Safeguard Properties

Fannie Mae Single Family Servicing News: Visit us at MBA Annual 2016

Posted on by Safeguard

Investor Update
September 28, 2016

Visit Us at MBA Annual 2016 — Walk Right In, Engage With Us

Simple. Open. Certain. That’s how you’ll find us at the center of the HUB at MBA’s Annual Convention and Expo, October 23 – 26, in Boston. Whether you have a specific question, or want to find out about the next big thing, you won’t be able to miss us. We’ll have information, experts, and personal attention — all for you. We’re grateful for your business and excited to meet with you to talk about solutions and technologies to transform your business. 
 
AAA Matrix Updates

The AAA Matrices for all judicial foreclosure states have been updated to add information regarding a Motion to Dismiss Foreclosure in the Standard Excess Fees section. Additionally, all AAA matrices have been updated to remove all references to the nonroutine_litigation@fanniemae email address. The updated versions will be available on the Fannie Mae business website on October 3. Servicers may access these documents on the Fannie Mae business website by logging in with their valid user ID and password (or contact their Technology Manager Administrator for access assistance). 

Updates to Title Cost Line Items in LoanSphere Invoicing

Fannie Mae Expense Reimbursement has added new Title Cost line items to the available list of line items in LoanSphere Invoicing™. The new line items Category and Subcategory are outlined below.

These line items will require that the From Date be populated when submitting a claim in LoanSphere Invoicing:

  • Title Costs Cateogry 9
  • Subcategory 813: Title Costs – Foreclosure
  • Subcategory 814: Title Costs – Modification

These existing line items below will require that the From Date to be populated when submitting a claim in LoanSphere Invoicing:

  • Title Costs Cateogry 9
  • Subcategory 805: Title Costs – Deed-in-Lieu of Foreclosure
  • Subcategory 806: Title Costs – Bankruptcy

Note: The From Date should represent the date the Title expense was incurred/completed.

Effective November 28, the following line items below will be deactivated and will no longer be available to Servicers:

  • Cost of Title Examination/Abstract 50
  • Subcategory 801: Title report (uninsured) – Foreclosure
  • Subcategory 802: Title report (w/required insurance) – Foreclosure
  • Subcategory 803: Title Update – Foreclosure
  • Subcateogry 804: Other/Misc Title Costs
  • Subcateogry 807: Title Update – Other

Reference the Servicer Expense Reimbursement Line Items in LoanSphere Invoicing document for a list of all Servicer expense categories and subcategories for conventional loans that are available in BKFS LoanSphere Invoicing.

If you have any questions or concerns related to the LoanSphere Invoicing Line Items, please submit your inquiry to expensereimbursement_lineitemconsolidationproject@fanniemae.com. 

Request for Release/Return of Documents Updated

Fannie Mae has recently published an updated Request for Release/Return of Documents (Form 2009).

Please note that changes made to the form include:

  • Removal of the requirement to list the Fannie Mae Pool Number
  • Addition of two new reasons for requesting documents
  • Transfer of Servicing
  • Transfer to Separate Custodial Agreement
  • Addition of one new reason for retaining documents
  • Foreclosure Complete

The instructions for completing Form 2009 have also been updated. The servicer is authorized to begin using the updated form immediately. 

Updated HSSN Job Aids Now Available

Updated HomeSaver Solutions® Network (HSSN) job aids have been published on the Servicing Training page. The updates reflect the changes made in Asset Management Network (AMN)/HSSN Release 22.0. Information on uploading large PDF files and the Servicer Evaluation Date field, updated screen captures and additional campaign codes can be found in the following job aids:

Future Changes to Investor Reporting – All Servicer Forum

Please plan on attending the upcoming Future Changes to Investor Reporting – All Servicer Forum. During the October forums we will provide a more detailed overview of the Transaction Type 96 loan activity summary reporting.

We are offering two sessions: October 27 at 2:30 p.m. ET and October 28 at 2:30 p.m. ET.

