Safeguard Properties

MHA HAMP Update Supplemental Directive 16-04: Making Home Affordable Program – Handbook for Servicers Version 5.1

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Updated 6/17/16: Correction: Making Home Affordable Program – Handbook for Servicers Version 5.1

Version 5.1 of the Making Home Affordable Program Handbook for Servicers of Non-GSE Mortgages (Handbook), published on May 26, 2016, inadvertently omitted two section headings from the Table of Contents and one from the text (Section 6.6 Principal Forbearance in Chapter II), and contained a typo referring to “Tier 2 or Tier 2” (rather than “Tier 1 or Tier 2”) in Section 5.2 of Chapter III.

As of today, June 17, 2016, a corrected Handbook for Servicers Version 5.1 is available for download from HMPadmin.com.

Source: MHA

Investor Update
May 26, 2016

As of today, May 26, 2016, servicers can download Version 5.1 of the Making Home Affordable Program Handbook for Servicers of Non-GSE Mortgages (Handbook) from HMPadmin.com. The Handbook is a consolidated reference outlining the requirements and guidelines of the Making Home Affordable Program for mortgage loans that are not guaranteed by Fannie Mae or Freddie Mac.

Unlike Supplemental Directives (SDs), which outline specific policy topics only, the Handbook is organized so servicers can easily find program information in one convenient guide.

Version 5.1 of the Handbook incorporates and supersedes in their entirety SDs 16-01, 16-02, and 16-03.

See SD 16-04 Making Home Affordable Program – Handbook for Servicers Version 5.1 for more information regarding these updates.

Source: MHA

MHA HAMP Reporting Update Updated Job Aids Available on HMPadmin.com

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Investor Update
May 31, 2016

Updated versions of the following job aids and/or forms were posted on the secure section of HMPadmin.com for the MHA Loan State Change and MHA Duplicate Borrower processes.

MHA Duplicate Borrower Process Job Aid

  • Updated with the current MHA Handbook guidance for Limitations on Multiple Modifications.
  • Provides Social Security Number Loan Integrity Rules (LIRs).
  • Provides HAMP® Solution Center (HSC) and Servicer Integration Team (SIT) mailbox e-mail addresses.
  • Provides cancellation reason code for servicers attempting to cancel Pending Duplicate Borrower Cases.
  • Revisions to Resolution Type 6 (Reported loan was transferred with action to the Reporting Servicer).

MHA Notification of Duplicate Borrower Template

  • The LIR Number and or LIR Description Text is a required field.
  • HAMP Tier Indicator has changed to Program or HAMP Tier Indicator and selections include: FHA-HAMP and Streamline HAMP, as well as Tier 1.

MHA Duplicate Borrower Verification Form

  • Provides cancellation reason code for servicers attempting to cancel Pending Duplicate Borrower Cases.
  • Provides HAMP Solution Center (HSC) and Servicer Integration Team (SIT) mailbox e-mail addresses.

Servicers will be required to use the MHA Duplicate Borrower Forms with the Revision Date of 05/2016 beginning on July 1, 2016.

MHA Loan State Change Form

  • Single, consolidated form that replaces all previous forms. The following forms have been retired and should no longer be used:
  • MHA Official Modification – Request for Loan State Change
  • MHA Trial Modification – Request for Loan State Change
  • MHA Official Modification – Request To Withdrawn – Loan State Change
  • MHA Trial Active – Request for Loan State Change
  • Requester should entire Desired End Loan Mode and Desired End Loan State. Current Loan Mode and State are no longer required fields.
  • Revised Instructions Tab to reflect changes in the form.


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

Source: MHA

MHA HAMP Reporting Update Updated Job Aids Available on HMPadmin.com

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Investor Update
May 12, 2016

In connection with the August 2016 release, updated versions of the following job aids were posted in the HMPadmin.com Learning Center:


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

Source: MHA

MHA HAMP Reporting Update Memorial Day Holiday Support and System Availability

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Investor Update
May 25, 2016

Due to the observance of Memorial Day, the HAMP® Reporting System response files will not be available between 6:00 p.m. ET on Friday, May 27, 2016 and 8:00 a.m. ET on Tuesday, May 31, 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 3:00 p.m. ET on Friday, May 27, 2016 and will resume operations at 9:00 a.m. ET on Tuesday, May 31, 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?
Email the HAMP Solution center or call 1-866-939-4469.

Source: MHA

MHA HAMP Reporting Update August 2016 HAMP Reporting System Release Notes

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Investor Update
May 25, 2016

On August 1, 2016 the HAMP Reporting System, including the HAMP Reporting Tool, will receive an update to support the following:

  • Correction Capability for HAMP Tier 1, HAMP Tier 2 and Streamline HAMP in Disqualified, Paid-Off, and Withdrawn States
  • Principal Reduction Alternative-Only NPV Runs at Loan Setup Reporting
  • GSE Standard Modification Limits for 2MPSM Offers
  • Servicing Transfer of Standalone NANA and Request Submitted HAMP Records
  • FHA Program Type Category on Non-Performing Loan Servicing Transfer Deal

Please refer to the Release Notes for more information on these updates.

Source: MHA

MHA HAMP Reporting Update April 2016 UP Survey Now Available

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Investor Update
May 16, 2016

The April 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 Monday, May 23, 2016.

