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Fannie Mae: Updates to High LTV Refi Option and More

Investor Update
May 23, 2018

Source: Fannie Mae

High LTV refi option: Updated LTV floor, plus pricing and delivery info

Yesterday we announced an update regarding the high loan-to-value (LTV) refinance option, which will be available for refinance applications received on or after Nov. 1. As a reminder, this option is for Fannie Mae borrowers who are making their mortgage payments on time, but whose LTV ratios exceed our maximum allowed for standard limited cash-out refinance transactions. This update provides loan-level price adjustment information and changes the minimum LTV ratio to 97.01% for a one-unit, principal residence. For more information, including details about pricing and delivery requirements, read Lender Letter LL-2018-02.

Update to excess attorney foreclosure fees for Puerto Rico and the U.S. Virgin Islands

We will reimburse a one-time excess legal fee of $530 for additional legal work undertaken by servicers in Puerto Rico and the U.S. Virgin Islands whose loans were affected by Servicing Guide Section D1-3-01 and Lender Letter LL-2017-11 (as modified and extended by Lender Letter LL-2018-01). Law firms should request excess fee approval for each impacted mortgage loan by following the process in the Puerto Rico AAA Matrix or Virgin Islands AAA Matrix and use the Non-Standard Other Legal IPA Category.

Reminder: Notify 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 must notify the transferor document custodian of the servicing transfer with a final list of all transferred loans. Please note: Notification must occur even if the document custodian does not change. Review the list of active document custodians.

Join us at these upcoming events:

June 5-6 | Indiana MBA State Convention | Indianapolis
June 6-8 | LendingQB User Conference | Newport Beach, CA
June 19-22 | NAFCU Annual Conference and Solutions Expo | Seattle

View more events.

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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