Q1 & Q2 Servicing Operations Call. May 2017

Transcription

1 Q1 & Q2 Servicing Operations Call May 2017

2 Agenda Today we ll cover the following topics: Updates Reminders Best Practices Loss Mitigation Workout Settlements Investor Reporting 2017 Freddie Mac For overview purposes only 2

3 Loss Mitigation» Valuations for Liquidation Workouts 2017 Freddie Mac For overview purposes only 3

4 Q: Are you familiar with obtaining property valuations for liquidations? Green check for YES Red X for NO 2017 Freddie Mac For overview purposes only 4

5 Q: True or False There are different processes for obtaining a valuation based on workout type? Green check for TRUE Red X for FALSE 2017 Freddie Mac For overview purposes only 5

6 Loss Mitigation - Valuations for Liquidations Short Sales You must order a Brokers Price Opinion (BPO) through the Service Loans application:» Must have a minimum net proceeds dollar amount.» Must order a minimum net proceed value through Service Loans.» A BPO order will automatically launch in BPO Direct via Service Loans.» Once the valuation is complete, the minimum net proceeds will be available and populated into Workout Prospector and Service Loans Freddie Mac For overview purposes only 6

7 Loss Mitigation - Valuations for Liquidations Deeds-In-Lieu (DIL) Order the BPO via the BPO Direct:» Minimum net proceeds not required.» No action in Service Loans for DIL transactions Freddie Mac For overview purposes only 7

8 Loss Mitigation - Valuations for Liquidations Foreclosure Sale Credit Bid Requests» Must order credit bids via Service Loans.» Order a credit bid a minimum of 30 days prior to foreclosure sale date: Or, immediately after sale notification, if less than 30 days. Do not postpone a foreclosure sale.» Please reach out to shortsales@freddiemac.com for escalation assistance regarding rush requests Freddie Mac For overview purposes only 8

9 Loss Mitigation - Valuations for Liquidations Request valuations by accessing: Service Loans application (Short Sales & FCL Credit Bids) BPO Direct (Deeds-In-Lieu) 2017 Freddie Mac For overview purposes only 9

10 Loss Mitigation - Valuations for Liquidations 2017 Freddie Mac For overview purposes only 10

11 Loss Mitigation - Valuations for Liquidations 2017 Freddie Mac For overview purposes only 11

12 Loss Mitigation - Valuations for Liquidations 2017 Freddie Mac For overview purposes only 12

13 Loss Mitigation - Valuations for Liquidations 2017 Freddie Mac For overview purposes only 13

14 Loss Mitigation - Valuations for Liquidations 2017 Freddie Mac For overview purposes only 14

15 Loss Mitigation - Valuations for Liquidations 2017 Freddie Mac For overview purposes only 15

16 Loss Mitigation - Valuations for Liquidations 2017 Freddie Mac For overview purposes only 16

17 Loss Mitigation - Valuations for Liquidations 2017 Freddie Mac For overview purposes only 17

18 Loss Mitigation - Valuations for Liquidations 2017 Freddie Mac For overview purposes only 18

19 Questions? Loss Mitigation Valuations for Liquidation Workouts 2017 Freddie Mac For overview purposes only 19

20 Loss Mitigation» Assess and Avoid Late/Inaccurate Sale Reporting Compensatory Fees 2017 Freddie Mac For overview purposes only 20

21 Loss Mitigation How Fees are Assessed All foreclosure sales (including DIL) must be reported through the Service Loans application within one business day. The calculation is from the due date until the actual reporting times $100/day. The Late/Inaccurate Sale Compensatory Fee Analysis report is available on the 2 nd business day of every month:» Provides estimates for all late reporting fees for the prior month.» 2-month cycle allows for appeals prior to billing Freddie Mac For overview purposes only 21

