Asset Management and Operations Department Milestones Positively Impact the Borrower Experience
July 1, 2013
The Freddie Mac Servicing Standard is designed to enhance the borrower experience throughout the life of the loan. The Multifamily Asset Management and Operations Department recently made some key strides with further implementation of the Servicing Standard. We’re working hard to increase transparency and communication, enabling discussion of key parameters, such as the Sponsor, earlier in every type of transaction. With the milestones and events listed below, we continue to focus on improving our technology and clarifying procedures and processes, making it easier to do business with Multifamily, and easier for borrowers to choose the Freddie Mac execution.
Launched New Version of the Consent Request Tracker (CRT)
We recently enhanced CRT, our tool for the collaborative management of borrower consent requests. Primary, Master and Special Servicers use CRT to enter general transaction information, comments and date milestones for all types of Freddie Mac loans, helping to ensure the borrower’s experience pre and post-securitization. As the only CMBS provider offering additional financing for seasoned securitized mortgages, we updated our CME Supplemental Mortgage execution and CRT to track this information. These changes continue to clarify roles of each party involved in the any type of borrower consent transaction to ensure consistent and timely processing.
Made Significant Enhancements to the Insurance Compliance Tool (ICT)
Through your use of Insurance Compliance Tool (ICT), we have loan level information that allows us to react much quicker to market changes affecting insurance coverage requirements for your borrowers. Just last week we upgraded ICT to include more than 30 enhancements built around improving records management. This web-based system has streamlined the process of verifying insurance coverage for new originations and dealing with insurance waiver requests.
Provided Comprehensive Surveillance Process Overview
The Surveillance Department held a special education briefing to explain what we do with the property inspections, financial assessments, escrow reports and Loan Management Forms (LMFs) that you send us. All of this required information is analyzed to help us evaluate and manage risk. Ultimately, our success in the surveillance process helps to create more lending opportunities for you and your borrowers. You can read more about our risk-rating methodology and surveillance processes both pre and post securitization.
Conducted Property Condition and Environmental Report Training
In a first of a kind event, we hosted Sellers/Servicers and their third party consultants in a one day training session. High quality Property Condition Reports and Environmental Reports help to provide a safer living environment. A safer living environment combined with a well-maintained asset directly impacts the overall value of the property, making it easier for us to sustain lending to the Multifamily market.