First Servicer Using Proprietary System Integrates with Freddie Mac’s Resolve® Default Management Tool

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) has announced a unique integration with Mr. Cooper, the first servicer to connect its proprietary CMOD System directly with Freddie Mac’s Resolve® default management tool using an API. This integration facilitates real-time workout decisions, streamlining loss mitigation and enhancing risk management. Mr. Cooper’s seamless experience allows faster response times and improved accuracy in handling payment deferrals and modifications. The Resolve APIs deliver quick decisions in three to five seconds, aiding servicers in better case management for distressed homeowners.

Positive

• Integration with Mr. Cooper enhances automation and digitization in mortgage processes.
• Real-time workout decisions improve loss mitigation and risk management.
• Resolve APIs provide faster decisions (3-5 seconds) aiding servicers.
• Increased accuracy in handling payment deferrals and modification requests.

Negative

• None.

MCLEAN, Va., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced the first servicer to integrate their proprietary system with Freddie Mac’s Resolve® default management tool via an application programming interface (API) is Mr. Cooper. Other servicers have integrated through their vendor platforms, but Mr. Cooper is so far unique in using its own system (CMOD System) to connect directly to Resolve.

“Freddie Mac is expanding our business-to-business solutions for direct connection to our data and decisions, providing our clients opportunities for more automation and digitization throughout the mortgage process,” said Bill Maguire, Freddie Mac vice president, Servicing Portfolio Management. “Mr. Cooper’s pioneering integration with a Resolve API offers the company real-time workout decisions for streamlined loss mitigation. Mr. Cooper now receives faster and more transparent decisions around payment deferrals and modification requests. This type of integration improves overall risk management, drives efficient settlements and an enhanced mortgage relief experience for homeowners.”

“Mr. Cooper is focused on providing our customers and team members with a seamless, friction-free experience, and our integration of the Resolve tool is supporting this effort with faster response and submission times and increased accuracy,” said Jay Jones, executive vice president of Servicing at Mr. Cooper.

Resolve integrates with various Freddie Mac data sources. The platform requires a significantly reduced dataset, eliminating the need for most data entry. Mortgage servicers deploy Resolve to receive decisions, values and workout terms derived from Freddie Mac’s Single-Family Seller/Servicer Guide. Resolve APIs return workout decisions in as little as three to five seconds.

With each decision, Resolve APIs provide dynamic and descriptive messaging to inform servicers of exactly why a loan was eligible, ineligible, or failed validation. Servicers can also view the status of submissions in an intuitive and clear interface along with any additional actions they need to take. By delivering quick, clear direction, Resolve enables servicers to shift focus towards case management and working with distressed homeowners.

For more information about Resolve APIs, visit the web page.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac, and Freddie Mac’s blog FreddieMac.com/blog.

MEDIA CONTACT: Fred Solomon
703-903-3861
Frederick_Solomon@freddiemac.com 

FAQ

What is Freddie Mac's recent announcement regarding FMCC and Mr. Cooper?

Freddie Mac announced a unique integration with Mr. Cooper, making it the first servicer to use an API to connect its CMOD System with Freddie Mac’s Resolve® default management tool.

How does the integration with Mr. Cooper benefit Freddie Mac and its services?

The integration allows for real-time workout decisions, enhancing loss mitigation and improving risk management.

What are the advantages of Freddie Mac's Resolve APIs mentioned in the press release?

The Resolve APIs enable faster decisions in as little as three to five seconds, improving response times and accuracy for servicers handling modifications.

When was the integration with Mr. Cooper announced by Freddie Mac?

The integration was announced on August 3, 2022.