Updated Servicer Special Request Forms Reduce Borrower Waiting Time
September 5, 2014
The quality and consistency of information submitted on any Freddie Mac Multifamily Servicer Special Request form influences the approval process for borrower consent requests. To improve communication among servicing partners and to decrease the review and decision-making time, we are formalizing some current practices, enhancing consent request submission forms, and introducing a new way to seek guidance from Freddie Mac Multifamily on how to handle a borrower request. These improvements are all part of the continued evolution of the Freddie Mac Multifamily Servicing Standard to increase borrower satisfaction.
Business Guidance Request Form – Securitized Loans
We’ve developed a new form for securitized loans to make it easier for you to ask for our guidance on how Freddie Mac Multifamily Asset Management would handle a borrower consent request. Guidance is important, especially when two servicing partners have different perspectives implementing the Freddie Mac Multifamily Servicing Standard. Remember that Freddie Mac Multifamily provides only information on how it would address a request, and that it remains the servicers’ responsibility to make the final decision on the borrower consent request. The Freddie Mac Business Guidance Request Form is available for download on the Asset Management page.
Updated Servicer Special Request Forms
Master Servicers have agreed to accept all Freddie Mac Multifamily Servicer Special Request forms for borrower consent requests on any Freddie Mac originated loans. With input from all servicing partners, we have revised many of the Servicer Special Request forms. We changed the name of three of the forms, and all the forms are now more intuitive and easier to complete.
- General Servicing Request
- Release/Extension of Monetary Collateral Request (formerly known as Collateral Release Form)
- Property Partial Release Request (formerly known as Property Partial Release Form)
- Repair/Rehab Agreement Extension/Modification Request
- Easement Request (formerly known as Easement Form)
DMS Use for Consent and Guidance Requests on Securitized Loans
Effective as of today, we are requiring all Servicers to upload consent and guidance requests for all securitized loans to our Document Management System (DMS). The use of DMS will allow us to formally respond to your inquiries and perform random quality control reviews. As we continue to move toward a paperless process, DMS is our central repository for all loan documentation.
As a reminder, please ensure that your consent request submissions are accurate and complete, and confirm that you have included the Chief Servicing Officer Certification in your DMS upload. For Transfer of Ownership/Assumption Requests, you will need to also upload the relevant “before and after” organizational charts to DMS.
DMS Upload Instructions for Securitized Loan Requests
Two new document types have been created in DMS to support electronic submission of all consent and guidance request forms for securitized loans. The following new document types are now available in DMS:
|Action||Group Name||Document Type|
|New Document||Post Securitization – Transactions||Post Securitization Guidance Request|
|New Document||Post Securitization – Transactions||Post Securitization Consent Request|
Each borrower consent request uploaded should use “Post Securitization Consent Request” as the document type and should be an upload of the appropriate, completed Servicer Special Request form. You will need to include the consent request type as the title for each document that you upload.
When you upload the Business Guidance Request Form, you can use the new Guidance Request (Securitized Loans) email notification link in DMS. This automatically notifies a Borrower Transaction representative that you have submitted a request.
If you have any questions about these changes, please contact your Freddie Mac Borrower Transactions representative.