Freddie Mac issued Bulletin 2019-12 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac updated deed-in-lieu of foreclosure inspection requirements by removing the requirement that servicers perform a final interior inspection of the property, and requiring servicers to pay the full amount of the relocation assistance to eligible borrowers within 30 days, unless otherwise instructed by Freddie Mac.
In addition, Freddie Mac updated requirements relating to:
- Electronic Default Reporting (EDR) codes;
- Subsequent transfers of servicing;
- Advanced funds for unpaid escrow charges;
- Guide Exhibit 33 (Acknowledgment, Agreement Incorporated Provisions);
- Participation mortgages;
- The Servicer Success Scorecard;
- Borrower income documentation for loss mitigation assistance;
- The Principal and Interest Custodial Account Reconciliation Worksheet – Monthly Account Statement (Form 59); and
- Community land trust mortgages.
The updated requirements related to deed-in-lieu of foreclosure inspections are effective July 15, 2019. All other updates are effective immediately.
