Join Date: Mar 2019
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Freddie Mac.com memo on 3.13.19
We’re eliminating many Servicer responsibilities for activities required during the REO holding period, regardless
of any confirmation or redemption period. As part of our commitment to Reimagine Servicing, we’re simplifying
processes and reducing costs for Servicers where possible. These changes will reduce post-foreclosure steps
and minimize the advancement of expenses by Servicers.
Reduced requirements for REO activities
Once the foreclosure sale is held/or a deed-in-lieu of foreclosure (DIL) is executed, the Servicer must notify
Freddie Mac of the foreclosure sale results/DIL completion via the Freddie Mac Service Loans application, no
later than the Business Day immediately following the date of the foreclosure sale or the date the executed DIL is
received. Unless the Servicer is notified otherwise, once the Servicer has completed this reporting, the Servicer
will no longer have the responsibility for the following REO activities, regardless of any confirmation or redemption.