Guide Bulletin 2014-11 Introduces the MyCity Modification
June 18, 2014
In Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-11, we’re introducing the Freddie Mac MyCity Modification, a temporary offering within the city of Detroit, Michigan, to assist struggling homeowners by providing a loan modification option that may offer significant payment relief. Our goal is to help provide eligible borrowers with more affordable terms so they can stay in their homes.
Only Servicers with loans in the eligible Detroit ZIP codes, or those who may acquire servicing of applicable loans in those ZIP codes in the near future, will be impacted by the requirements described in Guide Bulletin 2014-11 related to the MyCity Modification. These specific ZIP codes are listed in today’s Guide Bulletin. Servicers must follow the MyCity Modification guidelines and submit their recommendations for borrowers on and after September 1, 2014.
- Freddie Mac Standard and Streamlined Modifications – Updated requirements take effect on July 1 for mortgages with pre-modification mark-to-market loan-to-value ratios less than 80 percent.
- Online Self-Service Password Reset – Create your online user profile before July 21 for Single-Family business applications. Click here for more information.
- Freddie Mac Interest Rate – Effective July 8, Freddie Mac will evaluate market rates and update the Standard Modification interest rate, if necessary, on a monthly basis.