Optimize Borrower Outcomes with Greater Certainty
Workout Prospector® helps you confidently analyze and structure foreclosure alternatives for your Freddie Mac loans so that you can reduce costs and often help borrowers become long-term homeowners. By entering a Freddie Mac loan number and other data, Workout Prospector will help you evaluate eligible borrowers for a modification under the Home Affordable Modification program (HAMP) as well as for Freddie Mac Standard Modifications, Freddie Mac Streamlined Modifications, and court mandated modifications. If a borrower is ineligible for, or unwilling to accept, a modification, Workout Prospector helps you determine which liquidation option, such as a short sale or deed-in-lieu of foreclosure, is the optimal solution for the borrower.
- Available online so you can access data from our database to help you structure foreclosure alternatives
- Import/export capability lets users employ a batch process to transmit data with notification in a matter of minutes
- Automated settlement capability for modifications of conventional mortgages and liquidations, including short sales, deeds-in-lieu, charge-offs, and third-party sales
Workout Prospector can:
- Expedite the analysis and delivery of HAMP modifications and other workouts
- Help reduce credit losses from defaulted mortgages
- Provide automatic property valuations
- Import/export information in a batch process to transmit data on more than one potential workout at a time. You receive notification in a matter of minutes about the success of your transmission, and know whether any data was incorrect or missing.
- Enable you, your outsourcing companies, and mortgage insurers to monitor and review all of your Freddie Mac-owned and non-Freddie Mac-owned mortgages in potential or actual workout status through online reports.
- Provide the ability to download and maintain a comprehensive record of settlement transactions.
- Allow authorized third-party service providers to access the application when conducting servicing activities on Freddie Mac-owned mortgages. Servicers and their service providers must complete Guide Exhibit 86A, Workout Prospector User Agreement – Authorized Third Party, when granting access to Workout Prospector to an authorized third party
Like our commitment to making affordable mortgage credit available in all communities, 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 tools that enable Servicers to work effectively with borrowers who are behind on their mortgage payments. Workout Prospector helps you choose the most feasible foreclosure alternatives, which in turn helps more borrowers retain their homes and avoid foreclosure.
For More Information
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