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
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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

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Recent Tweets

@D2_Duncan on what happens when @federalreserve begins its Great Unwind. Via @NatMortgageNews:

Sept. 12

If you or someone you know has been impacted by Hurricanes #Harvey & #Irma, this page contains info & resources:

Sept. 11

Source: Fannie Mae

Additional Resource:

Safeguard Properties (Hurricane Irma All Client Alert summary page)



Alan Jaffa

Alan Jaffa is the chief executive officer for Safeguard, 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® finalist in 2013.


Chief Operating Officer

Michael Greenbaum

Michael Greenbaum is the chief operating officer for Safeguard. Mike has been instrumental in aligning operations to become more efficient, effective, and compliant with our ever-changing industry requirements. Mike has a proven track record of excellence, partnership and collaboration at Safeguard. Under Mike’s leadership, all operational departments of Safeguard have reviewed, updated and enhanced their business processes to maximize efficiency and improve quality control.

Mike joined Safeguard in July 2010 as vice president of REO and has continued to take on additional duties and responsibilities within the organization, including the role of vice president of operations in 2013 and then COO in 2015.

Mike built his business career in supply-chain management, operations, finance and marketing. He has held senior management and executive positions with Erico, a manufacturing company in Solon, Ohio; Accel, Inc., a packaging company in Lewis Center, Ohio; and McMaster-Carr, an industrial supply company in Aurora, Ohio.

Before entering the business world, Mike served in the U.S. Army, Ordinance Branch, and specialized in supply chain management. He is a distinguished graduate of West Point (U.S. Military Academy), where he majored in quantitative economics.



Sean Reddington

Sean Reddington is the new Chief Information Officer for Safeguard Properties LLC. Sean has over 15+ years of experience in Information Services Management with a strong focus on Product and Application Management. Sean is responsible for Safeguard’s technological direction, including planning, implementation and maintaining all operational systems

Sean has a proven record of accomplishment for increasing operational efficiencies, improving customer service levels, and implementing and maintaining IT initiatives to support successful business processes.  He has provided the vision and dedicated leadership for key technologies for Fortune 100 companies, and nationally recognized consulting firms including enterprise system architecture, security, desktop and database management systems. Sean possesses strong functional and system knowledge of information security, systems and software, contracts management, budgeting, human resources and legal and related regulatory compliance.

Sean joined Safeguard Properties LLC from RenPSG Inc. which is a nationally leading Philintropic Software Platform in the Fintech space. He oversaw the organization’s technological direction including planning, implementing and maintaining the best practices that align with all corporate functions. He also provided day-to-day technology operations, enterprise security, information risk and vulnerability management, audit and compliance, security awareness and training.

Prior to RenPSG, Sean worked for DMI Consulting as a Client Success Director where he guided the delivery in a multibillion-dollar Fortune 500 enterprise client account. He was responsible for all project deliveries in terms of quality, budget and timeliness and led the team to coordinate development and definition of project scope and limitations. Sean also worked for KPMG Consulting in their Microsoft Practice and Technicolor’s Ebusiness Division where he had responsibility for application development, maintenance, and support.

Sean is a graduate of Rutgers University with a Bachelor of Arts and received his Masters in International Business from Central Michigan University. He was also a commissioned officer in the United States Air Force prior to his career in the business world.


General Counsel and Executive Vice President

Linda Erkkila, Esq.

Linda Erkkila is the general counsel and executive vice president for Safeguard and oversees the legal, human resources, training, and compliance departments. Linda’s responsibilities cover regulatory issues that impact Safeguard’s operations, risk mitigation, enterprise strategic planning, human resources and training initiatives, compliance, litigation and claims management, and 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. Her practice spans over 20 years, and Linda’s experience covers regulatory disclosure, corporate governance compliance, risk assessment, executive compensation, litigation management, and merger and acquisition activity. Her experience at a former Fortune 500 financial institution during the subprime crisis helped develop Linda’s pro-active approach to change management during periods of heightened regulatory scrutiny.

Linda previously served as vice president and attorney for National City Corporation, as securities and corporate governance counsel for Agilysys Inc., and as an associate at Thompson Hine LLP. She earned her JD at Cleveland-Marshall College of Law. Linda holds a degree in economics from Miami University and an MBA. In 2017, Linda was named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.


Chief Financial Officer

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard. Joe is responsible for the Control, Quality Assurance, Business Development, Accounting & Information Security departments, and is a Managing Director of SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Joe has been in a wide variety of roles in finance, supply chain management, information systems development, and sales and marketing. His career includes senior positions with McMaster-Carr Supply Company, Newell/Rubbermaid, and Procter and Gamble.

