Investor Update
April 9, 2018
Source: MHA (full update)
Due to a HAMP Reporting System Release, a planned system outage is scheduled from 8:00 a.m. ET Friday, April 27, 2018 through 8:00 a.m. ET Monday, April 30, 2018.
During this timeframe, HAMP Reporting System response files will not be available; they will be sent as soon as the system is available.
Investor Update
April 10, 2018
Source: HUD (full press release)
Disaster recovery funds to help repair damaged housing, businesses and infrastructure
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today awarded nearly $28 billion to support long-term disaster recovery in hard-hit areas in nine states, Puerto Rico and the U.S. Virgin Islands. These funds are provided through HUD’s Community Development Block Grant – Disaster Recovery (CDBG-DR) Program and will address seriously damaged housing, businesses and infrastructure from major disasters that occurred since 2015.
The grants announced today represent the largest single amount of disaster recovery assistance in HUD’s history and include more than $12 billion for major disasters that occurred in 2017 and nearly $16 billion to support ‘mitigation’ activities in areas that experienced major Presidentially declared disasters since 2015. Mitigation can broadly be described as actions taken to protect communities from the predictable damage from future events.
“It’s clear that a number of states and local communities are still struggling to recover from a variety of natural disasters that occurred in the past three years,” said HUD Secretary Ben Carson. “These grants will help rebuild communities impacted by past disasters and will also protect them from major disasters in the future.”
Investor Update
May 4, 2018
Source: HUD (FHA INFO #18-19 full version)
Webinar Title: NEW Webinar I: Overview – HUD Early Delinquency Activities and Loss Mitigation Programs
Date/Time: Wednesday, May 16, 2018, 2:00 PM to 4:00 PM (Eastern)
Event Location: On-line Webinar — No Fee
Jurisdictional Host: National Servicing Center
Registration Link: https://attendee.gotowebinar.com/register/7272283546084355075
Description: Representatives from the Federal Housing Administration (FHA) will provide an overview of FHA-approved servicer requirements to include: early delinquency activity; timelines; general loss mitigation; evaluation of the borrower’s financial condition; and collections best practices.
Special Instructions: This webinar is open to FHA-approved servicers and FHA-approved housing counselors. A valid company email address and FHA 5-digit lender and/or agency ID are required at the time of registration. For additional information, please email: stacey.a.brown@hud.gov
Investor Update
April 30, 2018
Source: HUD (FHA INFO #18-18 full version)
Today, the Federal Housing Administration (FHA) announced that beginning tomorrow, May 1, 2018, it is making available in FHA Connection (FHAC) the new loss mitigation claim submission function — Claim Type 33 – 2017 Natural Disaster Partial Claim — to support the disaster standalone partial claim announced in Mortgagee Letter 2018-01, Loss Mitigation Policy Changes, and communicated in FHA INFO 18-08 on February 22, 2018. As announced in Mortgagee Letter 2018-01, the disaster standalone partial claim is designed to facilitate the resumption of the borrower’s established, pre-disaster payments following a period of disaster forbearance, while avoiding payment shock, as well as keeping their interest rate and payment terms the same.
Servicers will file the disaster standalone partial claim by selecting — Claim Type 33 – 2017 Natural Disaster Partial Claim submission instructions in the FHA Connection Guide once updated. In the meantime, FHA has posted a link to the submission instructions on hud.gov.
Note: Claim Type 33 will only allow the natural disaster standalone partial claim submission. Non-incentivized loan modifications should be reported via the non-incentivized loan modification function.
Quick Links
Resources
Contact the FHA Resource Center:
Investor Update
April 11, 2018
Source: HUD
Disaster recovery funds to help repair damaged homes, businesses and infrastructure
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today awarded $1.6 billion to support long-term disaster recovery in the U.S. Virgin Islands following Hurricanes Irma and Maria. These funds are provided through HUD’s Community Development Block Grant – Disaster Recovery (CDBG-DR) Program and are intended to rebuild seriously damaged housing, businesses and critical infrastructure.
“It’s clear that a number of states and local communities are still struggling to recover from a variety of natural disasters that occurred in the past three years,” said HUD Secretary Ben Carson. “These grants will help rebuild communities impacted by past disasters and will also protect them from major disasters in the future.”
Governor Kenneth Mapp said, “Just seven months ago we were struck by two Category 5 hurricanes within 12 days of each other causing catastrophic damage throughout our Territory. These storms devastated our entire power grid and severely damaged our hospitals, our schools, our roads as well as thousands of homes and businesses. Yet with the help of FEMA, President Trump, and the efforts of committed Federal partners such as Secretary Carson and Deputy Secretary Patenaude, we have begun our long road to a successful recovery. This additional $1.6 billion CDBG-DR grant that HUD has committed to the US Virgin Islands allows us to continue to rebuild our infrastructure and gives us the flexibility to create a more resilient power distribution system that is less likely to succumb to future storms. On behalf of the people of the US Virgin Islands, I offer my deepest gratitude to the Secretary and Deputy Secretary for their support.”
CDBG-DR grants support a variety of disaster recovery activities including housing redevelopment and rebuilding, business assistance, economic revitalization, and infrastructure repair. Grantees are required to spend the majority of these recovery funds in “most impacted” areas as identified by HUD. HUD will issue guidelines shortly and will provide substantial technical support to for use of the funds to address grantees’ long-term recovery needs, particularly in the area of housing recovery.
U.S. Virgin Islands planning officials, along with U.S. Virgin Islands citizens, will now develop a disaster recovery plan to identify how these funds will be spent. CDBG-DR funds are designed to meet local needs with critical recovery decisions being made by local citizens.
Investor Update
April 20, 2018
Source: Freddie Mac
We recently updated BPODirect® with the most recent pre-disaster property values.
When you evaluate borrowers impacted by an eligible disaster that occurred on or after August 25, 2017, for a Freddie Mac Flex Modification®, please use the property values provided in the “Auto Value” field in BPODirect. We’ve updated these to provide the most recent available value prior to the date of the eligible disaster.
Even if the property value is 90 days old or older, you must use that value, but continue to follow all other requirements in Single-Family Seller/Servicer Guide (Guide) Section 9206.8. In most cases, there will continue to be no value provided via Home Value Explorer® or the Automated Valuation Model report for properties in an eligible disaster area, so please use BPODirect in those instances.
If there is no property value in BPODirect, then you must order a broker price option. Please refer to Guide Section 9206.5 for full eligibility requirements for the Flex Modification.
For More Information
Investor Update
April 25, 2018
Source: Freddie Mac (full release)
On May 21, you’ll notice two changes to your Servicer Performance Profile, one of which may require action on your part.
1. Due to a scheduled software upgrade, we’re updating the login URL to http://www.freddiemac.com/spp_login. If you have an existing bookmark to update, or would like to create a new one, please use this URL. However, no action is required on your part – if you use the current URL, then you’ll be redirected to the new URL automatically but may experience a brief “error” message during the redirect.
2. Also with this upgrade, we’ll no longer be able to use report names with special characters (e.g. +, #). If you use automated software or scripts to download the following reports, then you’ll need to update them to accommodate file name changes.
For More Information
Investor Update
April 11, 2018
Source: Freddie Mac
With Single-Family Seller/Servicer Guide (Guide) Bulletin 2018-6, we’re making changes to simplify the user experience and provide greater efficiency when servicing Freddie Mac mortgages. The changes include:
For details on these changes and other important updates, read Guide Bulletin 2018-6 [pdf] or contact your Freddie Mac representative.
Investor Update
April 12, 2018
Source: FHFA
February 2018 Highlights
In February 2018:
Year to date through February 2018:
Attachments: Refinance Report – February 2018
Investor Update
April 11, 2018
Source: FHFA
January 2018 Highlights
The Enterprises’ Foreclosure Prevention Actions:
The Enterprises’ Mortgage Performance:
The Enterprises’ Foreclosures:
Attachments: Foreclosure Prevention Report – January 2018
