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Fannie Mae: Announcement SVC-2017-04: Servicing Guide Updates

Investor Update
May 10, 2017

Announcement SVC-2017-04: Servicing Guide Updates

The Fannie Mae Servicing Guide has been updated to simplify servicing and make it easier to do business with us. These changes:

  • Align with Consumer Financial Protection Bureau rules that impact servicer communication responsibilities, borrower contact and workout attempts, and more.
  • Clarify escrow waiver evaluation requirements to promote objective and consistent evaluations using available standard servicing data.
  • Expand the eligibility for a mortgage loan modification incentive for a post-bankruptcy mortgage loan by addressing the time gap between reporting a bankruptcy-related delinquency status code and the beginning of the Trial Period Plan.
  • Improve our post-delivery servicing transfer approval process by changing Form 629, Request for Approval of Servicing or Subservicing Transfer, submission dates. This will allow a higher level of service from Fannie Mae.
  • Establish a collaborative review process between Fannie Mae and servicers before entering into agreements with a government insurer or guarantor. This reduces the risk of indemnification or other penalties related to reduced claim recoveries.
  • And more.

Read the Announcement for details.

For a summary of key updates in this Servicing Guide Announcement, view the video presented by Jenise Hight, Director of Servicing Policy.

Duty to Serve Plan posted for comment

This week, Fannie Mae’s proposed Underserved Markets Plan, required by the Federal Housing Finance Agency’s Duty to Serve rule, was published for public comment. The draft Plan addresses the needs of America’s most challenging housing markets and focuses on three key underserved areas: manufactured housing, affordable housing preservation, and rural housing. To learn more, visit our Duty to Serve page to find links to our press release, our video overview, and FHFA.gov, where you can access the draft Plan and submit feedback. FHFA is accepting public comments through July 10.  

Enhancements to SMDU coming this weekend

This weekend, Fannie Mae will implement enhancements to Servicing Management Default Underwriter™ (SMDU™), including support for the Fannie Mae Flex Modification, expanded Case Management functionality, and other updates. Please refer to the SMDU Version 7.3 Release Notes for more detailed information. As a reminder, to implement this release, SMDU will be unavailable to process transactions from 10 p.m. ET on Friday, May 12 until 3 p.m. ET on Saturday, May 13. If you have questions about this release, please contact your Fannie Mae Servicing Account Manager.

Impacts to HSSN and SMDU May 13-14

Due to the changes to investor reporting during the weekend of May 13, Fannie Mae recommends delaying case creation and closing from 6 p.m. ET, Saturday, May 13 to 8 a.m. ET, Sunday, May 14 to avoid exceptions as information between our systems may not be synchronized. This recommendation is intended for those who use SMDU Case Management functionality to create HomeSaver Solutions™ Network (HSSN) cases, as well as those creating cases directly on HSSN. Note that XML bulk file submissions for HSSN submitted during this timeframe will be held and processed on Monday, May 15. SMDU Auto Decision is not impacted; SMDU will remain available per the usual availability schedule.  

Updated Fannie Mae Standard Modification Interest Rate Adjustment Exhibit

This Exhibit provides the new Fannie Mae Standard Modification Interest Rate required for all Fannie Mae conventional mortgage loan modifications, excluding Fannie Mae HAMP Modifications. Click to view the Exhibit.

Looking for free loss mitigation training? Sign up for a live webinar.

Did you know that Fannie Mae provides participating servicers with free loss mitigation training? Our Know Your Options™ Customer CARE (Connect, Assess, Resolve, and Execute) team will present two live webinars in June. Sign up to learn how to leverage your own servicer model to develop rapport and establish consultative customer relationships, communicate more effectively with borrowers about their options to avoid foreclosure, increase your workout percentage, and more. Learn more and register today.  

Knowledge is power: Sign up for the new Servicer Learning Series webinar

Please join us for a new Servicer Learning Series webinar, hosted by the Servicer Support Center. We’ll discuss recent Servicing Guide Announcements, Flex Modification program highlights, SMDU User Interface features, and how to use Fannie Mae Connect to advance Simplifying Servicing™ efforts. This webinar, scheduled for May 22 and June 7, is recommended for general servicing, collections, foreclosure, default prevention, investor reporting, audit, and compliance personnel. Register here to take advantage of this opportunity.  

Building toward the future of housing. Read our 2016 Progress Report.

In 2016, we sought to deliver solutions that helped you meet your most important business challenges. We made it easier for you to do business with us. We empowered you to serve your borrowers faster and more simply, with initiatives like Day 1 Certainty™ and Simplifying Servicing. And, we partnered with fintech firms to help bring the digital mortgage closer to reality. Here are some highlights from the report:

  • $637 billion in mortgage finances across the country
  • 1.1 million home purchases
  • 1.4 million mortgage refinances
  • 724,000 units of affordable housing

We’re grateful for your business, and we’re working hard every day to earn it. Learn more in our 2016 Progress Report.  

We heard your feedback

Last year, we introduced two new formats for presenting our monthly Servicing Guide updates: a video and a recorded presentation, providing different mediums for you to learn about the rationale for policy changes included in our monthly Servicing Guide Announcement. Based on customer feedback, we’ve since expanded our monthly Announcements to include the rationale behind each of our policy changes and, as a result, will discontinue the monthly recorded presentation.  

Join us at these upcoming events:

  • May 15-16 | Ohio MBA Annual Convention | Columbus
  • May 22-23 | Texas MBS Annual Convention | San Antonio

View all events.

You may also be interested in…

State HFAs helping stabilize communities, driving loan volumes
Fannie Mae works with more than 40 state and local HFAs with annual loan volume in in the billions. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

Consumers say their household income is significantly higher than it was a year ago. #HPSI:
http://bit.ly/2qZ2uAv

May 10
 
Our #DutytoServe plan is now available for review. We look forward to your input:
http://bit.ly/2q1A385

May 9
 
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