FEMA Alert
October 13, 2021
FEMA issued a Fire Management Assistance Declaration for areas in California affected by the Alisal Fire that started October 12, 2021 and continues. The following county has been approved for assistance:
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Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
Industry Update
October 13, 2021
Source: mpamag.com
Mortgage delinquency rates in the US dropped 2.3% year over year in July, according to CoreLogic’s latest Loan Performance Insights Report.
Data showed that the share of mortgages in some stage of delinquency was down to 4.2% in July – the lowest rate since March 2020.
Industry Update
October 13, 2021
Source: blackhillsfox.com
ATTOM, licensor of the nation’s most comprehensive foreclosure data and parent company to RealtyTrac, the largest online marketplace for foreclosure and distressed properties, released its Q3 2021 U.S. Foreclosure Market Report, which shows there were a total of 45,517 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 34 percent from the previous quarter and 68 percent from a year ago.
The report also shows there were a total of 19,609 U.S. properties with foreclosure filings in September 2021, up 24 percent from the previous month and up 102 percent from September 2020.
Industry Update
October 12, 2021
Source: PressRepublican.com
The Clinton County Treasurer’s Office has filed the combined notice and petition of foreclosure, giving official notice to those who have not paid their property taxes for 2020 or prior years.
At the Clinton County Legislature’s Finance Committee meeting last week, County Treasurer Kimberly Davis explained that those being notified include not only the delinquent taxpayers, but also anyone considered an interested party, such as someone who has a mortgage or lien against a property.
Letters to people who fall into both groups were mailed out last week.
Industry Update
October 11, 2021
Source: FloridaRealtors.org
The Biden administration is trying to prevent evictions from public housing for nonpayment of rent, seeking to shore up protections following the end of the nationwide eviction moratorium.
Under a new rule from the Department of Housing and Urban Development (HUD), tenants in HUD-subsidized public housing cannot be evicted for nonpayment without providing them 30 days’ notice and providing information about available federal emergency rental assistance. The rule was scheduled to be published Thursday in the Federal Register.
Industry Update
October 12, 2021
Source: Mortgage News Daily
While one million homeowners have not made a mortgage payment in 12 months, CoreLogic says about half of the nation’s delinquencies are borrowers who are six months or more past due. Many of these are still leaning on options such as forbearance, loan modifications and other government provisions to keep from entering foreclosure.
Industry Update
October 05, 2021
Source: Albany Herald
Under the vacant property registration proposal presented to commissioners during a Tuesday work session, owners of vacant structures and foreclosed properties would pay a $100 registration fee.
Industry Update
October 08, 2021
Source: Bankrate.com
In the 18 months since the CARES Act first passed, over a million American homeowners took advantage of the forbearance protections the law provided for.
After a few extensions, the mortgage payment pause officially ended — or will be ending soon — for 1.2 million out of an estimated 1.7 million loans that remained in forbearance as of August, according to CoreLogic.
While experts say market conditions should prevent a wave of foreclosures, some borrowers are still struggling to get back on track.
For full report, please click the source link above.
Industry Update
October 08, 2021
Source: Calculated Risk
According to McDash Flash daily forbearance tracking dataset, the population dropped by 11% since last Tuesday, marking the largest weekly decline in 12 months.
The number of active forbearance plans fell by 177,000 this week with declines seen across all investor classes, led by an 84,000 plan drop among FHA/VA loans. Plans among GSE loans and those held in bank portfolios and private label securities also fell, seeing 50,000 (-11%) and 43,000 (-8%) declines respectively.
As of October 5, 1.39 million mortgage holders remain in COVID-19 related forbearance plans, representing 2.6% of all active mortgages, including 1.4% of GSE, 4.3% of FHA/VA and 3.6% of portfolio held and privately securitized loans.
For full report, please click the source link above.
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.
