A Message From Dave Lowman, Executive Vice President, Single-Family Business
September 23, 2013
I want you – as a Freddie Mac customer – to have confidence in our commitment to give you the
high-quality service you expect, the day-to-day support you need, and the respect our valued business partners deserve.
In the almost five months I've been at Freddie Mac, I've had the opportunity to get out of Virginia and meet onsite with many of our customers. I've spoken with even more of you on the phone. And you've told me – very candidly – where we're doing right by our customers and where we fall short. You've been just as direct in your conversations with other members of the Single-Family Business leadership team, and in your responses to our customer satisfaction surveys. Thank you for that.
The message? Freddie Mac is on the right track in a lot of areas, but we need to improve your customer experience. Specifically, you've told us we need to:
- Make it easier to do business with us
- Increase our customer focus
- Achieve a more consistent understanding of your business within our leadership team, and engage with you more frequently
- Communicate more clearly, especially about what you can expect from us
- Continue to improve our technology
We've heard you. Just as you've had to change in recent years, Freddie Mac is changing, too – to be a better business partner with you today, as we work together to build a stronger, more efficient housing finance system for tomorrow.
We've already taken meaningful steps to address your concerns, including:
- Dedicating ourselves to new Customer Service Level Standards aimed at strengthening our business relationship with you. These Standards define the level of customer service you should expect from us, and against which we'll measure our performance.
- Introducing tools, like Loan Quality Advisor, that are designed to provide you with clearer, more transparent information and greater purchase certainty.
- Providing more comprehensive support through new and enhanced training opportunities and resources, such as webinars on integrating Loan Quality Advisor into your business practices and an overview of Loan Prospector enhancements.
- Enhancing Loan Prospector user feedback to clearly align messages with our underwriting, documentation, and purchase eligibility requirements.
- Updating Workout Prospector so Servicers can submit modification exceptions directly through the system – rather than emailing forms – and immediately view results and status online.
- Providing greater transparency and improved response times by delivering email updates as needed throughout the day on technology system issues or outages.
- Launching "Freddie Mac Update Calls" to help you understand the changes to our requirements, new tools and technologies, and other key process and operational changes we're making.
- Piloting a new Customer Business Profile report that gives Sellers a more comprehensive view of your business with us.
- Leveraging our Customer Advisory Boards so that your voice is heard as we introduce changes to the market.
- Hosting senior leadership calls so our leadership teams hear directly from our customers.
- Redesigning our Quality Assurance review process for Servicers and publishing a review calendar.
These are tangible steps that represent the first installment in what will be a series of changes over the coming months as we work to deliver the best possible customer service. Among the improvements we'll be rolling out:
- Monthly reports sharing our progress in meeting the new Customer Service Level Standards.
- New technology to provide Sellers transparency into the status of loans requested by Quality Control, including loan findings and repurchase data.
- Revised short sale processes that reduce approval times.
- Broadening our Customer Business Profile pilot to all Sellers.
- Continued enhancements that provide better clarity and transparency in Loan Prospector's feedback messaging.
- Streamlined foreclosure bidding process and enhanced technology tools through Service Loans Application.
Here's the bottom line: we want to be your first choice when it comes to doing business in the secondary mortgage market, and we're working hard to earn your business today and to continue earning it tomorrow. Some of you have told us you're already seeing a difference, and that's gratifying. But we won't be satisfied until all of our customers are experiencing a better, more responsive Freddie Mac.
Please know that our entire team is behind you, and as head of the Single-Family Business, I'm holding myself and every employee accountable for results. Meanwhile, I welcome your feedback on any of the changes we're making.
Thank you for your business. I look forward to strengthening our relationship as we continue to improve our service to you.
Executive Vice President, Single-Family Business