Safeguard Properties

HUD February Housing Scorecard

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On March 7, the U.S. Department of Housing and Urban Development (HUD) released an update titled Obama Administration Releases February Housing Scorecard.

OBAMA ADMINISTRATION RELEASES FEBRUARY HOUSING SCORECARD

Housing Market Continues To Show Signs of Improvement

WASHINGTON- The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the February edition of the Obama Administration’s Housing Scorecard – a comprehensive report on the nation’s housing market. The latest data show progress among key indicators. This scorecard notes that purchases of new homes rose, foreclosure completions continued their downward trend, and house prices were stable. While there are positive trends in the housing market, officials caution that the economy is still healing from the Great Recession. The full Housing Scorecard is available online at www.hud.gov/scorecard.

“February’s Housing Scorecard continues to show that the Obama Administration’s efforts to stabilize the housing market and provide relief to struggling homeowners are having a positive effect,” said HUD Deputy Assistant Secretary for Economic Affairs Kurt Usowski. “For example, at the national level, the Federal Reserve Board announced yesterday that homeowners’ equity jumped over $400 billion in the fourth quarter of 2013, reaching over $10 trillion for the first time since 2007.  At the local level, HUD’s Neighborhood Stabilization Program, which helps communities address foreclosed and abandoned homes, has now completed or rehabilitated 32,000 units and provided direct assistance to 10,800 homeowners.  However, this encouraging news does not detract from the need to build on this progress as too many homeowners remain underwater and mortgage delinquency rates remain elevated.”

“The standards set by the Making Home Affordable (MHA) program and our quarterly servicer assessments have positively impacted the mortgage servicing industry,” said Treasury Acting Assistant Secretary Tim Bowler. “While the housing market as a whole has made significant progress, servicers still have room for improvement and Treasury will continue to press the industry to improve servicer performance. January’s MHA report shows that homeowners currently in the Home Affordable Mortgage Program (HAMP) have saved a total estimated $25.5 billion to date in monthly mortgage payments.”

Since the beginning of the Making Home Affordable Program, Treasury has required participating servicers to take specific actions to improve their processes through ongoing program reviews. The quarterly Servicer Assessments summarize performance in three categories of program implementation: identifying and contacting homeowners; homeowner evaluation and assistance; and program management and reporting.

For the fourth quarter of 2013, one servicer was found to need minor improvement, the rest were found to need moderate improvement. On average, servicer performance has improved since the inception of the Servicer Assessment reports.

The February Housing Scorecard features key data on the health of the housing market and the impact of the Administration’s foreclosure prevention programs, including:

  • Homeowners’ Equity Continues to Rise. According to the Federal Reserve, homeowners’ equity is up nearly $412 billion, or 4.3 percent, in the fourth quarter of 2013, reaching $10.026 trillion—the highest level since the fourth quarter of 2007.  Homeowners’ equity has risen sharply since the beginning of 2012, with equity up 60 percent, or more than $3.7 trillion, during this period.
  • New Home Purchases Increased. After declining for the last two months, purchases of new homes rose 9.6 percent to a seasonally adjusted annual rate (SAAR) of 468,000 (SAAR) in January–the highest unit-pace since mid-2008 and 2.2 percent above sales in January 2013. (Source: HUD and Census Bureau).
  • The Neighborhood Stabilization Program (NSP) continues to help communities across all 50 states address foreclosed and abandoned homes. During the fourth quarter of 2013, grantees report cumulative completions of newly constructed or rehabilitated housing units under NSP topping 32,000 units, while direct assistance to homeowners reached the 10,800 mark, signaling strong progress toward achieving projected activity under the NSP1, NSP2, and NSP3 programs.
  • HARP has helped 3 million underwater homeowners. As of November 2013, FHFA reports the HARP program reached a significant milestone by helping more than 3 million underwater homeowners refinance their homes. Refinance volume has continued to decrease, however, as mortgage rates rise.
  • The Administration’s foreclosure mitigation programs continue to provide relief for millions of homeowners. Over 1.9 million homeowner assistance actions have taken place through the Making Home Affordable Program, including more than 1.3 million permanent modifications through the Home Affordable Modification Program (HAMP), while the Federal Housing Administration (FHA) has offered nearly 2.2 million loss mitigation and early delinquency interventions through January. The Administration’s programs continue to encourage improved standards and processes in the industry, with HOPE Now lenders offering families and individuals nearly 4.0 million proprietary modifications through December (data are reported with a two month lag). In all, more than 8.1 million mortgage modification and other forms of mortgage assistance arrangements were completed between April 2009 and the end of January 2014.
  • HAMP Continues Helping Homeowners. Homeowners currently in HAMP permanent modifications with some form of principal reduction have been granted an estimated $13.3 billion in principal reduction. Of all non-Government Sponsored Enterprise (GSE) loans eligible for principal reduction entering HAMP in January, 64 percent included a principal reduction feature.


