Freddie Mac issued Bulletin 2023-14 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Updated Resolve with additional functionality to allow servicers to process simultaneous assumptions and modifications in the Resolve user interface;
- Introduced servicing requirements for the new HeritageOne offering (a new offering for enrolled members of Native American tribes living within eligible tribal areas);
- Revised London Interbank Offered Rate transition requirements to require servicers to use the applicable, “all-in”, “no floor” Refinitiv USD IBOR Cash Fallback*, as published by Refinitiv Limited for all interest rate adjustments based on a lookback date that occurs after July 3, 2023 (rather than June 30, 2023, as previously announced);
- Retired most of Chapter 9205, and updated other sections to reflect the retirement of most Home Affordable Modification Program-related requirements;
- Updated loss mitigation evaluation requirements to require a servicer to evaluate a borrower for reinstatement and then a relief option if a borrower who is current or less than 31 days delinquent contacts the servicer for loss mitigation assistance (previously, the servicer was required to evaluate the borrower’s eligibility for a Freddie Mac Enhanced Relief Refinance offering);
- Clarified mortgage file retention requirements for early delinquency counseling to provide greater clarity when selecting to utilize a HUD-approved national counseling agency specified by Freddie Mac.
Revisions related to Resolve are effective August 31, 2023 (servicers may, however, implement the new requirements on or after July 31, 2023). Revisions related to HeritageOne mortgages are effective October 2, 2023. Revisions related to LIBOR special servicing and reporting are effective July 4, 2023. All other revisions are effective June 14, 2023.
Click to view the Freddie Mac Guide Bulletin 2023-14: https://www.tenaco.com/wp-content/uploads/2023/06/Freddie-Mac-Guide-Bulletin-2023-14-06-14-23.pdf
