Freddie Mac Servicing Technology News
June 21st, 2010
Freddie Mac issued a Announcement titled, Imminent Default Indicator Enhancements and Important Reminder.
This past weekend, we made enhancements to Imminent Default IndicatorTM in an effort to provide you with improved functionality for determining imminent default when evaluating a borrower for the Home Affordable Modification program (HAMP). We also updated the Imminent Default Indicator technical specifications, users' guide, and input template to reflect these system changes and provide additional clarification on how to populate certain input file fields.
With these enhancements, we:
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Reversed the mandatory/non-mandatory designation of input file field 21,‘OccupCode’ and field 32, 'CurrOccupStatusCode,' so that error code 315 will appear less frequently. Field 32 is now mandatory, while field 21 is no longer mandatory. If necessary, Servicers must update their code for these fields by Tuesday, September 21, 2010, in order to populate the input file with data according to version 2.0 of the technical specifications and the updated users' guide.
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Updated the 'Current Debt-to-Income Ratio (DTI)' field, input file field 31, to allow for higher DTI values, which will better accommodate a borrower's current financial situation when determining the likelihood of default. Please refer to version 2.0 of the technical specifications and the updated users' guide.
Important Reminder for Populating the 'Investor Code' Field
The 'Investor Code' field, input file field 19, must only be populated with the Freddie Mac option (input value of 2) because only Freddie Mac loans should be run through the Imminent Default Indicator model available on our Servicing Technology Tools Web page. With the system enhancements we made this past weekend, non-Freddie Mac loans will no longer be scored by the Imminent Default Indicator model hosted by Freddie Mac.
Imminent Default Indicator Resources
We encourage you to review the following updated resources that can be found on our secure HAMP Web page:
- Imminent Default Indicator Technical Specifications Version 2.0
- Imminent Default Indicator Users' Guide
- Imminent Default Indicator File Upload Microsoft Excel Template
If you have any questions about these enhancements, please contact your servicing representative or 800-FREDDIE.
To view the online Announcement, please click here
About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 700 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.