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FHLMC Guide Bulletin 2013-23 Updates and Reminders

On November 15, Freddie Mac released a notice titled Seller/Servicer Updates and Reminders Announced Guide Bulletin 2013-23.

Seller/Servicer Updates and Reminders Announced Guide Bulletin 2013-23

As a result of customer feedback, Single-Family Seller/Servicer Guide (Guide) Bulletin 2013-23 withdraws our recent fraud training requirements until further notice. We also are amending the applicability of our higher-priced mortgage loans (HPML) requirements announced in response to the Consumer Financial Protection Bureau (CFPB) final rule; and announcing implementation of our new Quality Control Information Manager (QCIM) application. Additionally, we are making updates to payment history verification, tax information verification, and Freddie Mac Relief Refinance MortgageSM requirements.

Review today’s Bulletin for complete details on these and other Guide revisions and reminders that may impact the way you do business with Freddie Mac.

Originate & Underwrite, Sell & Deliver, and Servicing

  • Withdrawing fraud training requirements for third-party vendors. To gain a better understanding of customer feedback and refine the requirements, we are withdrawing fraud training requirements for third-party vendors announced in Bulletin 2013-18 [PDF] until further notice.
  • Complying with applicable laws. You are reminded that Freddie Mac requires you to comply with all applicable federal, state and local laws, ordinances, regulations, and orders. Although you may be in compliance with Freddie Mac requirements, you cannot assume that you also are in compliance with all applicable federal, state and local laws, ordinances, regulations, and orders.

Originate and Underwrite

  • Updating payment history verification requirements for manually underwritten mortgages. We are updating requirements for verifying a borrower’s payment history for manually underwritten mortgages to provide consistency, reduce redundancies, and manage risk. These changes are effective for mortgages with settlement dates on or after April 1, 2014, but we recommend that you begin implementing them as soon as possible.

Originate & Underwrite and Sell & Deliver

  • Updating Relief Refinance Mortgage requirements
    • Eligibility date. As announced in our October 22, 2013, Single-Family News Center article, to make our eligibility requirements more transparent to borrowers, we have revised our requirements for Relief Refinance Mortgages to provide that the eligibility of the mortgage being refinanced is now based on the note date instead of the Freddie Mac settlement date.
    • Land trusts. In response to Seller questions, we are updating the Guide to confirm that a mortgage owned by Freddie Mac and secured by a property in which the legal and equitable title is held in a land trust is eligible for refinance as a Relief Refinance Mortgage – Same Servicer if all other requirements applicable to Relief Refinance Mortgages – Same Servicer are met.
  • Announcing that certain higher-priced mortgage loan (HPML) requirements are applicable to higher-priced covered transactions. In Guide Bulletin 2013-16 [PDF], we announced certain new mortgage eligibility requirements applicable to HPMLs in response to CFPB’s final rule regarding ability-to-repay. We are amending the scope of those requirements to include higher-priced covered transactions, as defined in the CFPB’s final rule, instead of solely HPMLs. These requirements pertain to Relief Refinance Mortgages and ARMs with initial periods of seven or 10 years.

Sell & Deliver and Servicing

  • Adding Quality Control Information Manager Agreement. With the availability of QCIM, we are adding an agreement for customers using our new QCIM application. QCIM enables users to track performing and non-performing loans through the quality control process.
  • Reminders for mortgages originated under energy retrofit programs, including property-assessed clean energy (PACE). We are reminding you that Freddie Mac will not purchase mortgages secured by properties subject to PACE obligations that provide for first lien priority, except for Relief Refinance Mortgages – Open Access originated in accordance with Guide requirements.

Other Guide Updates
Review today’s Guide Bulletin for details on other important Guide updates, including:

  • Updating tax information verification requirements for borrowers with income derived from sources in Puerto Rico, Guam, and the U.S. Virgin Islands.
  • Clarifying signature requirements for security instruments.
  • Updating requirements for resubmitting construction conversion and renovation mortgages through Loan Prospector® as announced in Guide Bulletin 2013-11 [PDF].
  • Removing the reference to money order receipts as an acceptable form of payment history documentation for Home Possible® Mortgages.

For More Information

Please click here to view the online release.

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