In Brief: Freddie Mac Testing New Workout Software

Freddie Mac says it has begun testing a new software program, Workout Prospector. The program is intended to help loan servicers determine strategies for dealing with borrowers who are in default.

Phil Comeau, Freddie's vice president for loss mitigation, said the pilot would be expanded next year.

The agency introduced the program at last week's mortgage servicing conference sponsored by the Mortgage Bankers Association.

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