Page 306 – Safeguard Properties

FHFA: Refinance Report

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

Investor Update
November 16, 2017

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today reported that more than 362,934 refinances were completed in the third quarter of 2017, compared with 356,707 in the second quarter. FHFA’s third quarter Refinance Report also shows that more than 6,913 loans were refinanced through the Home Affordable Refinance Program (HARP), bringing the total number of HARP refinances to 3,477,717 since inception of the program in 2009.

According to new data released today, 118,705 borrowers could still benefit financially from a HARP refinance as of June 30, 2017. These borrowers meet the basic HARP eligibility requirements, have a remaining balance of $50,000 or more on their mortgage, a remaining term on their loan of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates. These borrowers could save, on average, $191 per month, or $2,290 per year, by refinancing their mortgage through HARP. See the new, updated U.S. map showing the number of HARP-eligible borrowers by state, Metropolitan Statistical Area, county and zip code.

Also in the Refinance Report:

Through the third quarter of 2017, 26 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which help build equity faster than traditional 30-year mortgages.

As of June 30, 2017, nine states and one U.S. territory accounted for more than 60 percent of borrowers who remain eligible for HARP and have a financial incentive to refinance: Illinois, Puerto Rico, Florida, Michigan, Ohio, New Jersey, Pennsylvania, Georgia, Maryland and Alabama.

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

Link to Refinance Report

Link to HARP.gov

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.9 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter @FHFA, YouTube and LinkedIn.

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

Source: FHFA

FHFA: Performance and Accountability Report

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

Investor Update
November 15, 2017

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 2017. For the ninth consecutive year, FHFA received an unmodified audit opinion on its FY 2017 financial statements from the U.S. Government Accountability Office.

Link to 2017 Performance and Accountability Report

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

Source: FHFA

Fannie Mae: Updated CRS Remittance Codes; New eLearning Courses; and More

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

Investor Update
November 1, 2017

Updated remittance codes in the Cash Remittance System

As a component of Simplifying Servicing™, we’ve updated the Cash Remittance System (CRS) remittance codes. These updates streamline the remittance process, enable transactions to be reported under unique remittance codes, reduce the commingling of funds within a single code, and more. Visit the CRS page to view the updated CRS User Guide, which contains all updated codes, their definitions, and purposes.

Introduction to servicing — two new modules added to help new servicers get up to speed, fast!

Have you checked out our self-paced eLearning series designed to help new servicers get up to speed quickly? Here are two new reasons: Required Forms and Access to Information and Introduction to Fannie Mae Systems are now both available on the Servicing Training page. Additional courses, coming soon, will cover bankruptcy, foreclosure, and much more.

Reminder: Deactivated LoanSphere Invoicing line items effective Nov. 1

Servicers should discontinue using deactivated line items in LoanSphere Invoicing™ per the detailed reimbursement update available on the Servicer Expense Reimbursement page.

Updated Excess Fee/Cost AAA matrices

We have updated AAA matrices for all 54 jurisdictions to include guidance regarding the Inquiry Response Tool (IRT) system, updated the motion to dismiss foreclosure language (judicial states only), discontinued the plaintiff’s discovery fee (FL, IL, NJ, NY, and OH), and added a publication cost policy to both allowable and excess cost sections of the matrix. To view the updated matrices, visit the Excess Attorney Fee/Cost Guidelines page.

Join us at these upcoming events:

View more events.

You may also be interested in…

Survey Results: One-fifth of home buyers received financial assistance from their families. Read more

Manufactured housing is an increasingly popular, and affordable, housing option. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

3.2 million Americans may qualify for a 3% down mortgage – and HomeReady® allows no income limits in certain areas.
http://bit.ly/2zZbs5g

Nov. 1

horizontal-line

Want more loan approvals? Learn about the innovation that is transforming mortgage lending.
http://bit.ly/2iNulov

Oct. 31

Source: Fannie Mae

Fannie Mae: Standard Modification Interest Rate Exhibit

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

Investor Update
November 11, 2017

The Fannie Mae Modification Interest Rate is subject to periodic adjustments based on an evaluation of prevailing market rates. The servicer must use the current Fannie Mae Modification Interest Rate indicated below when evaluating a borrower for a conventional mortgage loan modification.

NOTE: As a reminder, the interest rate used to determine the final modification terms must be the same fixed interest rate that was used when determining eligibility for the Trial Period Plan and calculating the Trial Period Plan payment.

Source: Fannie Mae (full exhibit)

Fannie Mae: Simpler Way to Reach Master Servicing; New Release of Liability Job Aid; and More

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

Investor Update
November 15, 2017

There’s a new way to reach SF Master Servicing

We’ve simplified how you reach our Single-Family Master Servicing team by having all calls routed through 1-800-2FANNIE, as well as a new email address. Please be aware our call center options have changed; refer to the updated Call Center Reference Guide for details.

As a reminder, our Technology Support Center continues to be the primary point of contact for anyone needing assistance to use our applications. The center is available via phone (800-2FANNIE) or web chat, 24 hours a day, seven days a week (except major holidays).

Increase certainty with the new Release of Liability job aid

Determining a borrower’s credit and financial qualifications for a release of liability is simpler and more certain than ever. Servicers can now leverage the power of Desktop Underwriter® (DU®) to review a borrower’s financial qualifications for a release of liability, and the new job aid can show you how. Check it out today!

AMN/HSSN release notes for Nov. 18 update

During the weekend of Nov. 18, we will update the Asset Management Network (AMN)/HomeSaver Solutions™ Network (HSSN) application with report generation updates. To implement this release, AMN/HSSN will be unavailable for processing from 7:30 a.m. ET until 4 p.m. ET on Saturday, Nov. 18. For more information, review the release notes.

Enhancements to SMDU coming this weekend

This weekend, we will implement enhancements to Servicing Management Default Underwriter™ (SMDU™), including supporting the Fannie Mae Extend Modification for Disaster Relief. Please refer to the SMDU Version 7.5 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, Nov. 17 until 4 p.m. ET on Saturday, Nov. 18. If you have questions about this release, please contact your Fannie Mae Servicing Account Manager.

Need loss mitigation training? Sign up for a free webinar

Did you know that Fannie Mae provides participating servicers with free loss mitigation training? Our Know Your Options™ Customer CARE (Connect, Assess, Resolve, and Execute) team will present two live webinars in December. Sign up to learn how to leverage your own servicer model to develop rapport and establish consultative customer relationships; communicate more effectively with borrowers about their options to avoid foreclosure, including disaster relief options; increase your workout percentage, and more. Learn more and register today.

Making data work for you with DMRS

You know that our Default Management Reporting System (DMRS) tool helps you navigate complex foreclosure and bankruptcy processes. But did you know that the tool’s powerful analytics also help you compare foreclosure-related milestones with national averages, identify properties at risk of missing deadlines, and respond to market conditions? Visit the DMRS webpage for more information!

Join us at these upcoming events:

View more events.

You may also be interested in…

Homebuyer education benefits lenders, homeowners, and the industry Read more

5 takeaways from this year’s MBA Annual, and what lies ahead in 2018 Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

Help is available for homeowners impacted by the recent #hurricanes.
http://bit.ly/2iicO4Y

Nov. 15

The net share of Americans who say now is a good time to sell a home decreased in October, leading the #HPSI lower.
http://bit.ly/2hxLB0K

Nov. 14

Source: Fannie Mae

Fannie Mae: Servicing Guide Updates

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

Investor Update
November 8, 2017

Announcement SVC-2017-10: Servicing Guide Updates

The Fannie Mae Servicing Guide has been updated to simplify servicing and streamline processes. These changes:

Clarify requirements for transfers of ownership, releases of liability, and assumptions by:
Removing the owner-occupancy requirements for transfers of ownership that are exempt from due-on-transfer clause enforcement;
Increasing certainty for releases of liability by allowing servicers to use Desktop Underwriter® (DU®); the comprehensive risk assessment can help to determine if a transferee’s credit and financial capacity are acceptable to release the borrower of liability; and
Allowing servicers to decide on a transfer of ownership through an assumption modification.
Update the Cash Remittance System™ with new codes to minimize the need for clarification after remittance has occurred.

