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Distressed Homeowners Still Turning to Permanent Loan Modifications

Industry Update
March 21, 2016

Foreclosures are way down and many housing fundamentals are at pre-crisis levels. But for those borrowers still facing foreclosure or at risk of defaulting, permanent loan modification remains a popular option.

According to data released on Monday by HOPE NOW, a private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, another 26,000 homeowners received permanent loan modifications during the month of January. That number includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP), which is set to expire at the end of this year.

The total number of non-foreclosure solutions—which includes permanent loan modifications, short sales, deeds-in-lieu of foreclosure, and other workout plans—totaled approximately 102,000 for the month of January, according to HOPE NOW. This number was slightly more than three times the number of foreclosure sales completed during the month (33,000). Foreclosure sales, which typically see a seasonal decline in December due to holiday moratoriums, jumped by 35 percent over-the-month in January from 24,000 up to 33,000.

Serious delinquencies were also up over-the-month in January, from 1.62 million to 1.84 million (an increase of 14 percent), according to HOPE NOW. Foreclosure starts also jumped over-the-month by 6 percent, from 54,000 to 58,000.

“HOPE NOW members remain dedicated to helping those homeowners who are still in need of mortgage assistance,” said Eric Selk, Executive Director of HOPE NOW. “Our data indicates that the housing market is taking the necessary steps towards recovery. Although the foreclosure starts, sales and serious delinquency numbers increased in January, we usually see this trend in our historical data. Despite these jumps, over 102,000 homeowners received a home retention or non-foreclosure solution—a 4 percent increase from December. And although permanent modifications decreased in January, servicers continue to utilize other solutions such as repayment or retention plans to aid at-risk homeowners.”

Out of the permanent loan modifications completed in January, about 19,000 were completed through proprietary programs and 7,616 were completed through HAMP, according to HOPE NOW.

Source: DS News

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. 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.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties