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Fannie Mae: SMDU Enhancements Coming This Weekend; AAA Matrix Updates; and More

Investor Update
April 18, 2018

Source: Fannie Mae

Enhancements to SMDU coming this weekend

This weekend, we will implement enhancements to Servicing Management Default Underwriter™ (SMDU™). Please refer to the release notes for more information. During implementation, SMDU will be unavailable to process transactions from 10 p.m. ET on Friday, April 20 until 1 p.m. ET on Saturday, April 21. If you have questions about this release, please contact your Fannie Mae Servicing Account Manager.

AAA matrix updates

We’ve updated AAA matrices for all jurisdictions to reflect an increase in the hourly rates for non-routine litigation detailed in the Schedule of Legal Fees and Costs attached to the Mortgage Default Counsel (MDC) Retention Agreement. For hours billed on or after June 1 for matters which Fannie Mae has specifically approved MDC law firms to handle, Fannie Mae will pay:

  • An hourly attorney rate of $225 for any attorney with less than five years of experience.
  • An hourly attorney rate of $275 for any attorney with five or more years of experience.
  • A maximum hourly paralegal rate of $85.

Previously, the maximum hourly attorney rate was $215 per hour regardless of years of experience and there was no established maximum hourly paralegal rate. To view the updated matrices, visit the Excess Attorney Fee/Cost Guidelines page.

Deactivated line items in LoanSphere Invoicing

Effective June 18, we will deactivate the following line items in LoanSphere Invoicing™:

  • Property Services: Category 19
  • Subcategory 850: Insp – Inspection (Other)
  • Subcategory 1154: Other Property Inspection
  • Subcategory 1418: Pool Securing – Repair/Replace Fence or Gate

Reference the Servicer Expense Reimbursement Line Items in LoanSphere Invoicing Job Aid for a list of all available servicer expense categories and subcategories for conventional loans.

Reminder: Elimination of certain servicing requirements for acquired properties

Servicers are no longer required to pay property tax bills, HOA or condo association fees, or assessments for certain acquired properties, except at the direction of Fannie Mae. For more information, reference the Servicing Guide, email hoa_correspondence@fanniemae.com for HOA-related questions, or email tax_correspondence@fanniemae.com for questions related to property tax bills.

Join us at these upcoming events:

April 22-25 | Black Knight 35th Annual Information Exchange | Orlando
April 29-May 1 | Texas MBA 102nd Annual Convention | San Antonio
April 29-May 2 | MBA Legal Issues & Regulatory Compliance Conference | Washington, DC

View more events.

Recent Tweets

Adopting new technology doesn’t have to mean losing the personal touch. See how @TheMortgageFirm is using #Day1Certainty to increase their operational efficiency, while maintaining their focus on building long-lasting customer relationships. #MBATech18
http://bit.ly/2J4jj6i

Apr. 18

@D2_Duncan lowered slightly his forecast for full-year 2018 growth to a still-strong 2.7 percent on weak consumer spending in Q1. However, additional downside risks are emerging, most notably the increasingly heated rhetoric on trade. Read more:
http://bit.ly/2EP8GSr

Apr. 16

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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