Safeguard Properties

Tech is Humanizing Mortgage, and it’s Exactly What the Industry Needs

Posted on by Safeguard

Industry Update
November 11, 2021

Source:  Forbes

Mortgage lenders are under more pressure than seen in decades. Low rates have fueled a refinance boom, and the pandemic has sent purchase volume and home prices soaring. Through the market’s shift, lenders must manage purchases with new, well-funded mortgage fintechs nipping at their heels.

Economists predict rates will rise as economic recovery accelerates. The Mortgage Bankers Association (MBA) projects that 30-year fixed mortgage rates will rise to 4% by 2022, up from 2.8% during 2020, causing the mortgage industry’s origination volume to shrink by 38%.

Challenger lenders are moving in with fresh capital from investors, which have had bright spots in the economy for two years. Now, 57 tech companies that completed fundraising in Q1 2021 are hungry for their piece of the roughly 7 million in projected U.S. home sales, including 6.29 million existing homes and 800,000 new homes. The MBA projects $3.84 trillion in new volume this year, a number that will drop to $2.59 trillion by 2022 (33% refinance, 67% purchase).

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

The Impact of COVID-19 on the Lending Industry

Posted on by Safeguard

Industry Update
November 11, 2021

Source:  SFLCN.com

During the height of the COVID-19 pandemic and the subsequent recession, households, businesses, and entire nations struggled to determine where to find capital. A massive shock wave hit the public, and sustaining regular operations often seemed bleak. As a result, the United States saw GDP fall 32.9% in Q2 of 2020.

Though the recession in the wake of the novel coronavirus was the shortest on record since 1857, it also meant the lending industry would feel the effects. A disruption in the money supply draws down what is available for borrowing. Many factors steer consumer confidence and subsequently the ability of an organization, or an entire country, to produce.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

New Mortgage Refinance Programs from Fannie Mae and Freddie Mac are Expanding to Reach More Homeowners

Posted on by Safeguard

Industry Update
November 11, 2021

Source:  CNBC

The goal of Fannie Mae’s and Freddie Mac’s refi programs is to help low-to-moderate income households take advantage of historically low mortgage rates.  Borrowers whose earnings are not above their area’s median income will generally be eligible if they can meet a different requirement.  The average rate on a 30-year fixed rate mortgage is 2.78%, according to real estate site Zillow.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Black Knight: Number of Mortgages in Forbearance Declines

Posted on by Safeguard

Industry Update
November 12, 2021

Source:  Calculated Risk

Forbearance plan exit volumes increased week-over-week heading into November as the share of mortgage loans in forbearance fell below 2% for the first time since the early stages of the pandemic.

According to our McDash Flash daily mortgage performance dataset, the number of loans in active forbearance fell 123,000 (-10.8%). The week’s strongest declines were among loans held in bank portfolios and private label securities, which recorded a reduction of 59,000 (-15.9%). FHA/VA plans also showed significant improvement, declining by 48,000 (-11.3), while GSE loans in forbearance plans decreased by 16,000 (-4.8%).

As of November 9, 1.01 million mortgage holders remain in COVID-19 related forbearance plans, representing 1.9% of all active mortgages, including 1.2% of GSE, 3.1% of FHA/VA and 2.4% of portfolio/PLS loans.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Zombie Foreclosures Dip in Fourth Quarter

Posted on by Safeguard

Industry Update
November 5, 2021

Source:  The Title Report

Around 1.3 million, or 1.3 percent of residential properties across the country, sit vacant, according to ATTOM’s fourth-quarter 2021 Vacant Property and Zombie Foreclosure Report.

The report also indicates that 223,256 residential properties are in the process of foreclosure, up 3.6 percent from the third quarter and 11.6 percent year-over-year. Of those, 7,432 are vacant in the fourth quarter, down quarterly by 1.4 percent and annually by 2.4 percent.

