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FHLMC Guide Bulletin 2014-19 Servicing Update

On November 14, Freddie Mac released an update titled Single-Family Seller/Servicer Guide Bulletin 2014-19.

Guide Bulletin 2014-19 Announces Changes to Scorecard and Foreclosure Timelines

As a result of discussions with Fannie Mae and the Federal Housing Finance Agency (FHFA),
we announced updates to the Freddie Mac Servicer Success Scorecard (Scorecard) in today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-19 [pdf].

What’s Changing

The 2015 Scorecard changes include updated Default Management criteria and weights, which are effective January 1, 2015. We’re also changing the way we determine your ranking in Default Management and Investor Reporting. Your January 2015 performance data will be available in the Servicer Performance Profile on March 6, 2015.

Default Management Criteria

We added, deleted, and updated certain performance criteria calculations by:

  • Excluding loans that you’re currently working through the modification process.
  • Measuring how well you cure delinquent loans using full reinstatements, successful repayment plans, prepayments, and repurchases.
  • Assessing how quickly you offer solutions to avoid foreclosures.

Weights

To help you focus on the performance areas that matter most to us, we updated the weights assigned to each of the Default Management criteria. Please review Attachment A in Guide Bulletin 2014-19 [pdf] for complete details on the updated criteria, definitions, and weights.

Ranks

Beginning January 1, 2015, you’ll be ranked within peer groups based on your portfolio size and the amount of loans you have that are 90 or more days delinquent. Peer groups will apply to both Investor Reporting and Default Management criteria.

Why We Made Changes

Moving into 2015, we want to shift our focus to preventing delinquencies. So, we updated our Scorecard Default Management criteria to help you monitor, manage, and improve your portfolio performance. Also, by ranking your portfolio with comparable Servicer portfolios, called “peer groups”, your rank position will not be impacted negatively by Servicers with vastly different portfolio sizes.

Preview in December

Beginning December 5, you’ll have an opportunity to preview the updated Scorecard. During the preview period, training resources also will be made available on the Freddie Mac Learning Center. We’ll continue to communicate with you about the Scorecard preview, resources, and training leading up to March 6, 2015. 

Additional Updates Announced Today

  • The Servicer Success File Review process is easier – To clear defect notes in File Review findings, you can now submit additional documentation if the defect was the result of missing or incorrect documents. This change is effective January 8, 2015.
  • We increased state foreclosure timelines in 47 states – See Guide Exhibit 83 [pdf] for more information.
  • State foreclosure timeline compensatory fee assessments are temporarily suspended in the four states – effective January 1, 2015.
  • The de minimis exception for foreclosure timeline compensatory fees is increased from $1,000 to $25,000.
  • A new supplemental borrower incentive for Freddie Mac Standard Deeds-in-Lieu of Foreclosure is available in eight states.

For More Information

Please click here to view update online.

Please click here to view Guide Bulletin 2014-19 [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