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FNMA SVC-2013-22 Miscellaneous Servicing Policy Changes

On October 30, Fannie Mae released Servicing Guide Announcement SVC-2013-22, subtitled Miscellaneous Servicing Policy Changes.

Servicing Guide Announcement SVC-2013-22
Miscellaneous Servicing Policy Changes

This Announcement describes servicing policy changes and updates for the following:

  • Blanket or master insurance policy coverage of multiple unaffiliated projects
  • Payment of principal forbearance for mortgage loan modifications
  • Updates to property inspection reimbursements and requirements
  • Acknowledgment of escalated cases
  • Maintaining lender eligibility

Unless otherwise stated, all policy changes are effective immediately.

Blanket or Master Insurance Policy Coverage of Multiple Unaffiliated Projects

Servicing Guide Announcement SVC-2011-23: Condominium Insurance Requirements; Servicing Guide, Part II, Section 205: Coverage Required for Units in Condo Projects

On December 28, 2011, Fannie Mae published Announcement SVC-2011-23: Condominium Insurance Requirements, which established requirements for blanket or master insurance policies that cover multiple unaffiliated condo associations or projects. Fannie Mae is updating its Servicing Guide to prohibit the use of master or blanket insurance policies that cover multiple unaffiliated projects.

Servicers are required to work with the impacted borrowers to attempt to implement these new requirements for insurance policy renewals on or after February 1, 2014 for existing properties. If a homeowners’ association does not comply with these updated insurance coverage requirements, the units in the project will not be eligible to secure new loans to Fannie Mae.

Payment of Principal Forbearance for Mortgage Loan Modifications

Servicing Guide, Part VII, Section 602.02.05: Conventional Mortgage Loan Modification Terms; Announcement SVC-2013-16, Updates to Assistance in Disasters; Announcement SVC-2013-05, Streamlined Modifications, Conventional Mortgage Loan Modifications, and Outbound Communications

Currently the policy for Fannie Mae standard modifications, Streamlined Modifications, and mortgage loan modifications for mortgage loans affected by a disaster (for example, Streamlined Modifications Post Disaster Forbearance and Cap and Extend Modifications for Disaster Relief) requires that principal forbearance (also known as deferred principal) is payable upon maturity of the mortgage loan modification, sale or transfer of the property, or refinance.

Fannie Mae is updating this policy to require that principal forbearance is payable upon the earliest of the maturity of the mortgage loan modification, sale or transfer of the property, refinance of the mortgage loan, or payoff of the interest-bearing unpaid principal balance.

Please click here to view the announcement in its entirety.


About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders,  and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. 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