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Freddie Mac Selling System Enhancements Coming in February

On January 20, Freddie Mac issued a release titled Selling System Enhancements Coming in February.

Selling System Enhancements Coming in February

As a result of your feedback, in the next few weeks you’ll see some changes to the selling system.

The following enhancements will become effective February 23, 2015:

New date and time stamps. The selling system will display date and time stamps so that you can easily track when:

  • The wire is ready on Guarantor and MultiLender contracts.
  • Pool validation is complete.
  • Wire instructions are designated/attached on Cash loans.
  • Loans have cleared edits.
  • Loans have been certified.
  • The most recent creation date for Form 996E Warehouse Provider Release and Transfer occurred.
  • The most recent completion date for Form 996E occurred. (Note: The “996E Complete” column heading will be renamed “996E Build Status.”)

The date and time stamps will appear on the cash and swap contract details screens and on the loan pipeline advanced search screen. The stamps also will be available for export as part of the customized Seller Summary Data MISMO 3.0 Export dataset beginning February 23, 2015.

Take advantage of this new information by adding it to your customized export file. See our job aids Export Your Loan Data [pdf] and Modify a Customized Export Data Set [pdf] for more information.

Note that the stamps will not be retroactive and will only appear for new loans or loans in the pipeline that are amended on or after February 23, 2015.

Loan-to-Value (LTV). If you reject a price during the Take Out Cash Contract process, the selling system will retain the LTV range you originally selected. Previously, the selling system defaulted to the 0%-105% LTV range if you rejected the price. This enhancement will help avoid accepting a contract with an incorrect LTV range if you re-price a contract.

Access the Selling System Updates, 1st Quarter 2015 Tutorial beginning February 23, 2015, by visiting the Learning Center Updates page and selecting the Selling & Delivery tab.

Continuing Our Focus on Usability

These upcoming enhancements are a continuation of the quarterly updates we made in 2014. Our goal is to improve usability and data quality.

As a reminder, here are some key enhancements we made last year:

Usability Enhancements

  • New Retrieve Historical Data link for fulfilled contracts and associated loans as far back as January 2010.
  • Capability to search for your loan by Freddie Mac loan number in addition to the existing Seller Loan Identifier search capability.
  • Expanded online help features – incorporating easier search functionality, improved Table of Contents, and short video clips on common selling system topics.

New Critical Edits to Improve Data Quality

  • LTV. To ensure data for loans with secondary financing has been provided.
  • ZIP Code. When ZIP codes don’t match the ZIP code on the associated appraisal delivered through the Uniform Collateral Data Portal.
  • Down Payment/Closing Cost Fund Type. For secondary financing closed end or secondary financing home equity line of credit (HELOC), the “Secondary Financing/Related Loan Information” section must contain applicable corresponding secondary financing data.

Uniform Loan Delivery Dataset

  • In addition to the above enhancements, in 2014 we updated the selling system with the ULDD Phase 2 requirements that became effective in August for all loans with Application Received Dates on or after March 1, 2014.

For More Information

  • For the latest selling system information, visit our Single-Family News Center and click on the Sell & Deliver tab.
  • For selling system training opportunities, visit our Learning Center.
  • Contact your Freddie Mac representative.

Please click here to view the release online.

About Safeguard 
Safeguard Properties is the mortgage field services industry leader, preserving vacant and foreclosed properties across the U.S., Puerto Rico, Virgin Islands and Guam. Founded in 1990 by Robert Klein and headquartered in Cleveland, Ohio, Safeguard provides the highest quality service to our clients by leveraging innovative technologies and proactively developing industry best practices and quality control procedures. Consistent with Safeguard’s values and mission, we are an active supporter of hundreds of charitable efforts across the country. Annually, Safeguard gives back to communities in partnership with our employees, vendors and clients. We also are dedicated to working with community leaders and officials to eliminate blight and stabilize neighborhoods. Safeguard is dedicated to preserving today and protecting tomorrow.  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