SPA servicers that have any cumulative UP activity as of April 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

Freddie Mac: Three MBS Awards: Recognition Our Customers Helped Us Achieve

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Investor Update
May 26, 2016

Freddie Mac recently earned top honors from Global Capital, a leading financial news and data service covering the capital markets. For the second consecutive year our Structured Agency Credit Risk (STACR®) debt notes have been named “RMBS Deal of the Year.” Freddie Mac was also named Best Overall Securitization Issuer and Best RMBS Issuer.

These are one of the premier capital markets awards that pay tribute to the achievements of issuers, investors, banks and law firms in the past 12 months. The awards are the result of a poll for nominees and open voting from industry members.
 
We celebrate this recognition with our Seller/Servicers. Our mortgage-backed securities and credit risk offerings are tied to the quality of the loans they deliver.
 
The awards reflect our sharper focus on customers across the business, end to end. Our Seller/Servicers have told us they see the difference. The private capital investor community is seeing it as well.
 
We continue to innovate with our credit risk transfer initiatives with the single-family mortgages we purchase, introducing new features to make our credit risk offerings even more effective.
 
Freddie Mac’s previous MBS awards include 2015 STACR Deal of the Year by Global Capital, 2014 Global Structured Deal of the Year by Euromoney and 2014 U.S. Deal of the Year by The Banker.
 
For More Information

Source: Freddie Mac

FHLMC Guide Bulletin 2016-9: Servicing Updates

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Investor Update
May 18, 2016

In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2016-9, we’re updating servicing requirements, including:

  • Providing you with an additional option when offering early delinquency counseling to borrowers with Freddie Mac Home Possible® mortgages. Effective October 1, 2016, you’ll be able to use the services of a Housing and Urban Development-approved nonprofit national counseling agency at no charge.
  • Extending the mandatory implementation date for repayment plan reporting requirements announced in Guide Bulletin 2016-2. In response to your feedback, we’ve pushed the implementation date from June 1, 2016, to July 1, 2016, to give you extra time to prepare for these reporting changes. However, you’re encouraged to implement earlier, if possible.
  • Posting the first of two state foreclosure timeline compensatory fee supplemental assessments on the Prior Year Compensatory Fee Analysis Report for impacted Servicers only. This is related to the temporary suspension of assessments and billing for certain states that ended February 29, 2016, as announced in Guide Bulletin 2016-5.

Please read Guide Bulletin 2016-9 for more details on these and additional changes.
 
Reminders


For More Information

Source: Freddie Mac

FHFA: HARP Refinances Surpass 3.4 Million

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Investor Update
May 16, 2016

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced that more than 3.4 million homeowners have refinanced their mortgages through the Home Affordable Refinance Program (HARP).  FHFA’s first quarter Refinance Report shows that more than 19,000 HARP refinances were completed through March, bringing the total to 3,400,543 refinances since the program began in 2009. 

Eligible Borrowers Can Save Money

HARP expires at the end of this year and there are still more than 325,000 U.S. borrowers  eligible for the program who have a financial incentive to refinance.  These so called “in-the-money” 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. 

Final HARP Webinar

FHFA will hold its final HARP outreach webinar on May 24 to provide community leaders with tools to help encourage eligible borrowers to take advantage of HARP before it expires.  FHFA will be joined by representatives from Freddie Mac, Fannie Mae, the U.S. Department of the Treasury, Quicken Loans, and Neighborworks America.  Register for the webinar here.

Also in the Refinance Report:

  • In the first quarter, 22 percent of HARP refinances were for borrowers with loan-to-value ratios greater than 105 percent.
  • In the first quarter, 25 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.

FHFA and the Treasury Department introduced HARP in early 2009 as part of the Making Home Affordable program.  HARP allows borrowers who are current on their mortgage payments, but have little or no equity in their home, take advantage of low interest rates and other refinancing benefits.

FHFA launched a nationwide public awareness campaign and the website HARP.gov and HARP.gov/espanol in 2013 to reach eligible borrowers.  Since 2014, FHFA has held a series of outreach events in the cities with the highest numbers of eligible borrowers: Chicago, Atlanta, Detroit, Miami, Newark and Phoenix.  FHFA has also hosted webinars designed to reach eligible borrowers in Ohio and Maryland, and conducted several social media campaigns to raise awareness about the savings available through HARP.  Follow @FHFA and #HARPNow on Twitter, LinkedIn and YouTube for more information.

Link to Refinance Report

Link to HARP.gov

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

Source: FHFA

FHFA: Foreclosure Prevention Report

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Investor Update
May 10, 2016

February 2016 Highlights
The Enterprises’ Foreclosure Prevention Actions:

  • The Enterprises completed 16,208 foreclosure prevention actions in February 2016, bringing the total to 3,674,849 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.
  • There were 10,095 permanent loan modifications in February, bringing the total to 1,918,846 since the conservatorships began in September 2008.
  • The share of modifications with principal forbearance decreased to 18 percent. Modifications with extend-term only remained at 48 percent of all permanent modifications in February due to improved house prices and a declining HAMP eligible population.
  • There were 2,235 short sales and deeds-in-lieu completed in February, down 4 percent compared with January.

The Enterprises’ Mortgage Performance:

  • The serious delinquency rate decreased from 1.47 percent at the end of January to 1.42 percent at the end of February.

The Enterprises’ Foreclosures:

  • Third-party and foreclosure sales declined 15 percent from 9,062 in January to 7,716 in February.
  • Foreclosure starts increased 20 percent from 17,831 in January to 21,369 in February.

Attachments: Foreclosure Prevention Report – February 2016

Source: FHFA