Announcement August 5, 2009

Transcription

1 Announcement August 5, 2009 Amends these Guides: Servicing Miscellaneous Servicing Policy Changes Introduction This Announcement contains several updates to various servicing policies, as itemized below: Update to Reporting Requirements for the HomeSaver Forbearance Transmission of Fannie Mae Loan Number to Approved Title Companies Interest Calculation on Payments-in-Full on FHA Mortgage Loans Update to Home Equity Conversion Mortgage Process for Incomplete Repairs Update to Reporting Requirements for the HomeSaver Forbearance In Announcement 09-05R, Reissuance of the Introduction of the Home Affordable Modification Program, HomeSaver Forbearance, and New Workout Hierarchy, Fannie Mae introduced the HomeSaver Forbearance (HSF), a plan to reduce the borrower s payment to as little as 50 percent of the contractual monthly payment for a maximum period of six months while the servicer works with the borrower to identify a permanent foreclosure prevention alternative. At that time, servicers were instructed to submit a weekly report on a Microsoft Excel spreadsheet with the terms of the HSF plan. Fannie Mae is modifying the reporting requirements for servicers to submit HSF loan information with the delinquency status reporting file as follows: Effective Date Timing Method New Requirements September 2009 reporting month (for August month-end data) Monthly reporting by the 2 nd business day of each month Three options: 1. transmission through HomeSaver Solutions Network (HSSN), 2. transmission through CPU-to-CPU using a service bureau, or Old Requirements Up to August 2009 reporting month Weekly reporting on the 1 st business day of the following week One option: 1. submission of a Microsoft Excel spreadsheet through HSSN Announcement Page 1

2 New Requirements 3. submission of a Microsoft Excel spreadsheet through HSSN (see Note below) Old Requirements Note: Fannie Mae will no longer accept Microsoft Excel spreadsheets after the November 2009 reporting month (for October month-end data). At that time, servicers will be required to report delinquent HSF loans only through HSSN or CPU-to-CPU. In addition, servicers using the Microsoft Excel spreadsheet for HSF delinquency reporting (through November reporting month) should ensure that they are not reporting delinquent HSF loans through their normal reporting methods or in any other manner. The new delinquency reporting requirements in this Announcement do not impact non-hsf loans, and as such, delinquency reporting for all other workout types should continue to be performed through the existing methods. New Data Elements For loans subject to an HSF plan, the servicer must submit five new data elements in the new delinquency status reporting file layout (Attachment 1). The following new data elements are included in the file layout: HomeSaver Forbearance reported monthly to indicate whether the borrower is currently under an HSF plan. If the borrower does not make a scheduled payment under the HSF plan, the indicator should be NO ; Imminent Default indicates that the loan has been placed in forbearance because the borrower has been determined to be in imminent default; Forbearance Payment Amount the amount of the payment that was received from the borrower during the last reporting month; Forbearance Payment Date the date that the forbearance payment was received during the last reporting month; and Ninety Plus New Layout indicates that the servicer is, in fact, using the new file layout for reporting the HSF. If this field is blank, then the other four fields above will be ignored. Transmission of Fannie Mae Loan Number to Approved Title Companies Announcement 08-19, New Foreclosure and Bankruptcy Attorney Network and Attorneys Fees and Costs, sets forth special guidelines for Arizona, California, Washington, and Nevada allowing servicers to employ trustees of their choice for non-judicial foreclosures in these states. Pursuant to Announcement 08-19, when a referral is made to a trustee in one of these four states, the servicer must require that a trustee obtain evidence of title for the foreclosure from a Fannie Mae-approved title company. Effective with the date of this Announcement, when a servicer sends a non-judicial foreclosure referral to a trustee in Arizona, California, Washington, or Nevada, the servicer must include the Fannie Mae loan number in the referral package, and must instruct the trustee to forward the Announcement Page 2

