Page 300 – Safeguard Properties

Fannie Mae: Drop by THE HUB at MBA Servicing Conference; Fannie Mae Connect Makes Downloads a Breeze; and More

Posted on September 13, 2018September 13, 2018 by Safeguard

Investor Update
February 7, 2018

Building on our promise to bring simplicity and certainty to servicing

During this week’s MBA National Mortgage Servicing Conference & Expo, we’re sharing our innovative solutions for near real-time access to master servicing data, a one and done approach to claims processing, and more. Learn how our Simplifying Servicing journey continues by dropping by our booth in THE HUB or visiting www.simplifyingservicing.com.

Fannie Mae Connect makes downloads a breeze

Over the weekend of Feb. 3, we added new reports and improved the user interface in Fannie Mae Connect™ to help you better access the information you need to drive your business.

Fannie Mae Connect is making repeating downloads a breeze by remembering the last set of criteria you entered. Prefilled Seller/Servicer information, report section, and report format will make downloading even easier than before.

We’ve also launched three new reports and enhanced others. Review the Release Tracker and Report Directory for more information on these and all the latest changes in Fannie Mae Connect. If you do not have access to Fannie Mae Connect, please contact your Corporate Administrator.

Descriptions of all 300 series remittance CRS codes

As a component of Simplifying Servicing, last year we updated the Cash Remittance System (CRS) remittance codes. A complete list of the CRS 300 series code names and descriptions is available on the CRS page.

Lenders embrace benefits of data initiatives

Data standardization efforts are critical as the mortgage industry moves toward a more digitized world. According to a new study by our Economic & Strategic Research team, 74% of lenders surveyed believe that recent new initiatives, including the Uniform Loan Delivery Dataset (ULDD) and the Uniform Closing Dataset (UCD), are valuable. Learn more.

Join us at these upcoming events:

Feb. 11-13 | The Mortgage Collaborative Winter Conference | San Diego
Feb. 11-14 | CalyxVision 18 User Conference | San Francisco
Feb. 14-16 | MBA of Florida’s Eastern Secondary Market Conference | Orlando

View more events.

You may also be interested in…

View: Symposium on the affordable housing supply crisis in California
Housing industry leaders met Feb. 5 in Los Angeles to discuss the impact of California’s housing supply on affordable housing. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

Don’t miss these sessions at #MBAServicing18! We’re thrilled to be here, talking with you about the future of servicing.

Feb. 7

New #HPSI hits all-time high as more Americans expect home prices to rise over the next 12 months:
http://bit.ly/2Em4kpH

Feb. 7

Source: Fannie Mae

Fannie Mae: Announcement SVC-2018-01: Servicing Guide Updates

Posted on September 13, 2018September 13, 2018 by Safeguard

Investor Update
February 14, 2018

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

Identify the conditions in which Fannie Mae will approve a first lien charge-off and lien release for delinquent first lien mortgage loans to help maintain neighborhood conditions and home prices.
Remove the requirement for servicers to include a Social Security number in REOgram or non-delegated workout submission to protect sensitive borrower data.
Streamline the Selling and Servicing Guides by removing certain topics from Servicing Guide Part A pertaining to compliance with laws and responsible, questionable, and prohibited lender practices. These topics will be updated and included in the Selling Guide on Feb. 27.

For a summary of key updates in Servicing Guide Announcement SVC-2018-01, view the executive perspectives video presented by Jenise Hight, Director of Servicing Policy, and the executive overview from Carlos Perez, Chief Credit Officer for Single-Family.

New Disaster Relief FAQs

The Disaster Relief – Single-Family Selling/Servicing Frequently Asked Questions (FAQs) have been updated to provide information for servicers when reviewing a borrower for a Fannie Mae disaster mortgage loan modification. New topics include:

Clarifying when to re-amortize the loan for a Fannie Mae Extend Modification for Disaster Relief.
Determining the terms for a Fannie Mae Cap and Extend Modification for Disaster Relief when the pre-disaster payment is achieved before the servicer has extended the term.
Addressing that a borrower’s failure of a Trial Period Plan, or permanent modification, for a Fannie Mae Cap and Extend Modification for Disaster Relief or Extend Modification for Disaster Relief, does not count as a prior modification in the context of eligibility for a Flex Modification.

Visit our Assistance in Disasters page to find more resources for helping borrowers in disaster areas.

