Page 114 – Safeguard Properties

Mortgage Rates Hit 20-Year High

Posted on October 14, 2022 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 October 4, 2022 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 October 4, 2022 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 October 4, 2022 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.

FEMA Emergency Declaration – North Carolina Hurricane Ian

Posted on October 2, 2022 by Safeguard

FEMA Alert
October 1, 2022

FEMA has issued an Emergency Declaration for the state of North Carolina to supplement state, tribal and local response efforts due to emergency conditions resulting from Hurricane Ian beginning September 28, 2022 and continuing. The following areas has been approved for assistance:

Public Assistance:

North Carolina Hurricane Ian (EM-3586-NC)

President Joseph R. Biden, Jr. Approves Emergency Declaration for North Carolina

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 – Seminole Tribe of Florida Hurricane Ian

Posted on October 2, 2022October 2, 2022 by Safeguard

FEMA Alert
September 30, 2022

FEMA has issued a Major Disaster Declaration for the Seminole Tribe of Florida to supplement tribal recovery efforts in the areas affected by Hurricane Ian beginning September 23 and continuing. The following areas has been approved for assistance:

Individual Assistance:

Big Cypress Indian Reservation
Brighton Indian Reservation
Fort Pierce Indian Reservation
Hollywood Indian Reservation
Immokalee Indian Reservation
Tampa Reservation

Seminole Tribe of Florida Hurricane Ian (DR-4675)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Seminole Tribe of Florida

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 – Virginia Flooding and Mudslides

Posted on October 1, 2022 by Safeguard

FEMA Alert
September 30, 2022

FEMA has issued a Major Disaster Declaration for the state of Virginia to supplement state, tribal and local response efforts in the areas affected by flooding and mudslides from July 13-14, 2022. The following areas has been approved for assistance:

Public Assistance:

Buchanan
Tazewell

Virginia Flooding and Mudslides (DR-4674-VA)

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

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 Emergency Declaration – South Carolina Hurricane Ian

Posted on September 30, 2022 by Safeguard

FEMA Alert
September 29, 2022

FEMA has issued an Emergency Declaration for the state of South Carolina to supplement state, tribal and local response efforts due to emergency conditions resulting from Hurricane Ian beginning September 25, 2022 and continuing. The following areas has been approved for assistance:

Public Assistance:

South Carolina Hurricane Ian (EM-3585-SC)

President Joseph R. Biden, Jr. Approves Emergency Declaration for South Carolina

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

Freddie Mac: Mortgage Serious Delinquency Rate Decreased in August

Posted on September 30, 2022 by Safeguard

Industry Update
September 26, 2022

Source: Calculated Risk Blog

Freddie Mac reported that the Single-Family serious delinquency rate in August was 0.70%, down from 0.73% July. Freddie’s rate is down year-over-year from 1.62% in August 2021.

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.

For full report, please click the source link above.

CFPB Considers Permanently Restoring Covid Mortgage Protections

Posted on September 30, 2022September 30, 2022 by Safeguard

Industry Update
September 22, 2022

Source: news.bloomberglaw.com

The Consumer Financial Protection Bureau is seeking information to possibly make pandemic-era foreclosure prevention and automatic refinancing programs permanent features of the mortgage market.

The Thursday request for information for rulemaking is seeking input from lenders and other interested parties on ways to automatically allow financially vulnerable borrowers—due to natural disasters, pandemics and other events out of their control—to pause payments and extend the loan maturity date. Such automatic protections could also help mortgage servicers, the CFPB said.

For full report, please click the source link above.