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Freddie Mac Requires Servicer Action Due to Termination of DRLS Law Firms

On August 12, Freddie Mac released a notice titled Servicers Required to Take Action Based on Termination of DRLS Law Firms.

Servicers Required to Take Action Based on Termination of DRLS Law Firms

Effective today, Freddie Mac has terminated our relationships with the following law firms providing default-related legal services (DRLS) for Freddie Mac Default Legal Matters.

Terminated Law Firms by State

Firm
Connolly, Geaney, Ablitt & Willard, P.C.

State              
Massachusetts
New Hampshire
Rhode Island
Florida
Puerto Rico

Firm
The Castle Law Group, LLC

State                                      
Utah
New Mexico
Nevada
Arizona
Wyoming                                                                                

Freddie Mac Servicers May No Longer Refer Any Default Legal Matters to These Firms.

If you have existing Freddie Mac Default Legal Matters at these law firms, please take immediate steps to secure and transfer them to new law firm (s).  Please note that any new firm receiving transferred files must have received a “No Objection” letter from Freddie Mac as a part of the law firm selection process.

Next Steps and Requirements

You are required to transfer all files on or before October 12, 2014. When moving the files to a new law firm, please:

  • Bill only one attorney fee to Freddie Mac. We won’t reimburse extra attorney fees based on Servicers’ file transfers.
  • Make sure the one allowable attorney fee is equal to or less than the amount posted in Guide Exhibit 57A, Approved Attorney Fees and Title Expenses, plus any additional fees approved through the request for pre-approval (RPA).
  • Submit reimbursement requests no later than November 12, 2014. Please keep in mind:
    • Freddie Mac will reimburse you up to $250 per file for transfer fees in connection with files transferred between today and October 12, 2014.
    • We will provide a 60-day foreclosure timeline compensatory fee allowance on loans transferred from these law firms between today and October 12, 2014.
    • Additional fees or costs associated with each file transfer cannot be passed on to Freddie Mac, the borrower, or the new law firm.

Once you’ve determined which new law firm (s) will receive the transferred files, please send your comprehensive transferred files list to Freddie Mac at FBBU@freddiemac.com.  Include the following:

  • Freddie Mac loan number
  • Servicer loan number
  • Date of transfer
  • Original law firm name
  • New law firm name

We need to receive this information so we can update our law firm reporting system and enable new firms to report on the transferred files. We also need it in order to reimburse you for any transfer fees.

Reminder

Servicers are responsible for managing and monitoring all aspects of law firm performance and providing necessary assistance to law firms, relating to Freddie Mac default-related legal services.

Please work with the new law firm (s) to prioritize all Freddie Mac Default Legal Matters requiring immediate action. Instruct the new law firm (s) to manage an orderly review and transfer of the files, and provide additional information as needed.

Get More Information

  • Refer to Single-Family Seller/Servicer Guide (Guide) Chapter 69, Selection, Retention and Management of Law Firms for Freddie Mac Default Legal Matters.
  • View our Default-Related Legal Services Web page for detailed information for Servicers, law firms, and Legacy Matters.
  • Contact your Freddie Mac representative.
  • Call 800-FREDDIE.

Please click here to view the online notice.

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