Understanding Freddie Mac’s Hours of Operation

Freddie Mac is a major player in the U.S. mortgage industry. As one of the nation’s largest sources of home mortgage funding, it’s important for mortgage lenders realtors and homeowners to understand Freddie Mac’s hours of operation. This ensures you can access their services and systems when needed.

Overview of Freddie Mac

For those less familiar, Freddie Mac (also known as the Federal Home Loan Mortgage Corporation) is a government-sponsored enterprise that purchases and guarantees mortgages from lenders. This provides lenders with capital to offer more mortgages to homebuyers. Essentially, Freddie Mac keeps mortgage money flowing

The company was founded in 1970 to help expand opportunities for homeownership and rental housing. Today, Freddie Mac supports over $2 trillion in mortgages and plays a crucial role in housing finance.

While Freddie Mac doesn’t offer mortgages directly to consumers, it works with lenders to provide funding and mortgage products. It also offers various services and tools for lenders, such as underwriting software.

Key Players Who Interact with Freddie Mac

There are several key players in the mortgage industry who regularly interact with and rely on Freddie Mac systems and services:

• Mortgage lenders – Banks, credit unions, and mortgage companies that originate loans and sell them to Freddie Mac. They depend on Freddie Mac’s underwriting, pricing, and delivery systems.

• Loan servicers – Companies that collect mortgage payments and handle customer service. They use Freddie Mac’s servicing and default management systems.

• Real estate agents – Depend on Freddie Mac’s automated underwriting systems for pre-approvals. This helps buyers submit stronger offers.

• Appraisers – Use Freddie Mac tools to manage and submit appraisals. Appraisals are required for loans sold to Freddie Mac.

• Homeowners – While they don’t interact with Freddie Mac directly, its hours impact services like loan modifications from their mortgage servicer.

Overview of Freddie Mac’s Hours

Freddie Mac has different hours for various systems and services it provides:

• Customer Service – Phone support is available on weekdays from 8am to 7pm Eastern. Closed weekends.

• Loan Advisor Systems – Automated underwriting systems like Loan Product Advisor have extended hours – 5:30am to 2am Eastern on weekdays, reduced weekend hours.

• Selling & Delivery – For delivering loan data and selling loans. Weekday hours range from 8am to 2am Eastern depending on system. Closed weekends.

• Servicing Systems – For servicers to manage existing mortgages. Most servicing systems available 24/7. Some phone support weekdays only.

• Cash Desk – For loan funding. Open 8:15am to around 5pm Eastern on regular weekdays. Closes early on holidays and weekends.

While core weekday business hours for Freddie Mac are 8am to 5pm Eastern, many automated mortgage systems have longer hours to support different time zones and workflows. Phone support varies.

Let’s take a closer look at the hours for key Freddie Mac services.

Loan Origination Systems and Tools

For lenders originating mortgages, Freddie Mac offers several automated underwriting systems and tools to streamline the process. Many are available nearly 24 hours:

• Loan Product Advisor – Freddie Mac’s core automated underwriting system. Available 5:30am to 2am Eastern weekdays and limited weekend hours. Provides loan eligibility decisions in seconds.

• Loan Collateral Advisor – Evaluates appraisal quality and data accuracy. Available 24/7.

• Condo Project Advisor – Assesses eligibility of condo projects. Available 5:30am to 11pm Eastern daily.

• Loan Quality Advisor – Identifies data issues on loans headed to Freddie Mac. Available 5:30am to 2am Eastern weekdays and limited weekends.

Having automated systems available outside regular business hours allows lenders to keep mortgage origination workflows moving flexibly. Loan officers can start early, work late, or work weekends as needed.

Hours for Selling Loans and Delivering Data

Once loans are closed, lenders need to sell them to Freddie Mac and deliver loan data. Key systems and processes include:

• Loan Selling Advisor – Used to sell loans to Freddie Mac and obtain pricing. Weekday hours are 8am to around 5pm Eastern for cash and mandatory contracts. Later for best efforts.

• Loan Closing Advisor – Supports data delivery for loans sold to Freddie Mac. Available 5:30am to 2am Eastern on weekdays and limited weekend hours.

• Loan Delivery – Process of submitting loan data and documents to Freddie Mac. Generally cutoffs range from 12pm to 7pm Eastern for same-day delivery.

Getting loans sold and delivered to Freddie Mac is extremely time-sensitive. Having expanded hours for delivery systems ensures lenders can meet deadlines and keep funds flowing.

Servicing and Default Management Systems

After loans are sold, servicers use Freddie Mac systems to manage payments, defaults, modifications, and more throughout the life of the mortgage:

• Servicer Performance Profile (SPP) – Tracks servicer performance data. Available 24/7.

• EarlyCheck – Helps servicers identify default risk early. Available 24/7.

• Resolve – Supports workout options and foreclosure processes. Available weekdays 9am to 5pm Eastern.

• Loan Coverage Advisor – Ensures accurate mortgage insurance coverage. Available 24/7.

While some servicing systems are always available, specific support teams for servicers generally operate during regular business hours. But expanded hours allow servicers to monitor loans and act swiftly when needed.

Funding, Cash Desk & Settlement Hours

A final key component is the funding process, which allows lenders to obtain proceeds from sold mortgages:

• Cash Desk – Handles loan funding for “cash” (mandatory) contracts. Open weekdays 8:15am to around 2pm to 5pm Eastern. Closes early some days.

• settlements – For “guarantor” (best efforts) contracts. Typically 8:15am to around 5pm Eastern weekdays.

• Wires – Funds wired same-day if initiated by cutoff (usually 2pm Eastern).

The earlier funding cutoffs allow lenders to get wired proceeds on the same business day, keeping cash flow efficient.

Holiday and Weekend Hours

While Freddie Mac’s core hours are weekdays, many systems remain available on weekends and holidays. However, there are some closures to note:

• Customer service and most phone support closed weekends and major holidays.

• Loan Advisor origination systems open holidays and weekends but support unavailable.

• Loan Selling Advisor closed major holidays. Weekends open but manual intervention not available.

• Cash Desk funding and settlement often close early day before holidays. Closed major holidays.

• Delivery cutoffs often earlier day before holidays.

So while automated systems stay available for lenders and servicers, holidays do impact support teams and certain processes. Knowing the schedule helps manage expectations.

Why Freddie Mac Hours Matter

Freddie Mac’s hours allow lenders, servicers, and other partners to optimize workflows and access systems conveniently:

• Originate and underwrite loans efficiently with near 24/7 automated systems.

• Meet delivery deadlines and avoid delays selling loans.

• Act quickly as needed to help defaulted borrowers based on around-the-clock loan data.

• Obtain funding on mortgages quickly and keep cash moving.

Understanding the hours for critical systems ensures you can access them conveniently when needed as a Freddie Mac partner. Even though its technical hours of operation are nearly 24/7, you can only get live support during core business hours. Planning ahead for holidays and weekends is also key.

In Summary

As a major force in mortgage financing, Freddie Mac’s hours impact many industry professionals. While phone support is limited, loan origination, delivery, servicing, and funding systems are available nearly continuously. This allows flexible workflows to keep mortgages moving quickly. Understanding the intricacies of Freddie Mac’s hours helps optimize your business activities, meet deadlines, and avoid surprises. Check Freddie Mac’s website for up-to-date hours around holidays and weekends to ensure access to the tools you need, when you need them.