Investor Update
December 15, 2020
Source: FHFA
Investor Update
December 15, 2020
Source: FHFA
Updated 12/17/20: The Weather Channel published a report outlining winter storm activity that produced record snowfall in the Northeast U.S.
Winter Storm Gail Was a Record Snowstorm for Two Northeast Towns
Updated 12/16/20: The Weather Channel issued a report detailing the latest conditions associated with Winter Storm Gail as it impacts the Northeastern U.S.
Updated 12/16/20: New Jersey Governor Phil Murphy declared a state of emergency in response to expected winter storm activity.
Governor Murphy Declares State of Emergency In Response to Expected Winter Storm
Associated County ZIP Code List (Statewide)
Updated 12/15/20: Virginia Governor Ralph Northam declared a state of emergency in anticipation of winter storm activity.
Executive Order Number Seventy-Three
Associate County ZIP Code List (Statewide)
Updated 12/15/20: Pennsylvania Governor Tom Wolf declared a state of emergency in anticipation of winter storm activity.
Associated County ZIP Code List (57 Counties)
Disaster Alert
December 15, 2020
Source: The Weather Channel
NOTE: This has not yet been declared a FEMA Disaster.
Winter Storm Gail will intensify into a high-impact nor’easter for parts of the mid-Atlantic and Northeast beginning Wednesday, where it will bring heavy snow, strong winds and some coastal flooding. Significant winter storm impacts are not only expected in the interior Northeast, but also near parts of the Interstate 95 corridor from southern New England to New York City and areas near Philadelphia.
The upper-level energy that will eventually spawn this East Coast storm is pushing into the Plains right now, where it will bring generally light to moderate snowfall on Tuesday.
Once that energy reaches the eastern states on Wednesday, it will help generate and intensify an area of low pressure near the Northeast coast. At the same time, strong high pressure in eastern Canada is expected to supply fresh, cold air into the Northeast.
With these ingredients coming together, we are expecting one of the more impactful Northeast winter storms in the last couple of years.
The National Weather Service has posted winter storm warnings, watches and winter weather advisories from southern New England into parts of the mid-Atlantic and the central and southern Appalachians.
Philadelphia is included in the winter storm warnings as well as Harrisburg, Pennsylvania, Scranton, Pennsylvania, Hagerstown, Maryland, and Roanoke, Virginia.
Winter storm watches remain in effect from the New York City metro into southern New England, but parts of those areas will likely be upgraded to warnings later today.
For full report, please click the source link above.
Safeguard in the News
December 11, 2020
Source: DS News
In the latest episode of DS5’s Inside the Industry, we’re speaking with Elizabeth Squires, Director of Client Account Management at Safeguard Properties. She discusses the impact COVID-19 has had on the property preservation sector and foreclosure volumes. Squires also speaks about what challenges 2021 may bring.
“Our issues in volume are subject to drastic changes, based on many external factors,” Squires says about foreclosures next year.
To access the full episode, please click the source link above.
FEMA Alert Update
January 13, 2021
FEMA issued an update to a Presidential Major Disaster Declaration for areas in New Jersey affected by Tropical Storm Isaias on August 4, 2020. The following additional county has been approved for assistance:
Public Assistance
New Jersey Tropical Storm Isaias (DR-4574 Amendment 1)
FEMA Declared Disaster New Jersey: ZIP Code List
FEMA Alert
December 11, 2020
FEMA issued a Presidential Major Disaster Declaration for areas in New Jersey affected by Tropical Storm Isaias on August 4, 2020. The following counties have been approved for assistance:
Public Assistance
New Jersey Tropical Storm Isaias (DR-4574)
FEMA Declared Disaster New Jersey: ZIP Code List
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
FEMA Alert Update
January 27, 2021
FEMA issued an update to a Presidential Major Disaster Declaration for areas in Alabama affected by Hurricane Zeta from October 28-29, 2020. The following additional county has been approved for assistance:
Public Assistance
Alabama Hurricane Zeta (DR-4573 Amendment 2)
FEMA Declared Disaster Alabama: ZIP Code List
FEMA Alert Update
January 13, 2021
FEMA issued an update to a Presidential Major Disaster Declaration for areas in Alabama affected by Hurricane Zeta from October 28-29, 2020. The following additional county has been approved for assistance:
Public Assistance
Alabama Hurricane Zeta (DR-4573 Amendment 1)
FEMA Declared Disaster Alabama: ZIP Code List
FEMA Alert
December 10, 2020
FEMA issued a Presidential Major Disaster Declaration for areas in Alabama affected by Hurricane Zeta from October 28-29, 2020. The following counties have been approved for assistance:
Individual/Public Assistance
Public Assistance
Alabama Hurricane Zeta (DR-4573)
FEMA Declared Disaster Alabama: ZIP Code List
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
FEMA Alert
December 9, 2020
FEMA issued a Presidential Major Disaster Declaration for areas in Texas affected by Hurricane Laura from August 23-27, 2020. The following Counties have been approved for assistance:
Public Assistance
Texas Hurricane Laura (DR-4572)
FEMA Declared Disaster Texas: ZIP Code List
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
Investor Update
December 9, 2020
Source: Fannie Mae
The Servicing Guide has been updated to include changes to the following:
▪ Earthquake insurance requirements*: removes property-level earthquake insurance requirement on mortgage loans for all Puerto Rico properties, and on Guam properties constructed of masonry construction.
