FEMA Emergency Management Declaration – Virgin Islands Tropical Storm Ernesto

FEMA Alert
August 18, 2024  

FEMA has issued an Emergency Management Declaration for the U.S. Virgin Islands to supplement state, tribal and local response efforts due to emergency conditions resulting from Tropical Storm Ernesto beginning August 13, 2024 and continuing.  The following counties have been approved for assistance:

Public Assistance:

  • St. Croix
  • St. John
  • St. Thomas

 

Virgin Islands Tropical Storm Ernesto (EM-3611-VI)

President Joseph R. Biden, Jr. Approves Emergency Declaration for U.S. Virgin Islands

Map of Affected Areas

List of Affected Zip Codes

 

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 Major Disaster Declaration – South Dakota Severe Storms, Straight-line Winds, and Flooding

FEMA Alert
August 15, 2024  

FEMA has issued a Major Disaster Declaration for the state of South Dakota to supplement state, tribal, and local recovery efforts in areas affected by severe storms, straight-line winds, and flooding from June 16 – July 8, 2024.  The following counties have been approved for assistance:

Individual Assistance:

  • Davison
  • Lincoln
  • Turner
  • Union

Public Assistance:

  • Aurora
  • Bennett
  • Bon Homme
  • Brule
  • Buffalo
  • Charles Mix
  • Clay
  • Davison
  • Douglas
  • Gregory
  • Hand
  • Hanson
  • Hutchinson
  • Jackson
  • Lake
  • Lincoln
  • McCook
  • Miner
  • Minnehaha
  • Moody
  • Sanborn
  • Tripp
  • Turner
  • Union
  • Yankton

 

South Dakota Severe Storms, Straight-line Winds, and Flooding (DR-4807-SD)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for South Dakota

Map of Affected Areas

List of Affected Zip Codes

 

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 Emergency Management Declaration – Puerto Rico Tropical Storm Ernesto

FEMA Alert
August 13, 2024  

FEMA has issued an Emergency Management Declaration for the state of Puerto Rico to supplement state, tribal and local response efforts due to emergency conditions resulting from Tropical Storm Ernesto beginning August 13, 2024 and continuing.  The following counties have been approved for assistance:

Public Assistance:

  • Adjuntas
  • Aguada
  • Aguadilla
  • Aguas Buenas
  • Aibonito
  • Anasco
  • Arecibo
  • Arroyo
  • Barceloneta
  • Barranquitas
  • Bayamon
  • Cabo Rojo
  • Caguas
  • Camuy
  • Canovanas
  • Carolina
  • Catano
  • Cayey
  • Ceiba
  • Ciales
  • Cidra
  • Coamo
  • Comerio
  • Corozal
  • Culebra
  • Dorado
  • Fajardo
  • Florida
  • Guanica
  • Guayama
  • Guayanilla
  • Guaynabo
  • Burabo
  • Hatillo
  • Hormigueros
  • Humacao
  • Isabela
  • Jayuya
  • Juana Diaz
  • Juncos
  • Lajas
  • Lares
  • Las Marias
  • Las Piedras
  • Loiza
  • Luquillo
  • Manati
  • Maricoa
  • Maunabo
  • Mayaguez
  • Moca
  • Morovis
  • Naguabo
  • Naranjito
  • Orocovis
  • Patillas
  • Penuelas
  • Ponce
  • Ponce
  • Quebradillas
  • Rincon
  • Rio Grande
  • Sabana Grande
  • Salinas
  • San German
  • San Juan
  • San Lorenzo
  • San Sebastian
  • Santa Isabel
  • Toa Alta
  • Toa Baja
  • Trujillo Alto
  • Utuado
  • Vega Alta
  • Vega Baja
  • Vieques
  • Villalba
  • Yabucoa
  • Yauco

 

Puerto Rico Tropical Storm Ernesto (EM-3610-PR)

President Joseph R. Biden, Jr. Approves Emergency Declaration for Puerto Rico

Map of Affected Areas

List of Affected Zip Codes

 

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 Fire Management Assistance Declaration – Oregon Elk Lane Fire

FEMA Alert
August 6, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of Oregon to supplement state, tribal and local recovery efforts in areas affected by the Elk Lane Fire on August 4, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Jefferson

 

Oregon Elk Lane Fire (FM-5528-OR)

List of Affected Zip Codes

 

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

Fannie and Freddie: Single Family Serious Delinquency Rate Mostly Unchanged in June, Multi-family Increased

Industry Update
July 29, 2024

Source: Calculated Risk Newsletter

Single-family serious delinquencies were mostly unchanged in June, and multi-family serious delinquencies increased again.

Freddie Mac reported that the Single-Family serious delinquency rate in June was 0.50%, up from 0.49% May. Freddie’s rate is down year-over-year from 0.56% in June 2023.  This is below the pre-pandemic lows.

Freddie’s serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic.

Fannie Mae reported that the Single-Family Serious Delinquency was unchanged at 0.48% in June from 0.48% in May. The serious delinquency rate is down year-over-year from 0.55% in June 2023.  This is also below the pre-pandemic lows, and this is the lowest level since November 2002.

The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59% following the housing bubble and peaked at 3.32% in August 2020 during the pandemic.

 

For full report, please click the source link above.

 

FHA Removes Face-to-Face Requirement for Borrowers in Default

Industry Update
August 2, 2024

Source: ABA Banking Journal

The Federal Housing Administration released a final rule to make permanent a pandemic-related rule that waives the Department of Housing and Urban Development’s requirement for mortgagees to meet in person with borrowers who are in default on their mortgage payments.

Starting in 2020, HUD waived the face-to-face meeting requirement for mortgagees because of the COVID-19 pandemic. The final rule makes the change permanent by allowing servicers to use remote communication methods for conducting interviews with borrowers to satisfy FHA’s early default intervention requirements.

The rule eliminates the requirement that mortgagees make at least one trip to the mortgaged property to schedule a meeting with the borrower. It also expands the meeting requirement to include borrowers who do not reside in the mortgaged property or have a mortgaged property that is not within 200 miles of their mortgagee, its servicer or a branch office. The rule takes effect Jan. 1, 2025.

The American Bankers Association joined three other associations last year in urging the FHA to adopt more flexible meeting standards. “Eliminating the requirement for mortgage servicers to conduct an in-person meeting further reduces the cost and regulatory burden of servicing a nonperforming FHA loan,” they said.

For full report, please click the source link above.

 

HUD Showcases 3-D Printing as an Innovative Solution for Affordable Housing Supply

Industry Update
July 30, 2024

Source: U.S. Department of Housing and Urban Development

Senior leaders from the U.S. Department of Housing and Urban Development (HUD) joined the University of Alaska Fairbanks to demonstrate and highlight one of the innovative ways HUD is working to boost the supply of affordable homes: 3-D printing.

“We need to think bigger, bolder, and more creatively than ever if we want to build the affordable homes of the future,” said Solomon Greene, Principal Deputy Assistant Secretary for Policy Development and Research. “Here at HUD, we are using innovative solutions to build the housing our growing nation needs. This 3-D printer is an exciting representation of this new frontier, and we cannot wait to see it at work.”

At today’s event, Solomon Greene, HUD’s Principal Deputy Assistant Secretary for Policy Development and Research, Richard Monocchio, HUD’s Principal Deputy Assistant Secretary for Public and Indian Housing, and Northwest Regional Administrator Andrew Lofton joined Pat Pitney, the President of the University of Alaska Fairbanks, to showcase this new potential solution to building affordable homes.

“This partnership is instrumental towards our work to invest in new, innovative technologies to address Alaska’s housing challenges,” said University of Alaska President Pat Pitney. “I’m grateful to HUD and our private and academic partners for making this happen, and we’re excited to see what this printer will do for our community.”

“This is a momentous day, not only for us at HUD or for our partners, but for the future of affordable housing construction in extreme climates in places like Alaska,” said HUD Northwest Regional Administrator Andrew Lofton. “Today, we showcased the latest example of how technological innovation, when paired with local knowledge and strong community partnerships, can help us build the quality, affordable, and resilient homes our country needs.”

HUD presented a Research Partnership grant of $600,000 to the City of Nome, Alaska, in May 2023, helping to support this crucial work. The project team, including partners Xtreme Habitats Institute (XHI) and Penn State University, will conduct the design, engineering, materials research, development, planning, and analysis required to 3-D print high-quality, affordable, energy-efficient, and sustainable housing for communities in sub-arctic regions of Alaska. In Fairbanks, students and researchers at the University of Alaska will continue to refine, test, and design protocols for the mobile printer that will move to Nome. In Nome, the team will use the mobile 3-D printer designed and built for the environment to construct and evaluate a prototype home. One of the key goals of this construction project is to use sustainable local resources for the construction material. Outside of HUD and the City of Nome, other key partners on this project include the Alaska Housing Finance Corporation, the University of Alaska, Fairbanks, the Cold Climate Housing Research Center, the National Renewable Energy Laboratory, XHab 3D, Inc., and Fairbanks Materials, Inc.

In April, HUD launched the “Road to Innovation” tour, led by the Office of Policy Development & Research (PD&R), where HUD leaders traveled across the country to uplift examples of investment in innovative construction techniques boosting affordable housing supply. Fairbanks is the 7th stop of the ongoing tour, following trips to Detroit, Minneapolis, Seattle, Portland, New York City, and Jersey City during the spring.

Under the Biden Harris Administration, HUD has not only invested in innovation to boost the supply of homes, but also partnered with entrepreneurs and innovators in the private sector and updated HUD rules to help unleash and scale housing innovation. At HUD’s 2024 Innovative Housing Showcase, the Department welcomed thousands of visitors to the National Mall to view incredible exhibitors, showcasing their own models of innovative housing from their communities. At the Showcase, Acting Secretary Todman launched a new program to invest in manufactured home communities – a key affordable option for many families. In July 2022, HUD initiated the largest set of proposed changes to the HUD Code in over two decades, proposing to allow materials that facilitate modern design approaches and improve quality, allow certain ridge roof designs, add provisions for multifamily manufactured homes of up to three units, update requirements for open floor plans, add accessibility improvements, and more. For more on HUD’s work to boost innovation in housing or to see photography or footage from today’s event, email HUDPressOffice@HUD.gov.

 

For full report, please click the source link above.

 

Q2 Auction Demand Slips as Retail Inventory Rises

Industry Update
July 26, 2024

Source: Auction Market Dispatch

Q2 Auction Demand Slips as Retail Inventory Rises

After a strong showing in the first quarter of 2024 — and well into the second quarter — demand for distressed properties sold at auction showed early signs of slipping in June even as the supply of properties available at auction continued to contract, according to proprietary data from Auction.com, the nation’s largest distressed property marketplace that accounts for nearly half of all properties sold at foreclosure auction nationwide.

Although one month’s data is not yet a trend, the demand slippage in June could be an early indication that local community developers buying at auction are becoming increasingly wary of rising retail inventory, which represents competition for the renovated homes they sell or rent back into the retail market — typically within six months of buying at auction.

“I do feel like the retail market has softened,” said Tony Tritt, a local community developer operating in Northwest Georgia who renovates and resells properties he purchases at foreclosure auction, mostly to owner-occupant buyers. “I would expect a longer time horizon to get (my renovated properties) sold because they aren’t flying off the shelves like they used to.”

If it continues past June, the demand slippage from buyers like Tritt could also foreshadow a slowdown in retail home price appreciation. Because buyers at distressed market auctions are anticipating retail market conditions three to six months into the future, bidding behavior at those auctions provides a reliable forward-looking indicator of trends in retail home price appreciation.

Demand Slips from Multi-Year Highs in Late Q2

Thanks to strong performances in April and May, most demand metrics at auction show strengthening demand for the second quarter overall compared to the previous quarter, but monthly data reveals a clear downshift in June for many demand metrics, including bidders per property, sales rates, and winning bid-to-value ratios.

