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FHA INFO #16-64: Single Family Housing Policy Handbook 4000.1 September Update

Investor Update
September 30, 2016

Single Family Housing Policy Handbook 4000.1 September Update

Today, the Federal Housing Administration (FHA) published an update to the Single Family Housing Policy Handbook 4000.1 (SF Handbook), which furthers FHA’s goal of a comprehensive and consistent source of FHA Single Family Housing policy.

The September 30th SF Handbook update contains technical changes for consistency and clarity, and several policy updates. All stakeholders in FHA transactions should review the changes to the SF Handbook in the September 30th Transmittal available in FHA’s Online Housing Policy Library. For a detailed summary of today’s SF Handbook update, read FHA’s online article.

Also, concurrent with this update:

  • The previously published sections for Claims and Disposition for Title II forward mortgages became effective today.
  • A new, pre-recorded training webinar, SF Handbook Module 9: Nonprofit Approval and Governmental Entities, became available. This new module augments FHA’s recently updated series of SF Handbook self-paced, pre-recorded webinars.

Quick Links

New FHA Connection System Data Fields Support Property Assessed Clean Energy Obligations

On September 24th, 2016, the Federal Housing Administration (FHA) implemented two new data fields on the Loan Application screen in its FHA Connection (FHAC) system that support the endorsement of new Title II forward mortgages on properties with an existing Property Assessed Clean Energy (PACE) obligation that meets FHA’s PACE requirements.

The following PACE-specific data fields now appear on the FHAC Insurance Application screen:

  • PACE Indicator: a drop-down menu option for mortgagees to indicate a “YES” if the property has an eligible PACE obligation, or “NO” if the property does not have an eligible PACE obligation.
  • PACE Amount: visible only if a mortgagee indicates “YES” in the PACE Indicator field, the PACE Amount data field should be filled in by mortgagees with the dollar amount outstanding on the eligible PACE obligation. This field only supports whole dollars.

Mortgagees may begin using these fields to indicate mortgages being insured with outstanding PACE obligations. Mortgagees that indicate a “YES” in the PACE Indicator field should also provide a dollar amount in the PACE Amount data field; however, completion of this field is optional at this time.

FHA published its policy on using FHA insurance on new Title II forward mortgages for single family homes with Property Assessed Clean Energy (PACE) obligations in its July 19th, 2016, Mortgagee Letter 2016-11. FHA integrated the PACE policy from Mortgagee Letter 2016-11 into the Single Family Housing Policy Handbook 4000.1 as of today.

New, Pre-Recorded Training Webinars Now Available

New, pre-recorded training webinars are now available on FHA’s Single Family Housing Events and Training web pages:

  • Home Equity Conversion Mortgage (HECM) Financial Assessment Update (recorded on 9/22/16)
  • Navigating the FHA Condominium Project Approval Process (recorded on 9/21/16)
  • FHA Appraisal Essentials – An In-Depth Look (recorded on 9/14/16)
  • 104 Electronic Appraisal Delivery Portal (EAD) Onboarding and Use Tips (recorded on 9/6/16)

Plus, check out upcoming events and training on FHA’s Single Family Housing Events and Training web pages.

FHA Publishes Lender Insight – Issue #13
Today, the Federal Housing Administration (FHA) published its quarterly Lender Insight newsletter. Issue #13 includes information on:

  • Certification and recertification requirements; and
  • The quarterly Loan Review Update for fiscal Quarter 3.

The objective of Lender Insight is to provide lenders with information about what FHA is seeing in recertifications, quarterly loan review updates, and other topics of interest to the lending community. Each issue also contains information designed to help lenders better understand the trends and policies that affect their business.

The Lender Insight newsletter is published online, with current and past versions accessible from the FHA Lender page on hud.gov, under the “Performance” tab. An email notice is sent to those who have subscribed to receive email notices
from FHA. If you would like to be included on the FHA notification list, including notifications of when future issues of Lender Insight are published, visit the FHA INFO subscription page to subscribe.

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 Relay Service at 1-800-877-8339.

Source: HUD (FHA INFO #16-64 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