For a summary of key updates in Servicing Guide Announcement SVC-2017-10, 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.

Questions about Fannie Mae Invoicing? See the updated FAQs

What’s the difference between Fannie Mae Invoicing and LoanSphere Invoicing™?
How do I rebut compensation fees?
Is there a character limit for Rebuttal Comments?

Find out the answers to these questions and many others in the updated Fannie Mae Invoicing FAQs. Want to learn more? Be sure to check out the OnDemand eLearning modules and the User Guide on the Fannie Mae Invoicing page.

Line item updates in LoanSphere Invoicing

The LoanSphere Invoicing application, which allows servicers to submit qualified expenses for reimbursement, has been updated with new line items. Effective immediately, the new line items should be used when requesting reimbursement for the applicable property inspections. For details, see the Updates to Line Items document, available on the Servicer Expense Reimbursement page.

Updated remittance codes in the Cash Remittance System

As a component of Simplifying Servicing™, we updated the Cash Remittance System (CRS™) remittance codes. Visit the CRS page to view the updated CRS User Guide, which contains all updated codes, their definitions, and purposes. Important reminder to CRS users: Drafting instructions are required before submitting the first draft request for a particular lender/remittance code combination. Please refer to the CRS User Guide for additional instructions.

Reminder: Remitting duplicate MI premium refunds

As a result of finalized requirements for mortgage insurance (MI) companies to insure mortgage loans delivered to Fannie Mae, last year, we developed a process to identify and reconcile MI premium refunds. Servicing Guide F-1-06, Expense Reimbursement was updated to require the servicer to remit duplicate MI premium refunds to Fannie Mae through the CRS within 30 days of Fannie Mae’s request in instances where Fannie Mae has determined the servicer received an MI premium refund from the mortgage insurer, as well as reimbursement of the MI premium from Fannie Mae. Reminder: With the introduction of the new CRS remittance codes, use 336 for the payment of MI premium refunds.

In mortgage lending, the personal touch still matters

Data from not just one, but two of our recent surveys show that while borrowers use digital channels for mortgage information, they also place a high value on person-to-person engagement. When asked, close to half of lenders said person-to-person engagement will be equally important in the future as it is today, while nearly 40 percent expect it to be less important. An omni-channel experience that allows consumers to move conveniently between online and personal interactions may be the best approach.

Read more about our National Housing Survey and Mortgage Lender Sentiment Survey results.

Join us at these upcoming events:

Dec. 4-5 | MBA Summit on Diversity and Inclusion | Washington, DC
Jan. 22-25 | MBA Independent Mortgage Bankers Conference | Amelia Island, FL

View more events.

You may also be interested in…

5 takeaways from this year’s MBA Annual, and what lies ahead in 2018
MBA Annual caught the industry’s attention with newsworthy speakers, product announcements, and plenty of networking. Read more

Survey Results: One-fifth of home buyers received financial assistance from their families. Read more

Receive regular content updates by registering at The Home Story.

Source: Fannie Mae

Fannie Mae: Service Date Requirements in LoanSphere; New eLearning for Fannie Mae Invoicing; and More

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

Investor Update
November 22, 2017

Reminder: New Service date requirements for expense reimbursement requests in LoanSphere

The LoanSphere Invoicing™ application now requires servicers to include service dates for the majority of expenses requested for reimbursement. Most of the expense line items will require a Completed Date, also known as the “Service From Date.” Some expenses will require the “Service From Date” and “Service To Date.” Keep in mind that there are a select few expenses that will not require any service dates. Review the release notes for more information on populating these date fields.

