Page 130 – Safeguard Properties

FHFA Proposes to Update Minimum Financial Eligibility Requirements for GSEs

Posted on March 2, 2022 by Safeguard

Industry Update
February 25, 2022

The Federal Housing Finance Agency (FHFA) has re-proposed, and is seeking additional comments on, its minimum financial eligibility requirements for Fannie Mae and Freddie Mac seller/servicers.

The proposed changes from the existing standards established in 2015 involve differentiating between the servicing risks of the government-sponsored enterprises and Ginnie Mae. The FHFA also suggested increasing the required capital ratio for nonbank sellers/servicers from 6% to 9%.

In a statement, the agency said the move will “strengthen, and provide transparency and consistency of, required capital and liquidity for seller/servicers with different business models.”

For full report, please click the source link above.

FEMA Major Disaster Declaration – Kentucky Severe Storms, Straight-line Winds, Tornadoes, Flooding, Landslides

Posted on March 1, 2022 by Safeguard

FEMA Alert
February 27, 2022

FEMA has issued a Major Disaster Declaration for the state of Kentucky to supplement state, tribal and local recovery efforts in the areas affected by severe storms, straight-line winds, tornadoes, flooding, and landslides from December 31, 2021 – January 2, 2022. The following counties have been approved for assistance:

Public Assistance:

Boyd
Breathitt
Carter
Christian
Clay
Floyd
Green
Johnson
Knott
Lawrence
Owsley
Pike
Taylor

Kentucky Severe Storms, Straight-line Winds, Tornadoes, Flooding and Landslides (DR-4643-KY)

Zip Codes of Affected Areas

Map of Affected Area

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

Bill to Address Dilapidated Housing Introduced in W. VA. Senate

Posted on February 25, 2022 by Safeguard

Industry Update
February 9, 2022

Source: Coal Valley News

West Virginia’s auditor hopes a bill introduced to the Senate last week will help local communities address the issue of dilapidated and abandoned properties in the state.

The Community Resurrection and Economic Development Act, Senate Bill 552 – announced by Auditor JB McCuskey last week – calls for $30 million to be dedicated to help cities and counties demolish unreclaimable buildings.

For full report, please click the source link above.

Freddie Mac Announces Direct Deposit Assessment Tool

Posted on February 25, 2022 by Safeguard

Industry Update
February 15, 2022

Source: Mortgage Daily News

Another tool will soon be available to lenders working with Freddie Mac that is expected to speed up loan processing and reduce the paperwork involved. The company has announced a new, automated capability that will allow lenders to assess an applicant’s income that is paid through direct deposits. The new tool will be available to lenders nationwide through Freddie Mac’s Loan Product Advisor (LPA) asset and income modeler (AIM).

For full report, please click the source link above.

U.S. Foreclosure Activity in January 2022 Highest Since Beginning of COVID-19 Pandemic

Posted on February 25, 2022 by Safeguard

Industry Update
February 10, 2022

Source: ATTOM

ATTOM, licensor of the nation’s most comprehensive foreclosure data and parent company to RealtyTrac , the largest online marketplace for foreclosure and distressed properties, released its January 2022 U.S. Foreclosure Market Report, which shows there were a total of 23,204 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 29 percent from a month ago and 139 percent from a year ago.

For full report, please click the source link above.

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

Posted on February 24, 2022 by Safeguard

FEMA Alert
February 23, 2022

FEMA has issued a Major Disaster Declaration for the state of Nebraska to supplement state, tribal and local recovery efforts in the areas affected by severe storms, straight-line winds, and tornadoes on December 15, 2021. The following counties have been approved for assistance:

Public Assistance:

Adams
Buffalo
Burt
Cass
Cuming
Fillmore
Gage
Hamilton
Harlan
Jefferson
Johnson
Kearney
Nemaha
Nuckolls
Otoe
Pawnee
Platte
Polk
Richardson
Saline
Sarpy
Saunders
Thayer
Washington
Webster

Nebraska Severe Storms, Straight-line Winds, and Tornadoes (DR-4641-NE)

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

Zip Codes of Affected Areas

Map of Affected Area

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 – Iowa Severe Storms, Straight-line Winds, and Tornadoes

Posted on February 24, 2022 by Safeguard

FEMA Alert
February 23, 2022

FEMA has issued a Major Disaster Declaration for the state of Iowa to supplement state, tribal and local recovery efforts in the areas affected by severe storms, straight-line winds, and tornadoes on December 15, 2021. The following counties have been approved for assistance:

Public Assistance:

Appanoose
Audubon
Buena Vista
Calhoun
Cass
Cherokee
Davis
Emmet
Floyd
Franklin
Greene
Guthrie
Hamilton
Hancock
Howard
Humboldt
Mills
Mitchell
Palo Alto
Pocahontas
Sac
Van Buren
Webster
Worth
Wright

Iowa Severe Storms, Straight-line Winds, and Tornadoes (DR-4642-IA)

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

Zip Codes of Affected Areas

Map of Affected Area

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

Fannie Mae Recognizes 29 Mortgage Servicers for Industry Excellence

Posted on February 23, 2022 by Safeguard

Industry Update
February 17, 2022

Source: Fannie Mae

Fannie Mae announced the 2021 Servicer Total Achievement and Rewards™ (STAR™) Program results, which recognized 29 mortgage servicers for competency, capacity, and overall performance. Since 2011, Fannie Mae’s STAR Program has acknowledged mortgage servicers for their effective, standardized processes that help drive their performance and operational success.

For full report, please click the source link above.

Forbearance Requests and Re-entries Increase as Exits Hits Record Low

Posted on February 23, 2022 by Safeguard

Industry Update
February 23, 2022

Source: Mortgage Professional America

More homeowners have requested an extension or to re-enter their forbearance plans in January, the Mortgage Bankers Association reported Tuesday.

Data from the report showed that the total number of loans in forbearance fell by 11 basis points to 1.30% of servicers’ portfolio volume – bringing the estimated number of homeowners still in forbearance to 650,000 as of Jan. 31.

By stage, 26.8% of total mortgages in forbearance are in the initial forbearance plan stage, while 59.5% are in a forbearance extension. The remaining 13.7% are forbearance re-entries, including re-entries with extensions.

For full report, please click the source link above.

FEMA Major Disaster Declaration – Kansas Severe Storms and Straight Line Winds

Posted on February 18, 2022February 21, 2022 by Safeguard

FEMA Alert
February 18, 2022

FEMA has issued a Major Disaster Declaration for the state of Kansas to supplement state, tribal and local recovery efforts in the areas affected by severe storms and straight line winds on December 15, 2021. The following counties have been approved for assistance:

Public Assistance: