FHFA Servicing Alignment Initiative Resource Center
Effective April 28, 2011, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will be aligning their guidelines to more consistently service their delinquent mortgages. Under the FHFA direction, these two GSE will create a more streamlined approach for mortgage servicing.
In accordance with Safeguard's continuing goal to provide the most up-to-date and influential news effecting the servicing industry, we have created this page to consolidate information on this alignment initiative. This page will be routinely updated as new information becomes available. This is in addition to our All Client Alerts notifications.
To view the initial FHFA press release outlining the servicing alignment, please click here (4.28.11).
As part of the Servicing Alignment Initiative, on August 21, FHFA issued a press release entitled FHFA Announces New Standard Short Sale Guidelines for Fannie Mae and Freddie Mac. (8.23.12)
To view the Freddie Mac Bulletin, please click here.
To view the Fannie Mae Announcement SVC 2012-19, please click here.
FHFA directs Fannie Mae and Freddie Mac to streamline Short Sales to Help Borrowers and Communities. (4.17.12)
To view the Public Input Received on Discussion Paper (Request for Comment issued 9.28.11), please click here.
FHFA Directs Fannie Mae and Freddie Mac to Adopt Uniform Improvements to Foreclosure Attorney Networks directing Fannie Mae and Freddie Mac to transition to this new approach that is in line with the Servicing Alignment Initiative. (10.18.11)
FHFA released discussion paper entitled Joint Initiative Seeks Public Comment on Alternative Mortgage Servicing Compensation exploring the proposed alternative mortgage servicing compensation model. (9.28.11)
FHFA released Final Rule on Conservatorship and Receivership And Proposed Rule and Guidelines on Prudential Management and Operations Standards. (6.14.11)
Frequently Asked Questions-Servicing Alignment. (4.28.11)
FHFA Letter on the Status of the Conservatorship of Fannie Mae and Freddie Mac. (2.2.10)
Fannie Mae reissued Announcement SVC-2011-08R Delinquency Management and Default Prevention (Reissued). (9.2.11)
Fannie Mae released New Servicing Alignment Webinar outlining the change in modification requirements. (8.15.11)
Fannie Mae released Notice: Effective Date Change for Delinquency Management and Default Prevention Requirements outlining the changes made to the June 6 SVC-2011-08 announcement. (7.20.11)
Fannie Mae released Foreclosure Time Frames table. (6.6.11)
Fannie Mae issued Servicing announcements SVC-2011-07 and SVC-2011-08 aligning their services with Freddie Mac. For additional information please click here. (6.6.11)
Fannie Mae Servicing Alignment Initiative Web page
On April 28, 2011, Fannie Mae released their Servicing Alignment Initiative-Overview for Fannie Mae Servicers, for additional information please click here.
Freddie Mac issued a servicing announcement entitled New Alternative to Foreclosure Pull-Through Reports. (8.31.12)
Freddie Mac released Single-Family Seller Servicer Guide Bulletin 2012-9, discussing Communication Time Lines for Short Sales. (4.17.12)
Freddie Mac released Single-Family Seller/Servicer Guide Bulletin 2011-19, announcing the revision of solicitation requirements and modifying HAMP incentives for servicers. (10.26.11)
Freddie Mac released FHFA Directive for Restructuring the Freddie Mac Designated Counsel Program, phasing out the existing Designated Counsel Program. (10.18.11)
Freddie Mac released Single-Family Seller/Servicer Guide Bulletin 2011-16, announcing the Freddie Mac Standard Modification (9.12.11).
To view the Freddie Mac Standard Modification Webinar, please click here. (9.12.11)
Freddie Mac updated their Servicing Alignment Initiative FAQs. (9.8.11)
Freddie Mac released Single-Family Seller/Servicer Guide Bulletin 2011-13 announcing changes in requirements for servicer that service Alternative Collateral Mortgages. (7.25.11)
Freddie Mac introduces Webinar Servicing Alignment Initiative Overview outlining an overview of upcoming changes to servicing requirements (7.11.11).
Freddie Mac introduces Webinar Servicing Alignment Initiative: Borrower Communication and Solicitation Requirements and Servicing Alignment Initiative: Borrower Response and Documentation Requirements outlining the requirements for communication with delinquent borrowers and new performance benchmarks for receiving all documentation and information. (7.11.11)
Freddie Mac introduces Webinar Servicing Alignment Initiative: Delinquency Management and Foreclosure Timelines outlining the requirements when referring borrowers to foreclosure and foreclosure timelines. (7.11.11)
Freddie Mac released Borrower Contact Fact Sheet . (6.30.11)
Freddie Mac released Single-Family Seller/Servicer Guide (Guide) Bulletin 2011-11 outlining the changes made to the default management requirements for sustaining homeownership, responsible servicing and robust performance management. (6.30.11)
Freddie Mac released Servicing Alignment Initiative: Servicer Incentives and Compensatory Fees outlining requirements regarding borrower response package incentives and compensatory fees, workout incentives and foreclosure time line compensatory fees. (6.14.11)
Freddie Mac released Servicing Alignment Initiative:Foreclosure Time Lines outlining the requirements for uniform time lines for referrals to foreclosure and foreclosure sales, standardized foreclosure time delays and consistent compensatory fees. (6.3.11)
Freddie Mac released Foreclosure Time Lines table (6.3.11)
Freddie Mac released Servicing Alignment Initiative-Overview for Freddie Mac Servicers / Fact Sheet. (updated 6.30.11)
Freddie Mac released Servicing Alignment Initiative: Loan Modification and Workout Process outlining requirements for standard borrower solicitation package, uniform borrower evaluation process, new modification program and incentives and compensatory fees.(5.25.11)
Freddie Mac released Borrower Contact and Delinquency Management Practices outlining requirements for accelerated collection calls and call center activity , establishing quality right party contact, providing consistent borrower communications and developing a process for case escalation activities. (5.16.11)
Freddie Mac Servicing Alignment Initiative Web page (6.30.11)
On April 28, 2011, Freddie Mac announced details on their FHFA Alignment of Servicing Standards, for additional information please click here.
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 1,600 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.