Who Should Attend?
Every servicer who does business with us. To accommodate your busy schedule, we will host two sessions each month covering the same topic and materials at each session. Simply pick the date that works best for your schedule. Register today, as space is limited. Be sure to forward this invitation to others in your organization who would also benefit from these forums.

Learn More
Visit the Future Changes to Investor Reporting web page for the latest information and resources. Questions? Contact your Servicer Integration Lead or email call-in_information@fanniemae.com. 

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A Louisiana Builder Shares Why Homes in His Area Are in Short Supply
After hurricanes and an oil spill, this year may be the best in a decade for builder Randy Noel (pictured right) of southern Louisiana. Read more

Receive regular content updates by registering at the sites.
 
Recent Tweets

Watch online as @SCClemons interviews our CEO Tim Mayopoulos @ #ATLX. Friday, 3:45 p.m. ET:
http://theatln.tc/2ds11ge

September 28
 
Stay on top of our latest servicing announcements, lender letters, and notices:
http://bit.ly/2dprxqz

September 27

Source: Fannie Mae

Fannie Mae Single Family Servicing News: New Line Items Available in LoanSphere Invoicing

Posted on by Safeguard

Investor Update
August 31, 2016

New Line Items Available in LoanSphere Invoicing

As outlined in the updated Servicer Expense Reimbursement Line Items in LoanSphere Invoicing™ posted on August 24, Fannie Mae Expense Reimbursement has added new line items to the available list of line items in LoanSphere Invoicing™. The line items are

  • General Servicers Category 20
  • Subcategory 160: Escrow/Refund Provided in Error: This line item should only be used if the Servicer provided an Escrow Balance or a Refund in error and is requesting to be reimbursed.
  • Subcategory 159: FHA/VA/Rural HUD Reimbursement: This line item should be used if directed by a Fannie Mae representative to request payment for expenses associated with a FHA, VA, or RURAL loan. Expenses submitted on this line item will require pre-authorization by Fannie Mae.
  • Subcategory 161: Third Party Sales Reimbursement: This line item should only be used if directed by a Fannie Mae representative to request payment for expenses associated with a Third Party Sale. Expenses submitted on this line item will require pre-authorization by Fannie Mae.
  • Recording Costs Category 45
  • Subcategory 811: Mortgage Tax: This line item is used for mortgage taxes on a completed loan modification only in the States of Alabama, Florida, Kansas, Oklahoma, Minnesota, New York, and Tennessee.

In addition to the general services line items, new expense line items are available for reoccurring property inspections and monthly utilities. These new line items require the Servicer to enter in a Service From date and a Service To date. Specific details for these line items are available in the Servicer Expense Reimbursement Job Aid on the Fannie Mae business website.
 

Help Borrowers Exit Gracefully Through Short Sale or Mortgage Release

Our new on demand course focuses on best practices for having that difficult conversation with a customer who may not be eligible for retention solutions. Learn how to discuss the benefits of a graceful exit solution, such as short sale or Mortgage Release™, with your customers to allow them to transition from the property and avoid foreclosure.

AAA Matrices Updated for Several States

The Attorney Authorization Approval (AAA) Matrices for Arizona, California, Nevada, Ohio, and Washington have been updated to clarify Fannie Mae’s foreclosure related title costs guidelines. The Allowable Title Cost for Fannie Mae Foreclosures document has also been updated on the Fannie Mae business website to reflect the updates for these states. These documents are available for servicers who have access using their valid user ID and password. If you need access, contact your Technology Manager Administrator.

Access Message Manager Reports in Fannie Mae Connect

On August 29, 2016, nine Selling and Servicing reports were migrated to Fannie Mae Connect™ from Message Manager. The transition of these reports is part of a larger effort to centralize reporting, and to retire Message Manager in late October 2016.

More information on the Message Manager report transition is provided in the Fannie Mae Connect Implementation Notification.

