CRT Decision-Date Tracking Improvements
February 26, 2015
As the Freddie Mac Multifamily Servicing Standard continues to evolve, so does the Consent Request Tracker (CRT). The latest CRT changes take effect on Monday, March 2, 2015, and are intended to further improve the flow of borrower consent requests for all Servicers involved.
To make these enhancements, CRT will be offline from 8 p.m. ET, Friday, February 27, 2015, until 8 a.m. ET, Monday, March 2, 2015.
Improved Date Sequencing Rules
The decision date fields in CRT are intended to reflect the date on which each Servicer is making its recommendation regarding a borrower consent request to the next Servicer in the process. These dates should reflect the real-time, sequential flow of the requests from one Servicer to the next as part of the review and approval process. With this in mind, we are changing the back-end-date sequencing rules to enable you to enter decision dates accordingly.
When Special Servicer approval is not required for a consent request on a performing loan the date sequencing rules will be changed so that:
- The “Date of MS Decision” is on or prior to the “Date MS Submitted Package to DCH” and the “Date DCH Notified MS of Decision”
- The “Date MS Submitted Package to DCH” is on or prior to the “Date DCH Notified MS of Decision”
For all consent requests, Servicers will now have the ability to enter the “Date of MS/SS Decision” and “Date MS/SS Submitted Package to DCH” independently of each other. Additionally, the “Date of MS/SS Decision” and the “Date MS/SS Submitted Package to DCH” must be populated before “Date DCH Notified MS/SS of Decision” date may be saved.
Changes to Dashboard
The “Date DCH Notified MS (or SS) of Decision” will be the new trigger for consent requests to move from the Master Servicer (or Special Servicer) Active Pipeline to the Primary Servicer Active Pipeline for closeout.
A new column entitled “Date DCH Notified MS/SS of Decision” will be added to the Dashboard (between “Final Approval Level” and “PS Comp Pkg Dt”) to help users quickly determine whether the Directing Certificate Holder (DCH) has made its decision.
Please contact your Freddie Mac Asset Management representative or email firstname.lastname@example.org about any CRT questions.