Safeguard Properties

CFPB Gives Training on Updated Servicer Rules

Posted on by Safeguard

Investor Update
September 20, 2016

Officials from the Consumer Financial Protection Bureau (CFPB) spoke to attendees from all sectors of the mortgage industry at the Consumer Financial Protection Bureau Industry and Servicer Training Update during the 2016 Five Star Conference and Expo. Laurie Maggiano, Manager for Servicing and Securitization Markets, Research, and Regulation, and Laura Johnson, Senior Counsel in the Office of Regulations led this training update. Maggiano and Johnson presented an overview of policy and programs that impact the mortgage industry based off of the recently published rules in August. This was one of the first times the Bureau has provided an in-depth, in-person training since the promulgation of the new servicing rules.

The finalized rules dictate that servicers must provide certain borrowers with foreclosure protections more than once over the life of the loan. According to the CFPB, this change will be particularly helpful for borrowers who obtain a permanent loan modification and later suffer an unrelated hardship, such as the loss of a job or the death of a family member, that could otherwise cause them to face foreclosure.

Servicers must also clarify borrower protections when the servicing of a loan is transferred and provide important loan information to borrowers in bankruptcy.

The updated rules also more clearly define various roles in the foreclosure process. For those who inherit property, the potential foreclosure process has been especially perilous. The updated rules establish a broad definition of “successor in interest” that generally includes persons who receive property upon the death of a relative or joint tenant, via divorce or legal separation, through certain trusts, or from a spouse or parent and gives them, generally, the same protections outlined under the CFPB’s mortgage servicing rules as the original borrower.

These amendments also require servicers to notify borrowers when loss mitigation applications are complete and provide greater protection for struggling borrowers during servicing transfers. The rules also clarify servicers’ obligations to avoid dual-tracking and prevent wrongful foreclosures, as well as when a borrower becomes delinquent.

To view the presentation material from the CFPB Industry and Servicer Training Update click HERE.

To read more about the CFPB’s updated rules click HERE.

Editor’s note: The Five Star Institute is the parent company of DS News and DSNews.com.

Source: DS News

VALERI Servicer Newsflash

Posted on by Safeguard

Investor Update
August 3, 2016

IMPORTANT INFORMATION
Interest Rate for Department of Veterans Affairs (VA) Streamline Modifications – Servicers initiating a trial payment plan (TPP) for a VA streamline loan modification may request pre-approval from VA to complete the modification with an interest rate based on the approval date of the TPP instead of the interest rate at the time of the modification approval.

All pre-approval requests must be submitted prior to the TPP agreement or loan modification, as VA does not grant pre-approvals for events a servicer has already reported. If a servicer deviates from a regulation without obtaining a pre-approval, it is considered a regulatory infraction on the loan.

VA Address on Deeds to VA – The address that should be used when a property is conveyed to VA, has been changed to:

Department of Veterans Affairs
Loan Guaranty Service
3401 West End Avenue, Suite 760W
Nashville, TN 37203

REMINDER
Contacting VA – Per M26-4, Chapter 1, any questions related to a loan assigned to a VA Loan Technician should be referred directly to that Technician for assistance and guidance. All VA Loan Technicians are available to provide assistance for inquiries on current loans that are not yet assigned, regardless of property location.

Source: VA

VA Circular 26-16-23 Special Relief Following Louisiana Severe Storms and Flooding

Posted on by Safeguard

Investor Update
August 17, 2016

1. Purpose. This Circular expresses concern about Department of Veterans Affairs (VA) home loan borrowers affected by severe storms and flooding in the State of Louisiana, and describes measures mortgagees may employ to provide relief. Mortgage servicers and borrowers alike should review VA’s Guidance on Natural Disasters to ensure Veterans receive the assistance they need. (http://www.benefits.va.gov/homeloans/documents/docs/va_policy_regarding_natural_disasters.pdf)

2. Forbearance Request. VA encourages holders of guaranteed loans to extend forbearance to borrowers in distress as a result of the Louisiana severe storms and flooding. Careful counseling with borrowers should help determine whether their difficulties are related to these storms, or whether they stem from other sources that must be addressed. The proper use of authorities granted in VA regulations may be of assistance in appropriate cases. For example, Title 38, Code of Federal Regulations (CFR), section 36.4311 allows the reapplication of prepayments to cure or prevent a default. Also, 38 CFR 36.4315 allows the terms of any guaranteed loan to be modified without the prior approval of VA, provided conditions in the regulation are satisfied.

3. Moratorium on Foreclosure. Although the loan holder is ultimately responsible for determining when to initiate foreclosure and for completing termination action, VA has requested on its website (http://www.benefits.va.gov/homeloans) that holders establish a 90-day moratorium from the date of a disaster on initiating new foreclosures for loans affected by major disasters. VA regulation 38 CFR 36.4324(a)(3)(ii) allows additional interest on a guaranty claim when eventual termination has been delayed due to circumstances beyond the control of the holder, such as VA-requested forbearance. Due to the widespread impact of the Louisiana severe flooding, holders should review all foreclosure referrals to ensure that borrowers have not been affected significantly enough to justify delay in referral. Any questions about impact should be discussed with the VA Regional Loan Center (RLC) of jurisdiction.

