Freddie Mac issued Bulletin 2022-12 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- added a requirement for servicers to review all LIBOR ARM Notes that do not contain the index replacement language recommended by the Alternative Reference Rates Committee and notify Freddie Mac of the Notes that contain non-standard index replacement language or do not have replacement language;
- increased servicer reimbursement amounts for attorney fees associated with specific bankruptcy services and provided new expense codes for the reimbursement of attorney fees and costs related to bankruptcies;
- temporarily adjusted the reimbursable expense limits for certain property preservation expense codes due to the increase in the national average of fuel prices;
- clarified “significant improvements” for purposes of ordering a broker price opinion to support borrower-requested cancelation of borrower-paid mortgage insurance for unseasoned loans;
- provided an email address servicers must use to send approval requests for the suspension of foreclosure activity when the borrower is participating in a mortgage assistance program and the servicer believes participation in the program will cure the borrower’s delinquency; and
- modified requirements for certificates of incumbency, wire instructions and ACH instructions.
Revisions with respect to review of LIBOR ARM Notes are due to Freddie Mac by September 9, 2022. Revisions with respect to reimbursement amounts for attorney fees are effective for all reimbursement claims submitted in the PAID (Payments Automated Intelligent and Dynamic) System on or after June 27, 2022. Revisions with respect to reimbursement of property preservation costs are effective for reimbursement expense requests submitted on or after June 27, 2022. All other updates are effective June 8, 2022.
Click to view the Freddie Mac Bulletin 2022-12: https://www.tenaco.com/wp-content/uploads/2022/06/Freddie-Mac-Guide-Bulletin-2022-12-06-08-22.pdf
