Workout Prospector
Analyze and Structure Foreclosure Alternatives with Confidence
Workout Prospector® helps you analyze and structure foreclosure alternatives on your Freddie Mac loans with confidence, so that you can reduce costs and often help borrowers become long-term homeowners. Available online, Workout Prospector enables you to access specific loan information from our database. By entering a Freddie Mac loan number and other data, Workout Prospector will help you select the most viable foreclosure alternative, such as a loan modification, short sale, or deed-in-lieu of foreclosure.
Key Features
- Accesses data from our database to help you structure foreclosure alternatives
- Import/export capability lets users employ a batch process to transmit data, with notification in a matter of minutes
Servicer Benefits
Workout Prospector has a proven record of success with more than 75,000 successfully completed transactions. Workout Prospector can:
- Expedite the analysis and delivery of workouts
- Help reduce credit losses from defaulted mortgages
- Import/export information in a batch process to transmit data on more than one potential workout at a time. You receive notification in a matter of minutes about the success of your transmission, and know whether any data was incorrect or missing.
- Enable you, your outsourcing companies, and mortgage insurers to monitor and review all of your Freddie Mac-owned and non-Freddie Mac-owned mortgages in potential or actual workout status through online reports.
- Enable delegated users under our Servicer Certification Program to expedite the automatic workout approval process.
Borrower Benefits
Like our commitment to making affordable mortgage credit available in all communities at all times, Freddie Mac is committed to helping borrowers sustain homeownership and avoid preventable losses. One of the ways we deliver on that commitment is by developing cutting-edge management tools that enable Servicers to work effectively with defaulted borrowers. Workout Prospector helps you choose the most feasible foreclosure alternatives, which in turn helps more borrowers retain their homes and avoid foreclosure.
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