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FEMA Major Disaster Declaration – Oglala Sioux Tribe Severe Winter Storms and Snowstorm

Posted on February 22, 2023February 22, 2023 by Safeguard

FEMA Alert
February 20, 2023

***Please note, FEMA declaration DR-4688 only applies to properties within the Oglala Indian Reservation.***

FEMA has issued a Major Disaster Declaration for the Oglala Sioux Tribe to supplement tribal recovery efforts in the areas affected by severe winter storms and snowstorms from December 12-25, 2022. The following areas has been approved for assistance:

Public Assistance:

Oglala Sioux Tribe of the Pine Ridge Reservation

Oglala Sioux Tribe Severe Winter Storms and Snowstorm (DR-4688)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Oglala Sioux Tribe

Map of Affected Areas

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

FEMA Major Disaster Declaration – Rosebud Sioux Tribe Severe Winter Storms and Snowstorm

Posted on February 22, 2023February 22, 2023 by Safeguard

FEMA Alert
February 20, 2023

***Please note, FEMA declaration DR-4687-SD only applies to properties within the Rosebud Indian Reservation.***

FEMA has issued a Major Disaster Declaration for the Rosebud Sioux Tribe to supplement tribal recovery efforts in the areas affected by severe winter storms and snowstorms from December 12-25, 2022. The following areas has been approved for assistance:

Public Assistance:

Rosebud Indian Reservation

Rosebud Sioux Tribe Severe Winter Storms and Snowstorm (DR-4687-SD)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Rosebud Sioux Tribe

Map of Affected Areas

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

Baltimore City Council Considering Fees for Vacant Property Owners Who Receive 311 Requests

Posted on February 20, 2023 by Safeguard

Industry Update
February 7, 2023

Source: cbsnews.com

Baltimore City Council is considering establishing fees for vacant property owners who receive 311 requests against their properties.

The ordinance would create a fee structure with increasing fines as more and more substantiated 311 service requests stack up. Councilwoman Odette Ramos wants to create a $1,000 fine. She says this would push more vacant properties over the threshold to qualify for in rem foreclosure, a legal process where the city can foreclose faster on properties where liens exceed the assessed value.

“If it’s a vacant building and it’s got high grass or if it’s a vacant building and it’s got the roof collapse or if it’s a vacant building and there’s trash, that’s a thousand dollars,” Councilwoman Ramos said, pointing out those would be separate fines. “So, we need to get more 311s and get more citations on them to get them to that point.”

Ramos says a survey of just two neighborhoods in her district showed hundreds of additional vacant properties would qualify for in rem foreclosure just from these additional fines.

“If we all pitch in and we all do our call-out and make our 311 calls, I think it would (help). They have been sitting here (vacant) for so long, someone’s going to have to answer for it sooner or later,” Montriel Battle of Upton said Tuesday.

Baltimore has 14,341 vacant buildings citywide, according to its Open Baltimore Dashboard Tuesday.

Ninety percent of the city’s vacant buildings are privately owned. The ordinance has an exemption for 311 requests against city-owned properties.

For full report, please click the source link above.

Mason City Approves Vacant Building Registration in Effort to Combat Blight

Posted on February 20, 2023February 20, 2023 by Safeguard

Industry Update
February 14, 2023

Source: globegazette.com

The Mason City Council has approved a new ordinance requiring the registration of vacant commercial properties.

According to a memorandum from Director of Development Services Steven Van Steenhuyse, “A vacant building registration requirement keeps an owner on notice that the city expects vacant properties to be kept safe and productive, and that long-term vacancy is not in the best interest of the community.”

The ordinance applies to commercial properties. Within 120 days of vacancy, property owners must register for a vacant building permit. Proof of insurance is required. Vacant buildings will be assessed a fee of $250 in the first year, $500 in the second year and $750 per year thereafter.

There are a number of exemptions for owners of vacant real estate provided they meet certain requirements. A building that is being renovated is exempt for as long as the building permit is valid. A structure that has been damaged by fire, flood or other means is exempt as long as demolition has been scheduled within six months. In addition, exemptions apply to properties that are being actively marketed for no more than 150% of their current assessed value. According to administrators, this prevents overpricing a building to discourage its sale.

For full report, please click the source link above.

City Leaders Discuss Plans to Expand Affordable Housing

Posted on February 20, 2023 by Safeguard

Industry Update
February 15, 2023

Source: wistv.com

New affordable housing could be on its way to Columbia. City leaders are planning to build on existing resources to provide cheaper places for individuals to live.

The community development committee is looking at taking up vacant properties which were once owned by the city and turning them into spaces where affordable housing units would go.

It’ll be a good impact on the community and, plus it’ll put a lot of people in stable homes,” said Quinton Meyers.

Quinton Meyers lives in the Booker Washington Heights community. The single father of five is hoping more affordable housing comes sooner rather than later.

The plan would be a collaborative effort between the city and corporations that own vacant properties in areas like Booker Washington Heights, Belmont, and King Street communities.

“We’re working with development corporations, which are arms with the city, but they are separate from the city as well,” said Assistant City Manager Missy Gentry. “But we’re working with them to encourage new and owner-occupied units predominantly but some maybe rental to go on the vacant properties that have been owned by the city for years,” she added.

There are seven targeted areas where the community development committee is looking to have affordable housing. Gentry says this wouldn’t cost the city any money because private developers would handle all the costs of building.

For full report, please click the source link above.

Texas City Commission Approves $100K for Razing Unsafe Eyesores

Posted on February 20, 2023February 20, 2023 by Safeguard

Industry Update
February 16, 2023

Source: www.galvnews.com

City leaders approved $100,000 from the Texas City Economic Development Corp. budget for previously completed and future demolition projects aimed at “substandard, unattractive structures.”

City commissioners unanimously approved use of the money at Wednesday’s meeting to fund the demolition projects.

The decision follows previous commission approval on Jan. 4 to award contracts to the lowest bidders for the work, Island Environments and Grant Mackay, after recommendation for approval by Fire Chief David Zacherl and Community Development Director George Fuller.

“So far, we have demolished 111 substandard, unattractive structures,” Fuller said. “We work hard to ensure that nobody is displaced when we need to demolish a property.

The city’s Neighborhood Improvement Service Department has worked over the past two years to beautify the city through cleaning up abandoned residences and commercial structures. In November, the city issued a notice to bidders for Code Compliance Abatement for Residential Substandard Structure Demolitions.

“Having these types of structures in the city is not only unattractive, but they are unsafe to have around and be inside,” Fuller said.

The properties that are set to be demolished have not all been identified, Fuller said. Another budget amendment will need to be approved at a later date if more funding is needed, Fuller said.

The next scheduled meeting for the Texas City Commission is set for 5 p.m. March 1 in the Kenneth T. Nunn Council Room at City Hall, 1801 Ninth Ave. N.

For full report, please click the source link above.

Delinquency Rate for Mortgage Loans on the Rise – MBA

Posted on February 17, 2023February 17, 2023 by Safeguard

Industry Update
February 17, 2023

Source: mpamag.com

The delinquency rates for loans on residential properties increased at the end of 2022 amid economic headwinds and inflationary pressures, the Mortgage Bankers Association reported Thursday.

Mortgage delinquency rates rose to a seasonally adjusted rate of 3.96% in the fourth quarter, up 51 basis points from the third quarter but still down 69 basis points from a year ago. The share of loans on which foreclosure actions were started in Q4 dropped by one basis point to 0.14%.

“As expected, the overall national mortgage delinquency rate increased in the fourth quarter of 2022 from its previous quarterly survey low,” said Marina Walsh, vice president of industry analysis at MBA. “The weaker economy and ongoing inflationary pressures contributed to the uptick in delinquencies. The delinquency rate – while still low – increased from the previous quarter across all loan types and across all stages of delinquency.”

Walsh noted that, for the last 15 years, mortgage delinquencies have tracked very closely with employment conditions. The Bureau of Labor and Statistics’ latest report showed 517,000 jobs added in January, with the unemployment rate hovering at 3.4%.

For full report, please click the source link above.

FHFA Requests Input on Enterprise Single-Family Social Bond Program

Posted on February 17, 2023 by Safeguard

Industry Update
February 16, 2023

Source: Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) on Fannie Mae and Freddie Mac’s (together, the Enterprises) social bond policy. On March 28, 2023, FHFA will also host a public listening session to allow for additional input.

Currently, each Enterprise issues labeled multifamily social bonds—neither issues labeled single-family social bonds. This RFI will help FHFA understand the opportunities and potential risks associated with the Enterprises issuing single-family social bonds, under the framework of Environmental, Social, and Governance (ESG) securities. FHFA also seeks input in defining the criteria and appropriate impact measures for Enterprise-labeled single-family social bonds.

“FHFA has closely monitored the continued emergence of ESG securities and the potential for social bonds to bring more liquidity and capital to the market,” said Director Sandra L. Thompson. “As we evaluate responses from this RFI, FHFA will also look at ways that social bonds could increase liquidity and support for underserved borrowers and communities.”

For full report, please click the source link above.

Fannie Mae Honors 22 High-Performing Mortgage Servicers

Posted on February 17, 2023February 17, 2023 by Safeguard

Industry Update
February 16, 2023

Source: Fannie Mae

Fannie Mae announced the 2022 Servicer Total Achievement and Rewards™ (STAR™) Program results, recognizing 22 mortgage servicers for competency, capacity, and overall performance. For more than a decade, Fannie Mae’s STAR Program has identified high-performing mortgage servicers that align with Fannie Mae’s business goals and demonstrate leading practices across the mortgage service industry.

“We applaud the 2022 STAR Program recipients’ efforts to enable greater access to affordable and sustainable homeownership,” said Cyndi Danko, Senior Vice President and Single-Family Chief Credit Officer, Fannie Mae. “By providing mortgage assistance and long-term solutions for struggling homeowners, the 2022 STAR Program servicers have been essential partners in Fannie Mae’s journey to knock down housing barriers for people across the country.”

Since 2011, the STAR Program has facilitated broad and lasting improvements across the industry by promoting servicing knowledge and excellence. Fannie Mae’s commitment to homeownership, the mortgage industry, continuous improvement, and customer satisfaction are strengthened in cooperation with the dedicated efforts of Fannie Mae’s servicing partners. For the 2022 program year, mortgage servicers were eligible for the STAR Performer recognition based on the results of the Servicer Capability Framework and STAR Performance Scorecard.

The 2022 STAR Program recipients are:

General Servicing

Bank of America, N.A.
Flagstar Bank, N.A.
Freedom Mortgage Corporation
M&T Bank Corporation
PHH Mortgage Corporation
PNC Financial Services Group, Inc.
Provident Funding Associates, L.P.
Regions Bank

Solution Delivery

Mr. Cooper
New American Funding
U.S Bank, N.A.

General Servicing and Solution Delivery

Arvest Bank
Colonial Savings, F.A.
Fidelity Bank National Association
Guild Mortgage
JPMorgan Chase Bank, N.A.
PennyMac
Rocket Mortgage, LLC
RoundPoint Mortgage Servicing Corporation
Rushmore Loan Management Services
Truist Bank
Wells Fargo Bank, N.A.

For full report, please click the source link above.

Freddie Mac Announces 2022 SHARP Award Winners

Posted on February 17, 2023February 17, 2023 by Safeguard

Industry Update
February 16, 2023

Source: Freddie Mac

Freddie Mac announced the nine winners of its 2022 Servicer Honors and Rewards Program (SHARP)SM, which annually recognizes mortgage loan Servicers for quality servicing, risk management and sustainable homeownership resulting in superior portfolio performance. The winners represent outstanding customer service and positive efforts to prevent and alleviate loan delinquencies.

“Despite ongoing challenges and market fluctuations, our SHARP winners demonstrated peak performance and deserve to be commended for their ongoing efforts,” said Bill Maguire, Freddie Mac’s Vice President of Single-Family Servicing Portfolio Management. “We thank all our Servicers for remaining dedicated to homeowners in need of mortgage relief, particularly those impacted with long-term hardships caused by the pandemic.”

2022 SHARP Award Winners:

Clients servicing 200,000 or more Freddie Mac mortgages

Gold: PennyMac
Silver: JP Morgan Chase Bank, National Association
Bronze: PHH Mortgage Corporation

Clients servicing between 75,000 and 199,999 Freddie Mac mortgages

Gold: Guild Mortgage Company LLC
Silver: NewRez LLC
Bronze: Onslow Bay Financial LLC (subserviced by Flagstar Bank, National Association; LoanCare, LLC; and Nationstar Mortgage LLC dba Mr. Cooper)

Clients servicing between 20,000 and 74,999 Freddie Mac mortgages

Gold: Specialized Loan Servicing LLC
Silver: SWBC Mortgage Corporation (subserviced by Cenlar FSB)
Bronze: Podium Mortgage Capital LLC (subserviced by Nationstar Mortgage LLC dba Mr. Cooper)

SHARP is a rewards program based on the client’s Servicer Success Scorecard ranking. Servicers that have more than 20,000 Freddie Mac master-serviced loans are automatically enrolled in SHARP, which provides performance incentives through rewards and recognition.

For full report, please click the source link above.