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FHA INFO #16-55: Guidance for FHA-Approved Mortgage Servicers Regarding Presidentially-Declared Major Disaster Areas/ML-2016-13/ML-2016-14

Investor Update
August 25, 2016

Reminder: Guidance for FHA-approved Mortgage Servicers regarding Presidentially-Declared Major Disaster Areas

Today, the Federal Housing Administration (FHA), in light of the recent Presidentially-Declared Major Disaster Area (PDMDA) in the State of Louisiana due to damage caused by severe storms and flooding, issued a reminder that mortgages secured by properties in a PDMDA are subject to a 90-Day moratorium on foreclosures following the disaster. HUD provides mortgagees an automatic 90-Day extension from the date of the moratorium expiration date to commence or recommence foreclosure action or evaluate the borrower under HUD’s Loss Mitigation Program. See Presidentially-Declared Major Disaster Areas (Section III.A.3.c.ii.) in the Single Family Housing Policy Handbook 4000.1 (SF Handbook).

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Updates to FHA’s Loss Mitigation Retention Options and Miscellaneous Mortgage Servicing Procedures Mortgagee Letter

On August 24, 2016, the Federal Housing Administration (FHA) published Mortgagee Letter 2016-14, “Updates to FHA’s Loss Mitigation Retention Options and Miscellaneous Mortgage Servicing Policy,” which announces revisions to FHA’s procedures for evaluating and using its Loss Mitigation Home Retention Options, and other operational changes for mortgagees servicing FHA-insured Title II forward mortgages. The revisions contained in Mortgagee Letter 2016-14, including a revised HUD Loss Mitigation Priority Option Waterfall, are designed to streamline the loss mitigation process for servicers while strengthening their ability to more quickly and effectively engage in loss mitigation home retention actions for the purpose of providing an alternative to foreclosure.

Specific revisions contained in Mortgagee Letter 2016-14 are designed to:

  • Streamline FHA’s loss mitigation waterfall to support more efficient borrower engagement, specifically when evaluating a borrower for the FHA Home Affordable Modification Program (FHA-HAMP) option, which is a sustainable and effective loss mitigation home retention option;
  • Reduce the number of steps that a servicer and borrower must take to resolve a delinquency and enter into a loss mitigation home retention product; and
  • Provide additional flexibility that servicers can extend to borrowers, including revised procedures for evaluating a borrower’s financial condition and special forbearance agreements for unemployed borrowers, to remove unnecessary obstacles for a borrower to be eligible for a home retention option.

This Mortgagee Letter also contains operational and reporting changes and clarifications for servicers related to: using independent third-party providers to conduct Claims Without Conveyance of Title (CWCOT) property sales transactions; the Manufactured Housing Review; and other changes.

Servicers must implement the procedures set forth in this Mortgagee Letter no later than December 1, 2016. Revisions to the Single Family Housing Policy Handbook 4000.1 (SF Handbook) included in Mortgagee Letter 2016-14 will be incorporated into the SF Handbook’s online format and portable document format (PDF) at a future date.

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Extension of Temporary Approval Provisions for the Condominium Project Approval Process Mortgagee Letter

On August 24, 2016, the Federal Housing Administration (FHA) announced via Mortgagee Letter 2016-13, “Extension of Temporary Approval Provisions for the Federal Housing Administration (FHA) Condominium Project Approval Process,” that it is extending its temporary condominium project approval policy provisions, without changes, until August 31, 2017.

As noted in the Mortgagee Letter, FHA’s temporary condominium project approval policy provisions were issued in its September 13, 2012 Mortgagee Letter 2012-18, and its November 13, 2015 Mortgagee Letter 2015-27. The provisions in these Mortgagee Letters are applicable to all Title II programs, including the Home Equity Conversion Mortgage program, unless otherwise stated.

The extension of FHA’s temporary provisions for condominium project approvals supports the continuation of FHA’s ability to insure mortgages in condominium projects and avoid market disruption, while work continues on the rulemaking necessary to propose policy revisions and address items in the Housing Opportunity Through Modernization Act of 2016, which was signed by the President on July 29, 2016.

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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 Relay Service at 1-800-877-8339.

Source: HUD (FHA INFO #16-55 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