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Fannie Mae: Get Ready for Flex Modification with Updated Job Aids

Investor Update
March 1, 2017

Get ready for Flex Modification with updated HSSN job aids

Servicers may choose to implement the Fannie Mae Flex Modification as early as today, March 1. We have updated the Home Saver Solutions Network (HSSN) job aids to provide HSSN Campaign IDs to support Flex Modification. Remember that servicers must begin evaluating borrowers for the Fannie Mae Flex Modification no later than October 1, 2017.

Reminder and clarification: Changes to Valuation Costs line items in LoanSphere Invoicing

As noted in last week’s Servicing News, we have added new Valuation Costs line items to the available list of line items in LoanSphere Invoicing™. These new line items require the date the valuation expense occurred be included upon submission of the claim. To clarify, these are operational updates, not policy changes.

The new line items are:

  • Valuation Costs: Category 18
  • Subcategory 903: Valuation – Appraisal
  • Subcategory 904: Valuation – AVM Report
  • Subcategory 905: Valuation – Broker’s Price Opinion

Effective April 23, 2017, the following line items will be deactivated and will no longer be available to servicers:

  • Valuation Costs: Category 18
  • Subcategory 4: Appraisal
  • Subcategory 5: AVM Report
  • Subcategory 810: Broker’s Price Opinion

For a complete list of servicer expense categories and subcategories available for conventional loans in LoanSphere Invoicing, refer to the Servicer Expense Reimbursement Line Items in LoanSphere Invoicing document.

Spanish language resources support servicer outreach

Spanish-speaking borrowers represent one of the fastest-growing segments of the mortgage market. To help servicers work with Spanish-speaking borrowers, we have consolidated Spanish/English loan servicing documents. Available documents include Spanish translations of routine servicing documents as well as borrower notices related to delinquencies, modifications, and foreclosure alternatives. Access the documents on the Spanish Language Resources for Servicers page.

Moving forward with simplicity and certainty

If you’re attending the MBA’s Mid-Winter Housing Finance Conference, don’t miss hearing Fannie Mae President and CEO Tim Mayopoulos and Executive Vice President – Single-Family Business Andrew Bon Salle. They’ll be highlighting the work we’re doing to provide greater simplicity and certainty to our lenders and the industry. Mark your calendar for the dates and times below:

  • Innovation in the Mortgage Marketplace, Friday, March 3, 8:30 a.m.
  • A Fireside Chat with Tim Mayopoulos, Friday, March 3, 9:30 a.m.

Save time, reduce effort with HFI investor reporting training

Register today for our updated HFI® classes on investor reporting. You’ll learn tips for reporting on your loans, and have access to an expert instructor to answer your questions. Classes include:

All HFI InDepth courses provide:

  • Two hours of interactive, instructor-led training held in a virtual classroom
  • Limited class sizes that maximize interaction and allow for individualized attention
  • Access to recorded tutorials that prepare you with foundational knowledge prior to taking the course
  • A certificate of completion

Visit the HFI InDepth Training page for course details and class schedules, and sign up today!

You may also be interested in…

Following rise in rates, refinance activity slows, at least for now
The refinance market may be cooling as interest rates rise, but it won’t disappear, thanks to cash-out refi activity. Read more.

MBA shares economic forecast at servicing conference
MBA says interest rates for the 30-year, fixed-rate mortgage will tick upward, and overall mortgage volume will dip slightly. Read more.

Receive regular content updates by registering at The Home Story.

Recent Tweets

Tech Innovators: Fannie Mae program empowers lending confidence. Via @HousingWire. #Day1Certainty
http://bit.ly/2mFJqpG

March 1

Quality control is one of a lender’s most valuable loss-prevention controls. Go Beyond the Guide to learn more:
http://bit.ly/2mducuG

March 1

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