| In This Issue... |
|---|
|
What's New
Mortgage Products
Underwrite and Process with Loan Prospector
Sell & Deliver Loans
Service Loans
Training and Education
|
|
Supporting your servicing operations with options for balloon/reset mortgages
Freddie Mac is with you every step of the way, supporting your servicing operations with tools and resources that provide you with quick access to comprehensive information to help you service your balloon/reset mortgages according to the requirements in our Single-Family Seller/Servicer Guide (Guide).
Important balloon/reset mortgage reminders
Here are a few tips and reminders about servicing balloon/reset mortgages:
- Determine if you service balloon/reset mortgages for Freddie Mac by reviewing your in-house report(s) by loan type.
- Check your e-mail and fax machines. We now use e-mail and fax transmissions to issue your balloon/reset mortgage maturing notices if you're not a licensed holder of MIDANET® for the PC. We announced these new notification methods in our April 17 Guide Bulletin.
[PDF 155K]
- Ensure you or someone on your team is familiar with our procedures for servicing balloon/reset mortgages. In particular, review Chapter 83 of the Guide for complete information on our requirements for resetting balloon/reset mortgages.
- Take advantage of our new balloon/reset mortgage e-mail box and fax number so you can easily contact us with your questions, problems, or exception forms. You may also use this e-mail box to send copies of notes, histories, and all other documents needed to resolve any balloon loan issues.
- Review the Servicing Maturing Balloon/Reset Mortgages Manual. If you need an updated copy of the manual:
Balloon/reset educational resources
Take advantage of the many balloon/reset educational resources available to you through Freddie Mac's Learning Center:
- Save the Date! Take part in our upcoming Servicing Balloon/Reset Mortgages web conferences at no cost to you, on:
- May 21, 10:30 a.m.- 12:00 p.m., ET
- June 17, 2:00 p.m.- 3:30 p.m., ET
- At your convenience, take an online self-study course that provides the basics on processing modifications and extensions for maturing balloon/reset mortgages.
- Easy-to- print references and other resources are available at the Learning Center's Servicing Balloon/Reset web page that will assist you in managing maturing balloon/reset mortgages. We've just added to this page an interactive Form 1134, Maturing Balloon/Reset Mortgage Worksheet to assist you in tracking your balloon loans through the entire process.
- More servicing resources. Visit the Learning Center for more information on other resources and training opportunities on servicing.
Balloon/reset loan reporting through MIDANET
If you do not have access to your balloon reports through MIDANET, please refer to the instructions below:
- Go to the main menu in MIDANET
- Enter 5, 1, and 1 to get to the 'View System Configuration' screen
- Retrieve your site number, which is the number after 'Prod Site. Dat'
- Contact (800) FREDDIE and instruct the representative that you need the 'Balloon Report Setup' functionality
You should have access to your balloon reports in MIDANET within 48 hours. If you do not have access after 48 hours, please contact (800) FREDDIE.
If you have any questions or issues regarding balloon/rest mortgages, please e-mail the balloon team at balloon_loans@freddiemac.com or contact balloon team members Tim Ormsbee, (703) 903-4204 or Kauser Ahmed at (703) 903-3322. As always, please call (800) FREDDIE if you need additional assistance.
|
