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FHLMC Guide Bulletin 2014-6 Updates Servicing and Selling Requirements

On April 24, Freddie Mac released an update titled Guide Bulletin 2014-6 Updates Selling and Servicing Requirements and Provides Important Reminders.

Guide Bulletin 2014-6 Updates Selling and Servicing Requirements and Provides Important Reminders

In Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-6, we’re announcing updates to existing selling and servicing requirements. Effective immediately, unless otherwise indicated, we are:

  • Requiring that you report guilty pleas or governmental authority investigations to Freddie Mac. You must report to us immediately when you’re notified of:
    • A guilty plea, indicating a lack of integrity, relating to a participant in a mortgage or related real estate transaction, or relating to a Seller/Servicer board member, officer, employee, or contractor.
    • A governmental agency fraud investigation or prosecution relating to a Seller/Servicer board member, officer, employee, or contractor.
  • Incorporating FEMA’s revised Standard Flood Hazard Determination Form and updating our flood insurance requirements.
    • The Guide now incorporates FEMA’s revised Standard Flood Hazard Determination Form 086-0-032, which replaces the previous Form 81-93.
    • For additional updates to our flood insurance requirements, please read Guide Bulletin 2014-6. Also, visit our Disaster Relief Web page to learn more about how Freddie Mac is prepared to assist borrowers and Seller/Servicers in the aftermath of a disaster.
  • Revising the process for requesting and obtaining physical or constructive possession of a note as well as related document custodial functions and duties. We’ve revised Form 1036, Request for Physical or Constructive Possession of Documents, to allow Servicers to request constructive possession from the Document Custodian. In addition:
    • We’ve specified that Document Custodians temporarily maintain physical custody of a note, in trust, for your benefit during the period of time that you require constructive possession to service a mortgage.
    • You’re now able use Guide Form 1036 when applicable law requires that you have either physical or constructive possession of a note or when notifying the Document Custodian that the need for constructive possession has ended.

Other changes announced in this Guide Bulletin include:

  • Removing our requirement that a borrower must maintain six months’ rent loss insurance for a 2- to 4-unit primary residence when rental income is used in qualifying.
  • Updating Guide Exhibit 4 and Exhibit 5 to reflect the creation and use of the joint GSE MERS® Rider Form in three states (required use effective October 15, 2014).
  • Posting a document listing the full table of contents for the Guide on AllRegs®.
  • Publishing the most recent Historical Guide Snapshot [PDF].
  • For Sellers only, we’re clarifying:
    • That unemployment compensation is an eligible source of income for Relief Refinance Mortgages.
    • Applicability of resale restrictions by updating Guide Section 22.23, Purchase Requirements for Mortgages Secured by Properties with Resale Restrictions.

Please refer to Guide Bulletin 2014-6 for additional details on these requirements.

Reminder

  • Online Self-Service Password Reset – We implemented an online password reset capability for Single-Family business applications that require a user ID and password. To use this self-service solution, you must create your online user profile by June 16, 2014. Click here to get started.

For 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