Safeguard Properties

FEMA Major Disaster Declaration – Illinois Severe Storm and Flooding

Posted on by Safeguard

FEMA Alert
October 14, 2022

FEMA has issued a Major Disaster Declaration for the state of Illinois to supplement state, tribal and local response efforts in the areas affected by a severe storm and flooding from July 25-28, 2022.  The following areas has been approved for assistance:

Individual Assistance:

  • Saint Clair

 

Illinois Severe Storm and Flooding (DR-4676-IL)

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

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

HUD Marks 10th Anniversary of the Office of Housing Counseling

Posted on by Safeguard

Industry Update
October 3, 2022

Source:  U.S. Department of Housing and Urban Development

The U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling marked its tenth anniversary since being created as a distinct office reporting to HUD’s Assistant Secretary for Housing. Throughout October, the Office will celebrate the many contributions of HUD’s housing counseling program in helping individuals and families obtain and maintain safe, sustainable, and affordable homeownership and rental housing.

“Whether it was helping homeowners through the foreclosure challenges of the 2012 housing crisis, responding to the housing needs of victims of disasters, or the continuing housing relief and recovery resulting from the COVID-19 pandemic, housing counselors have been there over the last decade to support families in making critical housing choices and equipping themselves for the future,” said Deputy Assistant Secretary for Housing Counseling David Berenbaum. “This month, we recognize not only our role in helping people stay in their homes during times of crisis, but also in supporting a network of HUD Certified Housing Counselors who serve some 3,000 clients a day.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Proposed Bill Aimed to Fight Blight Paused after Concerns about Execution

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Industry Update
October 11, 2022

Source:  wmar2news.com

City leaders spent Tuesday afternoon discussing a bill that would fine vacant property owners for every emergency they respond to after the first in a year’s span.

Palestine Boone in East Baltimore can count the number of occupied homes on her block on two hands, outnumbered easily by the ones that stand boarded up and vacant.

As for emergencies like last week where a man had to be rescued from a partially collapsed vacant house inch closer to home for her, she’s hopeful for solutions from officials in City Hall where a few proposals are on the table like Bill 22-0204.

After the first 311 complaint, the proposed bill would charge vacant property owners $100, the third 200, fourth 300 and the fine amount increases significantly from there.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Reading Council Hears Plan for Land Bank to Fight Blight

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Industry Update
October 10, 2022

Source:  wfmz.com

At Monday’s meeting of its committee of the whole, the Reading City Council heard a presentation from Jamal Abodalo, the city’s community development director, about the possible creation of a land bank for the city.

Land banks were established by Pennsylvania in 2012 to help communities combat problems with blighted properties. Under the law, a land bank is able to buy a property ahead of a judicial sale, and back taxes and municipal claims are discharged. In this way, the city — through the land bank — controls redevelopment of the property.

Abodalo told the council that Reading currently has 268 certified blighted properties. Of the 268 properties, 168 have transferred ownership, while 100 remain under the same ownership.

The process, Abodalo explained, is that the land bank would acquire a property. It then would decide to either demolish the property or refurbish it. If it is refurbished, the property could either be sold or restored to productive use.

While the property is being restored, the land bank holds the property tax-free. Then, it can share up to 50% of the taxes from the city, county and school district for five years after being redeveloped.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FHFA Outlines Seven Challenges for 2023

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Industry Update
October 14, 2022

Source: doddfrankupdate.com

The Federal Housing Finance Agency (FHFA), Office of the Inspector General (OIG) has published a memo identifying major challenges the agency, namely Fannie Mae and Freddie Mac (GSEs), expects to face in 2023.

The memo is issued by OIG annually, per a 2000 law, and is addressed to FHFA Director, Sandra Thompson. It identified seven management and performance challenges facing the FHFA, including:

  • Effective supervision of regulated entities.
  • Stewardship of the GSE conservatorship.
  • Oversight of information risk for the regulated entities.
  • Oversight of counterparty risk, third-party risk, and fourth-party risk for the regulated entities.
  • Oversight of model risk for the regulated entities.
  • Oversight of people risk for the regulated entities.
  • Oversight of resiliency risk for the regulated entities.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

U.S. Foreclosure Activity Continues to Increase Quarterly Nearing Pre-Pandemic Levels

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Industry Update
October 13, 2022

Source: Cision PR Newswire

ATTOM, a leading curator of real estate data nationwide for land and property data, released its Q3 2022 U.S. Foreclosure Market Report, which shows there were a total of 92,634 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 3 percent from the previous quarter and 104 percent from a year ago.

The report also shows there were a total of 31,836 U.S. properties with foreclosure filings in September 2022, down 8 percent from the previous month but up 62 percent from September 2021.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Mortgage Rates Hit 20-Year High

Posted on by Safeguard

Industry Update
October 13, 2022

Source: MSN

After taking a breather last week, mortgage rates rose again – moving even closer to 7%.

The 30-year fixed-rate mortgage averaged 6.92% in the week ending October 13, up from 6.66% the week before, according to Freddie Mac. It is the highest average rate since April 2002. A year ago, the 30-year fixed rate stood at 3.05%.

Mortgage rates have more than doubled in the past year as the Federal Reserve pushed ahead with its unprecedented campaign of hiking interest rates in order to tame soaring inflation. The combination of the central bank’s rate hikes, investor’s concerns about a recession and mixed economic news has made mortgage rates volatile over the past several months.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FHA Expands Access to Homeownership for First-Time Homebuyers who have Positive Rental History

Posted on by Safeguard

Industry Update
September 27, 2022

Source: U.S Department of Housing and Urban Development

The Federal Housing Administration (FHA) is announcing today that it will begin to permit inclusion of a first-time homebuyer’s positive rental payment history as an additional factor in the credit assessment performed in the Technology Open to Approved Lenders (TOTAL) Mortgage Scorecard to determine eligibility for an FHA-insured mortgage. By adding a positive rental history indicator to the Scorecard, FHA’s credit evaluation will become more comprehensive and equitable, with the goal of enabling additional first-time homebuyers to qualify for affordable FHA-insured mortgage financing.

“If you’re regularly paying your rent on time, that’s a good indication you will also pay your mortgage on time,” said Federal Housing Commissioner Julia Gordon. “We hope that adding this positive factor to all of the characteristics currently considered in an FHA credit evaluation will increase access to affordable FHA-insured mortgages for first-time homebuyers.”

In its new policy, FHA considers positive rental payment history as the on-time payment of all rental payments in the previous 12 months. To utilize this added factor for their borrowers, lenders originating forward purchase mortgages for FHA insurance will be required to obtain verification of the borrower’s on time rental payments and indicate via a new indicator within the Scorecard the submission of a positive rental payment history for the borrower.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Clarifire, IndiSoft Loop HUD Loss Reduction Consultants

Posted on by Safeguard

Industry Update
October 4, 2022

Source: trainersadda.com

On Monday, Clarifire and IndiSoft announced a collaboration on technology that facilitates third-party advice in the loss mitigation process, building on the latter’s deep involvement in the highly regulated space.

“Counselors can step in and deal with the hand-holding that takes up a lot of time and money for service providers,” said Jane Mason, CEO of Clarifire. “It takes the pressure off the volume going into the service shops, and you also have a full audit trail for regulators.”

The partnership combines the technology Clarifire provides to help mortgage companies work with distressed borrowers using IndiSoft’s customer management system, which is used by advisers, servicers and government agencies.

“Our mission is to fully integrate Certified Home Builders into the mortgage servicing and origination paradigm,” said Cam Melchior, IndiSoft’s president, chief compliance officer and one of the current owners, who bought out the company’s founder in last year. “This connection to Clarifire is one of many steps we’re taking to integrate with servicers’ systems so they can more easily interact with HUD-certified housing counselors, and housing counselors can more easily interact with them.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Fannie Mae Announces Priscilla Almodovar as Chief Executive Officer

Posted on by Safeguard

Industry Update
September 29, 2022

Source: Fannie Mae

Fannie Mae announced that it has appointed Priscilla Almodovar as Chief Executive Officer (CEO) and member of the Board of Directors, effective December 5, 2022. Almodovar will succeed David C. Benson, who has served as Interim CEO and a member of the Board of Directors since May 2022. After her arrival, Benson will continue in his role as President.

Almodovar brings more than 30 years of experience in finance, real estate, and community development across a number of institutions and organizations. Since 2019, she has served as President and CEO of Enterprise Community Partners, a national organization focused on increasing the supply of affordable housing, advancing racial equity, and supporting residents and communities.

For full report, please click the source link above.