Industry Update
April 4, 2022
Source: Cision PR Newswire
Fannie Mae announced its Expanded Housing Choice initiative, providing a new pricing incentive for Texas and North Carolina multifamily property owners who accept U.S. Department of Housing and Urban Development Housing Choice Vouchers. Housing Choice Vouchers help provide housing for very low-income families, seniors, historically underserved populations, and people with disabilities.
For full report, please click the source link above.
Industry Update
April 7, 2022
Source: CNBC
A major power outage hit Puerto Rico late Wednesday, plunging nearly 350,000 customers into darkness after a fire erupted at one of the largest power plants in the U.S. territory.
The outage was one of the biggest in recent months for the island’s crumbling electrical grid, which has seen its periodic blackouts grow worse the last few years. The outage elicited a collective groan from people across Puerto Rico as many who depend on insulin or respiratory therapies once again worried about how long it would last.
For full report, please click the source link above.
Industry Update
March 30, 2022
Source: National Mortgage News
The Department of Housing and Urban Development issued a mortgagee letter aimed at clarifying contingencies around property protection and preservation reimbursement for loans that have a first legal foreclosure action filed on or after March 31.
Confirmed as excluded from reimbursable P&P costs in addition to those deemed “unreasonable” by Federal Housing Administration handbook definition are real estate taxes and hazard insurance premiums, according to the letter published March 29. The letter also provides information about the boundaries for the period during which work is reimbursable.
For full report, please click the source link above.
Industry Update
April 1, 2022
Source: Reporter Wings
The Federal Housing Finance Agency is preparing the government-sponsored enterprises for life after conservatorship, acting director Sandra Thompson said Thursday.
During an interview with Dennis Shea, head of the Bipartisan Policy Center’s Terwilliger Center for Housing Policy, Thompson said the agency is conducting the first pricing review for Fannie Mae and Freddie Mac products since 2015 to make sure they are generating viable returns while still supporting affordability in the mortgage market. The pricing review is part of a multi-step process to unwind the GSEs from government control, she explained.
For full report, please click the source link above.
Industry Update
March 25, 2022
Source: ATTOM
ATTOM’s February 2022 U.S. Foreclosure Market Report revealed that lenders started the foreclosure process on 16,545 U.S. properties in February 2022. That figure was up 40 percent from January 2022 and 176 percent from February 2021.
According to ATTOM’s latest foreclosure activity analysis, those states that saw the greatest numbers of foreclosures starts in February 2022 included: California (1,868 foreclosure starts); Florida (1,527 foreclosure starts); Texas (1,488 foreclosure starts); Illinois (1,168 foreclosure starts); and Ohio (1,144 foreclosure starts).
For full report, please click the source link above.
Legislation Update
April 4, 2022
Source: New York State Senate (NY SB 7792 full text)
New York Senate Bill 7792 was signed into law by the Governor on March 18, 2022. The bill adds additional criteria to the current law under RPAPL 1307 for determining whether properties can be deemed vacant or abandoned. The criteria, as amended, are:
Once the property has been deemed vacant or abandoned, the plaintiff has the right to enter the property to perform inspections, repairs, and other maintenance work as needed. If the property is occupied by a tenant, at least a 7 day notice is required to the tenant advising when repairs will be made. If emergency repairs are required, reasonable notice to the tenant is required. If any of the above criteria is not met, and a plaintiff enters a property, a financial penalty may be incurred, to be paid the owner or tenant of a property.
For full bill text, please click the source link above.
Industry Update
March 22, 2022
Source: mpamag.com
Last year’s acquisition of CubiCasa by Clear Capital, a national real estate valuation technology company, was just one step in the firm’s overall mission to modernize the appraisal process, a top official told Mortgage Professional America.
“We’ve been on a multi-year journey – certainly in earnest over the past three years – to modernize and digitize the appraisal process,” Kenon Chen, executive vice president of corporate strategy, told MPA. “We’ve been highly involved in collaborating with industry participants, lenders, the GSEs [government-sponsored enterprises] on finding ways to better digitize the property inspection process and bring in opportunities to speed up the appraisal process while increasing quality.”
For full report, please click the source link above.
FEMA Alert
March 29, 2022
FEMA has issued a Major Disaster Declaration for the state of Washington to supplement state, tribal, and local recovery efforts in the areas affected by severe winter storms, straight-line winds, flooding, landslides, and mudslides from January 1-15, 2022. The following counties have been approved for assistance:
Public Assistance:
President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Washington
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
FEMA Alert
March 29, 2022
FEMA has issued a Major Disaster Declaration for the Commonwealth of Puerto Rico to supplement Commonwealth and local recovery efforts in the areas affected by a severe storms, flooding, and landslides from February 4-6. 2022. The following counties have been approved for assistance:
Individual Assistance:
Puerto Rico Severe Storm, Flooding, and Landslides (DR-4649-PR)
President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Puerto Rico
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
Industry Update
March 29, 2022
Source: Forbes
U.S. mortgage rates approached 5% on Friday, the highest daily average in more than four years, as war-worsened inflation fears spooked financial markets and the Federal Reserve ended a two-year emergency program that boosted demand for bonds containing home loans.
The average locked rate for a 30-year fixed mortgage eligible to be backed by Fannie Mae and Freddie Mac – the most common form of home financing – rose to 4.87% on Friday, the highest since late 2018, after rising a third of a percentage point in a week, according to data from Optimal Blue. The average 30-year jumbo rate increased to 4.4%, the highest since 2019.
For full report, please click the source link above.
