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FHLMC Guide Bulletin 2017-14: Temporary Servicing Requirements Related to Borrowers Affected by Hurricane Harvey

Investor Update
August 29, 2017

PLEASE NOTE: The section referring to property inspections has been included below and can be located within Servicing Guide Bulletin 2017-14:

PROPERTY INSPECTIONS FOR PROPERTIES LOCATED IN AN ELIGIBLE DISASTER AREA AS A RESULT OF HURRICANE HARVEY
Freddie Mac is aware that Servicers may need to conduct a property inspection of the Mortgaged Premises in an Eligible Disaster Area to determine the impacts of the damage. The inspection may not normally be reimbursable by Freddie Mac in accordance with Sections 9202.12 and 9701.9. We will create a process for Servicers to seek reimbursement for the related inspection costs, which will be announced in a future communication.

Freddie Mac is committed to helping borrowers receive the mortgage assistance they need to mitigate the devastating impacts of Hurricane Harvey. We provide you with options to assist borrowers whose homes or places of employment are located within Eligible Disaster Areas and appreciate your help during this difficult time.

Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-14

To ensure that borrowers continue to receive the assistance they need, we’re announcing a temporary suspension of foreclosures and evictions. Additionally, Freddie Mac will work with you so that property inspection costs resulting directly from Hurricane Harvey will not be passed on to the affected borrowers.

All changes announced in this Guide Bulletin are effective immediately.

Please read Guide Bulletin 2017-14 [pdf] for specific requirements.

Next Steps for Servicers

All Freddie Mac Servicers should respond to borrower requests for assistance using the options available to you through our Guide Bulletin. Other than the temporary measures being announced, all other disaster relief requirements and options have not changed.

You should immediately begin following the disaster relief requirements outlined in Guide Chapter 8404, which include:

  • Obtaining quality right party contact as soon as possible.
  • Short-term suspension of collection and foreclosure proceedings for up to 12 months from the date a disaster strikes to address each borrower’s specific financial hardship and circumstances.
  • No assessment of late charges or reporting to credit repositories for borrowers on a forbearance plan or paying as agreed on a repayment plan.
  • Help with options for local, state, or federal disaster assistance.
  • Monitoring and coordinating the insurance claim process.

If you need to respond to assistance requests from impacted borrowers:

  • Refer to the general mortgage relief policies in Guide Chapter 8404.
  • Determine the number of impacted properties and assess the extent of the damage caused by the major disaster.
  • Consider borrowers who work in eligible disaster areas but have homes in unaffected areas for Freddie Mac’s disaster relief policies, which include forbearance or mortgage modifications.

Special Relief Consideration

If you’re faced with a unique situation that may warrant special relief consideration, we’ll review individual circumstances on a case-by-case basis.

For More Information

Source: Freddie Mac

Additional Resource:

Safeguard Properties (Hurricane Harvey All Client Alert summary page)

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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