Updated 12/3/18: Oklahoma Governor Mary Fallin issued an emergency declaration as a result of severe storms, tornadoes and straight-line winds beginning on November 30, 2018.
Link to associated county ZIP Code list
NOTE: This is independent from any FEMA Declared Disaster.
Industry Alert
December 2, 2018
Source: The Weather Channel
Approximate areas sustaining property damage:
Arkansas
Van Buren (Crawford County, 72956, 72957)
Illinois
Taylorville (Christian County, 62568)
Missouri
Ridegedale (Taney County, 65739)
Oklahoma
Blackgum (Sequoyah County, 74962)
Gore (Sequoya, Muskogee counties, 74435)
Tenkiller (Cherokee County, 74471, 74931)
FHFA: Non-performing Loan Sales Report
Investor Update
December 4, 2018
Source: FHFA
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its semiannual report providing information about the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes information about NPLs sold from August 1, 2014 through June 30, 2018, and reflects borrower outcomes as of June 30. The sale of NPLs reduces the number of delinquent loans in the Enterprises’ portfolios and transfers credit risk to the private sector. FHFA and the Enterprises impose requirements on NPL buyers designed to achieve more favorable outcomes for borrowers than foreclosure.
The new report shows that, through June 30, 2018, the Enterprises sold 98,061 NPLs with a total unpaid principal balance (UPB) of $18.7 billion.
- In the first half of 2018, 7,140 NPLs were sold, compared to 18,419 total NPLs sold in 2017.
- NPLs sold through the first half of 2018 had an average delinquency of 3.1 years and an average current loan-to-value ratio of 95 percent (not including capitalized arrearages).
- New Jersey, New York, and Florida accounted for 46 percent of NPLs sold. These three states also accounted for 47 percent of the Enterprises’ loans that were 1 year or more delinquent as of December 31, 2014, prior to the start of NPL programmatic sales in 2015.
- From December 31, 2015 to June 30, 2018 the number of loans one or more years delinquent held in the Enterprises’ portfolio decreased by 61 percent.
The borrower outcomes in this report are as of June 30, 2018 and are based on the 88,200 NPLs that were settled by December 31, 2017.
These outcomes reflect the following:
- As of June 30, 2018, 62 percent of these NPLs had been resolved.
- Compared to a benchmark of similarly-delinquent Enterprise NPLs that were not sold, foreclosures avoided for sold NPLs were higher than the benchmark.
- NPLs on homes occupied by borrowers had the highest rate of foreclosure avoidance outcomes (28.2 percent foreclosure avoided versus 12.7 percent for vacant properties).
- NPLs on vacant homes had a much higher rate of foreclosure, more than double the foreclosure rate of borrower-occupied properties (65.9 percent foreclosure versus 28.6 percent for borrower occupied properties). Foreclosures on vacant homes typically improve neighborhood stability and reduce blight as the homes are sold or rented to new occupants.
- Twenty percent of the permanent modifications of NPLs incorporated arrearage and/or principal forgiveness. The average forgiveness earned per loan to date was $55,280 (with the potential to earn an average forgiveness of $77,491).
FHFA will continue to provide reporting on NPL sales borrower outcomes on an ongoing basis.
Link to Non-Performing Loan Sales Report
Contacts:
Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
Consumers: Consumer Communications or (202) 649-3811
VA: VALERI Servicer Newsflash
Investor Update
November 28, 2018
Source: VA
IMPORTANT INFORMATION
Circular 26-18-26, Special Relief Following California Wildfires, was issued on November 15, 2018, and is located on the VALERI internet at https://www.benefits.va.gov/homeloans/servicers_valeri.asp.
Fee Cost Schedule Updates – Effective December 1, 2018, the maximum allowed wind insurance amount in certain states will increase to $2,000. Also, effective December 1, 2018, the state pre-foreclosure fee (currently allowable in Oregon and North Carolina only) will be allowable in Rhode Island. These changes will be updated and reflected on the VALERI Fee Cost Schedule, which is located at http://www.benefits.va.gov/HOMELOANS/servicers_valeri_rules.asp.
VALERI Reports – Black Knight postponed the update for the VALERI reports database (originally scheduled to be completed November 9, 2018, to November 11, 2018) until Friday, December 14, 2018, from 8:00 PM EST until Sunday, December 16, 2018, at 12:00 PM EST. Reports will not be available during this time. Existing scheduled reports will be saved but will not “run” after the update. Therefore, users should retain a copy of their saved scheduled report queries by December 14, 2018, to reschedule the reports after December 16, 2018.