4. Late Charge Waivers. VA believes that many servicers plan to waive late charges on affected loans, and encourages all servicers to adopt such a policy for any loans that may have been affected.

5. Credit and VA Reporting. In order to avoid damaging credit records of Veteran borrowers, servicers are encouraged to suspend credit bureau reporting on affected loans. VA will not penalize affected servicers for any late default reporting to VA as a result. Please contact the appropriate RLC with any questions.

6. Activation of the National Guard. Members of the National Guard may be called to active duty to assist in recovery efforts. VA encourages servicers to extend special forbearance to National Guard members who experience financial difficulties as a result of their service.

7. Rescission: This Circular is rescinded October 1, 2018.

By Direction of the Under Secretary for Benefits

Jeffrey F. London
Deputy Director, Loan Guaranty Service

Source: VA

VA Circular 26-16-22 Special Relief Following a Natural Disaster

Posted on by Safeguard

Investor Update
August 1, 2016

1. Purpose. This Circular expresses concern about Department of Veterans Affairs (VA) home loan borrowers affected by a natural disaster, such as the California wildfires or Federally-declared natural disasters, and describes measures mortgagees may employ to provide relief. Mortgage servicers and borrowers alike should review VA’s Guidance on Natural Disasters to ensure Veterans receive the assistance they need. (http://www.benefits.va.gov/homeloans/documents/docs/va_policy_regarding_natural_disasters.pdf)

2. Forbearance Request. VA encourages holders of guaranteed loans to extend forbearance to borrowers in distress as a result of a natural disaster. Careful counseling with borrowers should help determine whether their difficulties are related to a natural disaster, or whether they stem from other sources that must be addressed. The proper use of authorities granted in VA regulations may be of assistance in appropriate cases. For example, Title 38, Code of Federal Regulations (CFR), section 36.4311 allows the reapplication of prepayments to cure or prevent a default. Also, 38 CFR 36.4315 allows the terms of any guaranteed loan to be modified without the prior approval of VA, provided conditions in the regulation are satisfied.

4. Moratorium on Foreclosure. Although the loan holder is ultimately responsible for determining when to initiate foreclosure, and for completing termination action, VA has requested that holders establish a 90-day moratorium from the date of a natural disaster on initiating new foreclosures on affected loans. VA regulation 38 CFR 36.4324(a)(3)(ii) allows additional interest on a guaranty claim when termination has been delayed due to circumstances beyond the control of the holder, such as VA-requested forbearance. Because of the widespread impact of a natural disaster, holders should review all foreclosure referrals to ensure that borrowers have not been affected significantly enough to justify delay in referral. Any questions about impact should be discussed with the VA Regional Loan Center (RLC) of jurisdiction.

5. Late Charge Waivers. VA believes that many servicers plan to waive late charges on affected loans, and encourages all servicers to adopt such a policy for any loans that may have been affected.

6. Credit and VA Reporting. In order to avoid damaging credit records of Veteran borrowers, servicers are encouraged to suspend credit bureau reporting on affected loans. VA will not penalize affected servicers for any late default reporting to VA as a result. Please contact the appropriate RLC with any questions.

7. Activation of the National Guard. Members of the National Guard may be called to active duty to assist in recovery efforts. VA encourages servicers to extend special forbearance to National Guard members who experience financial difficulties as a result of their service.

8. Rescission: This Circular is rescinded October 1, 2018.

By Direction of the Under Secretary for Benefits

Jeffrey F. London
Deputy Director, Loan Guaranty Service

Source: VA

MHA HAMP Reporting Update Updated Data Dictionaries Posted

Posted on by Safeguard

Investor Update
July 28, 2016

In connection with the November 2016 release of the HAMP® Reporting System, updated versions of the following Data Dictionaries were posted on HMPadmin.com:

Questions? 
Email the HAMP Solution Center or call 1-866-939-4469.

Source: MHA

MHA HAMP Reporting Update November HAMP Reporting System Release Notes

Posted on by Safeguard

Investor Update
August 25, 2016

On November 1, 2016, the HAMP Reporting System, including the HAMP Reporting Tool, will receive the following updates:

  • Update to first lien data set provided to Black Knight to include only GSE & non-GSE HAMP, and GSE standard modifications previously matched to a second lien as of March 31, 2017
  • Additions and modifications to data rules

Refer to the Release Notes for more information about these enhancements.

Questions? 
Email the HAMP Solution Center or call 1-866-939-4469.

Source: MHA

HUD Secretary Announces Disaster Assistance for Louisiana Storm Victims

Posted on by Safeguard

Investor Update
August 17, 2016

Foreclosure protection offered to displaced families

WASHINGTON – U.S. Housing and Urban Development Secretary Julián Castrotoday announced HUD will speed federal disaster assistance to the State of Louisiana and provide support to homeowners and low-income renters forced from their homes due to severe storms and flooding.

