Safeguard Properties

Fannie Mae: REOgram Notifications Transitioning to Property 360

Posted on by Safeguard

Updated 6/1/21: Fannie Mae announced the availability of Property 360 for REOgrams for all mortgage servicers.

Release Notes

 

Investor Update
May 12, 2021

Source: Fannie Mae

With the introduction of Property 360™ for REOgrams™, Servicers have a simplified process for managing REOgram notification, which is the process of notifying Fannie Mae of the acquisition of REO due to Foreclosure or Mortgage Release™ (Deed-in-Lieu of Foreclosure). Property 360 eliminates the need for the Servicers to manually submit REOgram notifications through Asset Management Network; instead it automatically creates REO cases by using near real-time data sources (Investor Reporting, Servicing Management Default Underwriter™ [SMDU]/HomeSaver Solutions™ Network [HSSN], and Default Management Reporting System [DMRS]).

Servicers will use Property 360 to review and confirm whether a property has been transferred into REO due to foreclosure or Mortgage Release and/or resolve any exceptions related to the REOgram. Servicers will benefit from a streamlined process that reduces manual and redundant data entry, creates process efficiencies, and is a single source of reference for REO data.

When ready to onboard to Property 360, Servicers should send an email to npdc_reogram@fanniemae.com. Servicers can continue to utilize Asset Management Network (AMN) through September 1, 2021. After September 2021, AMN REO Notification links (Add REO Notification, REO Notification File Upload) will be disabled.

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

FHFA: Foreclosure Prevention Report – February 2021

Posted on by Safeguard

Investor Update
May 13, 2021

Source: FHFA

February 2021 Highlights — Foreclosure Prevention

 

The Enterprises’ Foreclosure Prevention Actions:

• The Enterprises completed 60,661 foreclosure prevention actions in February, bringing the total to 5,720,846 since the start of the conservatorships in September 2008. Approximately 43 percent of these actions have been permanent loan modifications.

• There were 3,334 permanent loan modifications in February, bringing the total to 2,447,531 since the conservatorships began in September 2008.

• Ten percent of modifications in February were modifications with principal forbearance.  Modifications with extend-term only accounted for 66 percent of all loan modifications during the month.

• The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan decreased from 38,976 in January to 35,468 in February.

• Initiated forbearance plans decreased 17 percent from 47,866 in January to 39,825 in February. The total number of loans in forbearance plan also decreased from 771,369 at the end of January to 738,925 at the end of February, representing approximately 2.5% of the total loans serviced, and 63 percent of the total delinquent loans.

• There were 219 short sales and deeds-in-lieu of foreclosure completed in February, down 6 percent compared with January.

The Enterprises’ Mortgage Performance: 

• The 30-59 days delinquency rate increased to 1.06 percent, while the serious delinquency rate decreased from 2.70 percent at the end of January to 2.66 percent at the end of February.

The Enterprises’ Foreclosures:

• Third-party and foreclosure sales increased slightly to 625 while foreclosure starts decreased 16 percent to 1,743 in February.

February 2021 Highlights ​— Refinance Activities​​

• Total refinance volume fell in February 2021 amid a rise from historic low mortgage rates in January. Mortgage rates increased in February: the average interest rate on a 30-year fixed rate mortgage rose to 2.81 percent from 2.74 percent in January.

• In February, 6 refinances were completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 156.

• The percentage of cash-out refinances continued at 27 percent in February, remaining below the levels observed in the previous few years. Historic low mortgage rates have created more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments

Attachments:

Foreclosure Prevention, Refinance and FPM Report – February 2021

FEMA Declared Disaster Virginia Severe Winter Storms

Posted on by Safeguard

FEMA Alert Update
June 10, 2021

FEMA issued an update to a Presidential Major Disaster Declaration for areas in Virginia affected by severe winter storms that took place February 11-13, 2021. The following additional counties have been approved for assistance:

Public Assistance

  • Chesterfield
  • Hanover
  

Virginia Severe Winter Storms (DR-4602 Amendment 1)

FEMA Declared Disaster Virginia: ZIP Code List

 

FEMA Alert
May 10, 2021

FEMA issued a Presidential Major Disaster Declaration for areas in Virginia affected by severe winter storms that took place February 11-13, 2021. The following counties have been approved for assistance:

Public Assistance

  • Amelia
  • Appomattox
  • Bedford
  • Brunswick
  • Campbell
  • Caroline
  • Charlotte
  • Cumberland
  • Dinwiddie
  • Essex
  • Floyd
  • Franklin
  • Goochland
  • Greensville
  • Halifax
  • King and Queen
  • King William
  • Lancaster
  • Louisa
  • Lunenburg
  • Mecklenburg
  • Middlesex
  • New Kent
  • Northumberland
  • Nottoway
  • Patrick
  • Pittsylvania
  • Powhatan
  • Prince Edward
  • Prince George
  • Richmond

Virginia Severe Winter Storms (DR-4602)

FEMA Declared Disaster 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

FEMA Declared Disaster Tennessee Severe Storms and Tornadoes

Posted on by Safeguard

FEMA Alert Update
June 22, 2021

FEMA issued an update to a Presidential Major Disaster Declaration for areas in Tennessee affected by severe storms, tornadoes and flooding that took place March 25 to April 3, 2021. The following additional county has been approved for assistance:

Public Assistance

  • Marion

FEMA Declared Disaster Tennessee: ZIP Code List

Tennessee Severe Storms, Tornadoes and Flooding (DR-4601 Amendment 1)

 

FEMA Alert
May 8, 2021

FEMA issued a Presidential Major Disaster Declaration for areas in Tennessee affected by severe storms, tornadoes and flooding that took place March 25 to April 3, 2021. The following counties have been approved for assistance:

Individual Assistance

  • Davidson
  • Williamson
  • Wilson

Public Assistance

  • Campbell
  • Cannon
  • Cheatham
  • Claiborne
  • Clay
  • Davidson
  • Decatur
  • Fentress
  • Grainger
  • Hardeman
  • Henderson
  • Hickman
  • Jackson
  • Madison
  • Maury
  • McNairy
  • Moore
  • Overton
  • Scott
  • Smith
  • Wayne
  • Williamson
  • Wilson

Tennessee Severe Storms, Tornadoes and Flooding (DR-4601)

FEMA Declared Disaster Tennessee: 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

HUD: FHA INFO #21-28: COVID-19 Loss Mitigation Option Review

Posted on by Safeguard

Investor Update
May 7, 2021

Source: HUD

It has been brought to the attention of the Federal Housing Administration (FHA) that some mortgagees and others are unclear about when it is appropriate to begin reviewing borrowers for COVID-19 loss mitigation options.

FHA requires that mortgagees review borrowers for the COVID-19 loss mitigation options upon the completion or expiration of the borrower’s forbearance period; however, as clarification, it is permissible for mortgagees to begin reviewing borrowers for COVID-19 loss mitigation options at any point prior to the completion or expiration of their COVID-19 or other pandemic-related forbearance period. Further, a borrower does not need to exit forbearance to be reviewed for a COVID-19 loss mitigation option.

FHA encourages mortgagees to review borrowers for available COVID-19 loss mitigation options as soon as practicable as these options are designed to help borrowers resolve their delinquencies and avoid foreclosure.

Need Support? Contact the FHA Resource Center.

• Visit our knowledge base to obtain answers to frequently asked questions 24/7 at
www.hud.gov/answers.
• E-mail answers@hud.gov. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to  8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.
• Call 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Relay Service at 1-800-877-8339.

What is Motivating Distressed-Property Investors?

Posted on by Safeguard

Industry Update
May 5, 2021

Source: DS News

A significant portion of investors who purchased homes in foreclosure this year refurbished the property and rented it back to the occupant, preventing eviction, according to a report from a large online distressed-real-estate auctioneer.

The majority of investors who have purchased a distressed property during the first quarter of 2021 via the online marketplace Auction.com have rehabbed and resold it to owner-occupants, Auction reports in its Q1 2021 Buyer Insights Report.

“Rehabbing and reselling to owner-occupants was the primary investing strategy for 57% of buyers,” Auction reported. “Meanwhile, 38% of buyers said their primary investing strategy involved acquiring investment property as rentals. Among those rental investors, 62% said that they have rented back to current occupants of occupied homes.”

For full article, please click the source link above.

Federal Judge Overturns Centers for Disease Control Eviction Ban

Posted on by Safeguard

Industry Update
May 5, 2021

Source: HousingWire

A federal judge has overturned the Centers for Disease Control eviction moratorium, ruling that the agency does not have the legal authority to impose a nationwide eviction moratorium.

The reversal may be short lived. Even if it stands, it may not grant much relief to landlords already subject to state and local eviction bans.

