Freddie Mac Issuer Session. STACR and Other Credit Risk Transfer Updates: Servicing and REO Disposition Practices
|
|
- Patricia Fox
- 6 years ago
- Views:
Transcription
1 Freddie Mac Issuer Session STACR and Other Credit Risk Transfer Updates: Servicing and REO Disposition Practices September 17, 2015
2 STACR and Other Credit Risk Transfer Updates: Servicing and REO Disposition Practices Moderator: Mike Reynolds, Vice President, Credit Risk Transfer Speakers: Yvette Gilmore, Vice President, Servicer Performance Management Jennifer Meagher, Ops Change Management Director Eric Will, REO Sales & Closing Senior Director
3 Achievements Launched the STACR Market Leading the way in Disclosures Industry Awards Including:» 2015 RMBS Deal of the Year Award by Global Capital» 2014 Global Structure Deal of the Year Award by Euromoney» 2014 Deal of the Year for Americas Award by The Banker Freddie Mac continues to evolve this asset class, introducing new products and features to make the program even more effective 3
4 Freddie Mac s Role in US Housing Finance 4
5 Single-Family Servicing & Loss Mitigation Yvette Gilmore, Vice President Servicing Performance Management
6 Functional Areas Single Family Servicing Servicing Leadership Team Who We Are Servicing Performance Management Servicing Relationship Management Servicing Policy Portfolio Data Analytics Servicing QA Customer Performance Management Structured Transactions Responsible for managing the servicing performance of the company s 1,400 national, regional and community servicers. Establishes relationships with servicers that enable improvement of operational performance and execution to reduce credit losses, preserve homeownership and facilitate positive servicing industry change. Responsible for developing mortgage servicing policies, and changes to our Single-Family Seller/ Servicer Guide. Works with FHFA, industry participants, and internal partners to develop solutions to Servicing issues. Responsible for Servicing data and reporting, and the analytics support for Loss Mitigation solutions, as well as the Servicer Success Scorecard, integral to Servicer Relationship Management. Responsible for loan file reviews to evaluate Servicers' compliance with FRE requirements for managing delinquent loans and workout alternatives. Also identifies remedies for non-compliance and collects on all requests. Responsible for providing and maintaining a consistent framework for business protocols, approval authority, and account mgmt, including management of negotiated terms of business, risk evaluation, and customer support.. Responsible for delivering financing support related to negotiated servicing transfers and for managing the performance of the T-Deal servicers, including monthly recoveries on loss-producing loans 6
7 Servicer Monitoring Freddie Mac executes a coordinated and integrated approach to monitoring and evaluating servicer risks Scheduled Monitoring Scheduled Monitoring: Ongoing Monitoring: Key Monitoring Mechanisms baseline activities as prescribed by policies/procedures triggered based on surveillance, for example: financial analysis results, market risk indicators, and changes in the business, industry or regulation Both Scheduled and Ongoing Monitoring Ongoing Monitoring Credit Monitoring Onsite Operational Review Servicer Performance Monitoring On-site Operational Reviews (CORE) Financial Analysis Compliance & Eligibility QA Remedies Fraud Investigations Performance is discussed at various forums with cross-divisional representation (e.g., integrated account plan meetings, Credit Integration Team (CIT) meetings, Single Family Risk Committee) Results of any of the above functions can lead to actions taken against the counterparties. Common reasons for actions 1. Failure to repurchase 2. Fraud findings 3. Inadequate capital / net worth 4. Non-compliance with Guide 5. Failure to file annual certification or financials timely Examples of actions taken 1. Collateral agreements/parental guarantees 2. Suspend negotiated servicing transfers 3. Partial transfers of servicing 4. Terminate eligibility through adverse actions 7
8 Monitoring Servicer Performance Freddie Mac s Servicing Success Program focuses on all aspects of mortgage servicing to improve Servicer performance. The program includes three components: The Servicer Performance Profiles website is a tool to help measure results of all Servicers for the Program, and is available to all Servicers. Tools to monitor performance include: Servicer Success Scorecard Tools Servicer-specific targets and performance metrics Large & Specialty Servicer performance grid Bottom 25% NPL performance grid Servicer Account Plans Executive Summary Reports Negotiated Terms of Business Integrated Account Plans Holistic view of relationship Portfolio Data Analytics sets annual targets for Servicers and ranks them each month based on performance against the Scorecard criteria. 8
