Earlier this year, Safeguard participated with one of its client in a pilot program presented by Fannie Mae to study the preservation process under a revised set of guidelines and prices.  The results of this program were deemed favorable by those who participated, and Fannie Mae has now extended these parameters to all Fannie Mae-insured loans.

A listing of the new preservation guidelines and pricing is available on the Safeguard web site at  Fannie Mae Pricing Matrix.xls

These parameters feature allowances to:

·    Complete up to two knoblock changes and two padlock installations at a property, if necessary

·    Board broken first-floor openings, single and double garage doors

·    Tarp or patch a damaged roof requiring emergency repairs

·    Winterize single and multi-unit properties and transfer the utilities to the mortgagee?s name

·    Perform initial and subsequent grass cuts on average and oversized lots

·    Complete emergency repairs (water extraction, sump pump repair, etc.) if necessary (with a per-emergency allowance)

Additionally, the submission of an overallowable form ( Fannie Mae Prop Pres OA Form.xls) is now required in cases where work cannot be completed within the allowances provided.  Safeguard will automatically provide bids in the required format when bids are necessary.

To view additional All Client Alerts, please click on Safeguard Properties All Client Alerts.