Unlike previous rulings, which found the September order unconstitutional without knocking it down, U.S. District Judge Dabney Friedrich’s decision vacated the federal ban. The Department of Justice quickly filed a notice of appeal to the D.C. Circuit of Wednesday’s ruling. Late Wednesday night, Friedrich granted an emergency stay of the decision.

Brian Boynton, acting assistant attorney general for the Justice Department’s Civil Division, condemned the ruling in a statement.

“Scientific evidence shows that evictions exacerbate the spread of COVID-19, which has already killed more than half a million Americans, and the harm to the public that would result from unchecked evictions cannot be undone,” said Boynton. “In the department’s view, that decision conflicts with the text of the statute, Congress’s ratification of the moratorium, and the rulings of other courts.”

A White House official said the Biden administration disagrees with the District Court’s decision. She added that the Biden administration is focusing on getting rental assistance to those who need it most.

Groups representing rental landlords — who hope to rid themselves of non-paying tenants — cheered the ruling. They have a compelling reason to do so: a Moody’s Analytics analysis of Census Bureau data in January estimated that 10 million renters owed about $57 billion in back rent.

But the ruling may not allow landlords to immediately evict their delinquent tenants. In many cities and states, local eviction bans are much more comprehensive than the CDC’s moratorium.

For full article, please click the source link above.

FEMA Declared Disaster Georgia Severe Storms and Tornadoes

Posted on by Safeguard

FEMA Alert Update
May 27, 2021

FEMA issued an update to a Presidential Major Disaster Declaration for areas in Georgia affected by severe storms and tornadoes that took place March 25-26, 2021. The following county has been approved for assistance:

Public Assistance

  • Gordon

Georgia Severe Winter Storms (DR-4600 Amendment 1)

FEMA Declared Disaster Georgia: ZIP Code List

 

FEMA Alert
May 5, 2021

FEMA issued a Presidential Major Disaster Declaration for areas in Georgia affected by severe storms and tornadoes that took place March 25-26, 2021. The following counties have been approved for assistance:

Public Assistance

  • Coweta
  • Fannin
  • Gilmer
  • Heard
  • Lumpkin
  • Pickens
  • Rabun
  • White

Georgia Severe Winter Storms (DR-4600)

FEMA Declared Disaster Georgia: 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 Mississippi Severe Winter Storms

Posted on by Safeguard

FEMA Alert Update
July 7, 2021

FEMA issued an update to a Presidential Major Disaster Declaration for areas in Mississippi affected by severe winter storms that took place February 11-19, 2021. The following additional counties have been approved for assistance:

Public Assistance

  • Clay
  • Holmes
  • Quitman
  • Webster
  • Wilkinson
  

Mississippi Severe Winter Storms (DR-4598 Amendment 1)

FEMA Declared Disaster Mississippi: ZIP Code List

 

FEMA Alert
May 4, 2021

FEMA issued a Presidential Major Disaster Declaration for areas in Mississippi affected by severe winter storms that took place February 11-19, 2021. The following counties have been approved for assistance:

Public Assistance

  • Adams
  • Attala
  • Choctaw
  • Claiborne
  • Copiah
  • Covington
  • Franklin
  • Grenada
  • Hinds
  • Jasper
  • Jefferson
  • Jefferson Davis
  • Kemper
  • Lafayette
  • Lauderdale
  • Lawrence
  • Leake
  • Lincoln
  • Neshoba
  • Newton
  • Noxubee
  • Pike
  • Rankin
  • Scott
  • Simpson
  • Smith
  • Tallahatchie
  • Walthall
  • Warren
  • Winston
  • Yazoo

Mississippi Severe Winter Storms (DR-4598)

FEMA Declared Disaster Mississippi: 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 Oregon Winter Storm

Posted on by Safeguard

FEMA Alert
May 4, 2021

FEMA issued a Presidential Major Disaster Declaration for areas in Oregon affected by a winter storm that took place February 11-15, 2021. The following counties have been approved for assistance:

Public Assistance

  • Benton
  • Clackamas
  • Linn
  • Marion
  • Polk
  • Yamhill

Please be advised of the following tribal area eligible for Public Assistance:

  • Confederated Tribes of Grand Ronde (Polk, Yamhill Counties, 97347)

Oregon Winter Storm (DR-4599)

FEMA Declared Disaster Oregon: 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

Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing our website, you agree to our use of cookies.

x

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.

x

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.

x

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.

x

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.

x

Business Development

Carrie Tackett

Business Development Safeguard Properties