Freddie Mac issued Bulletin 2021-35 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac now requires servicers to perform an escrow analysis when evaluating a borrower for a COVID-19 or Disaster Payment Deferral. In the event of an escrow shortage, the servicer must disclose the amount of the shortage to the borrower before the borrower accepts the payment deferral. The Bulletin sets forth additional requirements if the borrower is unable to pay the shortage as a lump sum.
In addition, Freddie Mac:
- updated property inspection requirements (including a change in the time period during which an inspection must be ordered and completed);
- modified the COVID-19 Payment Deferral and Disaster Payment Deferral Agreements;
- moved the process for requesting forbearance extensions to Resolve (rather than using Guide Form 105, Multipurpose Loan Servicing Transmittal); and
- created new Designated Custodial Agreement forms as a result of Computershare Trust Company’s acquisition of Wells Fargo’s corporate trust services business.
Revisions related to the updates concerning property inspection requirements are effective February 1, 2022. Revisions related to the escrow analysis and updated COVID-19 Payment Deferral and Disaster Payment Deferral Agreements are effective March 1, 2022. Revisions related to requests for forbearance extensions became effective November 1, 2021. Revisions related to form updates for Designated Document Custodians became effective November 1, 2021.
Click to view the Freddie Mac Guide Bulletin 2021-35: https://www.tenaco.com/wp-content/uploads/2021/11/Freddie-Mac-Guide-Bulletin-2021-35-11-17-21.pdf
Click to view Attachment A to Bulletin 2021-35: https://www.tenaco.com/wp-content/uploads/2021/11/Attachment-A-to-Bulletin-2021-35.pdf
Click to view Attachment B to Bulletin 2021-35: https://www.tenaco.com/wp-content/uploads/2021/11/Attachment-B-to-Bulletin-2021-35.pdf
