Page 119 – Safeguard Properties

Ginnie Mae’s Nonbank Servicing Share is Inching Up in ‘22

Posted on August 25, 2022 by Safeguard

Industry Update
August 23, 2022

Ginnie Mae’s nonbank servicing share has continued to climb this 12 months, albeit at a slower tempo than in 2021, based on new evaluation of information from multi-issuer mortgage-backed securities swimming pools.

The share of the massive nonbank servicers on this market, which is the most important that the federal government company insures, has climbed to 72% up to now in 2022 from 71% final 12 months, based on knowledge from FHN Monetary, an affiliate of First Horizon Financial institution and CPR & CDR, a prepayment analytics supplier.

The quantity is critical within the context of the counterparty requirements Ginnie not too long ago revised in coordination with the Federal Housing Finance Company, as nonbanks are “the primary targets” for the brand new requirement, FHN famous within the report.

For full report, please click the source link above.

Flash Flooding in Dallas Area Surprises Residents as Rescue Crews Respond to Hundreds of Calls for Help

Posted on August 24, 2022 by Safeguard

Disaster Alert
August 23, 2022

Source: CNN

NOTE: This has not yet been declared a FEMA Disaster.

After torrential rains struck parts of northeastern Texas and sent floodwaters rushing through streets and homes, rescue crews fanned out across the region on Monday, responding to hundreds of calls for aid from residents stunned by the severity of the downpour.

Heavy rain and flash flooding brought record rainfall to the Dallas-Fort Worth area between Sunday and Monday afternoon, according to the National Weather Service Forth Worth. More than 9 inches fell at Dallas Fort Worth Airport over a 24-hour period that began Sunday, marking the highest rainfall over that length of time that the area has seen since 1932, the agency said.

The downpour made this month the wettest August on record in Dallas, reaching 10.38 inches as of Tuesday evening, according to the National Weather Service. The previous record was set in 1915 at 10.33 inches.

For full report, please click the source link above.

Additional Resources:

Governor Greg Abbott’s State of Texas Disaster Declaration

Zip Codes of Potentially Impacted Areas

The Fight Against Blight in Blackford County

Posted on August 23, 2022 by Safeguard

Industry Update
August 23, 2022

Source: hartfordcitynewstimes.com

Blight can be defined as something that spoils or damages something. It can also be described as something that has a detrimental effect on that which surrounds it. Many once fine properties in Hartford City and other communities have, for whatever reason, been allowed to fall into such a condition that they now fit this description.

Perhaps they are owned by someone out of state who fails to maintain them. Maybe they belong to an elderly homeowner on a fixed income who cannot afford to have the necessary repairs made. Regardless of how they got to this point, over the last few years, Hartford City, in conjunction with Build a Better Blackford, the Blackford Development Corporation, and the City’s Property Standards Board, have been working together to find, and improve these properties.

For full report, please click the source link above.

114 Housing Units in Northwest Philly Unlocked for Redevelopment

Posted on August 23, 2022 by Safeguard

Industry Update
August 16, 2022

Source: hiddencityphila.org

A swath of 25 properties that for years have plagued sections of Germantown and Mount Airy as a nuisance to neighbors and substandard housing for residents appear to be on the way to redevelopment. Scattered over several different blocks, the parcels include apartment buildings, row houses, twins, and townhouse-style developments. They total 114 housing units, of which 21 are currently occupied.

Records indicate dozens of violations issued by the Department of License and Inspections (L&I) over more than a decade that include weakened floors, water damage, mold, elevated lead and radon levels, unsafe heating equipment, hazardous electrical systems, and more.

For full report, please click the source link above.

Atlanta Mayor Andre Dickens Introduces Five New Affordable Housing Proposals

Posted on August 23, 2022August 23, 2022 by Safeguard

Industry Update
August 17, 2022

Source: The Atlanta Voice

Atlanta Mayor Andre Dickens’ Affordable Housing Strike Force unveiled four major initiatives to fast-track affordable housing development, moving further toward the Mayor’s goal to build or preserve 20,000 units of affordable housing. The Mayor convened the Strike Force earlier this year with a mission to prioritize development projects on publicly owned land based on shared goals, jointly identify the needs and obstacles to development, and coordinate planning, funding and infrastructure investments across agencies.

“Reaching our Administration’s goal of 20,000 affordable units will require expediting the development of public land,” said Mayor Dickens. “Significant collaboration across public agencies and City departments is necessary for projects of this scale, and I am grateful for the Metro Atlanta Land Bank Authority, MARTA, Invest Atlanta, members of our Housing Strike Force and everyone else for making today’s legislation possible.”

Five items related to the projects were introduced to the Atlanta City Council.

For full report, please click the source link above.

FEMA Fire Management Assistance Declaration – Idaho Four Corners Fire

Posted on August 22, 2022 by Safeguard

FEMA Alert
August 19, 2022

FEMA has issued a Fire Management Assistance Declaration for the state of Idaho to supplement state, tribal and local recovery efforts in the areas affected by the Four Corners Fire on August 18, 2022. The following counties have been approved for assistance:

Public Assistance:

Adams
Gem
Valley

Idaho Four Corners Fire (FM-5449-ID)

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

Ginnie Mae, FHFA Releases Updated Seller/Servicer Requirements

Posted on August 19, 2022August 19, 2022 by Safeguard

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

Posted on August 19, 2022 by Safeguard

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

Posted on August 19, 2022 by Safeguard

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

Posted on August 18, 2022 by Safeguard

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: