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Revisions to the July Guide Bulletin

August 10, 2012

Today, Freddie Mac posted a Guide Bulletin for the Freddie Mac Multifamily Seller/Servicer Guide on AllRegs. This latest Guide Bulletin changes and expands the requirements announced on July 31, 2012, for the reporting of accounting activity to Freddie Mac. All of these changes support timely and accurate financial reporting and are effective immediately.

Payoffs and Sales

For all loans, Servicers must report a payoff or sale by the earlier of:

  • Two business days after the payoff or sale occurred, or
  • The last business day of the month in which the payoff or sale occurred

The following examples show possible scenarios:

  • A payoff occurs on 9/17/12. Reporting is due by 9/19/12 (2 business days following the payoff).
  • A payoff occurs on 9/27/12 or 9/28/12. Reporting is due by 9/28/12 (the last business day of the month).

This reporting requirement also applies to redemptions reported as payoffs if the property is redeemed between the foreclosure sale date and the accounting cutoff date.

Third-party Foreclosure Sales, Short Payoffs & Transfers to REO

For Gold PC securitized loans, you must report on third party foreclosure sales, short payoffs and notifications of transfers to REO by the earlier of:

  • Three business days after receipt of the third-party foreclosure sale proceeds, short payoff notification or notification of transfer to REO, or
  • The last business day of the month in which third-party foreclosure sale proceeds, short payoff notification or notification of transfer to REO were received

For all other loans except Tax-Exempt Bond Credit Enhancements, you are required to report on third party foreclosure sales, short payoffs and notifications of transfers to REO by the earlier of:

  • Five business days after the receipt of third-party foreclosure sale proceeds, short payoff notification or notification of transfer to REO, or
  • The last business day of the month in which the third-party foreclosure sale proceeds, short payoff notification or notification of transfer to REO were received

For a full overview of all the changes, you can review the Guide Bulletin Cover Letter and the related Guide Chapters. Please contact your Freddie Mac regional representative or relationship manager if you have any questions.

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