Workout Prospector now available for HAMP loans

On October 5, 2009, we followed up on our September 18, 2009, Single-Family Seller/Servicer Guide (Guide) Bulletin 2009-23 to inform you that Workout Prospector® is available for you to use when you evaluate eligible borrowers for a modification under the Home Affordable Modification program (HAMP). As a reminder, on November 1, 2009, all Freddie Mac Servicers will be required to evaluate and process mortgages for HAMP in Workout Prospector or to transmit data when using your own proprietary or third-party system, and the Borrower Qualification Worksheet will be retired.

When you log on to Workout Prospector, you will be immediately prompted to the new HAMP screen. Once you enter the borrower's information into Workout Prospector, modifications that are unable to be completed through HAMP must continue to be evaluated for other foreclosure alternatives using Workout Prospector, with the exception of short-term and long-term forbearance plans. You are also strongly encouraged to pre-screen other foreclosure alternatives using Workout Prospector, as described in the Guide, for borrowers who are not eligible for HAMP.

What you need to know

As you begin to use Workout Prospector for HAMP loans, consider the following:

• You must continue conducting the NPV test using the NPV Model on HMPadmin.com and manually input the test results in Workout Prospector's TNPV field.
• Workout Prospector was designed to work with Internet Explorer. If you use another Web browser, you may experience technical difficulty.
• If you need to utilize Workout Prospector for borrowers who are neither eligible nor qualified for HAMP, you may bypass the initial HAMP workout screen by selecting "Borrower Information" from the "Go To" Menu on the left navigation menu. Please note, you cannot bypass the HAMP workout screen in Workout Prospector for eligible borrowers.

Request your Workout Prospector account information

If you still have not requested access to Workout Prospector, you must complete the online Workout Prospector registration form today. If you do not submit your request and allow sufficient time to activate your account by the effective date, you may experience a delay in your HAMP modification processing.

For more information

• Contact your servicing representative or 800-FREDDIE.
• Review the September 18 Guide Bulletin 2009-23.