New and Updated Servicing Requirements Announced in Guide Bulletin 2017-5
April 20, 2017
In today's Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-5, we're announcing certificate of incumbency (COI) requirements for Servicers and making a number of improvements to our reimbursement requirements.
Certificate of Incumbency
We’re updating the Guide to require that Servicers complete a COI, which identifies Servicer employees authorized to provide or change funds transfer instructions for payments from Freddie Mac. The applicable COI form and related documents must be submitted to Freddie Mac, and accepted, no later than December 31, 2017. While the deadline to complete the COI requirements isn’t until December, you can start submitting the applicable COI form and documents as early as June 1, 2017.
NOTE: If you’ve already submitted a COI form as a Freddie Mac Seller, then you do not need to submit a new COI form at this time, unless you’re updating the information on your COI form or your renewal COI is due. Any COI renewal and/or any COI changes submitted on and after June 1, 2017, must be submitted on the new COI forms announced in this Bulletin.
Updates to Reimbursement
We’re updating our reimbursement requirements to increase allowable limits for certain attorney fees in all 50 jurisdictions. This is effective for reimbursement claims submitted in the Freddie Mac Reimbursement System on and after March 31, 2017.
Other updates include:
- Attorney fees associated with bulk trials in New York will be reimbursed up to $1,750.
- Greater detail for requesting reimbursement for certain unrecoverable expenses.
- Reimbursement for expenses associated with clear boarding broken windows in vacant or abandoned foreclosed properties with clear polycarbonate.
For more details on these and other changes, please read Guide Bulletin 2017-5 .
For More Information
- Read today’s Guide Bulletin 2017-5.
- Check out our Summary of Upcoming Requirement Changes.
- Visit the Freddie Mac Learning Center for more on our training programs and reference tools.
- Contact your Freddie Mac representative.