Sell Your Servicing Through Servicing-Released XChangeSM
March 8, 2018
We've refreshed and rebranded our servicing-released executions, which enable you to sell your mortgage servicing rights (MSRs) as you manage your balance sheet and grow your business.
Through Servicing-Released XChange, you can choose from our suite of execution options:
Cash-Released XChangeSM (formerly Cash-Servicing Released)
In a single transaction, you can sell one, a few, or many loans to Freddie Mac for cash, and sell the MSRs on those loans to one of six servicing buyers, including:
- Arvest Central Mortgage Company
- CMC Funding, Inc.
- Homeward Residential, Inc.
- Mr. Cooper
- PNC Bank, NA
- U.S. Bank Home Mortgage
Cash-Released XChange is offered on a fully bifurcated basis.
Co-Issue XChangeSM (formerly Co-Issue)
Transfer the MSRs at the same time Freddie Mac purchases the mortgage. Choose the Servicing buyer you want to work with. To establish the pricing and other terms of sale, you and the Servicer must enter a Purchase and Sale Agreement (PSA), outside of Freddie Mac.
Co-Issue XChange is available on a bifurcated or non-bifurcated basis. A PSA must be in place before you and the Servicer enter a bifurcated or non-bifurcated Co-issue XChange, and Freddie Mac must approve each agreement.
Freddie Mac works with Servicing Buyers interested in Co-Issue XChange business. See the current list here.
Correspondent XChangeSM (formerly Correspondent Programs, or Third Party Transaction Services)
Through this execution, you sell loans on a bifurcated basis to an approved aggregator, who retains the servicing and sells the loans to us. You can choose the servicing partner you want to work with.
We have several Correspondent XChange programs, including:
Coming Soon: Standardized Servicing Document Transfer
Freddie Mac is Reimagining the Mortgage ExperienceSM, and that includes constantly looking for ways to improve processes.
Transferring the required documents can be the hardest part of servicing transfer. Every Servicer has its own requirements on what documents it needs, as well as specific file delivery processes and requisite stacking order for paper and/or imaged documents. Multiple Servicers' disparate requirements can limit you from getting the most competitive bid.
But servicing transfer is about to get a lot easier. Soon, we'll be introducing a way to standardize the physical file transfer process. Through a single online portal, you'll be able to efficiently execute the servicing transfer.
No more arduous, time-consuming manual steps dependent on the unique requirements of each of the servicing buyers you work with. The portal will be quick and easy – saving you time while lowering costs. And, you’ll get access to more competitive bids, since we’re eliminating the need to adhere to unique document requirements and processes for each servicing buyer you work with.
This exciting new development will initially be offered to Cash-Released XChange clients. Look for more information soon. In the meantime, contact your Freddie Mac representative if you have questions.