Safeguard Properties

Freddie Mac Sponsors Housing Counseling Office in McComb, Miss.

Posted on by Safeguard

Investor Update
February 1, 2017

Freddie Mac is opening its newest Borrower Help Center on February 7, 2017, and is co-hosting a ribbon cutting ceremony to mark the occasion. This will be our 14th Borrower Help Center – the third to be led by The D&E Power Group, which also manages two locations in the Atlanta area.
 
Through our on-the-ground Freddie Mac Borrower Help Centers and national Network, we work with trusted national nonprofit intermediaries like D&E to support our ongoing commitment to prepare prospective buyers for responsible homeownership and help struggling borrowers with Freddie Mac-owned mortgages avoid foreclosure.
 
For More Information

Source: Freddie Mac

Freddie Mac: Redesigned 2017 Servicer Success Scorecard Now Available

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Investor Update
February 28, 2017

Today, your first 2017 Freddie Mac Servicer Success Scorecard (Scorecard), with your January performance, is available. We refreshed the look and feel, making it easier to access information through simpler navigation and a more intuitive design.

 Log in now and check it out!

What’s New?

In addition to the redesign, we’re also introducing several new features that were unavailable during the 2017 Scorecard preview period, including:

  • Scorecards for Servicing Agents and Interim Servicers.
  • Performance trend data for default management and file review monitoring sections.
  • 12-Month Rolling Scorecard Summary Report.
  • Other new reports for deeper analysis, including on-demand availability of your Rank Improvement Report.

For more details on these and other new features, review our updated reference guide [PDF]. Also, get to know the new Scorecard by signing up for webinar training today.

For More Information

  • Visit our redesigned Scorecard web page.
  • Review our updated 2017 Scorecard FAQs.
  • Read Single-Family Seller/Servicer Guide Bulletin 2016-17 [PDF].
  • Contact your Freddie Mac representative.

Source: Freddie Mac

Freddie Mac: January 27 Updates to Forms 16SF/1107SF Delayed

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Investor Update
February 2, 2017

Single-Family Seller/Servicer Guide Bulletins 2016-21 [pdf] and 2016-23 [pdf] announced updates to Form 16SF and Form 1107SF scheduled for January 27, 2017. The updates to the electronic versions of both Form 16SF and Form 1107SF are delayed. We expect to update the electronic versions of the forms in the next few weeks.
 
In the meantime, you may complete and submit the current electronic versions of Form 16SF or Form 1107SF or the updated PDF version of Form 1107SF (The PDF version of Form 1107SF is updated to reflect the Guide changes).
 
If you haven’t already submitted these forms, depending on the timing of the update, you will be required to provide the information in the new fields when you submit. If you’ve already completed and submitted the Form 16SF, there is no further action to take for this filing year.
 
Please visit the Form 16SF/Form 1107SF web page for more information and updates.

Source: Freddie Mac

FHLMC Guide Bulletin 2017-1: Servicer Reimbursement for Use of a Lockbox on an Abandoned Property

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Investor Update
February 15, 2017

In Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-1, we’re announcing early implementation for the new Freddie Mac Flex Modification and other operational enhancements.
 
Key Highlights

  • Effective immediately and in response to your feedback, we’re removing the requirement that IRS Forms 4506T-EZ, Short Form Request for Individual Tax Return Transcript, and 4506-T, Request for Transcript of Tax Return, be obtained or processed, unless certain circumstances apply.
  • You may start evaluating borrowers now for a Flex Modification Trial Period Plan. Starting May 1, 2017, Workout Prospector® will be updated so that you can submit data relating to Flex Modification Trial Period Plans. There’s no change to the October 1, 2017 mandatory implementation date we announced in Guide Bulletin 2016-22.
  • Enhancing the modification loss calculation (MLC) for mortgages subject to an indemnification to more closely align with MLC for structured agency credit risk transactions.
  • Specifying your responsibilities related to property preservation and advancement of property taxes and insurance premiums after a third-party foreclosure sale. Effective for foreclosure sales on and after April 17, 2017.
  • Revising Guide Form 981, Agreement for Subsequent Transfer of Servicing of Single-Family Mortgages, to require electronic signatures. Effective June 1, 2017. 

