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Fannie Mae: Servicing Guide Updates Announced

Investor Update
February 15, 2017

We’re Simplifying Servicing for our customers!

Did you hear the news? Today, we announced how Fannie Mae is Simplifying Servicing™. Customers told us about their concerns with the complex servicing environment. We listened. We’re driving toward Simplifying Servicing with exciting opportunities for a better customer experience, available today:

  • SMDU™ is now easily available to all servicers! A new user interface (SMDU UI) allows the industry-leading SMDU workout decisioning tool to be used by all servicers at no cost to deliver certainty, speed, and savings in loss mitigation. Register to attend a webinar and learn more!
  • The just-launched investor reporting enhancements eliminate monthly work for servicers and bring efficiency to our customers’ servicing activities.
  • Relief from post-foreclosure expenses. For all new REO properties, Fannie Mae will assume responsibility for HOA negotiations and payments as of April 1, 2017 and tax payments as of July 1, 2017.
  • Flex Modification gives customers an easier, flexible way of helping more borrowers in all stages of delinquency qualify for loan modifications.

Across the servicing lifecycle — whether it’s technology, policy, or operations — we’re working to simplify the process for our customers and driving toward a clear vision for the future. Learn more about these and the other ways we’re Simplifying Servicing for our customers.

Announcement SVC-2017-02: Servicing Guide updates

The Fannie Mae Servicing Guide has been updated with the following changes, several of which will simplify servicing:

  • Relieves servicers of responsibility for paying most post-foreclosure taxes and homeowners’ association, condo, or co-op fees and assessments for acquired properties. This change will reduce costs and operational risk for servicers.
  • Removes the requirement to report Transaction Type 80 for subservicing arrangements to reduce servicer responsibilities, increase data integrity, and improve the accuracy of subservicing data.
  • Provides for flexible use of IRS Form 4506-T or 4506T-EZ in workout options, reducing documentation requirements in many situations and avoiding unnecessary delays.
  • Updates the definition of a breach of Lender Contract related to servicer eligibility with Fannie Mae.
  • Updates guidelines for confidentiality of information and data breach to protect nonpublic personal information and reduce the need for stand-alone non-disclosure agreements.
  • And more.

Read the Announcement for details.

For a summary of key updates in this Servicing Guide Announcement, view the video presented by Bill Cleary, Vice President of Single-Family Servicing Policy & Solutions.

Fannie Mae Connect enhancements and new reports

Fannie Mae Connect™ has been enhanced to make it easier to use and to incorporate new and updated reports.

Reports that have been added to Fannie Mae Connect are:

  • Outstanding and Completed Title Issues for Servicers
  • Remittance Detail Guaranty Fee
  • Remittance Detail Principal and Interest
  • LAR 83 Projection and Tracking
  • Loan Activity Summary

Two reports have been renamed:

  • Loan Readd renamed Loan Reinstatement
  • Loan Readd Detail Report-Monthly renamed Loan Reinstatement Detail Report-Monthly

Several servicing reports have been replaced by reports in an updated format. Refer to the Release Tracker and Report Directory (both available to Fannie Mae Connect users) for report descriptions and details. For more information on Fannie Mae Connect, including demos, quick tips and training, please visit the Fannie Mae Connect web page.

Technology changes implemented to support Changes to Investor Reporting

Several technology changes supporting the Fannie Mae Changes to Investor Reporting were implemented on February 14. February Loan Activity Reporting is now available. This release also eliminated the requirement for servicers to report MBS security balances to Fannie Mae and aligned investor reporting dates. Please review the Release Notes for details. For more information, visit the Fannie Mae Changes to Investor Reporting page.

Get the latest on Changes to Investor Reporting: February Webinars
Several all-servicer webinars related to Changes to Investor Reporting are available in February. To register, visit our web page or click on the links below.

February Reporting/Transition Month Hot Topics: February 21 at 2 p.m.
Investor Reporting Training: Loan Mod/Loan Re-class: February 23 at 2 p.m.
February Reporting/Transition Month Hot Topics: February 28 at 2 p.m.

You may also be interested in…

What we can learn from the resilient Southeast housing market
The housing recovery after the Great Recession hasn’t lived up to expectations. Read more.

New modification program offers simplicity and certainty
Fannie Mae’s new loan modification program can be applied to all mortgage loan delinquencies to eligible borrowers as early as March 2017. Read more.

Receive regular content updates by registering at The Home Story.

Recent Tweets

Announcing two significant steps toward #SimplifyingServicing. Live demos @ #MBAServicing17. Details:
http://bit.ly/2l8OSko

February 15
 
Congratulations to @D2_Duncan & Kimberly Johnson on being recognized in the @MortgageProUSA #MPAHot100 list!
https://t.co/EiMVYpHwTd

February 13

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