Safeguard Properties

Freddie Mac: Servicer Success Scorecard Training Course

Posted on by Safeguard

Investor Update
April 17, 2017

Training Catalog: Course Description

Course: Freddie Mac’s New Servicer Success Scorecard
       
Description:    

This 2-hour webinar introduces Freddie Mac’s new Servicer Success Scorecard with its user-friendly design for 2017. The simplified, easy-to-navigate scorecard is your key source to track and improve your servicing performance. Join our discussion and learn about the new and revised scorecard metrics for default management and investor reporting, rank group transparency, trend performance analysis, pass/fail performance indicators, the revised ranking methodology and much more. If you are responsible for the success of your Freddie Mac servicing performance, this webinar is designed for you.

Prerequisites:  

  • This session is for employees of approved Freddie Mac Servicers only
  • Course materials will be e-mailed to attendees prior to the start of the session

Objectives:    

Understand how to navigate and read the new 2017 Servicer Success Scorecard in order to enhance your servicing of Freddie Mac-owned mortgages.
  
Topics:  

  • Understand how to access your 2017 Scorecard
  • Become familiar with the redesigned format of your 2017 Scorecard
  • Learn to navigate the new Scorecard application
  • Gain an understanding of the new and revised metrics
  • Become informed of the revised ranking methodology

Session times show Eastern Time zone

Course Availability

Source: Freddie Mac

FHLMC Guide Bulletin 2017-5: Servicing Updates

Posted on by Safeguard

Investor Update
April 20, 2017

In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-5, we’re announcing certificate of incumbency (COI) requirements for Servicers and making a number of improvements to our reimbursement requirements.

Certificate of Incumbency

We’re updating the Guide to require that Servicers complete a COI, which identifies Servicer employees authorized to provide or change funds transfer instructions for payments from Freddie Mac. The applicable COI form and related documents must be submitted to Freddie Mac, and accepted, no later than December 31, 2017. While the deadline to complete the COI requirements isn’t until December, you can start submitting the applicable COI form and documents as early as June 1, 2017.

NOTE: If you’ve already submitted a COI form as a Freddie Mac Seller, then you do not need to submit a new COI form at this time, unless you’re updating the information on your COI form or your renewal COI is due. Any COI renewal and/or any COI changes submitted on and after June 1, 2017, must be submitted on the new COI forms announced in this Bulletin.

Updates to Reimbursement

We’re updating our reimbursement requirements to increase allowable limits for certain attorney fees in all 50 jurisdictions. This is effective for reimbursement claims submitted in the Freddie Mac Reimbursement System on and after March 31, 2017.

Other updates include:

  • Attorney fees associated with bulk trials in New York will be reimbursed up to $1,750.
  • Greater detail for requesting reimbursement for certain unrecoverable expenses.
  • Reimbursement for expenses associated with clear boarding broken windows in vacant or abandoned foreclosed properties with clear polycarbonate.

For more details on these and other changes, please read Guide Bulletin 2017-5  [pdf].

For More Information

Source: Freddie Mac

FHLMC Guide Bulletin 2017-4: Incorporating Investor Reporting Changes

Posted on by Safeguard

Investor Update
April 12, 2017

In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-4, we’re incorporating changes associated with our Investor Reporting Change Initiative into the Guide, including implementation dates and comprehensive updates to sections/chapters. As announced on March 23, 2017, we’ve extended the implementation date to May 1, 2019.

Key Highlights: More Building Blocks

Today’s announcement provides:

  • A policy-oriented narrative to further help you incorporate the investor reporting changes into your existing policies and procedures.
  • New details on our data cutover strategy, retirement of existing remittance types, and drafting requirements.
    In a future Guide Bulletin, we’ll provide information on recertifying your custodial accounts, cutover conversion and any other necessary details to ensure a smooth transition and implementation.

FYI: Minor Updates to Requirements and New Visual Resource
In response to your feedback, we’ve made some minor edits to our business requirements [PDF] and technical specifications [PDF] for clarification purposes. Please read the respective “Revision History” sections in the documents for more information.

Also, check out our new Future State Overview [PDF] visual for a snapshot example of our future monthly investor reporting processes. You can refer to our business requirements for information on different scenarios.

For More Information

Source: Freddie Mac

FHFA: Foreclosure Prevention Report – January 2017

Posted on by Safeguard

Investor Update
April 12, 2017

January 2017 Highlights

The Enterprises’ Foreclosure Prevention Actions:

  • The Enterprises completed 14,558 foreclosure prevention actions in January 2017, bringing the total to 3,847,918 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.
  • There were 9,405 permanent loan modifications in January, bringing the total to 2,031,726 since the conservatorships began in September 2008.
  • The share of modifications with principal forbearance decreased to 19 percent during the month. Modifications with extend-term only increased to 44 percent due to continuing improvement in house prices.
  • There were 1,615 short sales and deeds-in-lieu completed in January, down 5 percent compared with December.

The Enterprises’ Mortgage Performance:

  • The serious delinquency rate remained flat at 1.12 percent at the end of January.

The Enterprises’ Foreclosures:

  • Third-party and foreclosure sales increased 16 percent from 5,764 in December to 6,705 in January.
  • Foreclosure starts increased 10 percent from 15,133 in December to 16,604 in January.

Attachments: 

Foreclosure Prevention Report – January 2017

Source: FHFA

FHFA February 2017 Refinance Report

Posted on by Safeguard

Investor Update
April 13, 2017

?February 2017 Highlights

Total refinance volume fell in February 2017 as mortgage rates in January remained over half a percent higher than the levels observed in November 2016. Mortgage rates increased in February: the average interest rate on a 30?year fixed rate mortgage rose to 4.17 percent from 4.15 percent in January.

In February 2017:

  • Borrowers completed 4,198 refinances through HARP, bringing total refinances from the inception of the program to 3,456,422.
  • HARP volume represented 3 percent of total refinance volume.
  • Six percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.

Year to date through February 2017:

  • Borrowers with loan?to?value ratios greater than 105 percent  accounted for 18 percent of the volume of HARP loans.
  • Twenty three 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 6 or more percent of total refinances in Nevada and Florida, double the 3 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.

Ten states accounted for over 60 percent of the nation’s HARP eligible loans with a refinance incentive as of September 30, 2016.
 
Attachments: 

Refinance Report – February 2017

Source: FHFA

Fannie Mae: Simpler Invoicing and AMN/HSSN Enhancements Coming Soon

Posted on by Safeguard

Investor Update
April 26, 2017

Want simpler invoicing? We heard you

A new invoicing system is on its way! The system will provide a simple, enhanced web-based portal for servicers to access consolidated loan-level invoices, resolve claims, add/retrieve documentation, and communicate with Fannie Mae operations teams. Targeted to launch in the third quarter of 2017, this new application will replace several manual processes used currently, in addition to retiring the Servicer REAM Deficiency Billing System (SRDBS). Details about this release will be provided in the coming weeks.

Learn more about how we are Simplifying Servicing™.

AMN/HSSN enhancements coming in May

During the weekend of May 20, we will implement a release to update and enhance the Asset Management Network (AMN)/HomeSaver Solutions™ Network (HSSN). Changes include enhancements to support the new Flex Modification program and general updates to the HSSN Short Sale and Mortgage Release (Deed in Lieu). During implementation of this release, AMN/HSSN will be unavailable for processing from 7 a.m. ET on May 20, until 7 a.m. ET on May 21. SMDU Case Management will also be down during this time. Due to related work, SMDU Auto Decision functionality may experience intermittent outages during this period. If you experience an exception, please wait a few minutes before resubmitting. For details, refer to the Release Notes.  

You may also be interested in…

Neighborhood decline reversed through inventive refinance program
The Illinois Housing Development Authority, Fannie Mae, and U.S. Bank partner for I-Refi’s $50,000 in household assistance. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

Announcing new solutions for borrowers to pay down student debt, overcome debt related obstacles when buying a home:
http://bit.ly/2qaNteL

April 25
 
Have you seen @D2_Duncan’s new Econ. & Housing Outlook? Get the latest:
http://bit.ly/2paYBuI

April 23

Source: Fannie Mae

Fannie Mae: LoanSphere Invoicing Enhancements; Join Us at MBA Secondary

Posted on by Safeguard

Investor Update
April 19, 2017

LoanSphere Invoicing enhancements coming April 30

Effective April 30, we will update the LoanSphere Invoicing™ system. Changes include updates to the mapping capability of the Create Invoice Line Item to Fannie Mae Claim Line Item, Pending Submitter Review (formerly Pending Servicer Review), and the auto-population of the referral date for foreclosure attorney fees, where applicable. Refer to the Release Notes for details. For more information, visit the Expense Reimbursement page. 