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HUD’s mission is to create strong, sustainable, inclusive communities and quality
affordable homes for all. HUD is working to strengthen the housing market to
bolster the economy and protect consumers; meet the need for quality affordable
rental homes: utilize housing as a platform for improving quality of life; build
inclusive and sustainable communities free from discrimination; and transform
the way HUD does business. More information about HUD and its programs is
available on the Internet at www.hud.gov and http://espanol.hud.gov.
You can also follow HUD on twitter @HUDGov, on facebook at
www.facebook.com/HUD, or sign up for news alerts on HUD’s Email List.

Please click here to view the online update.

 

 

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.

HAMP February 2014 UP Survey Reminder

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On March 7, Making Home Affordable released a HAMP Reporting Update titled February 2014 UP Survey Reminder.

February 2014 UP Survey Reminder

The February 2014 Home Affordable Unemployment Program (UP) survey will be available on HMPadmin.com (login required) beginning Friday, March 14, 2014. Servicers that have executed a Servicer Participation Agreement (SPA) and have cumulative UP forbearance activity must complete and upload their UP survey response to the HAMP Reporting Tool by Friday, March 21, 2014.

SPA servicers that have any cumulative UP forbearance activity as of February 28, 2014 should submit an UP survey by March 21, 2014.

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.

Please click here to view the online update.

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.

Freddie Mac Revises Exhibit 57

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On March 17, Freddie Mac released a revision of Exhibit 57 regarding 1-to 4-unit property approved expense amounts.  The effective date is April 15, 2014.

This exhibit:

  • Provides the approved Expense Limits, as that term is defined below, for the preservation and maintenance of abandoned properties
  • Identifies proper usage of approved Expense Limits
  • Outlines both yard maintenance and winterization seasonal requirements
  • Explains the proper usage of miscellaneous expenses listed under the “Deed-in-Lieu and Other” expense category. Expense Items within this category are not restricted to abandoned properties.

Please click here to view the revision in its entirety.

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.

Freddie Mac Launches New Housing Blog

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On March 24, Freddie Mac launched a housing blog.

Freddie Mac Launches New Housing Blog

To help keep you up-to-date on the most recent and relevant housing industry news, Freddie Mac just launched the Freddie Mac Blog.

You’ll find topics on:

  • Owning or renting a home;
  • The housing market and housing finance – plus how they impact the broader economy;
  • Tips to share with your customers on buying a home and avoiding scams;
  • Where your housing market is headed;
  • The next generation of homebuyers; and
  • The latest research and analysis – from housing affordability to current market trends.

In this inaugural Blog, read more about:

  • Homeownership – First Steps for Homebuyers (rules of the road for buying a home in today’s market);
  • Rental Housing – $1 Trillion: The Economic Benefit of Apartment Housing; and
  • Research & Analysis – Mortgage Rates: From Dirt Cheap, to Cheap.

We’ll post new content weekly. Check back often for the latest updates.

For More Information
Access the Freddie Mac Blog.

Please click here to view the online update.

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.

FHLMC Guide Bulletin 2014-4 Revised Requirements for Modifications

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On March 28, Freddie Mac issued Guide Bulletin 2014-4 regarding revised requirements for standard and streamlined modifications.

Today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-4 announces revised requirements for Freddie Mac Standard and Streamlined Modifications.

Updated requirements for mortgages with pre-modification mark-to-market loan-to-value (MTMLTV) ratios less than 80 percent

Here’s what you need to know:

  • Requirements are effective July 1, 2014 , but you may implement them sooner.
  • You must offer eligible borrowers the following three modification options in their Trial Period Plan Notice:
    • A 480-month payment term, if the estimated modified principal and interest (P&I) payment is less than or equal to the current contractual P&I payment.
    • A 360-month payment term, if the estimated modified P&I payment is at least 20 percent less than the current contractual P&I payment.
    • A 240-month payment term, if the estimated modified P&I payment is at least 20 percent less than the current contractual P&I payment.
  • Working with customers:
    • Borrowers no longer have the option to request a different payment term or change the payment term after the first Trial Period payment is made.
    • The borrower’s modification term is determined by their first Trial Period payment. Their payment term will be equal to the shortest term that’s covered by their first payment.
  • Reminders:
    • As announced in Guide Bulletin 2014-3, the requirements included in Guide Bulletin 2013-27 for Standard and Streamlined Modifications for mortgages with pre-modification MTMLTV ratios less than 80 percent are now optional.
    • You must include both the estimated modified P&I payment and required monthly escrow amounts in Trial Period payments. There are certain exceptions where escrow amounts are not required in Trial Period payments. See Guide Sections B65.12.1(g), B65.12.2, and B65.21(d) for more information.

