Freddie Mac: We’re Re-Imagining Servicing with a New Rewards Program, and More
March 4, 2019
Source: Freddie Mac
Announcing Reimagine Servicing – Innovation Starts Here
At Freddie Mac, we believe in loan servicing by, for and about Servicers. Our journey starts with you – we’ve heard your feedback and we’re using it as the foundation for our innovation roadmap.
Today, we’re launching our Reimagine Servicing initiative, a collective effort to transform the servicing landscape. Imagine greater speed and efficiency in our technology applications, improved data quality and collection methods, and simplified processes. We’re committed to innovating new solutions that improve efficiency and minimize credit losses, while making it easier for you to do business with us.
Over the coming weeks and months, we’ll share more about the Reimagine Servicing journey. Please continue to visit our Servicing web page for the latest news and information about specific projects and technology releases that will transform your day-to-day operations.
Together, let’s Reimagine Servicing.
Recognizing You – A New Servicing Rewards Program
As part of our Reimagine Servicing initiative, we’re proud to recognize Servicers for their successes, since success means we’re moving the industry forward together.
We’ve designed the new Freddie Mac Servicer Honors and Recognition Program (SHARP)SM offering well-deserved rewards and public recognition to our top servicing clients. This program recognizes and rewards Servicer performance through defined metrics, benchmarks and requirements.
No Action Required
If you fall into rank groups 1, 2 or 3 and meet the criteria for receiving an annual rank, you are automatically enrolled to receive rewards through Freddie Mac SHARP.
Effective January 1, 2019, Servicer performance under Freddie Mac SHARP is now tied to financial incentives. Based on a Servicer’s Servicer Success Scorecard annual ranking, you are eligible to receive rewards if certain criteria is met (see ranking specifics).
We recently announced Servicing Guide updates (see the December 12, 2018 Guide Bulletin [pdf] for details), which included the following changes to the Scorecard in relation to Freddie Mac SHARP:
•Revising how Servicers are segmented into rank groups
•Amending weights for the default management metrics.
We’ll provide additional information on these changes in the March Servicing Guide update.
Access your January 2019 Scorecard (released on February 28, 2019) by logging into the Performance Profile. Don’t have access? Sign up here and start finding ways to improve your servicing performance.
Stay sharp with the latest news and information on our new web page. For questions, please contact your Servicing Relationship Manager (SRM).