Industry Update
October 18, 2021
Source: Calculated Risk Finance and Economics
The Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 34 basis points from 2.62% of servicers’ portfolio volume in the prior week to 2.28% as of October 10, 2021. According to MBA’s estimate, 1.1 million homeowners are in forbearance plans.
For full report, please click the source link above.
Industry Update
October 18, 2021
Source: Mortgage Bankers Association
Kristy Fercho, MBA Chairman, and Executive Vice President and Head of Home Lending at Wells Fargo, today announced the Home for All Pledge, a Mortgage Bankers Association (MBA) member company action pledge to promote minority homeownership; affordable rental housing; and company diversity, equity, and inclusion. The action pledge was revealed during Fercho’s keynote address at MBA’s Annual Convention & Expo.
For full report, please click the source link above.
Industry Update
October 19, 2021
Source: The Anand Market
The Mortgage Bankers Association raised its genesis forecast for 2021, but the outlook of its economists remains more conservative than that of Fannie Mae and Freddie Mac.
It now predicts the industry will generate $3.85 trillion in borrowing volume this year, which compares with its September forecast of $3.74 trillion. Fannie Mae and Freddie Mac both now expect industry loan origination top $4 trillion for the second consecutive year; Freddie Mac also believes that 2021 will end with a slightly higher volume than 2020.
For full report, please click the source link above.
Investor Update
October 15, 2021
Source: Freddie Mac
Freddie Mac (OTCQB: FMCC) today predicted the continued strength of the single-family housing market even as mortgage rates are expected to modestly increase and home prices rise. A new Quarterly Forecast released by the company’s Chief Economist estimates continued levels of homebuyer demand and a growth in purchase originations in 2022.
To access full summary, please click the source link above.
Investor Update
October 15, 2021
Source: Freddie Mac
Freddie Mac (OTCQB: FMCC) announces the pricing of the SB91 offering, a multifamily mortgage-backed securitization backed by small balance loans underwritten by Freddie Mac and issued by a third-party trust. The company expects to issue approximately $381 million in SB Certificates (SB91 Certificates), which are expected to settle on or about October 22, 2021. Freddie Mac Small Balance Loans generally range from $1 million to $7.5 million and are generally backed by properties with five or more units. This is the tenth SB Certificate transaction in 2021.
To access full summary, please click the source link above.
Industry Update
October 14, 2021
Source: 24/7 Wall St.
Based on an index of three measures (foreclosure rates, share of underwater mortgages and affordability) at the county level, 24/7 Wall St. identified the most at-risk housing markets. All data was compiled from the first-quarter 2021 Special Coronavirus Report on the susceptibility of county-level housing markets to risks arising from the coronavirus pandemic from ATTOM Data Solutions, a real estate and property data company.
For full report, please click the source link above.
Industry Update
October 14, 2021
Source: National Mortgage Professional
United Wholesale Mortgage evaluated and accepted the first-ever cryptocurrency mortgage payment in September and an additional five payments in October from borrowers.
UWM used these payments as a model to better assess scaling cryptocurrency payments for consumers, according to the company.
Industry Update
October 14, 2021
Source: Calculated Risk Finance and Economics
In the week ending October 9, the advance figure for seasonally adjusted initial claims was 293,000, a decrease of 36,000 from the previous week’s revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000.
Industry Update
October 14, 2021
Source: MarketWatch.com
Mortgage rates rose back above the 3% mark, hitting the highest level since April, over the past week.
The 30-year fixed-rate mortgage averaged 3.05% for the week ending Oct. 14, up six basis points from the previous week, Freddie Mac FMCC, +2.86% reported Thursday. The high point this year for the benchmark mortgage product came in April when the rate on 30-year loans peaked at 3.18%.
The 15-year fixed-rate mortgage increased seven basis points to an average of 2.3%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage rose by three basis points to an average of 2.55%.
Industry Update
October 14, 2021
Source: National Mortgage Professional
The Government National Mortgage Association (Ginnie Mae) issued a record $939 billion in mortgage-backed securities (MBS) during fiscal year 2021, the association said today.
That included approximately $73 billion issued during September, the association said in a news release.
The record MBS issuance “reflects the strength and value of the Ginnie Mae program in meeting the mortgage needs of homebuyers and rental property owners,” it said in the release. Approximately 263,061 homes and apartment units were financed by Ginnie Mae guaranteed MBS in September, it said.
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.
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.
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.
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.
Business Development
Carrie Tackett
Business Development Safeguard Properties
