Safeguard Properties

Statement of FHFA Deputy Director Sandra Thompson on New Loan Modification Offering for Delinquent Borrowers

Posted on by Safeguard

Investor Update
December 14, 2016

“The new Flex Modification announced by Fannie Mae and Freddie Mac (the Enterprises) today was designed based on lessons learned from crisis-era loan modification programs to help borrowers stay in their homes and avoid foreclosures whenever possible.  The Flex Modification also reflects input received over the course of extensive engagement with lenders, mortgage insurers, consumer advocates, and other stakeholders.  By avoiding the high costs associated with foreclosures, the Flex Modification will result in significant savings for the Enterprises and taxpayers.  And it will provide borrowers who face permanent hardships with a sustainable modification.”

Additional Information:

Link to Fannie Mae Flex Modification News Release

Link to Freddie Mac Flex Modification News Release

Contacts:

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

Source: FHFA

MHA HAMP Reporting Update November 2016 UP Survey Now Available

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Investor Update
December 15, 2016

The November 2016 UP survey is now available on HMPadmin.com (login required). Servicers that have executed a Servicer Participation Agreement (SPA) and that have cumulative UP activity must complete and upload their UP survey response to the HAMP® Reporting Tool (login required) by Thursday, December 22, 2016.

SPA servicers that have any cumulative UP activity as of November 30, 2016 must submit an UP survey at this time.

For details on downloading and submitting the UP survey response, log in to HMPadmin.com, navigate to the HAMP Loan Reporting Tools & Documents area, and select the UP Survey tab.

Questions?
For more information, email the HAMP Solution Center or call 1-866-939-4469.

For questions specifically regarding the survey contents, email the HAMP Servicer Survey team.

Source: MHA

MHA HAMP Reporting Update New Year’s Day Holiday Support and System Availability

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Investor Update
December 27, 2016

Due to the observance of New Year’s Day, the HAMP Reporting System response files will not be available between 6:00 p.m. ET on Friday, December 30, 2016 and 8:00 a.m. ET on Tuesday, January 3, 2017.

During this time frame, the HAMP Reporting Tool will be available for servicers to submit and upload HAMP loan data files and the corresponding response files will be provided.

The HAMP Solution Center (HSC) will close at 6:00 p.m. ET on Friday, December 30, 2016 and will resume operations at 9:00 a.m. ET on Tuesday, January 3, 2017. Servicers may contact the HSC by phone or email at any time; however, phone messages and emails will be held in queue until the center reopens on Tuesday.

The NPV Transaction Portal will be available for normal processing during this period.

Questions?
For more information, email the HAMP Solution Center or call 1-866-939-4469.

Source: MHA

MHA HAMP Reporting Update March 2017 HAMP Reporting System Release Notes

Posted on by Safeguard

Investor Update
December 15, 2016

On February 27, 2017 the HAMP Reporting System, including the HAMP Reporting Tool, will receive the following updates:

  • Alignment of Maximum Modification Effective Date to 12/1/2017 for All HAMP Modifications
  • Additions and Modifications to Data Rules

Refer to the Release Notes for more information about these enhancements.

Questions?
For more information, email the HAMP Solution Center or call 1-866-939-4469.

Source: MHA

MHA HAMP Reporting Update Christmas Holiday Support and System Availability

Posted on by Safeguard

Investor Update
December 19, 2016

Due to the observance of Christmas Day, the HAMP Reporting System response files will not be available between 6:00 p.m. ET on Friday, December 23, 2016 and 8:00 a.m. ET on Tuesday, December 27, 2016.

During this time frame, the HAMP Reporting Tool will be available for servicers to submit and upload HAMP loan data files and the corresponding response files will be provided.

The HAMP Solution Center (HSC) will close at 6:00 p.m. ET on Friday, December 23, 2016 and will resume operations at 9:00 a.m. ET on Tuesday, December 27, 2016. Servicers may contact the HSC by phone or email at any time; however, phone messages and emails will be held in queue until the center reopens on Tuesday.

The NPV Transaction Portal will be available for normal processing during this period.

Questions?
For more information, email the HAMP Solution Center or call 1-866-939-4469.

Source: MHA

Is it D?j? Vu All Over Again with Delinquencies?

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Industry Update
December 19, 2016

The Urban Institute December Housing Chartbook brought some welcome news for mortgage delinquency and foreclosure rates. Similar to the latest reports from CoreLogic and ATTOM Data Solutions, the chartbook found that these levels are still dropping after the unprecedented levels seen following the housing crisis. Despite this positive trend, Urban Institute reports that these rates are still relatively high compared to those of pre-crisis in the early 2000’s.

“Loans 90 days delinquent or in foreclosure totaled 3.0 percent in the third quarter of 2016,” said the report, “down from 3.6 percent for the same quarter a year earlier.”

In addition to the nationwide rates, seriously delinquent rates for GSE loans also declined. The chartbook noted that as of October 2016, 1.21 percent of the Fannie Mae portfolio and 1.03 percent of the Freddie Mac portfolio were seriously delinquent. This was a decrease from 1.58 percent for Fannie Mae and 1.38 percent for Freddie Mac from the year prior, according to the report.

Alongside the decline in GSE seriously delinquent loans, FHA and VA loans also decreased even further, according to the chartbook.

“GSE delinquencies remain higher relative to 2005-2007, while FHA and VA delinquencies (which are higher than their GSE counterparts) are now at levels lower than 2005-2007,” said Urban Institute.

With the decline in delinquencies decline in permanent loan modifications, which is another sign of market recovery. Broken down even further, the data from the chartbook reports that the number of active permanent modifications declined by 4,870, making this quarter the third consecutive quarter.

