Freddie Mac issued Bulletin 2020-46: Servicing Updates (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac extended the COVID-19 foreclosure moratorium through January 31, 2021, and revised requirements related to borrower-requested cancelation of borrower-paid mortgage insurance due to a COVID-19 related hardship.
Freddie Mac also announced the launch of Resolve and the Decision Insights user interface. As announced in the Bulletin, Resolve is a default management solution that uses automation and seamless integration to deliver rapid, rules-based workout decisions. The Decision Insights user interface is a centralized location with a comprehensive view of default activities such as decisions, responses, dashboards, default and status report to track towards timely resolution of workout solutions.
In addition, Freddie Mac updated requirements related to:
- Automated Clearing House (ACH) authorization forms;
- Flex Modification Trial Period Plans;
- Electronic payment deferral agreements;
- Occupancy waiver requests for second homes;
- Escrow accounts;
- Authentication credentials for systems access; and
- EDR reporting for COVID-10 and disaster payment deferrals.
Revisions relating to escrow accounts are effective February 1, 2021. Resolve with Decision Insights will be available effective March 1, 2021. All other updates are effective immediately.
Click to view the Freddie Mac Guide Bulletin 2020-46: https://www.tenaco.com/wp-content/uploads/2020/12/Freddie-Mac-Guide-Bulletin-2020-46.pdf
