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FHLMC Guide Bulletin 2015-19: Updated Requirements for Information Security, Fraud Reporting and More

Investor Update
October 28, 2015

In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2015-19, we’re announcing updated requirements for information security programs, business continuity planning, and fraud reporting. We’re also offering a preview of the upcoming Guide reorganization. All changes are effective immediately, unless otherwise noted.
 
Key Highlights

  • Effective May 2, 2016, you must have in place both an information security program and business continuity plan (BCP), which meet the minimum requirements detailed in Guide Bulletin 2015-19. We’re making these changes to reduce the chances of unauthorized access to certain information and to support your continued ability to do business with us, especially in the event of a disaster or other interruption.
  • Lower thresholds for notifying us of fraud or other suspicious activity, from more than 25 mortgages and/or an unpaid principal balance (UPB) of $2.5 million to five mortgages and/or a UPB of $1 million. Since current fraud schemes are smaller in scope, lowering these thresholds will help identify fraud schemes earlier.
  •  A less time-consuming Exclusionary List screening process for you and your borrowers. This includes changing the Exclusionary List screening date from mortgage delivery date to note date. We’re also making changes to help you distinguish between FHFA’s Suspended Counterparty Program (SCP) and our Exclusionary List screening requirements, and clarifying our expectations around confidential information sharing.
  • A preview of our upcoming Guide reorganization, which we’re planning to complete by early 2016. We’re always looking for ways to improve the Guide’s usability, and this redesign will make it easier for you to find specific requirements. As part of the reorganization, we’re not rewriting existing policies/requirements or introducing new ones. We’ll provide more details and resources soon.


Additional Updates

  • We’re creating a new email account for quicker responses to Servicer notifications of valid matches to the Office of Foreign Asset Control’s list of Specially Designated Nationals and Blocked Persons List. 
  • For your convenience, we’ve published the September 16, 2015 Guide Snapshot PDF [pdf].

Please read Guide Bulletin 2015-19 for more details. 


For More Information

Source: Freddie Mac

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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