Insurance Compliance Tool Enhancements and Training Scheduled in June
June 3, 2013
It’s been more than a year since we replaced our paper-based system for documenting insurance coverage on all Multifamily mortgages with the Insurance Compliance Tool (ICT). Through your use of ICT, we now have better loan level information that allows us to react much quicker to market changes affecting insurance coverage requirements for your borrowers. This web-based system has also replaced the need for manually completing a paper-based Multifamily Form 1133 and providing cumbersome, lengthy submittals with attachments for all new originations and insurance waiver requests.
On Monday, June 24, 2013, we will launch enhancements to the ICT. Updates to ICT include more than 30 enhancements that will provide you with the following:
- Advanced functionality
- Improved navigation
- Better records management
- Additional 1133 records features
Highlights of New ICT Features
Below are highlights of a few of the new features that were designed based on the most common user requests.
- Group Waiver Requests: You will be able to submit a single waiver request for multiple mortgages when the waiver needs to be duplicated for a set of loans. This new feature can be used in instances involving large blanket policies.
- Waiver Deletion: Waivers that you create in error can be deleted by you after submittal. You will no longer have to contact your Freddie Mac representative to clean-up your queue since you will have this ability yourself.
Sub-servicer IDs: As soon as you log-in to your organization’s account, you will be able to see every servicing relationship that you have. There’s even a filter available to sort by the various sub-servicer relationships that you may have.
- Assignment List: With the ability to sort on all field columns within the Assignment List view, you will be able to quickly find your submission and more easily manage records.
Waiver Status: We are clarifying several waiver status notifications by replacing the pending status with more descriptive and intuitive status names. In addition, we are changing the queue name in which the submissions are currently located. Instead, you will be able to see the status and location of your submission in the Snapshot view.
Better Records Management
- Waiver Archive: To assist you with tracking your pending approvals and updates, you can archive all your Waivers and 1133 Delivery submissions that have been processed as final. This function gives you the option to clean up older records and sort through those more recently acted upon. It also means that you can customize your view by pulling all of your processed transactions into a different queue or to your dashboard.
Policy Expiration Report: The new Policy Expiration Report will identify all of your upcoming expirations of insurance policy terms. This valuable report can be created easily by using the report function.
Additional 1133 Records Features
- Edit Flexibility: We’re giving you the ability to reopen and edit certain loan/asset level data, even after it has been submitted to Freddie Mac. If there is an error in some previously submitted data, you will no longer be required to submit an entirely new transaction or reach out to your Freddie Mac representative to return the submission for correction.
- New Coverage Sections: Terrorism coverage sections will now be broken out by property, general liability, and umbrella/excess liability. A section for environmental coverage has also been added to allow for better tracking of these important types of insurance coverage.
- Percent Deductible: There will be a second entry option for recording policy deductibles. You can continue to enter this information as a dollar amount, or use the new Percent Deductible option.
- Freddie Mac Underwriter Name Field: In instances where you do not yet know the name of the assigned Freddie Mac Underwriter, you will still be able to submit your package by using the new TBD value during the 1133 Underwriting phase. The new TBD value will allow you to create and submit records in ICT sooner.
We are offering two separate ICT webinar sessions due to the large number of enhancements we are making to the tool. Registration is recommended for all ICT users in your organization. Please register online for one of the following ICT Insurance Compliance Tool Enhancement Training webinars hosted by our Asset Management Insurance Compliance team:
Please note that all the new ICT features will be live when you log-in on Monday, June 24, 2013. In preparation for this upgrade, ICT will be unavailable beginning Friday, June 21 at 10:00 p.m. ET. ICT will resume availability at 8:00 a.m. ET on Monday, June 24.