Safeguard Properties

MHA: HAMP Update: Thanksgiving Holiday Support and System Availability

Posted on by Safeguard

Investor Update
November 16, 2018

Source: MHA

Due to the observance of Thanksgiving, the HAMP Reporting System response files will not be available between 4:00 p.m. ET on Wednesday, November 21, 2018 and 9:00 a.m. ET on Monday, November 26, 2018; they will be sent as soon as the system is available.

During this timeframe, the HAMP Reporting Tool will be available for servicers to submit and upload HAMP loan data files, and the corresponding Black Knight response files will be provided as usual.

The HAMP Solution Center will close at 2:00 p.m. ET on Wednesday, November 21, 2018 and will resume operations at 9:00 a.m. ET on Monday, November 26, 2018. Servicers may contact the center at any time; however, messages will be held in queue until the center reopens on Monday.

Freddie Mac: Electronic Default Reporting Updates

Posted on by Safeguard

Investor Update
November 16, 2018

Source: Freddie Mac

Freddie Mac is committed to making the overall mortgage experience easier, more cost-effective and more efficient. We continually examine our procedures to identify opportunities to deliver on that promise.

Effective November 30, 2018, Freddie Mac is retiring 34 edits which will make the edit process simpler for Electronic Default Reporting (EDR).

You may view and download the complete list of edits here [PDF].

How does this change benefit you?

Although these edits are being retired, you do not need to change the way you report EDR data to Freddie Mac.
The volume of edits will be reduced. You will spend less time re-transmitting data to clear edits.
The EDR data you submit will be more timely and accurate.

We’re always looking at ways to improve the mortgage servicing experience through collaboration with our Servicers. Let us know what else we can do to help.

For More Information

Refer to the EDR Quick Reference Guide [PDF]
Contact your account manager or call the Customer Support Contact Center (800-FREDDIE)

Fannie Mae: Announcement SVC-2018-08: Servicing Guide Updates

Posted on by Safeguard

Updated 11/15/18: Fannie Mae issued the following correction to Servicing Guide Announcement SVC-2018-08:

On November 14, 2018, Servicing Guide Announcement SVC-2018-08 provided an update that allows servicers to order initial property inspections on the 60th day of delinquency instead of the 45th day when certain requirements are met. The announcement originally stated that the effective date was Jan. 1, 2019; however, the effective date is March 1, 2019.

Link to updated announcement

Investor Update
November 14, 2018

Source: Fannie Mae

The Fannie Mae Servicing Guide has been updated with changes that:

Simplify short sale and Mortgage Release™ requirements by aligning eligibility criteria and streamlining documentation requirements.
Extend the amount of time for servicers to make outbound call attempts and to send breach letters to delinquent borrowers.
Allow servicers to order initial property inspections on the 60th day of delinquency instead of the 45th day, when certain requirements are met.

Read about these and other miscellaneous updates in Servicing Guide Announcement SVC-2018-08 and the executive overview from Carlos Perez, Chief Credit Officer for Single-Family. View the executive perspectives video presented by Jenise Hight, Director, Servicing & Expense Policy.

Simplified short sale and Mortgage Release requirements

We’re helping more borrowers avoid foreclosure by simplifying and aligning our short sale and Mortgage Release requirements. These changes bring more transparency to the evaluation process, eliminate promissory notes, expand streamlined documentation, and more. View Servicing Guide Announcement SVC-2018-08 for more details.

Fannie Mae holiday moratorium for eviction lockouts

We will suspend eviction lockouts of foreclosed single-family properties from Dec. 17, 2018, through Jan. 2, 2019. During the holiday season, legal and administrative proceedings for evictions may continue, but families will be allowed to remain in their homes during this moratorium. All guidance related to disaster relief in hurricane-affected areas remains in effect, and servicers and law firms should continue to follow the disaster-related guidance. For more information, contact your account team or portfolio manager, call the Servicing Support Center (1-800-2FANNIE), or email default_attorney@fanniemae.com.

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.

Recent Tweets

Lenders say an #eMortgage saves time and money. “The company recouped the cost it spent to implement a digital closing process in just three months.” Jeff Bode, President and CEO of Mid America Mortgage. Visit http://emortgage.fanniemae.com to start delivering eMortgages today!

