New Servicing Tool for Borrower Consent Requests Launching November 1
October 3, 2012
On November 1, we are introducing the Consent Request Tracker (CRT), a new tool for use across Primary, Master and Special Servicers. The CRT is a web-based tool for Freddie Mac and our Servicers to track the status and monitor progress of consent requests from borrowers across our Primary, Master and Special Servicers.
This new tool provides all Servicers with one shared platform to enter general transaction information, comments and date milestones relating to both Freddie Mac portfolio and securitized loans.
Benefits of the CRT
Improving the monitoring and communication for all borrower consent requests ensures borrowers receive excellent customer service throughout the life of the loan. The CRT demonstrates a commitment to this level of service and provides the following information sharing benefits.
- Primary Servicers will have a tool to identify the Master and Special Servicers, and to easily track the status and completion of borrower consent requests.
- Borrowers will benefit from an integrated tool that helps ensure the efficiency and clarity of decision-making timelines.
- Freddie Mac will have improved capabilities for monitoring the turn-around time of borrower consent requests by all parties and will be able to identify important issues early on in the process.
Information Sharing Platform
The CRT is a shared tool that will support portfolio and securitized loans. Servicers will access borrower consent request activity for any loans they service in the following way.
- When a Primary Servicer receives an initial borrower consent request, it will log the request into the tool, entering general information and assigning the corresponding Master and Special Servicers for review of the request as needed.
- Each Servicer (Primary, Master and Special) involved with the borrower consent request must enter the date milestones and status information for when it receives a request and when it provides a decision. The tool also captures all related comments.
- The information enables Freddie Mac and each Servicer involved in the borrower consent request the ability to obtain status updates at each phase of the borrower consent request evaluation.
- The use of the tool results in valuable reporting information that all Servicers and Freddie Mac can query, download to Excel and use to generate reports.
October 24 Training
Attendees at the 2012 Multifamily Seller/Servicer Conference this week can see a demo of the CRT tool. Access to CRT will be via the Freddie Mac website on our Asset Management page.
Training will be provided to each Servicer’s Freddie Mac System Administrator. Your appointed system administrator is responsible for granting access to you prior to training, which is scheduled on Wednesday, October 24, 2012 at 2:00 p.m. ET. Registration for the Consent Request Training is now available online.
We will also build an online CRT section on the Asset Management Resource Center to assist you post- training. You will begin using CRT on November 1, 2012.
For more questions on the use of CRT, please contact your Freddie Mas Asset Management representative.