Safeguard Properties

FHLMC Guide Bulletin 2018-4: Extension of Foreclosure Sale Suspension in Puerto Rico and the U.S. Virgin Islands

Posted on by Safeguard

Investor Update
March 7, 2018

Source: Freddie Mac

Today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2018-4 [pdf] extends the suspension of all foreclosure sales in Puerto Rico and the U.S. Virgin Islands for two more months through May 31, 2018. This extends relief announced in prior Guide Bulletins to help your borrowers continue to receive the assistance they need.

Last December, we announced an extension only until March 31, 2018.

For more information on this extension read Guide Bulletin 2018-4 [pdf] or contact your Freddie Mac representative.

FHFA: Report Details Progress on the 2017 Scorecard for Fannie Mae and Freddie Mac

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Investor Update
March 29, 2018

Source: FHFA

Washington, D.C. – The Federal Housing Finance Agency (FHFA) issued a Progress Report today summarizing the 2017 activities of Fannie Mae and Freddie Mac (the Enterprises) to further FHFA’s three strategic objectives as conservator: Maintain, Reduce, and Build.  

The Report describes efforts taken by the Enterprises during 2017 to address factors limiting access to mortgage credit for creditworthy borrowers, to mitigate and prevent foreclosures, and to responsibly reduce severely-aged delinquent loans, nonperforming loans, and real estate owned properties. The Report describes Enterprise activities to reduce taxpayer risk, including efforts to expand single- and multi-family credit risk transfer transactions and activities to reduce the Enterprises’ retained portfolios. The Report also highlights progress made on the Single Security Initiative and on the Common Securitization Platform.  In addition, the Report describes the Enterprises’ ongoing efforts to promote diversity and inclusion in all Scorecard activities.

“This is the fifth annual report detailing the significant steps taken by FHFA, in collaboration with Fannie Mae, Freddie Mac, and Common Securitization Solutions, to meet our conservatorship objectives,” said FHFA Director Melvin L. Watt.   “It also underscores our continuing commitment to transparency and to meeting these objectives in a safe and sound manner.”

Interested parties are invited to provide input on this Report.   Feedback can be submitted electronically, or to the Federal Housing Finance Agency, Office of Strategic Initiatives, 400 7th Street, S.W., Washington, DC 20219.

Link to Progress Report
 
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $6.0 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: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030

Consumers: Consumer Communications or (202) 649-3811

FHFA: Refinance Report – January 2018

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Investor Update
March 15, 2018

Source: FHFA

January 2018 Highlights

  • Total refinance volume decreased in January 2018 as mortgage rates in December rose, continuing a trend first observed in October. Mortgage rates increased in January: the average interest rate on a 30?year fixed rate mortgage rose to 4.03 percent from 3.95 percent in December.

Additional January highlights include the following:

  • Borrowers completed 1,557 refinances through HARP, bringing total refinances from the inception of the program to 3,485,583.
  • HARP volume represented 1 percent of total refinance volume.
  • Six percent of the loans refinanced through HARP had a loan-to?value ratio greater than 125 percent.
  • Borrowers with loan-to-value ratios greater than 105 percent accounted for 15 percent of the volume of HARP loans.
  • Thirty 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 3 percent of total refinances in Georgia and Illinois — triple the 1 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 70 percent of the nation’s HARP eligible loans with a refinance incentive as of September 30, 2017.

Attachments: Refinance Report – January 2018

FHFA: Foreclosure Prevention Report – Fourth Quarter 2017

Posted on by Safeguard

Investor Update
March 22, 2018

Source: FHFA

Fourth Quarter 2017 Highlights

The Enterprises’ Foreclosure Prevention Actions:

  • The Enterprises completed 67,569 foreclosure prevention actions in the fourth quarter of 2017, bringing the total to 4,040,258 since the start of conservatorships in September 2008. Of these actions, 3,357,722 have helped troubled homeowners stay in their homes including 2,150,946 permanent loan modifications.
  • Forbearance plans rose significantly to 24,935 during the quarter, driven by the disaster-related forbearance offered to homeowners affected by Hurricanes Harvey, Irma and Maria.
  • Forty two percent of modifications in the fourth quarter were modifications with principal forbearance.  Modifications with extend-term only also accounted for 42 percent of all loan modifications during the quarter.
  • There were 3,119 completed short sales and deeds-in-lieu during the quarter, bringing the total to 682,536 since the conservatorships began in September in 2008.

The Enterprises’ Mortgage Performance:

  • The percentage of 60+ days delinquent loans rose from 1.32 percent to 1.65 percent at the end of the fourth quarter primarily as a result of the impact of Hurricanes Harvey, Irma, and Maria.
  • The Enterprises’ serious (90 days or more) delinquency rate increased to 1.18 percent at the end of the fourth quarter. This compared with 4.8 percent for Federal Housing Administration (FHA) loans, 2.4 percent for Veterans Affairs (VA) loans, and 2.9 percent for all loans (industry average).

The Enterprises’ Foreclosures:

  • Foreclosure starts increased 6 percent to 45,203, and third-party and foreclosure sales decreased 14 percent to 13,448 in the fourth quarter.

For an interactive online map that provides state data, click on the following link: Fannie Mae and Freddie Mac State Borrower Assistance Map

Related News Release
 
Attachments: Foreclosure Prevention Report

Fannie Mae: New Qs in the Project Insurance Requirement FAQs; plus Updates to AMN/HSSN and AAA Matrices

Posted on by Safeguard

Investor Update
March 21, 2018

Source: Fannie Mae

Have a question about condo project insurance?

Condo project insurance is a hot topic, so we’ve added new and updated questions to the Project Insurance Requirements FAQs. Visit the Condo, Co-op, and Planned Unit Development Eligibility page to find these FAQs, recently updated Project Standards FAQs, new Project Eligibility Review Service materials, and other resources to help you meet our requirements.

