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FHLMC Guide Bulletin 2014-14 Servicing Requirement Changes

On July 15, Freddie Mac released Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-14, announcing servicing requirement changes that will help make doing business with Freddie Mac easier.
 
In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-14 [pdf], we’re announcing servicing requirement changes that will help make doing business with us easier, including:

  • Streamlining the workout settlement process. Beginning August 25, 2014, you’ll be able to submit settlement data for nearly all modifications via the new Loan Modification Settlement screen in Workout Prospector®. This automated settlement capability will:
    • Eliminate the need to submit Guide Form 1128, Loss Mitigation Transmittal Worksheet, for modifications on conventional mortgages,
    • Reduce the number of required settlement fields from 50 to 17,
    • Provide real-time notifications on potential missing or incorrect data, and
    • Decrease settlement times considerably.

We’re also updating the look and feel of Workout Prospector to make the tool more intuitive and easier to use. Training registration on the new and improved Workout Prospector will begin in early August. We’ll notify you when training registration is available in the Learning Center. Watch this brief video. for a sneak peek of these exciting upcoming enhancements.

  • Introducing new Guide Exhibit 101, Income Calculation Guidelines for Alternative to Foreclosure Options. This new exhibit provides detailed instructions on how to calculate borrower income based on documentation required in accordance with the Servicing Alignment Initiative.
  • Updating attorney fees and costs reimbursement codes and requirements. We’ve added new expense codes and updated certain requirements that will further enhance our management of default-related legal services reimbursements and allow us to more accurately track default-related expenses. These changes will also streamline the review process for pre-approval requests (RPAs) and result in quicker reimbursements to you.

Please review Guide Section 71.19, Exhibits 57A and 74, and the updated Expense Reimbursement Desk Reference [pdf] for more information.

We’ve also made the following Guide changes in response to your feedback and questions:

  • Clarified our requirements on how to file claims for insurance or guaranty benefits for mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veteran Affairs or Rural Housing Service, and for reimbursement of expenses incurred on government mortgages.
  • Amended our mortgage modification agreement signature requirements.
  • Updated foreclosure sale bidding requirements in the event that Freddie Mac decides to update or change the credit bid.
  • Updated Guide Chapter 60 to provide greater detail related to transfer of ownership and assumption requirements.
  • Clarified that Freddie Mac’s Automated Valuation Model report will be updated by the last Friday of each month.

Please refer to Guide Bulletin 2014-14 for details on these changes as well as additional updates.

Reminder

  • Online Self-Service Password Reset – Create your online user profile before July 21 for Single-Family business applications. Click here for more information.

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