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Fannie Mae: Announcement SVC-2016-11 and Lender Letter LL-2016-06

Updated 1/13/17: Fannie Mae re-posted Servicing Guide Announcement SVC-2016-11.

Link to announcement

Investor Update
December 14, 2016

Announcement SVC-2016-11: Servicing Guide updates

The Servicing Guide has been updated to include changes related to the following:

  • Verifying Master Project Insurance
  • Maximum Allowable Foreclosure Attorney Fees for Judicial States
  • Servicing Fees for Redeemable Mortgage Loans and Third-Party Foreclosure Sales

Read the Announcement for full details.

For a summary of key updates in this Servicing Guide Announcement, view the video presented by Bill Cleary, Vice President of Single-Family Servicing Policy & Solutions, or check out the Guide Update Presentation here.

Introducing the Fannie Mae Flex Modification

We have issued Lender Letter LL-2016-06 to introduce the Fannie Mae Flex Modification, offering servicers an easier, flexible way of helping more borrowers qualify for a loan modification in a changing housing environment. Jointly developed with Freddie Mac at the direction of the Federal Housing Finance Agency, the Fannie Mae Flex Modification combines the features of the Fannie Mae Home Affordable Modification Program (HAMP), Standard Modification, and Streamlined Modification. The Fannie Mae Flex Modification will replace HAMP and the Standard and Streamlined Modification programs with a single modification program that servicers must begin using no later than October 1, 2017. A high-level summary is provided in the Fannie Mae Flex Modification fact sheet.

SMDU supports retirement of four modifications and adds new case management functionality

Servicing Management Default Underwriter™ (SMDU™) Version 7.1 was successfully implemented last weekend. This Release supports the retirement of four modifications (HAMP, Mod24, MyCity Modification, Principal Reduction Modification) making it easier for servicers’ to be compliant with Fannie Mae Servicing Policy . In addition, to create more efficiency, servicers can now utilize SMDU for additional case management functionality.

For more detailed information please refer to the SMDU Version 7.1 Release Notes.

New Quarterly Compass

Fannie Mae’s new Quarterly Compass is here, highlighting the latest news and timelines from Q4 2016 and beyond. This expanded three-page edition also provides important updates on technology releases, milestones, and policy changes coming in 2017, plus a special Day 1 Certainty feature on page 2.

Consumers go mobile for mortgage advice

According to our recent Economic and Strategic Research Group survey, low and moderate income homebuyers are flocking to mobile mortgage resources. Close to 60 percent of consumers plan to compare mortgage quotes online in the future. Thirty percent say real estate agents are their most influential source of mortgage advice, with family and friends next. However, 19 percent said online sources are as influential as lenders in their mortgage decision.

An almost equal percentage of recent homebuyers interact with lenders through a mix of online, in-person, and phone channels (52 percent), as those who do so in-person or by phone (48 percent).

Consider evolving online and mobile capabilities to address a rapidly increasing consumer demand, and possible resulting competitive shifts. Download the Mobile Mortgage Activities infographic and learn more here.

Recent Tweets

We’re committed to the @FHFA’s rule to implement the new Duty to Serve provisions:
http://bit.ly/2hrV2d9

December 13
 
Our research shows more consumers want to use their phones to get #mortgage quotes:
http://bit.ly/2gAus58

December 12
 
Source: Fannie Mae

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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