▪ Miscellaneous revisions*: incorporates the payment deferral policy communicated in LL-2020-05 as well as the incentive fees for retention workout options as outlined in LL-2020-09 and updates the Servicing Guide to accurately reflect the day of the month in which Fannie Mae will draft guaranty fees and guaranty fee buydown charges from servicer’s designated custodial account.
*Policy change not applicable to reverse mortgage loans.
To access full announcement, please click the source link above.
Investor Update
December 9, 2020
Source: Freddie Mac
▪ Requirements for canceling borrower-paid mortgage insurance post-COVID-19 related hardship after the mortgage has been restored to current status
▪ The first available component of the ResolveSM user interface has launched through Decision Insights for all non-delegated short sales submitted via Workout Prospector®
▪ Simplified Automated Clearing House (ACH) authorization process
▪ Updated Freddie Mac Flex Modification trial period requirements
▪ Additional updates to electronic Payment Deferral agreements to provide greater specificity
▪ Clarification to occupancy waiver requests for second homes
▪ Revisions to Form 1036, Request for Possession or Control of Documents
You’ll also find other Guide updates and clarifications in the Bulletin that may be important to your business.
Reference Tool for Temporary COVID-19 Related Requirements
To assist you in managing to our selling requirements, take advantage of our reference tool available in our COVID-19 Resource Center. With it you can quickly access the temporary COVID-19 related requirements and check for loan eligibility in conjunction with the requirements outlined in the applicable Guide sections.
Investor Update
December 7, 2020
Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the appointment of two executives to the agency’s Executive Committee.
Sydney Menefee has been selected to fill the Senior Deputy Comptroller for Midsize and Community Bank Supervision on a permanent basis, and Greg Coleman will become the next Senior Deputy Comptroller for Large Bank Supervision.
“The agency and the federal banking system are lucky to have career executives of the caliber of Sydney and Greg, who demonstrate the utmost competence and professionalism in their duties and even more importantly a passion for this agency and our employees,” said Acting Comptroller of the Currency Brian P. Brooks.
As Senior Deputy Comptroller for Midsize and Community Banks, Ms. Menefee will lead a team of 1,600 people in the supervision of more than 1,000 national banks and federal savings associations. In addition to being a member of the OCC’s Executive Committee, she will serve on its Committee on Bank Supervision.
Ms. Menefee has served as Acting Senior Deputy Comptroller for Midsize and Community Bank Supervision since June 2020. Prior to that, she served as Deputy Comptroller and Chief Accountant since August 2018. She joined the OCC in 2009 as a Professional Accounting Fellow and held various roles in the Office of the Chief Accountant and Midsize Bank Supervision. She was commissioned a National Bank Examiner in 2016. Ms. Menefee worked in public accounting and banking prior to joining the OCC. She graduated from the University of Texas at Austin with a bachelor’s degree in business administration and a master’s degree in professional accounting. She is also a certified public accountant. She assumes these duties immediately, filling the vacancy created when Blake Paulson assumed the functions of Chief Operating Officer earlier this year.
As Senior Deputy Comptroller for Large Bank Supervision, Mr. Coleman will direct nearly 800 employees in overseeing the country’s largest and most complex national banks and federal branches and agencies, which hold more than $10 trillion in total consolidated assets. He will also serve as a member of the agency’s Executive Committee and the Committee on Bank Supervision.
Mr. Coleman has more than 30 years of experience at the OCC supervising banks of all sizes and has been a Deputy Comptroller for Large Bank Supervision since 2015. He has been an important part of Large Bank Supervision leadership and that of the agency for a significant amount of time. During his career, he has also served as Examiner-in-Charge of Capital One and E*TRADE, and as director within the Credit and Market Risk division and as the lead for the capital markets team at JPMorgan Chase. He joined the OCC in 1989 and earned his National Bank Examiner Commission in 1994. Greg is a Chartered Financial Analyst and holds a bachelor of science degree in business administration from the University of Nebraska-Lincoln. Mr. Coleman will transition into these duties at the end of this year and follows Maryann Kennedy in this role, who is retiring.
Investor Update
December 8, 2020
Source: HUD
Today, the Federal Housing Administration (FHA) published new Frequently Asked Questions (FAQs) as a reminder of the method by which payoff funds for Secretary-Held Home Equity Conversion Mortgages (HECMs) and Partial Claims can be submitted to FHA. All payoffs for Secretary-Held HECMs and Partial Claims must be sent to HUD’s Loan Servicing Contractor, Novad Management Consulting, in the form of certified funds, such as a cashier’s check.
FHA does not accept wire transfers to payoff Secretary-Held HECMs or Partial Claims. Any Secretary-Held HECM or Partial Claim payoff statement containing wiring instructions is fraudulent. The recipient of any Secretary-Held HECM or Partial Claim payoff statement that contains wiring instructions should immediately contact the FHA Resource Center by email or by phone at 1-800-CALLFHA (1-800-225-5342) to report that a possibly fraudulent payoff statement has been received and to obtain a correct payoff statement. (Persons with hearing or speech impairments may reach the FHA Resource Center by phone by calling the Federal Relay Service at 1-800-877-8339.)
• View the FHA Resource Center’s Frequently Asked Questions at: www.hud.gov/answers
• For more information on the Secretary’s Loan Servicing Contractor, go to:
https://www.hud.gov/program_offices/housing/sfh/nsc/fmaddr
Contact the FHA Resource Center:
• Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at:
www.hud.gov/answers.
• E-mail the FHA Resource Center at: 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.
• View Mortgagee Letter 2020-42 and all other Mortgagee Letters at: http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee