Safeguard Properties

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

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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

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

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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)

HUD: Carson Delivers Oath of Office to Four New HUD Leaders

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Investor Update
January 12, 2018

Compton, Tufts, Wolfson and Dennis sworn in to help lead Department during critical time

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) has four new top leaders who are assuming key roles in the agency at the start of a new year and during a critical recovery period following last year’s devastating hurricanes. HUD Secretary Ben Carson administered the oath of office to the following individuals recently confirmed by the U.S. Senate: J. Paul Compton, Jr. to become HUD’s General Counsel; Suzanne Israel Tufts to be Assistant Secretary for the Office of Administration; Leonard Wolfson as Assistant Secretary for Congressional and Intergovernmental Relations; and Irving Dennis to serve as Chief Financial Officer.

“Today, our bench got a lot deeper,” said Secretary Carson. “These four outstanding individuals bring substantial experience to HUD at a moment when our Department is being called upon to excel as we support millions of our fellow citizens recovering from Hurricanes Harvey, Irma and Maria.”

J. Paul Compton, Jr. will lead HUD’s Office of General Counsel which provides advice and services to all HUD programs and activities. OGC represents the department in litigation and enforcement actions; provides legal services in the development, preparation and presentation of the Department’s legislative initiatives; has primary responsibility for the development of HUD program regulations; represents the department in multifamily finance transactions; and assists in the development of HUD programs and policies. General Counsel Compton is an Alabama native with legal expertise in the areas of multifamily affordable housing finance, tax credit transactions and mortgage securitization. A former partner of the Birmingham-based law firm of Bradley Arant Boult Cummings LLP, Compton is listed by Chambers USA as one of America’s leading business lawyers on issues related to banking, finance and regulatory matters. He also served as a legal advisor to the Alabama Affordable Housing Association, a trade organization for developers, property managers, lenders, investors and service providers for affordable housing. He is a Truman Scholar and a graduation of the University of Virginia School of Law.

Assistant Secretary Suzanne Israel Tufts will lead HUD’s Office of Administration tasked with delivering administrative support and customer service to HUD employees nationwide. As HUD’s chief administrative officer, Ms. Tufts will oversee the Department’s human resources, contract procurement and training needs. A New York-based attorney with extensive experience in turnaround management, Assistant Secretary Tufts served in operational roles in the public and not-for-profit sectors, including public housing authorities in New York State. Ms. Tufts is a nationally recognized expert in the field of social programming in inner cities including microenterprises, education and women’s issues. She formerly served as President and Chief Executive Officer of the American Woman’s Economic Development Corporation (AWED), the nation’s first women’s entrepreneurship training center. Following the terror attacks of September 11, 2001, Assistant Secretary Tuffs and AWED launched emergency small business crisis services for which she was recognized by President George W. Bush and then- Secretary of Labor Elaine Chao. Ms. Tufts graduated summa cum laude with an A.B. in Bio-Medical Ethics from Princeton University in 1977, and graduated from the University of Virginia Law School where she was awarded a Dillard Fellowship.

As HUD’s Assistant Secretary of Congressional and Intergovernmental Relations, Len Wolfson will serve as the principal advisor to the Secretary, Deputy Secretary and senior staff on legislative affairs, Congressional relations, and policy matters affecting Federal, state and local governments, as well as public and private stakeholders. Prior to his service at HUD, Assistant Secretary Wolfson served as Associate Vice President of Legislative Affairs for the Mortgage Bankers Association, where he helped the real estate finance industry recover from the financial crisis by advocating for a return to safe and sustainable lending. He previously served as HUD’s General Deputy Assistant Secretary for Congressional and Intergovernmental Relation, during the George W. Bush administration. During that time, he led HUD’s successful legislative efforts to modernize the Federal Housing Administration (FHA) as part of the Housing and Economic Recovery Act of 2008. A Connecticut native, Mr. Wolfson also served his hometown congressional representative, Christopher Shays. He earned a B.A. in history and political science from the University of Connecticut.

Irv Dennis is HUD’s Chief Financial Officer responsible for employing sound financial management practices across all of the agency’s program areas. Mr. Dennis will oversee the accounting, budget and financial management for the agency’s budget and appropriations including processing millions of transactions each year to support HUD’s mission. Prior to his public service, Mr. Dennis was a Global Client Service Partner with Ernst & Young, LLP where he worked with several large multinational public companies in various industries. Mr. Dennis earned a B.S. Degree in business administration-accounting from Montclair State University and is a Certified Public Accountant. He serves on several not-for-profit boards and has been a member of various accounting-related organizations.

Source: HUD

Freddie Mac: Register Now to Test Our Investor Reporting Changes

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Investor Update
January 9, 2018

We continue to make progress on the Investor Reporting Change Initiative, and we’ll soon be entering the testing phase of the project. Register today to test our investor reporting changes.

Why Test with Us?

These changes affect all Freddie Mac Seller/Servicers, regardless of whether you use a vendor, proprietary systems or the Freddie Mac Service Loans application. By participating, you’ll be able to:

  • Validate your systems are ready for investor reporting changes.
  • Confirm your systems and processes will work during the cutover transition.
  • Test your business processes for investor reporting modifications.

Servicers: You’re strongly encouraged to test with us. If you use vendors or Sub-Servicers we suggest reviewing the Freddie Mac recommended customer integration testing scenarios that apply to your portfolio with your vendor/Sub-Servicer. Each Sub-Servicer/vendor may submit loan numbers to Freddie Mac for testing up to 10% of the Servicer’s portfolio volume.

Please confirm your participation by February 16 by opting in below, and include names/email addresses of additional colleagues within your organization who would like to participate.
 
YES, Please Invite Me
 
For More Information

Source: Freddie Mac

Freddie Mac: Flood Insurance Requirements Remain Unchanged Despite a Lapse in the National Flood Insurance Program

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Investor Update
January 22, 2018

The National Flood Insurance Program’s (NFIP) authority to issue new and renewal policies and increase coverage on existing policies expired on January 20, 2018.  Our policies on flood insurance remain unchanged.

During this lapse in the NFIP’s authority, Freddie Mac’s policies on flood insurance in Chapters 3401 and 8202 of the Single-Family Seller/Servicer Guide (Guide) remain unchanged, including:

  • Seller/Servicers originating mortgages for sale to Freddie Mac must continue to perform flood zone determinations.
  • Properties located in Special Flood Hazard Areas securing mortgages owned by and delivered to Freddie Mac must have flood insurance coverage.
  • For Servicers, payments to renew expiring policies must be made as scheduled.

If a borrower applies for NFIP flood insurance, acceptable evidence pending issuance of a final NFIP policy may include one of the following:

  • A completed and executed NFIP Flood Insurance Application plus a copy of the borrower’s premium check or agent’s paid receipt;
  • A completed and executed NFIP Flood Insurance Application plus the final Settlement/Closing Disclosure Statement reflecting the flood insurance premium collected at closing;
  • A completed and executed NFIP General Change Endorsement Form showing the assignment of the current flood insurance policy by the property seller to the borrower

Seller/Servicers that accept interim evidence of NFIP coverage as described above during the lapse in the NFIP’s authority must follow up once the NFIP’s authority has been reinstated, to ensure that they have final evidence of coverage meeting the requirements of Guide Section 8202.7.

If a borrower applies for private flood insurance, the insurer’s binder or equivalent of the applicable NFIP form is acceptable. Private flood insurance is not affected by a lapse in the NFIP’s authority.

Source: Freddie Mac

FHFA: Refinance Report

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Investor Update
January 16, 2018

November 2017 Highlights

  • Total refinance volume increased in November 2017 as mortgage rates in October remained below the levels observed at the beginning of the year. Mortgage rates increased in November: the average interest rate on a 30?year fixed rate mortgage rose to 3.92 percent from 3.90 percent in October.

In November 2017:

  • Borrowers completed 2,123 refinances through HARP, bringing total refinances from the inception of the program to 3,482,023.
  • HARP volume represented 1 percent of total refinance volume.
  • Five percent of the loans refinanced through HARP had a loan?to?value ratio greater than 125 percent.

Year to date through November 2017:

  • Borrowers with loan?to?value ratios greater than 105 percent accounted for 19 percent of the volume of HARP loans.
  • Twenty?six 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 5 or more percent of total refinances in Nevada and Florida ?? more than double the 2 percent of total refinances nationwide over the same period.
  • Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.
  • Nine states and one U.S. territory accounted for over 60 percent of the nation’s HARP eligible loans with a refinance incentive as of June 30, 2017.

Attachments: 

Refinance Report – November 2017

Source: FHFA

FHFA: Foreclosure Prevention Report – October 2017

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Investor Update
January 18, 2018

October 2017 Highlights

The Enterprises’ Foreclosure Prevention Actions:   

  • The Enterprises completed 18,034 foreclosure prevention actions in October, bringing the total to 3,990,723 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.
  • There were 11,010 permanent loan modifications in October, bringing the total to 2,129,220 since the conservatorships began in September 2008.
  • Thirty nine percent of modifications in October were modifications with principal forbearance. Modifications with extend-term only accounted for 44 percent of all loan modifications during the month.
  • There were 1,147 short sales and deeds-in-lieu of foreclosure completed in October, down slightly compared with September.

The Enterprises’ Mortgage Performance:

  • The serious delinquency rate remained flat at 0.95 percent at the end of October.

The Enterprises’ Foreclosures:

  • Third-party and foreclosure sales decreased from 4,905 in September to 4,776 in October.
  • Foreclosure starts increased from 12,830 in September to 13,601 in October.

Attachments: 

Foreclosure Prevention Report – October 2017

Source: FHFA

FHA INFO #18-03: Disaster Related Policy Waivers Related to Early Payment Default Loan Level File Review Requirements, and Limited 203k in Puerto Rico; Reminder Regarding FHA Forbearance Agreement for FHA Borrowers Affected by Disasters

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Investor Update
January 24, 2018

FHA Issues Disaster-Related Policy Waiver for Early Payment Default Loan-Level File Review Requirements

Today, the Federal Housing Administration (FHA) issued a waiver of its policy regarding early payment default (EPD) review requirements found in the Single Family Housing Policy Handbook 4000.1 (SF Handbook), Sections V.A.3.a.i.(C) and V.A.3.a.iv.(B)(2). This waiver applies to FHA-insured mortgages located in Presidentially-Declared Major Disaster Areas (PDMDAs) affected by Hurricane Harvey in Louisiana and Texas; Hurricane Irma in Florida, Georgia, Puerto Rico, South Carolina, and the Virgin Islands; Hurricane Maria in Puerto Rico and the Virgin Islands; and the wildfires in California.

  • As a result of the disasters associated with the wildfires and Hurricanes Harvey, Irma, and Maria, FHA anticipates an increase in EPDs—FHA-insured mortgages that become 60 days delinquent within the first six payments—in the listed PDMDAs. FHA believes EPDs on loans closed prior to the disaster are most likely a result of unforeseen circumstances associated with these disasters, such as loss of employment and/or income, property damage and repairs, forced relocation, and other contributing factors.
  • Current policy requires that mortgagees select all EPDs for review on a monthly basis and perform a loan file compliance review to ensure compliance with FHA Single Family origination and underwriting requirements. Given the likelihood of an increase in EPDs in these disaster areas, solely as a result of these disasters, FHA is waiving the requirement that all of these EPDs be selected and reviewed.
  • The current policy is being waived for FHA-insured mortgages in the listed PDMDAs that:
    — have a mortgage Closing Date before the start date for the respective Incident Period as determined by
         the Federal Emergency Management Agency (FEMA);
    — meet the definition of an early payment default (SF Handbook, Section V.A.3.a.iv.(B)(1)); and
    — became early payment defaults between September 1, 2017, and February 28, 2018.
  • If in compliance with the waiver requirements above, mortgagees do not need to include EPDs in the origination and underwriting loan file compliance review activities found in Section V.A.3.c of the SF Handbook for FHA insured mortgages in the listed PDMDAs.
  • Mortgagees must continue to meet the loan file selection requirements in Section V.A.3.a.i.(A) Pre-Closing Reviews; (B) Post-Closing Reviews; and (D) Servicing Reviews, of the SF Handbook.

