Oct_15_2012_-_FINAL_Main_Version8-SFMSS_Recompete.pdf

Ginnie Mae Monitoring & Asset Management

Leslie Meaux Director

Monitoring & Asset Management Division

Government Guaranteed October 12, 2012

TOPICS

• Division’s Objectives:

-Active Issuer Monitoring -Default Activity

• MSR & Asset Sales

• Contract Monitoring & Oversight, Master SubServicers:

Office of Issuer & Portfolio Management

Active Issuers: SF, MF, HMBS and MH

• Monitor, manage, and perform operational reviews of active Issuers’ monthly issuance volumes and portfolio performance

• Develop disciplinary monitoring plans and issue to active Issuers violating Ginnie Mae MBS program requirements

Issuer Default Activity

• Issues Notice of Intent to Default (NOID) and Letter of Default to Issuers violating Ginnie Mae’s Guaranty Agreement, Ginnie Mae Guide 5500.3, and Appendices.

• Successfully execute defaults on Issuers violating Ginnie Mae MBS Program requirements.

• Ensures successful transfer and acquisition of defaulted portfolios to Ginnie Mae’s Master Subservicers.

Issuer Default Activity

START

Active Issuer

Seizure Defaulting Portfolio

Issuer Default

Execution

SFMSS

MSR & Asset Sales

• At its discretion, Ginnie Mae reserves the right to:

-Participate in any sales program -Sell any MSR & Assets

• SUCCESSFUL SINGLE FAMILY ASSET SALE:

-FHA Distressed Asset Sales Program (DASP) -September 2012 -Sold 250 Loans from Defaulted Portfolio

CONTRACT Administration

• Overall Contract Monitoring & Oversight, MBS Programs:

-Single Family (SFMSS) -Home Equity Conversion Mortgages (HECM)/HMBS -Manufactured Housing (MH) -Multi-Family (MF)

• Program Manager to GTRs and GTMs

Ginnie Mae Single Family Master Subservicer (Overview: Statement of Work)

Karmen Davis-Young Government Technical Representative (GTR)

Government Guaranteed October 12, 2012

TOPICS

• GTR Roles & Responsibilities

• Purpose of the Contract

• Background: Defaulted Portfolios

• SFMSS Proposal Requirements

• SFMSS Scope of Work

• Overview: Statement of Work (SOW)

• Composition: Ginnie Mae Defaulted Portfolio

GTR Roles & Responsibilities

• Liaison to Program Managers

• Liaison to OCPO Contract Officers

• Delegate work to GTMs

• Directs work to Contractor

• Actively engages in SF & MH servicing operations

• Effectively monitors and manages defaulted portfolios

• Monitors contract funding

• Approving Authority for invoice disbursements

• Performs Contractor performance evaluations

PURPOSE OF CONTRACT

To procure loan administration services for

Ginnie Mae’s existing defaulted portfolios comprising of FHA, VA, RD, and PIH government-guaranteed mortgages and in the event of future Ginnie Mae seizures.

BACKGROUND

• SFMSS Re-Compete 2012: Multiple Servicer Awards

(Ginnie Mae reserves the right to assign and rotate the distribution of defaulted portfolios)

• Current SF Defaulted Portfolio: $19.5B RPB/upb

• Between FY 2007- 2011:

-Approximately 18 defaults -$29.2 Billion RPB/upb, aggregate estimate

• Existing SFMSS:

Bank of America LoanCare, a Division of FNF Servicing, Inc.

• Defaulted Portfolio Transfer to Awardee(s) -Must be transparent to borrowers

SFMSS

REQUIREMENTS

• Ginnie Mae Issuer Status -Approved -Compliance to Ginnie Mae Guide 5500.3 and Appendices

• Attestations: Past Performance -Active Monitoring Plans -Active Sanctions Issued by Internal/External Regulatory Agencies (Not limited to: FDIC Cease & Desist Orders, FHA Sanctions, etc.)

Note: The United States Federal Government reserves the right to use its proprietary systems and external agency databases to validate Bidders responses.

• Complete Proposal Submission: Full Scope of Work

• SubContract Plan/Vendor Management Plan

• Disaster Recovery Plan

• Continuity of Operations Plan (COOP)

• NIST and C&A Requirements

(Prior to assignment and loan servicing transfer)

SFMSS SCOPE OF WORK

The Contractor shall:

• Perform, be prepared, and capable to perform the full range of loan administration servicing activities throughout the life cycle of a loan with experienced and knowledgeable staff and meet all Ginnie Mae reporting requirements and as outlined in the Statement of Work.

• Pooled LNS:

GNMA I – 15th GNMA II – 20th

• Participate in contractor audit reviews.

OVERVIEW:

Statement of Work (SOW)

COMPOSITION: Defaulted Portfolios as of August 2012 Reporting Month

Total Current Defaulted Portfolios : 25

Insuring Agency Breakout Estimated Loan Count

FHA

VA

RD

PIH

8,466

122,554

20,665

POOLED

LOANS

84000

86000

88000

90000

92000

94000

96000

98000

JUNE JULY AUG

OTHER

ARM

FIXED

GNMA I – 15th

GNMA II – 20th

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

June July August

DQ2%

DQ3%

POOLED LOANS

SUMMARY

57,000

57,500

58,000

58,500

59,000

59,500

60,000

60,500

61,000

61,500

MAY JUNE JULY AUG

NON-POOLED LOANS

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