Safeguard Properties

MHA: Important Information on the HAMP? Reporting Tool and SSL Certificates

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Investor Update
August 6, 2018

Source: MHA

Black Knight is changing its provider of SSL certificates from Symantec to GlobalSign based upon notification that certain browser types will no longer trust certificates associated with Symantec. These changes will be applied in the Servicer Test environments (hamptest.blackknightdna.com, hampsftptest.blackknightdna.com) Thursday, August 9, 2018 and in the Production environments (hamp.blackknightdna.com, hampsftp.blackknightdna.com) on Sunday, August 12, 2018.

What is the impact for users of the HAMP Reporting Tool?
Please consult with your organization’s technical team to determine if your browser settings require the certificates to be installed to trust the certificate chain. It’s recommended this action, if necessary, be completed no later than August 12, 2018.

What must I do?
Your IT department may download and install the certificates from the following websites:

Questions?
Call 1-866-939-4469: select option 1 to indicate you are a Servicer, then option 1 for Black Knight Financial Services (BKFS).

HUD: FHA INFO #18-35: Extension of HECM Foreclosure Timelines for Properties Impacted by Hurricane Maria in Affected Areas in Puerto Rico and the U.S. Virgin Islands

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Investor Update
August 17, 2018

Source: HUD

Due to the extensive damage caused by Hurricane Maria in Puerto Rico and the U.S. Virgin Islands, the U.S. Department of Housing and Urban Development (HUD) is extending foreclosure timelines through September 15, 2018, for Home Equity Conversion Mortgages (HECM) on impacted properties in those Presidentially-Declared Major Disaster Areas (PDMDAs).

This extension is applicable only to those counties declared eligible for Individual Assistance by the Federal Emergency Management Agency (FEMA). It applies to both the initiation of foreclosures and foreclosures already in process on HECMs that become due and payable for reasons other than the death of the last surviving borrower and eligible non-borrowing spouse.

This guidance is effective immediately and is applicable to all homeowners with FHA-insured HECM mortgages whose property or place of employment is in the PDMDAs for Puerto Rico’s Hurricane Maria (FEMA-DR-4339) and U.S. Virgin Islands’ Hurricane Maria (FEMA-DR-4340).

Quick Links

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.

HUD: FHA INFO #18-34: Revised Loss Mitigation Options and Final 30-day Disaster Foreclosure Moratorium Extension for Puerto Rico and the U.S. Virgin Islands

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Investor Update
August 16, 2018

Source: HUD

Today, the Federal Housing Administration (FHA) announced the publication of Mortgagee Letter (ML) 2018-05, which revises the order of loss mitigation options for borrowers with FHA-insured mortgages whose property and/or place of employment is in the Presidentially-Declared Major Disaster Areas (PDMDAs) of Puerto Rico Hurricane Maria (DR-4339) or U.S. Virgin Islands Hurricane Maria (DR-4340).

This ML changes existing policy by allowing mortgagees to evaluate borrowers in the affected areas for the Disaster Standalone Partial Claim before the disaster loan modification. FHA believes this change will enable more borrowers impacted by those specific disasters to get into a permanent loss mitigation solution and keep their mortgage in good standing.

Additionally, the ML provides a final 30-day foreclosure moratorium for certain FHA-insured mortgages in affected counties in Puerto Rico and the U.S. Virgin Islands that are still recovering from the devastation caused by Hurricane Maria. This moratorium will provide additional time for mortgagees to evaluate borrowers for the Disaster Standalone Partial Claim and other loss mitigation solutions in the waterfall.

Servicers are reminded of their obligation under HUD Regulation 24 CFR § 203.501 to evaluate borrowers for the full range of loss mitigation options permitted under FHA policy. FHA will continue to monitor servicers for compliance with this regulation.

