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HUD ML 2013-36 Super Storm Sandy Affected Properties Eligible for 203(k) Insured Mortgages

On September 27, the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2013-36, regarding eligible properties in Presidentially Declared Major Disaster Area Super Storm Sandy for  203(k) insured mortgages.

To: All Approved Mortgagees
Mortgagee Letter 2013-36

Subject: Eligible Properties in Presidentially Declared Major Disaster Area Super
Storm Sandy for 203(k) insured mortgages

Purpose: This Mortgagee Letter implements policy changes to the 203(k) rehabilitation
insured mortgages for properties located within Presidentially Declared Major
Disaster Area Super Storm Sandy.

Effective Date: This Mortgagee Letter is effective September 27, 2013.

Affected Policies: The policies set forth in this Mortgagee Letter supplements and
where it conflicts replaces Handbook 4240.4 Section 1-4, as it pertains to
Presidentially Declared Major Disaster Area Super Storm Sandy.

Eligible Properties in Presidentially Declared Major Disaster Area
Super Storm Sandy: Handbook 4240.4 Section 1-4 currently states that,
homes that have been demolished, or will be razed as part of the
rehabilitation work, are eligible provided the existing foundation system
is not affected and will still be used. The complete foundation system
must remain in place.

Not all properties will be eligible for foundation repair. Where a property is
located in Presidentially Declared Major Disaster Area Super Storm Sandy,
work on the existing foundation system may be eligible, provided that:

  • The existing foundation does not currently meet the flood elevation +1
    foot requirement;
  • Any additional repairs or modifications to the foundation must be
    required by applicable codes, community development plan, an
    insurance plan, or other local, state, or federal laws and regulations ;
  • The foundation, after elevation, must comply with local building
    codes, and FEMA requirements;
  • The lowest floor must be elevated at or above the Base Flood
    Elevation based on the most recent FEMA data, plus one foot of
    freeboard. The most recent FEMA data includes Advisory Base Flood Elevations or Preliminary Flood Insurance Rate Maps, when available However, in no event shall the lowest floor be below the Base Flood Elevation on the current adopted Flood Insurance Rate Map;
  • A report from a licensed structural engineer must be obtained stating that the proposed foundation is capable of supporting the proposed construction of the dwelling;
  • The FHA case number must be assigned within 18 months (540 days) from the effective date of this Mortgagee Letter to be assigned an FHA case number;
  • The loan must be processed as a Standard 203(k);
  • The 203(k) Consultant must conduct a preliminary feasibility analysis to determine that the subject property is damaged but can be rebuilt to comply with building codes and FHA Minimum Property Requirements; and
  • The loan amount (prior to the addition of any financed UFMIP) does not exceed 100% of the after repaired value.

For any property not located within Presidentially declared Major Disaster Area Super Storm Sandy or any property that does not meet the above requirements, the restriction on foundation work described in Handbook 4240.4 Section 1-4 remains in force.

Information Collection Requirements: The information collection requirements contained in this document have been approved by the Office of Management and Budget (OMB) under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520) and assigned an OMB control number of 2502-0059 . In accordance with the Paperwork Reduction Act, HUD may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection displays a currently valid OMB Control Number.

Questions: Any questions regarding this Mortgagee Letter should be directed to the FHA Resource Center at 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Information Relay Service at (800) 877-8339. For additional information on this Mortgagee Letter, please visit www.hud.gov/answers.

Signature: Carol J. Galante
Assistant Secretary for Housing- Federal Housing Commissioner

To view the online Mortgagee Letter, please click here.

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders,  and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.

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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