Quality Ratings for Electronic Delivery of the Final Loan Package Begin October 2011
September 13, 2011
Since the launch of the Freddie Mac Document Management System (DMS) in March 2010, we've continually expanded the system capabilities to further streamline pre- and post-closing transactions. You are now able to electronically submit documents to us throughout the entire loan lifecycle, including underwriting, commitment, purchase, payoff, and post-closing transaction documents.
The accuracy of the files you upload to DMS is critical to purchasing your loan. For this reason, we have been sending you a Post Funding Letter for the past 18 months that includes DMS upload issues with your Final Delivery Packages and details any document type conditions. Beginning October 1, we will evaluate the quality of your electronic package delivery and communicate an individual DMS upload rating for each transaction.
Post funding, you will begin receiving a score for compliance with our guidelines for delivery of both your electronic and hard copy delivery of the Final Delivery Package. This new DMS score, on a 1 to 5 scale, will be included in your October Post Funding Letters.
Frequently, we must correct document mistakes before we can complete your loan purchase. The rework of your electronic files can add time to our purchase process.
The new package quality rating is also designed to aid Sellers who outsource the DMS upload function. The documentation on the Postfunding Letter is available for you to assess and brief your contractor after each transaction.
With this new electronic delivery rating, we will focus attention on your hard files and your electronic files, providing you with loan-by-loan feedback so that you can more quickly identify and eliminate mistakes in future deliveries.
We have created many resources for using DMS, including the following tools:
- DMS Mapping Checklists – Identifies the DMS document name to the corresponding loan document.
- Final Delivery Package Table of Contents – Details the exact title of the document type in DMS and where to place the file in the FDP.
- DMS User Manual – Provides a walk-through of key system features and functionality.
- Getting Started With DMS – Instructions for gaining initial access to DMS and maintaining your user profile and password.
- DMS Business Process Job Aid – Guides to key changes to our underwriting, purchase, and payoff business processes.
You can find all of these resources in one easy spot in our Document Management Resources section under Tools and Resources in MultiSuite®.
Please contact your Freddie Mac Purchase Representative, for questions about the new quality rating of your Final Delivery Package.