Freddie Mac issued Bulletin 2021-37 (Bulletin) updating modification agreement requirements. Per the Bulletin, servicers are no longer required to prepare 2 original modification agreements for the borrower’s signature. Rather, the servicer must deliver an unsigned copy of the modification agreement to the borrower and provide a date by which the borrower must sign and return the agreement (which must be no more than 14 days from the date the servicer sent the modification agreement). Once the Borrower has signed the modification agreement and successfully completed the Trial Period Plan, the servicer must sign the modification agreement and return a copy to the borrower. Freddie Mac also extended the period of time a servicer has to submit the signed modification agreement for recordation to 5 business days (previously 1 business day). In addition, Freddie Mac removed all references to the Hardest Hit Fund (HHF) from the Seller/Servicer Guide, and updated several Guide Exhibits and Forms to reflect the removal of HHF references and to add general references to mortgage assistance programs. Revisions to the Guide Exhibits and Forms are effective March 1, 2022 (servicers are, however, encouraged to use these revised Exhibits and Forms immediately). All other revisions are effective immediately.
Click to view the Freddie Mac Guide Bulletin 2021-37: https://www.tenaco.com/wp-content/uploads/2021/12/Freddie-Mac-Guide-Bulletin-2021-37-12-08-21.pdf
