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FHLMC Guide Bulletin 2016-12: Selling and Servicing Updates

Investor Update
June 29, 2016

Today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2016-12, announces a variety of selling and servicing updates, including:

ARM Lifetime Floor

Revising Freddie Mac/Fannie Mae ARM Notes and Riders and Freddie Mac ARM Notes and Riders to include new language imposing a Lifetime Floor equal to the ARM’s margin.

Freddie Mac Technology

Consolidating certain technology licenses for Freddie Mac tools and systems, including tools in Freddie Mac Loan Advisor SuiteSM, into a Master Systems License.
Replacing references to Loan Prospector® with Loan Product AdvisorSM.
Updating the Guide Glossary to include a definition for “Servicing Tool.” Servicing Tools governed by an existing license, user agreement or similar document continue to be subject to the same terms and conditions and are not subject to the Master License.

Home Possible® Mortgages

Eliminating the requirement that Sellers obtain a signed borrower consent form at or before closing that authorizes the release of the borrower’s information to a counseling agency in the event of a delinquency.
Updating Loan Prospector and the Affordable Income and Property Eligibility tool on June 30, 2016, with the 2016 area median income (AMI) estimates issued by the Federal Housing Finance Agency.
Many of the 2016 estimates are lower than the AMI estimates for 2015. As a result, Home Possible mortgages underwritten using the 2015 AMI limits may no longer be eligible for sale. If a Home Possible mortgage received an “Accept-Eligible” evaluation prior to June 30, 2016, but receives an “Accept-Ineligible” when resubmitted to Loan Prospector on or after June 30, 2016, due only to the AMI estimates, Freddie Mac will honor the original Loan Prospector Feedback Certificate for “eligibility” and purchase the mortgage provided that certain conditions are met.

Review today’s Guide Bulletin for details on the above changes and other updates.

For More Information

Review Guide Bulletin 2016-12 [pdf].
Visit the Freddie Mac Uniform Instrument News and Updates web page.
Read the Single-Family News Center article on what current users can expect when Loan Advisor Suite deploys.
Visit the Loan Advisor Suite web page.
Contact your Freddie Mac representative.

Source: Freddie Mac

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.

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.

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.

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.

Business Development

Carrie Tackett

Business Development Safeguard Properties