Freddie Mac issued Bulletin 2025-2 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Added a requirement that servicers, within 30 days after the end of each accounting cycle, reconcile each data element included in the monthly Freddie Mac Trial Balance report (i.e., interest bearing unpaid principal balance (UPB), non-interest bearing UPB, due date of last paid installment, principal and interest constant, note rate, and accounting net yield) to the servicer’s internal records;
- Added a requirement that servicers submit all 3rd party foreclosure sale related expenses in PAID (Payments Automated Intelligent and Dynamic) when total sale proceeds do not exceed total indebtedness;
- Created a new income code (815066, Stated Surplus) for servicers to use when the 3rd party foreclosure sale surplus in Resolve needs to be updated;
- Clarified that a transferee servicer is responsible for responding to borrower inquiries and providing current and accurate account information as of the effective date of transfer, and that no later than 5 days after the effective date of transfer, the transferee servicer must be able to process all servicing and accounting transactions; and
- Updated the list of valuation cost and expenses reimbursable for modifications to remove valuation related expense types tied to property valuations for modifications.
Revisions related to the portfolio reconciliation requirement are effective June 1, 2025. Revisions related to 3rd party foreclosure sale related expenses are effective June 2, 2025. All other revisions went into effect February 12, 2025.
Click to view the Freddie Mac Guide Bulletin 2025-2: https://www.tenaco.com/wp-content/uploads/2025/02/Freddie-Mac-Guide-Bulletin-2025-2-02-12-25.pdf
