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FHLMC Guide Bulletin 2014-18 Servicing Update

On October 15, Freddie Mac released an update titled Single-Family Seller/Servicer Guide Bulletin 2014-18.


Home Possible Enhancements and Other Updates Announced in Guide Bulletin 2014-18

We’re enhancing Freddie Mac’s Home Possible® Mortgages to provide you with greater flexibility to help your borrowers with an affordable lending solution. Today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-18 has the details on the enhancements, effective for mortgages with settlement dates on or after November 24, 2014.

The Bulletin also announces other revised selling requirements that help streamline the way you do business with Freddie Mac.

Home Possible Mortgages

We are removing certain restrictions and revising our requirements for Home Possible Mortgages related to:

  • Temporary subsidy buydown plans.
  • Secondary financing.
  • Manually underwritten mortgages.
  • No cash-out refinance mortgages.
  • The use of gift funds.
  • Construction Conversion and Renovation Mortgages.  
  • Life caps for 5/1 adjustable-rate mortgages (ARMs).

In addition, the benefits of the Home Possible Neighborhood Solution® Mortgages are now available to all Home Possible borrowers. As a result, we are retiring the Home Possible Neighborhood Solution offering.

Loan Prospector® will be updated by November 24, 2014, to support the changes to the Home Possible Mortgage requirements.

Other Mortgage Eligibility and Credit Underwriting Updates

  • HPCTs and HPMLs. We are adding “Higher-Priced Covered Transaction” (HPCT) as a Guide glossary term and clarifying that the same eligibility standards for Higher-Priced Mortgage Loans (HPMLs) apply to HPCTs. We are also expanding the eligible ARM products for HPMLs and HPCTs to include ARMs with initial periods of five years.
  • Third-party asset verification. We are allowing third-party asset verifications in response to the emergence in third-party asset verification services.
  • One-year ARMs. These mortgages are now eligible for sale again under our WAC ARM Cash execution.

Property Eligibility Updates

Also in response to your feedback, we are updating:

  • Guide Chapter 42, Special Requirements for Condominiums, to highlight the sequential process flow of our condominium project review and eligibility requirements. We are also updating and providing additional clarity to certain requirements.
  • Guide Chapter 44, Property and Appraisal Requirements, to align with market terminology. Exhibit 36, Home Value Explorer® (HVE®) Messaging within the Uniform Collateral Data Portal® (UCDP®), is being retired because information in the exhibit is outdated. Updated information regarding UCDP messages can be found on our UCDP Web page.

Delivery Updates

We’re updating Chapter 17, Mortgage Delivery Instructions, to reflect the third quarter 2014 Uniform Loan Delivery Dataset (ULDD) specification addendum published on September 23, 2014.

For More Information
Contact your Freddie Mac representative.

Please click here to view Guide Bulletin 2014-18 [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