Borrowers Considered for Disaster Standalone Partial Claim Before Disaster Loan Modification

The new policy announced under the ML permitting servicers to evaluate borrowers for a Disaster Standalone Partial Claim before a disaster loan modification provides for the following:

(1) allows borrowers to maintain their pre-disaster monthly principal and interest payment;
(2) retains their current interest rate and term of the FHA-insured mortgage;
(3) provides for the repayment of arrearages with a subordinate mortgage lien that is not repaid until the maturity of the FHA-insured mortgage, the sale of the property, or the payoff or non-FHA refinancing of the FHA-insured mortgage; and
(4) expands the borrower eligibility criteria for the Disaster Standalone Partial Claim first announced in ML 2018-01, dated February 22, 2018.

This guidance applies to all FHA Title II forward mortgages for those disaster-affected borrowers whose property and/or place of employment is in the following PDMDAs:

  • Puerto Rico – Hurricane Maria (DR-4339); and
  • U.S. Virgin Islands – Hurricane Maria (DR-4340).

FHA-approved mortgagees may immediately begin implementing the revised guidance in 2018-05; however, they must implement these policies no later than September 15, 2018. Additionally, the provisions in this ML may no longer be offered to borrowers on or after the MLs’ May 1, 2019, Sunset Date.

30-Day Foreclosure Moratorium

The ML also provides a 30-day foreclosure moratorium for certain FHA-insured mortgages secured by properties located in PDMDAs in Puerto Rico and the U.S. Virgin Islands that the Federal Emergency Management Agency (FEMA) has identified as “affected counties” resulting from Hurricane Maria.

This 30-day foreclosure moratorium is effective immediately and applies to the initiation of foreclosures and foreclosures already in process.

Mortgagees should carefully read ML 2018-05 for eligibility and other requirements. Also, refer to today’s Press Release for additional information.

Quick Links
View all Press Releases in the Press Room on hud.gov at: https://www.hud.gov/press/press_releases_media_advisories
View Mortgagee Letter 2018-05 and other Mortgagee Letters at: http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee

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.

Freddie Mac: Reminder: Plan for MERS System Migration

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Investor Update
August 16, 2018

Source: Freddie Mac

MERSCORP Holdings, Inc. has informed us that the MERS® System and MERS® eRegistry will be unavailable for transactions from 10 p.m. EST Thursday, September 13 to 7 a.m. EST Monday, September 17. They will be completing their migration to the Intercontinental Exchange (ICE) data centers during this time.

Please plan your loan deliveries and transfer of servicing transactions accordingly to ensure there are no impacts to loan settlements.  

For questions on the MERS migration, please contact the ICE migration team at mers.support@theice.com or 770-999-4549.

Freddie Mac: Natural Disaster Relief Policies for Mortgage Assistance to Aid Those Affected by California Wildfires Released

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Investor Update
August 8, 2018

Source: Freddie Mac

Additional Resource:  

Safeguard Properties Disaster Update Center

MCLEAN, Va., Aug. 08, 2018 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB:FMCC) confirmed today its disaster relief policies for people whose homes or places of employment have been affected by the ongoing, historic California wildfires. Freddie Mac’s disaster relief options are available to borrowers with homes in Federal Emergency Management Agency (FEMA)-declared disaster areas where individual assistance programs have been made available to affected individuals and households.

In areas where FEMA has not made individual assistance available, mortgage servicers may leverage Freddie Mac’s forbearance programs to provide immediate mortgage relief to their borrowers that have been affected by the devastating wildfires.

“Once out of harm’s way, we strongly encourage homeowners whose homes or businesses have been impacted by the devastating California wildfires to call their mortgage servicer—the company to which borrowers send their monthly mortgage payments,” said Yvette Gilmore, vice president of single-family servicer performance management at Freddie Mac. “We are committed to ensuring that homeowners receive the mortgage assistance they need to help them during this devastating tragedy.”

