Safeguard Properties

Alaskan Coast 8.2 Magnitude Earthquake Strongest One in Decades

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Industry Alert
July 29, 2020

Source: CNN

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

(CNN) — The 8.2 magnitude earthquake that struck off Alaska’s coast Wednesday night was the strongest one since 1964, an official told CNN.

The very strong quake was located about 56 miles (91 kilometers) east southeast of Perryville, Alaska, and happened around 10:15 p.m. Wednesday, the US Geological Survey said.

At 29 miles deep (46.7 km), the earthquake is considered shallow.

“This event was felt throughout the Alaska Peninsula and Kodiak,” according to the Alaska Earthquake Center.

There have been at least two strong aftershocks, including a preliminary magnitude 6.2 and magnitude 5.6, the USGS reported.

For full report, please click the source link above.

CFPB: Tool to Help Renters and Landlords Access Federal Assistance

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Industry Update
July 28, 2021

Source: CFPB

New resource helps renters and landlords find state and local programs distributing federal rental assistance funds

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released an online tool to help renters and landlords impacted by the pandemic easily find and apply for payment assistance for rent, utilities and other expenses. The Rental Assistance Finder, available at www.consumerfinance.gov/renthelp, connects renters and landlords with the state and local programs that are distributing billions of dollars in federal assistance nationwide to help renters stay housed during the pandemic.

“Millions of people are behind on their rent and at risk of eviction as a result of the pandemic,” said CFPB Acting Director Dave Uejio. “The Rental Assistance Finder will make it easier for renters and landlords to locate the financial assistance available in their area. People across the country are already receiving billions of dollars in assistance, and with this new tool we hope even more renters and landlords will take advantage of this emergency relief. This money is a win-win for both landlords and renters and a better outcome for all than costly, needless evictions.”

The CFPB will conduct a demonstration of the Rental Assistance Finder tool via Webex. Below are the details:

– Date: Wednesday, July 28, 2021

– Time: 11 am, EDT

– Link: https://cfpbevents.webex.com/cfpbevents/onstage/g.php?MTID=e072c8ccfbc4eb8752948875c1d65d4ed 

– Access Code: 199 090 4698

– Password: zYJNnEbh@784 (please do not cut & paste the password)

According to a CFPB analysis of Census Household Pulse Survey data  from June 23–July 5, 16 percent of adults living in households who rent said they are currently behind on their payments. Of adults living in households behind on rent, 49 percent, or approximately 3.6 million of them say that eviction in the next two months is somewhat or very likely.

As part of an unprecedented economic recovery effort, the federal government has allocated more than $46 billion to assist households unable to pay rent, utilities, and other housing costs. All 50 states and hundreds of local, tribal, and other programs are distributing funds. The CFPB’s Rental Assistance Finder tool will make it easier for renters and landlords to connect with rental assistance programs in their area, and take the first steps toward accessing available funds.

The CFPB is working closely with partners across the federal government to provide homeowners and renters the resources they need, including information to understand their rights and protections. Along with the U.S. Departments of Agriculture, Housing and Urban Development, Treasury, Veterans Affairs, and the Federal Housing Finance Agency, the CFPB has created consumerfinance.gov/housing, which serves as the federal government’s one-stop, go-to resource for up-to-date information on relief options, protections, and key deadlines.

The CFPB has taken other actions to support renters during COVID-19, including a joint statement with then-FTC Acting Chair Rebecca Kelly Slaughter promising to monitor illegal eviction activity, an interim final rule detailing illegal debt collection practices in connection with evictions during the pandemic, and a bulletin explaining Fair Credit Reporting Act obligations related to the reporting of rental and eviction information during the pandemic, including particularly the treatment of rental assistance payments.

Access the Rental Assistance Finder.

FHFA: Multifamily Tenant Protections Announced

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Investor Update
July 28, 2021

Source: FHFA

Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced that tenants of multifamily properties with mortgages backed by Fannie Mae or Freddie Mac (the Enterprises) who are subject to eviction for nonpayment of rent must be given 30 days’ notice to vacate before the tenant can be required to leave the unit. This requirement applies to all Enterprise-backed multifamily properties, regardless of whether the loan is in forbearance.

FHFA is working closely with the Enterprises to communicate the 30-day notice requirement to landlords of and tenants living in Enterprise-backed properties.

The Centers for Disease Control and Prevention’s (CDC) eviction moratorium expires on July 31, 2021.

“Many families across the country, particularly renters, are still struggling financially due to the COVID-19 pandemic. It is important to clearly communicate available protections to both landlords and tenants,” said Acting Director Sandra L. Thompson. “FHFA wants to ensure tenants in Enterprise-backed multifamily properties know their right to receive at least 30-days of notice before they are required to vacate their rental unit.”