Nov. 14

If you’ve been impacted by the California wildfires, mortgage assistance is available. #KnowYourOptions here: https://bit.ly/2QDw2Rt #cafire

Nov. 13

Five Star PR18 Summit

Posted on by Safeguard

November 14-16, 2018
San Juan, PR

Safeguard Properties was honored to participate in the Five Star PR18 Summit, which was held November 14-16 in San Juan, Puerto Rico.

Representing Safeguard was Director of Client Account Management Elizabeth Squires and Manager of Client Accounts Kara Soppelsa.

During the event, some of the main challenges facing the island after the devastation caused by Hurricane Maria were discussed.

Included were the following:

•  With evictions of personal property requiring a court order, many vacant properties (due to owners moving to the mainland) remain filled with personal property. Resulting contact with such individuals has proven difficult in determining whether or not they plan to make a permanent return to the island.

•  Title issues for properties in securing FEMA assistance.

• Flooding issues caused by flat roofs and concrete materials, even when properties are “protected”.

• Communication barriers between banks and customers. Included is a concern ensuring individuals are aware of all assistance programs that are available to them.

It also is important to note that while the moratorium was lifted in September, the foreclosure process on average can take 12-18 months. As a result, a high influx of REO properties are expected for the 2019 fourth quarter.

In the wake of catastrophic natural disasters, the PR18 Summit gathered key stakeholders from mortgage banks, servicers, suppliers, non-banks, government agencies, and local business leaders for discussions surrounding the rebuilding of Puerto Rico’s housing infrastructure.

Associated Links:

Panel Listing

FEMA Declared Disaster North Carolina

Posted on by Safeguard

FEMA Alert Update
November 15, 2018

FEMA issued an update to a Presidential Major Disaster Declaration for areas in North Carolina affected by Hurricane Florence from September 7-29, 2018. The following counties are eligible for assistance:

Public Assistance

  • Guilford
  • McDowell

FEMA Release: Declared Disaster Amendment for North Carolina

ZIP Code List for FEMA Declared Disaster for North Carolina

MapAlert Disaster Viewer


FEMA Alert Update
October 25, 2018

FEMA issued an update to a Presidential Major Disaster Declaration for areas in North Carolina affected by Hurricane Florence from September 7-29, 2018. The following counties are eligible for assistance:

Individual Assistance

  • Chatham
  • Durham
  • Guilford

FEMA Release: Declared Disaster Amendment for North Carolina

ZIP Code List for FEMA Declared Disaster for North Carolina


FEMA Alert Update
October 24, 2018

FEMA issued an update to a Presidential Major Disaster Declaration for areas in North Carolina affected by Hurricane Florence from September 7-29, 2018. The following counties are eligible for assistance:

Public Assistance

  • Alamance
  • Madison
  • Polk
  • Rowan
  • Tyrrell

FEMA Release: Declared Disaster Amendment for North Carolina

ZIP Code List for FEMA Declared Disaster for North Carolina


FEMA Alert Update
October 22, 2018

FEMA issued an update to a Presidential Major Disaster Declaration for areas in North Carolina affected by Hurricane Florence from September 7-29, 2018. The following counties are eligible for assistance:

Public Assistance

  • Bertie
  • Davidson
  • Orange

FEMA Release: Declared Disaster Amendment for North Carolina

ZIP Code List for FEMA Declared Disaster for North Carolina


FEMA Alert Update
October 14, 2018

FEMA issued an update to a Presidential Major Disaster Declaration for areas in North Carolina affected by Hurricane Florence from September 7-29, 2018. The following counties are eligible for assistance:

Individual Assistance

  • Anson
  • Orange
  • Union

FEMA Release: FEMA Declared Disaster Amendment for North Carolina

ZIP Code List for FEMA Declared Disaster for North Carolina


FEMA Alert Update
October 12, 2018

FEMA issued an update to a Presidential Major Disaster Declaration for areas in North Carolina affected by Hurricane Florence from September 7-29, 2018. The following counties are eligible for assistance:

Public Assistance

  • Alleghany
  • Anson
  • Ashe
  • Cabarrus
  • Chatham
  • Dare
  • Granville
  • Montgomery
  • Person
  • Randolph
  • Stanly
  • Union
  • Yancy

FEMA Release: FEMA Declared Disaster Amendment for North Carolina

ZIP Code List for FEMA Declared Disaster for North Carolina


FEMA Alert Update
October 10, 2018

FEMA issued an update to a Presidential Major Disaster Declaration for areas in North Carolina affected by Hurricane Florence beginning on September 7, 2018 and continuing. The action closes the incident period on September 29, 2018.

