Safeguard Properties

<- Return To Featured Resources

Fannie Mae: MI Termination Updates; Disaster Policy Reminder Lender Letter; and More

Investor Update
July 18, 2018

Source: Fannie Mae

Coming soon! New streamlined process for MI termination

Updated requirements for the termination of conventional mortgage insurance (MI) will simplify the process of evaluating borrower-initiated requests and result in a better customer experience for both servicers and borrowers. Servicers are encouraged to implement these changes as early as Jan. 1, 2019 (when Automated Property Service™ and the Valuation Management System become available); however, implementation is required by March 1, 2019.

Lender Letter LL-2018-04: Disaster Policy Reminders and Updates

Fannie Mae continues to support servicers with borrowers impacted by recent and future disasters, such as hurricanes and wildfires. Today, we published Lender Letter LL-2018-04: Disaster Policy Reminders and Updates, to remind servicers that:

  • We will reimburse for inspections required to confirm repairs on properties with an insured loss event for both current and delinquent mortgage loans.
    Note: For properties inspected after the date of this Lender Letter, we will increase the maximum reimbursement limit of insured loss repair inspections from $30 to $60.
  • We will reimburse servicers up to our existing allowable reimbursement limits for the costs to inspect properties impacted by a disaster for both current and delinquent mortgage loans when necessary to determine the extent and nature of the damage.
  • The Fannie Mae Extend Modification for Disaster Relief (Extend Mod) and hazard loss draft proceeds disbursement policies found in Lender Letter-2017-09 remain in effect until further notice.

Visit the Assistance in Disasters page for additional information and resources, including previous disaster-related Lender Letters, FAQs, and more.

HSSN job aid and SMDU updates for Extend Modification for Disaster Relief

On July 14, we released a HomeSaver Solutions™ Network (HSSN) update related to creating and submitting a closed loan modification case for Extend Modification for Disaster Relief. Together with a Servicing Management Default Underwriter™ (SMDU™) update on July 21, these updates introduce a simplified process that allows borrowers to enter $0.00 in the delinquent interest field, instead of using the $0.01 workaround. You are encouraged to implement the new process immediately; all active cases using the workaround will be adjusted Aug. 1. Use the revised HSSN job aid for detailed guidance on the update. Please direct any questions to your Fannie Mae Servicing Account Manager.

Enhancements to SMDU coming this weekend

This weekend, we will implement enhancements to SMDU. Please refer to the release notes for more information. SMDU will be unavailable to process transactions during implementation from 10 p.m. ET on Friday, July 20 until 11 a.m. ET on Saturday, July 21. If you have questions about this release, please contact your Fannie Mae Servicing Account Manager.

Changes to Servicers Loan Activity Reporting (LAR) coming soon!

To help simplify servicing, we’re introducing a change to the Transaction Type (Tran 83) payment recast process. Effective July 21, servicers will be able to report Loan Activity Report 96 (LAR 96) and Transaction Type 83 (Tran 83) with the changed principal and interest (P&I) constant in the same month. Review our detailed scenarios of how payment recasting will be simplified for Scheduled/Scheduled loans.

Join us at these upcoming events:

Aug. 5-8 | Lenders One Summer Conference | Salt Lake City
Aug. 19-21 The Mortgage Collaborative Summer Conference | Chicago
Sept. 8-11 | NAHREP National Convention | San Diego

View more events.

Recent Tweets

Join us tomorrow to learn how the HomeReady #mortgage can help you grow your business and close more loans. Sign up for the live webinar:
http://bit.ly/2uJ7pcl

July 18

Our latest reperforming loan sale transaction included the sale of approximately 26,900 loans totaling $6.14 billion in unpaid principal balance.
http://bit.ly/2uJT6o6 #capitalmarkets

July 18

Related Posts

HUD Allocates More than $2 Billion to Advance Equitable Disaster Recovery, Build Climate Change Resilience

The U.S. Department of Housing and Urban Development today announced the allocation of more than $2 billion ($2,040,617,000) in CDBG-Disaster Recovery and CDBG-Mitigation funds appropriated in the continuing resolution, the Extending Government Funding and Delivering Emergency Assistance Act, signed into law on September 30, 2021.

Read More

HUD Employees Receive Management Excellence Award

A group of U.S. Department of Housing and Urban Development employees on Thursday were awarded the 2021 Samuel J. Heyman Service to America Medals.

Read More

<- Back To Newsroom Next Article ->

Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing our website, you agree to our use of cookies.

x

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.

x

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.

x

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.

x

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.

x

Business Development

Carrie Tackett

Business Development Safeguard Properties