See how we’re Simplifying Servicing. Together.

Building on our promise to bring simplicity and certainty to servicing, during last week’s MBA National Mortgage Servicing Conference & Expo, we shared how we are delivering streamlined and value-driven servicing solutions. Missed us at the conference? Check out the Simplifying Servicing website for details on our innovative solutions for near real-time access to master servicing data, a one and done approach to claims processing, and more.

Enhancements to SMDU coming this weekend

This weekend, Fannie Mae will implement enhancements to Servicing Management Default Underwriter™ (SMDU™). Please refer to the release notes for more information. As a reminder, to implement this release, SMDU will be unavailable to process transactions from 10 p.m. ET on Friday, Feb. 16 until 3 p.m. ET on Saturday, Feb. 17. If you have questions about this release, please contact your Fannie Mae Servicing Account Manager.

Join us at these upcoming events:

View more events.

You may also be interested in…

Fannie Mae seeks innovators for partnership opportunities
Fannie Mae seeks to play a role in helping innovators solve mortgage industry challenges. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

Our 2017 results demonstrate that the fundamentals of our business are strong.
http://bit.ly/2Bu18Gz

Feb. 14

Congratulations to our very own Tim Mayopoulos and Jonathan Lawless! Both (have) made @MPAMagazineUS’s Hot 100 List, which recognizes the mortgage industry’s top leaders.
http://bit.ly/2BtdLlp

Feb. 13

Source: Fannie Mae

CFPB Issues Request For Information on Supervision Processes

Posted on September 13, 2018September 13, 2018 by Safeguard

Investor Update
February 14, 2018

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today issued a Request for Information (RFI) about the Bureau’s supervision processes. The Bureau is seeking comments and information from interested parties to assist in assessing the overall efficiency and effectiveness of its supervision program and whether any changes to the program would be appropriate. This is the fourth in a series of RFIs announced as part of Acting Director Mick Mulvaney’s call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers. This RFI will provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities. The next RFI in the series will address the Bureau’s external engagement processes, and will be issued next week.

The RFI on supervision processes is available at:
https://files.consumerfinance.gov/f/documents/cfpb_rfi_supervision-program_022018.pdf ?
The Bureau will begin accepting comments once the RFI is printed in the Federal Register, which is expected to occur on February 20. The RFI will be open for comment for 90 days.

The Bureau anticipates issuing RFIs on the following topics in the coming weeks:

External Engagement
Complaint Reporting
Rulemaking Processes
Bureau Rules Not Under §1022(d) Assessment
Inherited Rules
Guidance and Implementation Support
Consumer Education
Consumer Inquiries

More information about the call for evidence is available at:
http://www.consumerfinance.gov/policy-compliance/notice-opportunities-comment/open-notices/call-for-evidence/

Source: CFPB

CFPB Asked to Repeal Mortgage Servicing Amendments

Posted on September 13, 2018September 13, 2018 by Safeguard

Investor Update
February 13, 2018

A group of a half dozen trade associations recently sent a letter to Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau. The letter raises objections over 2016 amendments to the CFPB’s 2013 RESPA and TILA Mortgage Servicer Rule, which are scheduled to go into effect in April 2018. The trade associations present an argument that these amendments, if implemented, could lead to borrower confusion and lead to numerous other administrative and legal hassles during the mortgage servicing process.

The amended CFPB rule would require mortgage servicers “to send monthly billing statements to consumers in active bankruptcy cases and certain bankruptcy cases in which the debtor’s personal liability was previously discharged.” The trade groups claim that this requirement would conflict with “well-settled bankruptcy law prohibiting a creditor from collecting from consumers who are in an active bankruptcy case or who have previously been discharged from personal liability in a prior bankruptcy case.”

According to the letter, “the CFPB’s final rule is contrary to this strong public policy of protecting bankruptcy debtors, will cause conflict within the administration of the bankruptcy case, and will unnecessarily subject servicers to serious liability under the Bankruptcy Code.” The letter goes on to argue that the CFPB’s final rule “presents significant risk of diluting the Judiciary’s efforts in effectively administering its bankruptcy cases and usurps the Judiciary’s rulemaking power in deciding what information should and should not be provided to a debtor during a bankruptcy proceeding.”

