The Freddie Mac Standard Deed-in-Lieu of Foreclosure is a part of the Servicing Alignment Initiative (SAI) developed under the direction of the Federal Housing Finance Agency, designed to serve as a workout option for borrowers for whom neither a home-retention alternative to foreclosure nor a Freddie Mac Standard Short Sale is a workable solution. This 2-hour webinar will provide loss-mitigation staff with detailed information for evaluating eligibility, documentation and processing requirements. Attendees will learn how to determine if the deed-in-lieu of foreclosure meets Servicer Delegation of Authority requirements according to the Freddie Mac Single-Family Seller/Servicer Guide (Guide) or if the workout recommendation must be submitted to Freddie Mac for review.
Prerequisites:
This session is for employees of approved Freddie Mac Servicers only
Simultaneous access to the Internet (to receive the visual presentation) and a telephone (to receive audio)
Course materials will be e-mailed to attendees prior to the start of the session
Objectives:
Understand how to evaluate borrower, property and mortgage eligibility requirements.
Understand how to determine if parameters are met under the delegation of authority per the Guide or if you have to obtain Freddie Mac prior approval.
Be able to document and complete a Freddie Mac Standard Deed-in-Lieu of Foreclosure.
Topics:
Eligibility requirements: borrower, property and the mortgage
Approval authority: Servicer delegated or Freddie Mac prior approval required
Documentation requirements
Borrower Contribution and Relocation Incentives
Communication requirements
Final Property Inspection and new Personal Property Release
Freddie Mac Standard Deed-in-Lieu of Foreclosure