Safeguard Properties

VALERI Servicer Newsflash

Posted on by Safeguard

On June 11, the U.S. Department of Veterans Affairs (VA) released a VALERI Servicer Newsflash.

VALERI Servicer Newsflash

REMINDER
Transfer of Custody for States Allowing Statutory Redemption Clarification – VA has previously deemed the sale, confirmation, or ratification date as the loan terminating events; therefore, even in states with redemption, if the servicer is the successful bidder at sale, they have 15 days to determine whether or not to convey the property to VA from either the sale, confirmation, or ratification date. If the servicer decides to transfer custody of a property to VA in a state which allows statutory redemptions, they should not wait until the redemption period expires. Servicers must still convey the property to VA within 15 days of sale, confirmation or ratification date as applicable to the state. (38 CFR 36.4323)

Appeal Submission Clarification – Reminder regarding appeal submissions. When filing an appeal, servicers must always populate the “appealed” box with the full amount of the expense/credit when requesting the difference of the amount claimed on the original basic claim. For example, if a servicer submits a line item for reimbursement in the amount of $500 and VA pays $200 on the original claim, the servicer would need to submit the appeal for the entire $500 if they are asking for the difference in the amount of $300. (Chapter 12 VALERI Servicer Guide)

DEVELOPMENT UPDATES
On Monday, May 4, 2015, VALERI 3.3 BI Reports manifest was released. The following system enhancements were included:

CQ 10900 – Added two columns on the Servicer Loan Listing report for Net Value and the NOV expiration date.

CQ 9199 – Created a new report titled Servicer Event Daily Upload which provides servicers a list of loans and their respective events that have been generated via Servicing System, Bulk Upload or manual input but have not yet processed. The events listed on this report are in a pending status and should process within the 1 day revision period.

On Saturday, June 6, 2015, VALERI Manifest 3.4 was deployed. The following system enhancements were included:

CQ 10677 – An email will be sent to users 2 weeks prior to the VALERI system automatic deactivation. This will remind users to log in to the application and avoid being deactivated. If the user does not access the VALERI application, a second email will be sent to the user and will include the Administrator who can verify if the user should remain active or be deactivated.

CQ 10728 – Debris Removal Advance – The Servicer Web Portal (SWP) and Claim Bulk Upload template will have a feature to select the number of units for debris removal. The new bulk upload template was uploaded on Monday June 8, 2015.

CQ 10729 – Payment History in the SWP will now show the type of claim payment made, such as Basic, Supplemental, Appeal or Post Audit, for better identification.

CQ 10543 – Additional filters have been added to the search feature in the SWP to include all loan status types that exist in the VALERI application, such as: Compromise Claim, Paid in Full, and Foreclosed.

CQ 10783 – VALERI line item descriptions were updated to match the descriptions on the fee cost schedule. For example: Foreclosure Recording Expense – Notice of Default/Foreclosure Notice is now displayed as Recording Expense – Notice of Default/Foreclosure Notice/Notice of Pendency/POA. A new expense line item called “Vacant Property Registration” was also added under the Foreclosure Facilitation Expense category. This item will be denied on the basic claim and must be appealed with proper documentation. The updated fee cost schedule will be uploaded on the VALERI internet by Friday, June 12, 2015.

CQ 11062 – Selecting Post Audits on a Bi-Monthly basis. VALERI will now identify cases eligible for post audit review twice a month; on the 1st and 15th. Servicers will need to begin pulling the Post Audit Selection Report bi-monthly beginning July 1.

Please click here to view the newsflash 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.

VA Circular 26-15-15 Special Relief Following Texas Severe Storms

Posted on by Safeguard

On June 23, the U.S. Department of Veterans Affairs (VA) released Circular 26-15-15, subtitled Special Relief Following Texas Severe Storms.

Special Relief Following Texas Severe Storms

1. Purpose. This Circular expresses concern about Department of Veterans Affairs (VA) home loan borrowers affected by Texas’ severe storms, tornadoes and flooding, and describes measures mortgagees may employ to provide relief.

2. Direct and Indirect Impact on Borrowers. Directly affected by Texas’ severe storms, tornadoes and flooding were those whose homes were severely damaged or destroyed, the families of those killed during these storms, and those who suffered considerable personal injury. Also directly affected were those whose work environments were destroyed or severely damaged as a result of these storms. Many others have been indirectly affected, including business partners of those in the federally declared disaster area announced by the Federal Emergency Management Agency (FEMA). The impact may continue to ripple throughout the country, as evacuees travel nationwide to seek the support and shelter of family members.

