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Reimbursement System Update and Reminders

February 26, 2013

Servicers should be aware of an important Freddie Mac Reimbursement System update and reminders regarding requirements previously announced in Freddie Mac Single-Family Seller/Servicer Guide (Guide) Bulletins.

Reimbursement System Update for Attorney Fees for Foreclosure Referrals in Oregon

The Reimbursement System was updated so that Servicers no longer are required to submit a request for pre-approval to obtain the attorney fee limit of $2,050.00 for foreclosure referrals that occurred on or after January 1, 2012, on mortgages secured by properties located in Oregon.

Important Reimbursement System Expense Code Reminders

The following new Reimbursement System expense codes must be used when supporting the Freddie Mac Standard Deed-in-Lieu of Foreclosure workout option beginning March 1, 2013:

Expense CodeExpense Code NameUse
500002

Deed-in-Lieu Subordinate Lien

Requesting reimbursement for payouts to subordinate lien holders

013005

Deed-in-Lieu Borrower Relocation Assistance

Requesting reimbursement for relocation assistance from Freddie Mac

404008

Deed-in-Lieu Property Inspection

Reimbursing Servicers up to $20 for the actual cost of an interior property inspection completed for a deed-in-lieu

Please note:

  • These codes apply to work completed and reimbursement submissions as of March 1 and later.
  • Items that require review prior to March 1 require approval through the RPA process.
  • Expenses must be submitted on the Initial REO claim or within 45 days of acquisition.

More Information

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