Safeguard Properties

Freddie Mac: Mortgage Serious Delinquency Rate Decreased in October

Posted on by Safeguard

Industry Update
November 23, 2021

Source: Calculated Risk

Freddie Mac reported that the Single-Family serious delinquency rate in October was 1.32%, down from 1.46% in September. Freddie’s rate is down year-over-year from 2.89% in October 2020.

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.

These are mortgage loans that are “three monthly payments or more past due or in foreclosure”.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Fannie Mae Forecast Sees Fed Rate Increase in 2022; Offers Other Economic Predictions

Posted on by Safeguard

Industry Update
November 22, 2021

Source: cutoday.info

WASHINGTON—Not surprisingly, inflation is a key forecast concern for the economy, according to the November 2021 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group, which predicts the Federal Reserve will likely move to raise rates in 2022.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Mortgage Delinquencies Continued to Drop in October, but Foreclosure Starts Inched Up

Posted on by Safeguard

Industry Update
November 22, 2021

Source: mortgageorb.com

Mortgage delinquencies continued to drop during October, falling to just 3.74% of all loans, according to Black Knight’s First Look report.

That’s a decrease of 4.25% compared with September and down a whopping 42% compared with October 2020. However, serious delinquencies remain elevated and, as pandemic-related forbearance plans expire, it is expected that foreclosures will rise.

In fact, foreclosure starts ticked up slightly in October, rising 2.56% compared with September, according to Black Knight’s data.

Still, foreclosure starts were down 15% compared with October 2020.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

The Federal Government May Guarantee Mortgages of Nearly $1 Million

Posted on by Safeguard

Industry Update
November 16, 2021

Source: The BL

Fannie Mae and Freddie Mac will raise lending ceilings in the next few weeks, making it more straightforward for buyers of more expensive homes to obtain financing.

In low-cost markets, the conforming loan maximum is likely to grow to $650,000 and roughly $1 million in high-cost markets. For single-family homes, the current conforming loan limitations are $548,250 and $822,375, respectively.

The regulator overseeing the two mortgage behemoths is expected to release the exact lending limitations on Nov. 30. The new limits will take effect in January.

The increased loan limits should make it easier and less expensive for purchasers to obtain a mortgage for sums just over Fannie Mae and Freddie Mac’s current restrictions.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Flush with Capital, FHA Resists Call to Cut Insurance Premiums

Posted on by Safeguard

Industry Update
November 15, 2021

Source: userwalls.com

A key indicator of the finances of the Federal Housing Administration reached a new high for the fiscal year ending Sept. 30, thanks to strong home price appreciation in spite of the ongoing COVID-19 pandemic.

But despite a 14-year high of 8.03% for the capital ratio of the agency’s mutual mortgage insurance fund — stoked by the recovery of the reverse mortgage program — the FHA did not signal immediate plans in its annual actuarial report to cut insurance premiums. The FHA is taking a “cautionary approach” to pricing in light of delinquencies and uncertainty about loans in forbearance, officials said.

“The effects of the pandemic on the FHA Single Family insurance portfolio continues to unfold, with over 660,000 loans that remain delinquent,” Marcia Fudge, secretary of the Department of Housing and Urban Development, said in a foreword for the report.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Ginnie Mae Extends Features of Digital Collateral Program to Paper Mortgages

Posted on by Safeguard

Industry Update
November 15, 2021

Source: Ginnie Mae Press Release

Ginnie Mae announced today in All Participants Memorandum that it is expanding the use of certain features found in its digital collateral program to paper mortgages, a move expected to make it more efficient for Issuers to modify paper mortgages.

“Ginnie Mae is committed to providing Issuers with the tools they need to make it possible for qualified homeowners modifying their mortgages to do so with as few obstacles as possible,” said Acting Executive Vice President Michael Drayne. “Tens of thousands of homeowners coming out of the forbearance and other pandemic-related mortgage relief programs may utilize mortgage modifications to improve their financial situation, and we believe this policy change will help make the process proceed more smoothly for homeowners and servicers.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

With Biden’s FHA Nominee in Limbo, Mortgage Market Grows Restless

Posted on by Safeguard

Industry Update
November 12, 2021

Source: National Mortgage News

President Biden’s nominee to head the Federal Housing Administration is stuck in limbo as the Senate battles competing priorities, frustrating many in the mortgage industry who are concerned about a lack of leadership at a critical juncture for the agency.

Julia Gordon — currently president of the National Community Stabilization Trust, a nonprofit that promotes neighborhood revitalization and housing affordability — was nominated in June as FHA commissioner. Her nomination hearing before the Senate Banking Committee was held in August.

Industry representatives and analysts say it is crucial for the FHA to have a Senate-confirmed leader in place with the housing market still shaky due to the COVID-19 pandemic. Delinquency rates for FHA loans are still above pre-pandemic levels, and most government-backed forbearance plans for borrowers affected by the crisis expire by year-end.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Is the Housing Boom Ending?

Posted on by Safeguard

Industry Update
November 16, 2021

Source:  mpamag.com

New data from LegalShield reveals that consumers are shifting their focus away from real estate and home purchases toward accelerating inflation and a looming foreclosure crisis.

For the first time in six months, LegalShield’s Housing Sales Index fell in October as prospective buyers continued to be priced out of the market. While existing home sales increased 7% to an eight-month high, sales were 2% lower than a year ago.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

CFPB to Closely Scrutinize How Mortgage Servicers Handle Borrowers Exiting Forbearance

Posted on by Safeguard

Industry Update
November 11, 2021

Source:  Mortgage Orb

As the COVID-19 related foreclosure moratoriums wind to a close and mortgage servicers brace for a potential wave of defaults, the Consumer Financial Protection Bureau (CFPB) has announced that it will be fully enforcing the foreclosure protections put in place in the wake of the Great Recession of 2008 – and that a relaxing of the rules under Regulation X that took effect in April 2020 “will no longer apply.”

Under the protections put in place by the CFPB in the wake of the Great Recession, servicers must offer borrowers who are in financial distress the chance to find alternatives to foreclosure before losing their home.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Post-Moratorium Foreclosure Activity Rises Modestly

Posted on by Safeguard

Industry Update
November 12, 2021

Source:  Mortgage Daily News

Foreclosure filings increased in the fourth month following the July 31 expiration of the pandemic related moratorium. ATTOM says those filings were up 5.0 percent in October compared to September with 20,587 properties the subject of a default notice, scheduled auction, or actual bank repossession. This represents 76 percent growth from the prior October when the moratorium was in effect.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties