Freddie Mac issued Bulletin 2023-8 (Bulletin), updating payment deferral requirements. Per the Bulletin, Freddie Mac:
- Updated payment deferral requirements related to delinquency, determining the terms, escrow analysis, completing the payment deferral, eligibility exclusions, and solicitation;
- Updated disaster payment deferral requirements related to completing the payment disaster deferral, eligibility exclusions, and solicitation; and
- Removed the exclusion related to an active forbearance from the evaluation criteria for payment deferral, disaster payment deferral, COVID-19 payment deferral and Freddie Mac Flex Modification.
In addition, Freddie Mac announced new outreach requirements for mortgages that have a low interest-bearing unpaid principal balance (UPB) and an outstanding non-interest bearing UPB and are either approaching the loan’s maturity date or the projected payoff date of the interest-bearing UPB. Revisions related to the updated payment deferral and disaster payment deferral requirements must be implemented by October 1, 2023 (servicers are, however, encouraged implement the requirements by July 1, 2023). All other revisions are effective March 29, 2023.
Click to view the Freddie Mac Guide Bulletin 2023-8: https://www.tenaco.com/wp-content/uploads/2023/03/Freddie-Mac-Guide-Bulletin-2023-8-03-29-23.pdf
