Safeguard Properties

Fannie Mae: AMN/HSSN Updates This Weekend

Posted on by Safeguard

Investor Update
May 9, 2018

Source: Fannie Mae 

Enhancements coming to AMN/HSSN on Saturday

This weekend, we’ll update the Asset Management Network (AMN)/HomeSaver Solutions™ Network (HSSN) application. To implement this release, AMN/HSSN will be unavailable for processing from 7 a.m. ET until 4 p.m. ET on Saturday, May 12. For more information, please review the release notes. 

Join us at these upcoming events: 

  • May 10 | Maryland Mortgage Bankers and Brokers Association Annual Conference | Annapolis, MD 
  • May 16-17 | NAR Legislative and Trade Expo | Washington, DC 
  • May 20-23 | MBA National Secondary Market Conference & Expo | New York 

View more events. 

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Building Equity: The Legacy, Impact, and Future of the Fair Housing Act
Fannie Mae and The Atlantic recently partnered to mark the 50th anniversary of the Fair Housing Act. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

Congratulations to Kimberly Johnson on becoming our new Chief Operating Officer. Get to know Kimberly in this piece by @peterahigh.
http://bit.ly/2Ivu70N

May 9

New analysis shows Millennials have been busy buying homes, even as their homeownership rate has declined. What’s going on?
http://bit.ly/2wtsifS

May 9

VALERI Servicer Newsflash

Posted on by Safeguard

Investor Update
April 18, 2018

Source: VA

IMPORTANT INFORMATION

VA Title Training – VA’s Property Management contractor, Vendor Resource Management (VRM), has developed a VA Title training module for loan servicers. To obtain access to the training, servicers must complete and submit the training request form (Exhibit A) to VRM. To maintain a level of efficiency, servicers are strongly encouraged to compile and submit as few forms as possible rather than submitting one form per person. Upon completion, please email the spreadsheet to: training@vrmco.com. VRM will register the users, email login credentials, and assign the course. Users will normally have access to the course in less than 48 business hours. If there are any questions, please feel free to contact training@vrmco.com.

Appraisal Fees – VALERI enhancement CQ 12670, completed on March 17, 2018, added functionality to the VALERI Fee Cost Schedule to include maximum allowable fees at the county level. Therefore, appraisal fees in higher cost counties no longer require appeals. The changes are reflected on the VALERI Fee Cost Schedule, which is located at http://www.benefits.va.gov/HOMELOANS/servicers_valeri_rules.asp.

Circular 26-15-18, Change 2, Paid in Full Notification of Loans Guaranteed for Repurchase Under the Provisions of 38 C.F.R. 36.4600 (VA Regulation 4600 Loans), was issued on March 20, 2018, and is located on the VALERI internet at https://www.benefits.va.gov/homeloans/servicers_valeri.asp.

Pre-Approval Requests – Servicers may request to deviate from a VA Regulation more than once if circumstances change during the life of the loan. If there is a need to deviate from multiple regulations, servicers should submit all deviations in a single pre-approval request. It is the servicer’s responsibility to adhere to all other regulatory requirements and ensure all actions are in the best interest of the Veteran and Government (VA Servicer Handbook M26-4, Chapter 6).

USDA: Handbook-1-3555 Changes – Chapter 18

Posted on by Safeguard

Investor Update
April 10, 2018

Source: USDA

On July 1, 2018* an update to Chapter 18 will be published that provides changes to the loss mitigation waterfall as well as revised language surrounding disaster relief options available for borrowers impacted by Presidentially Declared Disasters.  To assist in identifying the changes we are providing a HB-1-3555 Revision Guide, outlining revisions implemented with this publication.

*Our original communication stated May 1, 2018; however, based on feedback from servicers, we have extended the implementation date to July 1, 2018.

Questions regarding this announcement may be directed to Richard Kane in the Rural Housing National Office at 202-720-0320 or Richard.Kane@wdc.usda.gov.

Help Resources

Policy Questions
Customer Service Center
Phone: 866-550-5887
Single Family Housing Guaranteed Loan Division
Phone: 202-720-1452

USDA ITS Service Desk Support Center
For e-Authentication assistance
Email: eAuthHelpDesk@ftc.usda.gov
Phone: 800-457-3642, option 1 (USDA e-Authentication Issues)

Rural Development Help Desk
For GUS system, outage or functionality assistance
Email: RD.HD@STL.USDA.GOV
Phone: 800-457-3642, option 2 (USDA Applications); then option 2 (Rural Development)

USDA: Expanded Guidance – USDA Modified Interest Rate Waiver

Posted on by Safeguard

Investor Update
April 2, 2018

Source: USDA

This notification provides additional guidance on the topic delivered earlier today with a subject line of “USDA Modified Interest Rate Waiver.”

