Freddie Mac Updates to Servicing Technology Tools
On February 23, Freddie Mac announced several updates to its Servicing Technology Tools.
Updates to Several Freddie Mac Servicing Technology Tools
Today, we’re announcing several updates to our Servicing Technology Tools, including Default Reporting ManagerSM, Workout Prospector®, and REO Manager®. We’ve made these changes to provide you with greater efficiencies and to make doing business with us easier.
- Default Reporting Manager Tracking Report Consolidation
We’ve consolidated all trial tracking reports into one new Trial Tracking Overview Report, which offers:
- Streamlined reporting. You now have the data you need, including a sufmmary-level overview and loan-level details, available in one place. The overview report displays each process status by modification type.
- Drill-down reports for loan-level data. Loan-level details for modifications in process, over-reported, or under-reported are available by clicking the associated “total” column in the report. Each of these drill-down reports is in .XLS file format and provides direct access to loan-level data.
Please note: To reflect currently available home retention options, we’ve renamed Alternative Modification Trial Period Plans to Streamlined Modification Trial Period Plans. Also, the trial tracking reports are now updated to reflect requirements that were announced in Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-16 [pdf], regarding Trial Period Plan extensions of up to 12 months for borrowers in bankruptcy.
- New Modification Option in Workout Prospector
We’ve added a new modification option in Workout Prospector under the “Modification Type” drop-down menu. The new “Other mods” option provides you with greater flexibility by accommodating modifications with non-standard attributes. Use the “Other mods” option to process modifications of Rural Housing loans in Workout Prospector.
- New Contact Information Included in REO Manager Loan-Level Reports
Loan-level detail reports in REO Manager now include contact information for the HomeSteps® closing agent, so you can contact them directly if you have questions.
Effective March 1, 2015, Expense ManagerSM will be retired. All existing reports will be available through the Freddie Mac Reimbursement System only.
For More Information
- View the updated Workout Prospector Users’ Guide [pdf].
- Sign up for the Single-Family Week in Review and receive all the latest Single-Family news in one convenient weekly email.
- 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 announcement online.
Safeguard Properties is the mortgage field services industry leader, preserving vacant and foreclosed properties across the U.S., Puerto Rico, Virgin Islands and Guam. Founded in 1990 by Robert Klein and headquartered in Cleveland, Ohio, Safeguard provides the highest quality service to our clients by leveraging innovative technologies and proactively developing industry best practices and quality control procedures. Consistent with Safeguard’s values and mission, we are an active supporter of hundreds of charitable efforts across the country. Annually, Safeguard gives back to communities in partnership with our employees, vendors and clients. We also are dedicated to working with community leaders and officials to eliminate blight and stabilize neighborhoods. Safeguard is dedicated to preserving today and protecting tomorrow. Website: www.safeguardproperties.com.