Freddie Mac issued Bulletin 2024-14 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Refactored multiple sections that will be impacted by the future Resolve update to enhance readability;
- Added language to reflect the transition from Workout Prospector to Resolve;
- Removed references to Workout Prospector and the Foreclosure Sale Reporting tool (both will be retired on December 20, 2024);
- Clarified that, in connection with a make-whole pre-foreclosure sale, Freddie Mac will contact the servicer with the appropriate decision within 5 business days of receipt of the required documentation;
- Added language to reflect that, based on data provided by the servicer, Resolve will calculate a borrower’s housing expense-to-income ratio and evaluate in accordance with imminent default requirements;
- Clarified that the Flex Modification interest rate determined for the Trial Period Plan offer must be the same interest rate used to establish the terms of the modification agreement (i.e., the rate does not change when converting from Trial Period Plan to settlement of the Flex Modification); and
- Updated provisions for Acknowledgment Agreements in connection with Servicing Contract Rights.
Revisions related to Resolve are effective December 9, 2024. All other revisions are effective October 9, 2024.
Click to view the Freddie Mac Bulletin 2024-14: https://www.tenaco.com/wp-content/uploads/2024/10/FHLMC-Guide-Bulletin-2024-14-10-09-24.pdf
