Safeguard Properties

Fannie Mae Selects Five Proposals to Help Advance Racial Equity in Housing through a $5 Million Innovation Challenge

Posted on by Safeguard

Industry Update
January 18, 2023

Source: Fannie Mae

Fannie Mae announced the selection of five organizations to receive deliverable-based contracts under the Sustainable Communities Innovation Challenge, a nationwide competition to help advance racial equity in housing. Through the Innovation Challenge 2022 (IC22), the company sought innovative, scalable proposals to remove barriers that currently prevent many households, including Black households, from purchasing or renting a home.

The Innovation Challenge is part of Fannie Mae’s Sustainable Communities Partnership and Innovation initiative, which focuses on developing collaborative, cross-sector approaches to advancing sustainable communities and generating solutions for the nation’s most pressing housing issues. Fannie Mae solicited proposals that specifically address the insufficient supply of quality affordable housing options, insufficient funds for upfront and unexpected housing costs, and consumer credit challenges, including low credit scores and credit invisibility.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Gloversville Getting Tough on Blighted Properties

Posted on by Safeguard

Industry Update
January 15, 2023

Source: leaderherald.com

In another example of the city government’s “War on Blight” policies, Gloversville is now requiring the owners of buildings destroyed from fire damage to either reimburse the city the cost for demolishing the structures or turn their ownership over to the city.

The Gloversville Common Council voted 6-0 last Tuesday to approve the city Property Disposition Committee’s recommendation to sell two properties conveyed to the city after their previous owners chose not to reimburse the city’s costs for demolishing fire damaged buildings.

“We’re trying to get very aggressive on cleaning up messes and making sure things don’t malinger,” Mayor Vince DeSantis said. “Because, not only are they a detriment to the neighborhood, but they become a dangerous thing for public safety, kids get into vacant buildings and all of that.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

PHFA Celebrates 50 Years of Creating Affordable Housing in Pennsylvania

Posted on by Safeguard

Industry Update
January 13, 2023

Source: Yahoo! Finance

In 2023, the Pennsylvania Housing Finance Agency is celebrating its fiftieth year of helping Pennsylvanians find and keep affordable, stable housing. The agency has special promotions planned throughout 2023 to recognize this landmark year and to celebrate its staff and retirees for its half century of service to Pennsylvanians.

“Our agency was started 50 years ago with eight employees and a singular focus on funding affordable rental housing,” said PHFA Executive Director and CEO Robin Wiessmann. “Today, PHFA has grown to 314 employees and proudly offers a broad range of programs intended to help renters, homebuyers and homeowners find and keep housing that best fits their needs.”

“I think the legislative leaders and Governor Milton Shapp, who had the foresight to create the agency so many years ago, would be proud of how we have fulfilled their vision for providing affordable housing opportunities in Pennsylvania.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Freddie Mac Multifamily’s Targeted Affordable Housing Loans Increased by Nearly 60% in 2022

Posted on by Safeguard

Industry Update
January 18, 2023

Source:  Freddie Mac

Freddie Mac Multifamily’s 2022 production volume totaled $73.8 billion, including a record of nearly $1 billion in Low-Income Housing Tax Credit (LIHTC) equity investments. The agency also increased its targeted affordable loan purchases for properties that have a regulatory rent restriction or subsidy by close to 60% to a record $15.3 billion in 2022, up from $9.6 billion in 2021.

“In a year marked by record rent inflation and a rental housing supply crisis, Freddie Mac Multifamily prioritized its affordable housing mission,” said Kevin Palmer, head of Freddie Mac Multifamily. “Not only did we exceed our aggressive affordable housing goals, but we also set a record for Targeted Affordable Housing, ramped up our LIHTC equity investments by 45% and made nearly $2 billion in forward commitments designed to bolster future housing supply.”

Freddie Mac exceeded all its FHFA-set affordable housing goals. Of the 693,000 rental units financed through loan purchases, more than 420,000 were affordable to low-income households earning up to 80% of Area Median Income (AMI), surpassing the 415,000-unit goal. Units affordable to very low-income households earning up to 50% of AMI totaled nearly 128,000, representing 145% of the 88,000 unit goal. Freddie Mac also met 118% of its low-income housing goal for properties with 5 to 50 units with 27,103 units.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FHFA Announces Updates to the Enterprises’ Single-Family Pricing Framework

Posted on by Safeguard

Industry Update
January 19, 2023

Source:  Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) today announced further changes to Fannie Mae’s and Freddie Mac’s (the Enterprises) single-family pricing framework by introducing redesigned and recalibrated upfront fee matrices for purchase, rate-term refinance, and cash-out refinance loans.

