Safeguard Properties

FHA INFO #16-48: Press Release and White Paper on the Future of Foreclosure Prevention Issued Today

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Investor Update
July 25, 2016

Today, the U.S. Department of the Treasury issued a Press Release regarding the publication of a joint white paper by Treasury, the U.S. Department of Housing and Urban Development (HUD), and the Federal Housing Finance Agency (FHFA) that is designed to serve as a guide for future loss mitigation programs.

The guidance draws on lessons learned from the implementation of the government’s crisis-era housing foreclosure prevention/loss mitigation recovery programs, and outlines five principles the agencies believe were essential to the success of the government’s programs and should provide a foundation for any future loss mitigation programs.

For complete information, refer to the Guiding Principles for the Future of Loss Mitigation white paper.

Quick Links

Resources

  • Contact the FHA Resource Center:
    — Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at: www.hud.gov/answers.
    — E-mail the FHA Resource Center at answers@hud.gov. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.
    — Call 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Relay Service at 1-800-877-8339.

Source: HUD (FHA INFO #1648 full version)

FHA INFO #16-44: Mortgagee Letter 2016-10

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Investor Update
July 13, 2016

Revised HECM Financial Assessment and Property Charge Guide and Other HECM Updates in Mortgagee Letter 2016-10

Today, the Federal Housing Administration (FHA) published Mortgagee Letter 2016-10, Home Equity Conversion Mortgage (HECM) Program – Servicing Fee Set-Aside Growth Rate; Third Party Property Tax Verification Fees; and Financial Assessment and Property Charge Guide. This Mortgagee Letter:

  • Announces and transmits an updated HECM Financial Assessment and Property Charge Guide;
  • Revises the calculation of the growth rate (compounding interest rate) for HECM Servicing Fee Set-Asides to use the Note Rate; and
  • Adds the Third Party Property Tax Verification Fee to the list of allowable fees and charges.

The revised Financial Assessment and Property Charge Guide and the Servicing Fee Set-Aside policy become effective for FHA case numbers assigned on or after October 3, 2016. The Third Party Property Tax Verification Fee update is effective for FHA case numbers assigned on or after today, July 13, 2016.

FHA will host an industry briefing conference call to review the details in Mortgagee Letter 2016-10 on July 21. Additional information is included at the end of this FHA INFO.

Revised HECM Financial Assessment and Property Charge Guide
During the past year, FHA has gained additional insights into the practical application of its HECM Financial Assessment and Property Charge policies that became effective for FHA case numbers assigned on or after April 27, 2015. Based on this experience, FHA is making additional revisions to the HECM Financial Assessment and Property Charge Guide. These revisions include:

  • Updates to reflect applicable forward mortgage policy changes that have been made to the Single Family Housing Policy Handbook 4000.1 subsequent to the Guide’s November 2014 publication;
  • More specific guidance for several components of the Financial Assessment; and
  • Additional criteria for evaluating Compensating Factors in completing the Residual Income analysis to ensure HECM borrowers can comply with HECM requirements and stay in their homes long term.

The revised Financial Assessment and Property Charge Guide is attached to Mortgagee Letter 2016-10, and becomes effective for FHA case numbers assigned on or after October 3, 2016. The current Guide, in effect for case numbers assigned through October 2, 2016, remains accessible from HUD’s Client Information Policy Systems (HUDCLIPS) web page and the HECM for Lenders web page.

FHA Systems Changes Required
To support certain revisions contained in Mortgagee Letter 2016-10, FHA will implement changes to both its FHA Connection (FHAC) and Home Equity Reverse Mortgage Information Technology (HERMIT) systems to coincide with the effective dates noted in the Mortgagee Letter. FHA will communicate additional information about the FHAC and HERMIT systems changes in the future.

Industry Briefing Conference Call on July 21
FHA-approved mortgagees and other stakeholders are invited to attend an industry briefing conference call on July 21. During this call, FHA subject matter experts will provide an overview of the revisions contained in Mortgagee Letter 2016-10.

