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Fannie Mae: Announcement SVC-2017-07: Servicing Guide Updates

Investor Update
August 16, 2017

The Fannie Mae Servicing Guide has been updated to simplify servicing and improve processes. These changes:

  • Streamline the Selling and Servicing Guides by removing certain topics from Servicing Guide Part A, including general contract terms, indemnification provisions, and Fannie Mae trade names and trademarks. These topics will be updated and included in the Selling Guide on Aug. 29.
  • Provide Fannie Mae sellers/servicers advance notice of changes to fidelity bond and errors and omissions insurance requirements, effective Oct. 1, 2018.
  • Revise how servicers should calculate the pass-through rate when an adjustable-rate mortgage (ARM) adjusts. Servicers will now use the calculation, index plus the net margin, to better align whole loan ARM execution with the market demand in ARM MBS.

Read about these updates in Servicing Guide Announcement SVC-2017-07. For a summary of key updates in this Servicing Guide Announcement, view the executive overview from Carlos Perez, Chief Credit Officer for Single-Family.

Updates to bankruptcy-related attorney fees and processes

We have updated the Allowable Bankruptcy Attorney Fees Exhibit to reflect changes to the maximum fee reimbursement for select services and detail steps to take when a servicer incurs out-of-pocket expenses less than $150 that are governed by Federal Rule of Bankruptcy Procedure 3002.1. We’ve also simplified a related process by no longer requiring law firms to seek excess fee approval for a Chapter 7 Motion for Relief filed more than 60 days after the bankruptcy filing date.

The updated fees take effect immediately and apply to all matters referred to counsel for bankruptcy services regardless of referral date, as long as the matter is still active as of Aug. 16. You are encouraged to implement the fee updates for impacted files as soon as possible, but must do so no later than Dec. 1. We will incorporate these updates in the September Servicing Guide Announcement. All Attorney Authorization Approval (AAA) matrices have been updated to reflect the changes. View details on the Excess Attorney Fee/Cost Guidelines page .

Inquiry Response Tool enhancement coming Aug. 25

In an effort to improve customer service and increase efficiency, an “Excess Fees” option will be added to the Inquiry Category drop-down list in the Inquiry Response Tool (IRT) on Aug. 25. This category should be used only for inquiries that are specific to the excess attorney fees process.

Additional information regarding the IRT can be found on the Servicer Expense Reimbursement page.

Impacts to HSSN and SMDU Aug. 26-27

We’ll be making changes to investor reporting during the weekend of Aug. 26, and information between our systems may not be synchronized during that time. To avoid exceptions, we recommend delaying case creation and closing from 6 p.m. ET, Saturday, Aug. 26 until 8 a.m. ET, Sunday, Aug. 27. This recommendation is intended for those who use Servicing Management Default Underwriter™ (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, Aug. 28. SMDU Auto Decision will not be impacted; SMDU will remain available per the usual availability schedule.

Join us at these upcoming events:

  • Aug. 20-22 | The Mortgage Collaborative Summer Conference | Nashville
  • Sept. 13-15 | New England Mortgage Bankers Conference | Newport, RI
  • Sept. 17-20 | Pacific Northwest Mortgage Lenders Conference | Stevenson, WA

View more events.

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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