Page 123 – Safeguard Properties

FHA Expands Mortgage Eligibility for Borrowers Previously Affected by COVID-19

Posted on July 19, 2022 by Safeguard

Industry Update
July 7, 2022

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

The Federal Housing Administration (FHA) announced on Thursday new flexibility for lenders when qualifying borrowers who experienced previous employment gaps or loss of income due to the COVID-19 pandemic. Through updates contained in Mortgagee Letter 2022-09, salaried and hourly wage-earners, as well as self-employed individuals affected by COVID-19, who now have stable income will have a greater opportunity to purchase a home using affordable FHA-insured mortgage financing.

For full report, please click the source link above.

FHFA Sharpens Focus on Fintech, Creates New Office

Posted on July 19, 2022 by Safeguard

Industry Update
July 19, 2022

Source: mpamag.com

The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, has set up a new office that will enable FHFA to expand its focus on financial technology.

FHFA recently announced the establishment of the Office of Financial Technology, which the agency describes as a “centralized source of information” that will help accelerate FHFA’s adoption and deployment of fintech.

“When used responsibly, fintech has the potential to improve borrowers’ experiences with the mortgage process by reducing barriers, increasing efficiencies, and lowering costs,” said FHFA director Sandra Thompson.

For full report, please click the source link above.

MBA Survey: “Share of Mortgage Loans in Forbearance Decreases Slightly to .81% in June”

Posted on July 19, 2022July 29, 2022 by Safeguard

Industry Update
July 18, 2022

Source: Calculated Risk Finance and Economics

The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by 4 basis points from 0.85% of servicers’ portfolio volume in the prior month to 0.81% as of June 30, 2022. According to MBA’s estimate, 405,000 homeowners are in forbearance plans.

The share of Fannie Mae and Freddie Mac loans in forbearance decreased 3 basis points to 0.35%. Ginnie Mae loans in forbearance increased 1 basis point to 1.26%, and the forbearance share for portfolio loans and private-label securities (PLS) declined 18 basis points to 1.68%.

For full report, please click the source link above.

FEMA Major Disaster Declaration – North Dakota Severe Winter Storm and Flooding

Posted on July 15, 2022July 15, 2022 by Safeguard

FEMA Alert
July 13, 2022

FEMA has issued a Major Disaster Declaration for the state of North Dakota to supplement state, tribal and local recovery efforts in areas affected by a severe winter storm and flooding on April 22 – May 25, 2022. The following counties have been approved for assistance:

Public Assistance:

Adams
Barnes
Billings
Bottineau
Burke
Cavalier
Dickey
Divide
Dunn
Foster
Golden Valley
Grand Forks
Grant
Griggs
Hettinger
Kidder
LaMoure
Logan
McHenry
McIntosh
McKenzie
McLean
Mountrail
Nelson
Oliver
Pembina
Ramsey
Ransom
Renville
Richland
Rolette
Sargent
Steele
Stutsman
Towner
Traill
Walsh
Ward
Wells
Williams

North Dakota Severe Winter Storm and Flooding (DR-4660-ND)

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

Map of Affected Areas

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

FEMA Major Disaster Declaration – Minnesota Severe Storms, Straight-line Winds, and Flooding

Posted on July 15, 2022July 15, 2022 by Safeguard

FEMA Alert
July 13, 2022

FEMA has issued a Major Disaster Declaration for the state of Minnesota to supplement state, tribal and local recovery efforts in areas affected by severe storms, straight-line winds, and flooding on April 22 – June 15, 2022. The following counties have been approved for assistance:

Public Assistance:

Beltrami
Bois Forte (Nett Lake) Indian Reservation
Clearwater
Cook
Kittson
Koochiching
Lake
Lake of the Woods
Leech Lake Indian Reservation
Mahnomen
Marshall
Norman
Pennington
Polk
Red Lake
Red Lake Indian Reservation
Roseau
St. Louis
White Earth Indian Reservation

Minnesota Severe Storms, Straight-line Winds, and Flooding (DR-4659-MN)

Map of Affected Areas

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

House Committee Hones in on Housing Crisis

Posted on July 14, 2022 by Safeguard

Industry Update
July 13, 2022

Source: The Center Square

With house prices soaring over the past year, members of the U.S. House Ways and Means Committee met Wednesday to discuss possible solutions.

Because of the increased house prices, many potential buyers have been blocked out out of the market due to their inability to find an affordable price.

For full report, please click the source link above.

FHFA Releases 1st Quarter 2022 Foreclosure Prevention and Refinance Report

Posted on July 14, 2022 by Safeguard

Industry Update
June 28, 2022

Source: Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) today released its first quarter 2022 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 129,779 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,494,057 since the start of conservatorships in September 2008.

For full report, please click the source link above.

Increased Foreclosure Activity in First Six Months of 2022 Approaches Pre-Covid Levels

Posted on July 14, 2022July 14, 2022 by Safeguard

Industry Update
July 14, 2022

Source: ATTOM

ATTOM, a leading curator of real estate data nationwide for land and property data, today released its Midyear 2022 U.S. Foreclosure Market Report, which shows there were a total of 164,581 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2022. That figure is up 153 percent from the same time period a year ago but down just one percent from the same time period two years ago.

For full report, please click the source link above.

Vinay Singh Sworn In as HUD Chief Financial Officer

Posted on July 14, 2022 by Safeguard

Industry Update
July 5, 2022

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

Vinay Singh has been sworn in as U.S. Department of Housing and Urban Development’s (HUD) Chief Financial Officer.

HUD Deputy Secretary Adrianne Todman issued the oath of office to Chief Financial Officer (CFO)Vinay Singh during a ceremony at HUD’s headquarters. CFO Singh was confirmed by the Senate on June 22, 2022.

“I’m pleased to have Vinay Singh join the HUD team as Chief Financial Officer,” said Deputy Secretary Todman. “The Office of the Chief Financial Officer plays a critical role in carrying out HUD’s mission, and, with his vast experience, Vinay will be integral to our success.”

For full report, please click the source link above.

FEMA Major Disaster Declaration – Minnesota Severe Storms, Straight-line Winds, Tornadoes, and Flooding

Posted on July 9, 2022July 13, 2022 by Safeguard

FEMA Alert
July 8, 2022

FEMA has issued a Major Disaster Declaration for the state of Minnesota to supplement state, tribal and local recovery efforts in areas affected by a severe storms, straight-line winds, tornadoes and flooding on May 8-13, 2022. The following counties have been approved for assistance:

Public Assistance: