Safeguard Properties - Fannie Mae Streamlined Modification Program Update

Fannie Mae Streamlined Modification Program Update

Sunday, 11 January 2009

On Dec 12th 2008 Fannie Mae released Announcement 08-33 titled,"Introduction of the Streamlined Modification Program". Announcement 08-33 stated that Fannie Mae would provide additional instructions regarding how to process and document an SMP for loans that have an interest rate adjustment during the three-month trial period when such adjustment(s) cannot be determined at the time of the firm offer solicitation. Instructions and supporting resources are now available on eFannieMae.com.

In addition, further guidance is now available on mortgage insurance processes when executing an SMP, as well the SMP Workout Calculator/Job Aid, available through the Home Saver Solutions® Network (HSSN), which allows servicers to input data describing the current mortgage terms for a delinquent borrower and determines whether one of the modifications structures allowed under the SMP is possible.

The updates are available on the Streamlined Modification Program Webpage, available by clicking 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 500 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.