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VALERI Servicer Newsflash

Investor Update
May 11, 2016

IMPORTANT INFORMATION
Foreclosures on Mobile Homes – Foreclosure declaration documents must specifically reference the mobile home in order to assure that both the home and the land are properly foreclosed. Many states require two separate foreclosing proceedings to occur – one proceeding to foreclose the interest on the land and a second proceeding to foreclose on the title to the mobile home. The second procedure may have to be filed with the state Department of Motor Vehicles (DMV). When the loan is referred to foreclosure, the servicer must advise the foreclosing attorney that it is a mobile home and whether filing with the state DMV is required. VA will re-convey the mobile home to the servicer if it is determined that the foreclosure was not in compliance with requirements (Code of Federal Regulations, Title 38, Part 36, Subpart B, §36.4323).

Extension of Servicemembers’ Civil Relief Act (SCRA) – On March 31, 2016, President Obama signed the Foreclosure Relief and Extension for SCRA, which extends the current 1-year period of protection against foreclosures through December 31, 2017.

Illinois Consent Judgments – If a loan terminates by a consent judgment in the state of Illinois, the servicer should report the Deed in Lieu Complete event. VALERI will automatically pay the deed in lieu attorney fees on the Basic Claim. If the servicer incurred foreclosure attorney fees, the servicer will need to submit an appeal.

Servicer Transfer Events – The Servicing Transfer (Receiving Servicer) event should only be reported when a servicer is acquiring the loan from another servicer. This event is not required to be reported at loan origination. The event should be reported after the servicer selling the loan has reported the Servicing Transfer (Transferring Servicer) event in VALERI. Failure to report these events in the proper order could result in a business rule failure (Code of Federal Regulations, Title 38, Part 36, Subpart B, §36.4317).

Due to a known defect reported in the VALERI Servicer Newsflash dated February 23, 2016, all servicers should continue to use the SWP Bulk Upload template located on the VALERI website to report servicer transfer events. The template can be found under ‘Guides and Templates’ at http://www.benefits.va.gov/homeloans/servicers_valeri.asp. This defect is tentatively scheduled to be resolved in the September 16.3 manifest release.

REMINDER
Liquidation Appraisal Fees – Servicers are expected to pay VA appraisers timely.

Bulk Upload Template – Servicers should remove all loans from the Bulk Upload template that are not in their portfolio. Reporting on loans no longer in your portfolio causes rejected and failed events to generate. Event reporting status can be found on the Servicer Event Report Log and also on the Servicer Loan Listing report.

VALERI Password Reset Requests – The VALERI helpdesk does not reset passwords. Users must contact their VALERI Company Administrator within their office for all VALERI password resets and other access issues.

Improper Transfer of Custody (ITOC) or Invalid Sale Results (ISR) – If a servicer reports an ITOC or ISR event in error, the event cannot be cancelled. The servicer is still responsible for the Property Management fee of $3,410 which will be included in a bill of collection (M26-4 VA Servicer Handbook, Chapter 17).

DEVELOPMENT UPDATES
On Thursday, April 28, 2016, VALERI 16.1 Reports manifest was released. The following report enhancements were included:

CQ 11562 – Added a definition to describe the Servicer User Audit report

CQ 11240 – New Appeal Summary report has been created to provide additional detailed information and replaces the Appeal Status report. This new report provides the status and disposition of all appeals submitted. The report includes the item and dollar amount being appealed, the status of the appeal, and the results of VA’s review. The Appeal Status report will be removed from VALERI in a future release.

Source: VA

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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