Raising The Bar On Servicing
This year we have really raised the bar on the Freddie Mac Multifamily Servicing Standard with several enhancements. As part of this effort, we just finished an inaugural conference call with the newly designated Chief Servicing Officers (CSOs) from our Servicers.
The creation of the CSO community is a key element to ensuring a better borrower experience. These folks are responsible for attesting to the quality of each consent request package so that the process can work more smoothly and efficiently. This is a partnership that benefits everyone involved in the process and we’re excited about it.
"This is a perfect example of the partnership and enhanced communication...that is critical to best-in-class servicing."
senior director, multifamily asset management
We’re also continuing to enhance our technology to further streamline borrower consent requests and improve communication among all parties. The latest version of the Consent Request Tracker tool is a great example. It includes enhancements around data validation and the feedback provided by our Servicers.
We’ll be talking more about these and other Servicing Standard enhancements at our upcoming Customer Conference in New Orleans in October.
Last, I want to share a recent success story we had on a large transaction for the merger of two major senior housing organizations. It was a tremendous effort that involved five servicers and over 60 loans. This is a perfect example of the partnership and enhanced communication I mentioned above that is critical to best-in-class servicing.
I’ll share more stories like this periodically so you can see how our Servicing Standard is making a difference in the CMBS industry. And, I encourage you to share your thoughts with us by sending me an e-mail with your comments or questions.
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