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FHLMC Guide Bulletin 2015-2 Selling and Servicing Updates

On February 17, Freddie Mac released an update titled Single-Family Seller/Servicer Guide Bulletin 2015-2.

Guide Bulletin 2015-2 Announces Updates and Improvements

We’re focused on finding ways to work smarter. In addition to the new and revised requirements announced in today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2015-2 [pdf], we’re also streamlining processes and updating forms that will save you time, increase efficiency, and enable us to respond quicker.

All changes announced in Guide Bulletin 2015-2 are effective immediately unless otherwise noted. Key highlights include:

  • Updating the following forms so they are easier to prepare and send:
  • Guide Forms 16SF, Annual Eligibility Certification Report, and 1107SF, Seller/Servicer Change Notification Form. Effective February 23, 2015.
  • Forms 1035, Custodial Agreement: Single-Family Mortgages, and 1035DC, Designated Custodial Agreement: Single-Family Mortgages. These forms are available on our Document Custody Forms Web page. 
  • Requiring Seller/Servicers to screen all Freddie Mac mortgages against the Federal Housing Finance Agency Suspended Counterparty Program list.
  • Revising notification requirements for bankruptcy cramdowns. In lieu of submitting a bankruptcy cramdown plan and all other previously required documentation, we’ve developed new Form 1155, Bankruptcy Cramdown Pre-Confirmation Proposal of Settlement Terms, to notify us of proposed plans.
  • Updating our reporting and remittance requirements for properties purchased by third parties at foreclosure sale, to enhance the settlement process.

With Guide Bulletin 2015-2, we’re also: 

  • Modifying requirements for partial principal curtailments, to provide you with more flexibility.
  • Introducing a new Guide section with more transparent reporting requirements regarding when rollbacks are necessary, to reduce rollback reporting delays and associated errors.
  • Providing you with more guidance for handling bankruptcy filings after foreclosure sale.
  • Updating insurance loss settlement requirements if the total insurance proceeds are less than or equal to $10,000 when the mortgage status at time of notification of loss is current or less than 31 days delinquent.

Please read Guide Bulletin 2015-2 for more details on these changes and for additional updates.

Reminders

For More Information

  • Read Guide Bulletin 2015-2 [pdf].
  • Review our Summary of Upcoming Requirement Changes [pdf] to stay on top of upcoming requirement changes by effective date.
  • Sign up for our new Single-Family Week in Review email. This new email provides you with a weekly snapshot of all Single-Family News Center articles from the prior week as well as additional resources you may find helpful.
  • Visit Freddie Mac’s Learning Center for additional information on our training programs and references tools.
  • Contact your Freddie Mac representative.

Please click here to view the online update.

About Safeguard 
Safeguard Properties is the mortgage field services industry leader, preserving vacant and foreclosed properties across the U.S., Puerto Rico, Virgin Islands and Guam. Founded in 1990 by Robert Klein and headquartered in Cleveland, Ohio, Safeguard provides the highest quality service to our clients by leveraging innovative technologies and proactively developing industry best practices and quality control procedures. Consistent with Safeguard’s values and mission, we are an active supporter of hundreds of charitable efforts across the country. Annually, Safeguard gives back to communities in partnership with our employees, vendors and clients. We also are dedicated to working with community leaders and officials to eliminate blight and stabilize neighborhoods. Safeguard is dedicated to preserving today and protecting tomorrow.  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