| Title: | Freddie Mac Issues Seller / Servicer Bulletin 2008-02 |
| Source: | Freddie Mac |
| Date: | 4/17/2008 |
|  Related Document(s): |
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Summary:
With this Bulletin, Feddie Mac making the following changes to our selling requirements:
- Updating Form 1077, Uniform Underwriting and Transmittal Summary, to include the revised Condominium Project classification
system announced in our special December 21, 2007 Bulletin and revising the delivery requirements for Condominium Unit Mortgages
to correspond to the classification system used in Form 1077
- Moving special characteristics codes (SCCs) to a new exhibit in Form 11, Mortgage Submission Schedule, and Form 13SF, Mortgage
Submission Voucher. The exhibit organizes the SCCs numerically and by topic.
- Adding guidance regarding completing the Monthly Housing Expense and Monthly Debt Payment fields on Form 11 and Form 13SF
Freddie Mac is making the following changes to our Servicing requirements: Revising our requirements for counsel eligibility
to:
- 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 or more Freddie Mac foreclosure and bankruptcy referrals in a calendar year
- Require Servicers to develop a contingency plan for redirecting foreclosure and bankruptcy referrals in the event a law firm
or trustee with whom they currently conduct business is unable to accept new referrals
- Require Servicers to consider additional factors, such as firm reputation, when selecting a law firm to handle foreclosures
and bankruptcies
- Provide additional guidance regarding selection of bankruptcy counsel
- Reinforcing the requirement that Servicers notify the property insurer of certain actions affecting insured property and take
any other necessary actions in accordance with the conditions of the standard mortgage clause
To view these and addtional changes contained in Bulletin 2008-02 see Related Documents