Are You Ready for the Freddie Mac Flex Modification® on October 1?
September 5, 2017
Are you ready to start evaluating borrowers for a Freddie Mac Flex Modification® Trial
Last December, we announced the new Flex Modification, which offers you an easier, flexible way to help borrowers qualify for a loan modification in a changing housing environment.
Now, we're posting this reminder since fall is around the corner and you must begin evaluating borrowers for the Flex Modification no later than October 1, 2017. On and after October 1, 2017, you may no longer evaluate borrowers for Freddie Mac Standard and Streamlined Modifications.
Two Ways to Prepare
To help you get ready and make your process as smooth and efficient as possible, we've:
- Added training to provide upfront guidance and processing tips to help you achieve a successful settlement. Register now for an introductory Flex Modification webinar.
- Updated Workout Prospector® so you can submit data relating to Flex Modification Trial Period Plans now. Please reference the Workout Prospector Users' Guide and register now for a Flex Modification processing tutorial.
For More Information
- Visit Freddie Mac's Freddie Mac Flex Modification web page.
- Review Single-Family Seller/Servicer Guide (Guide) Bulletins 2016-22, 2017-1 and
- 2017-5 for detailed Flex Modification requirements.
- Read the new Flex Modification FAQ, Flex Modification Fact Sheet, reference guide, and term sheet, which offers a quick, visual reference to the new modification details.
- Contact your Freddie Mac representative.