We’ll notify you in future communications when Workout Prospector® is able to process pre-modification options for MTMLTV ratios less than 80 percent.

Freddie Mac Standard Modification Interest Rate

Effective July 8, 2014, Freddie Mac will evaluate market rates on a monthly basis to determine whether a change to the Standard Modification interest rate is necessary. If the interest rate changes, the new rate will be posted on the Freddie Mac Standard Modification Interest Rate Web page by the fifth business day of each month. You must implement the new rate for Trial Period Plan evaluations conducted on or after the tenth business day of the same month, but no sooner. Evaluating the rate on a monthly basis ensures that we provide appropriate payment relief for qualified borrowers who need mortgage assistance in the form of a home retention option.

Please refer to Guide Bulletin 2014-4 for details on these servicing requirements.

Important Reminders

  • EarlyIndicator® retired – As of March 29, 2014, Freddie Mac will no longer offer our EarlyIndicator software, as announced in our April 5, 2013 Single-Family News Center article.
  • New Quick Reference: Borrower Notification Requirements for Step-Rate Mortgages – Review our quick reference for guidance on notifying borrowers of interest rate and related payment adjustments for step-rate mortgages. Beginning April 1, 2014, Servicers are required to provide borrowers with two notifications prior to the first scheduled payment at the new rate as well as a notification prior to subsequent interest rate and related payment adjustments. We announced these requirements in Guide Bulletin 2014-1.
  • Online self-service password reset – We’ve implemented a new online password reset capability for Single-Family business applications that require a user ID and password. Click here for more information.

Get More Information

 

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.

FHLMC Guide Bulletin 2014-3 Servicing Updates and Revisions

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On March 17, Freddie Mac released Guide Bulletin 2014-3 regarding servicing updates and revisions.

Servicing Updates and Revisions Announced in Guide Bulletin 2014-3

In Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-3, we’re announcing updates and revisions to support existing requirements and improve several servicing processes:

  • Certification of compliance with the Lender-Placed Insurance requirements announced in Guide Bulletin 2013-27 [PDF].  Servicers must send the completed Lender-Placed Insurance Compliance Certification form [PDF] to Freddie Mac’s Lender-Placed Insurance mailbox by April 30, 2014.
  • Revised alternatives to foreclosure requirements, including:
    • Upcoming changes to Freddie Mac Standard and Streamlined Modification for mortgages with mark-to-market loan-to-value (MTMLTV) ratios <80 percent, based on your feedback. You do not need to implement requirements by April 1, 2014, as announced in Guide Bulletin 2013-27 [PDF]. We’ll issue updated requirements and a new effective date in the near future.
    • Eliminating duplicative borrower communications. Effective June 1, Freddie Mac will no longer send adverse action letters to borrowers. Only Servicers need to notify borrowers when their workout or relief option requests are declined. This will reduce confusion for borrowers since Servicers and Freddie Mac previously sent duplicative notices.
    • Enhancing reporting on property valuations. We’re reorganizing our property valuations requirements for modifications, making them easier to follow in a user-friendly format. Also, while we announced plans to retire the Automated Valuation Model (AVM) Collateral Values Report in Guide Bulletin 2013-20, we will continue publishing the report.
    • Providing additional guidance related to our paystub requirements for income documentation submitted with a Borrower Response Package. In response to Servicer feedback, we’re adding detail regarding the number of paystubs required depending on payment frequency.
  • Updated  transfer tax requirements to support you, effective immediately:
    • We’ll reimburse you for transfer taxes when certain conditions apply.
    • We’re allowing you to foreclose in Freddie Mac’s name, without needing to obtain our approval, to avoid any obligation to pay a required transfer tax.
  • Additional Guide updates

    In addition to the changes listed above, we’re making further updates, including:

    • Providing more guidance related to bankruptcy cramdowns and foreclosure sale bidding, to help you stay in compliance.
    • Updating Electronic Default Reporting requirements from Guide Bulletin 2014-1 [PDF] and property preservation requirements.
    • Requiring Servicers to screen mortgages for Office of Foreign Assets Control compliance and notify Freddie Mac if they identify a match.

