Freddie Mac Revising Tiers
Freddie Mac plans to make more revisions to its servicer performance profiles, a company executive told attendees at the Western States Loan Servicing Conference here.
Beth Luth, manager of customer relations at Freddie Mac, said servicers continue to perform well on the four-tier ranking system as 98.7% of Freddie Mac's performing loans and 93.8% of nonperforming loans were serviced by companies that received a tier-one or tier-two ranking from the secondary market agency.
The changes that are in the works include a new data integrity requirement and new calculations centered around repayment plans, she said.
"Nothing stands still. Freddie Mac continues to raise the bar," she said.
In addition, she said Freddie Mac has released version 5.0 of its Early Indicator default management software. She said 60 Freddie Mac servicers accounting for half of the company's mortgage debt outstanding use the technology.
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