Freddie mac guide section 59.1

Freddie Mac Servicer Bulletin

Week 1. Found a good rate. Filled out application. Week 2. Locked rate. Signed disclosure documents. Faxed supporting documents. Monday May 4, An appraiser came and did an appraisal. This time the lender insisted on a full appraisal.

No biggie. It just adds an extra step to the process.

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The alternative is to pay an extra fee and have them waive that requirement. That way they will make sure the tax and insurance bills are paid. It protects their interest. They also earn some float from the money. My loan advisor told me Fannie Mae charges them a fee if the loan does not have an escrow. They are passing that fee down to me.

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Most people if given a choice probably will not use impound or escrow account because it unnecessarily complicates paying the tax and insurance bills. But if you have to pay a fee to get rid of annoyance, you have to decide if the fee is worth it. You can try to negotiate away the escrow waiver fee.

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At the same time, if you are also able to negotiate an additional credit in lieu of the escrow waiver, you are still effectively paying the fee because you give up the additional credit. From a lost interest point of view, paying a fee to waive the escrow is not a good deal right now. The interest rate is very low. In some states you actually earn a little bit of interest in the escrow account, which to some degree offsets the lost interest.

I made this break-even calculator. I also learned I will have a good chance to get the escrow waived after the loan is sold. It depends on who ends up servicing the loan. Some servicers will close the escrow account upon request if the loan-to-value ratio is sufficiently low. I decided to take my chance after the loan is sold. I will do the escrow and pocket the escrow waiver fee. If an advisor is charging you a percentage of your assets, you are paying x too much.

Appeal process We have updated our requirements concerning the compensatory fee 30 day appeal process to permit Servicers to appeal the results set forth on the Monthly Compensatory Fee Analysis Report by submitting data that was not previously reported, or inaccurately reported. Servicers should review the recent changes that were made to the compensatory fees assessed for researching and reconstructing Servicer records and were announced in Bulletin Servicers must submit, in their original appeal, a description of all delays along with all related documentation.

Any information that is received after the original appeal is submitted will not be considered. Sections The Servicer must send to the Document Custodian:. However, there is no explicit reimbursement time frame in Section We have updated Section Removal of expense code used for inspection fees payable by MIs Effective August 1, In Bulletin , Freddie Mac introduced new expense codes with increased reimbursement amounts for interior and exterior property inspections.

Freddie Mac Servicer Bulletin - Safeguard Properties

Exhibits 57 and 74, Expense and Income Codes for Expense Reimbursement Claims , have been updated to reflect this change. The updated Directory provides the applicable wire transfer instructions.

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With this Bulletin, we are updating the Guide to clarify that Borrowers in bankruptcy are excluded from the quality right party contact performance standard. With the addition of Chapter 57, the fraud requirements in Section Quality control and fraud prevention resources We have updated the quality control and fraud prevention resources on FreddieMac.

Is an Escrow Waiver Fee Worth It?

Information about these updated resources is provided in Section Reminder — Notifying Freddie Mac of mortgage insurance termination or denial of mortgage insurance coverage due to fraud. These requirements appear in Section 7. With this Bulletin, we are revising Section As a reminder, pursuant to Section Electronic Transactions In Bulletin , we relocated our requirements for conducting Electronic Transactions from Section 1. With this Bulletin, we are updating provisions and changing cross-references in Volume 2 to reflect the changes resulting from the relocation.

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  • Is an Escrow Waiver Fee Worth It?.
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We are also updating the methods of copying Mortgage file documents and clarifying the types of document formats in which such documents can be maintained to reflect common industry practices in Section Section In addition, we are reminding Servicers that if a document is created electronically and contains or has associated data, the Servicer should store the Electronic as defined in Chapter 3 document in its original Electronic document format and not convert it to another Electronic document format that may alter, garble or destroy the Electronic document view image on a computer screen or printed on paper or the data content data contained in or associated with the Electronic document.

To view the online article, please click here. About Safeguard Safeguard Properties is the largest privately held field services company in the country. 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. Read More. The U. Department of Housing and Urban Development HUD issued a press release announcing the awarding of federal assistance to the State of Alaska as a result of recent earthquake activity.

Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing our website, you agree to our use of cookies. Alan Jaffa is the chief executive officer for Safeguard, steering the company as the mortgage field services industry leader.

Alan joined Safeguard in , learning the business from the ground up. He was promoted to chief operating officer in , and was named CEO in May He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients. Michael Greenbaum is the chief operating officer for Safeguard. Mike has been instrumental in aligning operations to become more efficient, effective, and compliant with our ever-changing industry requirements.

Mike has a proven track record of excellence, partnership and collaboration at Safeguard. Mike joined Safeguard in July as vice president of REO and has continued to take on additional duties and responsibilities within the organization, including the role of vice president of operations in and then COO in Mike built his business career in supply-chain management, operations, finance and marketing. He has held senior management and executive positions with Erico, a manufacturing company in Solon, Ohio; Accel, Inc.

Before entering the business world, Mike served in the U. Army, Ordinance Branch, and specialized in supply chain management. He is a distinguished graduate of West Point U. Military Academy , where he majored in quantitative economics. George Mehok is the chief information officer for Safeguard.

He is responsible for all strategic technology decisions, new systems deployments and data center operations supporting a national network of more than 10, mobile workers. George has more than 20 years of leadership experience dedicated to high-growth companies in the mobile telecommunications and financial services industries, spanning startups to global industry leaders. George played a senior role in the formation of Verizon Wireless, leading the IT product development and strategic planning team.