Freddie Mac Single-Family Seller/Servicer Guide Section 9501.1 — Firm management and evaluation
Freddie Mac Single-Family Seller/Servicer Guide Section 9501.1 — Firm management and evaluation.
Verbatim regulatory text
Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide Section 9501.1 — Firm management and evaluation — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Freddie Mac Single-Family Seller/Servicer Guide Section 9501.1 — Firm management and evaluation
9501.1: Firm management and evaluation (09/10/25) This section contains information related to: ■ Servicer’s management of law firms for Freddie Mac Default Legal Matters ■ Review and evaluation of firms (a) Servicer’s management of law firms for Freddie Mac Default Legal Matters This chapter sets forth requirements for the Servicer’s review and evaluation, selection, retention and management of law firms (referred to throughout this chapter as “firms”) for Freddie Mac Default Legal Matters. Each Servicer is responsible for retaining firms for Freddie Mac Default Legal Matters. Freddie Mac will continue to retain firms directly for REO-related legal services: eviction, REO closing and related litigation. Note: Refer to Chapters 9401 and 9402 for more information relating to litigation. (b) Review and evaluation of firms (i) Servicer due diligence As part of its selection process, each Servicer is responsible for obtaining and evaluating documentation and information from firms and conducting due diligence to ensure that selected firms meet the requirements set forth in Section 9501.2. As part of the process, each Servicer must: ■ Obtain and review all required documentation and information submitted by each firm ■ Ensure that it selects from a pool of potentially acceptable firms that is diverse and includes minority and women-owned firms and other diverse firms when feasible; and ■ Ensure that the firm or any entity or individual performing work for the firm is not on the Freddie Mac Exclusionary List in accordance with Section 3101.1 Freddie Mac Single-Family Seller/Servicer Guide Chapter 9501 As of 09/10/25 Page 9501-2 (ii) Due diligence documentation The Servicer must provide to Freddie Mac upon request a copy of each firm’s application information and related due diligence documentation. Freddie Mac reserves the right to review the process, procedures and due diligence used by the Servicer to evaluate and select a firm. (iii)Document retention requirements The Servicer must retain all information submitted by a firm in support of the firm’s application and all information otherwise gathered by the Servicer regarding the firm. If the Servicer retains the firm to provide legal services on Freddie Mac-owned or guaranteed Mortgages, then it must retain the information for as long as the firm provides those legal services plus the longer of any retention period applicable to the Servicer or seven years. If the Servicer does not retain the firm to provide legal services on Freddie Mac-owned or guaranteed Mortgages, then it must retain the information for the longer of any retention period applicable to the Servicer or seven years.