If the CFPB declines to repeal its amended rule, the letter asks that the bureau to revisit specific portions of the rule, including “the past-payment breakdown, servicer transfers, and pre-confirmation cases, among others.”

Signatories on the letter included the National Association of Federally-Insured Credit Unions, American Financial Services Association, Consumer Mortgage Coalition, CUNA, HOPE NOW Alliance, Independent Community Bankers of America, and the Real Estate Settlement Providers Council. You can read the letter in full by clicking here.

Although the CFPB won a legal victory in late January, after the Court of Appeals for the District of Columbia Circuit ruled that the CFPB’s structure is constitutional, the bureau is nevertheless undergoing a sea change of focus and intent under Acting Director Mick Mulvaney. Earlier this week, the CFPB and Mulvaney unveiled a new strategic plan for the bureau, vowing to meet the organization’s statutory responsibilities but go “no further,” adding that “pushing the envelope in pursuit of other objectives ignores the will of the American people” and “also risks trampling upon the liberties of our citizens.”

This backing away from the CFPB’s focus on enforcement is consistent with Mulvaney’s past criticisms of the bureau as being too independent and overpowered. In November, shortly after taking the reins of the CFPB, Mulvaney instituted a 30-day hiring and regulatory freeze.

Source: DS News

CFPB Acting Director Announces Chief of Staff

Posted on September 13, 2018September 13, 2018 by Safeguard

Investor Update
February 6, 2018

Washington, D.C. — The Consumer Financial Protection Bureau’s Acting Director Mick Mulvaney announced today that he has named Kirsten Sutton Mork chief of staff for the agency. Ms. Sutton Mork has been serving as staff director of the House Financial Services Committee under Chairman Jeb Hensarling.

“I am pleased to announce Ms. Sutton Mork as the new chief of staff at the Bureau of Consumer Financial Protection,” said CFPB Acting Director Mick Mulvaney. “I worked with Kirsten during my tenure as a member on the House Financial Services Committee and can attest to her in-depth financial policy expertise, proven track record of developing and implementing strategic initiatives, and ability to manage a team. Kirsten brings with her more than a decade of invaluable experience that will advance the mission of the Bureau and make it more efficient, effective, and accountable.”

Ms. Sutton Mork’s tenure on Capitol Hill spans the financial crisis and post-crisis legislative response. She staffed Hensarling during House Financial Services Committee, House and conference committee consideration of the legislation that established the Bureau, the Dodd-Frank Act, and she is intimately familiar with the Bureau’s statutory mission and obligations. She was appointed deputy staff director to the House Financial Services Committee in 2013 and became staff director in early 2017. Ms. Sutton Mork attended Wheaton College where she received a B.A. in communications.

Source: CFPB

VALERI Servicer Newsflash

Posted on September 13, 2018September 13, 2018 by Safeguard

Investor Update
January 12, 2017

IMPORTANT INFORMATION

Appraisal Fee Changes – Effective Thursday, February 1, 2018, liquidation appraisal fees will increase in Arkansas, Louisiana, Oklahoma, and Texas. The 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.

DEVELOPMENT UPDATES

On Sunday, January 14, 2018, VALERI Manifest 17.4 BI will be released. The following report enhancements will be included:

CQ 13109 – Adds supplemental claims and negative claims to the Claim Detail Results report.

CQ 13113 – Adds supplemental claims and negative claims to the Claim Summary report.

CQ 13116 – Adds supplemental claim and negative claim payments to the Payment Denial report.

Source: VA

MHA HAMP Update: Upcoming HAMP Reporting Tool User Interface Outage

Posted on September 13, 2018September 13, 2018 by Safeguard

Investor Update
January 29, 2018

Black Knight will be conducting maintenance activities during the weekend of February 17, 2018. All Black Knight applications including the HAMP Reporting Tool user interface will be unavailable from Saturday, February 17, 2018, 9:00 a.m. ET – Sunday, February 18, 12:00 a.m. ET (Midnight).

If users attempt to access the Black Knight application during this time, they will receive connection errors. If you have questions, call 1-866-939-4469; to reach Black Knight Financial Services (BKFS), select option 1, then option 5.

