Updates to Imminent Default Evaluation, SCRA, Property Condition Certificates and More in Guide Bulletin 2017-22
October 11, 2017
We're announcing the following Servicing updates in Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-22.
We’re eliminating the Imminent Default Indicator® model and replacing it with a more transparent, rules-based approach. Servicers must implement the new imminent default evaluation requirements no later than July 1, 2018, but may implement earlier once Workout Prospector® is updated.
We'll notify Servicers when Workout Prospector will be updated and provide additional guidance on how to report imminent default data using Workout Prospector.
We're making changes to certain requirements related to the Servicemembers Civil Relief Act (SCRA) interest rate credits.
Beginning on November 15, 2017, we will no longer provide Servicers with a paper copy of the property condition certificate. With this change, we’re revising our requirements for cancelling property insurance policies for REO properties.
- We're updating Exhibit 88, Servicing Tools, as a result of the retirement of Remedy ManagerSM.
FYI: Upcoming Servicer Performance Profile Changes
Beginning October 31, we’re updating your Servicer Performance Profile to combine Servicer Success Scorecard and Manager Series reports into one single, holistic experience – making it easier to monitor and manage your performance.
Learn more about how accessing and interacting with your profile is changing.
For More Information
- Review Guide Bulletin 2017-22 for details.
- Contact your Freddie Mac representative.