Page 150 – Safeguard Properties

Biden Allocates $1B to Prepare for Hurricane, Wildfire Season

Posted on May 25, 2021 by Safeguard

Industry Update
May 24, 2021

Additional Resource:

The White House (Remarks by President Biden During Briefing on the Atlantic Hurricane Outlook and Preparedness Efforts)

WASHINGTON — President Joe Biden is doubling the amount of federal funding to help states prepare for natural disasters like hurricanes and wildfires, he announced Monday.

His administration is directing $1 billion to the Building Resilient Infrastructure and Communities program, which sends resources to communities, states, and tribal governments to prepare for extreme weather.

Those federal dollars will be part of an effort to shift the focus from reactive disaster spending to proactive investments that boost community resilience against bad weather, according to the White House.

“We’re going to spare no expense, no effort to keep Americans safe and respond to crises when they arise, and they certainly will,” Biden said Monday as he visited the Washington, D.C., headquarters of the Federal Emergency Management Agency.

The announcement of additional federal aid for disaster preparation comes as the country is preparing for what Biden described as “the busiest time of year” for disasters on both sides of the nation: hurricanes along the Southern and Eastern coasts, and wildfire season in the West.

For full article, please click the source link above.

FEMA Declared Disaster West Virginia Severe Storms and Flooding

Posted on May 24, 2021 by Safeguard

FEMA Alert
May 20, 2021

FEMA issued a Presidential Major Disaster Declaration for areas in West Virginia affected by severe storms and flooding that took place February 27 to March 4, 2021. The following counties have been approved for assistance:

Individual Assistance

Cabell
Kanawha
Mingo
Wayne

Public Assistance

Boone
Kanawha
Lincoln
Logan
Mingo
Wayne

West Virginia Severe Winter Storms (DR-4605)

FEMA Declared Disaster West Virginia: 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

MHA: Memorial Day Holiday Support and System Availability

Posted on May 21, 2021May 21, 2021 by Safeguard

Investor Update
May 18, 2021

Source: MHA

In observance of Memorial Day, the HAMP Reporting System response files will not be available on Monday, May 31, 2021. The response files will be sent when the system is online for processing at 9:00 a.m. ET on Tuesday, June 01, 2021.

During this timeframe, the HAMP Reporting Tool will be available for servicers to submit and upload HAMP loan
data files, and the corresponding Black Knight response files will be provided as usual.

The HAMP Solution Center will close at 1:00 p.m. ET on Friday, May 28, 2021 and will resume monitoring of
the support@hmpadmin.com mailbox at 9:00 a.m. ET on Tuesday, June 01, 2021.

FHFA: First-of-its-Kind Comprehensive Dataset on Mortgage Risk

Posted on May 21, 2021May 21, 2021 by Safeguard

Investor Update
May 20, 2021

Source: FHFA

Additional Resources:

FHFA
FHFA Publishes First-of-its-Kind Comprehensive Dataset on Mortgage Risk from 1990-2019
(Press Release)

Working Paper 19-02
(Original Report)

Author:
William Larson (FHFA), Morris Davis (Rutgers), Stephen Oliner (American Enterprise Institute), Benjamin R. Smith (University of Pennsylvania)

*Updated 5/20/2021

Abstract:

This paper provides a comprehensive account of the evolution of default risk for newly originated home mortgages over the past quarter century. We bring together several data sources to produce this history, including loan-level data for the entire Enterprise (Fannie Mae and Freddie Mac) book. We use these data to track a large number of loan characteristics and a summary measure of risk, the stressed default rate. Among the many results in the paper, we show that mortgage risk had already risen in the 1990s, planting seeds of the financial crisis well before the actual event. Our results also cast doubt on explanations of the crisis that focus on borrowers with low credit scores.

Note: These indices are works in progress and all data, tables, figures, and other results in this working paper are subject to change. Earlier versions of this paper were posted in January, March (under the title “Mortgage Risk Since 1990.”), and October 2019. The May 2021 version adds refinance mortgages to the prior analysis which focused exclusively on purchase-money mortgages. Other improvements to the imputation and validation methods are also included.

Attachments:

Working Paper 19-02

Working Paper 19-02 Data Supplement

Freddie Mac: Guide Bulletin 2021-18: Reimagine Servicing Updates

Posted on May 20, 2021May 20, 2021 by Safeguard

Investor Update
May 19, 2021

Source: Freddie Mac

In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2021-18, we’re introducing PAID (Payments Automated Intelligent and Dynamic), a reengineered expense reimbursement tool. PAID replaces Reimbursement System (VendorScape^®) on September 27, 2021.PAID is part of Reimagine Servicing^®, our initiative to improve the client experience by embracing and advancing digitization and technology solutions. Servicers (and their vendors) can submit and view expense statuses effectively and efficiently through intuitive navigation, automated workflows, flexible RPAs and more. Please review the Bulletin for important information related to this update including:

Entering reimbursement requests in PAID.
Blackout timeframes and other key dates to smoothly transition to PAID.
Access management for users transitioning to PAID.
PAID system license and automated clearing house (ACH) instructions.

The Bulletin also announces the retirement of Form 1128, Loss Mitigation Transmittal Worksheet, to settle agency loans. Servicers must submit agency loans through Resolve^SM beginning August 2, 2021.

EFFECTIVE DATE

All of the changes announced in this Bulletin are effective immediately unless otherwise noted.

To access full release, please click the source link above.

FHFA: Proposed 2022-2024 Duty to Serve Underserved Markets Plans

Posted on May 20, 2021May 20, 2021 by Safeguard

Investor Update
May 18, 2021

Source: FHFA

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today published the proposed 2022-2024 Underserved Markets Plans submitted by Fannie Mae and Freddie Mac (the Enterprises) under the Duty to Serve (DTS) program. The proposed Plans cover the period from January 1, 2022 to December 31, 2024.

