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Fannie Mae Single Family Servicing News: Announcement SVC-2016-05 and Lender Letter LL-2016-03

Investor Update
June 8, 2016

Announcement SVC-2016-05: Servicing Guide Updates

The following updates have been made to the Servicing Guide:

  • Retirement of Delinquency Counseling Requirements for Community Lending Mortgage Loans
  • Fannie Mae HAMP Modification Termination
  • Foreclosure Title Costs
  • Further Reduction of Servicing Requirements for Florida Acquired Properties
  • Property Insurance Reimbursement Limits
  • Mortgage Release Policies and Procedures
  • Miscellaneous Revision

Please read the Announcement for details.
Announcement (pdf)

Lender Letter LL-2016-03: Lender-Placed Insurance Effective Date Extension For Servicers Using American Modern Insurance Group

This Lender Letter extends the effective date for servicers using American Modern Insurance Group as its lender-placed insurance carrier to comply with the new deductible amounts for lender-placed insurance policies renewed or obtained with an effective date on or after July 1, 2017.
Lender Letter (pdf)

SMDU Updated to Support Fannie Mae’s Principal Reduction Modification Program

Last weekend Servicing Management Default Underwriter™ (SMDU™) Version 6.8 was released, enabling servicers to quickly determine borrower eligibility for our Principal Reduction Modification program. SMDU Version 6.8 provides servicers certainty and efficiency through a variety of key enhancements, such as the ability to:

  • Accurately and consistently interpret the principal reduction modification program, including calculating the trial payment plan and final modification terms.
  • Eliminate labor-intensive activities and reduce errors by automatically checking the Fannie Mae Principal Reduction Eligible List and the most recent Fannie Mae Non-Eligible List.
  • Evaluate borrowers for a Principle Reduction Modification well ahead of the policy effective date of October 1, 2016.

For more information, visit the SMDU webpage.
SMDU Version 6.8 Release Notes (pdf) 

Fannie Mae to Securitize Reperforming Mortgage Loans

Fannie Mae is preparing to issue its first Pooled from Portfolio (PFP) MBS pool containing mortgage loans that were previously modified and are now being securitized (see MBS News Announcement and News Release).

As a result, Fannie Mae is reminding the servicer of its responsibilities related to PFP mortgage loans. The servicer is responsible for the following tasks:

  • Code all of PFP mortgage loans in its records as MBS mortgage loans as soon as possible and service them in accordance with the provisions of the Servicing Guide applicable to MBS mortgage loans.
  • Utilize the following reports available in the Servicer’s Reconciliation Facility (SURF™) on a monthly basis: PFP Book, PFP New Issue, and PFP Reclass to identify a PFP mortgage loan.
  • Perform a periodic reconciliation on the PFP mortgage loan portfolio utilizing the reports available in SURF.

Please see Fannie Mae’s SURF webpage for additional information on access to SURF and Job Aids, as well as the Servicing Guide A2-1-02, Servicer’s Duties and Responsibilities Related to MBS Mortgage Loans.
SURF Webpage 

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Recent Tweets

Home Purchase Sentiment Index reaches all-time high as consumers report income increase:
http://bit.ly/1Unyaa2

June 7, 2016
 
Interested in becoming a @FannieMae customer? Here’s where to start:
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June 6, 2016

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