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FHLMC Guide Bulletin 2013-17 Extends HAMP and Streamlined Modification

On September 16, Freddie Mac released Guide Bulletin 2013-17, which extends the Freddie Mac Streamlined Modification and Home Affordable Modification Program.

In Single-Family Seller/Servicer Guide (Guide) Bulletin 2013-17, we are:

  • Extending the Freddie Mac Streamlined Modification (Streamlined Modification) to include Trial Period Plans with effective dates on or before December 1, 2015.
  • Extending the Home Affordable Modification Program (HAMP) to include modifications with Trial Period Plan Effective Dates on or before March 1, 2016 and Modification Effective Dates on or before September 1, 2016.
  • Revising our requirements for proposed HAMP modifications submitted through the U.S. Department of Treasury (Treasury) net present value (NPV) model on or after January 1, 2014.
  • Retiring the annual Servicing “Pay for Success” incentive for HAMP modifications with Modification Effective Dates on or after April 1, 2014.
  • Reminding Servicers that Freddie Mac has the right to recover previously-paid incentives on repurchased HAMP-modified mortgages.
  • Extending State foreclosure time lines for foreclosure sales completed on or after September 1, 2013 in Nevada, New Mexico and Washington.

Extensions to Streamlined Modification and HAMP
The Streamlined Modification and HAMP play critical roles in the housing recovery process. To further assist borrowers, we are extending both the Streamlined Modification and HAMP to include modifications with Trial Period Plan effective dates on or before December 1, 2015 and March 1, 2016, respectively. Additionally, HAMP modifications must have a Modification Effective Date on or before September 1, 2016.

The extension of HAMP was previously announced in our May 30, 2013 press release. These extensions reflect our efforts to offer a wide range of workout options to struggling homeowners.

HAMP NPV Test Results Must Be Positive
For all proposed HAMP modifications submitted through the Treasury NPV model on or after January 1, 2014, mortgages that meet all other eligibility criteria in Guide Chapter C65, Home Affordable Modification Program, will be eligible for HAMP if the Treasury NPV test result is positive.

If a borrower is ineligible for a HAMP modification, Servicers must consider borrowers for other available foreclosure alternatives in accordance with the evaluation hierarchy.

HAMP “Pay for Success” Incentive Retired
Effective for HAMP modifications with Modification Effective Dates on or after April 1, 2014, Servicers will no longer receive “Pay for Success” incentives. The retirement of this incentive coincides with a tiered incentive increase for HAMP modifications with effective dates on or after April 1, 2014, which we announced in Guide Bulletin 2013-14 [PDF].

Reminder: Borrower Incentives for Repurchased Mortgages
As a reminder, Freddie Mac has the right to recover all losses, costs, and damages on repurchased mortgages, including previously-paid incentives. Also, Servicers are obligated to pay borrower “Pay for Performance” incentives on eligible HAMP-modified mortgages that have been repurchased. Upon repurchase, Servicers must continue to cancel all related HAMP modification and trial period plan records in the HAMP Reporting Tool.

State Foreclosure Time Lines Extended
Effective for all foreclosure sales completed on or after September 1, 2013, we have increased the State foreclosure time lines by 30 days in Nevada, New Mexico, and Washington. We’ve extended the foreclosure time lines for these states to ensure you can meet current market needs and have sufficient time to process foreclosures.

Training
Servicers are encouraged to visit Freddie Mac’s Learning Center Web page for current information on Freddie Mac training programs and reference tools.

For More Information

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders,  and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties