Freddie Mac issued Bulletin 2020-6: Servicing Updates (Bulletin), introducing the Freddie Mac Payment Deferral loss mitigation solution. Payment Deferral is a new loss mitigation solution for borrowers who became delinquent due to a short-term hardship that has since been resolved. The Payment Deferral loss mitigation solution provides relief to borrowers able to resume monthly payments, but who are unable to afford the additional monthly contributions required by a repayment. The Bulletin also sets forth updates to the Post-Fund Data Correction Tool available in Servicing Gateway. In addition, the Bulletin provides additional guide updates and reminders related to third-party eNote custodian approval and eligibility requirements for eMortgages.
Servicers are encouraged to begin evaluating borrowers for payment deferral on July 1, 2020, but must do so no later than January 1, 2021. The servicing gateway and third-party eNote custodian approval and eligibility requirements are effective immediately.
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