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.


AVP, High Risk and Investor Compliance

Steve Meyer

Steve Meyer is the assistant vice president of high risk and investor compliance for Safeguard. In this role, Steve is responsible for managing our clients’ conveyance processes, Safeguard’s investor compliance team and developing our working relationships with cities and municipalities around the country. He also works directly with our clients in our many outreach efforts and he represents Safeguard at a number of industry conferences each year.

Steve joined Safeguard in 1998 as manager over the hazard claims team. He was instrumental in the development and creation of policies, procedures and operating protocol. Under Steve’s leadership, the department became one of the largest within Safeguard. In 2002, he assumed responsibility for the newly-formed high risk department, once again building its success. Steve was promoted to director over these two areas in 2007, and he was promoted to assistant vice president in 2012.

Prior to joining Safeguard, Steve spent 10 years within the insurance industry, holding a number of positions including multi-line property adjuster, branch claims supervisor, and multi-line and subrogation/litigation supervisor. Steve is a graduate of Grove City College.


AVP, Operations

Jennifer Jozity

Jennifer Jozity is the assistant vice president of operations, overseeing inspections, REO and property preservation for Safeguard. Jen ensures quality work is performed in the field and internally, to meet and exceed our clients’ expectations. Jen has demonstrated the ability to deliver consistent results in order audit and order management.  She will build upon these strengths in order to deliver this level of excellence in both REO and property preservation operations.

Jen joined Safeguard in 1997 and was promoted to director of inspections operations in 2009 and assistant vice president of inspections operations in 2012.

She graduated from Cleveland State University with a degree in business.


AVP, Finance

Jennifer Anspach

Jennifer Anspach is the assistant vice president of finance for Safeguard. She is responsible for the company’s national workforce of approximately 1,000 employees. She manages recruitment strategies, employee relations, training, personnel policies, retention, payroll and benefits programs. Additionally, Jennifer has oversight of the accounts receivable and loss functions formerly within the accounting department.

Jennifer joined the company in April 2009 as a manager of accounting and finance and a year later was promoted to director. She was named AVP of human capital in 2014. Prior to joining Safeguard, she held several management positions at OfficeMax and InkStop in both operations and finance.

Jennifer is a graduate of Youngstown State University. She was named a Crain’s Cleveland Business Archer Award finalist for HR Executive of the Year in 2017.


AVP, Application Architecture

Rick Moran

Rick Moran is the assistant vice president of application architecture for Safeguard. Rick is responsible for evolving the Safeguard IT systems. He leads the design of Safeguard’s enterprise application architecture. This includes Safeguard’s real-time integration with other systems, vendors and clients; the future upgrade roadmap for systems; and standards designed to meet availability, security, performance and goals.

Rick has been with Safeguard since 2011. During that time, he has led the system upgrades necessary to support Safeguard’s growth. In addition, Rick’s team has designed and implemented several innovative systems.

Prior to joining Safeguard, Rick was director of enterprise architecture at Revol Wireless, a privately held CDMA Wireless provider in Ohio and Indiana, and operated his own consulting firm providing services to the manufacturing, telecommunications, and energy sectors.


AVP, Technology Infrastructure and Cloud Services

Steve Machovina

Steve Machovina is the assistant vice president of technology infrastructure and cloud services for Safeguard. He is responsible for the overall management and design of Safeguard’s hybrid cloud infrastructure. He manages all technology engineering staff who support data centers, telecommunications, network, servers, storage, service monitoring, and disaster recovery.

Steve joined Safeguard in November 2013 as director of information technology operations.

Prior to joining Safeguard, Steve was vice president of information technology at Revol Wireless, a privately held wireless provider in Ohio and Indiana. He also held management positions with Northcoast PCS and Corecomm Communications, and spent nine years as a Coast Guard officer and pilot.

Steve holds a BBA in management information systems from Kent State University in Ohio and an MBA from Wayne State University in Michigan.


Assistant Vice president of Application Development

Steve Goberish

Steve Goberish, is the assistant vice president of application development for Safeguard. He is responsible for the maintenance and evolution of Safeguard’s vendor systems ensuring high-availability, security and scalability while advancing the vendor products’ capabilities and enhancing the vendor experience.

Prior to joining Safeguard, Steve was a senior technical architect and development manager at First American Title Insurance, a publicly held title insurance provider based in southern California, in addition to managing and developing applications in multiple sectors from insurance to VOIP.

Steve has a bachelor’s degree from Kent State University in Ohio.