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Fannie Mae Lender Letter LL-2016-04 Mortgage Insurance Updates

Investor Update
July 26, 2016

This Lender Letter updates the following mortgage insurance requirements and lists:

  • MassHousing Mortgage Insurance Fund Requirements
  • List of Approved Mortgage Insurance Forms
  • List of Approved Mortgage Insurers and Related Identifiers

Each of the updates is described below.

MassHousing Mortgage Insurance Fund Requirements

In SEL-2014-08: Fannie Mae Announces Approved Mortgage Insurance Forms, we announced changes to our requirements regarding mortgage insurance master primary policies, related endorsements, and other mortgage insurance forms (Forms). Recently, Fannie Mae and Freddie Mac, under the direction of the Federal Housing Finance Agency, worked with the MassHousing Mortgage Insurance Fund (Fund) to update the Fund’s loan loss reserve agreement and other Forms. These Forms describe the Fund’s terms of mortgage insurance coverage on individual loans sold to or securitized by Fannie Mae, as well as other investors and guarantors.

As a reminder, lenders are prohibited from entering into any agreement that modifies the terms of any approved mortgage insurance master policy on loans delivered to Fannie Mae. See the Selling Guide, B7-1-01, Provision of Mortgage Insurance for additional information. The Fund’s Forms are the equivalent of a private mortgage insurer’s mortgage insurance master policy and are subject to this prohibition.

Effective Date
The updated Forms are required for loans with application dates on or after October 1, 2016, that are covered by the Fund. Loans with incorrect Forms are not eligible for delivery.

List of Approved Mortgage Insurance Forms Updated
Updates to this list are shown below.

  • Replaced the previous MassHousing Forms with the following:
  • Loan Loss Reserve Agreement, LLRA 2016 Dated October 1, 2016;
  • Mortgage Payment Protection Endorsement, LLRA E-2016 Dated October 1, 2016; and
  • Commitment/Certificate, LLRA C-2016 Dated October 1, 2016.
  • Added two Essent Guaranty, Inc. forms:
  • Bulk Delivery Endorsement, EGI-3002.001(07/16); and
  • Certificate Schedule for Bulk Delivery Endorsement, EGI-3002.002(07/16).
  • Removed the following:
  • State of New York Mortgage Agency Mortgage Insurance Fund because it is no longer active and has beensuspended by Fannie Mae; and
  • Genworth Residential Mortgage Insurance Corporation of North Carolina because it merged with GenworthMortgage Insurance Corporation effective October 1, 2015, and no longer exists as a separate entity.

The updated list is on Fannie Mae’s website.

List of Approved Mortgage Insurers and Related Identifiers Updated
Updates to this list are shown below.

  • Removed the following:
  • State of New York Mortgage Agency Mortgage Insurance Fund (SONYMA)

    SONYMA has not insured new mortgage loans in many years and we have no remaining exposure to SONYMA. As a result, we are suspending SONYMA, effective immediately, and deactivating ULDD Enumerated Value “SONYMA” and MI Code “40” from our delivery systems.

  • Genworth Residential Mortgage Insurance Corporation of North Carolina

    Genworth Residential Mortgage Insurance Corporation of North Carolina (including all of its assets and liabilities) was merged into Genworth Mortgage Insurance Corporation effective October 1, 2015, and no longer exists as a separate entity.

  • Substituted the following:
  • ULDD Enumerated Value of “ArchMI” for Arch Mortgage Insurance Company replaces “CMG”

    Arch Mortgage Insurance Company acquired the former CMG Mortgage Insurance Company in January 2014. With the implementation of ULDD Phase 2, effective June 27, 2016, we now support the ULDD Enumerated Value of “ArchMI” for Arch Mortgage Insurance Company.

  • Lenders should no longer use “CMG” and need to replace “CMG” with “ArchMI” in the ULDD loan delivery file. “CMG” will no longer be an acceptable enumeration in Loan Delivery after December 31, 2016.

The updated list is on Fannie Mae’s website.

Contact your Account Team if you have any questions about this Lender Letter.

Carlos T. Perez
Senior Vice President and
Chief Credit Officer for Single-Family

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