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FHLMC Guide Bulletin 2014-1 Step-Rate Mortgage Updates, Etc.

On January 24, Freddie Mac issued Guide Bulletin 2014-1, announcing step-rate mortgage updates, new EDR codes, and more.

Guide Bulletin 2014-1 Announces Step-Rate Mortgage Updates, New EDR Codes, and More

In Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-1, we’re announcing the following updates and revisions that will improve several servicing processes:

  • New requirements to notify borrowers of interest rate and related payment adjustments for Step-Rate Mortgages
    Effective April 1, 2014, Servicers must send borrowers two separate written notifications of upcoming interest rate changes and related payment adjustments and must be prepared to answer borrowers’ questions. These requirements will help borrowers prepare for scheduled payment changes on mortgages modified under the Home Affordable Modification Program agreements.
  • Revised Electronic Default Reporting (EDR) requirements, including:
    • New EDR codes. Servicers must notify Freddie Mac when a borrower has exercised his or her right to appeal a loan modification denial under Guide Section 63.3 and the Consumer Financial Protection Bureau’s final mortgage servicing rules. To help streamline the reporting process, Servicers must use the new EDR codes updated in Guide Exhibit 82, EDR Transmission Code List, starting May 1, 2014.
    • To improve reporting accuracy, Auto-Reinstate has been discontinued for loans beginning with the April 2014 EDR reporting cycle.
    • Revisions to full reinstatements. Servicers must now notify Freddie Mac when accepting a mortgage reinstatement when that mortgage has been reported as 31 or more days delinquent or in foreclosure in the prior month.
  • Changes to State foreclosure time line allowable delays
    As a result of the borrower right to appeal requirements announced in Guide Bulletin 2013-21 [PDF], we have adopted new State foreclosure time line allowable delays. Additionally, we are giving Servicers additional time to process foreclosures if the delay is due to the borrower failing to comply with the terms of a Freddie Mac Streamlined Modification Trial Period Plan.
  • Allowing third-party use of Workout Prospector® and BPOdirect®
    In response to Servicer feedback and to help improve managing loss mitigation processes, Servicers may now request user access to Workout Prospector and BPOdirect for employees of their authorized third-party service providers that are conducting servicing activities on Freddie Mac-owned mortgages.
  • Updated reimbursement requirements associated with posting and publication of foreclosure notices, including:
    • Removing the posting and publication expense limits in California.
    • Advising Servicers that other service charges or publication fees are not allowable costs – the foreclosure attorney fee in Guide Exhibit 57A covers fees for acquiring publications.
  • Providing additional requirements and guidance for expediting Freddie Mac Default Legal Matters:
    • Servicers can use their discretion, without obtaining Freddie Mac’s prior approval, to extend foreclosure sale dates to resolve litigation or expedite final judgment for foreclosure.
    • Updated reimbursement requirements for Servicers who opt to pay a relocation incentive to a borrower in Illinois who consents to judgment.

Please refer to Guide Bulletin 2014-1 for full details on these updated Servicing requirements and important effective dates.

Get More Information

Please click here to view the online bulletin.

 

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