Freddie Mac Workout Prospector® Enhancements for HAMP
March 19th, 2010
Freddie Mac has issued a release titled,
Workout Prospector® Enhancements for HAMP.
Workout Prospector® Enhancements for HAMP March 16, 2010
On Saturday, March 20, 2010, we will make enhancements to Workout Prospector® in an effort to provide Servicers with improved functionality when evaluating borrowers for a modification under the Home Affordable Modification program (HAMP).
With this upgrade, we will:
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Align with HAMP permanent waiver #20091203 by eliminating the 25 percent restart requirement for stated income Trial Periods. If a borrower's verified income exceeds the initial stated income used to qualify them for a Trial Period by more than 25 percent, you will no longer need to override the borrower's data in Workout Prospector using the steps provided in our December 16, 2009, e-mail. As a result, we inactivated reject reason code 026 Payment Adjustment for the Draft-Borrower Declined Terms/Ineligible status.
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Update the bulk upload functionality to include the hardship reasons for imminent default. If you use the bulk upload function for loans that are in imminent default, and an imminent default hardship reason is required, you will no longer need to go into each of the applicable loans in Workout Prospector after they are uploaded and manually select the corresponding imminent default hardship reason before running the waterfall. In addition, if the message "Invalid Imminent Default Hardship Reason code" appears in the detailed results file, the hardship reason you uploaded is not equal to 001, 002, 003, or 004. If you do not upload a hardship reason for imminent default loans when required, the message "There is no value for this field" will appear in the detail results file for .CSV file formats, and "Detail line layout not proper" will appear for .TAG file formats.
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The Bulk Upload Specifications (Version 1.7) and Bulk Upload Users' Guide have been updated to align with this feature. You may access them on the secure HAMP Web page by using your Mortgage Servicing Products ID and password.
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Add a new error message for the Current UPB, Current Interest Rate, Current P&I, Property Value, and Original Interest Rate fields. The error message "Please enter a valid positive number greater than zero" will appear if you enter a value that is not greater than zero.
Workout Prospector will be operating on normal business hours while we make these upgrades. The normal hours of operation are Monday through Saturday from 7 a.m. to 11 p.m. (ET) and Sunday from 9 a.m. to 11 p.m. (ET).
If you have any questions about these Workout Prospector enhancements, please contact your servicing representative or 800-FREDDIE.
To view the online release, please click here
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