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FHLMC Guide Bulletin 2014-7 Updates Chicago, Illinois Vacant Property Ordinance

On April 29, Freddie Mac released an update titled Guide Bulletin 2014-7 Chicago, Illinois Vacant Property Ordinance Updates.

Guide Bulletin 2014-7 Updates Requirements for Chicago Vacant Property Ordinance

In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-7, we’re announcing updated requirements for servicing mortgages on properties subject to the Chicago vacant property ordinance.

Since 2011, you had to register vacant properties and pay registration fees under protest due to the Municipal Code of the City of Chicago, Illinois. The Federal Housing Finance Agency (FHFA) sued the city over this ordinance and entered into a Memorandum of Understanding (MOU) earlier this month.

Effective May 12, 2014, you no longer have to pay any fees or associated penalties when you comply with the Chicago vacant property ordinance, and must voluntarily register all eligible properties owned or guaranteed by Freddie Mac.
Here’s what you need to know:

  • Refer to and comply with the March 28 MOU between FHFA and the City of Chicago. The MOU is included with Guide Bulletin 2014-7 as Attachment A.
  • Voluntarily register vacant properties with the city.
  • Contact the City of Chicago in writing if you’re billed for fees, fines or penalties associated with the ordinance requirements. Inform them that you are not obligated to pay and ask that they dismiss the bill.
  • Call your Freddie Mac representative or (800) FREDDIE if the city refuses your request.

Please note that the revisions in this Guide Bulletin, which are directed by FHFA, apply only to the City of Chicago.

Reimbursement of Ordinance-Related Expenses
You may continue to submit reimbursement requests for Chicago ordinance-related expenses incurred before May 12. You are no longer permitted to incur additional ordinance-related expenses on or after May 12. Guide Exhibit 59, City of Chicago, Illinois Vacant Property Ordinance Expense Codes, has been updated to reflect these changes.

Reminder: Abandoned Properties
Please follow Guide Section 67.28, Servicing Mortgages on Abandoned Properties, for allowable expense limits without Freddie Mac’s request for pre-approval (RPA). 

To assist you with preserving and protecting neighborhoods when costs exceed the limit in Guide Exhibit 57, 1- to 4-Unit Property Approved Expense Amounts, please submit an RPA through the Freddie Mac Reimbursement System.

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