Updated Servicing Requirements Announced in Guide Bulletin 2017-9
June 21, 2017
In today's Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-9, we're announcing several positive servicing updates:
- Effective August 21, 2017, we're updating certain loss mitigation property valuation requirements. For example, when you're required to order a Brokers Price Opinion (BPO) via BPODirect®, you won't need to order an interior BPO when evaluating a borrower for a modification of a:
- Mortgage secured by a 3- or 4-unit property.
- Manufactured Home.
- Dwelling subject to a leasehold estate or a cooperative unit.
- You may implement the modified Mortgage First Lien and enforcement requirements for all modifications with a first payment due date on and after January 1, 2017.
- We're adding requirements specific to mortgaged premises with income-based resale restrictions when you evaluate a borrower for a short sale or bid at a foreclosure sale.
- You may now submit multiple loans on a single Form 1205 when reporting post-settlement discrepancies after mortgage modifications or liquidation settlements.
Other Reminders & Updates
- Quality Control Information Manager will be rebranded as Quality Control AdvisorSM and become part of the Freddie Mac Loan Advisor Suite® on June 26.
- In Guide Bulletin 2017-5, we updated our reimbursement request requirements for unrecoverable expenses (as described in Guide Section 9701.5). Due to additional testing, the associated enhancement to the Reimbursement System was implemented on June 19 instead of June 5.
- Don't forget to register now for one of our upcoming Flex Modification webinars.