FHA Issues Temporary Disaster-Related Policy Waiver for Limited 203(k) for Properties in Puerto Rico

Today, the Federal Housing Administration (FHA) issued a temporary waiver of its Limited 203(k) program policy regarding the time period in which borrowers may be prevented from occupying the property as a result of repairs in determining whether a repair is considered “major.” The temporary waiver applies to Limited 203(k) mortgages closed on or before June 30, 2018, secured by properties in the Commonwealth of Puerto Rico.

  • FHA’s Limited 203(k) program may be used to finance minor remodeling and non-structural repairs up to $35,000. Included in the Single Family Housing Policy Handbook 4000.1 (SF Handbook) is a list of eligible improvements (Section II.A.8.a.vii.(A)(1)) and a list of ineligible improvements (Section II.A.8.a.vii.(B)).
  • Under ineligible improvements, policy states that “major” rehabilitation or remodeling is not allowed. FHA defines “major” rehabilitation or remodeling, in part, as a repair that prevents the borrower from occupying the property for more than 15 days.
  • Due to the large number of properties damaged by Hurricane Maria in the Commonwealth of Puerto Rico, FHA is temporarily waiving its 15-day rehabilitation period as it relates to its definition of a “major” repair.
  • The temporary waiver will allow for the use of FHA’s Limited 203(k) program for financing of minor repairs in which the borrower is prevented from occupying the property for more than 15 days. However, FHA is not waiving the requirement that a borrower occupy the property within 60 days.

FHA Borrowers Affected by Disasters and FHA’s Forbearance Agreement

The Federal Housing Administration (FHA) supports homeowners with FHA-insured mortgage loans whose properties are impacted by a natural disaster. Specifically, upon the declaration of a Presidentially-Declared Major Disaster Area (PDMDA), an automatic 90-day foreclosure moratorium becomes effective to provide relief for FHA borrowers. FHA would like to remind mortgagees that at the end of the moratorium, mortgagees may evaluate affected borrowers for forbearance relief.

As stated in the Single Family Policy Handbook 4000.1 (SF Handbook), mortgagees may offer forbearance relief to borrowers who:

  • have a mortgaged property located within a PDMDA; and/or
  • have a place of employment located in a PDMDA.

Subject to the restrictions in Section III.A.3.c.iv.(C) of the SF Handbook, if a borrower meets one or both of the above referenced requirements, mortgagees may offer the borrower an FHA Forbearance Agreement provided, in part, that the agreement’s cumulative arrearage amount is no more than 12 months of missed monthly mortgage payments (including Principal, Interest, Taxes, and Insurance).

Quick Links

Resources
The FHA Resource Center’s Online Knowledge Base has additional information for disaster victims with FHA-insured loans. Access this Knowledge Base to learn more about FHA’s disaster policies, its 203(h) Mortgage Insurance for Disaster Victims program, and FHA’s 203(k) Rehabilitation Mortgage Insurance program.

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 #18-03 full version)

Fannie Mae: MIs to Revise Rescission Relief; Investor Reporting System Enhancements; and More

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Investor Update
January 17, 2018

Mortgage insurers to update rescission relief

Fannie Mae and Freddie Mac have worked with the mortgage insurers (MIs), at the direction of the Federal Housing Finance Agency (FHFA), to revise the GSE Rescission Relief Principles. The new principles will improve clarity, more closely align with the GSE Representation and Warranty Framework, and allow more rescission relief without increasing risk to the GSEs’ most significant counterparties. During 2018, the MIs will revise their master policies to reflect the new principles and obtain the required approvals from the GSEs, FHFA, and the state insurance commissioners. We expect that the new master policies will be finalized by the end of 2018. The GSEs and MIs will then coordinate an implementation date and notify lenders accordingly. The new principles can be found on our web page.

Investor reporting system enhancements coming this weekend

During the weekend of Jan. 20, we will implement enhancements in the investor reporting system. These changes will streamline Detail Reporting Loan Activity Report (LAR) processing under various scenarios. Review the release notes for details and find additional resources on the Investor Reporting page.