Please refer to Guide Bulletin 2014-3 for full details on these updated Servicing requirements and effective dates.

Reminders: Important Upcoming Effective Dates

Today:

  • Obtain Credit Bid
    Effective for all foreclosure sales occurring on or after March 17, 2014, you must order credit bids using the Obtain Credit Bid functionality in the Freddie Mac Service Loans application. Servicers should sign up for webinar training for more information.

April 1:

  • Step-Rate Mortgages Borrower Notifications
    We added communication time line requirements for notifying borrowers of interest rate adjustments for Step-Rate Mortgages. Read Guide Bulletin 2014-1 [PDF] for more information.

  • Home Affordable Modification Program (HAMP®) incentives increase, “Pay For Success” incentives retire:
    For mortgages with HAMP modification effective dates on or after April 1, 2014, we’re increasing the Servicer incentive by $500 if the modification is completed in accordance with the Guide.  Read Guide Bulletin 2013-14 [PDF] for more information.

    • Servicers will no longer be eligible to receive a “Pay for Success” incentive for any HAMP modifications with modification effective dates on or after April 1, 2014. Read Guide Bulletin 2013-17 [PDF] for more information.

Online Password Reset

Finally, we implemented a new online password reset capability for Single-Family business applications that require a user ID and password.  We encourage you to create your user profile as soon as possible. We will announce a mandatory adoption date in the future. Read our Single-Family News Center article for more details.

Get More Information

Please click here to view the online update.

 

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.

FHFA Appoints New Chairman of Fannie Mae

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On February 25, the Federal Housing Finance Agency (FHFA) announced FHFA Appoints New Chairman of Fannie Mae Board of Directors.

FHFA Appoints New Chairman of Fannie Mae Board of Directors

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced that in light of the fact that Philip A. Laskawy will have reached the company’s mandatory retirement age, in accordance with FHFA’s corporate governance regulation and Fannie Mae’s corporate governance guidelines, he will step down from the board effective March 31, 2014. FHFA also announced that Laskawy will be succeeded by current Fannie Mae board member Egbert L. J. Perry.

In making these two announcements, FHFA Director Melvin L. Watt said, “Phil Laskawy, the former chairman and chief executive officer of Ernst & Young, has provided dedicated leadership during an extraordinarily challenging period for both the country and the company. Under his leadership since 2008, Fannie Mae has helped millions of American families refinance their mortgages, buy new homes, rent affordable housing and avoid foreclosure. In his time as chairman, the company returned to profitability and achieved record financial results. I have complete confidence that Egbert Perry will continue to provide the same qualities of thoughtful and responsible leadership that Phil has provided.”

“Phil answered without hesitation or reservation a call to duty in 2008 to serve as chairman of Fannie Mae in order to help preserve the stability and liquidity of the nation’s housing finance system. We have deeply valued his leadership, passion, and integrity during the economic crisis and turnaround of our company,” said Timothy J. Mayopoulos, president and chief executive officer, Fannie Mae. “We look forward to continuing our progress with Egbert in his new role. Egbert’s combination of community development and commercial experience is exceptionally valuable. We appreciate his commitment to improving the company, ensuring that families have access to affordable mortgage credit, and creating a sustainable housing finance system for the future.”

Perry, a seasoned real estate and investment management professional, has served as a Fannie Mae director since December 2008. He is chairman and chief executive officer of The Integral Group LLC, which he founded in 1993 to provide real estate development, advisory and investment management services across major U.S. urban markets. Perry brings extensive experience in innovative urban development and revitalization projects and has played an important role in many public-private partnerships that have transformed communities across the nation. Perry has approximately 35 years of experience as a real estate professional, including work in urban development; developing and investing in mixed-income, mixed-use communities; affordable and work force housing; and commercial real estate projects in markets across the country. Perry previously served a seven-year term as a director of the Federal Reserve Bank of Atlanta and serves as a long-time trustee of the University of Pennsylvania.

“It is an honor to lead the board’s governance of Fannie Mae and I look forward to continuing to work with my fellow board members, our management team, Director Watt and his team at FHFA to deliver on the company’s essential role in the housing market,” said Perry.

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.5 trillion in funding for the U.S. mortgage markets and financial institutions.

Please click here to view the online announcement.

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.

FHFA Announces Departure of Edward J. DeMarco

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On March 24, the Federal Housing Finance Agency (FHFA) released a notice titled Federal Housing Finance Agency Announces Departure of Edward J. DeMarco.

Federal Housing Finance Agency Announces Departure of Edward J. DeMarco

The Federal Housing Finance Agency (FHFA) today announced that Edward J. DeMarco will depart the Agency at the end of April.