“Fewer new permanent modifications were made, some modifications failed because the borrowers did not make their payments, and a small number of borrowers either paid off their mortgage or withdrew their application,” said the report. “As a result, active permanent mods declined to 0.97 million.”

To view the full December 2016 Housing Chartbook, click HERE.

Source: DS News

HUD Launches New Community Investment Tool

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Investor Update
December 6, 2016

Online tool generates a snapshot of HUD’s investment at the community level

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today unveiled the Community Assessment Reporting Tool (CART) – an innovative reference and mapping tool created to help answer the question, “How is HUD investing in my community?” CART provides a snapshot of HUD investments across a community, cutting the time it takes to generate this information from several business days to minutes.

CART uses geospatial technology to show the wide variety of HUD investments by city, state, county, metropolitan area, or congressional district. It also provides an interactive mapping interface that allows users to explore HUD investments within their community and see property- and grant-level detail at a variety of geographies.

“This tool provides real-time information on HUD investments in communities across the country with just a few clicks,” said HUD Secretary Julián Castro. “In today’s 21st century global economy where information is needed almost immediately, HUD is committed to making our resources more accessible and easier to find.”

CART includes information on many of HUD’s major programs invested in communities across the country including:

  • Community Planning and Development Competitive and Formula Grants
  • Rental Assistance through HUD’s Multifamily programs, Housing Choice Vouchers and Public Housing properties
  • Housing Counseling
  • Signature programs – Promise Zones, Strong Cities Strong Communities and Rental Assistance Demonstration.
  • Census demographic information

CART is available via Egis.hud.gov/cart and is responsive and mobile-friendly.

Source: HUD

HUD Announces New Housing Counseling Certification Requirements

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Investor Update
December 14, 2016

Effort designed to improve and standardize professional standards for those who counsel consumers

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced it will require that housing counselors participating in HUD programs to be certified to offer counseling services to consumers. In order to become certified, housing counselors must pass a standardized written examination and work for a HUD-approved housing counseling agency (HCA).

Counselors must demonstrate competency in each of the following areas of housing counseling: (1) financial management; (2) property maintenance; (3) responsibilities of homeownership and tenancy; (4) fair housing laws and requirements; (5) housing affordability; and (6) avoidance of, and responses to, rental and mortgage delinquency and avoidance of eviction and mortgage default. Read HUD’s final rule.

Though announced today, HUD’s final rule will take full effect three years following the release of the certification examination. To help counselors prepare for the exam, the Department is offering intensive training and study resources (in English and Spanish) to its counseling stakeholders. HUD is providing a wealth of resources to individuals seeking HUD certification including a practice test that will be available shortly and the actual certification test is expected to be published in the Spring of 2017.

In response to the recent housing crisis, Congress recognized the value of HUD-approved housing counseling services to help struggling families and directed the Department to develop a standard certification process to increase the competency of counselors in the full range of housing issues confronting consumers. HUD-certified counselors will also help to protect consumers from those fraudulent operators who prey upon those experiencing mortgage difficulties. Even legitimate for-profit housing counselors can charge consumers hundreds of dollars for services that are provided free or at low-cost by HUD-approved counselors.

Once HUD’s rule is fully implemented, housing counseling required by HUD or provided in connection with any HUD program will meet common standards and will be delivered by a HUD certified counselor working for a HUD-approved housing counseling agency. HUD will manage an online database of HUD-approved housing counseling agencies and certified counselors for consumers and partners to rely upon. HUD certification will allow consumers to quickly find a trusted, impartial and knowledgeable advisor who is required to put the consumer’s best interests first.

Independent research shows that consumers working with a HUD housing counseling agency have better credit, more savings, and fewer foreclosures than similar non-counseled consumers. To download a copy of the Final Rule, read frequently asked questions, and review the list of HUD Programs covered under this Final Rule, visit:  https://www.hudexchange.info/programs/housing-counseling/certification.

Source: HUD

Freddie Mac: Holiday Eviction Suspension: December 19, 2016 through January 3, 2017

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Investor Update
December 12, 2016

Freddie Mac is temporarily suspending all scheduled eviction lockouts from December 19, 2016 through January 3, 2017. The eviction lockout suspension applies to all foreclosed occupied single family homes and 2-4 unit properties that had Freddie Mac owned- or guaranteed mortgages.
 
For More Information

  • Review our press release.
  • Direct questions to your Freddie Mac representative or contact Customer Support (800-FREDDIE).

Source: Freddie Mac

Freddie Mac: Certain Securities Functions Migrated to CSP

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Investor Update
December 8, 2016

Under the direction of the Federal Housing Finance Agency (FHFA), we’ve implemented Release 1 of the Common Securitization Platform (CSP), successfully using the CSP to perform certain issuance and bond administration functions for certain Freddie Mac Participation Certificates (PCs).
 
As a reminder, our transition to the platform does not change the way Seller/Servicers do business with us.
 
Release 1 is a critical milestone for the multiyear Single Security Initiative. It paves the way for the transfer of Fannie Mae’s mortgage-backed securities to the platform. In the future, both Freddie Mac and Fannie Mae will issue the new single security, Uniform Mortgage-Backed Securities, through the CSP.
 
With the roll out of Release 1, Freddie Mac has effectively transferred certain securities operations to Common Securitization Solutions, LLC (CSS), a joint venture of Freddie Mac and Fannie Mae. CSS will act on our behalf to perform certain issuance, settlement and bond administration activities for some of our PCs.
 
For More Information

Source: Freddie Mac