News Facts:

  • Freddie Mac disaster relief policies authorize mortgage servicers to help affected borrowers in federally-declared Major Disaster Areas where federal individual assistance programs have been extended. A list of these areas can be found on the FEMA’s website.
  • Freddie Mac mortgage relief options for affected borrowers in these areas include:
    Suspending foreclosures by providing forbearance for up to 12 months; and
    Waiving assessments of penalties or late fees against borrowers with disaster-damaged homes.
  • Freddie Mac is reminding servicers to consider borrowers who work in eligible disaster areas but have homes in unaffected areas for Freddie Mac’s standard relief policies, which include forbearance or mortgage modifications.
  • Affected borrowers should immediately contact their mortgage servicer—the company to which they send their monthly mortgage payment.
  • See http://www.freddiemac.com/singlefamily/service/natural_disasters.html for a description of Freddie Mac disaster relief policies.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, @FreddieMac and Freddie Mac’s blog.

MEDIA CONTACT: Chad Wandler
703-903-2446
Chad_Wandler@FreddieMac.com

Freddie Mac: As Hurricane Lane Approaches Hawaiian Islands, Freddie Mac Confirms Disaster Relief Policies

Posted on by Safeguard

Investor Update
August 23, 2018

Source: Freddie Mac

MCLEAN, Va., Aug. 23, 2018 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today reminded Servicers of its disaster relief policies for people whose homes or places of employment have been affected by Hurricane Lane. Freddie Mac’s disaster relief options become available to borrowers with homes in presidentially-declared disaster areas where the Federal Emergency Management Agency (FEMA) has made individual assistance programs available to affected individuals and households.

In areas where FEMA has not made individual assistance available, mortgage servicers may leverage Freddie Mac’s short-term forbearance programs to provide immediate mortgage relief to their borrowers that have been affected by the hurricane.

“At this time, it is important for those in the path of the storm to focus on their safety,” said Yvette Gilmore, Freddie Mac’s Vice President of Single-Family Servicer Performance Management. “Once out of harm’s way, we strongly encourage homeowners on the Hawaiian Islands whose homes or places of employment have been impacted by Hurricane Lane to call their mortgage servicer—the company to which borrowers send their monthly mortgage payments—to learn about available relief options.”

News Facts:

  • Freddie Mac disaster relief policies authorize mortgage servicers to help affected borrowers in federally-declared Major Disaster Areas where federal individual assistance programs have been extended. A list of these areas can be found on the FEMA’s website.
  • Freddie Mac mortgage relief options for affected borrowers in these areas include:
  • Suspending foreclosures by providing forbearance for up to 12 months;
  • Waiving assessments of penalties or late fees against borrowers with disaster-damaged homes; and
  • Not reporting forbearance or delinquencies caused by the disaster to the nation’s credit bureaus.
  • Freddie Mac is reminding servicers to consider borrowers who are impacted by the storm, but who live and work outside of an eligible disaster area where individual assistance has been made available, for Freddie Mac’s standard relief policies, which include forbearance or mortgage modifications.
  • Affected borrowers should immediately contact their mortgage servicer—the company to which they send their monthly mortgage payment.
  • See http://www.freddiemac.com/singlefamily/service for a description of Freddie Mac disaster relief policies.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, @FreddieMac and Freddie Mac’s blog.

MEDIA CONTACT: Chad Wandler
703-903-2446
Chad_Wandler@FreddieMac.com

FHFA: Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests Announced

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Investor Update
August 7, 2018

Source: FHFA

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released a report providing the results of the annual stress tests? Fannie Mae and Freddie Mac (the Enterprises) are required to conduct under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).  The Dodd-Frank Act requires certain financial institutions with more than $10 billion in assets to conduct annual stress tests to determine whether they can absorb losses as a result of adverse or severely adverse economic conditions.  The report, Dodd-Frank Act Stress Tests – Severely Adverse Scenario, provides updated information on possible ranges of future financial results of the Enterprises under severely adverse economic conditions. 

Link to Dodd-Frank Act Stress Tests – Severely Adverse Scenario

Link to 2018 Summary Instructions and Guidance

Link to DFAST Frequently Asked Questions (FAQs)?

Contacts: 
Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032
Consumers: Consumer Communications or (202) 649-3811

FHFA: Refinance Report – Second Quarter 2018

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Investor Update
August 16, 2018

Source: FHFA

Second Quarter 2018 Highlights

  • Total refinance volume decreased in June 2018 as mortgage rates rose in May, continuing a trend first observed in October 2017.  Mortgage rates decreased in June: the average interest rate on a 30?year fixed rate mortgage fell to 4.57 percent from 4.59 percent in May.

In the second quarter of 2018:

  • Borrowers completed 2,973 refinances through HARP, bringing total refinances from the inception of the program to 3,491,140.
  • HARP volume represented 1 percent of total refinance volume.

Year to date through June 2018:

  • Borrowers with loan?to?value ratios greater than 105 percent accounted for 16 percent of the volume of HARP loans.
  • Thirty-two 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.
  • HARP refinances represented 3 percent of total refinances in Illinois compared to 1 percent of total refinances nationwide over the same period.
  • In June 2018, 3 percent of the loans refinanced through HARP had a loan?to?value ratio greater than 125 percent.
    Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.
    Ten states accounted for over 70 percent of the nation’s HARP eligible loans with a refinance incentive as of March 31, 2018.

Related News Release
 
Attachments: Refinance Report – Second Quarter 2018

FHFA: Foreclosure Prevention Report – May 2018

Posted on by Safeguard

Investor Update
August 7, 2018

Source: FHFA

May 2018 Highlights

The Enterprises’ Foreclosure Prevention Actions:

  • The Enterprises completed 24,211 foreclosure prevention actions in May, bringing the total to 4,154,218 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.
  • There were 17,557 permanent loan modifications in May, bringing the total to 2,218,961 since the conservatorships began in September 2008.
  • Twenty-six percent of modifications in May were modifications with principal forbearance. Modifications with extend term only accounted for 47 percent of all loan modifications during the month.
  • There were 887 short sales and deeds-in-lieu of foreclosure completed in May, up 4 percent compared with April.

The Enterprises’ Mortgage Performance:

  • The serious delinquency rate decreased from 1.03 percent at the end of April to 0.97 percent at the end of May.

The Enterprises’ Foreclosures:

  • Third-party and foreclosure sales increased from 4,410 in April to 4,624 in May.?
  • Foreclosure starts decreased from 15,308 in April to 12,834 in May.

Attachments: Foreclosure Prevention Report – May 2018

FHFA: Fannie Mae and Freddie Mac to Conclude Single-Family Rental Pilot Programs

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Investor Update
August 21, 2018

Source: FHFA

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will conclude their single-family rental pilot programs and then terminate their participation in the single-family rental market except through their previously existing investor programs – Fannie Mae’s Multiple Financed Properties and Freddie Mac’s Investment Property Mortgages.

In the last two years, both Enterprises have participated in the single-family rental market on a larger scale than previously through pilots designed to “test and learn” more about the market and best practices.  Parallel to the Enterprises’ pilots, FHFA convened a Single-Family Rental Workshop? in June 2017 to solicit feedback, identify market challenges and opportunities, and gain perspective on the overall market.  It also conducted an impact analysis and reached out to a wide array of industry stakeholders.   

“What we learned as a result of the pilots is that the larger single-family rental investor market continues to perform successfully without the liquidity provided by the Enterprises,” said FHFA Director Melvin Watt. 
This FHFA announcement does not preclude the Enterprises from proposing changes to their existing programs to meet the needs of the single-family rental market, or from developing proposals that are calculated to utilize single-family rentals as a pathway to homeownership.

Learn More
?Determination on Enterprise Activity in the Single-Family Renta??l Market (PDF)?
 
Contacts: 
Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
Consumers: Consumer Communications or (202) 649-3811