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FHLMC Guide Bulletin 2017-25: Servicing Requirements to Assist Borrowers Impacted by Eligible Disasters

Investor Update
November 2, 2017

Today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-25 [pdf] announces Servicing requirements to assist borrowers whose mortgaged premises or places of employment are located in Eligible Disaster Areas. These new requirements are in effect for all Eligible Disaster Areas on or after August 25, 2017.

This Guide Bulletin includes:

  • The Extend Modification for Disaster Relief. In collaboration with Fannie Mae and at the direction of the Federal Housing Finance Agency we’re announcing a new temporary loan modification option. This temporary offering provides an additional option to assist borrowers whose mortgages or places of employment are located in Eligible Disaster Areas. While similar to the existing Capitalization and Extension Modification for Disaster Relief offering, it does not include capitalization of arrearages and is the first mortgage modification option in the Freddie Mac hierarchy for mortgages impacted by an Eligible Disaster. Must implement no later than February 1, 2018.
  • Revisions to the Capitalization and Extension Modification for Disaster Relief. We’re updating the eligibility requirements to state that the borrower must be at least 30 days (or one payment) and less than 360 days (or 12 payments) delinquent at the time of evaluation for the modification. This change will allow you to offer this relief option earlier to affected borrowers.
  • Changes to certain insurance requirements, including: 
  • Insurance loss settlements. To expedite the release of insurance funds to impacted borrowers in Eligible Disaster Areas, we’re temporarily revising requirements for the disbursement of insurance proceeds. We’re also clarifying that the “Mortgage status at the time of notification of loss” refers to the date the Eligible Disaster impacted the borrower’s mortgaged premises, as reflected on the insurance claim.
  • Borrower-requested cancellation of borrower-paid mortgage insurance (MI). We’re also temporarily revising borrower payment history requirements for borrowers requesting cancellation of borrower-paid MI when the delinquency is a result of a disaster forbearance plan or Trial Period Plan. This change allows Servicers to work with disaster-impacted borrowers to cancel MI when the borrower has met all other obligations to do so.

For More Information

Read Guide Bulletin 2017-25 [pdf]
Natural Disaster Relief FAQs [pdf]
Visit the Natural Disaster Relief web page
Contact your Freddie Mac representative

Source: Freddie Mac

Additional Resources:

Safeguard Properties (California Wildfires All Client Alert summary page)

Safeguard Properties (Hurricane Nate All Client Alert summary page)

Safeguard Properties (Hurricane Maria All Client Alert summary page)

Safeguard Properties (Hurricane Irma All Client Alert summary page)

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