Freddie Mac Extends Deadline for Servicer Law Firm Selection, Retention Requirements

Freddie Mac Mortgage Servicing

On May 28, Freddie Mac issued Bulletin 2013-9, which extends for two months the date by which servicers must adhere to certain new requirements related to the management of law firms for default servicing, bankruptcies, and related litigation. Servicers now have until August 1, 2013 to comply with the changes related to selection and retention of firms, firm minimum requirements, training and contracting, referral of default-related legal matters, prohibitions, and use of connectivity and invoice-processing systems.