FHFA issued a final rule in 2016 that implemented the DTS provisions as mandated by the Housing and Economic Recovery Act of 2008. The statute requires the Enterprises to serve three specified underserved markets—manufactured housing, affordable housing preservation, and rural housing—by increasing the liquidity of mortgage financing for very low-, low-, and moderate-income families.

FHFA will accept public input on the proposed Plans during a 60-day public input period beginning on May 18th. The public can review the request for input and submit comments through links on the DTS webpage. FHFA also plans to hold three listening sessions to review the proposed Plans. Register for the sessions, scheduled for July 12, 13, and 14, here.

The activities outlined by the Enterprises to achieve proposed Plan objectives will remain subject to FHFA review and approval to ensure compliance with the Enterprises’ Charter Acts, safety and soundness measures, and other conservatorship and regulatory requirements.

FHFA published the proposed Plans today on its dedicated webpage, www.fhfa.gov/DTS.

View Fannie Mae’s proposed 2022-2024 Underserved Markets Plan

View Freddie Mac’s proposed 2022-2024 Underserved Markets Plan

Attachments:

RFI Proposed 2022-2024 DTS Underserved Market Plans

Contacts:
Media: Raffi Williams Raffi.Williams@FHFA.gov / Adam Russell Adam.Russell@FHFA.gov

Flooding Leads to Rescues in Louisiana and Texas

Posted on May 18, 2021May 18, 2021 by Safeguard

Disaster Alert
May 18, 2021

Source: CNN

Additional Resources:

KWCH ABC 12 (Floodwaters Burst into Saline County Home, Totaling Basement)
The Weather Channel
WFAA ABC 8 (‘Lightning Doesn’t Strike Twice, but a Tornado Does,’ Says Dallas Homeowner Likely Hit by a Twister Sunday for Second Time Since 2019)

Office of Louisiana Governor John Bel Edwards (Gov. Edwards Issues State Emergency Declaration Due to Ongoing Flood/Severe Weather Threat in Southwest Louisiana)
Associated Parish ZIP Code List

Approximate locations (according to media outlets) sustaining structural damage:

Kansas

Flooding
– Natoma (Osbourne County, 67651)
– Salina (Saline County, 67401, 67402)
*Concentrated home flooding reported on Sandy Avenue

Louisiana

Flooding
– Baton Rouge (East Baton Rouge Parish, 70808, 70810, 70816, 70817, 70820)
*Approximate impacted ZIP codes only
– Gonzales (Ascension Parish, 70707, 70737)
– Lake Charles (Calcasieu Parish, 70601, 70602, 70605, 70606, 70607, 70609, 70611, 70612, 70615, 70616, 70629)

Texas

Flooding
– Fannett (Jefferson County, 77705)

Tornadoes
– North Dallas (Dallas, Collin, Denton, Counties, 75230)
*Approximate impacted ZIP code only
– Pendleton (Bell County, 76564)

NOTE: This is NOT currently a FEMA Declared Disaster.

(CNN) — Water rescues were underway Tuesday morning in Louisiana’s capital region after torrential rain that started a day earlier caused dangerous flash flooding in parts of that state and southeastern Texas.

Yet more rain is expected through Thursday in the south-central US, setting up moderate risks of further flooding in central Texas, southern Louisiana and parts of southern Oklahoma and Arkansas. More than 30 million people were under flash flood watches Tuesday morning, largely in those four states.

In southeastern Baton Rouge, rescuers were using boats to ferry people from apartment buildings and other structures surrounded by high water late Monday and early Tuesday, CNN affiliate WAFB reported.

More than 250 people have been evacuated and brought to higher ground in East Baton Rouge Parish, and no injuries have been reported, parish fire department spokesperson Curt Monte told CNN.

For full report, please click the source link above.

Disaster Declared After Alaskan Village Inundated by Floodwater

Posted on May 18, 2021May 18, 2021 by Safeguard

Disaster Alert
May 18, 2021

Source: CNN

Additional Resources:

Office of Alaska Governor Mike Dunleavy (Governor Dunleavy Declares Disaster for Flooding in Buckland)

Approximate areas reportedly sustaining structural damage:

Alaska

Flooding
– Buckland (Northwest Artic Borough, 99727)

NOTE: This has NOT yet been declared a FEMA Major Disaster.

(CNN) — Residents of an Alaskan village were forced to evacuate after it was inundated last week by more than five feet of floodwater caused by an ice jam.

On Monday, Gov. Mike Dunleavy declared a disaster in the city of Buckland, a news release from his office said.

“I have directed all state agencies to provide assistance in the most expeditious manner possible,” Dunleavy said in the release. “The flooding caused significant damage to homes, roads and utility infrastructure so a declaration is warranted to get the community back on its feet as soon as possible.”

The disaster declaration has activated Alaska’s Individual and Public Assistance programs from disaster recovery, the release said.

Buckland had a population of around 500 people in 2018, according to the Northwest Arctic Borough. It is about 160 miles northeast of Nome and 475 miles northwest of Anchorage.

According to the release, flooding began on May 12 after an ice jam on the Buckland River.

For full report, please click the source link above.

FEMA Declared Disaster West Virginia Severe Winter Storms

Posted on May 14, 2021 by Safeguard

FEMA Alert
May 13, 2021

FEMA issued a Presidential Major Disaster Declaration for areas in West Virginia affected by severe winter storms that took place February 10-16, 2021. The following counties have been approved for assistance:

Public Assistance

Cabell
Lincoln
Mason
Putnam
Wayne

West Virginia Severe Winter Storms (DR-4603)