On June 24, 2021, the White House published a Fact Sheet outlining various federal initiatives to promote housing stability by supporting vulnerable tenants and preventing foreclosures. FHFA’s website also has a Fact Sheet on tenant protections for Enterprise-backed properties in response to COVID-19.

In addition, Emergency Rental Assistance funds made available by federal legislation are available to tenants who are behind on rent or continuing to experience hardship due to the COVID-19 pandemic. Tenants can learn more about Emergency Rental Assistance programs by visiting the Consumer Financial Protection Bureau’s online Rental Assistance Finder.

For more information on options available to assist homeowners and renters impacted by COVID-19 visit FHFA.gov or CFPB.gov/housing

Contacts:

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

FEMA Designates $700 Million in Hazard Mitigation

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Industry Update
July 15, 2021

Source: DS News

Additional Resource:

FEMA (FEMA Announces $700 Million in Hazard Mitigation Selections)

The Federal Emergency Management Agency (FEMA) has selected the sub-applications for the $700 million being made available in fiscal year 2020 (FY20) for Building Resilient Infrastructure and Communities (BRIC) and Flood Mitigation Assistance (FMA) grant programs.

These FEMA programs provide funding to states, tribes, territories and local governments for eligible mitigation activities to strengthen the nation’s ability to reduce disaster losses and protect properties from disaster damage.

“Mitigation is an investment that makes a real difference in our communities,” said FEMA Administrator Deanne Criswell. “We’re seeing the effects of climate change now. We must continue to identify opportunities to combat the impacts of climate change and help our communities become more resilient against the threats of future disasters.”

These FY20 selections are a first for the BRIC program which was authorized by Section 1234 of the Disaster Recovery Reform Act of 2018, which “Authorizes the National Public Infrastructure Pre-Disaster Mitigation fund, which is funded through the Disaster Relief Fund as a 6% set aside from estimated disaster grant expenditures. This allows for a greater investment in mitigation before a disaster.”

FEMA has reviewed sub-applications to ensure that they are eligible, long-term, cost-effective and technically feasible in reducing the impacts of hazards. A sub-application can be determined as one of three categories: “Identified for Further Review,” “Not Selected” or “Does not Meet HMA Requirements.”

For full article, please click the source link above.

ATTOM: East Coast States Most at Risk for Housing Impacts

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Industry Update
July 22, 2021

Source: ATTOM Data Solutions

Chicago Area and East Coast States Remain More Exposed to Pandemic’s Impact During Second Quarter of 2021; Most Vulnerable Areas Are More Scattered Around Nation Than in Prior Quarter; Western States Continue to Have Most Favorable Market Conditions

IRVINE, Calif. — July 22, 2021 — ATTOM, curator of the nation’s premier property database, today released its second-quarter 2021 Coronavirus Report spotlighting county-level housing markets around the United States that are more or less vulnerable to the impact of the ongoing Coronavirus pandemic, still endangering the U.S. economy. The report shows that states along the East Coast, as well as Illinois, were most at risk in the second quarter of 2021 – with clusters in New Jersey, Delaware, the Chicago area and central Florida – while the West remained far less exposed.

But the 50 most at-risk counties around the U.S. were spread over a wider area than in the first quarter of 2021, as most states had no more than two counties in the top group in the most recent time period.

The report reveals that Florida, New Jersey, other East Coast states and Illinois had 37 of the 50 counties most exposed to the potential economic impact of the pandemic in the second quarter of 2021. They included seven counties in the Chicago metropolitan area, four near New York City, all three in Delaware and four in central Florida.

However, only Florida, New Jersey, Illinois, Louisiana and Delaware had more than two counties in the top 50, compared to eight states in the first quarter of 2021. The top 50 were scattered across 18 states in the second quarter, compared to 15 the prior time period.

The only three western counties in the top 50 during the second quarter of this year were in northern California and southern Arizona.

For full report, please click the source link above.

VA: Circular 26-21-13: COVID-19 Home Retention Waterfall

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Investor Update
July 23, 2021

Source: VA

1. Purpose. This Circular provides VA’s waterfall of home retention options for helping borrowers affected financially by the COVID-19 pandemic. This Circular also announces the COVID-19 Refund Modification, a type of loan modification specific to those borrowers needing payment reductions when exiting COVID-19 forbearance.

2. Effective Date. This Circular is effective on July 27, 2021.

To view full circular, please click the source link above.

 

 

HUD: FHA INFO #21-61: COVID-19 Recovery Loss Mitigation Options

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Investor Update
July 23, 2021

Source: HUD

Today, the Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2021-18, COVID-19 Recovery Loss Mitigation Options. This ML reinforces FHA’s commitment to helping homeowners who have been financially impacted by the COVID-19 pandemic to remain in their homes with new, streamlined loss mitigation options. Read today’s Press Release.

