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Fannie Mae: Servicing Guide Updates; Quarterly Compass; and More

Investor Update
June 21, 2017

Announcement SVC-2017-05: Servicing Guide Updates

The Fannie Mae Servicing Guide has been updated to simplify servicing and enhance the way servicers work with us. These changes:

  • Reduce post-foreclosure risks and costs by making Fannie Mae, instead of servicers, responsible for the payment of tax assessments for REO properties in all states.
  • Streamline processes by allowing servicers to leverage the Flex Modification recordation requirements in advance of Flex Modification program implementation and by accepting electronically notarized mortgage loan modifications.
  • Simplify short sale processing by having Fannie Mae provide all list price guidance and negotiations with real estate agents through the HomePath® Short Sales program instead of the lender serving as the intermediary.
  • Clarify servicer responsibilities for mortgage loan recordings and reimbursement fees.
  • Enhance servicer performance ratings by removing the 30-, 60-, 90+- day delinquency and REO metric. Instead, servicers are rated based on how well they prevent credit losses.

Read the Announcement for details on these and other changes.

For a summary of key updates in this Servicing Guide Announcement, view the video presented by Jenise Hight, Director of Servicing Policy.

Get up to speed with the new Quarterly Compass

Where else can you catch up on quarterly news and timelines related to Fannie Mae technology, policy, training opportunities, and more? Look no further than the Quarterly Compass, bringing you the best of Q2 and previews for the remainder of this year. 

New field in LoanSphere Invoicing simplifies expense reimbursement

We’re enhancing our expense reimbursement application, LoanSphere™ Invoicing, to include the new First Time Vacancy Date field. Effective July 10, servicers should begin populating the new field with the property’s vacancy date, which is required for the reimbursement of most property preservation expenses. The new field will eliminate the need for servicers to note the vacancy date in the description or comments fields. The Servicer Expense Reimbursement job aid will be updated and available on our website the week of implementation. 

Updates to all Excess Fee AAA matrices

We have updated AAA matrices for all 54 jurisdictions to include a revised fee for a Motion to Dismiss foreclosure. Additionally, the Washington AAA Matrix has been updated to include revised mediation fees. To view the updated matrices, visit the Excess Attorney Fee/Cost Guidelines page. 

Comment on the proposed Underserved Markets Plan

Our proposed Underserved Markets Plan, required under the Duty to Serve rule, remains available for review and public comment. The public input period on our proposed Plan ends July 10, 2017. See fanniemae.com/DutytoServe for important information and resources, including links to our proposed Plan and instructions for submitting feedback on the Federal Housing Finance Agency’s website, plus helpful FAQs, video, and more. 

Homeownership education is evolving and it’s good for business

In a new Perspectives blog, Mike Hernandez, Vice President of Housing Access and Affordable Housing Initiatives, discusses how homeownership education and housing counseling can help bridge the consumer knowledge gap, smooth the process for lenders, and support efforts to expand sustainable homeownership. Mike says, “As we celebrate National Homeownership Month, let’s spread the word that homeownership education and housing counseling are evolving to meet borrower needs and that they support all of our efforts to make homeownership sustainable.”

We’ve been celebrating National Homeownership Month on Twitter, LinkedIn, and Facebook. Chime in to tell us how you’re celebrating! 

Join us at these events:

June 21-22 | Florida MBA 64th Annual Convention | St. Petersburg
June 29-30 | MBA of Hawaii Annual State Conference | Honolulu
July 19-21 | 45th Annual Western Secondary Market Conference | San Francisco

View all events.

You may also be interested in…

Fairway is saving time and money with property inspection waivers
Day 1 Certainty™ streamlines key aspects of the mortgage origination process. Read more

Cities giving inclusionary zoning more muscle to battle lofty housing costs
Cities are taking a harder look at inclusionary zoning to ease today’s growing shortage of affordable housing. Read more

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Recent Tweets

Congratulations to our President & CEO Tim Mayopoulos, one of the Highest Rated CEOs on @Glassdoor! #TopCEOs
https://t.co/2hdEEWYI50 

June 21
 
Here are some reasons our researchers discovered the decline in young-adult #homeownership:
http://bit.ly/2sNzUpU

June 20
 
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