Reminder

Please consider securing abandoned properties with knob locks or lockboxes, and remember that Freddie Mac reimburses the use of lockboxes on abandoned property.
 
For More Information

Source: Freddie Mac

Additional Resource:

Freddie Mac (Guide Bulletin 2017-1: Servicer reimbursement for use of a lockbox on an abandoned property):

Servicers are encouraged to secure abandoned properties with knob locks or lockboxes under the terms of the Mortgage documents and applicable law. Exhibits 57 and 74 provide a maximum of $60 reimbursement for knob locks if they are used for access to, and/or securing of an abandoned property. We are now also providing reimbursement for lockboxes. To receive reimbursement for a knob lock or lockbox up to the allowable limit of $60, the Servicer must report expense code “090028” in the Reimbursement System. If a Servicer would like reimbursement for costs in excess of the $60 allowable limit, the Servicer must submit an RPA using the RPA functionality in the Reimbursement System and obtain approval of the request from Freddie Mac.

Guide impacts: Exhibits 57 and 74

FHFA: Refinance Volume Continued to Slow in Fourth Quarter

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Investor Update
February 15, 2017

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today reported that 13,220 borrowers refinanced their mortgages through the Home Affordable Refinance Program (HARP) from October through December.  FHFA’s fourth quarter Refinance Report also shows that total refinance volume fell in December, as mortgage interest rates increased.  Total HARP refinances now stand at 3,447,671 since inception of the program in 2009. 

According to new data released today, 194,324 borrowers could still benefit financially from a HARP refinance as of the third quarter of 2016.  These borrowers meet the basic HARP eligibility requirements, have a remaining balance of $50,000 or more on their mortgage, have 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, $2,400 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.  HARP expires Sept. 30, 2017.

Also in the Refinance Report:

  • The number of total refinances in the fourth quarter of 2016 was 750,769.
  • Through the fourth quarter of 2016, 27 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.
  • 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:  Florida, Illinois, Michigan, Ohio, Georgia, New Jersey, Pennsylvania, Puerto Rico, New York and California.
  • More than 2.8 million HARP refinances were for primary residences.

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 $5.8 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

Source: FHFA

Fannie Mae: We’re Simplifying Servicing: Find Out How at the MBA Servicing Conference

Posted on by Safeguard

Investor Update
February 8, 2017

We’re simplifying servicing! Find out how at the MBA Servicing Conference

We have big news to share at the MBA’s National Mortgage Servicing Conference and Expo! If you’ll be at the Gaylord Texan, come visit us at The Hub — we’ll be front and center. It’s not too late to join us. For more details, visit the conference website.

Reminder: Impacts to HSSN and SMDU this weekend

Due to the changes to investor reporting during the weekend of February 10, Fannie Mae recommends delaying case creation and closing from February 10 at 7:30 p.m. to February 13 at 4 a.m. ET to avoid exceptions as information between our systems may not be synchronized. This recommendation is intended for those who use Servicing Management Default Underwriter™ (SMDU™) Case Management functionality to create HomeSaver Solutions™ Network (HSSN) cases, as well as those creating cases directly on HSSN. Note that XML bulk file submissions for HSSN submitted during this timeframe will be held and processed on February 13. SMDU Auto Decision is not impacted; SMDU will remain available per the usual availability schedule.

Our servicing-released options provide the servicing liquidity you need

In this short video, learn how our flexible, competitive, and convenient servicing-released options provide the servicing liquidity you need. Choose one of our co-issue options or use the Servicing Execution Tool™ in Pricing and Execution – Whole Loan® to concurrently sell your loan and servicing. Check out the Servicing Released Options section for more information.

Audit confirmation request reminder

Servicers are reminded to inform their external auditors to submit audit confirmations via email to:
investor_reporting_group_mailbox@fanniemae.com.

  • To reduce response time, ensure the following information is included in the request:
  • Servicer’s 9-digit lender identification number
  • Authorized signature of an officer of the financial institution
  • Effective date for the audit confirmation
  • And additional information listed in Chapter 1, Section 1-03 of the Fannie Mae Servicing Guide Investor Reporting Manual: Requesting Audit Confirmations

You may also be interested in…

What 7 housing market experts say we can expect in 2017
The housing market demonstrated slow-but-steady growth in 2016. But what will the new year hold? Read more
 
New modification program offers simplicity and certainty
Fannie Mae’s new loan modification program can be applied to all mortgage loan delinquencies to eligible borrowers as early as March 2017. Read more.

