Freddie Mac Sells NPLs To GCAT Management Services

Posted by Patrick Barnard on March 27, 2015 1 Comment
Categories : Mortgage Servicing

Government-sponsored enterprise Freddie Mac recently sold off three pools of nonperforming loans (NPLs) with an unpaid principal balance of $985 million to GCAT Management Services.

The loans, which were sold via auction, are expected to transfer in early May.

The loans have been delinquent for approximately three years on average, Freddie Mac says in a release. About 24.7% of the loans were previously modified and subsequently became delinquent. Many are in various stages of loss mitigation.

The average loan size for all three pools is $182,562.

The average weighted loan-to-value is 76% of the property value, based on broker price opinions of the underlying properties.

Freddie Mac reports that it put the notes out for bid on March 2.

Entities that bid on Freddie Mac mortgage servicing rights must be approved by and in good standing with Freddie Mac, Fannie Mae, Ginnie Mae or the Federal Housing Administration.

In addition, servicers that acquire the rights must prioritize loan modifications over short sales or deeds in lieu of foreclosure. Foreclosure must be the last option – and for loans that transition to bank-owned status, servicers must encourage sales to owner occupants and nonprofits.

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  1. My loan was part of several that GCAT MANAGEMENT SERVICES LLC bid on, the servicer is RUSHMORE LOAN MANAGEMENT SERVICES, it was an FHA GOVERNMENT LOAN, that originated as a REFINANCE with COUNTRYWIDE HOME LOANS October 2008, in that same year BANK OF AMERICA purchased COUNTRYWIDE.

    In 2009 I was diagnosed with Stage. 4 cancer, my now ex-husband abandoned my young son who was 9 at the time left, not to long after the cancer diagnose.

    In February 2010 I began the modification process for an FHA-HAMP MODIFICATION, which I qualified for, 5 years to date, nothing was accomplished, I was just kept in the MODIFICATION PROCESS, for these 5 years, I’ve become very knowledgeable about every aspect of the Mortgage Process, and have come to realize that it is most times a “THROWN TOGETHER” process, with mortgage loan officers, brokers, etc. making loans to acquire Bonuses, incentives, points, etc.

    So many times, it’s actually a crime, how they get by the rules, WHY ARE WE THE ONES THAT ARE BEING TAKEN ADVANTAGE OF.

    So here I am, still being taken advantage of, only wanting to be treated “fairly”, I have kept every document, that pertains to this mortgage since 1984, when I purchased this home, not including the numerous mistakes made when the REFINANCE with COUNTRYWIDE was done, and when BANK OF AMERICA took over.

    RUSHMORE LOAN MANAGEMENT SERVICES LLC, is now the servicer, as of December 2014, I recently, went through meetings which is a requirement of THE OREGON FORECLOSURE AVOIDANCE PROGRAM, the final meeting g was March 14, 2016, in Oregon City, Oregon. I had an attorney, who was no help to me, and the FACILITATOR for RUSHMORE, who made FALSE STATEMENTS BY PHONE ,making promises to correct the paperwork to correct the dates, promises of a 4% interest rate, none of this was done, and HE IS NO LONGER AN EMPLOYEE OF RUSHMORE, he has disappeared???? Something I experienced with BANK OF AMERICA as well.

    Upon looking through the incorrect trial modification papers, I am now realizing that none of it is right,
    MIP payments are still being taken, as well as double fees for late charges!! And the original loan amount is way off, BANK OF AMERICA took the claim for the MIP insurance, I have the transfer letter from BANK OF AMERICA to prove that RUSHMORE can no longer charge this , but they are!!!!

    Good luck, to all of you dealing with this crisis, don’t give up, it’s exactly what these MORTGAGE company’s want you to do, don’t throw ANYTHING AWAY, always get all promises in WRITING, keep a detailed journal!!


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