Retirement of Workout Prospector^® and Foreclosure Sale Reporting

Workout Prospector is a web-based tool that gives Servicers the ability to analyze, structure and send foreclosure alternative recommendations to Freddie Mac electronically, or aid Servicers in exercising their delegated authority to enter foreclosure alternatives on behalf of Freddie Mac. Workout Prospector is available through a single sign-on via Servicing Gateway until December 20, 2024, when it will be retired.

Foreclosure Sale Reporting is a web-based tool that allows Servicers to report foreclosure sales, including real estate owned (REO), third-party sales, FHA/HUD/VA conveyances and deeds in lieu of foreclosure, within one business day from the date of sale or receipt of the executed deed, to begin the settlement process. Foreclosure Sale Reporting will be retired on December 20, 2024.

On December 9, 2024, the Resolve UI is being updated to process custom modifications, bankruptcy cramdowns and court-mandated modifications. With the addition of these new capabilities, Resolve, through the UI and suite of APIs, will be able to process all Freddie Mac workout options. Resolve also provides a more simple, efficient and transparent user experience, so these legacy tools are now redundant and no longer necessary.

December 9, 2024 is the mandatory effective date to begin using Resolve to process charge-offs, foreclosure sale reporting, custom modifications, deeds in lieu of foreclosure and third-party foreclosure sale settlements.

You’re encouraged to transition your processing for all Freddie Mac retention and liquidation options to Resolve as soon as you’re operationally ready. After December 9, 2024, you must not submit any workouts in Workout Prospector.

The two tools will be retired effective December 20, 2024, after which time Servicers will no longer have access.

The following are guidelines for processing new workouts and workouts in progress:

Flex Modifications^®: New evaluations submitted in Workout Prospector on or after December 1, 2024, must be resubmitted in Resolve to be processed according to the new FHFA-mandated Flex Modifications. Starting December 6, 2024, in-progress Trial Periods as well as those approved for modification and awaiting settlement in Workout Prospector will be moved to Resolve. **For court-mandated and other modification workouts in Workout Prospector, Servicers must settle them by December 6, 2024; new evaluations after that date must be submitted in Resolve.

Payment deferrals: All workout approved payment deferrals as of December 6, 2024, will be moved to Resolve. If they’re still pending review, they will be moved once in approved status. New evaluations after December 6, 2024, must be submitted via Resolve.

Deeds-in-lieu / charge-offs: To settle them in Workout Prospector, Servicers must submit a settlement request by December 6, 2024. New evaluations and those pending deed execution must be submitted or resubmitted in Resolve.

Third-party sales: The third-party sales will be moved to Resolve starting December 6, 2024; once liquidation is reported by Loan Level Reporting they will be auto settled by Resolve. After December 6, 2024, all new third-party sales must be submitted in Resolve.

On the evening of December 6, all data in Foreclosure Sale Reporting tool in Servicing Gateway will be migrated to Resolve. As of December 9, must use Resolve to process foreclosure sale reporting.

Servicers can access the submission details via the Historical Foreclosure Sale Reporting report in Resolve.

Users have the choice to access Resolve through the UI on Servicing Gateway or directly integrate with Resolve through APIs. This onboarding checklist can help.

UI: If you don’t have access to Resolve, contact your Access Manager administrator, who can set up users and assign roles. Once you have login credentials, access Resolve from Servicing Gateway under ‘My Tools’. If your organization isn’t enrolled in Access Manager, request registration to get access to various tools including Resolve through this form.

API: Visit the Resolve API webpage for an overview and follow the get started steps to get access to the Developer Portal—a key tool to implement the Resolve APIs. A Freddie Mac representative will respond to the request and assist with timing for API integration. Once the setup process is complete, you’ll receive an email with access authentication IDs and passwords. Note that API users will still need access to the Resolve UI for certain functionality. 

On December 9, 2024, the Resolve UI is being updated to process custom modifications functionality, bankruptcy cramdowns and court-mandated modifications. With the addition of these new capabilities, Resolve, through its suite of application APIs and the UI, can process all Freddie Mac relief and workout options.

For more information about the availability of workout options in Resolve, consult the product timeline.

Resolve is simple, transparent and connected. Specific benefits include:

• Decisioning, with workout eligibility options in 3-5 seconds based on Servicer input with concise and actionable messages.
• Data integration and insights, with integration via the UI or API, up to half the required data elements and workout status tracking.
• Better borrower experience, allowing you to swiftly and reliably offer mortgage assistance thanks to reduced documentation and overall touch points.
   

Visit the Resolve training page for online help, tutorials, webinars and other information, the release summary page for latest release information and the Developer Portal for API information. Users can also call the Customer Support Contact Center (800-FREDDIE).