9 Loss Mitigation Solutions Current Days Delinquent 30 DPD 60 DPD 90 DPD 120 DPD 360 Days 720 Days FCL Sale Payment Relief Options 1 2 Forbearance Repayment Plan 3 Disaster Relief Modification Loan Modification Options 4 5 Standard Mod with Imminent Default HAMP Mod with Imminent Default Standard Modification HAMP Modification 6 Streamlined Modification Liquidation Options 7 8 Standard Short Sale Deed-in-Lieu Forbearance - Relief option that provides a temporary reduction or suspension of payments to give Borrowers a period of time to improve their financial situation Repayment Plan - Borrowers that have had a short term hardship, and now have the ability to begin making payments again, but either do not want or do not require a loan modification. Disaster Relief Modification A capitalization and extension modification that is offered only to those Borrowers that were impacted by an Eligible Disaster. HAMP Modification - Modification that reduces delinquent and at-risk borrowers' monthly mortgage payments by achieving a post-modified 31% PITIAS Payment-to-Income ratio ( Target Payment ) Standard Modification - Modification for Borrowers who are ineligible for HAMP. Standard Mod achieves an affordable payment through the capitalization of arrearages, interest rate adjustment, term extension, and partial principal forbearance, as necessary Streamlined Modification - A proactive modification solution with the same terms as the Standard Modification, the Streamlined Modification is offered to Borrowers who are at least 90 days delinquent, but not more than 720 days delinquent. A complete Borrower Response Package is not required. Standard Short Sale - Borrowers that wish to gracefully exit the home by selling the property for less than the total amount necessary to satisfy the mortgage. Cash or note contribution may be required in some instances. Standard Deed-in-Lieu - Borrowers that wish to gracefully exit the home by voluntarily conveying clear and marketable title to the property to Freddie Mac in exchange for a discharge of debt. 9
10 Areas of Alignment Borrower Contact Focus on Quality Right Party Contact and standards Delinquency Management Emphasis on earlier, more frequent contact and response Loan Modifications, Workouts, and Foreclosure Alternatives Promote long-term, sustainable solutions based on best practices Foreclosure Timelines Focus on consistent application of timeline measurements from referral through date of sale Servicer Incentives and Compensatory Fees Compensate for meeting quality benchmarks Assess fees/remedies for failing to meet quality benchmarks Servicers have done a better job of engaging with homeowners, resolving their cases more quickly and consistently There is greater transparency and a quicker decision-making process for distressed homeowners Modifications and Foreclosure Alternative programs have been greatly expanded, resulting in more positive Borrower outcomes Reduced Credit Losses 10
11 HomeSteps REO Overview Eric Will, REO Sales & Closing Senior Director Jennifer Meagher, Operations Change Management Senior Director
12 Mission HomeSteps Mission To effectively manage Freddie Mac s credit losses in a way that provides affordable housing opportunities and benefits communities. Improve Collateral Values Refinement of our valuation methodology; Repair strategy focus to improve sales prices and return on investment; Frequent market area reviews and analytics to adjust sales and pricing strategies. Manage Expenses Monitoring of asset expenditures at the account group level; Business model review for savings and efficiencies; Negotiating volume discounts with vendor for service fees. Maximize Remedies Effective management and collection of hazard insurance, primary MI, pool MI, repurchase claims and any other remedies available. Preserve, Maintain, & Repair Homes Adherence to the highest quality of preservation, maintenance and repair standards; Homes look as good or better than others in the market. Price Homes at Fair Market Value Homes priced and sold in-line with other retail sales in the community, ensuring we do not establish negative comparable sales that lead to home value declines. Target Owner Occupant Buyers Sales and marketing strategies employed to attract owner occupant buyers, resulting in stronger recoveries than investor sales. 12
13 REO Business Process REO Core Process Pre List Not Available Pre List Available Listing & Sales Closing & Title Redemption Valuation Listing Sale Pending Eviction Strategy Strategy Updates Title Resolution Complex Title Repair Offer Negotiation Settlement Litigation Rental Contract Execution Bulk Sales REO Support & Financial Functions Outsourcer Oversight Vendor Services Operational Accounting Valuation Management Servicer Relations & Recoveries Regional Area Managers Quality Assurance Special Sales Programs - Auction, Bulk Marketing & Customer Service Reporting & Process Automation Repurchase Primary MI 13
14 Portfolio Overview 14
15 Portfolio Overview Inventory Statistics 15
16 Portfolio Overview Top 10 States 5K 4K 11.9% Inventory Volume & % of Total Inventory 3K 2K 1K 8.4% 7.0% 6.2% 6.2% 5.5% 4.7% 4.0% 3.9% 3.0% 0 FL IL OH MD MI NJ NY MN PA OR Current Inventory YTD Authorizations YTD Dispositions As of August 31,
17 Portfolio Overview Top 10 States The Top 10 States Comprise 61% Of Our Total Portfolio FL 2. IL 3. OH 4. MD 5. MI 6. NJ 1 7. NY 8. MN 9. PA As of August 31, OR 17
18 Best Practices Valuation Practices Establishing the most accurate market value is critical to maximizing financial recovery, reducing timelines, and protecting home values. Vendor Management To maximize financial recovery and reduce liability risks, HomeSteps utilizes an extensive vendor network of licensed, experienced, and well-trained service providers. Good Neighbor Policy To reduce the negative impact of foreclosures and enhance marketability, HomeSteps adheres to stringent preservation and maintenance standards. Community Stabilization HomeSteps actively partners with non-profits, local governments and HUD to use our homes in support of community stabilization efforts. Marketing Programs & Incentives Marketing promotions and programs encourage owner-occupant sales, mitigating the perception that REOs sell below market value to investors. 18
