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FHLMC Guide Bulletin 2014-20 Servicing Update

On November 17, Freddie Mac released an update titled Single-Family Seller/Servicer Guide Bulletin 2014-20.

Guide Bulletin 2014-20 Announces Several Servicing Requirement Updates

In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-20 [pdf], we’re announcing several servicing requirement changes to provide greater efficiencies and make doing business with us easier, including:

  • Delegation agreements with several mortgage insurance (MI) companies for foreclosure sale bidding.
  • With this new delegation of authority, you can simply follow Freddie Mac’s guidelines when preparing foreclosure sale bids on mortgages covered by participating MIs.
  • You must refer to the “Delegated MI Companies” list in the Freddie Mac Service Loans application when preparing for foreclosure sales scheduled on or after January 16, 2015, for mortgages with MI policies. However, you must implement this change in accordance with the applicable MI’s requirements or guidelines, which may require earlier adoption.
  • Uniform requirements for insurance loss settlements. We’ve established uniform requirements for handling loss settlements for disaster-related and non-disaster-related property damage. You now have delegated authority to release insurance proceeds to the borrower based on the mortgage status at the time of the loss.
  • Retirement of Expense Manager™. Effective March 1, 2015, Expense Manager will be retired and all existing reports will be available through the Freddie Mac Reimbursement System only. Visit the Reimbursement System Web page for information on how to register.

Additional Guide updates and reminders

  • Clarified our servicing requirements for loans of service members and their dependents.
  • Reminded Servicers to pay any condominium, HOA, and PUD assessments that are superior to our lien and may pose a risk to our interests if left unpaid.
  • Introduced the audit_confirmation@freddiemac.com email box for audit confirmation requests.
  • Updated Directory 1 related to document custody eligibility.
  • Reminded Servicers about our new private mortgage insurance master policies announced in Guide Bulletin 2014-13 [pdf].

Please refer to Guide Bulletin 2014-20 for further details on these changes and additional Guide updates.

For More Information

Please click here to view the update online.

Please click here to view Guide Bulletin 2014-20 [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