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Workout Prospector Enhancements

July 15, 2013

Today we are announcing the first in a series of Workout Prospector® enhancements. Today’s enhancements streamline the exception reporting and decision making process for Freddie Mac Standard Modifications. Also, Servicers are now able to process the terms of Freddie Mac Streamlined Modifications in Workout Prospector instead of using external proprietary systems.

Freddie Mac Standard Modification

Servicers are no longer required to submit information on Standard Modification exception requests using Exhibit 95, Freddie Mac Standard Modification Exception Transmittal.  Instead, Servicers will submit comments via Workout Prospector. This enhancement allows Servicers and Freddie Mac to communicate quickly, eliminates the need for additional documentation, and leads to faster resolution of exceptions.

The “Comments” section is available for Standard Modifications only and is located under the “To Do” section on the main screen in Workout Prospector.

Additional enhancements include:

  • Consolidating edits from Servicers and Freddie Mac on to the same model centrally located in Workout Prospector. This helps reduce file transfers and potential errors caused by editing a model outside the Workout Prospector environment.
  • Providing automated status updates for any pending exception request through Workout Prospector (Yes/No/Return to Servicer). This provides a clean audit trail and replaces off-line communications.

Servicers are reminded to comply with applicable law, including any adverse action notice requirements, when denying current borrowers for a modification.

Freddie Mac Streamlined Modification

As announced in Single-Family Seller/Servicer Guide (Guide) Bulletin 2013-07, beginning today, Workout Prospector can process the terms of Streamlined Modifications.  Servicers must:

  • Enter the data into Workout Prospector for all Streamlined Modification Trial Period Plans offered prior to July 15, 2013; and
  • Use Workout Prospector for all mortgages for which borrowers are being evaluated for a Streamlined Modification Trial Period Plan in accordance with Guide Section B65.18, Determining the Terms of a Freddie Mac Standard Modification.

Servicers may use a proprietary or third-party system to generate the terms of a trial period plan. However, Freddie Mac data must be entered in its entirety into Workout Prospector in accordance with Guide Section B65.18.

Servicers are encouraged to visit Freddie Mac’s Learning Center for current information on Freddie Mac training programs and reference tools, including the Workout Prospector User Guide. For more information about Workout Prospector, please access our Loss Mitigation training resources.

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