Summer is Still Here! Sharpen your Investor Accounting Skills with HFI InDepth for Half the Price

Are you involved in investor accounting for your company? HFI® InDepth virtual classes provide training in custodial accounting, reconciling actual/actual loans, and MBS accounting. You’ll learn tips for reporting on your loans and have access to an expert instructor who can answer your questions during a two-hour session from the comfort of your desk.

Regular price: $250
Summer price: $125 (June 20 through September 22)

Register today and automatically get the summer discount for one or more of these HFI InDepth classes:

Recent Headlines From Our Websites

Home Equity Levels Bounce Back in America’s Largest Cities
Can Playing Pokémon Go Boost Your Business?
Healing Labor Market Improves the National Foreclosure Picture

Receive regular content updates by registering at the sites.
 
Recent Tweets

Servicers, here’s why some say you should innovate with the consumer in mind:
http://bit.ly/2bU2FrQ

August 30
 
The improved #jobs market is helping push foreclosure starts to their lowest level since 2000:
https://t.co/loLkgegEQA

August 29
 
Source: Fannie Mae

Fannie Mae Single Family Servicing News: Announcements SVC-2016-08 and RVS-2016-01

Posted on by Safeguard

Investor Update
September 14, 2016

Announcement SVC-2016-08: Servicing Guide Updates

The Servicing Guide has been updated to include changes related to the following:

  • Foreclosure Time Frames and Compensatory Fee Allowable Delays Exhibit
  • Mortgage Insurer Delegations for Workout Options
  • Form 3179 and Form 181 Loan Modification Agreement Instructions

Read the Announcement for full 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, or check out the Guide Update Presentation here.
 
Announcement RVS-2016-01: Reverse Mortgage Loan Servicing Manual Updates

The Reverse Mortgage Loan Servicing Manual has been updated to align with HUD instructions related to HECM hazard insurance policy coverage requirements. Read the Announcement for more details.
 
Future Changes to Investor Reporting – All Servicer Forum

Please plan to attend the Future Changes to Investor Reporting – All Servicer Forum. Our September Forums will be focusing on an overview of the Customer Transition requirements and activities occurring in Feb. 2017. Register via the links below for a session that works best for your schedule:

Every servicer who does business with us should attend this forum. To accommodate your busy schedule, we will host two sessions each month covering the same topic and materials at each session. Simply pick the date that works best for your schedule. Register today, as space is limited. Be sure to forward this invitation to others in your organization who would also benefit from these forums.

Visit the Future Changes to Investor Reporting web page for the latest information and resources. If you have questions, please contact your Servicer Integration Lead or email call-in_information@fanniemae.com.
 
Allowable Title Cost Guidance

Fannie Mae recently notified law firms in the jurisdictions of Alaska, Arizona, Idaho, Nevada, New Mexico, Oregon and Washington, that Fannie Mae has extended the effective date from September 1 to December 1 for compliance with Servicing Guide Announcement SVC-2016-05, which requires law firms to seek excess title cost approval for title costs over the allowable amount set forth in the Fannie Mae AAA Matrix and the Fannie Mae Allowable Title Cost for Fannie Mae Foreclosures document. Servicers may access these documents on the Fannie Mae business website by logging in with their valid user ID and password (or contact their Technology Manager Administrator for access assistance).

There is no effective date change for other jurisdictions. Also, despite the extension for these affected states, Fannie Mae expects law firms to be in compliance with the Fannie Mae title requirements as soon as possible. If the law firm obtains a full Trustee Sale Guaranty through December 1, the firm must specify on its invoice that the title product is a TSG. When applicable, servicers should request reimbursement from Fannie Mae for these TSG expenses by using the following line item: Title Costs (Category ID 9) — Trustee Sale Guarantee (Subcategory ID 1). 
 
Simplification of Documentation Requirements and Introduction of Expense Reviews

As outlined in the updated Servicer Expense Reimbursement Job Aid that was posted on August 24, Fannie Mae will no longer require supporting documentation at the time of submission for certain expenses. However, these expenses may be subject to a review of supporting documentation prior to or after disbursement of payment. The impacted expenses include Homeowners Association/Condo Association (HOA/COA) Dues, Mortgage Insurance, Recurring (Ongoing) Property Inspections, Technology Usage Fees, and Utility Bills

When a claim is selected for pre-payment review, servicers will receive a request from Fannie Mae to submit additional supporting documentation within LoanSphere Invoicing™ using the Pending Servicer Review status. The servicer will need to return the claim with the supporting documentation within 30 days of when the claim was put into the PSR status. If the claim is returned without the supporting documentation, the expense will be denied or curtailed. If the claim is never returned, the claim may be denied after 30 days.

If a claim is selected for a post-payment review, servicers may be asked to provide supporting documentation for an expense after an expense has already been paid. If the supporting documentation cannot be provided, the expense may be referred to Fannie Mae’s collection department.

Additional information is available in the Servicer Expense Reimbursement Job Aid on the Fannie Mae Portal. For step-by-step instructions for reviewing claims in PSR status, refer to Viewing Claims in Pending Servicer Review Status on the Fannie Mae business website.

Summer is Still Here! Sharpen your Investor Accounting Skills with HFI InDepth for Half the Price

Are you involved in investor accounting for your company? HFI® InDepth virtual classes provide training in custodial accounting, reconciling actual/actual loans, and MBS accounting. You’ll learn tips for reporting on your loans and have access to an expert instructor who can answer your questions during a two-hour session from the comfort of your desk.

Regular price: $250
Summer price: $125 (June 20 through September 22)

Register today and automatically get the summer discount for one or more of these HFI InDepth classes:

Recent Headlines From Our Websites

Will 2016 Be the Housing Market’s Best Summer Ever?
A Housing Economist Shares What He Expects For the Rest of 2016

Receive regular content updates by registering at the sites.
 
Recent Tweets

Congrats to @D2_Duncan on winning @business_econ’s 2015-16 Outlook Award two years in a row:
https://t.co/BUHEQwetbC

September 13
 
The avg. mortgage loan officer is 54 years old. This lender is trying to change that:
http://bit.ly/2cn4zl8

September 12

Source Fannie Mae

Fannie Mae: ACH Direct Deposit FAQs and Form Updates

Posted on by Safeguard

Investor Update
September 20, 2016

ACH (Direct Deposit) is a fast and easy way to receive your invoice payment. We updated the Form and the FAQs.

Source: Fannie Mae (Servicer Expense Reimbursement web page)

CFPB Gives Training on Updated Servicer Rules

Posted on by Safeguard

Investor Update
September 20, 2016

Officials from the Consumer Financial Protection Bureau (CFPB) spoke to attendees from all sectors of the mortgage industry at the Consumer Financial Protection Bureau Industry and Servicer Training Update during the 2016 Five Star Conference and Expo. Laurie Maggiano, Manager for Servicing and Securitization Markets, Research, and Regulation, and Laura Johnson, Senior Counsel in the Office of Regulations led this training update. Maggiano and Johnson presented an overview of policy and programs that impact the mortgage industry based off of the recently published rules in August. This was one of the first times the Bureau has provided an in-depth, in-person training since the promulgation of the new servicing rules.

The finalized rules dictate that servicers must provide certain borrowers with foreclosure protections more than once over the life of the loan. According to the CFPB, this change will be particularly helpful for borrowers who obtain a permanent loan modification and later suffer an unrelated hardship, such as the loss of a job or the death of a family member, that could otherwise cause them to face foreclosure.

Servicers must also clarify borrower protections when the servicing of a loan is transferred and provide important loan information to borrowers in bankruptcy.

The updated rules also more clearly define various roles in the foreclosure process. For those who inherit property, the potential foreclosure process has been especially perilous. The updated rules establish a broad definition of “successor in interest” that generally includes persons who receive property upon the death of a relative or joint tenant, via divorce or legal separation, through certain trusts, or from a spouse or parent and gives them, generally, the same protections outlined under the CFPB’s mortgage servicing rules as the original borrower.

