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Fannie Mae: Announcement SVC-2018-01: Servicing Guide Updates

Investor Update
February 14, 2018

The Fannie Mae Servicing Guide has been updated with changes that:

  • Identify the conditions in which Fannie Mae will approve a first lien charge-off and lien release for delinquent first lien mortgage loans to help maintain neighborhood conditions and home prices.
  • Remove the requirement for servicers to include a Social Security number in REOgram or non-delegated workout submission to protect sensitive borrower data.
  • Streamline the Selling and Servicing Guides by removing certain topics from Servicing Guide Part A pertaining to compliance with laws and responsible, questionable, and prohibited lender practices. These topics will be updated and included in the Selling Guide on Feb. 27.

For a summary of key updates in Servicing Guide Announcement SVC-2018-01, view the executive perspectives video presented by Jenise Hight, Director of Servicing Policy, and the executive overview from Carlos Perez, Chief Credit Officer for Single-Family.

New Disaster Relief FAQs

The Disaster Relief – Single-Family Selling/Servicing Frequently Asked Questions (FAQs) have been updated to provide information for servicers when reviewing a borrower for a Fannie Mae disaster mortgage loan modification. New topics include:

  • Clarifying when to re-amortize the loan for a Fannie Mae Extend Modification for Disaster Relief.
  • Determining the terms for a Fannie Mae Cap and Extend Modification for Disaster Relief when the pre-disaster payment is achieved before the servicer has extended the term.
  • Addressing that a borrower’s failure of a Trial Period Plan, or permanent modification, for a Fannie Mae Cap and Extend Modification for Disaster Relief or Extend Modification for Disaster Relief, does not count as a prior modification in the context of eligibility for a Flex Modification.

Visit our Assistance in Disasters page to find more resources for helping borrowers in disaster areas.

See how we’re Simplifying Servicing. Together.

Building on our promise to bring simplicity and certainty to servicing, during last week’s MBA National Mortgage Servicing Conference & Expo, we shared how we are delivering streamlined and value-driven servicing solutions. Missed us at the conference? Check out the Simplifying Servicing website for details on our innovative solutions for near real-time access to master servicing data, a one and done approach to claims processing, and more.

Enhancements to SMDU coming this weekend

This weekend, Fannie Mae will implement enhancements to Servicing Management Default Underwriter™ (SMDU™). Please refer to the release notes for more information. As a reminder, to implement this release, SMDU will be unavailable to process transactions from 10 p.m. ET on Friday, Feb. 16 until 3 p.m. ET on Saturday, Feb. 17. If you have questions about this release, please contact your Fannie Mae Servicing Account Manager.

Join us at these upcoming events:

Feb. 24-28 | American Bankers Association National Conference for Community Bankers | Honolulu
March 4-7 | Lenders One Winter Conference | Scottsdale, AZ
March 13-17 | ICBA Community Banking Live 2018 | Las Vegas

View more events.

You may also be interested in…

Fannie Mae seeks innovators for partnership opportunities
Fannie Mae seeks to play a role in helping innovators solve mortgage industry challenges. Read more

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Recent Tweets

Our 2017 results demonstrate that the fundamentals of our business are strong.
http://bit.ly/2Bu18Gz

Feb. 14

Congratulations to our very own Tim Mayopoulos and Jonathan Lawless! Both (have) made @MPAMagazineUS’s Hot 100 List, which recognizes the mortgage industry’s top leaders.
http://bit.ly/2BtdLlp

Feb. 13

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