Best Efforts Contracting Troubleshooting Tips
April 26, 2012
On Monday, April 23, the Freddie Mac selling system was updated for the Uniform Loan Delivery Dataset (ULDD), and the system now reflects the ULDD-named fields and layout. To ensure that you have all the information you need to continue to process and deliver your loans smoothly, be sure to check out the many resources and tools on the ULDD page of our website.
In addition, please review the following tips for delivering loans through Best Efforts commitments:
- Are you receiving Application Error messages? If so, it’s most likely because you need to enter additional data points for Best Efforts loans with a New status. The selling system is not able to derive the Loan Reference Product Label or re-price the loan without the additional data points below:
- Scheduled First Payment Date
- Loan Maturity Date
- Loan Purpose Type
- Property Valuation Type
- Property Usage Type
- Escrow Indicator (required if Servicing Released)
- Import and Overwrite Existing Data: If you have an existing Best Efforts contract and want to correct associated loan data, you cannot import the corrections; you must make those corrections manually.
- Loan data changes and re-pricing: Loan data changes and re-pricing of Best Efforts contracts cannot be completed from the evaluation screen. If changes are made from this screen, they will not be saved. If you are making changes to a loan and need to re-price, be sure to follow these steps:
- Search for the loan by the contract number
- Select the loan from the Summary of Contracts Terms page
- Make the necessary data changes and then re-price the loan
TIP: When correcting loan data associated with evaluation errors, please make note of the current errors listed on the evaluation screen prior to following the navigational path listed above.
For more helpful tips and useful information, be sure to check out the Best Practices for Best Efforts Commitments job aid.