  • Title: HECM Mortgagee Letter 2016-10
  • Date: July 21, 2016
  • Time: 2:00 PM – 3:00 PM (Eastern)
  • Dial-in: (866) 254-5935
  • Access Code: 397712

Mortgagees may submit questions in advance of this call to FHA’s special e-mail box, FHASFCall@hud.gov, by July 19. Please limit your submissions to two questions, which FHA subject matter experts will consider for responses during the call. Please note that this is an unattended e-mail box to be used only for submitting questions concerning Mortgagee Letter 2016-10. FHA will be unable to respond in writing to individual questions or inquiries submitted to this e-mail box.

Quick Links

Resources

  • Contact the FHA Resource Center:
    — Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at: www.hud.gov/answers.
    — E-mail the FHA Resource Center at answers@hud.gov. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.
    — Call 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Relay Service at 1-800-877-8339.

Source: HUD

Fannie Mae Single Family Servicing News: Fannie Mae Property Maintenance and Management: HomeTracker Lender Center Enhancements

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Investor Update
July 20, 2016

Fannie Mae has requested enhancements to the HomeTracker® Lender Center application effective August 11.

Live webinar training sessions will cover updated requirements for P&P submissions; the new related bid process; two new worklists for effective workflow management; and ad hoc reporting updates. The intended training audience includes any property preservation team member for both the servicer and the servicer’s vendor that utilizes HomeTracker to submit over allowable P&P requests and/or track work completion results.

Training sessions will be hosted by HomeTelos and Fannie Mae on the following dates:

  • Tuesday, August 2 at 3 p.m. ET
  • Thursday, August 4 at 11 a.m. ET
  • Wednesday, August 10 at 2 p.m. ET
  • Friday, August 12 at 12 p.m. ET
  • Friday, August 12 at 4 p.m. ET
  • Monday, August 15 at 3 p.m. ET
  • Tuesday, August 16 at 11 a.m. ET
  • Wednesday, August 17 at 1 p.m. ET

Register for any available sessions.

After registering, participants will receive a confirmation email containing information about joining the webinar along with reminder emails prior to a scheduled session. Please note, each participant may register for multiple sessions. Registrants who are unable to attend their scheduled session will receive a follow-up email with the opportunity to select a new session.

Should you have training-related questions or concerns, please reach out to Amy Bridges, Fannie Mae’s Client Account Manager with HomeTelos at ABridges@firstprestonht.com, or Fannie Mae at property_preservation@fanniemae.com.
 
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Register today and automatically get the summer discount for one or more of these HFI InDepth classes:

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July 19

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July 18

Source: Fannie Mae

Fannie Mae Servicing Guide Announcement SVC-2016-06 Servicing Guide Updates

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Investor Update
July 13, 2016

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

  • Post-Foreclosure Bankruptcy Clarification
  • Short Sale Offer Acknowledgement
  • Pooled from Portfolio (PFP) Mortgage Loans

Each of these updates is described below. The servicer must review each topic in the Servicing Guide in its entirety to gain a full understanding of the policy change(s).

Source: Fannie Mae (SVC-2016-06 full version)

Fannie Mae: Servicer Expense Reimbursement Notification of Updates to LoanSphere Invoicing

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Investor Update
July 17, 2016

Updates have been made to the LoanSphere InvoicingTM system which include the ability for Fannie Mae to add line level comments. The information below illustrates how to access line level comments and how to attach an invoice when submitting a claim for expense reimbursement.

Viewing the Investor Line Level Comments

Fannie Mae Expense Reimbursement has added a link for Investor Line Level Comments in LoanSphere InvoicingTM. These comments provide specific line item feedback to the servicer. This update streamlines the communication between the investor and servicer by providing a direct line of communication at the line item level.

