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FHLMC Guide Bulletin 2015-4 Selling Updates

On April 9, Freddie Mac released an update titled Guide Bulletin 2015-4: Selling Updates.

More Business Opportunities and Flexibilities with Guide Bulletin 2015-4 Changes

You’ll have new opportunities to reach more borrowers with the requirement updates we announced in Single-Family Seller/Servicer Guide (Guide) Bulletin 2015-4. We also introduced a number of changes that will make it easier for to you to manage your business with Freddie Mac.

Following are some of the expanded opportunities included in the Bulletin:

Expanded use of Affordable Seconds®. We’re permitting Affordable Seconds as a secondary financing option for all eligible first lien mortgages, in addition to Home Possible® Mortgages. We’re also adding more flexibility to our requirements for mortgages with Affordable Seconds.

Changes to these requirements are effective for eligible mortgages with Freddie Mac settlement dates on or after May 11, 2015. The selling system will be updated on May 11, 2015, to support this expansion.

Updated reserves requirements for Loan Prospector® mortgages. In an upcoming release, Loan Prospector will be enhanced to calculate the amount of required reserves for the subject property and the Loan Prospector Feedback Certificate will state these required reserves. In general, you’ll only need to verify the amount of reserves stated on the Feedback Certificate. However, there are circumstances, as described in the Bulletin, when additional reserves are required. You must determine and verify the additional required reserves in those circumstances.

We’re also revising our requirements for resubmission to Loan Prospector. A resubmission is not required if the amount of verified reserves decreases as long as the amount of reserves is equal to or greater than the amount of reserves required on the Feedback Certificate.

These updated requirements are effective for all Loan Prospector submissions and resubmissions on or after July 19, 2015, and will help streamline your origination process. You’ll receive more details about the Loan Prospector enhancements in a future communication.

Expansion to our condominium project eligibility criteria. We’ve expanded our project eligibility criteria relating to non-residential project space, single-investor concentration and delinquent assessments. In addition, we’ve modified our eligibility criteria for projects subject to litigation.

We’ve also clarified that projects with a mix of attached and detached condominium units may be eligible for streamlined reviews and we’ve eliminated our “spot” loan requirements for these reviews.

With these changes, more condominium projects could meet our eligibility requirements, providing you with more opportunities to support condominium unit buyers.

More eligible electronic documents. As your business continues to move towards paperless transactions, we now allow the use of electronic closing documents (other than the note) for mortgages you sell to Freddie Mac. We’ve also streamlined our due diligence requirements for the systems you use to conduct electronic transactions with us and to create electronic documents.

Uniform Loan Delivery Dataset (ULDD) Updates. Today, we published the first quarter 2015 ULDD Addendum. We updated Guide Chapter 17, Mortgage Delivery Instructions, to be consistent with the ULDD Addendum.

Additional Guide Updates
With Guide Bulletin 2015-4, we also announced other important Guide changes including revisions to and clarification on:

  • Guide Form 906, Freddie Mac Loan Coverage AdvisorSM Authorized User Role Form.
  • Property valuations and appraisals.

Reminders

  • Review our Summary of Upcoming Requirement Changes [pdf] to stay on top of upcoming requirement changes by effective date.
  • If you haven’t already done so, sign up for Loan Coverage Advisor access. It’s our free application that calculates and tracks the selling representation and warranty relief date for loans you’ve sold to Freddie Mac. 
  • Sign up for the Single-Family Week in Review for quick access to a recap of important announcements from the prior week, as well as other helpful resources.

For More Information

  • Read Guide Bulletin 2015-4 [pdf].
  • Review our Affordable Seconds Webpage.
  • Check out opportunities [pdf] in condominium financing and training on our requirements.
  • Review our FAQs on electronic signatures and transactions.
  • Contact your Freddie Mac representative.

Please click here to view the online update.

Please click here to view Guide Bulletin 2015-4 [pdf].

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