The following are changes to Freddie Mac's Selling and Servicing requirements:

• Update to existing Seller/Servicer obligations to comply with all applicable laws and regulations by adding a specific reference to compliance with The Bank Secrecy Act, the Money Laundering Control Act and Title III of the USA PATRIOT Act

The following are changes to Freddie Mac's Servicing requirements: 

• Extension of the allowable foreclosure time lines in Maryland and Massachusetts in response to recent changes in foreclosure law, and to help Servicers provide assistance to borrowers facing financial hardships.
• Provides additional guidance regarding reimbursement of condominium, homeowners association (HOA) and PUD special assessments
• Revises and moves instructions to Servicers regarding their obligation to notify Freddie Mac in the event a disaster affects their operations
• Revises the Guide to reflect that all property valuation requests must be submitted to Freddie Mac via the BPOdirect® Web site
• Removal of Section 81.4, Preparation of documents for delivery of second mortgages
• Update to the Guide to reflect the new address for BPO cost reimbursements and REO redemption proceeds, which resulted from the JP Morgan Chase acquisition of Bank One
• Update to the designated counsel/trustee list to remove Stern, Lavinthal, Frankenberg & Norgaard, L.L.C. of New Jersey that ceased accepting new referrals under the Designated Counsel Program referrals as of May 1, 2008

To view the Bulletin in its entirety, including all amendments to the selling requirements, please click here.

About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 500 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.