Guide Bulletin 2014-9 Announces Updates to Servicing Requirements
May 15, 2014
Today's Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-9 announces updates to several servicing requirements. Here are the highlights:
- Expedite Freddie Mac Default Legal Matters with the New York Foreclosure Inquest Program as an alternative foreclosure process. Read Guide Section A66.10 for more information.
- You're no longer required to refer mortgages secured by a Primary Residence to foreclosure within 5 business days after the 121st day of delinquency.
- Use our revised foreclosure sale bidding guidelines for states with the right of redemption.
Freddie Mac Reimbursement System
- Permitted vendors can access the Reimbursement System to submit claims on your behalf using the expense and income codes in Guide Exhibit 74.
- We added 6 new income codes to improve reporting accuracy.
Read Guide Bulletin 2014-9 for additional information on these updates and more - including changes to Guide Form 105, Guide Exhibit 88, and requirements for submitting your subsequent Transfer of Servicing requests.
- Online Self-Service Password Reset – Be sure to create your online user profile today. Click here for more information.
- Freddie Mac Interest Rate – Effective July 8, 2014, Freddie Mac will evaluate market rates and update the Standard Modification interest rate, if necessary, on a monthly basis.
Reference Guides Updates
- We updated our Electronic Default Reporting Quick Reference Guide to reflect changes we announced in Guide Bulletin 2014-1. The new codes became mandatory on May 1, 2014.
- To help you understand foreclosure timeline compensatory fees, we updated our Foreclosure Time Line Compensatory Fees Reference Guide. Log in using your assigned Servicing Applications secure user ID and password.