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HUD MCM Contract Response Letter to MBA

Investor Update
August 7, 2015

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
WASHINGTON, DC 20410-8000
OFFICE OF HOUSING

Mr. Pete Mills
Senior Vice President of Residential Policy and Member Services
Mortgage Bankers Association
1919 M Street NW, 5th Floor
Washington, DC 20036-3572

Dear Mr. Mills:

Thank you for your letter of July 2, 2015, on behalf of the Mortgage Bankers Association (MBA), requesting that the Department of Housing and Urban Development (HUD) work with the MBA and its members to facilitate the transfer of responsibilities to HUD’s new Mortgagee Compliance Manager (MCM) contractor, ISN Corporation (ISN).  The Department has reviewed the MBA’s request and would like to address each of the MBA’s concerns, as stated in its letter, and share the following information regarding the transition.

  • What is the transition timeframe and planned transition steps?

The MCM transition to ISN will include a minimum of 60 days of training by the incumbent, Michaelson, Connor & Boul (MCB).

  • If a protest is lodged, how will this impact the timeframe?

A protest was filed and has been resolved; therefore, MCB’s contract was extended to account for delays due to the protest.

  • When is the handover date to the new provider?

ISN is expected to begin full performance within 60 to 90 days from the date of this letter.

  • When will servicers be provided with a contact list for ISN and an escalation matrix?

ISN is developing a webpage which will include a list of contacts for specific MCM activities.

  • Is the new contract only for new work or does it cover the existing pipeline as well?

At the end of transition, ISN will become responsible for all work in progress, as reflected in HUD’s Asset Disposition System (P260), and all new acquisitions.

  • How does the status of the technology contract (P260) interplay with the MCM award and does this introduce additional complications?  How will the activities that are managed outside of P260 be handled?

The award of a new P260 contract will not affect MCM processes.  All MCM activities are handled through P260, and all information pertaining to work in progress will be transferred to ISN.

  • In the April MBA-FHA working group meeting, it was mentioned that the new MCM would have greater delegated authority.  What are these changes?

ISN, as the MCM contractor, will operate under the same HUD policies governing the existing MCM contractor.

  • Are there any changes to the existing processes that are foreseen due to the award of the contract to ISN?

While there are no existing process changes expected at this time, HUD is continually reviewing all of its Management and Marketing contractors’ processes to determine how to enhance them for the purpose improving the real estate owned (REO) conveyance and disposition process.

The Department appreciates the MBA and it’s member’ participation in HUD’s housing programs and looks forward to continued dialogue to help ensure a seamless and efficient transition to ISN.  If you have additional questions regarding this matter, please do not hesitate to contact me on (202) 402-5628 or Matt Martin, Director, National Servicing Center on (405) 609-8533.

Sincerely,

Ivery W. Himes
Director
Office of Single Family Asset Management

Please click here to view the letter [pdf].

Please click here to view the MBA’s original inquiry letter to HUD [pdf].

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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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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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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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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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Carrie Tackett

Business Development Safeguard Properties