3 Fannie Mae loan number to the Fannie Mae-approved title company when ordering the evidence of title for the foreclosure. Interest Calculation on Payments-in-Full of FHA Mortgage Loans Servicing Guide, Part VI, Section : Interest Calculation Currently, the Servicing Guide states that interest on FHA mortgage loans should be computed either up to the date of the payoff (if the payoff funds are received on an installment due date) or through the end of the month (if the payoff funds are received after an installment due date). This Announcement is clarifying that when the installment due date of an FHA mortgage loan falls on a non-work day, the receipt of the payoff funds shall be considered received on the installment due date if received on the next working day. Update to Home Equity Conversion Mortgage Process for Incomplete Repairs Servicing Guide, Part V, Section 207: Completion of Repairs Currently, the Servicing Guide states that a repairs set-aside is available for any FHA Home Equity Conversion Mortgage (HECM) if the completion of certain repairs is required as a condition of the borrower obtaining the mortgage, and the borrower prefers not to pay for the repairs out of his or her own funds. If repairs are not completed within the required time frame, the servicer should assess the borrower s situation individually and make every effort not only to avoid causing the borrower undue hardship, but also to ensure that Fannie Mae is not exposed to losses as the result of the borrower's failure to have the necessary repairs completed. The servicer must provide the borrower with a written notice that explains the deficiencies, includes a statement that the mortgage may be called due and payable if the repairs are not completed, and refers the borrower to a HUD-approved counselor. If the borrower does not begin the repairs within 30 days of the date of this notice, the servicer is no longer required to contact Fannie Mae to obtain its approval to declare the mortgage due and payable. Effective immediately, for these loans, the servicer should refer to HUD s requirements for declaring the HECM due and payable. ***** Servicers should contact their Servicing Consultant, Portfolio Manager, Investor Reporting Business Analyst, or Fannie Mae s National Servicing Organization s Servicing Solutions Center at FANNIE5 ( ) with any questions regarding this Announcement. Marianne E. Sullivan Senior Vice President Single-Family Chief Risk Officer Microsoft and Excel are registered trademarks of Microsoft Corporation Announcement Page 3

4 Attachment 1 Delinquency Reporting Flat File Layout (Effective 08/01/09) Description: A file containing the required data elements for reporting delinquent mortgage loans to Fannie Mae. Data Record Data Required Position Format Element Field Definition 1 Servicer 1 9 N / 9(9) Yes Fannie Mae assigned lender number Number 2 Space 10 X(1) Yes 3 Fannie Mae Loan Number AN / 9(10) Yes 10-digit unique Fannie Mae assigned loan number for Fannie Mae loans 4 Space 21 X(1) Yes 5 Status Code 22 2 AN / X(2) Yes The latest action or stage of a specific action for a mortgage in each reporting cycle 6 Space 24 X(1) Yes 7 Delinquency Reason Code 25 3 AN / X(3) Yes Describes the circumstance that appears to be the primary contributing factor to the delinquency 8 Space 28 X(1) Yes 9 Default Effective Date 29 8 N / 9(8) Yes Date that the delinquency status code becomes effective 10 Space 37 X(1) Yes 11 Default Completion Date 38 8 N / 9(8) Required for reporting HomeSaver Forbearance (HSF), regular forbearance, and repayment plans Date that the delinquency status was completed 12 Space 46 X(1) Yes 13 HomeSaver 47 1 N / X(1) Required for Indicates whether the borrower is Forbearance reporting HSF currently under an HSF. If the borrower is currently under an HSF, but does not make a scheduled Announcement Attachment 1 Page 1

5 Attachment 1 Data Element Position Format Required Field Definition payment under the HSF, the indicator should be NO Expected Value: 1 (YES) or 0 (NO) or Space 14 Space 48 X(1) Yes 15 Imminent 49 1 N / X(1) Required for Indicates that the loan has been placed Default reporting HSF in forbearance because the borrower has been determined to be in imminent default 16 Space 50 X(1) Yes 17 Forbearance Payment Amount N / 9(8).99 Required for reporting HSF Expected Value: 1 (YES) or 0 (NO) or Space Payment amount received from the borrower during the last reporting month If the value is short of length, prefix with zeros and suffix with zeros after decimal 18 Space 62 X(1) Yes 19 Forbearance 63 8 AN / X(1) Required for Date the forbearance payment was Payment Date reporting HSF received during the last reporting month 20 Space 71 X(1) Yes 21 Ninety Plus New Layout 72 4 AN / X(4) Required for Indicates that the new file layout is reporting HSF being used for reporting the HSF. If this field is blank, then the four fields above will be ignored HSFR indicator must be provided if the transaction is for an HSF case 22 Space 76 X(5) Yes Expected Value: HSFR or Space Announcement Attachment 1 Page 2