Safeguard Properties

<- Return To Featured Resources

Fannie Mae Single Family Servicing News: Retirement of MyCity Modification and HAMP

Investor Update
October 13, 2016

Let’s start the MBA Annual 2016 conversation now!

Boston fans expect their teams to bring their A-games to the field every day. At the MBA’s Annual Convention & Expo 2016 on October 23-26 in historic Boston, we’re bringing ours. Stop by and visit us in the center of THE HUB. Learn about our new, innovative solutions that will make doing business simpler and more certain. You’ll also:

  • Hear what Tim Mayopoulos, President and Chief Executive Officer (CEO), has to say about today’s mortgage market during A Conversation with GSE Leadership. (Monday, October 24, 11 a.m. to 12 p.m., Second Level Auditorium)
  • Learn from Malloy Evans, Vice President, Single-Family Servicing and Making Home Affordable (MHA), about loss mitigation and foreclosure prevention offerings in One Mod, Life after HAMP. (Tuesday, October 25, 1:30 p.m. to 2:30 p.m., Third Level, Ballroom C)
  • Find out about the opportunities, myths, and challenges lenders and investors face while Rebuilding the Affordable Lending Ecosystem from Jonathan Lawless, Vice President, Single-Family Product Development and Affordable Housing. Learn how to successfully rise to this challenge, and hear about non-traditional, scalable programs that may meet your needs. (Wednesday, October 26, 9 a.m. to 10:30 a.m., Third Level, Ballroom A)

We can’t wait to talk to you. In fact, we want to hear your thoughts on these topics, and more, right away. Join the conversation today on Twitter @FannieMae, and follow our #MBAAnnual16 updates.
 
MyCity Modification retirement

Servicers are reminded that, for the servicer to offer a Fannie Mae MyCity Modification Trial Period Plan, the first Trial Period Plan payment due date must be on or before December 1, 2016. 

Fannie Mae HAMP retirement

Servicers are reminded that, for the servicer to offer a Trial Period Plan for a Fannie Mae HAMP Modification, the servicer’s evaluation must be based on the borrower’s submission of a complete BRP on or before December 30, 2016; and the Modification Effective Date must be on or before December 1, 2017. 

Providing assistance to borrowers following a disaster

Lenders are reminded that Fannie Mae has selling and servicing policies to assist impacted borrowers (or potential borrowers) following a disaster, such as the recent hurricane on the Atlantic coast. Refer to Assistance in Disasters for information on where to find Fannie Mae’s policies for providing assistance to borrowers impacted by a disaster. View the press release. 

Looking for information on working with a document custodian?

Fannie Mae requires all loans be certified by Fannie Mae-approved document custodians. A new tip sheet provides important guidance for lenders when working with their document custodian, including some specific tips for those who use Fannie Mae’s designated custodian, Bank of NY Mellon (BNYM). Learn about how to establish a custodian relationship, guidance on using BNYM’s WebDCS system, requests for exception clearing activities, how to avoid special processing of loans, and much more.. 

Enhancements to SF Form 1072 and MF Form 1055, Authorization for Automatic Transfer of Funds

Single-Family Form 1072 and Multifamily Form 1055, Authorization for Automatic Transfer of Funds, have been consolidated and updated to be more streamlined. This form is used to authorize Fannie Mae to initiate electronic debits and credits via Automated Clearing House (ACH) for direct deposit of funds owed to the lender or direct payment of funds owed to Fannie Mae. The form is effective immediately, and previous versions will not be accepted after November 30. Changes to the form simplify remittance options and include:

  • Checkboxes at the top to indicate whether one is submitting SF Form 1072 or MF Form 1055.
  • Separate option for MF DMBS-only requests.
  • Identification of Master Servicer from Subservicer.
  • SF customers can choose a different account for Buy-Ups and Buy-Downs separate from Guaranty Fees.
  • Ability to electronically sign with an image of the signature.

Three HFI InDepth classes remaining for 2016

Do you have new hires or other employees who need to complete development goals by the end of the year? There are just three HFI™ Investor Reporting-related sessions left in 2016 and it’s not too late to register!

Fannie Mae’s Housing Finance Institute® series, HFI InDepth, offers training in custodial accounting and reconciling actual/actual loans. If you’re involved with investor reporting for your company, register for one of these HFI InDepth classes today:

Bank vs. Book! Reconciling Actual/Actual Custodial Accounts
Investor Reporting with Confidence: Best Practices for Reconciling Actual/Actual Loans 
The ABCs of Managing MBS Cash Flow for Fannie Mae

You’ll learn tips for reporting on your loans and have access to an expert instructor to answer your questions.

All HFI InDepth courses provide:

  • two hours of interactive, instructor-led training held in a virtual classroom,
  • limited class sizes that maximize interaction and allow for individualized attention,
  • access to recorded tutorials that prepare you with foundational knowledge prior to taking the course, and
  • a certificate of completion.

Course details and class schedules are available on the Fannie Mae Training page. Sign up today!
 
You may also be interested in…

Finance execs make the business case for diversity
Diversity is more than a nice-to-have in the financial market; it’s a must have, say these business leaders. Read more

Professor behind well-known Case-Shiller Housing Index remembered
Economist Karl Case, a founder of the “Case-Shiller” housing index, was just known as “Chip” by his students. Read more

4 reasons the mortgage business may stay brisk this fall
With the fall real estate season upon us, evidence suggests the mortgage business could keep busy to close out 2016. Read more

Receive regular content updates by registering at the sites.
 
We want to know your thoughts

Do you read The Home Story or the Housing Industry Forum, Fannie Mae’s sources for news about housing and the housing finance industry? If so, we would like your feedback to make sure we are giving you all the news you need. All responses are completely confidential. Please click here to take a five-minute survey.
 
Recent Tweets

Home Purchase Sentiment Index drops. Fewer consumers say they expect mortgage rates to drop over the next 12 months:
http://bit.ly/2dH5uk9

October 10
 
Servicers, have questions about principal reduction? Check out this FAQ page:
http://bit.ly/2dE6IN0

October 9

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