Update to Workout Prospector Pre-Modification Remaining Term Field
September 24, 2012
We want you to be aware of a recent system update to Workout Prospector®. Beginning today, the Pre-Modification Remaining Term field will no longer auto populate; you now must enter the data manually or upload it from your proprietary or third-party system.
We recently informed you that we updated the Pre-Modification Remaining Term field to automatically calculate a borrower’s pre-modification remaining term based on the new Maturity Date field. Some servicers, particularly those using a proprietary or third-party system, have told us it is more efficient to upload the pre-modification remaining term data in the designated field from your proprietary or third-party system when the field is "editable."
The Maturity Date field will continue to auto populate, which you may use to aid in your validation of your pre-modification remaining term data calculation. In addition, the bulk upload Tag and CSV file format specifications are updated to reflect that the Pre-Modification Remaining Term field is now required.
Proprietary and Third-Party Systems Reminder
You may use your proprietary or third-party system to evaluate borrowers for an alternative to foreclosure, provided the final terms of the workout agreement align with the results produced by Workout Prospector.
Single-Family Seller/Servicer Guide Sections B65.18(c) and C65.6(g) provide detailed requirements for using a proprietary or third-party system in lieu of Workout Prospector when evaluating borrowers for a modification.
Get More Information
- Access the updated Workout Prospector Users’ Guide and bulk upload specifications by using your mortgage servicing products ID and password.
- Direct questions to your Freddie Mac representative.