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Fannie Mae: Servicing Guide Updates; Disaster Response Resources; High LTV Refi Option; and More

Investor Update
September 13, 2017

Announcement SVC-2017-08: Servicing Guide Updates

The Fannie Mae Servicing Guide updates continue to support our ongoing efforts to simplify servicing. These changes:

  • Introduce the redesigned Form 710, formerly called the Uniform Borrower Assistance Form and renamed the Mortgage Assistance Application, to simplify the workout application process and reduce the amount of information the borrower must provide in the Borrower Response Package.
  • Update and clarify requirements for allowable bankruptcy attorney fees for certain services.
  • Incorporate the Fannie Mae Flex Modification, which was previously announced to simplify modification by consolidating multiple options effective Oct. 1.

For a summary of key updates in Servicing Guide Announcement SVC-2017-08, view the executive perspectives video presented by Jenise Hight, Director of Servicing Policy, and the executive overview from Carlos Perez, Chief Credit Officer for Single-Family.

New servicer resources to help homeowners impacted by recent hurricanes

To help you provide crucial, accurate, and consistent responses and assistance to homeowners affected by the recent hurricanes, we have developed the following resources:

  • Webinar (Monday, Sept. 18 at 12 p.m. ET): Members of the policy and servicing teams will review disaster assistance options and answer questions to help servicers help homeowners. Register for this webinar.
  • Two new customer care scripts: Customize and use the scripts on the front line to help provide immediate mortgage payment relief to customers who have been impacted by recent hurricanes and to discuss longer-term loss mitigation solutions. (Fannie Mae Connect™ login credentials are required to access the scripts.)
  • Mortgage help flyer: This one-page document explains the mortgage assistance available to affected homeowners. Share this through your social media accounts and other business-partner channels to help ensure your customers are receiving timely and accurate information about the mortgage options available.

Additionally, further guidance will be provided in a Lender Letter later this week. Visit the Assistance in Disasters page for more resources.

New high LTV refinance option to replace HARP

As the Federal Housing Finance Agency (FHFA) announced recently, Fannie Mae and Freddie Mac are introducing a new high loan-to-value (LTV) ratio same-investor refinance option to provide continued liquidity to support eligible borrowers once the Home Affordable Refinance Program® (HARP®) ends on Dec. 31, 2018.

The new option will provide refi opportunities to borrowers with existing Fannie Mae mortgages who are making their mortgage payments on time but whose LTV ratio for a new mortgage exceeds the maximum allowed for standard refinance products. To be eligible, the note date of the mortgage being refinanced must be on or after Oct. 1, 2017 with at least 15 months seasoning. Under the new option, as with HARP, the refinance must provide a borrower benefit, such as a lower interest rate.

We’re announcing product details now to give industry stakeholders sufficient time to prepare for fall 2018 implementation. For details, read the Lender Letter and visit our website.

Modification Interest Rate adjustment exhibit

This exhibit provides our new Modification Interest Rate required for all Fannie Mae conventional mortgage loan modifications, excluding HAMP Modifications. View the updated exhibit.

Line item updates in LoanSphere Invoicing

The LoanSphere Invoicing™ application, which allows servicers to submit qualified expenses for reimbursement, has been updated with new line items. In addition, several line items will be deactivated in October. For details on the new line items, see the Release Notes available on the Servicer Expense Reimbursement page.

Sign up for a webinar to learn about Fannie Mae Invoicing

Fannie Mae Invoicing, a new web-based invoicing system, will be available to servicers offering consolidated loan-level invoices beginning Sept. 25. All servicers must be using this new system by the end of the year, as SRDBS and other manual processes will be retired. Visit the Fannie Mae Invoicing page to register for a live webinar (Sept. 14 or 19), view the updated FAQs, and more.

Register today to learn more about SMDU and the new user interface (UI)

Did you know that all Fannie Mae servicers now have easy access to the groundbreaking workout decisioning tool SMDU? Come spend an hour learning about how you can bring confidence and efficiency to your servicing business practices. We will walk you through the benefits of the SMDU UI, show you how to register, demonstrate submitting a loan for evaluation and case reporting, and provide support information.

Register for the upcoming Introduction to SMDU UI webinars on Sept. 14 and 19 and don’t delay – spaces fill up quickly! View the fact sheet or visit our website to learn more.

Join us at these upcoming events:

Sept. 17-20 | Pacific Northwest Mortgage Lenders Conference | Stevenson, WA
Sept. 18-20 | The 2017 Five Star Conference and Expo | Dallas
Sept. 21-22 | Virginia Mortgage Lenders Association Annual Convention | Richmond

View more events.

You may also be interested in…

Lenders, GSEs must work together to support homeownership gains among African-Americans
While still lower than all other groups, African-American homeownership is on the rise. Read more

Lenders aware they must provide a seamless customer service experience to stay competitive
Making the mortgage process seamless for consumers is the goal. It’s just a matter of how best to get there. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

@D2_Duncan on what happens when @federalreserve begins its Great Unwind. Via @NatMortgageNews:
http://bit.ly/2wmQLOC

Sept. 12

If you or someone you know has been impacted by Hurricanes #Harvey & #Irma, this page contains info & resources:
http://www.fanniemae.com/relief

Sept. 11

Source: Fannie Mae

Additional Resource:

Safeguard Properties (Hurricane Irma All Client Alert summary page)

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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