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FHA INFO #15-90 2016 Nationwide Forward Mortgage Limits/2016 Nationwide Home Equity Conversion Mortgages (HECM) Limits

Investor Update
December 9, 2015

In this Announcement:

  • 2016 Nationwide Forward Mortgage Limits Mortgagee Letter
  • 2016 Nationwide Home Equity Conversion Mortgage (HECM) Limits Mortgagee Letter

See below for details.

2016 Nationwide Forward Mortgage Limits

Today, the Federal Housing Administration (FHA) published Mortgagee Letter 2015-30: 2016 Nationwide Forward Mortgage Limits, which provides the maximum mortgage limits for FHA-insured mortgages. There are no changes to the low cost area and high cost area limits for Title II forward mortgages—as referenced in Section II.A.2.a.ii of the FHA Single Family Housing Policy Handbook 4000.1—for calendar year 2016.

Loan limits increased in 188 counties. The loan limit increases in these areas range from $350 to $115,350. To enable Mortgagees to easily identify areas with loan limit increases, FHA has published a separate list of counties with loan limit increases. Mortgagees may view this list along with a list of areas at the ceiling and a list of areas between the floor and ceiling on the Maximum Mortgage Limits web page. FHA forward mortgage limits are also available by MSA and county, or by downloading a complete listing from HUD.gov.

There are no jurisdictions with a decrease in loan limits from the 2015 levels.

The loan limits are effective for case numbers assigned on or after January 1, 2016, and remain effective through December 31, 2016.

Forward mortgage and HECM loan limits are publishing separately due to forward mortgages having been incorporated into HUD Handbook 4000.1.

Quick Links

2016 Nationwide Home Equity Conversion Mortgages (HECM) Limits

Today, the Federal Housing Administration (FHA) published Mortgagee Letter 2015-29: 2016 Nationwide Home Equity Conversion Mortgage (HECM) Limits, which provides the 2016 maximum claims amounts for FHA-insured traditional HECM, HECM for purchase, and HECM-to-HECM refinances. The HECM nationwide claim amount limitations for 2016 remain unchanged at $625,500 for all areas. These limits are applicable for case numbers assigned on or after January 1, 2016.

FHA published its Home Equity Conversion Mortgage (HECM) and Title II forward mortgage loan limits separately this year due to forward mortgages having been incorporated into the FHA Single Family Housing Policy Handbook 4000.1. For details on FHA’s 2016 maximum HECM loan limits, refer to Mortgagee Letter 2015-29.

Quick Links

Resources

  • Contact the FHA Resource Center:
    – Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at www.hud.gov/answers.
    – E-mail the FHA Resource Center at answers@hud.gov. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.
    – Call 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Information Relay Service at 1-800-877-8339.

Source: HUD (FHA INFO #15-90 full version)

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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