Default Reporting Manager
Easy to Access, Up-to-Date Information to Better Manage Your Delinquent Portfolio
Default Reporting ManagerSM, a new addition to our Manager Series of servicing technology, provides you with more information, in new and better ways, for you to proactively monitor and react to critical default management needs. Default Reporting Manager offers new advantages to assist you in your day-to-day connections with Freddie Mac. Capitalizing on our existing broad array of integrated, cutting-edge, web-based servicing applications, you can build on your core servicing strengths and easily access and work with the information you need to service your loans more efficiently and profitably.
Servicer 1099-C Filing Report Now Available
The Servicer 1099-C filing report is available in Default Reporting Manager. This report lists all mortgages owned or guaranteed in whole or in part by Freddie Mac where Freddie Mac has determined not to pursue collection of the deficiency and the debt is canceled.
Servicers must review each new annual report by the end of January, and ensure that Internal Revenue Service (IRS) Form 1099-C is filed with the IRS and provided to the borrower, as required in Single-Family Seller/Servicer Guide (Guide) Sections 55.3.1(e)
and 55.3.1(f) respectively.
- Available online
- Provides electronic default reporting (EDR) and other foreclosure related reports at your desktop
- Downloadable, loan-level data for easier analysis
- Conveniently link to other portfolio management tools like Timeline ManagerSM, the Servicer Performance Profiles and the EDR Quick Reference Guide
Default Reporting Manager is designed to improve communication by giving you easier access and even more up-to-date information for managing your delinquent portfolio. Available online, you can now:
- View, analyze and download EDR reports from your desktop.
- Monitor, validate and update your foreclosure sale reporting processes, with feedback on how to correct errors.
- Monitor future potential errors with additional reports such as the Compliance Report, Sale Reporting Overview, EDR Exception Report and others. These reports contain the most detailed information available so you can work as effectively and efficiently as possible with us.
Default Reporting Manager also conveniently links you to our other portfolio management tools like Timeline Manager and the EDR Quick Reference Guide, allowing an overview of the information you may need to make decisions for your borrowers that are timely, objective, consistent and comprehensive.
When you use Default Reporting Manager, the information you have access to can help you spot problems sooner. Borrowers benefit through servicing processes that are as efficient, effective and consistent as possible. Freddie Mac is committed to helping borrowers sustain homeownership and avoid preventable losses. One of the ways we deliver on that commitment is by developing cutting-edge management tools that enable you to work effectively and efficiently with defaulted borrowers. Our default management applications help you make decisions that are timely, objective, consistent, and comprehensive.
Daily Status Reports
You’ll find the following reports, updated daily, on Default Reporting Manager:
- EDR Error Overview – Provides a high-level picture of the EDR reports that were previously only available though Freddie Mail in MIDANET® for the PC.
- EDR Exception Report – This report lists loans for which there were exceptions or errors in data transmitted via EDR.
- Not Reported Report – A loan-level detail report showing loans that were reported as delinquent or in foreclosure in the previous month’s EDR transmission that were not reported this month and for which no other status change has occurred.
- Compliance Report – Provides information about the number of loans you reported to us that were 30, 60, or 90+ days delinquent for the current reporting cycle. Available daily during the first through thirteenth business days of each month.
- Sale Reporting Overview – This overview report shows the number of foreclosure sales that were reported in error or loans that were reported as foreclosure sales in the current month and in the previous month.
- Foreclosure Sale Errors – The data transmitted through MIDANET for the PC for foreclosure sales on these loans needs to be corrected. Common errors and tips on correcting them will be available through a job aid.
- Foreclosure Sales This Month – This loan level detailed report shows all of the foreclosure sales reported in the current month. It includes the sale date and the reported date. When the loan level detail is downloaded to the spreadsheet, additional information such as Bid Amounts, Attorney Names and MI Companies are listed.
- Foreclosure Sales Last Month – This loan level detailed report shows all of the foreclosure sales reported in the previous month. It includes the sale date and the reported date. When the loan level detail is downloaded to the spreadsheet, additional information such as Bid Amounts, Attorney Names and MI Companies are listed.
- Moving DDLPI’s – These loans are reported as foreclosure status but the DDLPI is advancing. Reinstatements or forbearance plans may need to be reported.
- Active to 90+ – This report shows the loans that were previously in an active status that are now showing as 90 or more days delinquent.
The Fundamentals of our Current Manager Series
The entire Manager Series brings new opportunities and advantages to assist you in your day-to-day connections with Freddie Mac and your community. Working together to integrate and enhance communications, we can meet our mutual goal of effectively keeping our communities strong and growing.
Our broad array of integrated, cutting-edge, web-based applications support your ability to easily access and work with the information you need to service your loans more efficiently and profitably – keeping borrowers in their homes.
Learn More About Default Reporting Manager
- Contact a Freddie Mac servicing representative
- Attend one of our special Distance Learning Training sessions featuring Default Reporting Manager
- Print a Default Reporting Manager factsheet