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FHLMC Guide Bulletin 2015-14 New Automated Settlement Process and Requirement Updates

Investor Update
August 12, 2015

In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2015-14, we’re announcing a new automated settlement process and updating Seller/Servicer requirements.

Key highlights include:

  • Coming Soon! Workout Prospector® Automated Settlement for Liquidation Transactions
    Following up on our commitment to continuously improve our technology, we’re announcing a new automated settlement process for liquidation transaction types – including short sales, deeds-in-lieu of foreclosure, charge-offs and third-party foreclosure sales – effective March 1, 2016. Doing business with us will be easier since you’ll have:

    • Less required paperwork. You’ll no longer need to submit a Settlement/Closing Disclosure Statement, or a third-party foreclosure sale claim package or Guide Form 1160.
    • Pre-populated data based on the liquidation approval.
    • Real-time feedback and transparent communication on settlement issues within the system.
    • Quicker payment of the charge-off adjustment/credit on the Detailed Adjustment Report (DAR).  

    • We’ll announce more information, training and resources about this enhancement later this fall.

  • Extending the Submission Deadline for the Home Affordable Modification Program (HAMP®) Year Six Pay for Performance Incentive
    To provide additional time for Servicers to solicit eligible borrowers, and for eligible borrowers to submit the executed Dodd-Frank Certification (DFC) or Guide Form 720, we’re extending the September 1, 2015, date to January 1, 2016. To be eligible for the incentive, borrowers must submit an executed DFC or Guide Form 720 on or before the later of:

    • The sixth anniversary of the HAMP Trial Period Plan Effective Date, or
    • January 1, 2016.
  • DAR Enhancements for Third-Party Foreclosure Sales
    Effective November 23, 2015, the amount posted to the DAR will be determined, in part, by the gross sale proceeds, and not the net sale proceeds of the property.
  • Property Inspection Updates
    For mortgages secured by properties 45 or more days delinquent, you must complete one inspection every calendar month and ensure that no two inspections are completed within a 20-day period, effective January 1, 2016. Please note that we’ve updated Guide Form 1013, 1-4 Unit Property Inspection Report, to include interior property inspections and more accurately reflect a property’s condition.


Additional Updates

  • We’re introducing new Guide Exhibit 1191B, Streamlined Modification Solicitation Letter for Day 60 Rate Reset.
  • We streamlined Guide Form 1034T, Subsequent Transfer Document Custodial Certification Schedule.

Please read Guide Bulletin 2015-14 for more details. 

Reminder
Beginning September 1 – as announced in Guide Bulletin 2015-9 – all appeals for late foreclosure sale reporting compensatory fees must be submitted through the Freddie Mac Default Fee Appeal System.

For More Information

Please click here to view the online update.

Please click here to view Guide Bulletin 2015-14 [pdf].
 

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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