The portion of pre-foreclosure properties that have been abandoned into zombie status dropped slightly from 3.5 percent in the third quarter to 3.3 percent in the fourth. One of every 13,292 homes in the fourth quarter are vacant and in foreclosure, down from one in 13,060 in the third quarter and one in 13,074 last year.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

MBA: Forbearance Hits Lowest Level Yet

Posted on by Safeguard

Industry Update
November 9, 2021

Source:  Banker & Tradesman

The share of Fannie Mae and Freddie Mac loans in forbearance has reached the lowest level since the start of the pandemic, according to the Mortgage Bankers Association, but an increase in the number of borrowers exiting forbearance into loan modifications points to ongoing struggles in the recovery from the pandemic.

In the final weekly version of its Forbearance and Call Volume Survey, the MBA found that the total number of loans in forbearance decreased by 9 basis points from 2.15 percent of servicers’ portfolio volume in the prior week to 2.06 percent as of Oct. 31. The MBA estimates that 1 million homeowners remain in forbearance plans

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

New Freddie Mac Initiative Helps Renters Build Credit

Posted on by Safeguard

Industry Update
November 3, 2021

Source:  Yahoo! Finance

Freddie Mac today announced a new initiative to help renters build credit by encouraging operators of multifamily properties to report on-time rental payments to the three major credit-reporting bureaus. Presently, less than 10% of renters see their on-time rental payment history reflected in their credit scores, inhibiting their ability to access credit or obtain competitive rates for a range of financial products.  The initiative, which incentivizes rent reporting via technology created by Esusu Financial Inc., will seamlessly deliver on-time rental payment data from property management software platforms to the credit bureaus. It will automatically unenroll renters when missed payments occur, preventing harm to those who struggle financially.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Fed Tapering Starts Now, Markets Unfazed

Posted on by Safeguard

Industry Update
November 3, 2021

Source:  inman.com

The Federal Reserve this month will begin tapering the support it’s provided to mortgage rates during the pandemic, reducing its $120 billion in monthly purchases of mortgages and government debt over eight months.

Because the Fed has been broadcasting its intentions for months, mortgage rates aren’t expected to jump right away, as markets have already priced in the Fed’s tapering plans. But forecasters do expect a gradual rise in mortgage rates next year, as the Fed stops growing its mortgage holdings.

The timetable for tapering announced today fits a scenario discussed at the Federal Open Market Committee’s September meeting, and revealed publicly last month with publication of the meeting’s minutes.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Fannie and Freddie Loans in Forbearance Drop Below 1%

Posted on by Safeguard

Industry Update
November 2, 2021

Source:  RisMedia

The total number of loans now in forbearance decreased by 6 basis points to 2.15% of servicers’ portfolio volume as of Oct. 24, 2021.  According to the Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey, 1.1 million homeowners are in forbearance plans.

– The share of Fannie Mae and Freddie Mac loans in forbearance decreased 3 basis points to 0.97%.
– Ginnie Mae loans in forbearance decreased 7 basis points to 2.65%
– Portfolio loans and private-label securities (PLS) declined 8 basis points to 5.13%
– Independent mortgage bank (IMB) servicers decreased 6 basis points relative to the prior week to 2.43%
– Loans in forbearance for depository servicers decreased 4 basis points to 2.07%

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Homeowners Leaving Forbearance Now More Likely to Need Help

Posted on by Safeguard

Industry Update
November 2, 2021

Source:  inman.com

More than half a million homeowners who put their loans in forbearance during the pandemic are now in active loss mitigation, a 37 percent jump from a month ago, as relief programs that allowed millions of borrowers to put their payments on hold for up to 18 months expire.

About 15 percent of all U.S. mortgage holders, or 7.7 million borrowers, enrolled in forbearance plans at some point during the pandemic, according to Black Knight’s latest Mortgage Monitor Report.

The vast majority of those homeowners (84 percent) have already exited forbearance, and most are either current on their mortgage payments (51 percent) or have paid them off in full (23 percent) by refinancing or selling their home.

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