Safeguard Properties

FHFA Announces Targeted Increases to Enterprise Pricing Framework

Posted on by Safeguard

Industry Update
January 5, 2022

Source: Federal Housing Finance Agency

Today, the Federal Housing Finance Agency (FHFA) announced targeted increases to Fannie Mae and Freddie Mac’s upfront fees for certain high balance loans and second home loans. High balance loans are mortgages originated in certain designated areas above the baseline conforming loan limit. The new fees will go into effect for deliveries and acquisitions beginning April 1, 2022, in order to minimize market and pipeline disruption.

To ensure that the Enterprises continue to provide strong support for affordable housing, the existing beneficial pricing treatment of certain programs – such as HomeReady, Home Possible, HFA Preferred, and HFA Advantage – will not be altered by the new fees. In addition, loans to first time homebuyers in high cost areas with incomes at or below 100 percent of area median income will have no specific high balance upfront fees.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Proposed Maryland Bill Amends Required Practice for Abandoned Personal Property Valued Over $1000

Posted on by Safeguard

Legislation Update
January 4, 2022

Source: Maryland State Senate (MD SB60 Full Bill Text)

Maryland Senate Bill 60, which would amend current requirements regarding abandoned personal property valued over $1000, will be introduced to the State Senate on January 12, 2022.  Currently, the state requires holders of personal property over $100 to notify the owner by first-class mail.  If the proposed bill is passed, the holder of presumed abandoned property valued over $1000 would be required to send written notice to the apparent owner by certified mail, return receipt requested, to the owner’s last known address.  By mailing a certified letter with return receipt requested, the holder will have record of the attempted contact with the owner of the property and will be required to maintain this record for up to three years.  This would be a change in policy for the state of Maryland, which currently requires the owner to be notified only by first-class mail.  Holders of abandoned personal property valued between $100-$999 will continue to be required to provide notification to the owner by first-class mail.

 

For full bill text, please click the source link above.

FEMA Major Disaster Declaration – Colorado Wildfires and Straight-line Winds

Posted on by Safeguard

FEMA Alert
December 31, 2021

FEMA has issued a Major Disaster Declaration for the state of Colorado to supplement state and local recovery efforts in areas affected by wildfires and straight line winds from December 30, 2021 and continuing.  The following counties have been approved for assistance:

Individual Assistance:

  • Boulder

 

Public Assistance:

  • Boulder

 

Colorado Wildfires and Straight-line Winds (DR-4634-CO)

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

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 Declared Fire Management Assistance – Colorado Marshall Fire

Posted on by Safeguard

FEMA Alert
December 30, 2021

FEMA issued a Fire Management Assistance Declaration for areas of Colorado affected by wildfires on December 30, 2021.  The following counties have been approved for assistance:

Public Assistance:

  • Boulder

 

Colorado Marshall Fire (FM-5423-CO)

List of Affected Zip Codes

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 – Arkansas Severe Storms and Tornadoes

Posted on by Safeguard

FEMA Alert
December 24, 2021

FEMA has issued a Major Disaster Declaration for the state of Arkansas to supplement state and local recovery efforts in areas affected by severe storms and tornadoes from December 10-11, 2021.  The following counties have been approved for assistance:

Individual Assistance:

  • Craighead
  • Jackson
  • Mississippi
  • Poinsett
  • Woodruff

 

Arkansas Severe Storms and Tornadoes (DR-4633-AR)

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

Northeast Arkansas Tornado and Storm Survivors May Apply for FEMA Assistance

Zip Codes of Affected Areas

Map 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

More People are Skipping Housing Payments Now that Protections are Over

Posted on by Safeguard

Industry Update
December 20, 2021

Source: Nasdaq

Early in the COVID-19 pandemic, protections were put into place to help homeowners and tenants who couldn’t keep up with their mortgage and rent payments. Homeowners were allowed to put their mortgages into forbearance and pause payments for up to 18 months, while eviction bans protected tenants who couldn’t pay rent due to job loss or another financial hardship.

But at this point, those protections have largely run out. Some mortgage borrowers may have a little time left on the forbearance clock, but those who paused their loan payments at the start of the COVID-19 crisis may have reached the end of that reprieve.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Forbearances Drop Below 1 Million, Exits Slow

Posted on by Safeguard

Industry Update
December 21, 2021

Source: Mortgage News Daily

The first monthly report on the status of the COVID-19 related forbearance programs was released by the Mortgage Bankers Association (MBA) on Monday. MBA ceased weekly reporting on program participants effective October 31 at which time there were an estimated 1 million homeowners remaining in the program.

During the month of November, the forborne share of the 36.5 million mortgages in servicer portfolios declined by 39 basis points to 1.67 percent. This would leave approximately 835,000 loans in forbearance as of November 30. Of those loans, 18.3 percent are in their initial forbearance plan stage, while 68.4 percent are in an extension. The remaining 13.3 percent are re-entries to the program, including re-entries with extensions.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Confederated Tribes of the Colville Reservation Wildfires

Posted on by Safeguard

FEMA Alert
December 21, 2021

FEMA issued a Major Disaster Declaration for areas of Washington affected by wildfires from July 12 – August 8, 2021.  The following areas have been approved for assistance:

Public Assistance:

  • Colville Indian Reservation

 

Confederated Tribes of the Colville Reservation Wildfires (DR-4631-WA)

Zip Codes of Affected Areas

Map 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-WA

FEMA Major Disaster Declaration – Alabama Severe Storms and Flooding

Posted on by Safeguard

FEMA Alert
December 21, 2021

FEMA has issued a Major Disaster Declaration for the state of Alabama to supplement state and local recovery efforts in areas affected by severe storms and flooding from October 6-7, 2021.  The following counties have been approved for assistance:

Individual Assistance:

  • Jefferson
  • Shelby

 

Alabama Severe Storms and Flooding (DR-4632-AL)

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

Zip Codes of Affected Areas

Map 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

Six More Kentucky Counties Eligible for FEMA Assistance

Posted on by Safeguard

Industry Update
December 16, 2021

Source: FEMA Press Release

Six additional counties are now eligible for FEMA assistance after the Dec. 10, 2021 storms and tornadoes.

Individual Assistance:

  • Christian
  • Hart
  • Hickman
  • Logan
  • Lyon
  • Ohio

Public Assistance:

  • Christian
  • Hart
  • Hickman
  • Logan
  • Lyon
  • Ohio

These counties join Caldwell, Fulton, Graves, Hopkins, Marshall, Muhlenberg, Taylor and Warren counties, which were previously approved for both Individual Assistance and Public Assistance.

For full report, please click the source link above.

 Kentucky Severe Storms, Straight-line Winds, Flooding, Tornadoes (4630-DR-KY)Zip Code List for all Affected Counties

Map of All Affected Counties