Safeguard Properties

Comments on September Unemployment

Posted on by Safeguard

Industry Update
October 08, 2021

Source: Calculated Risk

The headline jobs number in the September employment report was well below expectations, however employment for the previous two months was revised up significantly.   The participation rate declined, and the unemployment rate decreased to 4.8%.

Leisure and hospitality gained 74 thousand jobs in September.  In March and April of 2020, leisure and hospitality lost 8.2 million jobs, and are now down 1.6 million jobs since February 2020.  So leisure and hospitality has now added back about 80% of the jobs lost in March and April 2020.

Construction employment increased 22 thousand, and manufacturing added 26 thousand jobs.

 

For full report, please click the source link above.

 

 

 

 

FEMA Declared Disaster New York Remnants of Tropical Storm Fred

Posted on by Safeguard

FEMA Alert
October 8, 2021

FEMA issued a Presidential Major Disaster Declaration for areas in New York affected by Tropical Storm Fred that took place August 18-19, 2021. The following counties have been approved for assistance:

Public Assistance
  • Allegany
  • Cayuga
  • Cortland
  • Lewis
  • Oneida
  • Onondaga
  • Steuben
  • Tioga
  • Yates

New York Remnants of Tropical Storm Fred (DR-4625)

FEMA Declared Disaster New York: ZIP Code List

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

OCC Reports Improvement in Mortgage Performance

Posted on by Safeguard

Investor Update
September 28, 2021

Source: OCC

WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the second quarter of 2021.

The OCC Mortgage Metrics Report, Second Quarter 2021 showed that 95.0 percent of mortgages included in the report were current and performing at the end of the second quarter of 2021 compared to 91.1 percent at the end of the second quarter of 2020. The second quarter of 2020 was the first full quarter of the COVID-19 pandemic.

The percentage of seriously delinquent mortgages—mortgages that are 60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due—was 3.8 percent in the second quarter of 2021, compared to 4.6 percent in the prior quarter and 6.8 percent a year ago.

Servicers initiated 592 new foreclosures during the second quarter of 2021, a 28.9 percent decrease from the previous quarter and a 137.8 percent increase from a year ago. Events associated with the COVID-19 pandemic, including foreclosure moratoriums, have significantly affected these metrics.

 

For full report, please click the source link above.

 

 

Freddie Mac: Mortgage Serious Delinquency Rate Decreased in August

Posted on by Safeguard

Industry Update
September 27, 2021

Source: CalculatedRisk

Freddie Mac reported that the Single-Family serious delinquency rate in August was 1.62%, down from 1.74% in July. Freddie’s rate is down year-over-year from 3.17% in August 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”.

This is very different from the increase in delinquencies following the housing bubble. Lending standards have been fairly solid over the last decade, and most of these homeowners have equity in their homes – and they will be able to restructure their loans once (if) they are employed.

 

For full report, please click the source link above.

HUD Homes More Likely to be in Floodplains

Posted on by Safeguard

Industry Update
September 13, 2021

Source: Inman

Repossessed homes sold by the Department of Housing and Urban Development between 2017 and 2020 were almost 75 times more likely to be in federally designated floodplains than other homes sold during that timeframe, according to an analysis of nearly 100,000 homes sales by NPR.

HUD is not required to disclose flood risk to would-be homebuyers, most of whom didn’t learn that the home they were interested in was located in a flood zone until they were told by their lender that they needed to buy flood insurance, NPR found. By then, many had already made an offer or paid a nonrefundable deposit.

In some cases, HUD sold homes in flood-prone communities where local officials were trying to buy up homes and knock them down to prevent future calamities, including “severe loss properties” that had been rebuilt multiple times at taxpayer expense.

NPR’s investigation concluded that HUD could work more closely with the Federal Emergency Management Agency (FEMA), “which produces flood maps, provides flood insurance and allocates money for climate-related mitigation projects such as raising houses.”

 

For full report, please click the source link above.

MBA: Mortgage Applications Increase in Latest Weekly Survey

Posted on by Safeguard

Industry Update
September 15, 2021

Source: CalculatedRisk

Mortgage applications increased 0.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 10, 2021. This week’s results include an adjustment for the Labor Day holiday.

The Refinance Index decreased 3 percent from the previous week and was 3 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 8 percent from one week earlier. The unadjusted Purchase Index decreased 5 percent compared with the previous week and was 12 percent lower than the same week one year ago.

“Purchase applications – after adjusting for the impact of Labor Day – increased over 7 percent last week to their highest level since April 2021. Compared to the same week last September, which was right in the middle of a significant upswing in home purchases, applications were down 11 percent – the smallest year-over-year decline in 14 weeks,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Both conventional and government purchase applications increased, and the average loan size for a purchase application rose to $396,800. The very competitive purchase market continues to put upward pressure on sales prices.”

 

For full report, please click the source link above.

FEMA Declared Disaster Arizona Severe Storms And Flooding

Posted on by Safeguard

FEMA Alert
September 13, 2021

FEMA issued a Presidential Major Disaster Declaration for areas in Arizona affected by severe storms and flooding that took place July 22-24, 2021. The following counties have been approved for assistance:

Public Assistance
  • Apache
  • Coconino
  • Navajo

Arizona Severe Storms And Flooding (DR-4620)

FEMA Declared Disaster Arizona: ZIP Code List

 

 

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 Disaster Louisiana Tropical Storm Nicholas

Posted on by Safeguard

FEMA Alert
September 13, 2021

FEMA issued an Emergency Declaration for areas in Louisiana affected by Tropical Storm Nicholas that began on September 12, 2021. All parishes have been approved for public assistance.

 

Louisiana Tropical Storm Nicholas (EM-3574)

FEMA Declared Disaster Louisiana: ZIP Code List

 

 

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 Disaster California Caldor Fire

Posted on by Safeguard

FEMA Alert 
September 12, 2021

FEMA issued a Presidential Major Disaster Declaration for areas in California affected by the Caldor Fire that began on August 14, 2021. The following counties have been approved for assistance:

  • Alpine
  • Amador
  • El Dorado
  • Placer

FEMA Declared Disaster California: ZIP Code List

California Caldor Fire (DR-4619)

 

FEMA Declared Disaster Pennsylvania Remnants Of Hurricane Ida

Posted on by Safeguard

FEMA Alert 
September 10, 2021

FEMA issued a Presidential Major Disaster Declaration for areas in Pennsylvania affected by remnants of Hurricane Ida that took place August 31 to September 5, 2021. The following counties have been approved for assistance:

Individual Assistance
  • Bucks
  • Chester
  • Delaware
  • Montgomery
  • Philadelphia
  • York
Public Assistance
  • Bucks

FEMA Declared Disaster Pennsylvania: ZIP Code List

Pennsylvania Remnants of Hurricane Ida (DR-4618)

County Map PDF

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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