19 Best Practices Valuation Practices Vendor Management Good Neighbor Policy Community Stabilization Marketing Programs & Incentives Recognized Best In Class REO Management Practices & Systems Strong Reputation, Liability & Operational Risk Management Support for community stabilization and housing recovery Maximized Financial Recovery for Freddie Mac, Taxpayers, & Credit Investors 19
20 Improved Capabilities In response to the significant increase in REO inventory resulting from the housing crisis, HomeSteps heavily invested in enhancements to our business model, processes, vendor networks, and production/end-user systems. Improved Capabilities Valuation precision. Preservation & Maintenance standards / monitoring Repair decisioning and maximization of ROI Stronger, more flexible, diverse vendor networks and management Capabilities to quickly adapt to changes in laws, ordinances, and processes governing management and oversight of REO homes Improved data analytics to help maximize financial recovery 20
21 Results & Accomplishments In response to the significant increase in REO inventory resulting from the housing crisis, HomeSteps heavily invested in enhancements to our business model, processes, vendor networks, and production/end-user systems. Results & Accomplishments Acquired and Sold 500,000 REO Sold nearly two-thirds of homes to owner-occupant buyers Achieved better than 95% sales price to market value Reduced standing inventory over 73% since it s peak of 75,000 Paid more than 10M invoices; $4.3B in property expenses Delivered 3.6M Broker s Price Opinions (BPO s) 21
22 Focus Areas Enhanced Collateral Recoveries Localization of valuation and pricing Refinement of repair program Remedy optimization Aggressive Portfolio Management Focus on Community Stabilization FHFA s portfolio contraction and community stabilization goals Promote Freddie Mac s Home Possible Advantage program for REO Optimize Vendor Relationships Not Listed inventory reduction Increasing P&M Vendor Coverage Listed and Aged inventory acceleration Broader use of alternative marketing channels (i.e. auction, bulk) Effectively managing size of vendor network to optimize vendor performance and fees 22
23 Q & A
What is the Servicing Alignment Initiative? Overview:
Servicing Alignment Initiative: Freddie Mac Requirements Overview for Housing Counselors Orlando, September 27, 2011 What is the Servicing Alignment Initiative? Overview: Freddie Mac launched a comprehensive
More informationFreddie Mac Servicer Conference November 14 Bulletin Freddie Mac Servicer Success Scorecard
Freddie Mac Servicer Conference 2014 November 14 Bulletin Freddie Mac Servicer Success Scorecard Overview The Freddie Mac Servicer Success Scorecard (Scorecard) drives Servicer behavior consistent with
More informationTO: Freddie Mac Servicers November 14,
TO: Freddie Mac Servicers November 14, 2014 2014-19 SUBJECT: SERVICING UPDATES (This is a reissuance of Bulletin 2014-19, with corrections to the section titled Default management criteria comparison and
More informationFannie Mae Reports Third-Quarter 2011 Results
Contact: Number: Katherine Constantinou 202-752-5403 5552a Resource Center: 1-800-732-6643 Date: November 8, 2011 Fannie Mae Reports Third-Quarter 2011 Results Company Focused on Providing Liquidity to
More informationServicing Alignment Initiative Overview for Freddie Mac Servicers
Servicing Alignment Initiative Overview for Freddie Mac Servicers Consistent requirements and processes for servicing delinquent mortgages Working at the direction of, and in concert with, the Federal
More informationAll of the changes announced in this Bulletin are effective immediately unless otherwise noted.
TO: Freddie Mac Servicers June 13, 2018 2018-9 SUBJECT: SERVICING UPDATES This Guide Bulletin announces: Forbearance plan requirements Consolidation and restructuring of our requirements for short-term,
More informationFreddie Mac Customer Education. Short Payoff and Make-whole Preforeclosure Sale Overview
Freddie Mac Short Payoff and Make-whole Preforeclosure Sale Overview Tools and Tips Close all other applications to enhance your workstation s performance. Maximize the window used for viewing this recording.
More informationFreddie Mac Standard and Streamlined Modification. Reference Guide. September 2017
Freddie Mac Standard and Streamlined Modification Reference Guide September 2017 This Page Intentionally Left Blank Table of Contents Introduction... 1 What is a Loan Modification?... 1 Freddie Mac Standard
More informationSUBJECT: SERVICING REQUIREMENTS TO ASSIST BORROWERS IMPACTED BY ELIGIBLE DISASTERS
TO: Freddie Mac Servicers November 2, 2017 2017-25 SUBJECT: SERVICING REQUIREMENTS TO ASSIST BORROWERS IMPACTED BY ELIGIBLE DISASTERS We are expanding our requirements for Mortgages held by Borrowers whose
More informationFannie Mae 2012 Second-Quarter Credit Supplement. August 8, 2012
Fannie Mae 2012 Second-Quarter Credit Supplement August 8, 2012 This presentation includes information about Fannie Mae, including information contained in Fannie Mae s Quarterly Report on Form 10-Q for
More informationTO: Freddie Mac Sellers and Servicers October 3, 2012
Bulletin NUMBER: 2012-20 TO: Freddie Mac Sellers and Servicers October 3, 2012 SUBJECTS Selling and Servicing requirements are amended with this Single-Family Seller/Servicer Guide ( Guide ) Bulletin.