In response to the rising interest rate environment, the Single Family Housing Guaranteed Loan Program (SFHGLP) is issuing a waiver for all approved loan servicers to modify loans whereby the interest rate may exceed the original guaranteed note rate.  The current policy which limits the modified maximum interest rate to the original guaranteed note rate has hindered loan servicers in their ability to offer the full range of loss mitigation alternatives to borrowers.

Loan servicers must adhere to Chapter 18 of the SFHGLP Technical Handbook when conducting a financial analysis of the borrower’s capacity to support the modified mortgage payment. The result of the financial analysis must demonstrate the borrower’s ability to support the modified mortgage payment going forward.

Effective immediately, loan servicers may consider offering a modified interest rate which does not exceed the Freddie Mac Weekly Primary Mortgage Market Survey (PMMS) rate for a 30 year fixed rate mortgage (US Average) rounded to the nearest one-eighth of one percent (0.125%) plus 50 basis points as of the date the modification is approved.  This may result in a modified interest rate which exceeds the original guaranteed note rate which is now permissible as a result of this waiver.

This waiver is in effect until rescinded by the SFHGLP.

Questions regarding this announcement may be directed to Richard Kane in the Rural Housing National Office at 202-720-0320 or Richard.Kane@wdc.usda.gov.

Help Resources

Policy Questions

Customer Service Center
Phone: 866-550-5887
Single Family Housing Guaranteed Loan Division
Phone: 202-720-1452

USDA ITS Service Desk Support Center
For e-Authentication assistance
Email: eAuthHelpDesk@ftc.usda.gov
Phone: 800-457-3642, option 1 (USDA e-Authentication Issues)

Rural Development Help Desk
For GUS system, outage or functionality assistance
Email: RD.HD@STL.USDA.GOV
Phone: 800-457-3642, option 2 (USDA Applications); then option 2 (Rural Development)

MHA HAMP Update: Updated MHA LPI Date Correction Request & MHA Incentive Inquiry Request Guidance Posted

Posted on by Safeguard

Investor Update
April 5, 2018

Source: MHA

MHA LPI Date Correction Request Process:

Reporting guidance and updated request template for the MHA LPI Date Correction Request Process was posted April 4, 2018.

Key Updates include:

  • The updated MHA LPI Date Correction Request Template must be used for MHA LPI Date Correction requests on or after April 12, 2018
  • If Servicer is submitting preliminary requests, MHA LPI Date Correction Requests may be submitted by the 3rd Business Day prior to End-of-Cycle (EOC-3)
  • MHA LPI Date Correction Review Results will be available on the 1st Business Day prior to End-of-Cycle (EOC-1)
  • Servicers must submit all MHA LPI Date Correction Requests by the 3rd Business Day after End-of-Cycle (EOC+3)
  • For each correction request submitted, a MHA LPI Date Correction Summary will be available on the 2nd Business Day (BD2) of the following month
  • The MHA LPI Date Correction Reporting Guidance updated references to the MHA LPI Date Correction Request Process

Additional guidance and the updated request template are provided at the links below, as well as under the Data Reporting tab‘s MHA LPI Date Correction Request Process section on the secure side of HMPadmin.com (login required).

MHA LPI Date Correction Request Process (Updated: April 4, 2018)

MHA LPI Date Correction Request Template (Updated: April 4, 2018) Note: To be used for new submissions on or after April 12, 2018

MHA LPI Date Correction Reporting Guidance (Updated: April 4, 2018)

MHA Incentive Inquiry Request Process:

Reporting Guidance for the MHA Incentive Inquiry Request Process was posted April 4, 2018.

Key Updates include:

  • The updated references to MHA LPI Date Correction Request Process

Additional guidance and the updated request template are provided at the links below, as well as under the Data Reporting tab‘s MHA Incentive Inquiry Request Process section on the secure side of HMPadmin.com (login required).

MHA Incentive Inquiry Request Process (Updated: April 4, 2018)

Questions?

Email the HAMP Solution Center at Support@hmpadmin.com

MHA HAMP Update: HAMP Reporting System Release Outage April 27, 2018 – April 30, 2018

Posted on by Safeguard

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.

HUD: Record $28 Billion Awarded to Help Hard-Hit Areas in Nine States, Puerto Rico And U.S. Virgin Islands Recover from Major Disasters

Posted on by Safeguard

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.”

HUD: FHA INFO #18-19: Training Opportunities

Posted on by Safeguard

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

HUD: FHA INFO #18-18: New Natural Disaster Partial Claim Option Available in FHA Connection

Posted on by Safeguard

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:

  • 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.

HUD: $1.6 Billion Awarded to Help the U.S. Virgin Islands Recover from Hurricanes Irma and Maria

Posted on by Safeguard

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.