Freddie Mac Workout Prospector Now Recognizes Imminent Default Evaluations
Freddie Mac announced an addition to the Workout Prospector that now allows it to capture imminent default evaluations for the Freddie Mac Flex Modification, according to a recent press release from the company.
The company revealed that the new approach would replace the Imminent Default Indicator tool as an upgrade to the mortgage process.
"You can begin using Workout Prospector today for data submissions and reporting new imminent default evaluation requirements to Freddie Mac," according to Freddie Mac.
"On and after July 1, when we retire Imminent Default Indicator, you must use Workout Prospector for new data submissions and reporting imminent default evaluation requirements to Freddie Mac. We strongly encourage you to implement these new imminent default evaluation requirements as soon as you’re able to do so."
The company has also included some breakdown of the tool in its most recent servicer guide bulletin. For more information on the new addition to the Workout Prospector, click on the image above.
