Freddie Mac adding more features to digital servicing platform
Freddie Mac has rolled out another round of changes to its Servicing Gateway technology portal.
The government-sponsored enterprise's seller/servicer guide is now integrated into the platform. Freddie also made changes designed to improve the readability of loan-level reporting it provides.
In addition, Freddie has announced plans to add two automated tools to Servicing Gateway in October. One of these tools is used to electronically transmit bills to servicers. The other, BPO Direct, is used for ordering broker price opinions and automated valuation models.
Freddie Mac has been at work on improvements to automation used to handle borrower payments and related functions since 2019 when it launched its Reimagine Servicing initiative.
Reimagine Servicing is a three-year plan that calls for Freddie to address more than one dozen pain points that mortgage companies face in this area.
Freddie's original intention in starting Reimagine Servicing last year was to improve processing while delinquencies were low, in preparation for the next cyclical downturn.
The move proved prescient given the arrival of that downturn the following March, when the spread of the coronavirus in the United States slowed business, caused loan forbearance rates to rise, and created more of a need for digital tools.
There is some hope that the increase in distressed loans at the GSEs could be short lived.
The Mortgage Bankers Association on Monday recorded the 14thconsecutive weekly decline in Freddie Mac and Fannie Mae forbearance rates. The share of Fannie and Freddie loans in forbearance is now 4.65%, which marks a 15-basis-point decline from the previous week, according to the MBA's survey.