Freddie to Door Knock Deliquent Borrowers
Freddie Mac (FRE) contracted a third-party servicer to go to the homes of delinquent borrowers to get the missing information and documentation necessary to start three-month long trial repayments under the Home Affordable Modification Program (HAMP). Titanium Solutions will head to the homes of delinquent borrowers of Freddie Mac-owned mortgages who haven’t returned servicer letters or phone calls, as well as those needing to finalize HAMP modifications. “By meeting with our borrowers, one on one, Titanium Solutions can help them overcome the roadblocks keeping them from starting their Home Affordable Modification trial periods,” said Ingrid Beckles, Freddie Mac senior vice president, default asset management. “We believe this can give borrowers seeking Home Affordable Modifications the same type of personalized guidance they may have had when they were buying their home or applying for their mortgage,” she added. As a fraud prevention measure, Titanium representatives will not be allowed to accept mortgage payments or any other money from borrowers, Freddie Mac said. Representatives will also carry a copy of the solicitation letter the borrower initially received from their servicer, which contains unique information about the borrower’s loan. As HousingWire reported in its August edition, door knocking is becoming increasingly popular with servicers looking to make contact with and engage borrowers when other methods of contact are unsuccessful. In addition to the door-to-door campaign, Freddie Mac sends representatives to foreclosure mediation events put on by the Treasury Department and hired Home Retention Services, a subsidiary of Stewart Lender Services, to process the backlog of modification applications from distressed borrowers with Freddie Mac mortgages. Write to Austin Kilgore.