Guide Bulletin 2018-11: Service Loans Application Update Postponed and STOS Moratorium Moved
July 6, 2018
Single-Family Seller/Servicer Guide (Guide) Bulletin 2018-11 announces that updates to the Service Loans application originally scheduled for July 23, 2018 have been postponed and will now be implemented on August 13, 2018.The updates are related to:
- Requests for subsequent transfers of servicing (STOS)
- Requests by a Servicer that wishes to move the servicing related to specific mortgages from one Seller/Servicer number to another (“intra-servicer portfolio move”)
As a result, the temporary moratorium on STOS and intra-servicer portfolio move requests and updates to existing requests has been moved to July 30, 2018 through August 12, 2018.
A few things to know about the moratorium
- Any Freddie Mac-approved STOS request with an effective date of transfer of August 16, 2018 will not be impacted by the temporary moratorium.
- If you would like to request a STOS with an effective date of September 16, 2018, please submit Form 981 no later than July 29, 2018.
- If you would like to request an intra-servicer portfolio move with an effective date of September 16, 2018, please submit Form 982 no later than July 29, 2018.
- The moratorium will only affect STOS and intra-servicer portfolio move processing in the Service Loans application. This functionality will be disabled, under the “Create New TOS Request”.
- You’ll be able to use all other functions of the Service Loans application, such as cash remittance reporting and EDR reporting, as these will not be impacted during the moratorium.