Enhancements to the Borrower Response Package Monthly Progress Report
November 19, 2012
When you access the Borrower Response Package (BRP) Monthly Progress Report today in Default Reporting ManagerSM, you may notice some changes. The report now:
- Excludes loans that are repurchased during the collection period
- Re-evaluates the delinquency status of loans in a collection each month to determine if performance criteria have been met
- Includes loans reported with Default Action Code H5 via Electronic Default Reporting (EDR) prior to the collection start
These updates correspond to Section 65.8 of the Single-Family Seller/Servicer Guide (Guide).
As a reminder, the BRP Report reflects your performance for improving delinquency status and obtaining complete BRPs for each delinquent borrower population that is being measured during a
six-month collection period. We measure your performance at the end of a six-month collection period to determine what percentage of the borrowers in the collection deliver complete BRPs, become current, become less than 60 days delinquent, or pay off their mortgage. Incentives and compensatory fees are established based on a minimum performance benchmark of 50 percent and an incentive benchmark of 60 percent.
To ensure that your BRP Monthly Progress Report is accurate, you should notify Freddie Mac via an EDR transmission with Default Action Code H5 within the first three business days of the month following the month that you received a complete BRP from a borrower.
- Review Guide Section 65.8 for information about the complete BRP and delinquency improvement performance standard.
- Contact your Freddie Mac representative or 800-FREDDIE and select "loan servicing."