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 Code||Expense Code Name||Use|
Deed-in-Lieu Subordinate Lien
Requesting reimbursement for payouts to subordinate lien holders
Deed-in-Lieu Borrower Relocation Assistance
Requesting reimbursement for relocation assistance from Freddie Mac
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
- 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.