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Foreclosure Prevention, Refinance, and FPM Report – 1Q2025

Industry Update
June 26, 2025

Source: Federal Housing Finance Agency

1Q25 Highlights — Foreclosure Prevention

The Enterprises’ Foreclosure Prevention Actions:

The Enterprises completed 60,592 foreclosure prevention actions in the first quarter of 2025, bringing the total to 7,159,054 since the start of conservatorships in September 2008. Of these actions, 6,453,280 have helped troubled homeowners stay in their homes, including 2,764,830 permanent loan modifications.

Initiated forbearance plans dropped to 31,010 in the first quarter of 2025 from 46,902 in the fourth quarter of 2024. The total number of loans in forbearance at the end of the quarter was 40,939, representing approximately 0.13 percent of the total loans serviced and 8.0 percent of the total delinquent loans.

Thirty three percent of modifications in the first quarter of 2025 were modifications with principal forbearance. Modifications that include extend-term only, accounted for 66 percent of all loan modifications during the quarter.

There were 194 completed short sales and deeds-in-lieu during the quarter, bringing the total to 705,774 since the conservatorships began in September 2008.

The Enterprises’ Mortgage Performance:

The 60+ days delinquency rate decreased from 0.83 percent at the end of the fourth quarter of 2024 to 0.77 percent at the end of the first quarter of 2025.

The Enterprises’ serious (90 days or more) delinquency rate remained at 0.57 percent at the end of the first quarter of 2025. This compared with 3.98 percent for Federal Housing Administration (FHA) loans, 2.51 percent for Veterans Affairs (VA) loans, and 1.63 percent for all loans (industry average).

The Enterprises’ Foreclosures:

Foreclosure starts increased 4.9 percent to 21,972 while third-party and foreclosure sales increased 6.3 percent to 3,081 in the first quarter of 2025.

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