Freddie Mac is postponing the date it will make using its Servicing Gateway platform mandatory, and adding new requirements related to chargeoffs and interactions with document custodians.
The new deadline for use of Servicing Gateway, including new automated corrections, will now be Dec. 9. Freddie Mac extended the deadline to give servicers time to finish their month-end loan-level reporting for November beforehand.
The government-sponsored enterprise also will be adding a requirement for mortgage servicers to submit all related data through Workout Prospector within 30 days of receiving Freddie’s approval in an effort to reduce delays.
If there are delays in submitting chargeoff data for settlement, servicers will need to email status updates to email@example.com monthly until the data has been submitted.
Additionally, a new requirement for when notes and other documents no longer required for servicing need to be returned to custodians is going into effect on Jan. 2, 2020.
Under the new rule, notes and other documents will need to be returned to custodians within 90 days. Freddie Mac previously only required that the notes and document be returned “promptly.”
Requirements for document custodians are changing as well. They will have to notify servicers when notes are transferred to them for a foreclosure or similar purpose going forward.
Custodians also will get more time to terminate a triparty agreement as the deadline for this is being extended to 90 days from 30 days.
Freddie is making a series of changes to operations and automation used by its servicers as part of its Reimagine Servicing initiative.