Safeguard Properties

<- Return To Featured Resources

Fannie Mae: Servicing Guide Updates

Investor Update
November 8, 2017

Announcement SVC-2017-10: Servicing Guide Updates

The Fannie Mae Servicing Guide has been updated to simplify servicing and streamline processes. These changes:

  • Clarify requirements for transfers of ownership, releases of liability, and assumptions by:
  • Removing the owner-occupancy requirements for transfers of ownership that are exempt from due-on-transfer clause enforcement;
  • Increasing certainty for releases of liability by allowing servicers to use Desktop Underwriter® (DU®); the comprehensive risk assessment can help to determine if a transferee’s credit and financial capacity are acceptable to release the borrower of liability; and 
  • Allowing servicers to decide on a transfer of ownership through an assumption modification.
  • Update the Cash Remittance System™ with new codes to minimize the need for clarification after remittance has occurred.

For a summary of key updates in Servicing Guide Announcement SVC-2017-10, 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.

Questions about Fannie Mae Invoicing? See the updated FAQs

  • What’s the difference between Fannie Mae Invoicing and LoanSphere Invoicing™?
  • How do I rebut compensation fees?
  • Is there a character limit for Rebuttal Comments?

Find out the answers to these questions and many others in the updated Fannie Mae Invoicing FAQs. Want to learn more? Be sure to check out the OnDemand eLearning modules and the User Guide on the Fannie Mae Invoicing page.

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. Effective immediately, the new line items should be used when requesting reimbursement for the applicable property inspections. For details, see the Updates to Line Items document, available on the Servicer Expense Reimbursement page.

Updated remittance codes in the Cash Remittance System

As a component of Simplifying Servicing™, we updated the Cash Remittance System (CRS™) remittance codes. Visit the CRS page to view the updated CRS User Guide, which contains all updated codes, their definitions, and purposes. Important reminder to CRS users: Drafting instructions are required before submitting the first draft request for a particular lender/remittance code combination. Please refer to the CRS User Guide for additional instructions.

Reminder: Remitting duplicate MI premium refunds

As a result of finalized requirements for mortgage insurance (MI) companies to insure mortgage loans delivered to Fannie Mae, last year, we developed a process to identify and reconcile MI premium refunds. Servicing Guide F-1-06, Expense Reimbursement was updated to require the servicer to remit duplicate MI premium refunds to Fannie Mae through the CRS within 30 days of Fannie Mae’s request in instances where Fannie Mae has determined the servicer received an MI premium refund from the mortgage insurer, as well as reimbursement of the MI premium from Fannie Mae. Reminder: With the introduction of the new CRS remittance codes, use 336 for the payment of MI premium refunds.

In mortgage lending, the personal touch still matters

Data from not just one, but two of our recent surveys show that while borrowers use digital channels for mortgage information, they also place a high value on person-to-person engagement. When asked, close to half of lenders said person-to-person engagement will be equally important in the future as it is today, while nearly 40 percent expect it to be less important. An omni-channel experience that allows consumers to move conveniently between online and personal interactions may be the best approach.

Read more about our National Housing Survey and Mortgage Lender Sentiment Survey results.

Join us at these upcoming events:

Dec. 4-5 | MBA Summit on Diversity and Inclusion | Washington, DC
Jan. 22-25 | MBA Independent Mortgage Bankers Conference | Amelia Island, FL

View more events.

You may also be interested in…

5 takeaways from this year’s MBA Annual, and what lies ahead in 2018
MBA Annual caught the industry’s attention with newsworthy speakers, product announcements, and plenty of networking. Read more

Survey Results: One-fifth of home buyers received financial assistance from their families. Read more

Receive regular content updates by registering at The Home Story.

Source: Fannie Mae

Related Posts

HUD Allocates More than $2 Billion to Advance Equitable Disaster Recovery, Build Climate Change Resilience

The U.S. Department of Housing and Urban Development today announced the allocation of more than $2 billion ($2,040,617,000) in CDBG-Disaster Recovery and CDBG-Mitigation funds appropriated in the continuing resolution, the Extending Government Funding and Delivering Emergency Assistance Act, signed into law on September 30, 2021.

Read More

HUD Employees Receive Management Excellence Award

A group of U.S. Department of Housing and Urban Development employees on Thursday were awarded the 2021 Samuel J. Heyman Service to America Medals.

Read More

<- Back To Newsroom Next Article ->

Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing our website, you agree to our use of cookies.

x

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.

x

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.

x

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.

x

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.

x

Business Development

Carrie Tackett

Business Development Safeguard Properties