“These changes to upfront fees will strengthen the safety and soundness of the Enterprises by enhancing their ability to improve their capital position over time,” said Director Sandra L. Thompson. “By locking in the upfront fee eliminations announced last October, FHFA is taking another step to ensure that the Enterprises advance their mission of facilitating equitable and sustainable access to homeownership.”​​

The priorities outlined in the 2022 and 2023 Scorecards for the Enterprises include developing a pricing framework to maintain support for single-family purchase borrowers limited by weal​th or income, while also ensuring a level playing field for large and small sellers, fostering capital accumulation, and achieving commercially viable returns on capital.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Valuation of Mortgage Servicing Rights for Managing Counterparty Credit Risk

Posted on by Safeguard

Industry Update
January 12, 2023

Source:  Federal Housing Finance Industry

This Advisory Bulletin communicates FHFA’s supervisory expectations for Fannie Mae and Freddie Mac (collectively, the Enterprises or individually, an Enterprise) to establish and implement risk management policies and procedures for monitoring and valuing seller/servicers’ mortgage servicing rights (MSRs).[1],[2]​ Enterprise-wide risk management policies and procedures should be commensurate with an Enterprise’s risk appetite, and based on an assessment of seller/servicer financial strength and MSR risk exposure levels. Although seller/servicers assign values to their MSRs, the Enterprises should have their own processes to evaluate the reasonableness of seller/servicer MSR values.

This bulletin applies to only MSRs for single-family mortgage loans and is effective April 1, 2023.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Georgia Severe Weather

Posted on by Safeguard

FEMA Alert
January 16, 2023

***UPDATED 2/13/23***

FEMA has issued a Major Disaster Declaration for the state of Georgia to supplement state, tribal and local response efforts in areas affected by severe weather on January 12, 2023.  The following areas have been approved for assistance:

Individual Assistance:

  • Butts
  • Henry
  • Jasper
  • Meriwether
  • Newton
  • Pike
  • Spalding
  • Troup

Public Assistance:

  • Butts
  • Crisp
  • Henry
  • Jasper
  • Meriwether
  • Newton
  • Spalding
  • Troup

 

Georgia Severe Weather (DR-4685-GA)

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

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 – Alabama Severe Storms, Straight-line Winds, and Tornadoes

Posted on by Safeguard

FEMA Alert
January 15, 2023

***UPDATED 2/3/23***

FEMA has issued a Major Disaster Declaration for the state of Alabama to supplement state, tribal and local response efforts in areas affected by severe storms, straight-line winds, and tornadoes on January 12, 2023.  The following areas have been approved for assistance:

Individual Assistance:

  • Autauga
  • Coosa
  • Dallas
  • Elmore
  • Greene
  • Hale
  • Mobile
  • Morgan
  • Sumter
  • Tallapoosa

Public Assistance:

  • Autauga
  • Barbour
  • Chambers
  • Conecuh
  • Coosa
  • Dallas
  • Elmore
  • Greene
  • Hale
  • Sumter
  • Tallapoosa

 

Alabama Severe Storms, Straight-line Winds, and Tornadoes (DR-4684-AL)

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

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 – California Severe Winter Storms, Flooding, Landslides, and Mudslides

Posted on by Safeguard

FEMA Alert
January 14, 2023

***UPDATED 3/1/2023***

FEMA has issued a Major Disaster Declaration for the state of California to supplement state, tribal and local response efforts in areas affected by severe winter storms, flooding, landslides, and mudslides beginning December 27, 2022 and continuing.  The following areas have been approved for assistance:

Individual Assistance:

  • Alameda
  • Amador
  • Calaveras
  • Contra Costa
  • Mendocino
  • Merced
  • Monterey
  • Sacramento
  • San Joaquin
  • San Luis Obispo
  • San Mateo
  • Santa Barbara
  • Santa Cruz
  • Ventura

Public Assistance:

  • Alameda
  • Alpine
  • Amador
  • Butte
  • Calaveras
  • Colusa
  • Contra Costa
  • Del Norte
  • El Dorado
  • Fresno
  • Glenn
  • Humboldt
  • Inyo
  • Los Angeles
  • Madera
  • Marin
  • Mendocino
  • Merced
  • Monterey
  • Napa
  • Nevada
  • Placer
  • Sacramento
  • San Benito
  • San Diego
  • San Francisco
  • San Joaquin
  • San Luis Obispo
  • San Mateo
  • Santa Barbara
  • Santa Clara
  • Santa Cruz
  • Siskiyou
  • Solano
  • Sonoma
  • Stanislaus
  • Sutter
  • Tehama
  • Trinity
  • Tulare
  • Tuolumne
  • Ventura
  • Yolo

 

California Severe Winter Storms, Flooding, Landslides and Mudslides (DR-4683-CA)

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

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

Black Knight Announces the Developer Portal, a Comprehensive Catalog of APIs to Enhance Integration and Efficiency for Clients

Posted on by Safeguard

Industry Update
January 12, 2023

Source:  www.prnewswire.com

Black Knight, Inc. announced the launch of its new Developer Portal – a one-stop storefront where clients, third-party providers and their developers will have access to the company’s catalog of application program interfaces (APIs) across the mortgage life cycle. APIs expose business functionality and client data that are neatly packaged into reusable services that follow industry standard protocols and conventions to allow ease of integration. Clients can use Black Knight’s APIs to rapidly embed additional functionality within their applications, which can help drive intuitive and frictionless experiences in their user journeys.

As an extension of Black Knight’s commitment to delivering new innovations and seamless connections to the market, the Developer Portal provides a central repository of documentation detailing the application connections Black Knight offers. This catalog of APIs includes web APIs, web services, webhooks and other integration tools. The Developer Portal also contains a self-service interface where clients can search for and browse API specifications, product overviews, implementation documentation, user guides and more.

For full report, please click the source link above.