Freddie Mac issued Bulletin 2018-6 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide (Guide). Per the Bulletin, Freddie Mac: updated requirements related to subsequent transfers of servicing, including the automation of Subsequent Transfer of Servicing requests through the Service Loans Application and the introduction of an electronic Agreement for Subsequent Transfer of Servicing of single-Family Mortgages; introduced a new process to facilitate requests by servicers that wish to move the servicing related to a specific mortgage from one of the servicer’s seller/servicer number’s to another (“intra-servicer portfolio move”); revised requirements regarding cancellation of borrower-paid mortgage insurance to provide more specificity and to streamline requirements; updated mortgage modification requirements with respect to escrow shortages and advance repayments; revised Exhibit 74 (regarding reimbursement for certain unrecoverable expenses); amended notification requirements with respect to recast modification agreements; and revised requirements with respect to mortgage file maintenance and purchase documents. Servicers must initiate Subsequent Transfer of Servicing requests electronically through the Service Loans Application on and after July 23, 2018. The revised requirements pertaining to cancellation of borrower-paid mortgage insurance are effective October 1, 2018 (servicers may, however, implement earlier if able). The updated mortgage modification requirements pertaining to escrow shortage and advance repayment are effective July 1, 2018 (servicers may, however, implement earlier if able). All other updates are effective immediately.
Rural Housing Service
RHS Updates Monthly Electronic Status Reporting Codes
RHS issued a SFH Guaranteed Servicing Notice (Notice) announcing updated Electronic Status Reporting codes for mortgage servicers. Per the Notice, Default Status Code 10 was
September 23, 2024
