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Fannie Mae: Updated Imminent Default FAQs; New Servicer eLearning Courses; and More

Investor Update
February 28, 2018

New Imminent Default Evaluation FAQs

Fannie Mae, in alignment with Freddie Mac and FHFA, is replacing the current Imminent Default Indicator™ model with a rules-based evaluation of borrowers for imminent default for conventional mortgage loan modifications. The new Imminent Default Evaluation FAQs provide additional details on the new evaluation rules. Servicers may begin using the new Imminent Default Evaluation, available now in Servicing Management Default Underwriter™ (SMDU™), and must implement no later than July 1.

New courses added to Introduction to Servicing eLearning series

Two new courses are available now in our self-paced eLearning series for new servicers: QC Audit and Compliance and Subservicer Oversight. Get up to speed quickly with each of these 15-minute courses.

Enhancements to AMN/HSSN

During the weekend of March 24, Fannie Mae will implement enhancements to Asset Management Network (AMN)/HomeSaver Solutions™ Network (HSSN). Please refer to the release notes for more information. As a reminder, to implement this release, AMN/HSSN will be unavailable for processing from 7 a.m. ET until 4 p.m. ET on Saturday, March 24. Due to related release work, SMDU Auto Decision functionality may experience some intermittent outages because SMDU relies on some HSSN/DARTS case data. If you experience an exception, please wait a few minutes and resubmit.

Reminder: Notifying document custodians for servicing transfers

After Fannie Mae has approved a servicer’s Form 629: Request for Approval of Servicing or Subservicing Transfer, the transferor servicer or the transferee servicer must notify their document custodian of the servicing transfer and include a final list of all transferred loans. Notification must occur even if the document custodian does not change. Review the list of active document custodians.

Join us at these upcoming events:
March 4-7 | Lenders One Winter Conference | Scottsdale, AZ
March 13-17 | ICBA Community Banking Live 2018 | Las Vegas
March 18-21 | Capital Markets Cooperative Annual Summit | Miami

View more events.

You may also be interested in…

“A Home of Your Own” pilot aims to help buyers achieve sustainable homeownership
Pilot program aims to increase minority homeownership numbers. Read more

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Recent Tweets

74% of lenders told us that new industry-wide initiatives for standardizing and managing mortgage data are valuable. Details:
http://bit.ly/2BULCDK

Feb. 27

We recently partnered with @UCLAZimanCenter for Real Estate to discuss California’s affordable housing supply crisis. Here’s a recap:
http://bit.ly/2ES5ytB

Feb. 26

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