Receive regular content updates by registering at The Home Story.

Recent Tweets

Consumers feeling good about the economy, personal financial prospects as Home Purchase Sentiment Index rises. #HPSI:
http://bit.ly/2ksgd2F

February 8

Here’s how trended credit data may help increase access to homeownership for some – Via @NerdWallet:
https://nerd.me/2k2kQ4K

February 8

Source: Fannie Mae

Fannie Mae: Servicing Guide Updates Announced

Posted on by Safeguard

Investor Update
February 15, 2017

We’re Simplifying Servicing for our customers!

Did you hear the news? Today, we announced how Fannie Mae is Simplifying Servicing™. Customers told us about their concerns with the complex servicing environment. We listened. We’re driving toward Simplifying Servicing with exciting opportunities for a better customer experience, available today:

  • SMDU™ is now easily available to all servicers! A new user interface (SMDU UI) allows the industry-leading SMDU workout decisioning tool to be used by all servicers at no cost to deliver certainty, speed, and savings in loss mitigation. Register to attend a webinar and learn more!
  • The just-launched investor reporting enhancements eliminate monthly work for servicers and bring efficiency to our customers’ servicing activities.
  • Relief from post-foreclosure expenses. For all new REO properties, Fannie Mae will assume responsibility for HOA negotiations and payments as of April 1, 2017 and tax payments as of July 1, 2017.
  • Flex Modification gives customers an easier, flexible way of helping more borrowers in all stages of delinquency qualify for loan modifications.

Across the servicing lifecycle — whether it’s technology, policy, or operations — we’re working to simplify the process for our customers and driving toward a clear vision for the future. Learn more about these and the other ways we’re Simplifying Servicing for our customers.

Announcement SVC-2017-02: Servicing Guide updates

The Fannie Mae Servicing Guide has been updated with the following changes, several of which will simplify servicing:

  • Relieves servicers of responsibility for paying most post-foreclosure taxes and homeowners’ association, condo, or co-op fees and assessments for acquired properties. This change will reduce costs and operational risk for servicers.
  • Removes the requirement to report Transaction Type 80 for subservicing arrangements to reduce servicer responsibilities, increase data integrity, and improve the accuracy of subservicing data.
  • Provides for flexible use of IRS Form 4506-T or 4506T-EZ in workout options, reducing documentation requirements in many situations and avoiding unnecessary delays.
  • Updates the definition of a breach of Lender Contract related to servicer eligibility with Fannie Mae.
  • Updates guidelines for confidentiality of information and data breach to protect nonpublic personal information and reduce the need for stand-alone non-disclosure agreements.
  • And more.

Read the Announcement for details.

For a summary of key updates in this Servicing Guide Announcement, view the video presented by Bill Cleary, Vice President of Single-Family Servicing Policy & Solutions.

Fannie Mae Connect enhancements and new reports

Fannie Mae Connect™ has been enhanced to make it easier to use and to incorporate new and updated reports.

Reports that have been added to Fannie Mae Connect are:

  • Outstanding and Completed Title Issues for Servicers
  • Remittance Detail Guaranty Fee
  • Remittance Detail Principal and Interest
  • LAR 83 Projection and Tracking
  • Loan Activity Summary

Two reports have been renamed:

  • Loan Readd renamed Loan Reinstatement
  • Loan Readd Detail Report-Monthly renamed Loan Reinstatement Detail Report-Monthly

Several servicing reports have been replaced by reports in an updated format. Refer to the Release Tracker and Report Directory (both available to Fannie Mae Connect users) for report descriptions and details. For more information on Fannie Mae Connect, including demos, quick tips and training, please visit the Fannie Mae Connect web page.

Technology changes implemented to support Changes to Investor Reporting

Several technology changes supporting the Fannie Mae Changes to Investor Reporting were implemented on February 14. February Loan Activity Reporting is now available. This release also eliminated the requirement for servicers to report MBS security balances to Fannie Mae and aligned investor reporting dates. Please review the Release Notes for details. For more information, visit the Fannie Mae Changes to Investor Reporting page.

Get the latest on Changes to Investor Reporting: February Webinars
Several all-servicer webinars related to Changes to Investor Reporting are available in February. To register, visit our web page or click on the links below.

