Freddie Mac issued Bulletin 2023-10 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Updated custodial account requirements with respect to acceptable risk thresholds for eligible depositories, servicer’s use of custodial clearing accounts, and the timing of deposits to custodial clearing accounts and custodial accounts;
- Clarified that servicers must identify who prepared and approved Form 59 (Principal and Interest Custodial Account Reconciliation Worksheet — Monthly Account Statement) and Form 59E (Escrow Custodial Account Reconciliation Worksheet Servicers) when performing a custodial account reconciliation;
- Clarified terms related to servicing contracts, servicing contract rights and transfers of servicing;
- amended Exhibit 30 (Voluntary Partial Cancellation of Servicing Contract Rights Agreement (RPL & NPL) Incorporated Provisions) and Exhibit 31 (Flow Voluntary Partial Cancellation of Servicing Contract Rights Agreement Incorporated Provisions);
- Updated interior and exterior valuation fees with respect to Broker Price Opinions ordered through BPODirect or Real Estate Valuation and Pricing;
- Added new Exhibit 1105 (Payment Deferral Post-Repayment Plan Solicitation Cover Letter), retired Exhibit 1101 (Disaster Payment Deferral Agreement), and updated Exhibit 1191 (Flex Modification Solicitation Cover Letter) and Exhibit 1191A (Flex Modification Post-Disaster Forbearance Cover Letter).
Revisions related Broker Price Opinion fees are effective May 1, 2023. All other revisions are effective April 12, 2023.
Click to view the Freddie Mac Bulletin 2023-10: https://www.tenaco.com/wp-content/uploads/2023/04/Freddie-Mac-Guide-Bulletin-2023-10-04-12-23.pdf