Reminder: Notifying document custodians about servicing transfers

After Fannie Mae has approved a servicer’s Form 629: Request for Approval of Servicing or Subservicing Transfer, both the transferor servicer and the transferee servicer must notify their document custodians of the servicing transfer. A final list of all transferred loans must be included with the notification. Please note: Notification must occur even if the document custodian does not change. Review the list of active document custodians.

Enhancements to SMDU

This weekend, we will implement enhancements to Servicing Management Default Underwriter™ (SMDU™). Please refer to the SMDU Version 7.7 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, Jan. 19 until 4 p.m. ET on Saturday, Jan. 20. If you have questions about this release, please contact your Fannie Mae Servicing Account Manager.

Updates to Form 2010

An updated version of Fannie Mae’s Designated Custodian Master Custodial Agreement (Form 2010) has been published to our portal. No updates were made to the interactive functionality of the form, but changes were made to contact information on pages 19 and 20.

Join us at these upcoming events:

Jan. 22-25 | MBA Independent Mortgage Bankers Conference | Amelia Island, FL
Feb. 6-7 | Texas MBA Southern Secondary Market Conference | Houston
Feb. 6-9 | MBA National Mortgage Servicing Conference & Expo | Grapevine, TX

View more events.

You may also be interested in…

Panel: African-American homeownership rates should concern all homeowners, and the industry
It’s been 50 years since passage of the Fair Housing Act, but African-American homeownership rates still lag. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

When a new housing project came to Manhattan’s Two Bridges neighborhood, the residents asked that the construction preserve the area’s character and affordability. The result is Lands End.
https://t.co/ZKSvZpnIXc

Jan. 17

“Entering 2018, housing affordability remains a persistent challenge, particularly in rental markets, where consumer expectations for price increases over the next 12 months reached a new survey high.” – @D2_Duncan on latest #HPSI results
http://bit.ly/2rdR4hw

Jan. 16

Source: Fannie Mae

Fannie Mae: Bringing Simplicity and Certainty to Servicing; Redesigned Form 582; and More

Posted on by Safeguard

Investor Update
January 24, 2017

Come see how we’re bringing simplicity and certainty to servicing

Stop by our booth in THE HUB during the MBA National Mortgage Servicing Conference & Expo and learn how our Simplifying Servicing™ journey continues. We’ll share with you our innovative solutions for near real-time access to master servicing data, a one and done approach to claims processing, and more. And be sure to catch Fannie Mae speakers during “Don’t Leave Money on the Table” on Feb. 7, “Information Sharing for Effective Property Maintenance Solutions” on Feb. 8, and the “Servicing Super Session” on Feb 9. See you in Texas!

The redesigned Lender Record Information Form 582 is here!

We’ve redesigned the Fannie Mae Lender Record Information Form 582 to provide a better annual certification experience. Features of the new platform include intuitive navigation, progress indicators, information carry-over from previous years, download and print options, and more. Watch an overview of what the new annual certification process has to offer.

Access the Form 582 web page for more information.

LoanSphere Invoicing line item updates

Effective Feb. 1, LoanSphere Invoicing™ will be updated with new line items as well as deactivating some duplicative line items. We’ve updated the Reimbursement Update Notification with minor changes, including the accurate Deductible Category #. For more information on LoanSphere Invoicing, visit the Servicer Expense Reimbursement page.

Join us at these upcoming events:

Feb. 6-7 | Texas MBA Southern Secondary Market Conference | Houston
Feb. 6-9 | MBA National Mortgage Servicing Conference & Expo | Grapevine, TX
Feb. 11-13 | The Mortgage Collaborative Winter Conference | San Diego

View more events.

You may also be interested in…

5 economic experts from the real estate sector weigh in on what the coming year may bring
Will housing industry growth be sustained in 2018? Here’s what five experts tell us. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

Lenders say they believe mortgage industry data initiatives are valuable. But they also face challenges.
http://bit.ly/2n7qzFP

Jan. 24

How does @D2_Duncan think the recently passed tax bill will impact the economy? His 2018 Economic and Housing Outlook:
http://bit.ly/2Boorhj

Jan. 23

Source: Fannie Mae