February Reporting/Transition Month Hot Topics: February 21 at 2 p.m.
Investor Reporting Training: Loan Mod/Loan Re-class: February 23 at 2 p.m.
February Reporting/Transition Month Hot Topics: February 28 at 2 p.m.

You may also be interested in…

What we can learn from the resilient Southeast housing market
The housing recovery after the Great Recession hasn’t lived up to expectations. Read more.

New modification program offers simplicity and certainty
Fannie Mae’s new loan modification program can be applied to all mortgage loan delinquencies to eligible borrowers as early as March 2017. Read more.

Receive regular content updates by registering at The Home Story.

Recent Tweets

Announcing two significant steps toward #SimplifyingServicing. Live demos @ #MBAServicing17. Details:
http://bit.ly/2l8OSko

February 15
 
Congratulations to @D2_Duncan & Kimberly Johnson on being recognized in the @MortgageProUSA #MPAHot100 list!
https://t.co/EiMVYpHwTd

February 13

Source: Fannie Mae

Fannie Mae: Investor Reporting Webinars and Changes in LoanSphere Invoicing

Posted on by Safeguard

Investor Update
February 22, 2017

New live webinars: Investor reporting hot topics and best practices

Good news: We have successfully made the transition to a new reporting environment, an important step toward implementing industry standards that will save servicers time and effort. Throughout March, we’ll host weekly live webinars to highlight and share best practices about reporting while enabling servicers to ask questions about the process. Be sure to review the Navigation Tips Checklist to stay on track with reporting compliance. Register for a webinar and learn more on the Fannie Mae Changes to Investor Reporting page.

Important changes to Valuation Costs line items in LoanSphere Invoicing

To align with recently updated valuation guidelines, we have added new Valuation Costs line items to LoanSphere Invoicing™. These new line items require servicers to include the date the valuation expense occurred on claim submissions.

Effective February 23, 2017, servicers should begin using the following new Category 18 Valuation Costs line items:

  • Subcategory 903: Valuation – Appraisal
  • Subcategory 904: Valuation – AVM Report
  • Subcategory 905: Valuation – Broker’s Price Opinion

As of April 23, 2017, the following Category 18 Valuation Costs line items will be deactivated:

  • Subcategory 4: Appraisal
  • Subcategory 5: AVM Report
  • Subcategory 810: Broker’s Price Opinion

For a complete list of servicer expense categories and subcategories available in LoanSphere Invoicing, refer to the Servicer Expense Reimbursement Line Items in LoanSphere Invoicing document.

In case you missed it: We’re simplifying servicing for our customers

As announced last week, we have updated the Fannie Mae Servicing Guide with several changes to simplify servicing. For details on the policy changes, view the recorded presentation.

Reminder: MBS Reporting will be retired on February 28

As part of the Fannie Mae Changes to Investor Reporting, we will retire the MBS Reporting application at 9 p.m. ET next Tuesday, February 28. You can retrieve the Principal and Interest (P&I) Draft Amount Report in Fannie Mae Connect™; the P&I Remittance Details will also be available in Fannie Mae Connect in March. To find out more about this transition, refer to the Release Notes.

Save time, reduce effort with HFI investor reporting training

Register today for our updated HFI® classes on investor reporting. You’ll learn tips for reporting on your loans, and have access to an expert instructor to answer your questions. Classes include:

All HFI InDepth courses provide:

  • Two hours of interactive, instructor-led training held in a virtual classroom
  • Limited class sizes that maximize interaction and allow for individualized attention
  • Access to recorded tutorials that prepare you with foundational knowledge prior to taking the course
  • A certificate of completion

Visit the HFI InDepth Training page for course details and class schedules, and sign up today!

You may also be interested in…

Following rise in rates, refinance activity slows, at least for now
The refinance market may be cooling as interest rates rise, but it won’t disappear, thanks to cash-out refi activity. Read more

Will U.S. policy keep the nation’s economic expansion alive in 2017?
Will policy changes extend the expansion? That’s what Fannie Mae economists are asking this year. Read more.

Receive regular content updates by registering at The Home Story.

