Today, we are following up on our September 18, 2009, Single-Family Seller/Servicer Guide (Guide) Bulletin to inform you that Workout Prospector® is now available for you to use when evaluating eligible borrowers for a modification under the Home Affordable Modification program (HAMP). As a reminder, on November 1, 2009, all Freddie Mac Servicers will be required to evaluate and process mortgages for HAMP in Workout Prospector or to transmit data when using your own proprietary or third-party system, and the Borrower Qualification Worksheet will be retired.

When you log on to Workout Prospector, you will be immediately prompted to the new HAMP screen. Once you enter the borrower’s information into Workout Prospector, modifications that are unable to be completed through HAMP must continue to be evaluated for other foreclosure alternatives using Workout Prospector, with the exception of short-term and long-term forbearance plans. You are also strongly encouraged to pre-screen other foreclosure alternatives using Workout Prospector, as described in the Guide, for borrowers who are not eligible for HAMP.

What You Need to Know

As you begin to use Workout Prospector for HAMP loans, consider the following:

• You must continue conducting the NPV test using the NPV Model on HMPadmin.com and manually input the test results in Workout Prospector’s TNPV field.
  
• Workout Prospector was designed to work with Internet Explorer. If you use another Web browser, you may experience technical difficulty.
  
• If you need to utilize Workout Prospector for borrowers who are neither eligible nor qualified for HAMP, you may bypass the initial HAMP workout screen by selecting “Borrower Information” from the “Go To” Menu on the left navigation menu. Please note, you cannot bypass the HAMP workout screen in Workout Prospector for eligible borrowers.

Workout Prospector Training is Available

Whether you are a new or existing user, we invite you to attend our newest Webinar, Workout Prospector – How It Works, to gain a better understanding of how to use Workout Prospector for HAMP loans. We encourage you to register today because classes are filling up quickly. If you are an existing user, and you are unable to attend our new Webinar, you can view a pre-recorded session of the Home Affordable Modification Program Workout Prospector Webinar after it is posted later this month.

We also posted two Workout Prospector users’ guides for HAMP loans to our secure HAMP Web page, which you can access using your Mortgage Servicing Products ID and password. The Workout Prospector Users’ Guide for Entering and Transmitting Data provides step-by-step instructions on how to use Workout Prospector when evaluating a borrower for a Home Affordable Modification. The second users’ guide, Workout Prospector Bulk Upload Users’ Guide, will provide you with detailed steps on how to use the bulk upload functionality in Workout Prospector.

Request Your Workout Prospector Account Information

If you still have not requested access to Workout Prospector, you must complete the online Workout Prospector registration form today. If you do not submit your request to allow sufficient time to activate your account by the effective date, you may experience a delay in your HAMP modification processing.

For More Information

• Contact your servicing representative or 800-FREDDIE.
• Review the September 18 Guide Bulletin.
• Visit Freddie Mac's Home Affordable Modification program Web page.
• Visit our Learning Center for educational resources on the Home Affordable Modification program, including Workout Prospector 

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.