Preview of December CRT Enhancements
November 24, 2014
As the Freddie Mac Multifamily Servicing Standard continues to evolve, so does the Consent Request Tracker (CRT) tool. The latest CRT features scheduled for deployment on December 15, 2014, are designed to provide greater transparency for all servicing partners involved in preparing and approving borrower consent requests.
The new CRT Dashboard is designed to help you meet the consent request turnaround times provided under the Servicing Standard. Turnaround time measures the number of days it takes a complete consent request package submitted by a borrower to reach final decision.
According to the Servicing Standard, 15 days is the turnaround time target for all routine consent requests. Thirty days is the turnaround time goal for all complex consent requests. The turnaround time, days elapsed, and the days remaining are displayed and updated on the dashboard as you move through each consent request.
The Dashboard will also quickly assess the borrower's real-time experience in comparison with the Servicing Standard. You will be able to see the overall target due date for all servicing parties to achieve collectively for a timely response to the borrower, as well as the days remaining until that target date. In addition, every Servicer is allocated time within the Borrower Experience Target Turnaround Time and will see its own target due date, along with the remaining days.
Each Servicer will also see the “Aging Since Servicer Deemed Complete,” which measures the number of days a complete consent request package has been with your organization. As servicing partners, we want the most positive experience for the borrower possible and the Dashboard gives all of us a better window into that experience as it is underway.
The Dashboard includes two initial views. All Servicers will have the ability to set the Dashboard to view all open consent requests for their entire organization, or view only by individual analyst. In addition, you may also set the Dashboard to display all consent requests or only those consent requests that are getting close to the Borrower Experience Target Dates using the Exception View. Users can also select which execution path(s) and which Servicer role(s) they wish to view.
In all views, the Dashboard provides you with a snapshot of any active consent request. You will be able to see the next step in the process and the turnaround needed to comply with the Servicing Standard.
For even more convenience, the Dashboard is downloadable to Microsoft Excel. This will allow you to create your own reports.
Special Servicer Role
The Special Servicer role in complying with the Servicing Standard was changed with the specialized K-X01 securitization in July 2014, and the standard K-039 securitization in September 2014. Any consent request record which involves a loan that was securitized on or after July 1, 2014, will automatically follow the new path under the current Servicing Standard. For these securitized loans, there will be no Special Servicer tab.
For loans securitized before July 1, 2014, CRT still includes the Special Servicer approval role.
With the holidays fast approaching, we want to give you advance notice of the training for these CRT enhancements. We encourage all CRT users to register for one of the following webinars:
If you have any CRT questions, please contact your Freddie Mac Asset Management representative.