FNMA Servicing Policy Update
May 18th, 2010
Workout Evaluator Provides New HAMP Automation Option to Fannie Mae Servicers
Fannie Mae is pleased to introduce Workout Evaluator™, a new Web-based technology tool that automates key functions required of servicers to evaluate borrowers for the Home Affordable Modification Program (HAMP).
Workout Evaluator offers the following key features and benefits:
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Assists Fannie Mae servicers with HAMP eligibility determinations by automating the net present value (NPV) test and the modification "waterfall" methodology (the steps used to bring a borrower's housing payment down to 31% of the borrower's gross monthly income, as required by the program).
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Generates key data required for HAMP reporting via Fannie Mae's HomeSaver Solutions® Network (HSSN) and via the U.S. Treasury Department's HAMP Reporting Tool.
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Provides a streamlined and affordable HAMP automation option for Fannie Mae loans, without requiring large technology investments, and reduces the resources needed for manual HAMP calculations.
Access and Use
Existing HSSN users have been pre-registered for access to Workout Evaluator. New users may access registration information via the new Workout Evaluator page on eFannieMae.com. All users must finalize the registration process by selecting the "Register" link within Workout Evaluator the first time they access the tool. Review the job aid, Using the Workout Evaluator...Getting Started, on eFannieMae.com for more information.
Workout Evaluator is designed only for use by Fannie Mae servicers modifying eligible Fannie Mae loans under Fannie Mae's HAMP guidelines. Also, servicers using Workout Evaluator must separately execute required HAMP reporting -- there is no automatic data feed from the tool into HAMP reporting systems. There is no fee for using Workout Evaluator.
User Support
Servicers should review the job aid referenced above to become familiar with the tool before use. It provides important step by step detail and a data dictionary. For general Workout Evaluator support, please contact the Servicer Support Center at 1-888-326-6435 or servicing_solutions@fanniemae.com.
Workout Evaluator and the Imminent Default Indicator (IDI)
As of June 1, 2010, (or by March 1, 2010 in some cases), Fannie Mae servicers must use the Freddie Mac Imminent Default Indicator™ (IDI) statistical model when making imminent default evaluations for Fannie Mae loans under HAMP. Workout Evaluator does not directly interface with IDI, so the IDI assessment should be performed prior to entering case data into Workout Evaluator. Please refer to Servicing Guide Announcement SVC-2010-02 for additional details regarding IDI requirements.
Please contact your Fannie Mae servicing representative or the Servicer Support Center with any questions.
To view the online Servicing Policy Update, please click here
About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 700 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.