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Reserves Deposit Reporting for Portfolio Mortgages Effective July 15

May 1, 2013

Servicers currently report monthly and aggregate reserve deposit information for all Capital Markets ExecutionSM (CME) Mortgages using the monthly CME Data Update Template. Over the last year, we asked you to prepare to adopt the same reserve deposit reporting requirement for Portfolio Mortgages. Our goal has been to give you as much information and time as possible to prepare for this reporting change by discussing and providing requirements at the following points:

  • May 2012 Multifamily Seller/Servicer Advisory Council Meeting.
  • October 2012 Freddie Mac Annual Multifamily Seller/Servicer Conference.
  • The October 31, 2012, Freddie Mac Multifamily Seller/Servicer Guide Bulletin added the following requirement to Section 52.14: Recordkeeping and Reporting Requirements:
    • Servicers must provide a report to Freddie Mac identifying the monthly reserves deposits and the aggregate reserves deposits held for the purpose of paying taxes, insurance premiums, ground rent (if applicable) and/or assessments and other charges that could become a first lien on the property.

In addition, we conducted a pilot with several Servicers to align these reporting changes with our Servicing Standard. The borrower experience throughout the life of any loan should be comparable for all securitized and Portfolio Mortgages.

Quarterly Reporting Effective July 15

Today, we are announcing the implementation date for Servicers to begin reporting information quarterly to Freddie Mac for each Portfolio Mortgage. Effective July 15, 2013, all Servicers are required to report the following information for the second quarter of 2013 using the new Reserves Reporting Template:

  • The monthly deposit, quarterly balance, and an aggregate of the all quarterly balances for taxes, insurance, repair, replacement reserve.
  • All other escrow types should be reported under Other Escrows.

The Reserves Reporting Template is very similar to the CME Data Update Template that you currently use. You will submit the completed Reserves Reporting Template no later than July 15 to the Multifamily Loan Accounting mailbox at mfla@freddiemac.com.

The Monthly Reporting and Remitting Schedule – 2013, located on the Investor Reporting page of our website, has been updated with the new quarterly deadlines. Please note that the future quarterly deadlines include:

  • October 15, 2013
  • January 15, 2014

If you have any questions on this requirement, please contact your Multifamily Loan Accounting Representative.

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