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Fannie Mae: Lender Letter: Guidance on Credit Report Changes; Impacts to HSSN and SMDU This Weekend

Investor Update
June 14, 2017

Lender Letter LL-2017-02: Guidance on credit report changes

Effective in July 2017, most tax liens and civil judgments will not appear on credit reports. We are providing the following guidance:

  • Lenders can continue to rely on the Desktop Underwriter® (DU®) risk assessment and recommendation.
  • There will be no changes to our current policy requiring delinquent credit, including judgments and liens, to be paid off at or prior to closing.
  • We are not requiring lenders to use sources other than the loan application, credit report, and preliminary title report to identify potential civil judgments and tax liens. We continue to require lenders to address outstanding judgments and liens they become aware of prior to closing.
  • We will monitor the effects of the credit report changes to understand how they impact lenders throughout the loan origination process. We ask lenders to share their experiences and feedback with their Fannie Mae customer delivery team.

Review Lender Letter LL-2017-02 for details.

Reminder: Impacts to HSSN and SMDU June 17-18

To avoid exceptions, we recommend delaying case creation and closing from 12 a.m. ET on Saturday, June 17 to 8 a.m. ET on Sunday, June 18, as information between systems may not be synchronized due to changes in investor reporting. This may affect 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. XML bulk file submissions for HSSN submitted during this timeframe will be held and processed on Monday, June 19. SMDU Auto Decision is not impacted; SMDU will remain available per the usual availability schedule. 

We’re celebrating National Homeownership Month

June is National Homeownership Month and we’ll be celebrating all month on social media. Follow us on Twitter, LinkedIn, and Facebook as we highlight industry trends and stories you may want to share with your borrowers. Chime in to tell us how you’re celebrating!    

Join us at these events:

  • June 19-21 | Motivity Solutions User Conference | Beaver Creek, CO
  • June 21-22 | Florida MBA 64th Annual Convention | St. Petersburg
  • June 29-30 | MBA of Hawaii Annual State Conference | Honolulu

View all events.

You may also be interested in…

Cities giving inclusionary zoning more muscle to battle lofty housing costs
Cities are taking a harder look at inclusionary zoning to ease today’s growing shortage of affordable housing. Read more

Pulitzer Prize winning author discusses America’s alarming housing affordability crisis
Affordability and promoting healthy living in multifamily housing were key themes at DUS 2017, Fannie Mae’s annual meeting with its Delegating Underwriting and Servicing lenders. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

Here are 3 ways #homeownership education can help homebuyers. #NationalHomeownershipMonth
http://bit.ly/2rviz0E 

June 14
 
Are we in a seller’s market? That’s what consumers think, according to new Home Purchase Sentiment Index. #HPSI
http://bit.ly/2sYDURe

June 8

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