Freddie Mac: We’re Moving Workout Prospector Forward
November 16, 2015
Today, the evolution of Workout Prospector® continues with the addition of a new automated settlement functionality for liquidations, including short sales, deeds-in-lieu of foreclosure, charge-offs, and third-party foreclosure sales. We announced these changes in Single-Family Seller/Servicer Guide (Guide) Bulletin
You must use the new automated settlement functionality to settle liquidations not later than March 1, 2016. However, we encourage you to incorporate automated settlement into your existing processes and procedures today.
The Evolution Continues
We’ve listened to your feedback and are making today’s updates with you in mind. Together, we’re moving Workout Prospector forward and making it easier to do business with us.
Settlement automation for liquidations provides the following benefits:
- Reduced settlement turnaround times from days to minutes.
- Fewer required settlement fields.
- Quicker receipt of charge-off credits in your Detailed Adjustment Report (DAR).
- Faster expense reimbursements.
- Easier two-way communication through the comment section.
- Improved controls and efficiencies by:
- Eliminating the need to send us most paperwork, including Form 1160, Third-Party Transmittal Worksheet, and the Settlement/Closing Disclosure Statement.
- Providing an electronic record of all settlement transactions.
- Reducing errors by providing you with real-time feedback on missing or incorrect data.
Want to Learn More?
Find out more about today’s enhancements by reviewing our updated Workout Prospector Users’ Guide [pdf] and signing up for new and updated workout settlement training.
Reminder: DAR Changes
As we announced in Guide Bulletin 2015-14, the charge-off credit amount for third-party foreclosure sales in your DAR is now determined, in part, by the gross sale proceeds rather than the net sale proceeds from the sale of the property. For further details, please read Guide Bulletin 2015-14.
For More Information
- Read Guide Bulletin 2015-14 [pdf].
- Visit Freddie Mac’s Learning Center for more on our training programs and references tools.
- Contact your Freddie Mac representative.
Source: Freddie Mac