Magazine article Mortgage Banking

Freddie Mac Teams with Home Retention Services to Help Servicers Handle Loan Mods

Magazine article Mortgage Banking

Freddie Mac Teams with Home Retention Services to Help Servicers Handle Loan Mods

Article excerpt

On July 24, Freddie Mac announced an agreement with Home Retention Services--a wholly owned subsidiary of Stewart Lender Services Inc., Houston--to help "several regional servicers process thousands of applications for Home Affordable [Modification Program] modifications."

The agreement gives Home Retention Services the authority to assess the eligibility of delinquent borrowers with Freddie Mac-owned loans for Home Affordable modifications or other workout options. The Stewart-owned subsidiary will also process borrower financial information for review and approval by servicers.

Ingrid Beckles, senior vice president of default asset management at Freddie Mac, emphasized that borrowers should continue to call their servicer first to find out the best possible solution, given their unique circumstances. The effort is designed to help servicers deal with the massive volume of borrowers needing help that is overloading the resources of many servicers.

A release announcing the program described how it will work: "Potentially eligible borrowers identified by a participating Freddie Mac servicer will receive a letter from Freddie Mac asking them to call Home Retention Services using a proprietary toll free number. …

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