Freddie Mac Single-Family Seller/Servicer Guide 9204.2 — Processing and documentation for workout recommendations
Freddie Mac Single-Family Seller/Servicer Guide section 9204.2 — Processing and documentation for workout recommendations. Full verbatim section text, substring-verified against snapshot 5869ee9e606cd4ae.
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Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide 9204.2 — Processing and documentation for workout recommendations — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Freddie Mac Single-Family Seller/Servicer Guide 9204.2 — Processing and documentation for workout recommendations
This section contains requirements related to: ■ Steps for processing a workout recommendation ■ Borrower documentation for workout options (a) Steps for processing a workout recommendation (i) Steps for completing a workout The following are the required steps for completing a workout: 1. The Servicer must collect and analyze the required documentation and information in accordance with this chapter and Chapter 9202 2. If the Servicer does not have delegated authority to approve the workout, the Servicer must submit the required documentation and its recommendation to Freddie Mac for review through Resolve®. Freddie Mac will review the documentation and the Servicer’s recommendation and advise the Servicer of its decision. The Servicer must ensure that all approval conditions are met. 3. If the Servicer does have delegated authority to approve the workout, the Servicer must evaluate the Borrower and process the workout in accordance with the Guide and other Purchase Documents 4. The Servicer must perform all activities required for closing a workout within Freddie Mac’s required time frames Closing a workout is the process to complete a workout transaction. Closing includes a settlement transaction (if applicable), recording any required documents with the appropriate government jurisdiction, timely and accurately reporting the transaction to Freddie Mac, remitting all funds collected as part of the workout to Freddie Mac and ensuring that Freddie Mac receives the Servicer’s request for reimbursement of any allowable expenses within 30 days of the settlement date. In addition to the steps described above, the Servicer must comply with the following requirements when submitting a workout solution via Resolve for settlement, regardless of whether the workout was approved under the Servicer’s delegated authority or approved by Freddie Mac through the exception process. (b) Borrower documentation for workout options Generally, all Borrowers must submit a complete Borrower Response Package in order to be considered for a workout option under this chapter unless otherwise specified. Section 9102.5 describes the contents of a Borrower Response Package.
Operationalizing Freddie Mac Single-Family Seller/Servicer Guide 9204.2 — Processing and documentation for workout recommendations
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Source of record: https://claudeforcompliance.com/regs/fhlmc-9204-2/
· register fhlmc-9204-2 · Claude for Compliance. Free to read and download;
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