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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:

Foreclosures

  • 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.

Reminders

  • 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

More Information

  • Sign up for the latest emails on Single-Family news, updates, alerts, and education opportunities on our Subscription Center.
  • Visit Freddie Mac's Learning Center for additional information on our training programs and references tools.
  • Contact your Freddie Mac representative.

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