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FHA INFO #20-95: FHA Extends the Expiration Dates for Multiple COVID-19 Related Policies

Investor Update
December 21, 2020

Source: HUD

Additional Resource:

FHA: Foreclosure and Eviction Moratorium Extension (Press Release)

In this Announcement:

Today, the Federal Housing Administration (FHA) announced extensions to several temporary provisions previously instituted through Mortgagee Letters (ML) and policy waivers to help mitigate the impacts of the COVID-19 pandemic on borrowers with FHA-insured mortgages and mortgagees. These extensions, listed below, include:

• Extension of the foreclosure and eviction moratorium for FHA-insured Single Family mortgages through February 28, 2021;

• Extension of the date for approving an initial forbearance requested by an FHA borrower due to financial hardships resulting from COVID-19, through February 28, 2021; and

• Extension of the temporary provisions for endorsement processes for mortgages where a borrower has been granted a forbearance related to COVID-19 prior to the loan being endorsed for FHA insurance through March 31, 2021.

See the following MLs and policy waivers for additional details and the effective dates for the policies. Read today’s Press Release.

• Mortgagee Letter 2020-43: Extension of Foreclosure and Eviction Moratorium in Connection with the Presidentially Declared COVID-19 National Emergency. This ML announces the further extension of the foreclosure and eviction moratorium that is currently in place. This moratorium, which is effective until February 28, 2021, is for all Single Family FHA-insured mortgages, except those secured by vacant and abandoned properties. The ML also extends the post-moratorium deadlines for the first legal action and reasonable diligence timelines for 120 days.

• Mortgagee Letter 2020-44: Second Update to the COVID-19 Forbearance Start Date and the COVID-19 Home Equity Conversion Mortgage (HECM) Extension Period. This ML announces the further extension of the effective date for approving an initial COVID-19 Forbearance or for granting an extension to a HECM deadline as outlined in ML 2020-06, through February 28, 2021.

• Temporary Partial Waiver of Mortgagee Letter 2017-05: Home Equity Conversion Mortgage (HECM) Claim Type 22 (CT-22) Assignment Requests. This temporary partial waiver of ML 2017-05 continues the flexibilities provided in a previous waiver to allow for mortgagees to submit a CT-22 Assignment Claim without having to obtain a signature from the HECM borrower on an occupancy certification if they are able to verify the occupancy through other means, such as email, or verbally. This temporary waiver is effective through February 28, 2021.

• Temporary Partial Waiver of Mortgagee Letter 2015-11: Loss Mitigation Guidance for Home Equity Conversion Mortgages (HECMs) in Default due to Unpaid Property Charges. This temporary partial waiver continues the flexibilities provided in a previous waiver to allow mortgagees to offer a recalculated repayment plan for unpaid property charges to HECM borrowers regardless of the total outstanding arrearage. This temporary partial waiver is effective through February 28, 2021.

• Temporary Regulatory and Handbook Waivers of Requirements to send Delinquency Notices to Mortgagors on a COVID-19 Forbearance. For borrowers on a COVID-19 Forbearance, these waivers provide temporary relief for mortgagees from the requirements to send delinquency notices related to borrowers in default. These waivers are designed to address potential confusion and uncertainty surrounding policy changes enacted due to the COVID-19 National Emergency.

• Mortgagee Letter 2020-45: Extension of Temporary Guidance for Endorsement of Mortgages under Forbearance for Borrowers Affected by the Presidentially-Declared COVID-19 National Emergency consistent with the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This ML extends the temporary provisions for endorsement processes originally contained in ML 2020-16 for mortgages where a borrower has been granted a forbearance related to the Presidentially-Declared COVID-19 National Emergency prior to the loan being endorsed for FHA insurance. This extension is effective for pending endorsements through March 31, 2021.

• Mortgagee Letter 2020-46: Extension of Temporary Guidance for COVID-19 Multisubject: Updated Temporary Guidance for Verification of Self-Employment; Rental Income; 203(k) Rehabilitation Escrow Account. This ML announces the further extension of the verification of business operations options for self-employed borrowers and rental income guidance and the administration of the 203(k) Rehabilitation Escrow guidance outlined in ML 2020-24, and extended through ML 2020-40, to case numbers assigned on or before February 28, 2021.

• Mortgagee Letter 2020-47: Extension of Re-verification of Employment and Exterior-only Appraisal scope of work option for Federal Housing Administration (FHA) Single Family programs impacted by the Coronavirus Disease of 2019 (COVID-19). This ML announces the further extension of the re-verification of employment guidance in ML 2020-05; and extends the exterior-only appraisal inspection option in ML 2020-37, through February 28, 2021.

Quick Links:

• View all HUD Press Releases at: https://www.hud.gov/press
• View all Mortgagee Letters at:
https://www.hud.gov/program_offices/administration/hudclips/letters/mortgagee
• View all Single Family policy waivers under the “Single Family” subhead at:
https://www.hud.gov/program_offices/administration/hudclips/waivers/
• View the online or PDF versions of the Single Family Housing Policy Handbook 4000.1 at:
https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh

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.

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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