3. Forbearance Request. VA encourages holders of guaranteed loans to extend every possible forbearance to borrowers in distress as a result of Texas’ severe storms, tornadoes and flooding. Careful counseling with borrowers should help determine whether their difficulties are directly or indirectly 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 (Prepayments) allows the reapplication of prepayments to cure or prevent a default. This means that if a borrower has been making additional principal payments over a period of years, the principal balance may be increased up to the scheduled balance and the increase applied toward regular installments. Also, 38 CFR 36.4315 (Loan modifications) allows the terms of any guaranteed loan to be modified without the prior approval of VA, provided certain 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 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 on 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. The initial request applies to loans in the federally declared disaster areas, which VA believes should include areas declared by FEMA as eligible for public assistance as well as those areas eligible for individual assistance. Because of the widespread impact of Texas’ severe storms, tornadoes and flooding, holders should ensure that all foreclosure referrals nationwide during the moratorium are reviewed prior to initiation 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 loans in the disaster areas, and VA encourages all servicers to adopt such a policy for any loans that may have been affected due to the ripple effect of the storms as mentioned in paragraph 2.

6. Credit and VA Reporting. In order to avoid damaging credit records of Veteran borrowers in the affected areas, many servicers may suspend credit bureau reporting on loans in those areas. At this time, VA would encourage servicers to consider suspension of credit reporting on Veteran borrowers nationwide who have been affected by these storms. Similarly, VA will not penalize servicers for any late default reporting to VA as a result of these storms. This may include direct damage to servicer facilities located in the disaster areas or their operations elsewhere which may have been impacted by business partners within the disaster areas. Please contact the appropriate RLC with any questions.

7. Activation of the National Guard. Some members of the National Guard have already been called to active duty to assist in recovery efforts. Those individuals may experience financial difficulties of their own due to what could be extended tours of duty during the disaster recovery efforts. VA encourages servicers to extend special forbearance to National Guard members in this situation.

8. Rescission: This Circular is rescinded July 1, 2016.

By Direction of the Under Secretary for Benefits
Michael J. Frueh
Director, Loan Guaranty Service

Please click here to view the online Circular.

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.

VA Circular 26-15-14 Special Relief Following Oklahoma Severe Storms

Posted on by Safeguard

On June 23, the U.S. Department of Veterans Affairs (VA) released Circular 26-15-14, subtitled Special Relief Following Oklahoma Severe Storms.

Special Relief Following Oklahoma Severe Storms

1. Purpose. This Circular expresses concern about Department of Veterans Affairs (VA) home loan borrowers affected by Oklahoma’s severe storms, tornadoes and flooding, and describes measures mortgagees may employ to provide relief.

2. Direct and Indirect Impact on Borrowers. Directly affected by Oklahoma’s severe storms, tornadoes and flooding were those whose homes were severely damaged or destroyed, the families of those killed during these storms, and those who suffered considerable personal injury. Also directly affected were those whose work environments were destroyed or severely damaged as a result of these storms. Many others have been indirectly affected, including business partners of those in the federally declared disaster area announced by the Federal Emergency Management Agency (FEMA). The impact may continue to ripple throughout the country, as evacuees travel nationwide to seek the support and shelter of family members.

3. Forbearance Request. VA encourages holders of guaranteed loans to extend every possible forbearance to borrowers in distress as a result of Oklahoma’s severe storms, tornadoes and flooding. Careful counseling with borrowers should help determine whether their difficulties are directly or indirectly 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 (Prepayments) allows the reapplication of prepayments to cure or prevent a default. This means that if a borrower has been making additional principal payments over a period of years, the principal balance may be increased up to the scheduled balance and the increase applied toward regular installments. Also, 38 CFR 36.4315 (Loan modifications) allows the terms of any guaranteed loan to be modified without the prior approval of VA, provided certain 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 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 on 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. The initial request applies to loans in the federally declared disaster areas, which VA believes should include areas declared by FEMA as eligible for public assistance as well as those areas eligible for individual assistance. Because of the widespread impact of Oklahoma’s severe storms, tornadoes and flooding, holders should ensure that all foreclosure referrals nationwide during the moratorium are reviewed prior to initiation 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 loans in the disaster areas, and VA encourages all servicers to adopt such a policy for any loans that may have been affected due to the ripple effect of the storms as mentioned in paragraph 2.

