Freddie Mac: Servicers Need to Diversify Foreclosure, Bankruptcy Referrals

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Freddie Mac has issued its April 17th Bulletin amending several Servicing and Selling requirements. The following are changes to Freddie Mac’s Servicing requirements: Revising?the requirements for counsel eligibility to a)?Require Servicers to retain more than one law firm or trustee when making foreclosure and bankruptcy referrals in any State in which the Servicer has 250 [.]

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Under the new requirement, Fannie Mae and Freddie Mac servicers must select qualified law firms by June 1 to handle all new referrals of default-related legal services, such as foreclosures, loss.

Freddie Mac is clarifying that for a bankruptcy filing after a foreclosure sale (whether a Chapter 7, 11, 12 or 13 bankruptcy petition), the Servicer must refer the case to counsel within three Business Days of the Servicer’s receipt of notice that a petition has been filed if:

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10) For loans with mortgage insurance (MI), will a servicer need to seek MI approval for this modification? a. Yes. However, Fannie Mae has obtained delegation of authority on behalf of all servicers from some of the MI companies for this modification program. The servicer must refer to Servicing Guide F-2-07,

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Freddie Mac Pushes Out Foreclosure Timelines. Freddie Mac also said it will temporarily reimburse the cost of leaving a door hanger up to $15 per mortgage, and up to $50 per mortgage for a door knocking that results in the borrower contacting their servicer — certainly good news for companies like Titanium Solutions and the servicers.

Therefore, Freddie Mac has added new Guide Section 54.5, Prohibitions Relating to Foreclosure and Bankruptcy Referrals; freddie mac remedies for Non-Compliance, specifically prohibiting Servicers from contracting, or making arrangements, with attorneys or trustees whereby the Servicer (or its affiliate, service provider, vendor or outsourcing.