New CRT Resources Ease Data Preparation for August Upgrade
June 19, 2014
The Consent Request Tracker (CRT) is a critical tool containing information that allows servicers to partner in delivering a superior borrower experience, meeting the Freddie Mac Servicing Standard. That’s why we are focused on preparing you and the CRT data for an August 11, 2014, tool upgrade. With new user enhancements coming and as we evolve the Servicing Standard to streamline the borrower consent process, it’s more critical than ever that CRT contain accurate, timely, and complete data. Incomplete data will greatly compromise the upcoming CRT enhancements and cause you to manually update information again following the upgrade.
Data Integrity Project
The Freddie Mac Asset Management department recently conducted a deep review of all transactions in CRT to identify stale and missing data. Every Primary, Master and Special Servicer recently received, or will receive in the coming weeks, a detailed report of every borrower consent request in the tool that needs to be updated.
You should be taking the following actions now:
- Communicating with upstream and downstream partners, ensuring accurate information.
- Adding missing information.
- Updating incomplete information.
- Correcting outdated information.
- Providing the most current statuses.
You must ensure that all borrower consent requests created on or after July 1, 2013, are updated with critical dates and current statuses by Tuesday, July 15, 2014.
Data Cleanup Resources
Based on trends that we’ve seen in the data, we’ve created two new resources to assist you in always keeping CRT updated and to aid you in properly communicating handoffs between servicers. The two most common errors in CRT are missing data at transition points and using the “Miscellaneous Request Category” when there is a “Request Type” already available in the tool.
Please download and use the following new CRT resources on the Asset Management page:
- CRT Common Problems Desk Reference – Explains the upstream and downstream flow between servicers where missing or incorrect data fields impact the data quality and how that affects transition points in CRT.
- CRT Category Request Types Desk Reference – Identifies the most accurate “Request Category” and “Request Type” for the borrower's requested action.
Data Rules Enhancements
The August enhancements to CRT are primarily around data rules that streamline the use of the tool and prevent communicating incomplete and incorrect information to the next servicer. The data rules also populate and autofill certain fields, such as dates, as you enter information in real time.
Some of the new features include:
- Automated statuses based only on populated date fields.
- Automated process to assist with the completion of incomplete/complete package.
- Improved usability with the elimination of three dates that have previously been status hang up points, and autofill of dates and additional contact data.