Freddie Mac Requiring All Seller/Servicers and Their Vendors to Use New Insurance Compliance Tool (ICT) Effective January 17, 2012
December 19, 2011
Freddie Mac will be requiring all Seller/Servicers and their vendors to submit all Multifamily Form 1133 or insurance waiver requests and annual certification of replacement costs through its new Insurance Compliance Tool (ICT), effective January 17, 2012.
The ICT is a new web-based system that provides Seller/Servicers, their vendors and Freddie Mac staff with a more efficient approach to submitting and tracking insurance and waiver data, replacing the current paper-based process.
Its primary benefits to you are that it will automate and expedite:
- Submittal and tracking of Form 1133 for underwriting
- Submittal of Form 1133 for delivery
- The annual recertification process
- Both the origination waiver request and the annual waiver request process (if waiver is necessary)
We have asked your MultiSuite Systems Administrator to identify and authorize all your company and vendor employees who will require access to the ICT no later than December 28, 2011.
Once they are identified and authorized as a new user, they will receive a confirmation email from @cmservicing.com providing them with their ID and password, as well as a separate email from Freddie Mac Training and Events requiring them to register for one of two training sessions being offered Thursday, January 12, 2012 from 2:00 – 4:00pm ET and Tuesday, January 17, 2012 from 2:30 – 4:30pm ET. Once they register, they will receive another confirmation email one or two days before the session that will provide them with training materials as well as the ICT Job Aid.
Electronic submissions allow you to operate in a more cost-effective manner and deliver loan data to us more quickly. We believe this next phase for using the ICT will enable us to work together more efficiently. We'll continue to look for opportunities to work with you on other cost saving and efficiency methods going forward.
For more information, contact your company's MultiSuite Systems Administrator.