Freddie Mac rules outside the MERS-Foreclosures

Effective
1 April, servicers manage loans to Freddie Mac will no longer be allowed to
locking properties on behalf of the mortgage
Electronic registration systems (MERS). 
It was one of several changes announced yesterday dwelling by Freddie Mac
Seller/servicer Guide bulletin2011-5.

In accordance with directive Freddie "eliminated the option of Trustees or the exclusion of counsel to conduct the foreclosure on behalf of MERS. Effective from mortgages registered with MERS specific for exclusion or after April 1, 2011, Servicers must prepare an assignment of the security instrument with MERS to provide services and require the exclusion of the Advisor or Manager to lock in the name of the service and take the title in the name of Freddie Mac. " In States where required
the provision of services must also register prepared allocation; Freddie Mac will not pay
recording fees.

Using several fragments from the release, other
changes to the foreclosure and bankruptcy procedures bulletinin include ...

Exclusion of sales POSTPONMENTS: to streamline processes, Servicers are permitted to
postpone foreclosure sales scheduled after Freddie Mac Advisor designated handles
exclusion, provided that the date of the sale of newly classified is in that State
Foreclosure time lines.

Updated the requirements relating to the foreclosure and bankruptcy compensation: Freddie wants to provide foreclosure and bankruptcy related to support obligations are met in the most cost conscious, efficient manner. These amendments include the prohibition of any agreement with the
lawyers or trustees, which result in financial or other direct and indirect
compensation to servicers or partner or allowing vendors and others
the impact of the choice of counsel.

New reimbursable costs: connectivity and INVOICING: Freddie Mac now returns the Servicers for limited expenses incurred for their firms and Trustees communications and/or invoice processing systems during the process of foreclosure and bankruptcy. The provider must bill these fees directly to service, rather than a lawyer or the trustee, and the provision of the service must pay the vendor directly for these charges. No fee for the processing of communications or invoice may be transferred to the borrower, a lawyer or Manager

Property maintenance-property inspections and new reimbursable: Freddie has improved the property maintenance requirements and limits of expenditure to be refunded for abandoned properties enable Servicers complete maintenance of additional activities without our prior consent and to encourage proactive maintenance and upkeep of abandoned properties. Effective 1 June (but
encourages before that date) the provision of services must perform an inspection of the Interior
any property that was abandoned after the confirmation of the termination or
within 30 days before the scheduled sale exclusion. Checks the internal properties are now reimbursed up to a maximum of $ 20 for each inspection ($ 40 maximum aggregate amount on properties). Freddie Mac also increased
allowable charges for external checks from the maximum total amount of $ 16 for all required inspections up to a maximum of $ 10 for each required external property control, provided that such checks are completed within timeline of foreclosure State.

Interaction with State HFAs: new requirements
for the provision of services to interact with using State housing finance agencies (HFAs)
"Mortgage assistance programmes".  The requirement that the service to obtain a copy of the
any other relevant documents describing the amount and type of financial
The aid shall be granted for the borrower has been eliminated and changes have been
made until several reporting requirements to HFAs and Freddie
Mac,

Servicers
also are directed to view the details of the adjustment report (Dar) for information
the amount of detailed has Freddie Mac would be charged for
connection with the short sale payments without charge or a third party.

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