More informationFannie Mae Reports Net Income of $1.8 Billion for Third Quarter 2012
Contact: Pete Bakel 202-752-2034 Date: November 7, 2012 Resource Center: 1-800-732-6643 Fannie Mae Reports Net Income of $1.8 Billion for Third Quarter 2012 Company Generates Net Income of $9.7 Billion
More informationFreddie Mac Standard Modification Overview for Housing Counselors. Counselor Connection Baltimore, Maryland May 8, 2012
Freddie Mac Standard Modification Overview for Housing Counselors Counselor Connection Baltimore, Maryland May 8, 2012 Objectives Understand how Servicers will apply Freddie Mac requirements for the Standard
More informationFreddie Mac Flex Modification. Reference Guide. September 2017
Freddie Mac Flex Modification Reference Guide September 2017 This Page Intentionally Left Blank Table of Contents Introduction... 1 When to Implement the Flex Modification... 1 Eligibility Requirements
More informationFannie Mae Reports Net Income of $5.1 Billion for Second Quarter 2012
Contact: Pete Bakel Resource Center: 1-800-732-6643 202-752-2034 Date: August 8, 2012 Fannie Mae Reports Net Income of $5.1 Billion for Second Quarter 2012 Net Income of $7.8 Billion for First Half 2012
More informationSUBJECT: SERVICING UPDATES
TO: Freddie Mac Servicers July 13, 2016 2016-13 SUBJECT: SERVICING UPDATES This Guide Bulletin announces: Freddie Mac Default Legal Matters and other litigation Additional detail on reimbursable attorney
More informationLoan Workout Hierarchy for Fannie Mae Conventional Loans
Loan Workout Hierarchy for Fannie Mae Conventional Loans The following table identifies the Fannie Mae loss mitigation options that are available to assist borrowers experiencing financial hardship. Generally,
More informationFreddie Mac Standard and Streamlined Modification Reference Guide. April 2015
Freddie Mac Standard and Streamlined Modification Reference Guide April 2015 Table of Contents Introduction... 1 What is a Loan Modification?... 1 Freddie Mac Standard Modifications... 2 Ineligible Criteria
More informationFannie Mae Reports Net Income of $4.6 Billion and Comprehensive Income of $4.4 Billion for Second Quarter 2015
Resource Center: 1-800-732-6643 Contact: Date: Pete Bakel 202-752-2034 August 6, 2015 Fannie Mae Reports Net Income of 4.6 Billion and Comprehensive Income of 4.4 Billion for Second Quarter 2015 Fannie
More informationWorkout Hierarchy for Fannie Mae Conventional Loans NOTE: Refer to the Fannie Mae Servicing Guide
Workout Hierarchy for Fannie Mae Conventional Loans The following table is a summary of Fannie Mae workout options available to assist borrowers experiencing financial hardship. The servicer must first
More informationHOPE NOW Alliance. Statement for the Record. Committee on Oversight and Government Reform. U.S. House of Representatives. Hearing
HOPE NOW Alliance Statement for the Record Committee on Oversight and Government Reform U.S. House of Representatives Hearing Foreclosure Prevention Part II: Are Loan Servicers Honoring Their Commitments
More informationIMMINENT DEFAULT EVALUATION AND PROCESS FOR MORTGAGE MODIFICATIONS
TO: Freddie Mac Servicers October 11, 2017 2017-22 SUBJECT: SERVICING UPDATES This Guide Bulletin announces: Imminent default evaluation and process for mortgage modifications New imminent default evaluation
More informationFannie Mae 2010 First Quarter Credit Supplement. May 10, 2010
Fannie Mae 2010 First Quarter Credit Supplement May 10, 2010 1 These materials present tables and other information about Fannie Mae, including information contained in Fannie Mae s Quarterly Report on
More informationFirst Quarter 2017 Financial Results Supplement. May 2, 2017
First Quarter 2017 Financial Results Supplement May 2, 2017 Table of contents Financial Results 3 Quarterly Financial Results 4 Market-Related Items 5 Segment Financial Results 6 Portfolio Balances 7 Treasury
More informationFannie Mae Reports Net Income of $10.1 Billion and Comprehensive Income of $10.3 Billion for Second Quarter 2013
Resource Center: 1-800-732-6643 Contact: Pete Bakel 202-752-2034 Date: August 8, 2013 Fannie Mae Reports Net Income of $10.1 Billion and Comprehensive Income of $10.3 Billion for Second Quarter 2013 Fannie
More informationFannie Mae 2009 Second Quarter Credit Supplement. August 6, 2009
Fannie Mae 2009 Second Quarter Credit Supplement August 6, 2009 1 These materials present tables and other information about Fannie Mae, including information contained in Fannie Mae s Quarterly Report
More informationFannie Mae 2011 Third-Quarter Credit Supplement. November 8, 2011
Fannie Mae 2011 Third-Quarter Credit Supplement November 8, 2011 This presentation includes information about Fannie Mae, including information contained in Fannie Mae s Quarterly Report on Form 10-Q for
More informationFEDERAL HOUSING FINANCE AGENCY OFFICE OF INSPECTOR GENERAL
FEDERAL HOUSING FINANCE AGENCY OFFICE OF INSPECTOR GENERAL Enhanced FHFA Oversight Is Needed to Improve Mortgage Servicer Compliance with Consumer Complaint Requirements AUDIT REPORT: AUD-2013-007 March
