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Workout Prospector and Service Loans Application Enhancements Provide Greater Efficiencies

January 7, 2013

To further support you in offering the Freddie Mac Standard Short Sale, we have enhanced Workout Prospector® and the Obtain Valuation functionality in the Freddie Mac Service Loans application to improve the borrower evaluation process. The Service Loans application also provides you with improved process efficiencies for reporting. Beginning today, you will experience greater automation of your servicing processes when you use these two servicing technology tools.

Workout Prospector Enhancements

When you log in to Workout Prospector, you will be prompted to evaluate borrowers whom you have determined are ineligible for a Freddie Mac Standard Modification for a Standard Short Sale. With this enhancement, you will:

  • See a new Borrower Financials screen. You must complete the fields in this screen with the borrower and co-borrower’s income, expenses, assets, liabilities, backend debt-to-income ratio, FICO score, and hardship reason.

    To support the bulk uploading of Standard Short Sale data, we added the required fields in the Borrower Financials screen to the bulk upload file formats. 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.

  • Experience full delegated authority when transmitting the model in Workout Prospector. You will no longer need to wait for Freddie Mac to transmit the model back to you in order to complete your Standard Short Sale evaluation.

Service Loans Application Updates

With enhancements to the Obtain Valuation functionality, you now have the ability to request an estimated market value and minimum net proceeds amount for a Standard Short Sale for borrowers who are current or less than 31 days delinquent. We will update the Single-Family Seller/Servicer Guide to reflect this change in the near future.

Additionally, when you log in to the Service Loans application today, you will now be able to:

  • Download the Obtain Valuation Bulk Import File Layout Instructions from the Service Loans application instead of the Service Loans Application Resource Center.
  • Receive new notification messages confirming actions you perform when using the application.
  • Search and sort loan data more easily.
  • View some export files that now contain Servicer number information and display the reason why a loan is declined for a Standard Short Sale.

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