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Guide Bulletin 2013-6 Announces Changes to Servicing Requirements

April 15, 2013

Freddie Mac issued Single-Family Seller/Servicer Guide (Guide) Bulletin 2013-6 today to announce changes to servicing requirements. Updates and revisions include:

  • Attorney fee reimbursement limits for foreclosures, deeds-in-lieu of foreclosure, and bankruptcies
  • New requirements for bidding at a foreclosure sale on mortgages not covered by mortgage insurance and a reminder that effective June 1, 2013, Servicers, not law firms, must determine the beginning and final bid at a foreclosure sale
  • The reimbursement process for default-related legal services expenses and use of the Reimbursement System
  • New Seller/Servicer requirement to instruct mortgage insurers providing coverage on mortgages sold to and/or serviced for Freddie Mac to release data to us at our request by executing the new Guide Form 1207, Freddie Mac Mortgage Insurance Information Disclosure Agreement
  • Guidance on how Servicers must report an optional interim month during a trial period, or an extended trial period during a bankruptcy, for a Home Affordable Modification Program modification, Freddie Mac Standard Modification, or Freddie Mac Streamlined Modification
  • Servicer Success File Review time frame change
  • Upcoming access to the Executive Summary Report on the Servicer Performance Profile website for all Servicers and what action Servicers must take to opt out
  • Closing out Home Affordable Foreclosure Alternative Short Sale and Deed-in-Lieu transactions

Training and Resources

  • Guide Exhibit 83A, Determining State Foreclosure Time Line Performance Compensation Fees, has been amended to provide information on how to access the Foreclosure Time Line Compensatory Fees Reference Guide, another resource to help you understand calculation of and requirements for appeal of foreclosure time line compensatory fees
  • The following resources related to your selection, retention, and management of law firms to handle Freddie Mac default legal matters can be found on the Default-related Legal Services Web page:
    • Limited Retention Agreement template
    • Web-based training that law firms selected to receive referrals are required to complete

More Information

Please refer to Guide Bulletin 2013-6 for details about these updates and revisions and direct questions to your Freddie Mac representative.

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