ve updated this section of your Scorecard to give you more timely results. The Alternatives to Foreclosure section will display current quarter forecasts and quarter-to-date actual results.
- New Loan-Level Reports Available
We are providing a new set of loan-level reports that include denominator loan-level data available to you. Just call Customer Support (800-FREDDIE) or your account manager. The new reports include:
- Transition to 60+ (Denominator excludes active loans)
- Cure Efficiency
- Retention Efficiency
- Liquidation Efficiency
- Average Age Past Foreclosure Sale Standard
- Beyond Timeline Resolution Rate
This is one step closer to providing you all Scorecard loan-level reports at your fingertips.
- Changes to Investor Reporting Metric
We’re updating the calculation for Percent of Ending Hard Rejects to Total Loans in Portfolio. The numerator will now reflect Number of Ending hard edits remaining on the Edits to be Cleared report.
Training and Resources
- Review the updated Servicing Success Program Reference Guide [pdf].
- Visit the Servicing Success section in the Learning Center to access updated training resources.
For More Information
Contact your Freddie Mac account manager.
Please click here to view the release online.