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Foreclosure Prevention, Refinance, and Federal Property Manager’s Report – April 2025

Industry Update
July 24, 2025

Source: Federal Housing Finance Agency

April 2025 Highlights – Foreclosure Prevention

The Enterprises’ Foreclosure Prevention Actions:

The Enterprises completed 19,474 foreclosure prevention actions in April 2025, bringing the total to 7,178,528 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.

There were 7,791 permanent loan modifications in April 2025, bringing the total to 2,772,657 since the conservatorships began in September 2008.

Approximately 45 percent of loan modifications in April involved extend term only. Modifications with principal forbearance accounted for 54 percent of all loan modifications during the month.

The number of borrowers who received payment deferrals after completing a forbearance plan decreased from 7,885 in March to 7,218 in April 2025.

Initiated forbearance plans decreased from 8,294 in March to 7,603 in April 2025. The total number of loans in forbearance also decreased from 40,939 at the end of March to 37,807 at the end of April 2025, representing approximately 0.12 percent of the total loans serviced and 7.4 percent of the total delinquent loans.

The Enterprises’ Mortgage Performance:

The 30-59-day delinquency rate increased to 0.91 percent while the serious delinquency rate decreased slightly to 0.56 percent at the end of April 2025.

The Enterprises’ Foreclosures:

Third-party and foreclosure sales fell 3 percent to 1,024 while foreclosure starts decreased 3 percent to 7,141 in April 2025.

April 2025 Highlights – Refinance Activities

Total refinance volume increased in April 2025, following a decline in mortgage rates in March from February levels. Mortgage rates increased in April: the average interest rate on a 30-year fixed rate mortgage increased to 6.73 percent in April from 6.65 percent in March.

Cash-out refinances as a percentage of refinances decreased from 65 percent in March to 56 percent in April 2025 after rising as high as 82 percent over the last three years. Lower mortgage rates have increased the opportunities for non-cash-out borrowers to refinance at lower rates and lower their monthly payments.

For full report, please click the source link above.

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.

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.

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.

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.

Business Development

Carrie Tackett

Business Development Safeguard Properties