Source: MHA

MHA HAMP Update: Martin Luther King, Jr. Day Holiday Support and System Availability

Posted on September 13, 2018 by Safeguard

Investor Update
January 8, 2018

Due to the observance of Martin Luther King, Jr. Day, the HAMP Reporting System response files will not be available between 6:00 p.m. ET on Friday, January 12, 2018 and 8:00 a.m. ET on Tuesday, January 16, 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 (HSC) will be closed on Monday, January 15, 2018 and will resume operations at 9:00 a.m. ET on Tuesday, January 16, 2018. Servicers may contact the HSC at any time; however, messages will be held in queue until the center reopens on Tuesday.

The NPV Transaction Portal will be available for normal processing during this period.

Questions?
For more information, email the HAMP Solution Center or call 1-866-939-4469.

Source: MHA

HUD FHA INFO #18-01: FHA Disaster-Related Policy Waiver for Four Additional Counties in Presidentially-Declared Major Disaster Areas in California

Posted on September 13, 2018 by Safeguard

Investor Update
January 18, 2018

Today, the Federal Housing Administration (FHA) issued a waiver for four additional counties — Los Angeles, San Diego, Santa Barbara, and Ventura — in California impacted by wildfires, allowing damage inspections to be conducted beginning January 18, 2018. This waiver is in addition to the two previous waivers issued by FHA on October 24, 2017, and November 2, 2017, respectively, of its policy on the timeframe for completing the inspection of properties prior to closing, or submitting the mortgage for FHA insurance endorsement in the Presidentially-Declared Major Disaster Areas (PDMDAs) in certain counties in the state of California impacted by wildfires.

For mortgages in process secured by properties in a PDMDA that have not closed or are pending endorsement, mortgagees must follow the guidance contained in the Single Family Housing Policy Handbook 4000.1 (SF Handbook) Section II.A.7.c, Inspection and Repair Escrow Requirements for Mortgages Pending Closing or Endorsement in Presidentially-Declared Major Disaster Areas. FHA’s current policy requires that a damage inspection be performed following the close of the Incident Period as defined by the Federal Emergency Management Agency (FEMA).
FHA believes that the situations in certain counties in California have stabilized to the extent that further damage to the properties appear unlikely, despite FEMA not having closed its Incident Period for the PDMDAs in these four areas. However, mortgagees should continue to monitor FEMA’s website to ascertain the latest information on these PDMDAs as additional municipalities or counties could be added to them until the Incident Periods have closed.
These waivers do not affect mortgagees’ obligations to exercise prudent lending practices and ensure that mortgages they submit for endorsement fully comply with FHA’s property eligibility requirements, as well as any property condition requirements related to claims processing.
— The California “Wildfires” waivers are posted at: https://www.hud.gov/sites/dfiles/OCHCO/documents/sf_hb40001waiverCA2.pdf

Mortgagees can find more information about FHA’s PDMDA policies, as well as the 203(h) Mortgage Insurance for Disaster Victims Program and the 203(k) Rehabilitation Mortgage Insurance Program, on the FHA Resource Center’s Online Knowledge Base.

Quick Links

Waivers for California can be viewed at: https://www.hud.gov/program_offices/administration/hudclips/waivers/
Access the SF Handbook in online or portable document format from HUD’s Client Information Policy Systems Handbooks web page at: https://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/handbooks/hsgh
View the status of Incident Periods on the FEMA Disasters web page at: https://www.fema.gov/disasters

Resources
Contact the FHA Resource Center:

Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at:
https://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-CALL-FHA (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.

Source: HUD (FHA INFO #18-01 full version)

HUD: Change to Debenture Interest Rates

Posted on September 13, 2018 by Safeguard

Investor Update
January 24, 2018

AGENCY:

Office of the Assistant Secretary for Housing, HUD.

ACTION:

Notice.

SUMMARY:

This Notice announces changes in the interest rates to be paid on debentures issued with respect to a loan or mortgage insured by the Federal Housing Administration under the provisions of the National Housing Act (the Act). The interest rate for debentures issued under Section 221(g)(4) of the Act during the 6-month period beginning January 1, 2018, is 2 3/8 percent. The interest rate for debentures issued under any other provision of the Act is the rate in effect on the date that the commitment to insure the loan or mortgage was issued, or the date that the loan or mortgage was endorsed (or initially endorsed if there are two or more endorsements) for insurance, whichever rate is higher. The interest rate for debentures issued under these other provisions with respect to a loan or mortgage committed or endorsed during the 6-month period beginning January 1, 2018, is 23/4 percent.

Source: HUD/Office of the Federal Register (full notice)