""Freddie Mac"":http://www.freddiemac.com/ announced its new ""Freddie Mac Servicing Success Program"":http://www.freddiemac.com/sell/guide/bulletins/pdf/bll1113.pdf Monday. The program features two major components - the Servicer Success Scorecard and the Servicer Success File Reviews - designed to further the GSE's efforts to track and recognize ""servicing excellence.""
The Servicer Success Scorecard delineates new expectations based on Investor Reporting and Remitting Default Management.
[IMAGE] [COLUMN_BREAK]The new scorecard is geared toward measurement of some of the major objectives set forth in the Servicing Alignment Initiative, such as early and frequent contact with borrowers.
Freddie Mac's new scorecard replaces the former tier-rating structure with performance rankings that measures servicers' success relative to one another.
The second component of the program, the Servicer Success File Reviews, will identify potential challenges with servicers' loss-mitigation actions.
The Freddie Mac Servicing Success Program is effective August 1, and servicers will be able to access their new scorecard on Freddie Mac's Servicer Performance Portfolio website October 7.
Freddie Mac will soon be implementing another component of the program, Servicer Success Rewards and Remedies, which will implement new benchmarks, metrics, and incentives pertaining to the Servicing Alignment Initiative.
Freddie Mac's Single-Family Seller/Servicer Guide Bulletin also includes guidance on submitting proxy credit scores for the Home Affordable Modification Program's (HAMP) Net Present Value.