Source: Fannie Mae (full release note)

Fannie Mae QAS Release Notification

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Investor Update
July 14, 2016

During the weekend of July 23, 2016, Fannie Mae will implement an update to the Quality Assurance System (QAS). The updates, which respond to user feedback, will streamline and improve the usability of the “Missing/Defective Document Request” report. The changes are:

  • Drop document requests from the report once the lender has fulfilled the request
  • Include only missing document requests on the report and populate the “Missing Document Requested Date” field
  • Remove these fields from the report:
  • Document Received Date
  • Document Accepted Date
  • Document Rejected Date
  • Document Rejected Comments
  • Remove these fields from the Document Request History Section of the Loan Details:
  • Accepted Date
  • Rejected Date
  • Rejected Comments

Source: Fannie Mae (notification full version)

Fannie Mae Lender Letter LL-2016-04 Mortgage Insurance Updates

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Investor Update
July 26, 2016

This Lender Letter updates the following mortgage insurance requirements and lists:

  • MassHousing Mortgage Insurance Fund Requirements
  • List of Approved Mortgage Insurance Forms
  • List of Approved Mortgage Insurers and Related Identifiers

Each of the updates is described below.

MassHousing Mortgage Insurance Fund Requirements

In SEL-2014-08: Fannie Mae Announces Approved Mortgage Insurance Forms, we announced changes to our requirements regarding mortgage insurance master primary policies, related endorsements, and other mortgage insurance forms (Forms). Recently, Fannie Mae and Freddie Mac, under the direction of the Federal Housing Finance Agency, worked with the MassHousing Mortgage Insurance Fund (Fund) to update the Fund’s loan loss reserve agreement and other Forms. These Forms describe the Fund’s terms of mortgage insurance coverage on individual loans sold to or securitized by Fannie Mae, as well as other investors and guarantors.

As a reminder, lenders are prohibited from entering into any agreement that modifies the terms of any approved mortgage insurance master policy on loans delivered to Fannie Mae. See the Selling Guide, B7-1-01, Provision of Mortgage Insurance for additional information. The Fund’s Forms are the equivalent of a private mortgage insurer’s mortgage insurance master policy and are subject to this prohibition.

Effective Date
The updated Forms are required for loans with application dates on or after October 1, 2016, that are covered by the Fund. Loans with incorrect Forms are not eligible for delivery.

List of Approved Mortgage Insurance Forms Updated
Updates to this list are shown below.

  • Replaced the previous MassHousing Forms with the following:
  • Loan Loss Reserve Agreement, LLRA 2016 Dated October 1, 2016;
  • Mortgage Payment Protection Endorsement, LLRA E-2016 Dated October 1, 2016; and
  • Commitment/Certificate, LLRA C-2016 Dated October 1, 2016.
  • Added two Essent Guaranty, Inc. forms:
  • Bulk Delivery Endorsement, EGI-3002.001(07/16); and
  • Certificate Schedule for Bulk Delivery Endorsement, EGI-3002.002(07/16).
  • Removed the following:
  • State of New York Mortgage Agency Mortgage Insurance Fund because it is no longer active and has beensuspended by Fannie Mae; and
  • Genworth Residential Mortgage Insurance Corporation of North Carolina because it merged with GenworthMortgage Insurance Corporation effective October 1, 2015, and no longer exists as a separate entity.

The updated list is on Fannie Mae’s website.

List of Approved Mortgage Insurers and Related Identifiers Updated
Updates to this list are shown below.

  • Removed the following:
  • State of New York Mortgage Agency Mortgage Insurance Fund (SONYMA)

    SONYMA has not insured new mortgage loans in many years and we have no remaining exposure to SONYMA. As a result, we are suspending SONYMA, effective immediately, and deactivating ULDD Enumerated Value “SONYMA” and MI Code “40” from our delivery systems.

  • Genworth Residential Mortgage Insurance Corporation of North Carolina

    Genworth Residential Mortgage Insurance Corporation of North Carolina (including all of its assets and liabilities) was merged into Genworth Mortgage Insurance Corporation effective October 1, 2015, and no longer exists as a separate entity.

  • Substituted the following:
  • ULDD Enumerated Value of “ArchMI” for Arch Mortgage Insurance Company replaces “CMG”

    Arch Mortgage Insurance Company acquired the former CMG Mortgage Insurance Company in January 2014. With the implementation of ULDD Phase 2, effective June 27, 2016, we now support the ULDD Enumerated Value of “ArchMI” for Arch Mortgage Insurance Company.

  • Lenders should no longer use “CMG” and need to replace “CMG” with “ArchMI” in the ULDD loan delivery file. “CMG” will no longer be an acceptable enumeration in Loan Delivery after December 31, 2016.

The updated list is on Fannie Mae’s website.

Contact your Account Team if you have any questions about this Lender Letter.

Carlos T. Perez
Senior Vice President and
Chief Credit Officer for Single-Family

Source: Fannie Mae

Fannie Mae: Delinquency Counseling Policies Job Aid

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Investor Update
July 5, 2016

Delinquency Counseling Policies

This job aid is a tool for the servicer to understand Fannie Mae’s delinquency counseling requirements, updates of which were announced in SVC-2016-05 on June 8, 2016. With these updates, Fannie Mae deleted Servicing Guide topic D2-2-09, Collection Requirements for a Borrower Who Has a Community Lending Mortgage Loan, and its related policies. The servicing of community lending mortgage loans is now aligned under the policies for all other Fannie Mae conventional mortgage loans. Furthermore, with a focus on supporting sustainable homeownership, Fannie Mae updated other policies in the Servicing Guide to increase the visibility of available resources to the borrower.

Source: Fannie Mae

Fannie Mae Connect Implementation Notification

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Investor Update
July 18, 2016

Message Manager Report Migration to Fannie Mae Connect – Aug. 1, 2016

Updated to reflect a new release date for reports in Fannie Mae Connect

The Fannie Mae Connect reporting portal streamlines and centralizes key Fannie Mae data from multiple reporting applications, and uses business intelligence tools to provided unique analytics.

In August 2016, all Message Manager Selling and Servicing reports will be migrated to Fannie Mae Connect and two reports will be retired. Once logged into Fannie Mae Connect, a user can view each report within the Fannie Mae Connect Report Center. At the end of the transition in late October 2016, Message Manager will be retired.

This notification details changes for the August 1 implementation and provides a preview of changes coming later in the month. This document will be updated as information about the August implementation becomes available.

Provided in this notification:

  • A list of the Selling and Servicing Reports that will transition to Fannie Mae Connect by the end of August 2016.
  • The format changes and links to the technical specifications for reports that have format changes when they transition to Fannie Mae Connect.

NOTE: For your convenience, Message Manager reports will be available in both Fannie Mae Connect and Message Manager until the tool is retired in October 2016.

  • Information on the amount of historical data that will be available in Fannie Mae Connect.
  • Notification of two reports that will be retired.

Report Formats

When migrated to Fannie Mae Connect, Message Manager Selling and Servicing Reports can be accessed from the Report Center in one or more of the following formats.

  • Enhanced Tableau Functionality: Some Selling Reports will be available in the Tableau® Business Intelligence reporting tool. The Tableau reporting tool enables both data display and analytics. The reports in Tableau are viewable using enhanced reporting features such as filtering, sorting and exporting options. For more information about Tableau in Fannie Mae Connect this document provides information on how to work with Tableau.
  • Raw Data via the Download Center: Other Selling Reports will be accessed as downloads from the Fannie Mae Connect Download Center. The reports in the Download Center are viewable in a different format as raw data (PDF, .txt), with data filtering by seller/servicer and monthly periods.
  • Message Manager As-Is: Some reports will be viewable in Fannie Mae Connect in the same format as they were presented in Message Manager. To support Call-In-Elimination project activities and to minimize impact to their team’s current requirements, we are assisting our Servicers by not changing the format of Servicing reports.

Source: Fannie Mae (full notification)

Fannie Mae: AMN/HSSN 22.0 Release Notes

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Investor Update
July 6, 2016

During the weekend of July 23, 2016, Fannie Mae will implement Release 22.0, which includes the changes and enhancements described below for the Asset Management Network (AMN)/HomeSaver SolutionsTM Network (HSSN) application.

This release includes changes to the following functionality:

  • HSSN General Case – Uploading PDF files
  • HSSN Mortgage Release (Deed in Lieu)
  • HSSN Short Sale

To implement this release, AMN/HSSN will not be available for processing from 7 a.m. Eastern Time on July 23, 2016, until 7 a.m. Eastern Time on July 24.

Source: Fannie Mae (full release notes)