ICT Upgrade Includes User Requested Features
October 2, 2014
The next release of the Insurance Compliance Tool (ICT) will include several enhancements that should save you time and effort when completing and reviewing insurance records. Some of these enhancements will increase the accuracy of submissions of the Seller/Servicer Certification of Insurance Coverage (Form 1133) and waiver requests. In advance of the October 20, 2014, release date, we are highlighting some of these new ICT features for you.
Pre-population and Data Elements
Manual data entry can be time-consuming and create errors. When you create insurance records in the new version of ICT, the tool will pre-populate the majority of the loan-level and asset-level data fields, eliminating manual data entry of many fields.
New data elements are being added to the ICT records that will include more loan characteristics. This new information will help you identify differences between portfolio and securitized loans, as well as the status of loans in the securitization process.
Also, as we introduce new offerings, such as Manufactured Housing Community loans, ICT is keeping pace with new identifiers.
New and Enhanced Sections
Loan assumptions and transfers of ownership currently require a system work-around in order to update records in ICT. The new version of ICT will include a separate section designed specifically for such transactions. The update will eliminate the need for a work-around and provide a more intuitive and accurate method of updating insurance records for assumptions.
We are expanding three property coverage sections in ICT to allow more accurate representation of the coverage elements behind those insurance types, which will make it easier to review, comply, and monitor:
- Flood Coverage – adding more detailed coverage elements in order to capture primary coverage obtained from the National Flood Insurance Program (NFIP) as well as excess flood insurance limits.
- Ordinance and Law – adding detailed coverage elements to capture the three primary coverage limits.
- Named Storm – adding a section to the Wind/Hail coverage section to capture the Named Storm coverage sub-limits common to coverage provided on properties located in high-risk windstorm locations.
Improved Navigation and Guidance
New logic is being added to both Form 1133 and waiver records, which will promote a more intuitive process for returning records to you and your vendors, as well as re-submitting records back to Freddie Mac. Active buttons are being added to provide more clarity as records move throughout the process.
Training and Outage Notification
For your convenience, please register and attend one of the following ICT webinars:
Registration is recommended for all ICT users.
Please note that all of the new ICT features will be live when you log in on Monday, October 20. In preparation for this upgrade, ICT will be unavailable beginning Friday, October 17 at 10:00 p.m. ET. ICT will resume availability at 8:00 a.m. ET on Monday, October 20.
We recommend that you finish any submissions in process before the outage begins. Any newly added fields that are mandatory as part of this new release will be required to be filled in prior to submission of your transaction, including transactions created but not yet submitted.
Please email your questions directly to the Insurance Compliance mailbox, or contact your Freddie Mac Multifamily Insurance representative directly.