As you know, Freddie Mac has been working on an industry-wide initiative to more closely align its remitting and reporting requirements with the industry standard, and Cenlar is dedicated to making this a smooth transition for our clients. We have a project management team assigned to this initiative who will actively engage all impacted areas to prepare for the change.
Freddie Mac IRCI Timeline:
Freddie Mac, our third-party vendor and Cenlar are on schedule with the timeline. Testing with Freddie Mac is going well and key Cenlar staff have registered for upcoming in-class training scheduled for the first quarter of 2019.
Transfer of Servicing (TOS) Moratorium:
As a reminder, Transfer of Servicing (TOS) will be restricted for three months during cutover. Freddie Mac will not approve TOS requests with an effective date of April 16, 2019, May 16, 2019, or June 1, 2019. On and after May 13, 2019, Servicers can submit TOS requests with an effective date of July 1, 2019. Concurrent TOS will not be impacted by the implementation of the Investor Reporting initiative. For more information, please refer to the Single-Family Seller/Servicer Guide Bulletin 2017-15: http://www.freddiemac.com/singlefamily/guide/bulletins/pdf/bll1715.pdf
As a result of this anticipated IRCI change, the reports you receive today will either be revised or replaced by new reports. We are working to make this a seamless transition for you and will continue to keep you updated as we know more about these changes.