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FHA INFO #16-05: Mortgagee Letters 16-02, 16-03 and 16-04

Investor Update
February 5, 2016

In this Announcement:

  • Update of Preservation and Protection (P&P) Requirements and Cost Reimbursement Procedures for Title II Forward Mortgages and Home Equity Conversion Mortgages (HECMs)
  • Single Family Foreclosure Policy and Procedural Changes for HUD Title II Forward Mortgages and Reverse Mortgages
  • Automatic Extensions to HUD’s Initiation of Foreclosure Timeline
  • Coming Soon: Updates to Servicing and Loss Mitigation Sections of HUD Handbook 4000.1

See below for details.

Update of Preservation and Protection (P&P) Requirements for FHA Title II Forward Mortgages and Home Equity Conversion Mortgages

Today, the Federal Housing Administration (FHA) published Mortgagee Letter 16-02: Update of Preservation and Protection (P&P)Requirements and Cost Reimbursement Procedures for Title II Forward Mortgages and Home Equity Conversion Mortgages (HECMs). This Mortgagee Letter updates property preservation and protection (P&P) guidance related to properties securing FHA-insured mortgages and:

  • Increases the Maximum Property Preservation Allowance;
  • Adds, clarifies, and increases specific property repair line items;
  • Emphasizes FHA’s current conveyance condition standard;
  • Reminds mortgagees of FHA’s inspection requirements; and
  • Provides information on the claim’s calculation and documentation requirements for property P&P actions.

The updated requirements are effective on February 1, 2016.

The policies set forth in this Mortgagee Letter modify or supersede where there is conflict, Mortgagee Letter 10-18 and its exhibits.

Quick Links


Single Family Foreclosure Policy and Procedural Changes for HUD Title II Forward Mortgages and Reverse Mortgages

Today, the Federal Housing Administration (FHA) published Mortgagee Letter 16-03: Single Family Foreclosure Policy and Procedural Changes for HUD Title II Forward Mortgages and Reverse Mortgages, which updates HUD’s Reasonable Diligence timeframes in 32 jurisdictions and provides guidance on judicial foreclosures of FHA-insured home loans in the District of Columbia.

Affected policies and Effective dates
Beginning January 1, 2016, the policies in this Mortgagee Letter supersede all prior Reasonable Diligence timeframes, including those outlined in Mortgagee Letters 13-38 and 15-24.

Quick Links
View Mortgagee Letter 16-03 and the Mortgagee Letters archives at:
http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee

Automatic Extensions to HUD’s Initiation of Foreclosure Timeline

Today, the Federal Housing Administration (FHA) published Mortgagee Letter 16-04: Automatic Extensions to HUD’s Initiation of Foreclosure Timeline. This Mortgagee Letter supersedes Mortgagee Letter 15-21 in its entirety and provides updated guidance relating to HUD’s regulatory requirement for mortgagees to utilize a loss mitigation option or initiate foreclosure within six months of the date of default.

Quick Links
View Mortgagee Letter 16-04 and the Mortgagee Letters archives at:
http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee

Coming Soon: Updates to Servicing and Loss Mitigation Sections of HUD Handbook 4000.1

Updates to the Servicing and Loss Mitigation sections of FHA’s Single Family Housing Policy Handbook (HUD Handbook 4000.1) will publish soon. As a reminder, the newly published SF Handbook sections will include the policy language from the three Mortgagee Letters in this FHA INFO, as well as that contained in other recent servicing-related Mortgagee Letters. Stay tuned for more information.

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 #16-05 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