Freddie Mac issued Bulletin 2022-21 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- expanded capabilities for processing Payment Deferral and Flex Modification workout evaluations (including evaluation of COVID-19 and disasters) in the Resolve User Interface (Resolve UI);
- clarified that once a servicer has evaluated a borrower for a Flex Modification in the Resolve UI, that workout must be completed in the Resolve UI;
- adjusted custodial account reconciliation requirements to clarify that a servicer must not only fund identified shortages but must also clear any other variances (i.e., overages must also be rectified); and
- updated Exhibit 33 (Acknowledgment Agreement Incorporated Provisions) to clarify existing language, make the exhibit consistent with other servicer guide changes, and remove unused provisions that were inconsistent with Freddie Mac’s programs.
Servicers must transition their processing of Payment Deferrals and Flex Modifications from Workout Prospector to the Resolve UI no later than July 31, 2023 (however, servicers will be able to submit Flex Modification requests in the Resolve UI starting on December 5, 2022). All other updates are effective October 12, 2022.
Click to view the Freddie Mac Guide Bulletin 2022-21: https://www.tenaco.com/wp-content/uploads/2022/10/Freddie-Mac-Guide-Bulletin-2022-21-10-12-22.pdf