Recent Tweets

ICYMI: Our Econ. & Strategic Research Group keeps economic growth expectations modest. Find out why:
http://bit.ly/2miUNCY

February 21
 
Our servicer customers asked and we listened. Here’s how we’re #SimplifyingServicing:
http://bit.ly/2liMCco

February 21

Source: Fannie Mae

Fannie Mae: A New Investor Reporting Process is Now in Effect

Posted on by Safeguard

Investor Update
February 1, 2017

A new investor reporting process is now in effect!

February 1 is here! Servicers must report loan activity according to the new investor reporting policy requirements for borrower activity occurring on or after February 1 (see the Release Notes for details). Now through March 31, the post-delivery Servicing Transfer Moratorium is in effect for all post-delivery transactions that result in a change to the Fannie Mae seller/servicer number. Live webinars run through February – register today and take advantage of helpful resources on the Changes to Investor Reporting page.

Impacts to HSSN and SMDU February 10 – 13

Due to the changes to investor reporting during the weekend of February 10, Fannie Mae recommends delaying case creation and closing from Friday, February 10, at 7:30 p.m. to Monday, February 13 at 4 a.m. ET, to avoid exceptions as information between our systems may not be synchronized. This recommendation is intended for those who use Servicing Management Default Underwriter™ (SMDU™) Case Management functionality to create HomeSaver Solutions™ Network (HSSN) cases, as well as those creating cases directly on HSSN. Note that XML bulk file submissions for HSSN submitted during this timeframe will be held and processed on Monday, February 13. SMDU Auto Decision is not impacted; SMDU will remain available per the usual availability schedule.

New servicing buyer coming to Servicing Execution Tool

We are pleased to announce a new servicing buyer has joined the Servicing Execution Tool™ (SET), available in Pricing & Execution – Whole Loan® (PE – Whole Loan). Lakeview Loan Servicing, LLC became active in SET on February 1, giving SET registered sellers another servicing partner option for their servicing-released commitments in PE – Whole Loan. To learn more about SET, visit the SET webpage for servicers or contact your account team.

Updated investor reporting and servicing training

Visit the General Servicing and Investor Reporting tabs on the Servicing Training page for updated learning products that address changes to investor reporting requirements, and support the release of Fannie Mae Connect™.

Explore the following updated resources:

Train for success
Access our online training resources when you need it 24/7 from the Training Page. Do you have suggestions for training topics? Email us.

You may also be interested in…

New modification program offers simplicity and certainty
Fannie Mae’s new loan modification program can be applied to all mortgage loan delinquencies to eligible borrowers as early as March 2017. Read more.

Receive regular content updates by registering at The Home Story.

Recent Tweets

Our CCO Maureen Davenport is one of @PRNews #TopWomenInPR! Congratulations, Maureen! #WomenInPR:
http://bit.ly/2jwQXEl

January 30
 
Learn more about our CAS Program, 2017 #RiskAward SSA Deal of the year from @RiskDotNet:
https://t.co/2WrzTWkF1v

January 30

Source: Fannie Mae

Additional Resource:

Fannie Mae (Updated 2017 Investor Reporting and Remitting Calendar)

VALERI Servicer Newsflash

Posted on by Safeguard

Investor Update
January 25, 2017

IMPORTANT INFORMATION

Servicer Handbook Update – Revisions to multiple chapters and appendices are reflected on the transmittal document dated November 17, 2016, and have been posted in M26-4. They can be accessed at http://www.benefits.va.gov/WARMS/M26_4.asp.

User Profiles – When creating or editing user profiles in the VALERI application, special characters such as dashes, hyphens, or apostrophes cannot be included in the user’s name. Use of special characters can prevent the user from generating reports within the VALERI application. Impacted users have been identified and their company administrators have been provided with instructions on how to modify the user’s name.

Circular 26-14-22, Change 1 – VA Making Home Affordable Program – VA has extended the rescission date of the basic Circular to October 1, 2017. The Circular can be located on the VALERI website at http://www.benefits.va.gov/homeloans/servicers_valeri.asp.

Property Management Contact – General property management inquiries should be directed to PM.VBACO@va.gov. Title related questions should continue to be submitted to Vendor Resource Management at vrm-title@vrmco.com.

Source: VA

Additional Resources:

VA (Circular 26-14-22 Change 1)

VA ( 11/17/16 M26-4 Servicer Handbook Updates)