More informationFannie Mae and Freddie Mac Have The Same Short Sale Rules and Policies
Fannie Mae and Freddie Mac Have The Same Short Sale Rules and Policies Effective September 1, 2011 There are approximately 3.3 million Americans who are in or close to foreclosure. Fannie Mae and Freddie
More informationHOPE NOW Reports 99K Mortgage Solutions for Homeowners in November K Permanent Loan Modifications Completed for the Month
January 27, 2016 Media Contact: Oliver Jakubos (202) 589-2415 Oliver.Jakubos@fsroundtable.org HOPE NOW Reports 99K Mortgage Solutions for Homeowners in November 2015 26K Permanent Loan Modifications Completed
More informationFannie Mae Reports Net Income of $2.0 Billion and Comprehensive Income of $2.2 Billion for Third Quarter 2015
Resource Center: 1-800-732-6643 Contact: Date: Pete Bakel 202-752-2034 November 5, 2015 Fannie Mae Reports Net Income of 2.0 Billion and Comprehensive Income of 2.2 Billion for Third Quarter 2015 Fannie
More informationFHFA Perspectives on Foreclosure Prevention and Principal Forgiveness
FHFA Perspectives on Foreclosure Prevention and Principal Forgiveness Edward DeMarco, Acting Director Federal Housing Finance Agency The Brookings Institution April 10, 2012 My goal today is to answer
More informationHFA Mortgage Assistance Programs Servicer Q&A
HFA Mortgage Assistance Programs Servicer Q&A Freddie Mac is reinforcing its on-going commitment to help financially distressed homeowners with Freddie Mac-owned or guaranteed mortgages avoid foreclosure
More informationTO: Freddie Mac Servicers April 15, 2013
Bulletin NUMBER: 2013-6 TO: Freddie Mac Servicers April 15, 2013 SUBJECTS With this Single-Family Seller/Servicer Guide ( Guide ) Bulletin, we are making the following updates and revisions to our Servicing
More informationTO: Freddie Mac Servicers February 15, 2013
Bulletin NUMBER: 2013-3 TO: Freddie Mac Servicers February 15, 2013 SUBJECTS With this Single-Family Seller/Servicer Guide ( Guide ) Bulletin, we are making the following updates and revisions to our Servicing
More informationIf ineligible for the HAMP, is the borrower experiencing a temporary or long-term hardship?
Loan Workout Hierarchy For Fannie Mae Conventional Loans The following table identifies the Fannie Mae loss mitigation options that are available to assist borrowers experiencing financial hardship. The
More informationDefault Management Servicing Guide
Homeowner Assistance Program I Mortgage Insurance Default Management Servicing Guide January 10, 2014 7566293.0114 Genworth Mortgage Insurance Homeowner Assistance Program Default Management Servicing
More informationFannie Mae 2014 Second Quarter Credit Supplement. August 7, 2014
Fannie Mae Second Quarter Credit Supplement August 7, This presentation includes information about Fannie Mae, including information contained in Fannie Mae s Quarterly Report on Form 10-Q for the quarter
More informationSUBJECT: HOME AFFORDABLE MODIFICATION PROGRAM YEAR SIX PAY FOR PERFORMANCE INCENTIVE
TO: Freddie Mac Servicers January 29, 2015 2015-1 SUBJECT: HOME AFFORDABLE MODIFICATION PROGRAM YEAR SIX PAY FOR PERFORMANCE INCENTIVE This Single-Family Seller/Servicer Guide ( Guide ) Bulletin announces
More informationFaith Schwartz Testifies at TARP Foreclosure Mitigation Programs Hearing
October 27, 2010 Media Contact: Brad Dwin (202) 589-1938 brad@hopenow.com Faith Schwartz Testifies at TARP Foreclosure Mitigation Programs Hearing (WASHINGTON, DC) Faith Schwartz, senior adviser, and former
More informationIMMINENT DEFAULT EVALUATION AND PROCESS FOR MORTGAGE MODIFICATIONS
TO: Freddie Mac Servicers October 11, 2017 2017-22 SUBJECT: SERVICING UPDATES This Guide Bulletin announces: Imminent default evaluation and process for mortgage modifications New imminent default evaluation
More informationMaking Home Affordable Program Performance Report Third Quarter 2015
Making Home Affordable PROGRAM PERFORMANCE REPORT THROUGH THE THIRD QUARTER OF 2015 MHA AT-A-GLANCE Approximately 2.5 Million Homeowner Assistance Actions have taken place under Making Home Affordable
More informationSUBJECT: NEIGHBORHOOD STABILIZATION INITIATIVE MYCITY MODIFICATION FOR THE CITY OF DETROIT, MICHIGAN
TO: Freddie Mac Servicers June 18, 2014 2014-11 SUBJECT: NEIGHBORHOOD STABILIZATION INITIATIVE MYCITY MODIFICATION FOR THE CITY OF DETROIT, MICHIGAN This Single-Family Seller/Servicer Guide ( Guide ) Bulletin
More informationFirst Quarter 2013 Financial Results Supplement. May 8, 2013
First Quarter 2013 Financial Results Supplement May 8, 2013 Table of contents Business Results Credit Supplement 3 - Quarterly Net Income and Comprehensive Income 21 - National Home Prices 4 - Comprehensive
More informationHUD US DEPT OF HOUSING & URBAN DEVELOPMENT: Fannie Mae & Freddie Mac s Flex Modification Program
Final Transcript HUD US DEPT OF HOUSING & URBAN DEVELOPMENT: Fannie Mae & Freddie Mac s Flex Modification Program SPEAKERS Virginia Holman Lorraine Griscavage-Frisbee Jeff Zitelman Bryan Camilli PRESENTATION
More informationSupplemental Directive May 11, Home Affordable Unemployment Program. Help for Unemployed Borrowers. Background
