Freddie Mac issued Bulletin 2024-G (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Added custom modification functionality to Resolve allowing servicers to process bankruptcy cramdowns, court-mandated modifications, and backdated loan modifications;
- Reminded servicers that, after determining a borrower has failed a Trial Period for a flex modification or the Trial Period has been canceled, the servicer must submit a cancelation request via Resolve on or before the 3rd business day of the month following the month of the trial start date;
- Retired the Foreclosure Sale Reporting and Workout Prospector servicing tools in Resolve; and
- Updated requirements with respect to fraud and suspicious activity, including:
- Updated requirements for reporting suspected and confirmed fraud;
- Expanded the list of parties that must be scanned against Freddie Mac’s exclusionary list;
- The introduction of the Tip Referral Tool; and
- Reduced the timeframe in which a servicer must report fraud and suspicious activity findings to 30 days after discovery or, if identified during a post-closing quality control review, within 30 days after the quality control results are reported to the lender’s senior management.
Revisions related to custom modifications functionality in Resolve are effective December 9, 2024. Revisions related to the retirement of servicing tools in Resolve are effective December 20, 2024. Revisions related to the introduction of the Tip Referral Tool are effective September 30, 2024. Revisions related to the 30 day reporting requirement related to fraud and suspicious activity are effective November 4, 2024. All other revisions are effective September 11, 2024.
Click to view the Freddie Mac Guide Bulletin 2024-G: https://www.tenaco.com/wp-content/uploads/2024/09/Freddie-Mac-Guide-Bulletin-2024-G-09-11-24.pdf
