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FHLMC Guide Bulletin 2014-16 Servicing Updates

On September 15, Freddie Mac released an update titled Guide Bulletin 2014-16:  Servicing Updates.

FHLMC Guide Bulletin 2014-16:  Servicing Updates

Based on your feedback along with our ongoing effort to create more efficient and effective policies, we announced important servicing requirement updates in today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-16.  You’ll find the key topics here, but please read Guide Bulletin 2014-16 for a complete overview of the requirement changes.

Bulletin Spotlight – Servicemembers Civil Relief Act

On August 26, we announced updates to our Servicemembers Civil Relief Act (SCRA) requirements that we made in response to the White House’s SCRA initiative.  You’re now able to accept alternative documentation to verify an eligible service member’s military status.

Here’s how you can identify eligible borrowers and help them get a lower interest rate on their mortgages:

  • Search the online Defense Manpower Database Center (DMDC) on a quarterly basis to find service members in their portfolio who have Note Rates greater than six percent.
  • Offer interest rate relief to active service members with eligible mortgages.
  • Use the DMDC to confirm a borrower’s military status instead of requiring the service member to provide a copy of their orders.

Two Changes to Loan Modifications

To make loan modifications easier for you to process, we:

  • Updated the Freddie Mac Reimbursement System so you can be reimbursed for recordation fees, title costs, notary fees, and Home Value Explorer® expenses on all loan modifications.
  • Extended Trial Period Plan timelines up to 12 months total for borrowers in bankruptcy. 
    This change gives you more time to get court approvals on modifications for borrowers in bankruptcy when needed.  And, you’ll continue to receive incentives if you choose to use the additional Trial Period Plan months.

Coming Soon – Submit Default Fee Appeals Online

Your feedback helped us develop the Freddie Mac Default Fee Appeal System, which will eliminate the manual appeals process

  • Available October 27, 2014, this new online tool will allow you to submit appeals for foreclosure timeline compensatory fees online.

Changes to Internal Revenue Service (IRS) Form 1099-C, Guide Chapters 66 & A66, and Guide Exhibit 57A

  • IRS Form 1099-C
    We updated our requirements to clarify your responsibilities for filing Form 1099-C when deficiency rights were preserved during the foreclosure process.
    We’re creating a new Servicer 1099-C filing report to help you identify which loans you need to file in Form 1099-C. This report will be available in Default Reporting ManagerSM beginning January 2015.
  • Consolidated Guide Chapters 66, Foreclosure, and A66, Expediting Default Related Legal Matters
    We combined sections, created new titles, and deleted duplicative sections so you can easily find the information you need. Additionally, the order of Guide Chapter 66 more closely aligns with the timing of requirements during the foreclosure process.
  • Guide Exhibit 57A [pdf], Approved Attorney Fees and Title Expenses
    We updated our reimbursable amounts for attorney fees and other default-related legal services to better align with industry standards and best practices.  These updates are effective for all new claim submissions on and after October 20, 2014.

    For a complete list of the changes announced today, refer to the Guide Update Spreadsheet [xls].

For More Information

Please click here to view the online update.

Please click here to review Guide Bulletin 2014-16 [pdf].

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