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Fannie Mae Single Family Servicing News: Announcements SVC-2016-08 and RVS-2016-01

Investor Update
September 14, 2016

Announcement SVC-2016-08: Servicing Guide Updates

The Servicing Guide has been updated to include changes related to the following:

  • Foreclosure Time Frames and Compensatory Fee Allowable Delays Exhibit
  • Mortgage Insurer Delegations for Workout Options
  • Form 3179 and Form 181 Loan Modification Agreement Instructions

Read the Announcement for full details.

For a summary of key updates in this Servicing Guide Announcement, view the video presented by Bill Cleary, Vice President of Single-Family Servicing Policy & Solutions, or check out the Guide Update Presentation here.
 
Announcement RVS-2016-01: Reverse Mortgage Loan Servicing Manual Updates

The Reverse Mortgage Loan Servicing Manual has been updated to align with HUD instructions related to HECM hazard insurance policy coverage requirements. Read the Announcement for more details.
 
Future Changes to Investor Reporting – All Servicer Forum

Please plan to attend the Future Changes to Investor Reporting – All Servicer Forum. Our September Forums will be focusing on an overview of the Customer Transition requirements and activities occurring in Feb. 2017. Register via the links below for a session that works best for your schedule:

Every servicer who does business with us should attend this forum. To accommodate your busy schedule, we will host two sessions each month covering the same topic and materials at each session. Simply pick the date that works best for your schedule. Register today, as space is limited. Be sure to forward this invitation to others in your organization who would also benefit from these forums.

Visit the Future Changes to Investor Reporting web page for the latest information and resources. If you have questions, please contact your Servicer Integration Lead or email call-in_information@fanniemae.com.
 
Allowable Title Cost Guidance

Fannie Mae recently notified law firms in the jurisdictions of Alaska, Arizona, Idaho, Nevada, New Mexico, Oregon and Washington, that Fannie Mae has extended the effective date from September 1 to December 1 for compliance with Servicing Guide Announcement SVC-2016-05, which requires law firms to seek excess title cost approval for title costs over the allowable amount set forth in the Fannie Mae AAA Matrix and the Fannie Mae Allowable Title Cost for Fannie Mae Foreclosures document. Servicers may access these documents on the Fannie Mae business website by logging in with their valid user ID and password (or contact their Technology Manager Administrator for access assistance).

There is no effective date change for other jurisdictions. Also, despite the extension for these affected states, Fannie Mae expects law firms to be in compliance with the Fannie Mae title requirements as soon as possible. If the law firm obtains a full Trustee Sale Guaranty through December 1, the firm must specify on its invoice that the title product is a TSG. When applicable, servicers should request reimbursement from Fannie Mae for these TSG expenses by using the following line item: Title Costs (Category ID 9) — Trustee Sale Guarantee (Subcategory ID 1). 
 
Simplification of Documentation Requirements and Introduction of Expense Reviews

As outlined in the updated Servicer Expense Reimbursement Job Aid that was posted on August 24, Fannie Mae will no longer require supporting documentation at the time of submission for certain expenses. However, these expenses may be subject to a review of supporting documentation prior to or after disbursement of payment. The impacted expenses include Homeowners Association/Condo Association (HOA/COA) Dues, Mortgage Insurance, Recurring (Ongoing) Property Inspections, Technology Usage Fees, and Utility Bills

When a claim is selected for pre-payment review, servicers will receive a request from Fannie Mae to submit additional supporting documentation within LoanSphere Invoicing™ using the Pending Servicer Review status. The servicer will need to return the claim with the supporting documentation within 30 days of when the claim was put into the PSR status. If the claim is returned without the supporting documentation, the expense will be denied or curtailed. If the claim is never returned, the claim may be denied after 30 days.

If a claim is selected for a post-payment review, servicers may be asked to provide supporting documentation for an expense after an expense has already been paid. If the supporting documentation cannot be provided, the expense may be referred to Fannie Mae’s collection department.

Additional information is available in the Servicer Expense Reimbursement Job Aid on the Fannie Mae Portal. For step-by-step instructions for reviewing claims in PSR status, refer to Viewing Claims in Pending Servicer Review Status on the Fannie Mae business website.

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Recent Headlines From Our Websites

Will 2016 Be the Housing Market’s Best Summer Ever?
A Housing Economist Shares What He Expects For the Rest of 2016

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Recent Tweets

Congrats to @D2_Duncan on winning @business_econ’s 2015-16 Outlook Award two years in a row:
https://t.co/BUHEQwetbC

September 13
 
The avg. mortgage loan officer is 54 years old. This lender is trying to change that:
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September 12

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