Don’t miss Andrew and Doug’s sessions at MBA Secondary

Mark your calendar to attend these key sessions at the MBA’s National Secondary Market Conference & Expo 2017:

Andrew Bon Salle, Executive Vice President, Single-Family Business
A Conversation with GSE Leadership. May 2, 9-10 a.m.
Hear Andrew’s insights on hot industry topics during this interactive discussion.

Doug Duncan, Chief Economist
Economic Outlook. May 2, 10:30-11:45 a.m.
Find out how Doug’s thoughts on the economy, housing, and mortgage market compare to those of chief economists from the MBA and Freddie Mac.

And make sure you stop by and see us in the Manhattan Ballroom, 8th floor. Not registered yet? Click here or on the banner below.

Did you hear? We’re Simplifying Servicing!

Fannie Mae is Simplifying Servicing™ 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 the many ways we’re Simplifying Servicing for our customers.

Join us at these upcoming events:

April 20-22 | NAREB Midwest Regional Conference | Cleveland, OH
April 30-May 3 | MBA’s National Secondary Market Conference & Expo | New York, NY
May 2-5 | MHI National Congress & Expo | Las Vegas, NV

View more events.

You may also be interested in…

Neighborhood decline reversed through inventive refinance program
The Illinois Housing Development Authority, Fannie Mae, and U.S. Bank partner for I-Refi’s $50,000 in household assistance. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

Find out what it’s like to work in the #HeartofHousing:
http://bit.ly/2oRpXWN

April 18
 
Will it be a busy spring #homebuying season? @D2_Duncan offers his thoughts in the April #Economy & Housing Outlook:
http://bit.ly/2onW0cU

April 17

Source: Fannie Mae

Fannie Mae: Fannie Mae Connect and LoanSphere Invoicing Enhancements

Posted on by Safeguard

Investor Update
April 5, 2017

Fannie Mae Connect release: Easier to use and new reports

The April 3 release of Fannie Mae Connect™ includes functional enhancements to the user experience and adds new reports to provide lenders with more transparency and analytics around quality assurance and market activities.

New Report

  • Home Purchase Sentiment Index® (HPSI) Dashboard

Updated Reports

  • Servicer Total Achievement & Rewards™ (STAR™) Performance Scorecard
  • Trial Balance

Site Enhancement

  • 13 reports in the Download Center, previously available only in TXT format, are now available for download in XLS.

For details on the release, log in to Fannie Mae Connect and view our latest Release Tracker, and view the Report Directory for report descriptions (both of these documents are available to Fannie Mae Connect users only). For more information on Fannie Mae Connect, including demos, quick tips, and training, visit the Fannie Mae Connect web page.  

LoanSphere Invoicing enhancements coming May 1

As part of our effort to simplify servicing, we’re enhancing LoanSphere Invoicing™. The Pending Submitter Review (PSR) Status, Bankruptcy Attorney’s Fees, and Foreclosure Attorney’s Fees sections are impacted by the updates.

The timeline for enhancements has shifted to May 1. We’ve updated the Servicer Expense Reimbursement Job Aid since the initial March update to accurately reflect the new timeline. Click here for a detailed list of all revised items, and visit the Servicer Expense Reimbursement page for additional training and resources.

Check out the January 2017 Fannie Mae STAR Scorecard

The results for the January 2017 STAR Scorecard are now available on Fannie Mae Connect. For instructions on how to access the Scorecards, along with printing tips, refer to the job aid. If you have any questions, please contact the STAR Team.

You may also be interested in…

Fannie Mae economists uncover hidden strengths in rural areas
Lenders and economists learn about the surprising opportunities and challenges in rural housing markets. Read more

Receive regular content updates by registering at The Home Story.

Recent Tweets

How can homeownership education be enhanced? New research finds out #financialliteracymonth #SmartHomeownership:
http://bit.ly/2nAeXZz

April 4
 
Despite positive feelings toward econ. & housing, lenders’ profit margin outlook down year-over-year #MLSS:
http://bit.ly/2or5Xuo

April 2
 
Source: Fannie Mae

Fannie Mae: Announcement SVC-2017-03: Servicing Guide Updates

Posted on by Safeguard

Investor Update
April 12, 2017

Announcement SVC-2017-03: Servicing Guide Updates

The Fannie Mae Servicing Guide has been updated to increase the efficiency of your servicing activities. These changes:

