Guide Bulletin 2017-18 Updates Loss Mitigation, Security Instruments Storage and Expense Reimbursement Requirements
September 13, 2017
In Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-18, we're announcing updates to loss mitigation, security instrument storage and expense reimbursement requirements, including:
Revising certain requirements related to borrower hardship, income and other documentation that must be submitted for a complete Borrower Response Package. This includes changing Guide Form 710 to improve/simplify the application process for borrowers and evaluation process for Servicers. Effective June 1, 2018.
Allowing Servicers to maintain electronic copies of paper security instruments that are not electronically recorded to help reduce some storage costs and make it easier to store and retrieve documents. Effective immediately.
Increasing reimbursable expense limits for preserving and maintaining abandoned properties securing Freddie Mac mortgages. Effective October 9, 2017.
Adding a new, permanent reimbursement expense code for clear boarding broken windows. Effective September 25, 2017.
- Removing the requirement that Servicers obtain Freddie Mac's written pre-approval to extend a reimbursement claim submission time frame. Effective September 25, 2017.
Additional Guide Updatesboth are effective immediately)
Updated notification requirements if a Freddie Mac Default Legal Matter involves non-routine litigation.
- Removal of the term “balloon analyst” from all versions of Guide Form 902.