Safeguard Properties

Fannie Mae Single-Family Servicing News: New Number, Same Great Service

Posted on by Safeguard

Investor Update
February 24, 2016

We are continuously looking for ways to improve the customer experience and make it easier for you to do business with Fannie Mae. That is why we’re making it as simple as possible to contact us — just call 1-800-2FANNIE (1-800-232-6643) starting March 14, 2016. The new, simplified system will replace multiple phone numbers, including the Customer Contact Center, Selling Guide Support, Servicer Support Center, Loan Delivery and Custody, and more. Note that the Capital Markets Pricing and Sales Desk will continue to be reached at 1-800-752-0257.

You can start using 1-800-2FANNIE on March 14 and be directed to the assistance you need. Current numbers will remain available for a period of time following the March launch. Click here for a guide to the new menu selections on 1-800-2FANNIE and the list of numbers being retired.

Tutorial: How to Register for Fannie Mae Technology

If you are new to Fannie Mae, this course will provide the information needed to obtain access and register to become an approved user of Fannie Mae’s technology. View the tutorial here.

Build New Skills with HFI InDepth

With Housing Finance Institute® (HFI™) InDepth, you’ll learn from expert instructors and get your questions answered — all in an online virtual classroom. Register today for an upcoming course:

Visit Fannie Mae’s HFI InDepth page today to see the full calendar of classes and to register!
 
Stay Connected

Trending Topics
Here are the hot topics that are currently trending in our social network:

  • Millennials are set to make their mark on the housing market. How’s the mortgage industry responding?
  • Ever wondered if you owe more or less on your mortgage than the average American household?
  • Servicers, sign up for expanded borrower “pay for performance” incentives for HAMP mod here.

To get more info on these and other hot topics, please follow us on Twitter.

Source: Fannie Mae

Fannie Mae Single-Family Servicing News: Announcement SVC-2016-02: Servicing Guide Updates

Posted on by Safeguard

Investor Update
March 9, 2016

This Announcement communicates the following updates to the Servicing Guide:

  • Updates to Home Affordable Modification Program (HAMP) Incentive Payments
  • Semi-Annual Update to Foreclosure Time Frames
  • Future Changes to Fannie Mae’s Contact Information

Looking for News? We’ve Made it Easier to Find

Now you can find the latest Fannie Mae business updates for our Guides, technology solutions, mortgage products, and more, all in one place! Visit our newly launched News Center page. Missed a previous message or update? No problem. Use the “search” feature to quickly find previous news articles by topic. Based on your feedback, we also refreshed our Single-Family website home page to make it easier to find what you need.

Fannie Mae Standard Modification Interest Rate Adjustment Exhibit

This Exhibit provides the new Fannie Mae Standard Modification Interest Rate required for all Fannie Mae conventional mortgage loan modifications, excluding Fannie Mae HAMP Modifications.

Servicer Webinar: Expense Reimbursement Processing

Join Fannie Mae to review updated requirements for Fannie Mae’s Servicer Expense Reimbursement processing as incorporated into the Servicer Expense Reimbursement job aid posted on FannieMae.com.

The webinar will highlight the consolidation of available expense reimbursement claim line item categories and subcategories in the Black Knight Financial Services LoanSphere™ Invoicing Application, and will also answer many of the most frequently asked questions. Please register here to take advantage of this opportunity.

Build New Skills with HFI InDepth

With Housing Finance Institute® (HFI™) InDepth, you’ll learn from expert instructors and get your questions answered — all in an online virtual classroom. Register today for an upcoming course:


Visit Fannie Mae’s HFI InDepth page today to see the full calendar of classes and to register!
 
Stay Connected

Trending Topics
Here are the hot topics that are currently trending in our social network:

  • #Servicers, learn how to register to become an approved user of Fannie Mae technology.
  • We have a simpler way to find and search for servicing policy updates. Check it out here.

To get more info on these and other hot topics, please follow us on Twitter.

Source: Fannie Mae

Fannie Mae: Servicer Expense Reimbursement Job Aid

Posted on by Safeguard

Investor Update
March 1, 2016

This Servicer Expense Reimbursement Job Aid is an enforceable document which supplements the Fannie Mae Servicing Guide. Servicers remain responsible for following the Fannie Mae Single-Family Selling and Servicing Guides, Servicing Guide Procedures, Announcements, Lender Letters, and Delegations of Authority; collectively, the “Guides.” In an ongoing effort to simplify the communication between Fannie Mae and servicers, Fannie Mae has updated this Job Aid to provide additional guidance to servicers completing requests for expense reimbursements.

NOTE: The information contained in this document is not applicable to expenses incurred for Reverse Mortgages.

Source: Fannie Mae (Servicer Expense Reimbursement Job Aid full version)

Fannie Mae: Have You Seen Our New Spanish Resources for Lenders?

Posted on by Safeguard

Investor Update
March 2, 2016

Spanish speaking consumers represent one of the largest growing segments of the mortgage market. These Spanish Language Resources for Lenders can help you serve this market.

This page consolidates Spanish versions of many loan origination documents such as the loan application, loan estimate, verification forms, closing disclosure, mortgage and note, plus includes links to many other helpful mortgage resources—all in one place.

Use our sample Notice to Borrowers About Spanish and English Language Documents to help consumers understand that the mortgage transaction will be conducted in English, to encourage them to work with a mortgage professional fluent in both English and Spanish and for access to additional resources (such as the CFPB’s Spanish language website) and HUD Approved Housing Counselors.

Important Note: There are many legal issues involved in originating mortgage loans in a language other than English, including federal, state and local laws (such as those for California, Illinois, Massachusetts, Oregon, Texas and the District of Columbia) that address marketing, negotiating, and conducting lending activities. You should consult legal counsel about which requirements may apply to your business and the use of these materials.

Source: Fannie Mae (Full Spanish Language Resources for Lenders webpage)

Fannie Mae: Foreclosure Time Frames and Compensatory Fee Allowable Delays Exhibit

Posted on by Safeguard

Investor Update
March 16, 2016

The Foreclosure Time Frames and Compensatory Fee Allowable Delays Exhibit has been updated to reflect that District of Columbia is a judicial foreclosure jurisdiction. Fannie Mae originally announced that all new foreclosures in the District of Columbia must be commenced as judicial foreclosures in a July 30, 2014 Servicing Notice.

Source: Fannie Mae

Consumers Not Taking Advantage of Refinancing Opportunities

Posted on by Safeguard

Investor Update
March 1, 2016

Many American borrowers are burned out by their efforts to improve their personal finances, and as a result have created a huge pool of refinancing opportunities that Freddie Mac thinks is not going to be taken advantage of.

Freddie Mac’s latest Insight & Outlook report, released Monday, cited the nearly $655 billion in outstanding conventional 30-year mortgage-backed securities with interest rates greater than 4 percent and found that several borrowers have passed on favorable opportunities to refinance to lower their mortgages to the lower rates available for at least two-and-a-half years.

According to Freddie Mac, borrowers who ignore extended refinance opportunities are said to be burned out by several factors, including decreased credit scores, job loss, and illness, which make them reluctant to try. Significant delinquencies making the cost of refinancing more than it is worth are also a factor.

Additionally, borrowers spooked by decreasing home values between 2006 and 2012??when national house priced plunged by 27 percent??have been reluctant to refinance, or may be too far underwater to reap any benefits from refinancing.

In raw numbers, burned-out borrowers, however they became fatigued, account for $420 billion of that $655 billion pot, or 64 percent.

While Freddie Mac doesn’t expect much of a change from most borrowers who’ve eschewed refi opportunities, the GSE does think that many of these borrowers “may wake up to their refinance opportunity this year, especially as recent house price gains are trumpeted in the press,” the report stated.

The current high-level loan-to-value potential (i.e., mortgages most favorable to HARP refinancing for borrowers who have not done a refi) is about $35 billion, according to Freddie Mac’s analysis. Delinquencies, conversely, account for $65 billion.

Freddie Mac also estimated that about $30 billion (4.6 percent) of the loans in outstanding MBS with coupon greater than 4 percent have already taken out a HARP loan and have a current LTV of 90 or above.

“Since the last Insight and Outlook, mortgage rates have continued to tumble, falling nearly 20 basis points,” the report concluded. “Lower mortgage rates will increase the number of borrowers who have rate incentive to refinance.”

That potential? About $122 billion, the report found.

Source: DS News

Additional Resource:

Freddie Mac Insight & Outlook (2/29/16)

VALERI Servicer Newsflash

Posted on by Safeguard

Investor Update
February 23, 2016

IMPORTANT INFORMATION
Servicer Transfer Events – Servicers that report through a servicing system must use the Bulk Upload Template to report the Servicing Transfer Events until further notice. Issues were found in the daily change file process that requires additional information to properly report the transfer events. Clear Quest (CQ) ticket 11954 has been opened to address the issue and is tentatively scheduled for the VALERI 16.3 manifest release in September. Thank you for your patience in this matter.

Security Awareness Password Resets – All VALERI user accounts require a password reset on an annual basis. VALERI daily transaction file accounts are included and subject to the annual password reset. InterChange Services PowerCell (which supports VALERI) will coordinate the password change with VALERI servicers and perform a test to ensure functionality is successful. Password changes are expected to take place in February 2016.

State Foreclosure Process and Statutory Bid Information – The State Foreclosure Process and Statutory Bid Information spreadsheet has been relocated from the Guides and Templates link to the Guaranty Claims – Rules, Fees and Costs link on the VALERI internet website.

M26-4, VA Servicer Handbook – Updates to M26-4 have been published and are located at http://www.benefits.va.gov/WARMS/M26_4.asp.

Source: VA

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

Posted on by Safeguard

Investor Update
February 24, 2016

The Official Monthly Reporting – OMR Job Aid and the Reporting Trial or Official Setup Job Aid have been updated to support the April 1, 2016 release of the HAMP® Reporting System.

Please refer to these documents for instructions on submitting Official Monthly Reporting data and Trial or Official Setup data.

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

Source: MHA

MHA HAMP Reporting Update Presidents Day Holiday Support and System Availability

Posted on by Safeguard

Investor Update
February 10, 2016

Due to the observance of Presidents Day, the HAMP Reporting System response files will not be available between 6:00 p.m. ET on Friday, February 12, 2016 and 8:00 a.m. ET on Tuesday, February 16, 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, February 12 and will resume operations at 9:00 a.m. ET on Tuesday, February 16. 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 January 2016 UP Survey Now Available

Posted on by Safeguard

Investor Update
February 17, 2016

The January 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 Tuesday, February 23, 2016.

SPA servicers that have any cumulative UP activity as of January 31, 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