Five Brothers

Freddie Mac Bulletin 2014-1: Servicing

 

January 24, 2014

 

2014-1

 

TO: Freddie Mac Servicers

 

SUBJECTS

 

This Single-Family Seller/Servicer Guide (“Guide”) Bulletin updates and revises our Servicing requirements, including, but not limited to, the following:

 

Step-Rate Mortgages

 

  • Adding communication time line requirements for notifying Borrowers of interest rate adjustments for Step-Rate Mortgages

 

Foreclosure

 

  • Extending our State foreclosure time lines when certain allowable delays occur
  • Updating the requirements for reimbursement of costs associated with the posting and publication of foreclosure notices or other legal proceedings
  • Providing additional requirements and guidance related to expedited Freddie Mac Default Legal Matters

 

Third Party Use of Workout Prospector® and BPOdirect®

 

  • Permitting access to Workout Prospector and BPOdirect for authorized third-party service providers

 

Electronic Default Reporting (EDR) requirements

 

  • Revising our reporting requirements for full reinstatements
  • Updating the Guide to reflect new EDR transmission codes

 

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