New eLearning modules for Fannie Mae Invoicing

Are you up-to-speed on using the Fannie Mae Invoicing application to resolve your claims? Check out the new eLearning modules to learn more about how to accept a bill, rebut a bill, and manage file uploads. View these easy-to-use modules, along with updated FAQs, the user guide, and more, on the Fannie Mae Invoicing page.

Need loss mitigation training? Sign up for a free webinar

Did you know that Fannie Mae provides free loss mitigation training for servicers? Our Know Your Options™ Customer CARE (Connect, Assess, Resolve, and Execute) team will present two live webinars in December. Sign up to learn how to leverage your own servicer model to develop rapport and establish consultative customer relationships, communicate more effectively with borrowers about their options to avoid foreclosure (including disaster relief options), increase your workout percentage, and more. Learn more and register today.

Technology Support Center open this weekend

Fannie Mae business offices will be closed Thursday and Friday, Nov. 23 and 24. Our Technology Support Center will be closed Thanksgiving Day (beginning at 8 p.m. Wed., Nov. 22), but will reopen at 8 a.m. on Friday (Nov. 24) and will remain open throughout the holiday weekend. With the exception of major holidays, you can receive assistance with Fannie Mae’s technology applications 24 hours a day, seven days a week. Our Technology Support Center is the primary point of contact for those who require assistance using our applications and is available via phone (800-2FANNIE) or web chat (visit the webpage for details). Recently we’ve updated our call center menu options to improve tracking and resolution of customer inquiries. Reference the updated Call Center Reference Guide for details.

Join us at these upcoming events:

View more events.

You may also be interested in…

Future of Manufactured Housing Forum delves into challenges, solutions for the industry
While acknowledging challenges, proponents point to benefits of manufactured housing for affordable homeownership. Read more

Fannie Mae re-enters Low-Income Housing Tax Credit market
The LIHTC program is a proven and effective way to create affordable housing supply for low- and very low-income families. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

@D2_Duncan says housing is still a drag on econ growth. Labor and lot shortages + rising building material costs are adding to existing challenges w/inventory, affordability, and sales:
http://bit.ly/2A2heUV

Nov. 22

Our November Servicing Guide update advances the ongoing commitment to simplify servicing for our customers. http://bit.ly/2zMy5x8. You can learn more about this Servicing Guide announcement here: http://bit.ly/2zS2NmC.

Nov. 17

Source: Fannie Mae

Fannie Mae: New eLearning Series; Loan Limits Increasing; and More

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

Investor Update
November 29, 2017

Introduction to servicing – new modules help new servicers get up to speed, fast!

Have you checked out our self-paced eLearning series designed to help new servicers get up to speed quickly? Here are two more reasons: Required Forms and Access to Information and Introduction to Fannie Mae Systems are now both available on the Servicing Training page. Additional courses coming soon.

Loan Limits to increase in 2018

Fannie Mae has issued Lender Letter LL-2017-10 to confirm the general and high-cost area loan limits announced by the Federal Housing Finance Agency (FHFA). The new loan limit in most of the country will be $453,100, which represents a 6.8 percent increase over the 2017 limit. All but 71 counties (or county equivalents) will see a loan limit increase. The new limits are effective for whole loans delivered to Fannie Mae and loans in MBS pools with issue dates on or after Jan. 1, 2018. Detailed information and updated resources, including the Loan Limit Look-Up Table, are available on the Loan Limits page.

Need loss mitigation training? Sign up for a free webinar

Did you know that we provide participating servicers with free loss mitigation training? The Know Your Options™ Customer CARE (Connect, Assess, Resolve, and Execute) team will present two live webinars in December. Sign up to learn how to leverage your own servicer model to develop rapport and establish consultative customer relationships; communicate more effectively with borrowers about their options to avoid foreclosure, including disaster relief options; increase your workout percentage; and more. Learn more and register today.