REMINDER
Redemption Instructions – Redemption Instructions are located on the VALERI internet at
https://www.benefits.va.gov/HOMELOANS/servicers_valeri_guides.asp. All questions and inquiries related to redemption procedures are to be directed to vrm-redemption@vrmco.com.
CFPB: Ombudsman’s Office 2018 Annual Report
Investor Update
November 29, 2018
Source: CFPB
Today my office’s seventh annual report is available on our webpage. At the Ombudsman’s Office, we are an independent, impartial, and confidential resource that assists consumers, financial entities, consumer or trade groups, and others in informally resolving process issues with the Bureau. In short, we advocate for fair process in consumer financial protection.
As in previous years, our annual report outlines our work process and summarizes our activities from fiscal year 2018. This year, the report introduces a new office brochure and appendix of charts and figures for ease of reference. We provide examples of our work throughout the report and highlight the various ways we assist in our Demonstrating the Ombudsman in Practice section, such as: assisting stakeholders in engaging with the Bureau’s Request for Information process, sharing resources to assist consumers in recognizing financial frauds and scams, and facilitating technical assistance to companies responding to consumer complaints.
This report shares our new internal and external engagement for this year as well as updates to our ombudsman terminology project and Ombudsman Interactives pilot. This year we also hosted two Ombudsman Forums and include summaries of these events, with new criteria to determine future Forums. In addition, we share the data and analysis surrounding the individual inquiries received by our office over time.
Additionally, you’ll find discussion and our accompanying feedback and recommendations on three topics as well as an update on an issue we studied last year:
- Entities mentioned for a positive purpose in Bureau materials
- Submission of information for consumer complaints
- Legal disclaimers introducing Bureau webinars
- How non-consumers contact the Bureau by phone
We are a consistent resource and at the same time are always considering new, creative ways to advocate for fair process. We welcome you to connect with us on topics that we have shared in our report, ask questions about our role, or discuss process matters at CFPBOmbudsman@cfpb.gov or (855) 830-7880. Visit our webpage for more information about the Ombudsman’s Office, including our prior annual reports.
MHA: HAMP Update: 2019 Operational Reporting Calendar Posted
Investor Update
November 21, 2018
Source: MHA
The 2019 MHA Operational Reporting Calendar has been posted on HMPAdmin.com. It is located under the Programs tab on the main page of the site under Loan Reporting Documents / Data Reporting Resources /Operational Reporting Calendar link.
FEMA Declared Disaster Tohono O’odham Nation (Arizona)
FEMA Alert
November 30, 2018
FEMA issued a Presidential Major Disaster Declaration for areas in the Tohono O’odham Nation (Arizona) affected by severe storms and flooding from October 1-3, 2018.
NOTE: Tribal area ZIP Codes are approximate and may not be complete.
FEMA Release: Declared Disaster for Tohono O’odham Nation
ZIP Code List for FEMA Declared Disaster for Tohono O’odham Nation
Additional Resources
FEMA’s web site
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
Fannie Mae: Investor Reporting eLearnings; Changes to Master Servicing Communications
Investor Update
November 7, 2018
Source: Fannie Mae
Check out two new Investor Reporting eLearnings
Are you new to Investor Reporting? Looking for a refresher? Review the How Modifications Affect Investor Reportingand Resolving Failed Business Rules and Hard RejectseLearnings for an overview on modified loans. Learn how they’re managed in our systems, best reporting practices, and more — all at your own pace. Visit the Servicing Trainingpage for more information.
Changes to Single-Family Master Servicing communications
We’re making small changes to how Single-Family (SF) Master Servicing receives your calls and emails this month.
Here’s what you can expect:
When calling 1-800-2FANNIE, you will be required to enter a valid servicer number to reach an analyst.
When emailing the SF Master Servicing team:
You will receive an auto-response if you do not include your servicer number within your email. Reply to the email with your servicer number (please do not include hyphens or dashes).
You will also receive a “case” number in your auto-response (this will replace what we currently refer to as the “ticket” number).
