The Obtain Credit Bid functionality is available through the Real Estate Valuation and Pricing tool in the Servicing Gateway. By entering basic data for an eligible mortgage, you are provided with a foreclosure sale bid, referred to as a credit bid, which represents the maximum amount that Freddie Mac will authorize Servicers to bid on Freddie Mac’s behalf at a foreclosure sale.

Eligible mortgages include first-lien mortgages not covered by mortgage insurance, unless Freddie Mac has delegations of authority with the Mortgage Insurer, not insured by the Federal Housing Administration, not guaranteed by the U.S. Department of Veteran Affairs or Rural Housing Service, or not otherwise subject to a credit enhancement.

How It Works

Step 1: Register for the Obtain Credit Bid functionality by requesting access from your Access Manager Admin.

Step 2: Once registered, Servicers will submit a request to Freddie Mac for the credit bid using the Obtain Credit Bid functionality.

Step 3: A credit bid will be returned with a "good through date" indicating the length of time for which the credit bid will be valid, and an estimated sale date (i.e. 45 days from the submission date).

To ensure that you have a credit bid in time for the foreclosure sale, Freddie Mac recommends that you submit a request for the credit bid no less than 30 and no more than 90 days before the scheduled sale date.

Features

  • Reduces the need to track multiple and varying foreclosure sale bidding guidelines.
  • Provides a single source for credit bids, which allows for more efficient foreclosure sales.
  • Replaces the need for a Servicer to obtain a property value to prepare foreclosure sale bids in connection with scheduled foreclosure sales for eligible mortgages.
  • Provides bulk import capabilities with validation results in a matter of minutes.

Using the Functionality

  • Access the Real Estate Valuation and Pricing tool from the Servicing Gateway
  • Click the Obtain Credit Bid tab.
  • Click Search, New Request, or Bulk Import.
  • At a minimum, enter required data fields marked with an asterisk.
  • Click Submit.

Bulk Import Capability

The bulk import feature in the Obtain Credit Bid functionality will enable you to import a single loan or multiple loans, and request a credit bid for each loan. Importing multiple loans reduces the amount of time that would otherwise be required to enter each loan manually.

You must use the file layout available on the Obtain Credit Bid – Bulk Import page , or you must match your data to the file layout. The loan data must be in either a comma separated value (.csv) or a text (.txt) format.

For More Information

  • Contact your Freddie Mac representative.