These amendments also require servicers to notify borrowers when loss mitigation applications are complete and provide greater protection for struggling borrowers during servicing transfers. The rules also clarify servicers’ obligations to avoid dual-tracking and prevent wrongful foreclosures, as well as when a borrower becomes delinquent.

To view the presentation material from the CFPB Industry and Servicer Training Update click HERE.

To read more about the CFPB’s updated rules click HERE.

Editor’s note: The Five Star Institute is the parent company of DS News and DSNews.com.

Source: DS News

VALERI Servicer Newsflash

Posted on by Safeguard

Investor Update
August 3, 2016

IMPORTANT INFORMATION
Interest Rate for Department of Veterans Affairs (VA) Streamline Modifications – Servicers initiating a trial payment plan (TPP) for a VA streamline loan modification may request pre-approval from VA to complete the modification with an interest rate based on the approval date of the TPP instead of the interest rate at the time of the modification approval.

All pre-approval requests must be submitted prior to the TPP agreement or loan modification, as VA does not grant pre-approvals for events a servicer has already reported. If a servicer deviates from a regulation without obtaining a pre-approval, it is considered a regulatory infraction on the loan.

VA Address on Deeds to VA – The address that should be used when a property is conveyed to VA, has been changed to:

Department of Veterans Affairs
Loan Guaranty Service
3401 West End Avenue, Suite 760W
Nashville, TN 37203

REMINDER
Contacting VA – Per M26-4, Chapter 1, any questions related to a loan assigned to a VA Loan Technician should be referred directly to that Technician for assistance and guidance. All VA Loan Technicians are available to provide assistance for inquiries on current loans that are not yet assigned, regardless of property location.

Source: VA

VA Circular 26-16-23 Special Relief Following Louisiana Severe Storms and Flooding

Posted on by Safeguard

Investor Update
August 17, 2016

1. Purpose. This Circular expresses concern about Department of Veterans Affairs (VA) home loan borrowers affected by severe storms and flooding in the State of Louisiana, and describes measures mortgagees may employ to provide relief. Mortgage servicers and borrowers alike should review VA’s Guidance on Natural Disasters to ensure Veterans receive the assistance they need. (http://www.benefits.va.gov/homeloans/documents/docs/va_policy_regarding_natural_disasters.pdf)

2. Forbearance Request. VA encourages holders of guaranteed loans to extend forbearance to borrowers in distress as a result of the Louisiana severe storms and flooding. Careful counseling with borrowers should help determine whether their difficulties are related to these storms, or whether they stem from other sources that must be addressed. The proper use of authorities granted in VA regulations may be of assistance in appropriate cases. For example, Title 38, Code of Federal Regulations (CFR), section 36.4311 allows the reapplication of prepayments to cure or prevent a default. Also, 38 CFR 36.4315 allows the terms of any guaranteed loan to be modified without the prior approval of VA, provided conditions in the regulation are satisfied.

3. Moratorium on Foreclosure. Although the loan holder is ultimately responsible for determining when to initiate foreclosure and for completing termination action, VA has requested on its website (http://www.benefits.va.gov/homeloans) that holders establish a 90-day moratorium from the date of a disaster on initiating new foreclosures for loans affected by major disasters. VA regulation 38 CFR 36.4324(a)(3)(ii) allows additional interest on a guaranty claim when eventual termination has been delayed due to circumstances beyond the control of the holder, such as VA-requested forbearance. Due to the widespread impact of the Louisiana severe flooding, holders should review all foreclosure referrals to ensure that borrowers have not been affected significantly enough to justify delay in referral. Any questions about impact should be discussed with the VA Regional Loan Center (RLC) of jurisdiction.

4. Late Charge Waivers. VA believes that many servicers plan to waive late charges on affected loans, and encourages all servicers to adopt such a policy for any loans that may have been affected.

5. Credit and VA Reporting. In order to avoid damaging credit records of Veteran borrowers, servicers are encouraged to suspend credit bureau reporting on affected loans. VA will not penalize affected servicers for any late default reporting to VA as a result. Please contact the appropriate RLC with any questions.

6. Activation of the National Guard. Members of the National Guard may be called to active duty to assist in recovery efforts. VA encourages servicers to extend special forbearance to National Guard members who experience financial difficulties as a result of their service.

7. Rescission: This Circular is rescinded October 1, 2018.

By Direction of the Under Secretary for Benefits

Jeffrey F. London
Deputy Director, Loan Guaranty Service

Source: VA

VA Circular 26-16-22 Special Relief Following a Natural Disaster

Posted on by Safeguard

Investor Update
August 1, 2016

1. Purpose. This Circular expresses concern about Department of Veterans Affairs (VA) home loan borrowers affected by a natural disaster, such as the California wildfires or Federally-declared natural disasters, and describes measures mortgagees may employ to provide relief. Mortgage servicers and borrowers alike should review VA’s Guidance on Natural Disasters to ensure Veterans receive the assistance they need. (http://www.benefits.va.gov/homeloans/documents/docs/va_policy_regarding_natural_disasters.pdf)

2. Forbearance Request. VA encourages holders of guaranteed loans to extend forbearance to borrowers in distress as a result of a natural disaster. Careful counseling with borrowers should help determine whether their difficulties are related to a natural disaster, or whether they stem from other sources that must be addressed. The proper use of authorities granted in VA regulations may be of assistance in appropriate cases. For example, Title 38, Code of Federal Regulations (CFR), section 36.4311 allows the reapplication of prepayments to cure or prevent a default. Also, 38 CFR 36.4315 allows the terms of any guaranteed loan to be modified without the prior approval of VA, provided conditions in the regulation are satisfied.

4. Moratorium on Foreclosure. Although the loan holder is ultimately responsible for determining when to initiate foreclosure, and for completing termination action, VA has requested that holders establish a 90-day moratorium from the date of a natural disaster on initiating new foreclosures on affected loans. VA regulation 38 CFR 36.4324(a)(3)(ii) allows additional interest on a guaranty claim when termination has been delayed due to circumstances beyond the control of the holder, such as VA-requested forbearance. Because of the widespread impact of a natural disaster, holders should review all foreclosure referrals to ensure that borrowers have not been affected significantly enough to justify delay in referral. Any questions about impact should be discussed with the VA Regional Loan Center (RLC) of jurisdiction.

5. Late Charge Waivers. VA believes that many servicers plan to waive late charges on affected loans, and encourages all servicers to adopt such a policy for any loans that may have been affected.

6. Credit and VA Reporting. In order to avoid damaging credit records of Veteran borrowers, servicers are encouraged to suspend credit bureau reporting on affected loans. VA will not penalize affected servicers for any late default reporting to VA as a result. Please contact the appropriate RLC with any questions.

7. Activation of the National Guard. Members of the National Guard may be called to active duty to assist in recovery efforts. VA encourages servicers to extend special forbearance to National Guard members who experience financial difficulties as a result of their service.

8. Rescission: This Circular is rescinded October 1, 2018.

By Direction of the Under Secretary for Benefits

Jeffrey F. London
Deputy Director, Loan Guaranty Service

Source: VA

MHA HAMP Reporting Update Updated Data Dictionaries Posted

Posted on by Safeguard

Investor Update
July 28, 2016

In connection with the November 2016 release of the HAMP® Reporting System, updated versions of the following Data Dictionaries were posted on HMPadmin.com:

Questions? 
Email the HAMP Solution Center or call 1-866-939-4469.

Source: MHA

MHA HAMP Reporting Update November HAMP Reporting System Release Notes

Posted on by Safeguard

Investor Update
August 25, 2016

On November 1, 2016, the HAMP Reporting System, including the HAMP Reporting Tool, will receive the following updates:

  • Update to first lien data set provided to Black Knight to include only GSE & non-GSE HAMP, and GSE standard modifications previously matched to a second lien as of March 31, 2017
  • Additions and modifications to data rules

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

Questions? 
Email the HAMP Solution Center or call 1-866-939-4469.

Source: MHA