Ginnie Mae, FHFA Releases Updated Seller/Servicer Requirements

Industry Update
August 18, 2022

Source: Mortgage Professional America

Ginnie Mae and the Federal Housing Finance Agency (FHFA) have issued new capital eligibility requirements for seller/servicers and issuers.

Effective September 30, the updated requirements will allow Fannie Mae and Freddie Mac to institute requirements beyond the minimum for certain sellers/servicers who show evidence of heightened risk embedded in the business model or financial condition.

To be eligible for Ginnie Mae and GSE loans, issuers/servicers need a net worth base minimum of $2.5 million plus add-ons of 25 basis points for GSE servicing, 35bps for Ginnie product, and 25bps for private-label and other servicing loans. Tangible net worth or total assets must be greater than or equal to 6%.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Mortgage Delinquency Rate Falls to 43-Year Low

Industry Update
August 12, 2022

Source: Mortgage Professional America

The delinquency rate for residential mortgage loans has fallen to its lowest level since 1979, even beating out the previous pre-pandemic survey low in 2019.

The Q2 delinquency rate nosedived to a seasonally adjusted rate of 3.64%, down 47 basis points from the previous quarter and 183 basis points below compared to the same period a year ago, according to the Mortgage Bankers Association.

By loan type, the total delinquency rate for conventional loans fell by 39 basis points to 2.64% quarter over quarter – the lowest level in the survey’s history since 2004. The FHA delinquency rate decreased 73 basis points to 8.85%, and the VA delinquency rate decreased by 64 basis points to 4.22% over the quarter.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Zombie Property Count Inches Up Again in Third Quarter of 2022 Across U.S. Amid Continued Rise in Foreclosure Activity

Industry Update
August 18, 2022

Source: Cision PR Newswire

ATTOM, a leading curator of real estate data nationwide for land and property data, today released its third-quarter 2022 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,277,162) residential properties in the United States sit vacant. That figure represents 1.3 percent, or one in 78 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 270,470 residential properties in the U.S. are in the process of foreclosure in the third quarter of this year, up 4.4 percent from the second quarter of 2022 and up 25.5 percent from the third quarter of 2021. The latest increase marks the fourth straight quarter that the count of pre-foreclosure properties has increased since a nationwide moratorium on lenders pursuing delinquent homeowners, imposed after the Coronavirus pandemic hit in 2020, was lifted at the end of July 2021.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Fire Management Assistance Declaration – Nevada Joy Lake Fire

FEMA Alert
August 14, 2022

FEMA has issued a Fire Management Assistance Declaration for the state of Nevada to supplement state, tribal and local recovery efforts in the areas affected by the Joy Lake Fire on August 14, 2022.  The following counties have been approved for assistance:

Public Assistance:

  • Washoe

 

Nevada Joy Lake Fire (FM-5448-NV)

Zip Codes of Affected Areas

 

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

New Leader of Blight Authority of Memphis Excited for Revitalization

Industry Update
August 10, 2022

Source:  localmemphis.com

There’s a new leader with a new vision for tackling Memphis’ decades old blight fight.

Michael Harris is now executive director of the Blight Authority of Memphis. The organization acquires abandoned properties and eyesore lots for redevelopment.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Louisville Metro Government Says It’s Making Progress on City’s Vacant, Abandoned Properties

Industry Update
August 11, 2022

Source:  wdrb.com

Louisville Metro Government said it’s making progress on vacant and abandoned properties across the city.

Thursday, city leaders and developers announced results from a the first phase of a recent property condition survey conducted mostly in west and south Louisville neighborhoods.

The survey also looked at properties in downtown Louisville and its edge neighborhoods and Old Louisville with structures on them. It found about 1,500 homes were considered unlivable or vacant. Roughly 2,500 more had “slight damage” with another 1,300 with “moderate to significant damage,” according to a news release from Mayor Greg Fischer’s Office.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

New Program to Fix Dilapidated Properties Proposed

Industry Update
August 10, 2022

Source:  Erie News Now

A new program to purchase dilapidated properties, fix them up, and then sell them to first-time homeowners is in the works in Jamestown.

Brainchild of Assistant Corporation Counsel Ben Haskins, the idea was first introduced to the city’s Housing Committee last month, with local leaders continuing a push to crackdown on zombie properties to better neighborhoods.

To kick things off, officials are seeking $750,000 dollars of American Rescue Plan Act funds.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Spokane Housing Crisis: Land Bank Forms to Open Up More Properties for Low-Income Housing

Industry Update
August 12, 2022

Source:  The Spokesman Review

Spokane’s first land bank has launched with promises to free up more land for affordable housing across the city.

A land bank is an organization that works with financial institutions or governments to acquire, hold or redevelop abandoned properties and vacant homes so they can return to the market.

There are just over 6,000 units of housing between all of Spokane’s low-income housing providers, according to the latest annual survey by the Spokane Low Income Housing Consortium. And because of low vacancy rates, the average time a person spends on a provider’s waitlist is around three years, said Ben Stuckart, executive director of the Spokane Low Income Housing Coalition.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

The Place with the Most Vacant Homes in America, According to Data

Industry Update
August 7, 2022

Source: MSN

There are many reasons why a community can wind up with too many houses and not enough people to live in them. Sometimes, it’s a simple case of population loss or an economic downturn that leads to a rash of foreclosures. Other times, there are larger forces at work, like developers overbuilding in anticipation of a housing boom that never materializes. For many regions, COVID-19 has swiftly and drastically impacted the housing market, causing a shortage of affordable housing for most, and an opportunity for second or even third homes for others. No matter the case, a glut of housing inventory can spell bad news for a neighborhood, a town, or an entire metro region.

According to a CityLab report based on a recent study by the Center for Community Progress, a nationwide epidemic of unoccupied homes is “America’s other housing crisis.” The report cites the “staggering economic and social costs” that mass vacancies tend to create for the communities they affect. It also points out that the 2008 recession sent the number of vacant homes soaring by 26% between 2005 and 2010, from 9.5 million to 12 million. While that number has since declined, the number of vacancies has never returned to the pre-recession lows in the ensuing decade.

In that time, the dynamic has shifted. Vacant homes were long associated with economically distressed urban centers often described with the umbrella term “inner city.” Today, however, vacancies are the bane of small towns. In post-recession America, rural areas suffer from vacancy rates that are double those found in metropolitan regions.

Using data from the U.S. Census Bureau 2019 American Community Survey released in December 2020 (the most recent available), Stacker compiled a list of the 50 metro areas with the most unoccupied homes. Metro areas are ranked by the percentage of unoccupied homes out of all the homes in each metro area. Ties were broken by the total number of unoccupied homes in the metro area as a whole.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FHFA Announces Mortgage Servicer Requirements for Maintaining Fair Lending Data

Industry Update
August 11, 2022

Source: Consumer Finance Monitor

The FHFA announced that Fannie Mae and Freddie Mac will require mortgage servicers to maintain certain fair lending data elements, including the borrower’s age, race, ethnicity, gender, and preferred language. The fair lending data must be stored in a searchable format, and must transfer with servicing throughout the loan term.

On the topic, Freddie Mac issued Bulletin 2022-17, and Fannie Mae issued Servicing Guide Announcement SVC-2022-06. These issuances specify that that data elements must be maintained and transferred, if obtained during the origination process, for loans originated on or after March 1, 2023. The issuances also note that servicers may, but are not required to, update the data elements in the event of a subsequent transfer of ownership or assumption of the loan.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

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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