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Fannie Mae: Announcement SVC-2018-08: Servicing Guide Updates

Updated 11/15/18: Fannie Mae issued the following correction to Servicing Guide Announcement SVC-2018-08:

On November 14, 2018, Servicing Guide Announcement SVC-2018-08 provided an update that allows servicers to order initial property inspections on the 60th day of delinquency instead of the 45th day when certain requirements are met. The announcement originally stated that the effective date was Jan. 1, 2019; however, the effective date is March 1, 2019.

Link to updated announcement

Investor Update
November 14, 2018

Source: Fannie Mae

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

Simplify short sale and Mortgage Release™ requirements by aligning eligibility criteria and streamlining documentation requirements.
Extend the amount of time for servicers to make outbound call attempts and to send breach letters to delinquent borrowers.
Allow servicers to order initial property inspections on the 60th day of delinquency instead of the 45th day, when certain requirements are met.

Read about these and other miscellaneous updates in Servicing Guide Announcement SVC-2018-08 and the executive overview from Carlos Perez, Chief Credit Officer for Single-Family. View the executive perspectives video presented by Jenise Hight, Director, Servicing & Expense Policy.

Simplified short sale and Mortgage Release requirements

We’re helping more borrowers avoid foreclosure by simplifying and aligning our short sale and Mortgage Release requirements. These changes bring more transparency to the evaluation process, eliminate promissory notes, expand streamlined documentation, and more. View Servicing Guide Announcement SVC-2018-08 for more details.

Fannie Mae holiday moratorium for eviction lockouts

We will suspend eviction lockouts of foreclosed single-family properties from Dec. 17, 2018, through Jan. 2, 2019. During the holiday season, legal and administrative proceedings for evictions may continue, but families will be allowed to remain in their homes during this moratorium. All guidance related to disaster relief in hurricane-affected areas remains in effect, and servicers and law firms should continue to follow the disaster-related guidance. For more information, contact your account team or portfolio manager, call the Servicing Support Center (1-800-2FANNIE), or email default_attorney@fanniemae.com.

Join us at these upcoming events:

Nov. 27-28 | MBA Summit on Diversity and Inclusion 2018 | Washington, DC
Jan. 28-31 | MBA Independent Mortgage Bankers Conference 2019 | San Francisco
Feb. 25-28 | MBA National Mortgage Servicing Conference & Expo | Orlando

View more events.

Recent Tweets

Lenders say an #eMortgage saves time and money. “The company recouped the cost it spent to implement a digital closing process in just three months.” Jeff Bode, President and CEO of Mid America Mortgage. Visit http://emortgage.fanniemae.com to start delivering eMortgages today!

Nov. 14

If you’ve been impacted by the California wildfires, mortgage assistance is available. #KnowYourOptions here: https://bit.ly/2QDw2Rt #cafire

Nov. 13

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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