Freddie Mac Issues Bulletin 2017-9: Servicing Updates

Freddie Mac issued Bulletin 2017-9 (Bulletin), announcing updates to Freddie Mac’s servicing requirements. The servicing updates relate to: loss mitigation property valuation requirements; modification requirements for first lien mortgage loans; mortgaged premises with income-based resale restrictions; Guide Form 1205 (Post-Settlement Correction Request); Quality Control Advisor; and deed-in-lieu of foreclosure reporting requirements. The Bulletin generally went into effect June 21, 2017. However, the updates related to loss mitigation property valuation requirements become effective August 21, 2017 (although servicers are encouraged to implement the changes immediately). The updated Guide Form 12015 must be used on and after September 25, 2017 (although servicers are encouraged to use the updated version of the Form immediately).

Click here to view the Freddie Mac Guide Bulletin