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Greater Transparency and Efficiencies in Guide Bulletin 2015-22

December 16, 2015

In today's Single-Family Seller/Servicer Guide (Guide) Bulletin 2015-22, we’re providing greater transparency and efficiencies for certain servicing requirements and provisions, including servicing defects and remedies, and borrower contact and solicitation.

Key Highlights

  • Announcing the servicing remedies framework, which provides greater transparency into the existing end-to-end servicing remedy process. For more details, check out our new Servicing Remedies Framework FAQ.
  • Simplifying our borrower contact and solicitation requirements by providing you with more flexibility to match your specific portfolio needs. We also shortened our borrower solicitation letter significantly making it easier for borrowers to  understand available workout options and next steps. See table below for more details.
  • Removing the expiration date for supplemental borrower incentive payments for deed-in-lieu of foreclosure transactions.
  • Eliminating the $500 transfer processing fee for all subsequent transfers of servicing requests submitted on or after December 16, 2015.

Please read Guide Bulletin 2015-22 for more details on these and additional updates.

Borrower Contact and Solicitation Changes

CategoryBenefitNew Policy
(Effective 6/1/16)
Current Policy
Outbound Borrower Contact
Borrower Contact Campaigns Flexibility Must begin as early in the delinquency cycle as possible but no later than the 36th day after the due date. 3rd – 36th day after due date

Earlier Contact

Flexibility Servicer choice of method or tool used to determine which borrowers to contact earlier than the 36th day after the due date.  

Continued Contact

Less Contact

Every 5 days until the earlier of the 210th day  after the due date or QRPC is achieved.

Every 3 days throughout the entire delinquency.

Contact Method

Flexibility Expanded to include, but not limited to, email, text messaging or voice response unit technology, as permitted by applicable law. Calls, written communication (notices or letters), email or a Servicer’s Web portal.
CategoryBenefitNew Policy
(Effective 6/1/16)
Current Policy
General Solicitation
Borrower Contact Campaigns Simplified 45th day after due date. 35th & 65th day after due date.

Solicitation Letter

Simplified

Guide Exhibit 1145.

Guide Exhibits 1131 & 1161.

Forms/documents

(Guide Form 710, Form 4506T-EZ, FAQs and Foreclosure Rescue Scam information)

Flexibility

Option 1: Send Solicitation Package, which includes letter and forms/documents all at once.

Option 2: Send Solicitation Letter and then follow up with forms/ documents upon establishing QRPC.
Must send entire Borrower Solicitation Package (letter and forms/documents) all at once.
Attorney Post-Referral Foreclosure Letter Less Complex Not required Required
Quality Right Party Contact Simplified
  • Determine reason for the delinquency.
  • Determine ability to repay the debt.
  • Set payment expectations and educate on alternatives to foreclosure, as appropriate.
  • Obtain a commitment from the borrower to either resolve the delinquency or engage in an alternative to foreclosure solution.
  • Determine whether or not the borrower has vacated or plans to vacate the property
  • All requirements listed in the new policy column.

Reminders

  • We've updated the Freddie Mac Reimbursement System so you’re no longer required to submit a request for pre-approval (RPA) for the additional bankruptcy attorney fee reimbursement announced in Guide Bulletin 2015-18.
  • Check out our Freddie Mac Investor Reporting Web page, with a new information spotlight offering you quick fixes for payment reversals, and an archive with helpful tips.

For More Information

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