22 Loss Mitigation How to Prevent Fees Timely reporting have a contingency plan. If a sale falls through or changes, update it quickly!» Rollbacks or third-party sale defaults are common. Use the reports available in Default Reporting Manager SM :» FC Sale Errors displays errors from the prior days reporting» FC Sales Reported Current Year displays all exception reporting year-to-date.» FC Sale Compensatory Fee Analysis Report displays all estimated and billed fees for prior month, year-to-date and prior year Freddie Mac For overview purposes only 22

23 Loss Mitigation Available Reports FC Sale Compensatory Fee Analysis Report 2017 Freddie Mac For overview purposes only 23

24 Loss Mitigation How to Appeal Fees How to appeal fees: All appeals should be submitted through the Default Fee Appeal system (DFAS). 30 day appeal window after assessment. For assistance or questions, contact 2017 Freddie Mac For overview purposes only 24

25 Loss Mitigation DFAS Submission Provide your contact information in DFAS 2017 Freddie Mac For overview purposes only 25

26 Loss Mitigation DFAS Submission Provide specific dates that actions were taken:» 106 Form (Rollback Request) submitted.» Sale confirmation.» Rollback completed.» Sales reported.» Communication with Freddie Mac. Documentation:» 106 Form.» communication(s) with Freddie Mac.» Attorney communication(s).» System notes Freddie Mac For overview purposes only 26

27 Loss Mitigation Appeal Example This appeal format clearly states dates and specific actions taken to request a rollback and re-report updated sales results.» This process is very similar to states that allow additional post sale bids, such as North Carolina and South Carolina 2017 Freddie Mac For overview purposes only 27

28 Loss Mitigation Support System Tools & Servicer Support Non-Performing Loans Servicers A-M Servicers N-Z Liquidation Workout General Mailbox Workout Settlement Support Who to contact Customer Contact Center 1(800 - FREDDIE) Angelique Smyth angelique_smyth@freddiemac.com Mia Jones mia_jones1@freddiemac.com shortsales@freddiemac.com WSO_Inquiries@FreddieMac.com 2017 Freddie Mac For overview purposes only 28

29 Questions? Loss Mitigation Late Foreclosure Sale Reporting Compensatory Fees 2017 Freddie Mac For overview purposes only 29

30 Workout Settlement» Best Practices for Flex Modifications» Other Reminders and Tips 2017 Freddie Mac For overview purposes only 30

31 Workout Settlement Flex Modification Settling Flex Modifications Approve the modification in Modification Program Approved Status in Workout Prospector and the Loan Modification Settlement list will appear: Settlement process is the same as the Standard and Streamlined Modifications. Avoid Common Mistakes» Do not use an effective date that has a different pre-mod UPB reported than what was used in the Workout Prospector solutions or Loan Modification settlement screen.» Overcapitalization of delinquent interest - take into account note rate changes from DDLPI to effective date Freddie Mac For overview purposes only 31

32 Workout Settlement Flex Modification 2017 Freddie Mac For overview purposes only 32

33 Workout Settlement Flex Modification If the you receive the below message, then your workout has been submitted for settlement: Use Workout Manager for most recent status update: Modifications Pending Update Report - catch any errors before settlement to avoid a post-settlement correction. Performance Overview Report - see the most up-to-date comments Freddie Mac For overview purposes only 33

34 Workout Settlement - Other Reminders and Tips Submitting proceeds for Liquidation workouts» Send any hazard insurance claims proceeds, or litigation settlement proceeds, via wire transfer or check to Freddie Mac regardless of whether the lien is released or not.» Include the Freddie Mac loan number and state that the funds are for charge-off recovery. Regular or First Class Mail Freddie Mac P.O. Box Dallas, TX Attn: Charge-off Recovery Overnight Mail JP Morgan Chase Dallas National Wholesale LB TX Frye Road Fort Worth, TX Attn: HomeSteps # Wire Transfer JPMorgan Chase Bank, NA Location: McLean, VA Routing #: Account #: Freddie Mac For overview purposes only 34