Supplemental Directive 10-04 May 11, 2010 Home Affordable Unemployment Program Background In Supplemental Directive 09-01, the Treasury Department (Treasury) announced the eligibility, underwriting and
More informationTO: Freddie Mac Servicers September 14,
TO: Freddie Mac Servicers September 14, 2016 2016-17 SUBJECT: SERVICING UPDATES This Guide Bulletin announces: Freddie Mac Servicing Success Program Freddie Mac Servicer Success Scorecard ( Scorecard )
More informationFannie Mae Reports Third-Quarter 2010 Results
Resource Center: 1-800-732-6643 Contacts: Number: Todd Davenport 202-752-5115 5214a Date: November 5, 2010 Fannie Mae Reports Third-Quarter 2010 Results Net Loss of $1.3 Billion Reflects Stabilizing Credit-Related
More informationMaking Home Affordable Working Together to Help Homeowners
Making Home Affordable Working Together to Help Homeowners MHA Offers Solutions MHA and related programs work together to help homeowners avoid foreclosure. Transition from Home Ownership Historically
More informationDeanne R. Stodden. Member, Rogers & Stodden, LLC Of Counsel, Carpenter & Klatskin, PC
Deanne R. Stodden Member, Rogers & Stodden, LLC Of Counsel, Carpenter & Klatskin, PC Loss Mitigation is generally defined as the process a lender goes through to work with a borrower (home owner or business
More informationTO: Freddie Mac Servicers August 15, 2013
Bulletin NUMBER: 2013-15 TO: Freddie Mac Servicers August 15, 2013 SUBJECTS With this Single-Family Seller/Servicer Guide ( Guide ) Bulletin, we are making the following updates and revisions to our Servicing
More informationThe Mortgage Resolution Fund
The Mortgage Resolution Fund Creating a Safety Net for Delinquent Homeowners and Distressed Communities Florida Housing Finance Corporation Board of Directors October 14, 2011 Overview MRF Mission Distressed
More informationStatement of Donald Bisenius Executive Vice President Single Family Credit Guarantee Business Freddie Mac
Statement of Donald Bisenius Executive Vice President Single Family Credit Guarantee Business Freddie Mac Hearing of the U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Dodd, Ranking
More informationBulletin. TO: All Freddie Mac Servicers December 12, 2008
Bulletin TO: All Freddie Mac Servicers December 12, 2008 SUBJECTS Servicing requirements are provided in this Single-Family Seller/Servicer Guide (Guide) Bulletin. With this Bulletin we are: Providing
More informationServicing Agent Oversight and Surveillance Program Best Practices
Servicing Agent Oversight and Surveillance Program Best Practices Freddie Mac Single-Family Seller/Servicer Guide ( Guide ) Section 8102.1 requires Servicers to establish an oversight and surveillance
More informationFannie Mae Reports Net Income of $2.8 Billion and Comprehensive Income of $2.8 Billion for First Quarter 2017
Resource Center: 1-800-232-6643 Contact: Date: Pete Bakel 202-752-2034 May 5, 2017 Fannie Mae Reports Net Income of 2.8 Billion and Comprehensive Income of 2.8 Billion for First Quarter 2017 Fannie Mae
More informationFourth Quarter 2014 Financial Results Supplement
Fourth Quarter 20 Financial Results Supplement February 19, 2015 Table of contents Financial Results Segment Business Information 2 - Annual Financial Results 12 - Single-Family New Funding Volume 3 -
More informationEffective Foreclosure Timeline Management Reference Guide
Effective Foreclosure Timeline Management Reference Guide A foreclosure timeline is the number of days it takes to process a foreclosure, from the due date of the last paid installment (DDLPI) to the foreclosure
More informationMaking Home Affordable
Making Home Affordable Working Together to Help Homeowners MHA Offers Solutions MHA and related programs work together to help homeowners avoid foreclosure. Transition from Home Ownership Historically
More informationHOPE NOW. Snapshot Industry Extrapolations and HAMP Metrics
Year over Year Q2-211 to H1 212 Q2-211 Q3-211 Q4-211 Q1-212 Q2-212 Apr-212 May-212 Jun-212 Q2-212 Total Completed Modifications 251,424 255,667 24,523 23,463 182,6 56,922 61,489 63,594-28% 385,468 HAMP
More informationMaking Home Affordable Program Performance Report Second Quarter 2014
Making Home Affordable PROGRAM PERFORMANCE REPORT THROUGH THE SECOND QUARTER OF 2014 MHA AT-A-GLANCE More than 2.1 Million Homeowner Assistance Actions have taken place under Making Home Affordable (MHA)
More informationFannie Mae Reports Fourth-Quarter and Full-Year 2008 Results
Resource Center: 1-800-732-6643 Contact: Number: Brian Faith 202-752-6720 4624a Date: February 26, 2009 Fannie Mae Reports Fourth-Quarter and Full-Year 2008 Results Fourth-Quarter Loss of $25.2 Billion
More informationDelinquency Management for Mortgages Secured by Primary Residences
Delinquency Management for Mortgages Secured by Primary Residences This reference guide highlights Freddie Mac s requirements for managing delinquent mortgages secured by a borrower s primary residence.
More informationAffordability: Modifications should provide affordable payments and terms. Sustainability: Modifications should produce long term performance.
November 3, 2016 Ms. Maria Fernandez Mr. Prasant Sar Ms. Mary Baehr Mr. Luis Saucedo Federal Housing Finance Agency Constitution Center 400 7 th Street, S.W. Washington, DC 20219 Dear Ms. Fernandez, Mr.
More informationClaims Reference Manual
April 2016 1 Claims Reference Manual Table of Contents 1. OVERVIEW... 3 2. DEFINITIONS... 3 3. DELINQUENCY REPORTING... 4 3.1. When to Report a Delinquency... 4 3.2. Update Requirements... 4 3.3. How to
More informationFreddie Mac. Mortgage Participation Certificates. Mortgage Participation Certificates
Freddie Mac Mortgage Participation Certificates Mortgage Participation Certificates Freddie Mac issues and guarantees Mortgage Participation Certificates, or PCs. PCs are securities that represent undivided
More informationTO: Freddie Mac Servicers April 11,
TO: Freddie Mac Servicers April 11, 2018 2018-6 SUBJECT: SERVICING UPDATES This Guide Bulletin announces: Subsequent Transfers of Servicing Updates related to Subsequent Transfers of Servicing, including
More informationAnnouncement SVC September 21, 2010
Announcement SVC-2010-15 September 21, 2010 Updates to Fannie Mae's Forbearance, Income Eligibility, and Home Affordable Modification Program Requirements. Introduction In this Announcement, Fannie Mae
More informationThe Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners November 2012 U.S. Department U.S Department of Housing of Housing and Urban and Urban Development Development
More informationThe Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners August 2015 U.S. Department of Housing and Urban Development Office of Policy Development and Research U.S
More informationREFERENCE POOL GLOSSARY
REFERENCE POOL GLOSSARY This glossary provides the definitions and codes/enumerations for attributes disclosed in the Reference Pool disclosure files. The loan level attributes are listed alphabetically
More informationMaking Home Affordable
Making Home Affordable Working Together to Help Homeowners Response to the Crisis MHA is part of Administration approach to promoting stability for housing market, homeowners. Homeowner Affordability and
More informationHUD NATIONAL SERVICING CENTER
HUD NATIONAL SERVICING CENTER Revisions to FHA's Loss Mitigation Home Disposition Options Preforeclosure Sale & Deed-in-Lieu Working Together to Help Families Stay in Their Homes Presented by : FHA National
More informationTO: Freddie Mac Servicers February 15,
TO: Freddie Mac Servicers February 15, 2017 2017-1 SUBJECT: SERVICING UPDATES This Guide Bulletin announces: Obtaining and evaluating tax transcripts Revisions to our requirements for obtaining and evaluating
More informationFirst Lien Modification Program Home Affordable Modification Program. Phase 1 Engagement
First Lien Modification Program Home Affordable Modification Program Objective The objective of this three part training series is to assist servicers in the execution of the Home Affordable Modification
More informationFannie Mae 2009 First Quarter Credit Supplement. May 8, 2009
Fannie Mae 2009 First Quarter Credit Supplement May 8, 2009 1 These materials present tables and other information about Fannie Mae, including information contained in Fannie Mae s Quarterly Report on
More informationSTANDARD MODIFICATION
Bulletin NUMBER: 2011-16 TO: Freddie Mac Servicers September 12, 2011 SUBJECTS With this Single-Family Seller/Servicer Guide ( Guide ) Bulletin, we are announcing complete requirements related to the Freddie
More informationHAMP Trusted Advisor 1
Home Affordable Modification Program ( ) Training for Trusted Advisors Making Home Affordable February February 2016 2016 Objectives 1 MHA Program Highlights 2 Overview 3 Eligibility Criteria 4 Protections
More informationHAMP. The Hamp Program. Avoid Foreclosure. More Affordable Payments Historically Low Mortgage Rates Help With Upside Down Mortgages
The Program Works to Help Homeowners Avoid Foreclosure Avoid Foreclosure HAMP More Affordable Payments Historically Low Mortgage Rates Help With Upside Down Mortgages What is HAMP? Home Affordable Modification
More informationTO: Freddie Mac Servicers July 8,
TO: Freddie Mac Servicers July 8, 2015 2015-11 SUBJECT: SERVICING UPDATES This Single-Family Seller/Servicer Guide ( Guide ) Bulletin announces updates to Guide Exhibit 93 to account for changes to the
More informationHOPE NOW. Snapshot Industry Extrapolations and HAMP Metrics
Snapshot Industry Extrapolations and HAMP Metrics Three Month Q2-215 Q3-215 Q4-215 Q1-216 Q2-216 Jun-16 Jul-16 Aug-16 Total Completed Modifications 119,658 97,773 84,798 86,167 1,198 41,872 34,815 36,6
More informationShort Sales. Vice President. Lincoln, Nebraska April 12, 2011
Short Sales A guide to working with Wells Fargo Abel Fregoso, Jr Vice President National Field Short Sales Manager Lincoln, Nebraska April 12, 2011 Strategic Partnership Wells Fargo and Our REALTOR Partners
More informationRevisions to our requirements regarding cancelation of Borrower-paid mortgage insurance October 1, 2018 Mortgage modifications
TO: Freddie Mac Servicers April 11, 2018 2018-6 SUBJECT: SERVICING UPDATES This Guide Bulletin announces: Subsequent Transfers of Servicing Updates related to Subsequent Transfers of Servicing, including
More informationSecuritizing Reperforming Loans into Agency Mortgage Backed Securities: A Program Primer
Securitizing Reperforming Loans into Agency Mortgage Backed Securities: A Program Primer Fannie Mae recently announced plans to securitize single-family, fixed-rate reperforming loans (RPLs) into Agency
More informationDEFINING RESPONSIBLE LENDING WITH CHANGES TO LENDER GIFT AND GRANT REQUIREMENTS
TO: Freddie Mac Sellers July 6, 2017 DEFINING RESPONSIBLE LENDING WITH CHANGES TO LENDER GIFT AND GRANT REQUIREMENTS Freddie Mac remains committed to working with our customers, and the industry, to provide
More informationThe Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners May 2011 U.S. Department of Housing and Urban Development Office of Policy Development Research U.S Department
More informationSingle Family Loan-Level Dataset Release Notes
Single Family Loan-Level Dataset Release Notes February 2019 Release Summary Cutoff Dates and Records (Full Volume Dataset) Release Date Origination Cutoff Date Performance Cutoff Date Total Quarters Approx.