The subject line of the reply email will contain reference numbers (e.g., [ref:_00De05T6i7._500e0CmRSm:ref]) that allow us to track our correspondence. Please keep the reference numbers in the subject when you respond to the email.
Contact the SF Master Servicing team at master_servicing@fanniemae.com or call 1-800-2FANNIE (Option 1, then Option 6). For assistance using our technology applications, contact the Technology Support Center, available 24/7 (except major holidays), at 1-800-2FANNIE or via web chat.
Join us at these upcoming events:
Nov. 27-28 | MBA Summit on Diversity and Inclusion 2018| Washington, DC
Jan. 28-31 | MBA Independent Mortgage Bankers Conference 2019| San Francisco
Feb. 25-28 | MBA National Mortgage Servicing Conference & Expo| Orlando
View more events.
FEMA Declared Disaster Alabama
FEMA Alert
November 5, 2018
FEMA issued a Presidential Disaster Declaration for areas in Alabama affected by Hurricane Michael from October 10-13, 2018. The following counties are eligible for assistance:
Public Assistance
- Geneva
- Henry
- Houston
- Mobile
FEMA Release: Declared Disaster for Alabama
ZIP Code List for FEMA Declared Disaster for Alabama
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
Fannie Mae: Disaster-Affected Homeowners Receive Expanded Support
Investor Update
November 15, 2018
Source: Fannie Mae
WASHINGTON, DC – Fannie Mae (FNMA/OTC) today announced the launch of a supplement to the post-disaster mortgage relief options the company currently offers. Fannie Mae’s Disaster Response Network™ is a comprehensive case-management service for disaster-affected homeowners whose mortgage loans are backed by the company. The program provides homeowners broader personalized support to address safety and basic needs, property repairs, employment, and financial recovery—all of which affect a borrower’s ability to meet their mortgage obligations.
“Communities face extraordinary challenges dealing with the impacts of a natural disaster,” says Michael T. Hernandez, Vice President Disaster Recovery & Rebuild, Fannie Mae. “For homeowners, the process can be complex, stressful, and time-consuming. We want to help families regain their personal and financial footing beginning with mortgage relief, but also by helping more broadly to ensure a successful recovery.”
The Disaster Response Network is operated by Clearpoint Credit Counseling Solutions through their Project Porchlight program. Utilizing a call-center model, staffed exclusively by HUD-certified counselors within the United States, the Disaster Response network will help homeowners navigate the challenging and unfamiliar post-disaster recovery process and will include:
A comprehensive case assessment and action plan designed to meet the homeowner’s needs.
Assistance in filing FEMA, insurance, and Small Business Administration (SBA) claims as well as providing additional referrals and resources for disaster recovery and resiliency.
Tri-party calls with assistance providers and homeowners, plus ongoing counselor-homeowner check-ins to help ensure a successful recovery.
A web-based platform designed to educate borrowers, provide resources and updates, and create a supportive online community of neighbors facing similar challenges.
Homeowners with a Fannie Mae-owned loan whose property is in a FEMA-declared zone are eligible for free assistance from the Disaster Response Network. If the home was not damaged, but the borrower’s employment/income was negatively affected, they are still eligible for the program.
Homeowners may access the program in one of the following ways:
Mortgage servicers or Fannie Mae’s Mortgage Help Network may refer disaster-affected Fannie Mae homeowners to the Disaster Response Network.
Homeowners can see if Fannie Mae owns their loan and request help by visiting the Loan Lookup Tool at KnowYourOptions.com/loanlookupor by calling us directly at 1-800-2FANNIE (1-800-232-6643).
FEMA Declared Disaster Pennsylvania
FEMA Alert Update
February 1, 2019
FEMA issued an update to a Presidential Major Disaster Declaration for areas in Pennsylvania affected by severe storms and flooding that took place August 10-15, 2018. The following county is eligible for assistance:
Public Assistance
- Northampton
FEMA Release: Declared Disaster Amendment for Pennsylvania
ZIP Code List for FEMA Declared Disaster for Pennsylvania
FEMA Alert
November 27, 2018
FEMA issued a Presidential Major Disaster Declaration for areas in Pennsylvania affected by severe storms and flooding that took place August 10-15, 2018. The following counties are eligible for assistance:
Public Assistance
|
FEMA Release: Declared Disaster for Pennsylvania
ZIP Code List for FEMA Declared Disaster for Pennsylvania
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters