Workout Prospector Enhancement and "Classic" Modification Reminders
December 7, 2011
As you continue implementing the new Freddie Mac Standard Modification into your servicing operations, we are finalizing our preparations to enhance Workout Prospector®. Once the Standard Modification is incorporated into Workout Prospector on December 12, you will have the necessary technology support to execute the new modification.
As the January 1, 2012, mandatory effective date approaches, you must begin clearing your pipelines of "classic" modifications that are currently available in Single-Family Seller/Servicer Guide Chapter B65, Workout Options, and Workout Prospector.
Workout Prospector Enhancement Reminders
Beginning December 12, Workout Prospector will prompt you to evaluate borrowers for a Standard Modification if they are ineligible for the Home Affordable Modification program (HAMP), failed a HAMP trial period plan, or failed a HAMP modification. Read more on how to manage your modification pipelines after this enhancement.
Bulk Upload Functionality Update
We expanded the bulk upload functionality for Standard Modifications since our last update on November 14. You will now have the capability to bulk upload data for all borrowers who have been approved for a Standard Modification trial period plan as of December 12 in addition to new evaluations conducted after the enhancement.
To support bulk uploading of Standard Modification data, we added five new fields to the end of the bulk upload file format to capture required data. It is important that you review the revised Bulk Upload Specifications (version 1.9) to fully understand the impacts to the data sets. Beginning today, you may access the revised data sets and the updated Bulk Upload Users' Guide on the secure HAMP Web page by using your servicing technology tools ID and password. You can download the updated Workout Prospector Users' Guide from this Web page on December 12.
Workout Prospector will be unavailable Saturday, December 10 from 7 a.m. to 12 p.m. ET while we upgrade the tool. Afterwards, Workout Prospector will resume normal operating hours. Please schedule your workout evaluations accordingly.
"Classic" Modification Reminders
- When you begin evaluating borrowers for the Standard Modification, you must stop evaluating borrowers for the "classic" modification.
- You must receive approval on all "classic" modifications no later than December 31, 2011, and settle all "classic" modifications no later than February 28, 2012.
- You must submit the associated Form 1128, Loss Mitigation Transmittal Worksheet (LMTW), no later than one business day after you receive the executed "classic" modification. All LMTWs for "classic" modifications must be submitted by March 6, 2012.
Get More Information
- Register to attend a Using Workout Prospector for Modifications webinar to learn how to navigate the Standard Modification screens.
- Attend a Freddie Mac Standard Modification webinar to learn more about the Guide requirements.
- Visit the Standard Modification Web page.