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Fannie Mae: Simplified Expense Reimbursement and More

Investor Update
July 6, 2017

Simplified servicer responsibilities for post-foreclosure fees and taxes

As previously announced, we’ve simplified servicing by eliminating servicer responsibilities to pay for some homeowner/condo association fees and property taxes on properties acquired through foreclosure or Mortgage Release/Deed-in-lieu of foreclosure. Read the updated Servicer Expense Reimbursement Job Aid to find out how we’ve made it easier for servicers to get reimbursement from us. Refer to pages 12 and 14-15 to see the changes to homeowner/condo association fees and taxes, respectively. You can find more resources on the Servicer Expense Reimbursement page.

Coming July 31: 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 31, servicers must populate 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. Additional information is available in the Servicer Expense Reimbursement Job Aid on the Servicer Expense Reimbursement page. (Note: The original effective date for this change was July 10, but it has been moved to July 31.)

Slowing mortgage demand drives expected credit easing

According to our Mortgage Lender Sentiment Survey® (MLSS), expectations to ease credit standards climbed to survey highpoints in Q2 as more lenders reported slowing mortgage demand and increasing concerns about competition. The survey of senior executives at 184 lending institutions also showed that purchase mortgage demand reached its lowest point in years and refi mortgage demand is down. View the infographic and learn more.   

Join us at these events:

July 19-21 | 45th Annual Western Secondary Market Conference | San Francisco

July 30-August 1 | Michigan Mortgage Lenders Association Annual Conference | Mt. Pleasant

August 6-9 | Lenders One Summer Conference | Minneapolis

View all events.

You may also be interested in…

Duty to Serve forum challenges industry to ‘change the landscape’

The half-day event brought together more than 120 housing industry participants to learn about Fannie Mae’s proposed DTS plan. Read more

Fairway is saving time and money with property inspection waivers

Day 1 Certainty™ streamlines key aspects of the mortgage origination process. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

Comment on our proposed Underserved Markets Plan by July 10. Visit http://bit.ly/2uuTqpJ to submit your comments. #DutyToServe

July 6

Take a look at @HousingWire’s interview w/our SF EVP Andrew Bon Salle on our evolution into a smart & agile company:

https://t.co/eFAOSu7vV1

July 5

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