DS News

11 "We're encouraging Servicers to really lean in with technology, particularly default management tools, and to use technology to its full capacity. This enables them to maximize efficiencies and provide faster mortgage relief to homeowners." if home retention is not viable for the homeowner—even an option of selling the home. And in many cases, the borrower is able to tap into equity that they've accrued during this time, which is so important. Of course, the goal is always to be able to achieve sustainable homeownership. e third item is technology. We're encouraging Servicers to really lean in with technology, particularly default management tools, and to use technology to its full capacity. is enables them to maximize efficiencies and provide faster mortgage relief to homeowners. Since the last time we talked [in June 2021], we've seen huge success with borrowers being able to come off forbearance and back to current. In fact, we've seen roughly 800,000 borrowers use forbearance during this pandemic, and we've seen over 80% of them now become current on their loans. Now, we still have a lot ahead of us. e remaining 20% of borrowers who are not yet back on their feet: we're monitoring that closely. It's important for those borrowers to understand there are resources available to them. We also know that we're not through this pandemic. So, to the extent that borrowers have needs, I encourage them to contact their servicer and work with them to understand the options that are available for mortgage relief. Could you expand a bit on some of the tools that Freddie Mac is offering Servicers to help them assist their customers, the homeowners? roughout the pandemic—and even before the pandemic—we've kept to our commitment to Reimagine Servicing®. is is a huge dedication that has allowed Freddie Mac to invest in the tools, resources, policies, and processes to be able to make servicing more efficient, especially in times of need. Especially during the pandemic, as well as through natural disasters that can occur. Let me give two examples of that. First, we're speeding up mortgage resolution with a tool called Resolve®. Resolve is our new default management platform that continues to expand capabilities. It has an integration option where Servicers can get real-time workout eligibility decisions, which is unprecedented in this industry. With Resolve, it's about removing manual data entry through automation and placing a greater focus on data versus paperwork. Ultimately, the homeowner benefits because the Servicer can provide assistance much faster and with less documentation. We're also improving efficiency of expense reimbursement through a tool called PAID. PAID stands for Payments Automated Intelligent and Dynamic. With a name like that, there's a lot to live up to, but we believe this tool does it. Servicers need to be able to keep cash flowing and not get bogged down with too many steps waiting on payments. Now, Servicers have a new way to get reimbursed for servicing Freddie Mac loans. PAID allows Servicers to submit and view expenses and get their status updated in real time. It also has intelligent workflow design and oversight. We're not done yet; there's more on our roadmap. I invite Servicers to see what's ahead and hear from some of our early adopters. We're committed to collaborating with our clients and providing solutions that help them thrive. ere's more information that can be found by visiting our website at sf.freddiemac.com/reimagineservicing. @DSNEWSDAILY DS NEWS @DSNEWSDAILY FOLLOW. LIKE. RETWEET. REPEAT. Engage with DS News on social media to put the latest default servicing news, content, and strategies at your fingertips.

• Cover