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FHLMC Guide Bulletin 2017-1: Servicer Reimbursement for Use of a Lockbox on an Abandoned Property

Investor Update
February 15, 2017

In Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-1, we’re announcing early implementation for the new Freddie Mac Flex Modification and other operational enhancements.
 
Key Highlights

  • Effective immediately and in response to your feedback, we’re removing the requirement that IRS Forms 4506T-EZ, Short Form Request for Individual Tax Return Transcript, and 4506-T, Request for Transcript of Tax Return, be obtained or processed, unless certain circumstances apply.
  • You may start evaluating borrowers now for a Flex Modification Trial Period Plan. Starting May 1, 2017, Workout Prospector® will be updated so that you can submit data relating to Flex Modification Trial Period Plans. There’s no change to the October 1, 2017 mandatory implementation date we announced in Guide Bulletin 2016-22.
  • Enhancing the modification loss calculation (MLC) for mortgages subject to an indemnification to more closely align with MLC for structured agency credit risk transactions.
  • Specifying your responsibilities related to property preservation and advancement of property taxes and insurance premiums after a third-party foreclosure sale. Effective for foreclosure sales on and after April 17, 2017.
  • Revising Guide Form 981, Agreement for Subsequent Transfer of Servicing of Single-Family Mortgages, to require electronic signatures. Effective June 1, 2017. 

Reminder

Please consider securing abandoned properties with knob locks or lockboxes, and remember that Freddie Mac reimburses the use of lockboxes on abandoned property.
 
For More Information

Source: Freddie Mac

Additional Resource:

Freddie Mac (Guide Bulletin 2017-1: Servicer reimbursement for use of a lockbox on an abandoned property):

Servicers are encouraged to secure abandoned properties with knob locks or lockboxes under the terms of the Mortgage documents and applicable law. Exhibits 57 and 74 provide a maximum of $60 reimbursement for knob locks if they are used for access to, and/or securing of an abandoned property. We are now also providing reimbursement for lockboxes. To receive reimbursement for a knob lock or lockbox up to the allowable limit of $60, the Servicer must report expense code “090028” in the Reimbursement System. If a Servicer would like reimbursement for costs in excess of the $60 allowable limit, the Servicer must submit an RPA using the RPA functionality in the Reimbursement System and obtain approval of the request from Freddie Mac.

Guide impacts: Exhibits 57 and 74

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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