The average number of bidders for each property sold at bank-owned (REO) auction in the second quarter was down 2 percent from the previous quarter but still up 3 percent from a year ago. But in June that bidders-per-property metric dropped 17 percent from May and was down 3 percent on a year-over-year basis.

The sales rate at foreclosure auction (the share of properties available at auction that sold) increased in the second quarter, both on a quarterly basis (up 5 percent) and annual basis (up 4 percent) but decreased 4 percent in June from a 25-month high in May. The June sales rate was still up 3 percent from a year ago.

A similar pattern of June demand slipping from a nearly two-year high earlier in the quarter shows up in demand metrics related to pricing — both for foreclosure auctions and REO auctions.

Winning bidders at foreclosure auction in June were willing to pay 58.7 percent of a property’s estimated after-repair value on average, down from a 25-month high of 60.7 percent in April. Winning bidders at REO auction in June were willing to pay 58.6 percent of a property’s estimated after-repair value on average, down from a 25-month high of 61.7 percent in April.

 

For full report, please click the source link above.

 

FEMA Major Disaster Declaration – Florida Hurricane Debby

FEMA Alert
August 10, 2024  

***LAST UPDATE: 10/21/24***

FEMA has issued a Major Disaster Declaration for the state of Florida to supplement state, tribal, and local recovery efforts in areas affected by Hurricane Debby from August 1-27, 2024.  The following counties have been approved for assistance:

Individual Assistance:

  • Alachua
  • Baker
  • Citrus
  • Columbia
  • Dixie
  • Gilchrist
  • Hamilton
  • Hillsborough
  • Jefferson
  • Lafayette
  • Levy
  • Madison
  • Manatee
  • Pinellas
  • Sarasota
  • Suwannee
  • Taylor

Public Assistance:

  • Alachua
  • Baker
  • Bay
  • Bradford
  • Brevard
  • Calhoun
  • Charlotte
  • Citrus
  • Clay
  • Collier
  • Columbia
  • DeSoto
  • Dixie
  • Duval
  • Escambia
  • Flagler
  • Franklin
  • Gadsden
  • Gilchrist
  • Glades
  • Gulf
  • Hamilton
  • Hardee
  • Hendry
  • Hernando
  • Highlands
  • Hillsborough
  • Holmes
  • Jackson
  • Jefferson
  • Lafayette
  • Lake
  • Lee
  • Leon
  • Levy
  • Liberty
  • Madison
  • Manatee
  • Marion
  • Monroe
  • Nassau
  • Okaloosa
  • Okeechobee
  • Orange
  • Osceola
  • Pasco
  • Pinellas
  • Polk
  • Putnam
  • Santa Rosa
  • Sarasota
  • Seminole
  • St. Johns
  • Sumter
  • Suwannee
  • Taylor
  • Union
  • Volusia
  • Wakulla
  • Walton
  • Washington

 

Florida Hurricane Debby (DR-4806-FL)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Florida

Map of Affected Areas

List of Affected Zip Codes

 

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 Emergency Management Declaration – Vermont Tropical Depression Debby

FEMA Alert
August 8, 2024  

FEMA has issued an Emergency Management Declaration for the state of Vermont to supplement state, tribal and local response efforts due to emergency conditions resulting from Tropical Depression Debby beginning August 8, 2024 and continuing.  The following counties have been approved for assistance:

Public Assistance:

  • Addison
  • Bennington
  • Caledonia
  • Chittenden
  • Essex
  • Franklin
  • Grand Isle
  • Lamoille
  • Orange
  • Orleans
  • Rutland
  • Washington
  • Windham
  • Windsor

 

Vermont Tropical Depression Debby (EM-3609-VT)

President Joseph R. Biden, Jr. Approves Emergency Declaration for Vermont

Map of Affected Area

List of Affected Zip Codes

 

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

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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.

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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.

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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.

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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.

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Business Development

Carrie Tackett

Business Development Safeguard Properties