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FHLMC Guide Bulletin 2014-3 Servicing Updates and Revisions

On March 17, Freddie Mac released Guide Bulletin 2014-3 regarding servicing updates and revisions.

Servicing Updates and Revisions Announced in Guide Bulletin 2014-3

In Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-3, we’re announcing updates and revisions to support existing requirements and improve several servicing processes:

  • Certification of compliance with the Lender-Placed Insurance requirements announced in Guide Bulletin 2013-27 [PDF].  Servicers must send the completed Lender-Placed Insurance Compliance Certification form [PDF] to Freddie Mac’s Lender-Placed Insurance mailbox by April 30, 2014.
  • Revised alternatives to foreclosure requirements, including:
    • Upcoming changes to Freddie Mac Standard and Streamlined Modification for mortgages with mark-to-market loan-to-value (MTMLTV) ratios <80 percent, based on your feedback. You do not need to implement requirements by April 1, 2014, as announced in Guide Bulletin 2013-27 [PDF]. We’ll issue updated requirements and a new effective date in the near future.
    • Eliminating duplicative borrower communications. Effective June 1, Freddie Mac will no longer send adverse action letters to borrowers. Only Servicers need to notify borrowers when their workout or relief option requests are declined. This will reduce confusion for borrowers since Servicers and Freddie Mac previously sent duplicative notices.
    • Enhancing reporting on property valuations. We’re reorganizing our property valuations requirements for modifications, making them easier to follow in a user-friendly format. Also, while we announced plans to retire the Automated Valuation Model (AVM) Collateral Values Report in Guide Bulletin 2013-20, we will continue publishing the report.
    • Providing additional guidance related to our paystub requirements for income documentation submitted with a Borrower Response Package. In response to Servicer feedback, we’re adding detail regarding the number of paystubs required depending on payment frequency.
  • Updated  transfer tax requirements to support you, effective immediately:
    • We’ll reimburse you for transfer taxes when certain conditions apply.
    • We’re allowing you to foreclose in Freddie Mac’s name, without needing to obtain our approval, to avoid any obligation to pay a required transfer tax.
  • Additional Guide updates

    In addition to the changes listed above, we’re making further updates, including:

    • Providing more guidance related to bankruptcy cramdowns and foreclosure sale bidding, to help you stay in compliance.
    • Updating Electronic Default Reporting requirements from Guide Bulletin 2014-1 [PDF] and property preservation requirements.
    • Requiring Servicers to screen mortgages for Office of Foreign Assets Control compliance and notify Freddie Mac if they identify a match.

Please refer to Guide Bulletin 2014-3 for full details on these updated Servicing requirements and effective dates.

Reminders: Important Upcoming Effective Dates

Today:

  • Obtain Credit Bid
    Effective for all foreclosure sales occurring on or after March 17, 2014, you must order credit bids using the Obtain Credit Bid functionality in the Freddie Mac Service Loans application. Servicers should sign up for webinar training for more information.

April 1:

  • Step-Rate Mortgages Borrower Notifications
    We added communication time line requirements for notifying borrowers of interest rate adjustments for Step-Rate Mortgages. Read Guide Bulletin 2014-1 [PDF] for more information.

  • Home Affordable Modification Program (HAMP®) incentives increase, “Pay For Success” incentives retire:
    For mortgages with HAMP modification effective dates on or after April 1, 2014, we’re increasing the Servicer incentive by $500 if the modification is completed in accordance with the Guide.  Read Guide Bulletin 2013-14 [PDF] for more information.

    • Servicers will no longer be eligible to receive a “Pay for Success” incentive for any HAMP modifications with modification effective dates on or after April 1, 2014. Read Guide Bulletin 2013-17 [PDF] for more information.

Online Password Reset

Finally, we implemented a new online password reset capability for Single-Family business applications that require a user ID and password.  We encourage you to create your user profile as soon as possible. We will announce a mandatory adoption date in the future. Read our Single-Family News Center article for more details.

Get More Information

Please click here to view the online update.

 

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