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Published byDevan Dorey
Modified about 1 year ago
Payoff Process Enhancements May 2014
© Freddie Mac 2 Overview of changes Yield Maintenance (YM) calculation standardized Allows more flexibility for Yield Maintenance payoffs with unscheduled date changes Improve timelines of payoff exceptions Extended Prepayment Option
© Freddie Mac 3 Payoff Calculation Standardization Freddie Mac has 2 different Yield Maintenance Riders (7/93 or 9/96) Effective June 2, 2014,Yield Maintenance calculation will be standardized with industry standards Utilizing the 9/96 Rider or Standard Calculation starts with the first of the month following the date of the Note until the end of the Yield Maintenance period (full months - not partial) No change to the calculation – Only 9/96 option available The 7/93 option should no longer be utilized effective June 2, 2014
© Freddie Mac 4 MF Multisuite Yield Maintenance Calculator
© Freddie Mac 5 Yield Maintenance Calculator - Rider Change »Rider selection –No change to calculation Yield Maintenance Type »“9/96” Only Option
© Freddie Mac 6 Yield Maintenance Calculator – Remaining Term Example »Remaining YM Period - Full Months
© Freddie Mac 7 Extended Prepayment Option
© Freddie Mac 8 Payoff Date Changes - Flexibility Extended Prepayment Option »Borrower submits Request to Payoff mortgage to Servicer »Servicer presents extended prepayment option to Borrower and provides the Borrower Authorization form »Borrower initials and signs the Borrower Authorization form and returns to Servicer
© Freddie Mac 9 Borrower Authorization Form Form must be initialed and signed by the Borrower; then returned to the Servicer Servicer must maintain the original executed form
© Freddie Mac 10 Extended Option payoff request Servicer completes the new “Loan Payoff Notice” New Section “Extended Payoff” added to the Loan Payoff Notice »This section is completed if the Extended Prepayment Option has been accepted by the borrower prior to submitting the request to Freddie Mac Servicer completes the Extended Payoff section »Extended payoff quote expiration must be populated Servicer uploads the completed “Loan Payoff Notice” to DMS
© Freddie Mac 11 New Loan Payoff Notice
© Freddie Mac 12 Payoff Expiration Date Scenario’s Scenario 1 »Loan scheduled to payoff March 3, 2014 »Extended payoff Quote Expiration - March 10, 2014 Scenario 2 »Loan scheduled to payoff March 24, 2014 »Extended payoff Quote Expiration - March 31, 2014 Scenario 3 * »Loan scheduled to payoff March 26, 2014 »Extended payoff Quote Expiration - March 31, 2014 *If scheduled payoff is < less than 5 Business days before the last business day of the month, the quote expiration date must be the last business day of the month
© Freddie Mac 13 Summary Effective June 2, 2014 »Use standardized calculation for all payoffs (9/96 method) »Utilize the new “Loan Payoff Notice” form »Offer the extended payoff option to borrowers »Maintain original borrower authorization Questions? »Contact your payoff representative
© Freddie Mac 14 Payoff Team NameDesignation Contact Number Carl McLaughlin Loan Servicing Director Sherry Stanard MF Loan Accounting Manager Felicia HicksTeam Lead Marcus ValentineTeam Lead Winston BurrowsSenior Payoff Mailbox:
© Freddie Mac 15 Thank you. Any Questions?
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