This week, President Obama issued a disaster declaration for Acadia, Ascension, Avoyelles, East Feliciana, Evangeline, Iberia, Iberville, Jefferson Davis, Lafayette, Point Coupee, St. Landry, St. Martin, St. Tammany, Vermilion, Washington and West Feliciana have joined East Baton Rouge, Livingston, St. Helena and Tangipahoa parishes. The President’s declaration allows HUD to offer foreclosure relief and other assistance to certain families living in this county.

“Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,” said Castro. “Whether it’s foreclosure relief for FHA-insured families or helping these counties to recover, HUD stands ready to help in any way we can.”

HUD is:

  • Assisting the State of Louisiana and local governments in re-allocating existing federal resources toward disaster relief – HUD’s Community Development Block Grant (CDBG) and HOME programs give the State and communities the flexibility to redirect millions of dollars in annual formula funding to address critical needs, including housing and services for disaster victims. HUD is currently contacting State and local officials to explore streamlining the Department’s CDBG and HOME programs in order to expedite the repair and replacement of damaged housing;
  • Granting immediate foreclosure relief – HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages;
  • Making mortgage insurance available – HUD’s Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs;
  • Making insurance available for both mortgages and home rehabilitation – HUD’s Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home; and
  • Offering Section 108 loan guarantee assistance – HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.
  • Information on housing providers and HUD programs – The Department will share information with FEMA and the State on housing providers that may have available units in the impacted counties.  This includes Public Housing Agencies and Multi-Family owners.  The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers.

Read about these and other HUD programs designed to assist disaster victims.

Source: HUD

MHA HAMP Reporting Update July 2016 UP Survey Now Available

Posted on by Safeguard

Investor Update
August 15, 2016

The July 2016 UP survey is now available on HMPadmin.com (login required). Servicers that have executed a Servicer Participation Agreement (SPA) and that have cumulative UP activity must complete and upload their UP survey response to the HAMP® Reporting Tool (login required) by Monday, August 22, 2016.

SPA servicers that have any cumulative UP activity as of July 31, 2016 must submit an UP survey at this time.

For details on downloading and submitting the UP survey response, log in to HMPadmin.com, navigate to the HAMP Loan Reporting Tools & Documents area, and select the UP Survey tab.

Questions?
For more information, email the HAMP Solution Center or call 1-866-939-4469.

For questions specifically regarding the survey contents, email the HAMP Servicer Survey team.

Source: MHA

Freddie Mac: New Survey Results! See What Your Peers Are Saying About eMortgages

Posted on by Safeguard

Investor Updates
August 12, 2016

Earlier this year Freddie Mac and Fannie Mae (the GSEs) developed a joint survey, under the direction of the Federal Housing Finance Agency (FHFA), to better understand the obstacles facing the eMortgage market. We asked industry stakeholders for their perspective, and we’re pleased to share their insight in the Joint GSE eMortgage Outreach Survey Findings on the State of Industry Adoption report.
 
We’re working with FHFA and Fannie Mae to determine the best ways to address the barriers identified in the survey. After a full analysis of the survey findings, the GSEs will release a follow-up joint report with recommendations and updates on our plan for strategy and policy alignment.
 
Click here to view the Joint GSE eMortgage Outreach Survey Findings [pdf].
 
For More Information
 
Visit our Electronic Loan Documents web page to learn more about Freddie Mac requirements and flexibilities on the use of electronic documents.

Source: Freddie Mac

Freddie Mac: New Support for the Principal Reduction Modification

Posted on by Safeguard

Investor Update
August 4, 2016

Are you ready to meet the requirements of – and manage borrower inquiries for – the Principal Reduction Modification?
 
Our New Web Page Will Help You
 
With borrower solicitation deadlines fast approaching, we want to help you meet the Principal Reduction Modification requirements, which we announced in Single-Family Seller/Servicer Guide (Guide) Bulletin 2016-07 [pdf].
 
Visit our new, temporary Principal Reduction Modification web page, which we created to help you with borrower inquiries. Learn about our outreach efforts, including borrower solicitation campaigns, in-person events, online resources, and more!
 
The Principal Reduction Modification
 
The Principal Reduction Modification is a temporary offering, designed to help seriously delinquent, underwater borrowers who are most at risk of foreclosure, mainly in neighborhoods that were hit the hardest by the housing crisis. This program allows eligible borrowers to obtain a loan modification that permanently forgives a portion of their mortgage debt. We developed this temporary offering with Fannie Mae and at the direction of the Federal Housing Finance Agency.
 
Fall will be here before you know it, so don’t forget – initial borrower solicitations must be sent no later than October 15, 2016. All subsequent solicitation letters must be sent by December 31, 2016.
 
For More Information

  • Read our earlier Single-Family News Center article, which provides more information about the Principal Reduction Modification.
  • Visit our new Principal Reduction Modification web page for links to FAQs, a quick reference guide and an online tutorial.

Source: Freddie Mac

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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