FHLMC Guide Bulletin 2014-14 Servicing Requirement Changes
On July 15, Freddie Mac released Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-14, announcing servicing requirement changes that will help make doing business with Freddie Mac easier.
- Streamlining the workout settlement process. Beginning August 25, 2014, you'll be able to submit settlement data for nearly all modifications via the new Loan Modification Settlement screen in Workout Prospector®. This automated settlement capability will:
- Eliminate the need to submit Guide Form 1128, Loss Mitigation Transmittal Worksheet, for modifications on conventional mortgages,
- Reduce the number of required settlement fields from 50 to 17,
- Provide real-time notifications on potential missing or incorrect data, and
- Decrease settlement times considerably.
- Introducing new Guide Exhibit 101, Income Calculation Guidelines for Alternative to Foreclosure Options. This new exhibit provides detailed instructions on how to calculate borrower income based on documentation required in accordance with the Servicing Alignment Initiative.
- Updating attorney fees and costs reimbursement codes and requirements. We've added new expense codes and updated certain requirements that will further enhance our management of default-related legal services reimbursements and allow us to more accurately track default-related expenses. These changes will also streamline the review process for pre-approval requests (RPAs) and result in quicker reimbursements to you.