AMN/HSSN Release Notes for March 24 update

This weekend we will 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 1:30 p.m. ET on Saturday, March 24. For more information, please review the release notes.

AAA matrix updates

We have updated AAA matrices in Alabama, Colorado, Georgia, Guam, Maryland, Michigan, Minnesota, Missouri, Montana, North Carolina, Rhode Island, Texas, and Virginia to align with the Allowable Foreclosure Attorney Fees Exhibit revision effective March 14. To view the updated matrices, visit the Excess Attorney Fee/Cost Guidelines page.

Join us at these upcoming events:

March 27-29 | Regional Conference of Mortgage Bankers Association | Atlantic City
April 9-10 | Mortgage Cadence Ascent Live 2018 User Conference | Colorado Springs, CO
April 9-11 | Great River MBA Conference | Memphis

View more events.

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Focusing on Native American homeownership under Duty to Serve
Originating mortgages on tribal lands can be tricky for lenders. Here are some inroads being planned under Duty to Serve. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

Research: Who should manage digital financial identities? Financial institutions? The government? None of the above? We asked consumers who they think can keep their information safe. #EXP18
http://bit.ly/2DGGUa5

Mar. 21

@D2_Duncan expects the recently passed stimulus bill to power additional economic growth in 2018 and 2019, despite a temporary downshift in the first quarter. Read more in our latest Economic and Housing Outlook:
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Mar. 19

Fannie Mae: Servicing Guide Is Updated

Posted on by Safeguard

Investor Update
March 14, 2017

Source: Fannie Mae

Announcement SVC-2018-02: Servicing Guide Updates

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

  • Revise HomeStyle® Renovation mortgage requirements by reinforcing servicer responsibilities related to contractor and subcontractor licenses, inspections, escrow closings, appraisals, and documentation. These changes align with Selling Guide Announcement SEL-2018-02.
  • Increase the maximum allowable foreclosure attorney fees for several non-judicial states and update the fee for adjournment of foreclosure sales in Michigan to align with industry standards.
  • Clarify the guidelines for servicers to make post-disaster monthly principal and interest (P&I) payments similar to post-disaster P&I payments under Fannie Mae’s Cap and Extend Modification for Disaster Relief.

For a summary of key updates in Servicing Guide Announcement SVC-2018-02, 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.

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. For details, see the LoanSphere Invoicing Line Item Updates on the Servicer Expense Reimbursement page.

Join us at these upcoming events:

  • March 18-21 | Capital Markets Cooperative Annual Summit | Miami
  • March 19-21 | Ellie Mae Experience 2018 | Las Vegas
  • March 20-22 | 2018 Tunica Manufactured Housing Show | Robinsonville, MS

View more events.

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Affordable housing a platform for healthy and stable communities
Healthy homes and sustainable communities are important to our nation’s future. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

We announced our first sale of reperforming loans for 2018. Interested bidders can learn more and register for whole loan sales here:
http://bit.ly/2p8WMh0

Mar. 13

Find out what our Chief Economist @D2_Duncan says about the housing confidence falling, in this month’s #HPSI:
http://bit.ly/2DmdDkJ

Mar. 12

Fannie Mae: Lender Letter Extends Some Foreclosure Sale Suspensions; Updated Form 2001; and More

Posted on by Safeguard

Investor Update
March 7, 2018

Source: Fannie Mae

Lender Letter LL-2018-01: Extension of Foreclosure Sale Suspension in Puerto Rico and the U.S. Virgin Islands

As we continue to stand with the victims of Hurricanes Irma and Maria, we are extending the suspension of all foreclosure sales through May 31 for mortgages secured by properties in Puerto Rico and the U.S. Virgin Islands located in FEMA-declared disaster areas as a result of these hurricanes. Review Lender Letter LL-2018-01, Extension of Foreclosure Sale Suspension in Puerto Rico and the U.S. Virgin Islands, and visit our Disaster Relief page, for more information.

Submit the updated Form 2001 electronically

We have published an updated version of Fannie Mae’s Annual Statement of Eligibility for Document Custodians (Form 2001). Please note that the form should be submitted by email, instead of by the U.S. Postal Service, and all supplemental data should be included in the embedded document. We also made minor wording updates, including differentiating between custodial agreement types. For additional information, please contact your Single-Family Custody Operations analyst.

Know the latest trends in mortgage fraud

Do you know the latest trends in mortgage fraud? As part of Fannie Mae’s commitment to detecting and preventing mortgage fraud, we have posted a new Mortgage Fraud Trends presentation with statistics about what we are seeing in the market. We plan to update it on a regular basis, so check back periodically to see what’s new. This is just one way we’re helping mortgage professionals stay alert. Visit the Mortgage Fraud Prevention page to check out our quick guide to help you identify common red flags that may point to mortgage fraud, and brush up on your knowledge with eLearning tutorials on the basics of mortgage fraud, investment club and Ponzi schemes, property flipping schemes, and other topics as well as links to other useful information sources.

Join us at these upcoming events:

  • March 13-17 | ICBA Community Banking Live 2018 | Las Vegas
  • March 18-21 | Capital Markets Cooperative Annual Summit | Miami
  • March 19-21 | Ellie Mae Experience 2018 | Las Vegas

View more events.

You may also be interested in…

Economy hums, but some headwinds could be ahead for mortgage servicers
Learn what the MBA’s economists shared at this year’s servicing conference. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

#HPSI falls as consumers expressed pessimism about home prices and mortgage rates. Find out more:
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Mar. 7

What’s included in our latest Servicing Guide update? Find out in this quick video. #SimplifyingServicing
https://t.co/uCsSiLvzDb

Mar. 4