Freddie Mac Investor Reporting Change Initiative (IRCI) Update
As you know, Freddie Mac has been working on an industry-wide initiative to more closely align 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.
As promised, here is a status update:
- Freddie Mac IRCI Timeline:
Wave 2 of Customer Integration Testing is under way. Freddie Mac, our third-party vendor and Cenlar are on schedule with the timeline.
- Form 1132A – Authorization for Automatic Transfer of Funds from a Principal and Interest Custodial Account Through the Automated Clearing House (ACH):
With IRCI, servicers will no longer be remitting to Freddie Mac using Global Payments Inc., therefore this new form is necessary to allow Freddie Mac to initiate remittances from the designated custodial account. Cenlar will assist with the completion of the form 1132A. In order to begin the process, please provide Merian Mercado (mdmercado@cenlar.com) with contact information of the individual from your organization who will be assisting Cenlar with this process. Once the applicable information on the form has been completed by Cenlar, a completed copy of the Form 1132A will be provided to you within 10 business days. The form must be signed by an individual listed on the Certificate of Incumbency and notarized. Upon execution of the document, please submit the form to Freddie Mac via email (cashcollections@freddiemac.com) and cc Merian Mercado as noted above.
- New Reports:
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.
For more information on Freddie Mac’s initiative, please go to:
http://www.freddiemac.com/singlefamily/service/investor_reporting_changes.html