More informationSUBJECT: SUBSEQUENT TRANSFERS OF SERVICING AND INTRA-SERVICER PORTFOLIO MOVES
TO: Freddie Mac Servicers July 6, 2018 2018-11 SUBJECT: SUBSEQUENT TRANSFERS OF SERVICING AND INTRA-SERVICER PORTFOLIO MOVES In Guide Bulletin 2018-6, we announced the automation of the following via the
More informationHome Affordable Modification Program (HAMP )
Home Affordable Modification Program (HAMP ) Training for Trusted Advisors Objectives 1 2 3 4 5 6 Step 1 Step 2 Step 3 Step 4 Step 5 7 8 MHA Program Highlights HAMP Overview Eligibility Criteria Protections
More informationNew Servicing Rules under RESPA Early Intervention, Continuous Contact and Loss Mitigation
New Servicing Rules under RESPA Early Intervention, Continuous Contact and Loss Mitigation FIS Regulatory Advisory Services Regulatory.Services@fisglobal.com New Servicing Rules Under RESPA Early Intervention,
More informationSpecialized Loan Servicing LLC ( SLS ) Home Affordable Foreclosure Alternative (HAFA) Matrix
Specialized Loan Servicing LLC ( SLS ) Home Affordable Foreclosure Alternative (HAFA) Matrix All servicers that have signed agreements with the U.S. Department of the Treasury (Treasury) to participate
More informationSupplemental Directive November 3, Home Affordable Modification Program Borrower Notices
Supplemental Directive 09-08 November 3, 2009 Home Affordable Modification Program Borrower Notices Background In Supplemental Directive 09-01, the Treasury Department (Treasury) announced the eligibility,
More informationSession 5 July 12, 1:45-2:45pm. Working with Private Partners
Session 5 July 12, 1:45-2:45pm Working with Private Partners 1 Assessing comparative advantage for credit extension functions Critical decisions: Which functions to perform in-house? When to use a private
More informationSUBJECT: SERVICING UPDATES
TO: Freddie Mac Servicers December 12, 2018 2018-26 SUBJECT: SERVICING UPDATES This Guide Bulletin announces: State foreclosure timelines and compensatory fees Updated State foreclosure timelines for all
More informationHOPE NOW. Snapshot Industry Extrapolations and HAMP Metrics
Snapshot Industry Extrapolations and HAMP Metrics Three Month Q4-2016 Q1-2017 Q2-2017 Q3-2017 Q4-2017 Oct-17 Nov-17 Dec-17 Total Completed Modifications 85,357 89,213 78,302 54,318 56,355 19,400 18,819
More informationThe Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners February 2015 U.S. Department of Housing and Urban Development Office of Policy Development and Research
More informationHOPE NOW: 319,000 Non-Foreclosure Solutions for Homeowners during Q1 2016
May 25, 2016 Media Contact: Oliver Jakubos (202) 589-2415 Oliver.Jakubos@fsroundtable.org HOPE NOW: 319,000 Non-Foreclosure Solutions for Homeowners during Q1 2016 Permanent Loan Mods Total 86K for the
More informationAudit Survival. Jon Paukovich Vice President, Mortgage Lending Ent Federal Credit Union. Casey Perkins Director, Collections Ent Federal Credit Union
Audit Survival Jon Paukovich Vice President, Mortgage Lending Ent Federal Credit Union Casey Perkins Director, Collections Ent Federal Credit Union What to Expect Thorough review of quality control plan
More informationFirst wave: Driven by loan terms & home values. Second wave: Driven by unemployment. Various local, state and federal responses
Sustainable Loan Modifications June 2009 J. Michael Collins Introduction Foreclosures at record levels First wave: Driven by loan terms & home values» Concentration in sand states and LMI communities (but
More informationSecond Quarter 2017 Financial Results Supplement. August 1, 2017
Second Quarter 2017 Financial Results Supplement August 1, 2017 Corporate Highlights Financial highlights $ Millions 2Q17 1Q17 2Q16 1Q17 2Q16 Net interest income $ 3,379 $ 3,795 $ 3,443 $ (416) $ (64)
More information