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Fannie Mae: HARP Extended; Introducing Fannie Mae Invoicing; Impacts to HSSN and SMDU

Investor Update
August 23, 2017

HARP extended; new high LTV refi option coming soon

The Federal Housing Finance Agency (FHFA) has announced that the Home Affordable Refinance Program® (HARP®) will be extended to Dec. 31, 2018, continuing to provide liquidity to support eligible borrowers.

In addition, Fannie Mae and Freddie Mac will introduce new high loan-to-value (LTV) ratio same-investor refinance options for loans with note dates on or after Oct. 1, 2017, with a 15-month seasoning requirement. The high LTV refinance option will provide refinance opportunities to borrowers with existing Fannie Mae or Freddie Mac mortgages who are making their mortgage payments on time but whose LTV ratio for a new mortgage exceeds the maximum allowed for standard refinance products.

Under the new option, as with HARP, the refinance must provide a borrower benefit, such as a lower interest rate. Unlike HARP, the new option will not have an expiration date. To preview Fannie Mae’s new high LTV refinance option, read the fact sheet; detailed requirements will be provided in a future lender communication.

A new invoicing system to simplify servicing

We’re introducing a new web-based application, Fannie Mae Invoicing, on Sept. 25 to eventually replace the Servicer REAM Deficiency Billing System (SRDBS). Providing easy access to consolidated loan-level invoices and direct communications with the operations team to quickly resolve claims, this new system replaces manual processing and gives servicers a significantly improved experience. Read more in the fact sheet and FAQs on the Fannie Mae Invoicing page.

Reminder: Impacts to HSSN and SMDU Aug. 26-27

For users of HomeSaver Solutions™ Network (HSSN) and Servicing Management Default Underwriter™ (SMDU™) , we recommend delaying case creation and closing from 6 p.m. ET Saturday, Aug. 26 until 10 a.m. ET Sunday, Aug. 27, as information between systems may not be synchronized due to changes in investor reporting. XML bulk file submissions for HSSN submitted during this timeframe will be held and processed on Monday, Aug. 28. SMDU Auto Decision is not impacted; SMDU will remain available per the usual availability schedule.

What’s better than fall in New England?

How about tips on increasing efficiency and improving your borrowers’ experience? Get your questions answered about Day 1 Certainty™, affordable lending, and more at our Roundtable Training Session at the New England Mortgage Bankers Conference, Sept. 13-15. See you there!

Join us at these upcoming events:

Sept. 13-15 | New England Mortgage Bankers Conference | Newport, RI
Sept. 17-20 | Pacific Northwest Mortgage Lenders Conference | Stevenson, WA
Sept. 18-20 | The 2017 Five Star Conference and Expo | Dallas 

View more events.

You may also be interested in…

The crisis in affordable rental housing: How we got here and finding our way forward
The industry needs to work together to help more renters find affordable housing. Read more

Mississippi joins a handful of states helping first-time homebuyers save for down payments
These accounts function like 529 college savings plans to help buyers save for their first home. Read more

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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