6. Credit and VA Reporting. In order to avoid damaging credit records of Veteran borrowers in the affected areas, many servicers may suspend credit bureau reporting on loans in those areas. At this time, VA would encourage servicers to consider suspension of credit reporting on Veteran borrowers nationwide who have been affected by these storms. Similarly, VA will not penalize servicers for any late default reporting to VA as a result of these storms. This may include direct damage to servicer facilities located in the disaster areas or their operations elsewhere which may have been impacted by business partners within the disaster areas. Please contact the appropriate RLC with any questions.

7. Activation of the National Guard. Some members of the National Guard have already been called to active duty to assist in recovery efforts. Those individuals may experience financial difficulties of their own due to what could be extended tours of duty during the disaster recovery efforts. VA encourages servicers to extend special forbearance to National Guard members in this situation.

8. Rescission: This Circular is rescinded July 1, 2016.

By Direction of the Under Secretary for Benefits
Michael J. Frueh
Director, Loan Guaranty Service

Please click here to view the online Circular.

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.

VA Circular 26-15-13 Special Relief Following Typhoon Dolphin

Posted on by Safeguard

On June 23, the U.S. Department of Veterans Affairs (VA) released Circular 26-15-13, subtitled Special Relief Following Typhoon Dolphin.

Special Relief Following Typhoon Dolphin

1. Purpose. This Circular expresses concern about Department of Veterans Affairs (VA) home loan borrowers affected by Typhoon Dolphin in the Territory of Guam, and describes measures mortgagees may employ to provide relief.

2. Direct and Indirect Impact on Borrowers. Directly affected by Typhoon Dolphin were those whose homes were severely damaged or destroyed, the families of those killed during the typhoon, and those who suffered considerable personal injury. Also directly affected were those whose work environments were destroyed or severely damaged as a result of the typhoon. Many others have been indirectly affected, including business partners of those in the federally declared disaster area announced by the Federal Emergency Management Agency (FEMA). The impact may continue to ripple throughout the country, as evacuees travel nationwide to seek the support and shelter of family members.

3. Forbearance Request. VA encourages holders of guaranteed loans to extend every possible forbearance to borrowers in distress as a result of Typhoon Dolphin. Careful counseling with borrowers should help determine whether their difficulties are directly or indirectly related to the typhoon, 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 (Prepayments) allows the reapplication of prepayments to cure or prevent a default. This means that if a borrower has been making additional principal payments over a period of years, the principal balance may be increased up to the scheduled balance and the increase applied toward regular installments. Also, 38 CFR 36.4315 (Loan modifications) allows the terms of any guaranteed loan to be modified without the prior approval of VA, provided certain 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 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 on 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. The initial request applies to loans in the federally declared disaster areas, which VA believes should include areas declared by FEMA as eligible for public assistance as well as those areas eligible for individual assistance. Because of the widespread impact of Typhoon Dolphin in the Territory of Guam, holders should ensure that all foreclosure referrals nationwide during the moratorium are reviewed prior to initiation 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 loans in the disaster areas, and VA encourages all servicers to adopt such a policy for any loans that may have been affected due to the ripple effect of the storms as mentioned in paragraph 2.

6. Credit and VA Reporting. In order to avoid damaging credit records of Veteran borrowers in the affected areas, many servicers may suspend credit bureau reporting on loans in those areas. At this time, VA would encourage servicers to consider suspension of credit reporting on Veteran borrowers nationwide who have been affected by the typhoon. Similarly, VA will not penalize servicers for any late default reporting to VA as a result of the typhoon. This may include direct damage to servicer facilities located in the disaster areas or their operations elsewhere which may have been impacted by business partners within the disaster areas. Please contact the appropriate RLC with any questions.

7. Activation of the National Guard. Some members of the National Guard have already been called to active duty to assist in recovery efforts. Those individuals may experience financial difficulties of their own due to what could be extended tours of duty during the disaster recovery efforts. VA encourages servicers to extend special forbearance to National Guard members in this situation.

8. Rescission: This Circular is rescinded July 1, 2016.

By Direction of the Under Secretary for Benefits
Michael J. Frueh
Director, Loan Guaranty Service

Please click here to view the online Circular.

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.

