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FHLMC Guide Bulletin 2014-12 Updates to ARMs MERS Fraud Prevention

On June 19, Freddie Mac released Single-Family Seller/Servicer Guide (Guide) Guide Bulletin 2014-12 regarding updates to ARMs, MERS and fraud prevention.

Updates to ARMs, MERS, Fraud Prevention, and more in Guide Bulletin 2014-12

Today we issued Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-12 announcing selling and servicing updates that may impact the way you do business with Freddie Mac. Key changes are summarized in this email. To help you prepare for all changing requirements, please read the Bulletin for the detailed information.

Originate & Underwrite, Sell & Deliver and Servicing

  • ARMs with lookback periods less than 45 days. In response to the Consumer Financial Protection Bureau’s final rules on providing borrowers with payment adjustment notices, we will no longer purchase ARMs with lookback periods less than 45 days. 
  • MERS®-registered mortgages. The term “MERS Governing Documents” has been added to the Guide Glossary. If there are conflicts between the MERS Governing Documents and Guide, the requirements in the Guide will prevail. The Bulletin provides additional guidance and clarifies certain requirements for MERS-registered mortgages.
  • Fraud prevention. The Bulletin updates and clarifies our requirements for fraud training and reporting.

Originate & Underwrite

  • Freddie Mac Relief Refinance MortgagesSM. To provide you with more flexibility, we’ve updated certain requirements for Relief Refinance Mortgages. 
  • Determining debt payment-to-income (DTI) ratios. We’ve updated our requirements regarding student loans, open-end accounts, and paying off or paying down borrowers’ existing debts.
  • Verifying large deposits. When evaluating deposits on a borrower’s account statements, you must document the source of a deposit that exceeds 50 percent of the total monthly qualifying income for the mortgage. This threshold is increased from 25 percent and applies only to certain transactions. Other requirements and guidance for evaluation of deposits have also been included. 

Loan Prospector® will be updated with feedback messages that align with the changes for Relief Refinance Mortgages and DTI ratios. Review the revised feedback messages.

Important Reminder

In our August 20, 2013, Guide Bulletin 2013-16 [PDF], we announced that we would no longer purchase the following mortgages with Application Received Dates on or after January 10, 2014:

  • Home Possible® Mortgages with an original maturity in excess of 30 years.
  • Pre-payment penalty mortgages.

You have until July 31, 2014, as announced in Bulletin 2013-16, to deliver these mortgages if they have Application Received Dates before January 10, 2014.

For More Information

  • Review Guide Bulletin 2014-12 [PDF].
  • Review the applicable Guide chapters for complete information on the revised requirements.
  • Contact your Freddie Mac representative.

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