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FHLMC Guide Bulletin 2013-20 Valuation Data Enhancements

On October 8, Freddie Mac released Systems Changes to Enhance Freddie Mac Valuation Data Announced in Guide Bulletin 2013-20.

Systems Changes to Enhance Freddie Mac Valuation Data Announced in Guide Bulletin 2013-20

In January 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule on the Equal Credit Opportunity Act (ECOA) amendment under Regulation B. The final rule, which is effective on January 18, 2014, requires creditors to provide applicants with free copies of all appraisals and other written property valuations developed in connection with an application for credit.

As part of our ongoing support to help you prepare for the mortgage industry’s new rules, Single-Family Seller/Servicer Guide (Guide) Bulletin 2013-20 announces enhancements to our tools and systems that provide Freddie Mac proprietary property valuation data. These enhancements will help make our valuation data easier for loan applicants and borrowers to understand.

Please review today’s Bulletin for details on how we are enhancing Home Value Explorer® (HVE®) data, Loan Prospector®, Uniform Collateral Data Portal® (UCDP®), and BPOdirect® as summarized below, and for guidance on what supporting text should be provided when you share our valuation data with borrowers or loan applicants.

In addition, the Bulletin announces important changes to mortgage file requirement for Freddie Mac Relief Refinance MortgagesSM and Servicing changes related to property valuation requirements. We are also extending the effective date for the Seller/Servicer fraud-related training requirement for third-party vendors announced in an earlier Bulletin.  

Originate & Underwrite and Sell & Deliver

  • Using HVE data for loan originations. We are making changes to the way HVE data is displayed and/or adding supporting text to help explain Freddie Mac’s HVE data distributed through:
    • Loan Prospector
    • HVE look-up tool
    • UCDP

As a reminder, if you receive HVE data directly from Freddie Mac tools, the use of the HVE data is governed by the terms and conditions of Guide Exhibit 32, Terms Relating to Use of Data Generated by Home Value Explorer. We have updated Exhibit 32 to revise our restrictions on how and under what conditions you can disclose HVE data to loan applicants and borrowers.

  • Updating requirements for Relief Refinance Mortgages. To provide you more flexibility,we no longer require a defined documentation format for HVE point value estimates for Relief Refinance Mortgages. However, if HVE is used to determine a property’s value for a Relief Refinance Mortgage, you must be able to provide the HVE documentation if requested by Freddie Mac.

Servicing

  • Adding supporting text for BPOdirect valuation data. We are updating the BPOdirect screen that returns an HVE point value estimate (also known as “Auto Value”) and the broker price opinions (BPO) provided through BPOdirect to include supporting text for use when valuation information is shared with borrowers.
  • Providing property valuation information to borrowers. Servicers must provide the borrower with property valuation information and any pertinent notices, as required by all applicable laws, when loss mitigation decisions are made. This requirement applies regardless of whether the Servicer, Freddie Mac or both are making the decision on the workout or relief option. This requirement is effective when you begin providing Freddie Mac valuation information to borrowers to meet CFPB’s final rule on the ECOA amendment.
  • Revising our property valuation requirements for modifications. Servicers must meet the updated requirements for obtaining property valuations for loan modifications, including those processed under the Home Affordable Modification Program. These revised requirements include, but are not limited to the requirements to obtain the information either through an HVE authorized distributor or BPOdirect, and to use the Auto Value for a property if one is available in BPOdirect. We are also discontinuing the Automated Valuation Model special report currently available on FreddieMac.com. These changes are effective when you begin providing Freddie Mac valuation information to borrowers to meet CFPB’s final rule on the ECOA amendment.

For More Information

To view the online bulletin, please click here.
To view FAQs, please click here.

 

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