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HARP Volumes Shrink as Refi Numbers Retreat

Investor Update
September 16, 2016

The number of mortgage loans backed by Fannie Mae and Freddie Mac that refinanced reversed course in July, declining after three months of gains as mortgage rates hover slightly above record lows, according to the FHFA’s July 2016 Refinance Report released Friday.

The GSEs combined to refinance approximately 170,000 mortgage loans during July; 5,121 of those loans (3 percent) were refinanced through the FHFA’s Home Affordable Refinance Program (HARP), bringing the total number of loans refinanced through HARP up to nearly 3.424 million since the program’s inception in 2009.

HARP numbers have been shrinking since the third quarter of 2012 when they peaked at 319,000 for the three-month period. HARP refis totaled 18,000 for the second quarter of 2016. FHFA estimates that eligible borrowers who refinance through HARP can save approximately $2,400 per year on mortgage payments. The Agency has made attempts to reach borrowers eligible for HARP through a series of outreach events in cities with the most eligible borrowers (Chicago, Atlanta, Detroit, Miami, Newark, and Phoenix), webinars, websites, and social media campaigns.

The program, which was set to expire at the end of 2016, was extended in August 2016 for the fifth time, this time until the end of September 2017, as the FHFA continues to try to reach the approximately 323,000 borrowers nationwide that are eligible to refinance through HARP as of March 31, 2016.

FHFA launched HARP in early 2009 as a way for borrowers who are current on their mortgages but have little or no equity to take advantage of low interest rates and other refinancing benefits. Five percent of the loans refinanced through HARP in July had a loan-to?value ratio greater than 125 percent. Slightly more than one-quarter (26 percent) of HARP refinances in July were for shorter-term 15- of 20-year mortgages, which typically build equity faster than 30-year mortgages.

According to FHFA, about 60 percent of the 323,000 borrowers with an incentive to refinance through HARP are concentrated in 10 states: Florida (37,662), Illinois (30,205), Ohio (27,514), Michigan (25,272), Georgia (19,946), Pennsylvania (15,190), New Jersey (14,496), California (12,272), New York (12,192), and Maryland (11,890).

Click here to view the FHFA’s complete report.

Source: MReport (full article)

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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