USDA NEW: Resource Assistance Document (RAD) and Quick Reference

Posted on by Safeguard

On June 18, the U.S. Department of Agriculture (USDA) released a single family housing servicing update titled NEW: Resource Assistance Document (RAD) and Quick Reference. 

NEW: Resource Assistance Document (RAD) and Quick Reference

The Single Family Housing Guaranteed Loan Program (SFHGLP) is pleased to offer two new assistance documents.  The Resource Assistance Document (RAD) provides frequently asked questions organized by subpart and section of 7 CFR Part 3555 and includes HB-1-3555 references.  The Quick Reference is a cross reference tool to help users locate specific topics of information in 7 CFR Part 3555 and HB-1-3555 more efficiently. 

These documents are attached to this ListServ message and will be posted to USDA LINC soon. 

For Policy questions, please contact the Single Family Housing Guaranteed Loan Division by dialing (202) 720-1452 or the Centralized Servicing Center by dialing (866) 550-5887.

Please click here to view the Resource Assistance Document (RAD) [pdf].

Please click here to view the Quick Reference document [pdf].

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.

Supreme Court Rejects 2nd Lien Stripping in Chapter 7 Bankruptcies

Posted on by Safeguard

On June 1, HousingWire published an article discussing a unanimous U.S. Supreme Court decision supporting the notion that bankruptcies may not void a junior mortgage lien on underwater property.

Supreme Court rejects 2nd lien stripping in Chapter 7 bankruptcies

Bankruptcies may not void a junior mortgage lien on underwater property

The Supreme Court of the United States held in a unanimous decision announced today that a debtor in a Chapter 7 bankruptcy proceeding may not void a junior mortgage lien when the debt owed on a senior mortgage lien exceeds the current value of the collateral if the creditor’s claim is both secured by a lien and allowed under the bankruptcy code.
 
The ruling, which will benefit commercial lenders, says that bankruptcy courts may not “strip off” junior liens on property if the value of the property used as collateral is less than the amount the debtor owes to the senior lienholder — in other words, the junior mortgage lien is “completely underwater.”
 
In the case of Bank of America v. Caulkett, Bank of America asserted that junior liens should not be treated as unsecured loans, because the bankruptcy code only “strips off” claims from property that are disallowed and because the Supreme Court’s ruling in Dewsnup v. Timm, disallowing “stripping down” of primary liens to the value of the underlying property, should extend to this case. The defendants argued that second liens should be treated as unsecured, and hence disallowed.
 
The Court’s unanimous ruling impacts the right of junior lienholders to collect on loans in the event of a debtor’s declaration of bankruptcy and the treatment of previously secured, but subordinate, debt in bankruptcy proceedings. 
 
From the ruling:

Held: A debtor in a Chapter 7 bankruptcy proceeding may not void a junior mortgage lien under §506(d) when the debt owed on a senior mortgage lien exceeds the current value of the collateral if the creditor’s claim is both secured by a lien and allowed under §502 of the Bankruptcy Code. Pp. 2–7.

The debtors here prevail only if the bank’s claims are “not . . . allowed secured claim[s].” The parties do not dispute that the bank’s claims are “allowed” under the Code. Instead, the debtors argue that the bank’s claims are not “secured” because §506(a)(1) provides that “[a]n allowed claim . . . is a secured claim to the extent of the value of such creditor’s interest in . . . such property” and “an unsecured claim to the extent that the value of such creditor’s interest . . . is less than the amount of such allowed claim.” Because the value of the bank’s interest here is zero, a straightforward reading of the statute would seem to favor the debtors.

This Court’s construction of §506(d)’s term “secured claim” in Dewsnup v. Timm, 502 U. S. 410, however, forecloses that reading and resolves the question presented here. In declining to permit a Chapter 7 debtor to “strip down” a partially underwater lien under §506(d) to the value of the collateral, the Court in Dewsnup concluded that an allowed claim “secured by a lien with recourse to the underlying collateral . . . does not come within the scope of §506(d).” Id., at 415. Thus, under Dewsnup, a “secured claim” is a claim supported by a security interest in property, regardless of whether the value of that property would be sufficient to cover the claim. Pp. 2–4.

(b) This Court declines to limit Dewsnup to partially underwater liens. Dewsnup’s definition did not depend on such a distinction. Nor is this distinction supported by Nobelman v. American Savings Bank, 508 U. S. 324, which addressed the interaction between the meaning of the term “secured claim” in §506(a)—a definition that Dewsnup declined to use for purposes of §506(d)—and an entirely separate provision, §1322(b)(2). See 508 U. S., at 327–332. Finally, the debtors’ suggestion that the historical and policy concerns that motivated the Court in Dewsnup do not apply in the context of wholly underwater liens is an insufficient justification for giving the term “secured claim” a different definition depending on the value of the collateral.

Ultimately, the debtors’ proposed distinction would do nothing to vindicate §506(d)’s original meaning and would leave an odd statutory framework in its place.

Please click here to view the article 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.

New My Home by Freddie Mac Website Provides Valuable Consumer Resources

Posted on by Safeguard

On June 17, Freddie Mac released an update discussing its recently launched My Home by Freddie Mac website.

New My Home by Freddie Mac Website Provides Valuable Consumer Resources

The housing industry is changing and we’re ready to help consumers turn their dream of homeownership into reality. One step we’re taking involves our recently launched My Home by Freddie MacSM website.This new website provides consumers with answers to common questions related to renting, buying and owning a home.

Freddie Mac is committed to educating and arming prospective homeowners with information to support their success – from de-mystifying the mortgage process to understanding their home’s value and who to contact for help if they need it.

Valuable resources available on the website include:

  • Videos covering key facets of homeownership from housing industry experts.
  • Helpful infographics on housing-specific topics.
  • Optional quizzes related to the website material.
  • Additional consumer-oriented content, including blog posts, CreditSmart® online modules, and more.

Please ask your customers to visit My Home by Freddie Mac today and explore the options available to them.

Please click here to view the online update.

Please click the following link for additional media coverage:

DS News (6/19/15)

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.

MHA Q2 2015 Base NPV Model Documentation Supplement Available

Posted on by Safeguard

On June 2, Making Home Affordable (MHA) released an update titled Q2 2015 Base NPV Model Documentation Supplement Available.

MHA UPDATE

Q2 2015 Base NPV Model Documentation Supplement Available

The Q2 2015 Base NPV Model Documentation Supplement (login required) is now available for the Home Affordable Modification Program® (HAMP) to use with Base NPV Model Version 6.0 beginning July 1, 2015. The supplement provides the following:

  • REO Sale Value Parameters
  • Historical and Projected Home Price Index
  • Foreclosure and REO Disposition Timelines and Costs
  • Home Price Decline Protection Incentive Matrix
  • Default Model Parameters
  • Prepayment Model Parameters
  • HAMP Tier 2 Assumptions and Parameters

Servicers can access the Q2 2015 Base NPV Model Documentation Supplement in the Base NPV Model Tools & Documents section of HMPadmin.com (login required).

Important Actions for Certain Servicers: HAMP-registered servicers using an NPV model that has been implemented or customized for their own systems must implement the new Q2 2015 data tables for use beginning July 1, 2015.

To fulfill model versioning requirements, servicers should continue to use the Q1 2015 data tables for April 1 through June 30, 2015, and other appropriate supplement data tables for earlier quarters.

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

Please click here to view the online update.

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.

MHA Program Handbook Version 4.5; Administrative Clarifications Issued

Posted on by Safeguard

On June 1, Making Home Affordable (MHA) released an update titled MHA Program Handbook Version 4.5; Administrative Clarifications Issued.

MHA UPDATE

MHA Program Handbook Version 4.5; Administrative Clarifications Issued

As of today, June 1, 2015, servicers can download Version 4.5 of the Making Home Affordable Program Handbook for Servicers of Non-GSE Mortgages (Handbook) from HMPadmin.com. The Handbook is a consolidated reference outlining the requirements and guidelines of the Making Home Affordable Program for mortgage loans that are not guaranteed by Fannie Mae or Freddie Mac.

Unlike Supplemental Directives (SDs), which outline specific policy topics only, the Handbook is organized so servicers can easily find program information in one convenient guide.

Version 4.5 of the Handbook incorporates and supersedes in their entirety SDs 14-01, 14-02, 14-03, 14-04, 14-05, 15-01, 15-02 and 15-04.

In addition, Version 4.5 of the Handbook incorporates administrative clarifications into existing sections of Version 4.4 of the Handbook. These clarifications are effective immediately and include the following topics:

See SD 15-05: Making Home Affordable Program – Handbook for Servicers Version 4.5 and Administrative Clarifications for more information regarding these updates.

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

Please click here to view the online update.

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.