Freddie Mac issued Bulletin 2022-26 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- extended the date by which the processing of Payment Deferrals and Flex Modifications must be transitioned from Workout Prospector to the Resolve UI to August 31, 2023 (previously July 31, 2023);
- set forth the dates servicers may begin settling a Payment Deferral or Flex Modification in Resolve (April 3, 2023 and May 15, 2023);
- announced new letter agreement requirements when establishing a new custodial account;
- updated the process for canceling mortgage insurance on unseasoned loans;
- revised short sale and deed-in-lieu of foreclosure requirements to increase the borrower relocation assistance payment; and
- clarified that for a COVID-19 or Disaster Payment Deferral, the initial escrow analysis may be an estimate.
Freddie Mac also provided information related to the Making Home Affordable Supplemental Directive 22-01 (Making Home Affordable Program-Revised Program End Date) issued by the U.S. Department of the Treasury and Directive 22-01’s impact to Freddie Mac’s HAMP Modification policies. Per Supplemental Directive 22-01, certain requirements set forth in the Servicer Participation Agreement (and related documents) that were set to expire on December 29, 2023 will now expire on April 28, 2023. In addition, Freddie Mac updated Form 1132A (Authorization for Automatic Transfer of Funds from a Principal and Interest Custodial Account Through the Automated Clearing House).
Revisions related to revised short sale and deed-in-lieu of foreclosure requirements are effective April 1, 2023. All other updates are effective December 15, 2022.
Click to view the Freddie Mac Guide Bulletin 2022-26: https://www.tenaco.com/wp-content/uploads/2022/12/Freddie-Mac-Guide-Bulletin-2022-26-12-14-22.pdf