This ML amends FHA’s COVID-19 Loss Mitigation policies for borrowers with FHA-insured forward mortgages, as found in Section III.A.2.o., Presidentially-Declared COVID-19 National Emergency, of the Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1). It establishes the COVID-19 Recovery Loss Mitigation Options (COVID-19 Recovery Options) “waterfall” that streamlines and revises FHA’s previous options for struggling homeowners, reduces documentation requirements, and provides greater payment reduction options for eligible homeowners with FHA-insured Single Family Title II forward mortgages.

To view full announcement, please click the source link above.

USDA: New COVID-19 Special Relief Measures and Servicing Guidance

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Investor Update
July 23, 2021

Source: USDA

Tamarack Fire Burns Several Homes in Alpine County, Calif.

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Updated 7/27/21: KCRA NBC 3 issued a report offering the latest on the Tamarack Fire, which has spread from Alpine County, Calif., into Douglas County, Nev.

Tamarack Fire: ‘Much-Needed Moisture’ Helps Crews Battling Large Blaze

Approximate impacted areas:

California

– Alpine Village (Alpine County, 96120)
– Markleeville (Alpine County, 96120)
– Mesa Vista (Alpine County, 96120)
– Woodfords (Alpine County, 96120)

Nevada

*Mostly contained in Washoe Ranches Trust Land (Douglas County)
– Double Spring (Douglas County, 89410)
– Gardnerville (Douglas County, 89410)

Updated 7/23/21: California Governor Gavin Newsom declared a state of emergency for four counties due to continued wildfire activity.

Governor Newsom Proclaims State of Emergency in Plumas, Butte, Lassen and Alpine Counties Due to Fires
Associated County ZIP Code List (Four Counties)

 

Disaster Alert
July 20, 2021

Source: KCRA NBC 3

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

More evacuation orders were issued this week for the Markleeville area and communities to the south as the Tamarack Fire burning in Alpine County continues to grow with no containment.

The fire, which was started by lightning, charred an estimated 39,045 acres as of Tuesday evening, according to the U.S. Forest Service.

More than 1,000 personnel from different parts of the country are helping battle the blaze, and deputies were alerting people about additional evacuations Monday.

Tamarack Fire outlook

The Tamarack Fire began on July 4 but exploded in size after a windy Friday later in the month.

As of Tuesday morning, the northeast section of the fire was considered a high priority, said Pat Seekins, operations section chief, in a video briefing.

“There was a lot of significant fire movement and growth (Monday) to the northeast,” he said. The goal is to keep the fire west of an area creek and protect homes to the east.

On the west side of the fire, things were active into the night, burning west of State Route 89 and south of State Route 88.

“This is another high priority area of the fire,” the Forest Service said in its Tuesday update.

Tamarack Fire evacuation info

The area of Markleeville and communities to the south remained under mandatory evacuation orders. These areas include:

  • Markleeville
  • Grover Hot Springs and campground area
  • Shay Creek
  • Marklee Village
  • Alpine Village
  • Woodfords
  • East Fork Resort
  • The community of Hung A Lel Ti
  • Blue Lakes Road
  • Mesa Vista

People can sign up for emergency notifications here.

For full report, please click the source link above.

HUD: FHA INFO #21-59: New Handbook 4000.1 Update

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Investor Update
July 20, 2021

Source: HUD

Additional Resource:

Online/PDF versions of Handbook 4000.1

Today, the Federal Housing Administration (FHA) published a new update to the Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1). The updates include enhancements and revisions to existing guidance as well as various other technical edits. In most cases, however, this newly added language augments and enhances existing policy.

FHA remains committed to making it easier for mortgagees to conduct business by maintaining and enhancing Handbook 4000.1 with regularly scheduled updates to ensure it remains the comprehensive source of policy guidance for single family mortgage originators, servicers, and other stakeholders.

Highlights of updates to Handbook 4000.1 include:

• Section III — Servicing and Loss Mitigation
– Revises disclosure and submission guidance for Voluntary Termination of Mortgage Insurance.
– Updates guidance to require requests for exceeding Property Preservation allowances be submitted at least five days prior to conveyance of the property.
– Incorporates policy guidance on the COVID-19 Advanced Loan Modification and COVID-19. Forbearance policies from ML 2021-15
– Updates the effective date of Section III – Servicing and Loss Mitigation, Appendix 4.0, and Appendix 5.0, as HUD extended the implementation date for this guidance in ML 2021-14.

Quick Links

• Online and PDF versions of Handbook 4000.1: https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh
• Handbook 4000.1 Information Page: https://www.hud.gov/program_offices/housing/sfh/handbook_4000-1
• Mortgagee Letters: https://www.hud.gov/program_offices/administration/hudclips/letters/mortgagee

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.

To view all updates, please click the source link above.