35 Workout Settlement - Other Reminders and Tips Where s my DAR Credit? Detail Adjustment Report (DAR) If a loan is missing a Date Settled date or DAR credit:» Confirm the workout was submitted for settlement through Workout Prospector.» Review reports in Workout Manager ( Total Deals Settled, Approved, and Rejected ) to verify if a loan settled and has a GA date. For Third-Party Foreclosure Sales:» Submit for settlement after your Investor Reporting team confirms that Freddie Mac accepted the payoff (71) transaction Freddie Mac For overview purposes only 35

36 Workout Settlement - Other Reminders and Tips To avoid compatibility issues, use Internet Explorer with Workout Prospector. Visit the Workout Settlements Web Page. Visit the Flex Modification reference page Web Page. Review the 2017 Due Date Calendar for monthly reporting and remitting to confirm the day on which we process your modifications. WSO_Inquiries@FreddieMac.com for help with:» Settling an approved workout after using Workout Manager.» Resolving a settlement defect after using Workout Manager.» Requesting release of settlement screen to resubmit defected modifications Freddie Mac For overview purposes only 36

37 Questions? Workout Settlement 2017 Freddie Mac For overview purposes only 37

38 Investor Reporting» Document Execution Best Practices» Service Loans Application Update» Form 981 Signature Process Reminder» Investor Reporting Change Initiative Reminder 2017 Freddie Mac For overview purposes only 38

39 Investor Reporting - Document Execution Document Execution Best Practices: Send a copy of the mortgage (not the entire report) with your document request. Send a copy of the assignment or title page indicating an open mortgage with Freddie Mac. Ensure the document is legible. Provide contact information on the request. Send via (preferred). Provide access codes for secured s. MERS documents should be properly referenced whenever its name may appear (e.g. recorded document). Mortgage Electronic Registration Systems, Inc. Mortgage Electronic Registration Systems, Inc., as nominee for (insert original lender), its successors and assigns Freddie Mac For overview purposes only 39

40 Investor Reporting - Document Execution You can find all the requirements for the Document Execution Request Form here. Typically, there is a ten business day turnaround on all requests (rush cases can be accommodated) Please include all supporting documents and the document to be executed in one to FMMDM@freddiemac.com. NOTE: Incomplete requests are not kept on file. Freddie Mac will execute the document and will deliver the document via U.S. mail. If you want express delivery, include the delivery label in the . If you choose to mail the documents, the address is: Freddie Mac Attn: Document Execution 8200 Jones Branch Drive Mclean, VA Freddie Mac For overview purposes only 40

41 Investor Reporting SLA Update Service Loans Application Update Future enhancement end of June 2017: Easier navigation in Service Loans. Access will be granted by your Seller/Servicer number vs. your Organization Unit. The change will discontinue the Org Unit dropdown. You ll be able to access all your Seller/Servicer numbers from the Servicer No dropdown with the corresponding Org Unit name to the right of the number Freddie Mac For overview purposes only 41

42 Investor Reporting SLA Update Current View Future View 2017 Freddie Mac For overview purposes only 42

43 Investor Reporting - Form 981 Form 981: Agreement for Subsequent Transfer of Servicing of Single- Family Mortgages: Begin using June 1, Complete, e-sign, save and the electronic form to transferofservicing@freddiemac.com (submissions only, no correspondence).» Tip: Download Adobe Acrobat Reader to electronically sign Form 981.» Tip: Use the latest version of java script. You ll receive an acknowledging receipt of the Form 981. Need help?» Review the Form 981 job aid.» Contact a Transfer of Servicing representative at tos@freddiemac.com Freddie Mac For overview purposes only 43

44 Investor Reporting Change Initiative Reminders:» Check the Investor Reporting Change Initiative web page.» Review resources and recent announcements.» Coming Soon Customer Test Strategy Freddie Mac For overview purposes only 44

45 Questions? 2017 Freddie Mac For overview purposes only 45