FEMA Release: Declared Disaster Amendment for North Carolina


FEMA Alert Update
September 27, 2018

FEMA issued an update to a Presidential Major Disaster Declaration for areas in North Carolina affected by Hurricane Florence beginning on September 7, 2018 and continuing. The following county is eligible for assistance:

Individual/Public Assistance

  • Greene

FEMA Release: Declared Disaster Amendment for North Carolina

ZIP Code List for FEMA Declared Disaster for North Carolina


FEMA Alert Update
September 24, 2018

FEMA issued an update to a Presidential Major Disaster Declaration for areas in North Carolina affected by Hurricane Florence beginning on September 7, 2018 and continuing. The following counties are eligible for assistance:

Individual/Public Assistance

  • Hoke
  • Hyde
  • Johnston
  • Lee
  • Moore
  • Pitt
  • Richmond
  • Scotland
  • Wilson

FEMA Release: Declared Disaster Amendment for North Carolina

ZIP Code List for FEMA Declared Disaster for North Carolina


FEMA Alert Update
September 17, 2018

FEMA issued an update to a Presidential Major Disaster Declaration for areas in North Carolina affected by Hurricane Florence beginning on September 7, 2018 and continuing. The following counties are eligible for assistance:

Individual/Public Assistance

  • Bladen
  • Columbus
  • Cumberland
  • Duplin
  • Harnett
  • Jones
  • Lenoir
  • Robeson
  • Sampson
  • Wayne

FEMA Release: Declared Disaster Amendment for North Carolina

ZIP Code List for FEMA Declared Disaster for North Carolina


FEMA Alert
September 14, 2018

FEMA issued a Presidential Major Disaster Declaration for areas in North Carolina affected by Hurricane Florence beginning on September 7, 2018 and continuing. The following counties are eligible for assistance:

Individual/Public Assistance

  • Beaufort
  • Brunswick
  • Carteret
  • Craven
  • New Hanover
  • Onslow
  • Pamlico
  • Pender

FEMA Release: Declared Disaster for North Carolina

ZIP Code List for FEMA Declared Disaster for North Carolina

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

HOPE NOW Natural Disaster Summit

Posted on by Safeguard

October 11-12, 2018
Plano, TX

Safeguard Properties was proud to be part of the 2018 HOPE NOW Natural Disaster Summit, which was held October 11-12 in Plano, Texas.

Safeguard’s Director of Business Development and Marketing, Tim Rath, teamed up with Quality Claims AVP of Client Relations Robyn Markow to lead a discussion on innovation and best practices in the field as relating to mortgage field services.

The summit united together 75 participants across the mortgage industry, including Federal Agencies, State Agencies, Mortgage Companies, Non-profits and Service Providers to review current practices, policies and procedures to improve outcomes with families impacted by natural disasters.

Associated Links:

Day 1 Agenda

Day 2 Agenda

Summary

VA: Circular 26-18-26: Special Relief Following California Wildfires

Posted on by Safeguard

Investor Update
November 15, 2018

Source: VA

1. Purpose. This Circular expresses concern about the Department of Veterans Affairs (VA) home loan borrowers affected by the California wildfires, and describes measures mortgagees may employ to provide relief. Mortgage servicers and borrowers alike should review VA’s Guidance on Natural Disasters to ensure Veterans receive the assistance they need. (https://www.benefits.va.gov/homeloans/documents/docs/va_policy_regarding_natural_disast ers.pdf or https://www.benefits.va.gov/WARMS/docs/admin26/m26_04/Chapter_21.docx.

2. Forbearance Request. VA encourages holders of guaranteed loans to extend forbearance to borrowers in distress as a result of the California wildfires. Careful counseling with borrowers should help determine whether their difficulties are related to this disaster, or whether they stem from other sources that must be addressed. The proper use of authorities granted in VA regulations may be of assistance in appropriate cases. For example, Title 38, Code of Federal Regulations (C.F.R.), section 36.4311, allows the reapplication of prepayments to cure, or prevent a default. Also, 38 C.F.R. 36.4315 allows the terms of any guaranteed loan to be modified without the prior approval of VA, provided conditions in the regulation are satisfied.

3. Moratorium on Foreclosure. Although the loan holder is ultimately responsible for determining when to initiate foreclosure, and for completing termination action, VA has requested on its website (https://www.benefits.va.gov/homeloans) that holders establish a 90day moratorium from the date of a disaster on initiating new foreclosures on loans affected by major disasters. VA regulation 38 C.F.R. 36.4324(a)(3)(ii) allows additional interest on a guaranty claim when eventual termination has been delayed due to circumstances beyond the control of the holder, such as VA-requested forbearance. Due to the widespread impact of the disaster, holders should review all foreclosure referrals to ensure that borrowers have not been affected significantly enough to justify delay in referral. Any questions about impact should be discussed with the VA Regional Loan Center (RLC) of jurisdiction.

4. Late Charge Waivers. VA believes that many servicers plan to waive late charges on affected loans, and encourages all servicers to adopt such a policy for any loans that may have been affected.

5. Credit and VA Reporting. In order to avoid damaging credit records of Veteran borrowers, servicers are encouraged to suspend credit bureau reporting on affected loans. VA will not penalize affected servicers for any late default reporting to VA as a result. Please contact the appropriate RLC with any questions.

6. Activation of the National Guard. Members of the National Guard may be called to active duty to assist in recovery efforts. VA encourages servicers to extend special forbearance to National Guard members who experience financial difficulties as a result of their service.

7. Rescission: This Circular is rescinded October 1, 2019.

By Direction of the Under Secretary for Benefits

Jeffrey F. London
Director, Loan Guaranty Service

HUD: FHA INFO #18-45: Fiscal Year 2018 FHA Annual Report to Congress Released

Posted on by Safeguard

Investor Update
November 15, 2018

Source: HUD

Today, the Department of Housing and Urban Development (HUD) released its Federal Housing Administration (FHA) Annual Report to Congress on the financial condition of FHA’s Mutual Mortgage Insurance Fund (MMIF) for fiscal year 2018. Read today’s Press Release.

Quick Links
Read today’s Press Release at: https://www.hud.gov/press/press_releases_media_advisories
Review the complete report at: https://www.hud.gov/fhammifrpt

Resources
Contact the FHA Resource Center:

Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at: www.hud.gov/answers.
E-mail the FHA Resource Center at: answers@hud.gov. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.
Call 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Relay Service at 1-800-877-8339.

FHFA: Fannie Mae and Freddie Mac Refinance Volume Decreases in Third Quarter 2018

Posted on by Safeguard

Investor Update
November 15, 2018

Source: FHFA

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today reported that Fannie Mae and Freddie Mac completed 253,135 refinances in the third quarter of 2018, compared with 299,460 in the second quarter. FHFA’s third quarter Refinance Report also shows that 1,865 loans were refinanced through the Home Affordable Refinance Program (HARP), bringing the total number of HARP refinances to 3,493,005 since inception of the program in 2009.

Although HARP is scheduled to expire next month, on Dec. 31, 2018, according to new data released today, 38,818 borrowers could still benefit financially from a HARP refinance. These borrowers meet the basic HARP eligibility requirements and have a remaining balance of $50,000 or more on their mortgage, a remaining term on their loan of greater than 10 years, and a mortgage interest rate that is at least 1.5 percent higher than current market rates. These borrowers could save an average of $2,290 annually by refinancing their mortgage through HARP. The updated interactive U.S. map shows the number of HARP-eligible borrowers by state, Metropolitan Statistical Area, county and zip code as of June 30, 2018.

Also in the Refinance Report:

Through the third quarter of 2018, 33 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which build equity faster than traditional 30-year mortgages.

One U.S. territory and nine states account for more than 70 percent of borrowers who remain eligible for HARP and have a financial incentive to refinance as of June 30, 2018: Puerto Rico, Illinois, New Jersey, Florida, Michigan, Ohio, Pennsylvania, Maryland, Alabama and Georgia.

Borrowers who refinanced through HARP had a lower delinquency rate compared with borrowers eligible for HARP who did not refinance through the program.

Link to Refinance Report
Link to HARP.gov

Contacts:
Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032

Consumers: Consumer Communications or (202) 649-3811

FHFA: Performance and Accountability Report

Posted on by Safeguard

Investor Update
November 15, 2018

Source: FHFA

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its Performance and Accountability Report, which details FHFA’s activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2018. For the tenth consecutive year, FHFA received an unmodified audit opinion on its FY 2018 financial statements from the U.S. Government Accountability Office.

Link to 2018 Performance and Accountability Report

Contacts:
Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032

Consumers: Consumer Communications or (202) 649-3811