DeMarco, who served as Acting Director of the Agency from 2009 until January, 2014, submitted a letter confirming his departure date to Federal Housing Finance Agency Director Melvin L. Watt. He has made no announcements about his future plans.

“Ed has been an invaluable asset to FHFA and I appreciate his assistance to me during this transitional period,” said Watt. “Throughout his 28 year career as a public servant he has made many important public policy contributions grounded in his strong background in housing finance. I wish him the very best in his future endeavors.”

DeMarco joined the Office of Federal Housing Enterprise Oversight (OFHEO), a predecessor Agency to FHFA, in October of 2006 as its Chief Operating Officer and Deputy Director. He was appointed Acting Director of FHFA on August 25, 2009 by President Obama and served in that role until Director Watt was sworn in on January 6, 2014. Previously, DeMarco served in various capacities at the Social Security Administration, U.S. Department of the Treasury and U.S. General Accounting Office.

Please click here to view the announcement in its entirety.

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.

Fannie Mae SVC-2014-04 Miscellaneous Servicing Policy Updates

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On February 26, Fannie Mae issued Servicing Guide Announcement SVC-2014-04 subtitled Miscellaneous Servicing Policy Updates.

Servicing Guide Announcement SVC-2014-04

Miscellaneous Servicing Policy Updates
This Announcement clarifies and updates policies regarding

  • individual mortgage loan files,
  • servicing quality control reviews,
  • final requests for reimbursement,
  • attorney expenses, and
  • transfer of variances and waivers.

Individual Mortgage Loan Files

Servicing Guide, Part I, Section 405.01: Individual Mortgage Loan Files
Fannie Mae is clarifying its requirements for retaining mortgage loan servicing records. The servicer must retain in the mortgage loan servicing file all supporting documentation for all expense reimbursement claims (for example, vendor invoices and third-party invoices from the vendor rendering services), in addition to other servicing and liquidation information such as property inspection reports, copies of delinquency repayment plans, copies of disclosures of ARM interest rate and payment changes, documents related to insurance loss settlements, and foreclosure records, as stated in the Servicing Guide.

Servicers are reminded that after a mortgage loan is liquidated, the servicer must keep the mortgage loan servicing file for at least four years (measured from the date of payoff or the date that any applicable claim proceeds are received), unless the local jurisdiction requires longer retention or Fannie Mae specifies that the records must be retained for a longer period.

In all instances, the servicer must document its compliance with all Fannie Mae policies and procedures, including but not limited to, timelines that are required in the Servicing Guide. The servicer must maintain in the individual mortgage loan file all documents and system records that preserve Fannie Mae’s ownership interest in the individual mortgage loan.

Servicing Quality Control Reviews

Announcement SVC-2012-21: Servicing Guide Updates to Conform to the FHFA Directive on Harmonized Contracts
Fannie Mae is clarifying its requirements regarding mortgage loan servicing files requested by Fannie Mae for the purpose of confirming that the mortgage loan has been serviced in accordance with the Lender Contract. When Fannie Mae requests a mortgage loan servicing file for a quality control review, the servicer must include supporting documents for all expense reimbursement claims it has submitted or intends to submit to Fannie Mae (for example, vendor invoices).

Final Requests for Reimbursement

Servicing Guide, Part I, Section 201.11.13: Late Filing of Final Request for Reimbursement
As a reminder, servicers are authorized to submit outstanding expense reimbursement claims upon completion of a foreclosure sale. However, servicers must submit the final Cash Disbursement Request (Form 571) within 30 days after

  • completion of a loss mitigation alternative,
  • filing a mortgage insurance claim for a property that will be conveyed to the insurer or guarantor,
  • acquisition of a property by a third party at a foreclosure sale, or
  • disposition of an acquired property.

Fannie Mae may deny the request or assess a late submission compensatory fee for reimbursement requests received after these deadlines.

Please click here to view the announcement in its entirety.

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.

Fannie Mae Standard Modification Rate Adjustment Frequency

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On February 26, Fannie Mae issued Servicing Notice: Fannie Mae Standard Modification Rate Adjustment Frequency.

Servicing Notice: Fannie Mae Standard Modification Rate Adjustment Frequency

This Notice announces that beginning on July 1, 2014, the Fannie Mae Standard Modification Rate may be adjusted monthly. Servicers will be notified of a change in this Rate on the fifth business day of the month. The effective date of the new Rate (posted on Fannie Mae’s business website) will be five business days after servicer notification.

Please click here to view the notice in its entirety.

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.