  • Bring simplicity to our fee processing requirements by updating Servicing Guide B-5-01, Insured Loss Events, via:
  • Instruction to servicers to refuse borrower payments to public adjusters or third parties from insurance loss proceeds;
  • Revision of the time frame in which servicers must submit Form 176, Report of Property Insurance Loss, to Fannie Mae; and
  • Incorporation of all Form 176 requirements from Servicing Guide F-1-2, Escrow, Taxes, Assessments, and Insurance into Servicing Guide B-5-01.
  • Manage risk by instructing servicers to gain approval from Fannie Mae prior to engaging in arrangements with outsourcing companies or third-party vendors.
  • Provide consistent policy that clarifies that the maximum allowable foreclosure attorney fees apply for the life of the default.
  • Respond to industry feedback to increase the limits of property preservation repair descriptions and expenses to include clearboarding.
  • And more.

Read the Announcement for details. For a summary of key updates in this Servicing Guide Announcement, view the video presented by Jenise Hight, Director of Single-Family Servicing Policy & Solutions. 

AAA matrix updates

We have updated the AAA matrix for Vermont to reflect a change in the excess fee assigned for completion of a Sale Attendance. An excess fee request is necessary only if the foreclosure case closed before December 14, 2016. If the case was still active as of that date, Sale Attendance is included in the updated foreclosure allowable fee. To view the updated matrix, visit the Excess Attorney Fee/Cost Guidelines page.

Improve the customer experience with our dynamic solutions: Visit us at MBA Secondary

Visit us at MBA’s National Secondary Market Conference & Expo, April 30-May 3, in the Manhattan Ballroom, 8th floor. Let’s talk about how Day 1 Certainty and Simplifying Servicing™ help you save time, cut costs, and improve your customer’s experience. Stop by and give us your feedback. We’re listening and constantly innovating to create dynamic solutions that work for you.

Not registered yet? Click here or on the banner below.

Last chance to attend an investor reporting webinar

It’s not too late, one webinar remains. Learn more about Fannie Mae’s recent changes to investor reporting (hot topics and best practices) by attending a live webinar on Thursday, April 20, at 2 p.m. ET. Visit the Changes to Investor Reporting page to register and to find additional resources.

Spanish language resources support servicer outreach

Spanish-speaking borrowers represent one of the fastest-growing segments of the mortgage market. To help servicers work with Spanish-speaking borrowers, we have consolidated Spanish/English loan servicing documents. Available documents include Spanish translations of routine servicing documents as well as borrower notices related to delinquencies, modifications, and foreclosure alternatives. Access the documents on the Spanish Language Resources for Servicers page.

Recent Tweets

Higher prices & expected rate increases cited by consumers as reasons why it’s a bad time to buy a home. New #HPSI:
http://bit.ly/2olajkd

April 10
 
Do your customers know about our HOME by Fannie Mae™ #mobileapp? It’s great for homeowners AND homebuyers.
http://bit.ly/2plaj2O

April 10

Source: Fannie Mae

VALERI Servicer Newsflash

Posted on by Safeguard

Investor Update
March 20, 2017

IMPORTANT INFORMATION
Claims Bulk Upload Template Update – Servicers have the ability to add the unpaid principle balance (UPB) deferment when submitting claims to VA beginning Monday March 20, 2017; therefore a new claim line item – “UPB Deferment” – has been added in the “Other Fees” tab on the claims bulk upload template. The new template will be located at http://www.benefits.va.gov/HOMELOANS/servicers_valeri_guides.asp.

Bankruptcy Attorney Fees –The VALERI Fee Cost Schedule has been revised to reflect the updated Bankruptcy Attorney Fees, which went into effect on 3/9/17. The updated VALERI Fee Cost Schedule is located at http://www.benefits.va.gov/HOMELOANS/servicers_valeri_rules.asp.

DEVELOPMENT UPDATES
On Saturday, March 18, 2017, VALERI Manifest 17.1 will be released. The following system enhancements will be included:

CQ 12218 – Updates the list of required Post Audit documents.
CQ 12200 – Adds two new business rules to the Deed in Lieu Complete event: 1. Total eligible indebtedness must not be within one dollar of the servicer reported net value and 2. Total eligible indebtedness must be greater than UPB.
CQ 12382 – Changes the property state default value in the Transfer Loan feature in the Servicer Web Portal to “Select One” with a dropdown of all states. Also adds an error message when a field does not match the VA required matching criteria.

Source: VA