We’re always here to help you support borrowers affected by disaster

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

Visit us at the MBA’s Summit on Diversity and Inclusion

Stop by our booth Dec. 4-5 in Washington, DC to talk about how you can build a culture of inclusion to better serve expanding markets. Hear Tujuanna Williams, VP and chief diversity and inclusion officer, introduce the opening reception. And, learn more about Increasing Your ROI (Return on Inclusion), from Charmaine Brown, director, Office of Diversity & Inclusion on Tuesday at 1 p.m.

Register for our D&I Best Practices course today.

Join us at these upcoming events:

View more events.

You may also be interested in…

Student loan debt pilot underway with 10 Fannie Mae lenders
Several lenders are working with Fannie Mae’s Customer Solutions team on small test-and-learn pilots. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

Homeownership rates for Millennials 28-31 years old is actually higher than it was for previous generations at the same age, according to our market researcher Patrick Simmons & @USCPrice’s @ProfDowellMyers.
http://bit.ly/2BmcSHS

Nov. 29

Want freedom from reps and warrants? This innovation makes it possible with automated data validation.
http://bit.ly/2j1awaK

Nov. 28

Source: Fannie Mae

Fannie Mae: Lender Letter LL-2017-09: Fannie Mae Extends Modification for Disaster Relief and Other Clarifications for Mortgage Loans Impacted by Disaster Events

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

Investor Update
November 2, 2017

Fannie Mae continues to support servicers working with borrowers impacted by recent disasters, including hurricanes on or after Aug. 25 and the California wildfires. Today, we published Lender Letter LL-2017-09 to provide policy guidance for loans secured by properties located in a Federal Emergency Management Administration (FEMA) Declared Disaster Area eligible for Individual Assistance. This lender letter:

Provides guidance for an additional relief offering for borrowers, the Extend Modification for Disaster Relief — a new, temporary workout option following the end of a forbearance period;
Simplifies the process for getting insurance funds directly to the borrower and reduces the frequency of inspections to monitor repairs;
Describes the policy for servicers to request reimbursement from Fannie Mae for inspections to confirm repairs on properties with an insured loss event; and
Clarifies the terms of acceptable payment records when a borrower impacted by a disaster requests termination of conventional mortgage insurance.

The Lender Letter provides details. Visit the Assistance in Disasters page for additional information and resources, including previous disaster-related Lender Letters, FAQs, and more.

Source: Fannie Mae

Additional Resources:

Safeguard Properties (California Wildfires All Client Alert summary page)

Safeguard Properties (Hurricane Nate All Client Alert summary page)

Safeguard Properties (Hurricane Maria All Client Alert summary page)

Safeguard Properties (Hurricane Irma All Client Alert summary page)

Safeguard Properties (Hurricane Harvey All Client Alert summary page)

CFPB: Leandra English Named Deputy Director of the Consumer Financial Protection Bureau

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

Investor Update
November 24, 2017

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced that Leandra English has been officially named deputy director of the agency. English, who had been most recently serving as the agency’s chief of staff, has previously held key leadership positions at the CFPB, the Office of Management and Budget, and the Office of Personnel Management. David Silberman, who had been serving as acting deputy director, will continue in his role as associate director of the Research, Markets, and Regulations division.

“Leandra is a seasoned professional who has spent her career of public service focused on promoting smooth and efficient operations. As deputy director, we will continue to benefit from Leandra’s in-depth knowledge of the operational needs of this agency and its staff,” said CFPB Director Richard Cordray. “I would like to thank David Silberman for taking on the additional role of acting deputy director during a busy time and appreciate his continued service as associate director of Research, Markets, and Regulations.”

Before taking on the role of deputy director of the CFPB, Leandra English had been serving as the agency’s chief of staff. Ms. English has served in number of senior leadership roles at the CFPB, including deputy chief operating officer, acting chief of staff, and deputy chief of staff. In addition to her work at the CFPB, Ms. English served as the principal deputy chief of staff at the Office of Personnel Management, chief of staff and senior advisor to the deputy director for management at the Office of Management and Budget, and as a member of the CFPB implementation team at the Department of the Treasury. Ms. English received her B.A. from New York University and her M.S. from the London School of Economics.

Source: CFPB