Safeguard Properties

Freddie Mac Serious Delinquency Rate Unchanged in January; Fannie Mae Decreased Slightly

Posted on by Safeguard

Industry Update
February 27, 2023

Source:  www.calculatedriskblog.com

Freddie Mac reported that the Single-Family serious delinquency rate in January was 0.66%, unchanged from 0.66% December. Freddie’s rate is down year-over-year from 1.06% in January 2022.

Freddie’s serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic.

Fannie Mae reported that the Single-Family Serious Delinquency decreased to 0.64% in January from 0.65% in December. The serious delinquency rate is down from 1.17% in January 2022.  This is at the pre-pandemic lows.

The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59% following the housing bubble and peaked at 3.32% in August 2020 during the pandemic.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Fannie Mae Announces SVC-2023-01 Servicing Guide Update

Posted on by Safeguard

Industry Update
March 8, 2023

Source:  Fannie Mae Single Family

The March Servicing Guide update includes changes to pre-foreclosure property preservation requirements – specially, updates to property inspections and preservation expense reimbursement limits and guidance; and miscellaneous updates.

For full report, please click the source link above.

 Servicing Guide Announcement (SVC-2023-01) 

 

 

 

 

 

 

 

 

 

 

U.S. Foreclosure Activity Declines Monthly in February 2023 but Continues to Increase Annually

Posted on by Safeguard

Industry Update
March 8, 2023

Source:  www.prnewswire.com

ATTOM, a leading curator of land, property, and real estate data, today released its February 2023 U.S. Foreclosure Market Report, which shows there were a total of 30,528 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 3 percent from a month ago and up 18 percent from a year ago.

“Foreclosure activity finally started to stabilize in February after 21 straight months of increases,” said Rob Barber, chief executive officer at ATTOM. “The numbers don’t yet show a clear trend toward fewer foreclosures, partly because February is a short month. But with historically high levels of home equity flowing from a decade of rising values, we may be seeing a growing number of delinquent mortgage payers with at least the option to sell before facing foreclosure.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Oklahoma Severe Winter Storm

Posted on by Safeguard

FEMA Alert
March 3, 2023

FEMA has issued a Major Disaster Declaration for the Muscogee (Creek) Nation in Oklahoma to supplement tribal recovery efforts in areas affected by the severe winter storm from December 21-25, 2022.  The following areas have been approved for assistance:

Public Assistance:

  • Creek (OTSA)

 

Oklahoma Severe Winter Storm (DR-4690-OK)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for the Muscogee (Creek) Nation

Map of Affected Areas

List of Affected Zip Codes

Please note:  Only properties located in the Muscogee (Creek) Nation are approved for assistance under declaration DR-4690-OK.

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Major Disaster Declaration – South Dakota Severe Winter Storms and Snowstorm

Posted on by Safeguard

FEMA Alert
February 27, 2023

FEMA has issued a Major Disaster Declaration for the state of South Dakota to supplement state, tribal and local recovery efforts in areas affected by severe winter storms and snowstorm from December 12-25, 2022.  The following areas have been approved for assistance:

Public Assistance:

  • Bennett
  • Brookings
  • Clark
  • Day
  • Deuel
  • Hamlin
  • Jackson
  • Jones
  • Kingsbury
  • Mellette
  • Oglala Lakota
  • Potter
  • Roberts
  • Stanley
  • Todd
  • Tripp
  • Ziebach

 

South Dakota Severe Winter Storms and Snowstorm (DR-4689-SD)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for South Dakota

Map of Affected Area

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FHA Announces Lower Mortgage Insurance Premiums

Posted on by Safeguard

Industry Update
February 22, 2023

Source:  Mortgage News Daily

HUD released details of a long-anticipated plan to reduce the annual MIP (mortgage insurance premiums) that are currently charged to FHA borrowers by 30 Basis Points (0.3% of the loan balance). HUD Secretary Marcia Fudge made the announcement at Bowie State University.

The premium will be reduced from 0.85 percent to 0.55 percent for most FHA borrowers, which could benefit up to 850,000 borrowers over the coming year, saving these families an average of $800 annually. “…today, we are building on the steps we’ve taken to make homeownership more affordable, and HUD is acting to ensure people feel comfortable purchasing a home as they build toward their future. As we reduce housing costs for people with FHA mortgages, we continue our work to address longstanding disparities in homeownership,” says Secretary Fudge.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Zombie Foreclosures Inch Up Again Across the Nation

Posted on by Safeguard

Industry Update
February 23, 2023

Source:  attomdata.com

ATTOM, a leading curator of land, property, and real estate data, released its first-quarter 2023 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,284,048) residential properties in the United States sit vacant. That figure represents 1.3 percent, or one in 79 homes, across the nation.

The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below). Vacancy data is available for U.S. residential properties at https://www.attomdata.com/solutions/marketing-lists/.

The report also reveals that 298,533 residential properties in the U.S. are in the process of foreclosure in the first quarter of this year, up 5 percent from the fourth quarter of 2022 and up 29.9 percent from the first quarter of 2022. A growing number of homeowners have faced possible foreclosure since a nationwide moratorium on lenders pursuing delinquent homeowners, imposed after the Coronavirus pandemic hit in early 2020, was lifted in the middle of 2021.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Black Knight: Mortgage Delinquencies Decrease in January

Posted on by Safeguard

Industry Update
February 24, 2023

Source:  Calculated Risk

According to Black Knight’s First Look report, the percent of loans delinquent decreased 2.3% in January compared to December and decreased 15% year-over-year.

Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 3.38% in January, down from 3.48% in December.

The percent of loans in the foreclosure process increased slightly in December to 0.45%, from 0.44% in December.

The number of delinquent properties, but not in foreclosure, is down 289,000 properties year-over-year, and the number of properties in the foreclosure process is up 48,000 properties year-over-year.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Share of Mortgage Loans in Forbearance Decreases to 0.64% in January

Posted on by Safeguard

Industry Update
February 21, 2023

Source:  Mortgage Bankers Association

The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by 6 basis points from 0.70% of servicers’ portfolio volume in the prior month to 0.64% as of January 31, 2023. According to MBA’s estimate, 320,000 homeowners are in forbearance plans.

The share of Fannie Mae and Freddie Mac loans in forbearance decreased 1 basis point to 0.30%. Ginnie Mae loans in forbearance decreased 8 basis points to 1.37%, and the forbearance share for portfolio loans and private-label securities (PLS) decreased 17 basis points to 0.83%.

“The forbearance rate decreased across all investor types in January, as borrowers continued to recover from pandemic-related hardships,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “With the national emergency set to end on May 11 of this year, many borrowers will no longer have the option to initiate COVID-19-related forbearance. Mortgage forbearance in other forms – whether due to natural disasters or life events – will continue, albeit with different requirements and parameters.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Fannie REO Inventory Increased in Q4; Expected to Increase Further in 2023

Posted on by Safeguard

Industry Update
February 20, 2023

Source:  Calculated Risk

Fannie reported results for Q4 2022. Here is some information on single-family Real Estate Owned (REOs).

One of those actions was a foreclosure moratorium that ended in mid-2021. Since then, foreclosures have increased slightly.
Fannie Mae reported the number of REOs increased to 8,779 at the end of Q4 2022, up 23% from 7,166 at the end of Q4 2021.  For Fannie, this is down 95% from the 166,787 peak number of REOs in Q3 2010.

For full report, please click the source link above.