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VA Servicer Newsflash Updates, Incentives, and Guidance

On June 5, the U.S. Department of Veterans Affairs (VA) released a VALERI Servicer Newsflash regarding updates to incentives and guidance.

VALERI Servicer Newsflash

IMPORTANT INFORMATION

Incentive Clarification -Per VA regulation 38 CFR 36.4319, CQ10413 has been opened to clarify the business rule for incentives regarding the status of delinquency for a loan and is scheduled for the VALERI 3.0 release. Until this CQ is in place, VACO is providing the following guidance for clarification of when a servicer is eligible for an incentive on a special forbearance, repayment plan or loan modification with regard to the delinquency status of the loan:

A loan must have been at least 61 days delinquent any time during the current default to be eligible for an incentive.

VA Circular 26-09-13, Change 3 -This Circular was issued on May 7, 2014, and clarifies VA’s position on paying for lockboxes and padlocks. This line item will be included and considered for payment up to the maximum allowable for securing of the property.

Hardest Hit Fund (HHF) Guidance – Servicers should seek resolution to a delinquency using traditional VA loss mitigation options followed by and including a VA Home Affordable Modification Program (HAMP) Style modification. If none of those options would successfully resolve the existing delinquency and HHF funds are available to assist the borrower in combination with any of our available loss mitigation options, then the mortgage servicer is approved to use the funds to best resolve the delinquency. The VA loss mitigation waterfall would then be followed to find the most appropriate option in combination with the HHF funds to bring the loan current.

Title Escalations -Any title escalations should go to Vendor Resource Management (VRM). If you need VA assistance, please copy the Contract Assurance (Property Management Oversight) mailbox at nashpm.vbaco@va.gov.

Title Package Extensions -Title extension requests made by servicers will only be considered by VRM if the request is received prior to the expiration of the 60-day (or whatever applies to that particular state) title submission period.

DEVELOPMENT UPDATES

On Saturday June 7, 2014, VALERI Manifest 2.28 will be deployed. The following system enhancements will be included:

CQ 10420 – The appeal line item display issue has been resolved. When the servicer reports an appealed claim with multiple items, the process is now matching the line item to the amount.

CQ 10168 – Tool tips have been added to all Appeals Links in the Servicer Web Portal (SWP). The tool tip provides a brief description for each link.

CQ 10225 – There is now a Log Out link located on all applications within the VALERI application. Users will be able to logout of VALERI from any application (Administration and SWP). Using the Exit link will bring you to the main menu but the Log Out link will log you out and take you to the sign-on page.

CQ 10306 – To correct foreclosure timeframes in New York. This change will allow 240 days for loans in the Western counties (VA loans starting with 0707) and 270 days for all other counties (VA loans starting with 0606).

Please click here to view the online newsflash.

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