Fannie Mae MyCity Modification Submissions
On August 15, Fannie Mae issued a notice titled Submitting a MyCity Modification Case to Fannie Mae for Approval.
Submitting a MyCity Modification Case to Fannie Mae for Approval
The Fannie Mae MyCity Modification is designed to help distressed homeowners in the City of Detroit, Michigan, by providing a more affordable and sustainable monthly payment, with the intent of improving home retention and reducing foreclosures in Detroit, Michigan.
A key feature of the MyCity Modification is that all cases that meet the initial eligibility requirements of the program must be submitted to Fannie Mae through HSSN for a final eligibility review. The final review is the means by which the MyCity Modification payment terms will be determined and communicated to the servicer.
The purpose of this job aid is to provide servicers with guidance on the following items related to inputting and submitting a MyCity Modification case to Fannie Mae through HSSN:
To input a MyCity Modification case into HSSN, servicers must select the appropriate Campaign ID from the list below.
- MODSMP20140003: MyCity Mod – Complete BRP 3 Month Trial
- MODSMP20140004: MyCity Mod – Complete BRP 4 Month Trial
- MODSMP20140005: MyCity Mod – No BRP 3 Month Trial
Servicers are also required to input payment terms into HSSN when preparing a case for submission. For consistency and to ensure that all required fields in HSSN are completed, servicers must input the payment terms of a Fannie Mae Standard Modification for every MyCity Modification case that is submitted, regardless of Campaign ID.
When applicable, servicers must include comments on the MyCity Modification case informing Fannie Mae of any other modification solution for which the borrower is eligible, in accordance with the Servicing Guide, and the corresponding payment terms for such other modification solution.
For details on how to enter a case that requires review and approval from Fannie Mae, refer to the following HSSN Job Aid on FannieMae.com:
While every effort has been made to ensure the accuracy of the content of this job aid, the servicer is responsible for compliance with the requirements in the Servicing Guide for the MyCity Modification, including all requirements related to delinquency management and borrower outreach and solicitation in connection with offering the MyCity Modification, and upon approval, executing and processing the modification.
Please click here to view the online notice.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.