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HARP Refinances Remain Steady Through Second Quarter

Investor Update
August 27, 2015

FOR IMMEDIATE RELEASE

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today reported that the total number of loans refinanced through the Home Affordable Refinance Program (HARP) in the second quarter was nearly the same as the number of HARP refinances through the first quarter.  FHFA’s second quarter Refinance Report indicates that 31,561 HARP refinances were completed between April and June, down slightly from the 31,648 HARP refinances completed from January through March.

More than 3.3 million borrowers have refinanced their homes through HARP since the program began in 2009, and FHFA estimates that, as of March, more than 578,000 borrowers nationwide still have a financial incentive to refinance through the program.  The top five states with the highest numbers of “in-the-money” borrowers that remain eligible for a HARP refinance are Florida, Ohio, Illinois, Michigan and Georgia.

Borrowers are considered “in-the-money” if they meet the basic HARP eligibility requirements, have a remaining mortgage balance of $50,000 or more, have a remaining term of greater than 10 years, and an interest rate at least 1.5 percent higher than current market rates.  Nationwide, these borrowers could save, on average, as much as $200 per month on their mortgage payments, or $2,400 per year.  See the U.S. map showing the number of HARP-eligible borrowers by Metropolitan Statistical Area, county and zip code.

FHFA is continuing its efforts to reach HARP-eligible borrowers and has held town-hall style events with local community leaders in Chicago, Atlanta, Detroit, Miami, Newark and Phoenix to get the word out about HARP.  FHFA announced in May that HARP was extended through December 2016. 

Also in the second quarter Refinance Report:

  • Through the first half of 2015, 29 percent of all HARP refinances for underwater borrowers (those with a loan-to-value ratio greater than 105 percent) resulted in 15- and 20-year mortgages, which helps borrowers build equity faster than traditional 30-year mortgages.
  • The top five states with the highest number of total HARP refinances completed thus far in 2015 are Florida, California, Illinois, Michigan and Georgia.  See page 14 of the Report for a list of total HARP refinances by state.
  • The two states with the highest level of HARP refinances as a percentage of total refinances so far in 2015 are Florida and Georgia.

Link to Refinance Report

Link to HARP.gov

Contacts:
Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032
Consumers: Consumer Communications or (202) 649-3811

Source: FHFA

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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