Completing Borrower Consent Request Information
March 21, 2013
We have a shared goal of providing the best possible post-funding servicing experience to all Freddie Mac borrowers. We expect that the borrower’s servicing experience meets the same quality standard, regardless of whether the loan is securitized or is held in our portfolio. The Consent Request Tracker (CRT) provides the method for ensuring this level of service and experience for borrowers.
Next week we are sending you individual feedback on your organization’s overall CRT performance. Upon receipt of this feedback, some organizations will need to quickly update CRT to provide currently missing information. You will also be required to update the Consent Request or Transaction Status field when you add new information.
Please remember that you must complete every relevant field in CRT and update the Consent Request Status each time it changes. You should also use the Comments field each time you enter new information in CRT. If you fail to complete these items, Freddie Mac Asset Management is unable to update some of the data we must enter. Gaps in data compromise Freddie Mac’s, the Master Servicer’s, and the Special Servicer’s ability to use CRT to manage workload and provide timely information to either the Directing Certificate Holder or Primary Servicer, delaying service to the borrower.
In addition to information completeness, date accuracy is a critical aspect of CRT’s effectiveness. As soon as your organization receives a consent request from a borrower, it’s crucial that the information be added to CRT immediately. The service goals of CRT can only be achieved when we capture all information in real time. All parties involved in the consent request process need this information to execute timely customer service, regardless of the outcome of the review.
We frequently receive packages where the borrower request date shown is the same day the package is delivered to us. A borrower consent request must be entered in CRT as soon as it is received by anyone in your organization, even if it begins with your production department. Please ensure that the date that you enter in CRT reflects the actual date that your organization received the borrower request, rather than the date when Freddie Mac receives the final package.
Going forward, we hope that you will continue to address these common CRT errors to ensure the best borrower experience:
- Inaccurate information provided in CRT.
- Incomplete date information.
- Incorrect Consent Request Statuses.
- Requests that have never been entered in CRT and are still submitted to Freddie Mac through our Document Management System (DMS).
For additional assistance on working with CRT, be sure and review the CRT Tutorial located on the Asset Management Resources page of our website. We also recommend that you review the CRT process flow for both a securitized and a portfolio mortgage.
CRT Maintenance Outage and Support
The CRT tool will be unavailable due to a planned infrastructure enhancement beginning Friday, March 22, 2013, at 9:00 p.m. ET. CRT will resume availability at 8:00 a.m. ET on Monday, March 25. This is a necessary step for the next release of CRT scheduled for June.
We are always here to support you. For technical issues or questions, call 1-866-MULTIFM. If you encounter a business issue or question, send an email to:
- MF_Borrower_Transactions@freddiemac.com (for Portfolio and Securitized mortgages)
- MF_Structured_Transactions@freddiemac.com (for Structured Transactions – (Portfolio mortgages)
We’re taking a long term view in our approach to asset management in order to help lead the development of established standards for buying, securitizing and managing assets within the CMBS market. We appreciate your support in the adoption of the CRT and your continued partnership with Freddie Mac to ensure our quality borrower experience.