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Fannie Mae: SVC-2016-10: Servicing Guide Updates

Investor Update
November 9, 2016

Announcement SVC-2016-10: Servicing Guide updates

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

  • Deadlines to Submit Requests for Expense Reimbursement
  • Updates to Defined Expense Limits
  • California Posting Costs
  • Minnesota Proceeding Subsequent Foreclosure Attorney Fee
  • New Property Preservation Expense Limits
  • Servicing Transfers
  • Clarifications Related to Mortgage Loan Modifications
  • Miscellaneous Revision

Read the Announcement for full details.

For a summary of key updates in this Servicing Guide Announcement, view the video presented by Jenise Hight, Director of Servicing & Expense Policy, or check out the Guide Update Presentation here.

New property preservation expense limits

Servicers now have access to some additional property preservation repair descriptions and defined expense limits. Please use this table as reference when submitting a claim for one of the newly added expenses.

Announcement RVS-2016-02: Reverse Mortgage Loan Servicing Manual update

The Reverse Mortgage Loan Servicing Manual has been updated to require the servicer to submit its final expense reimbursement claim no later than 60 days after the date Fannie Mae disposes of an acquired property.

Read the Announcement for full details.

Reminder: November All-Servicer Forums-Fannie Mae Changes to Investor Reporting

If you haven’t already, please register for one of next week’s Fannie Mae Changes to Investor Reporting-All Servicer Forums. During these forums we will review Transaction Type 89 -New Mortgage Insurance Discontinuation Record, and the Transaction Type 83- Interest Rate/Payment Change Reporting. For more information and resources to assist in your transition by February 1, 2017, visit our web page.

Reach HARP borrowers now

With HARP extended into 2017, there’s still time to reach underwater borrowers. See how professionally designed materials available on the Fannie Mae Marketing Center can help in your HARP outreach efforts. The Marketing Center includes newly updated HARP flyers, letters and more that you can customize with your company’s logo, colors, and contact information. There’s even a letter to help you reach borrowers whose loans have been modified but might benefit from a HARP refinance. Use of the Marketing Center is free — give it a try!

One HFI InDepth class remaining for 2016

Do you have new hires or other employees who need to complete development goals by the end of the year? There is one more HFI™ Investor Reporting-related session 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 the last HFI InDepth class for 2016 today:

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…

Big changes to investor reporting are right around the corner
Servicers must update their business processes and technology. Read more

Focus on customers drives best-practice performance
Servicers are working with Fannie Mae to improve how they operate. Read more

Receive regular content updates by registering at the sites.

Recent tweets

Home Purchase Sentiment Index drops again, reflecting consumer pessimism.
http://bit.ly/2efjv7O

November 7

Retweet: This was one of the top stories last week! @SoFi and @FannieMae announce cash-out refi for student loans:
http://bit.ly/2fcwl41

November 6

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