Safeguard Properties

27 Vacant Buildings to be Demolished in Schenectady

Posted on by Safeguard

One Community Update
July 29, 2024

Source: www.dailygazette.com

The Capital Region Land Bank is moving forward with plans to demolish nearly 30 blighted properties in Schenectady — a move that will make way for $157 million in new investments.

The 27 demolitions are the most the Land Bank has overseen at one time and are expected to begin imminently along Summit Avenue. Buildings will also be razed along Albany and State streets, as well as Brandywine and Eastern avenues.

Richard Ruzzo, a Schenectady County legislator who chairs the Land Bank, said the demolitions are “certainly the most meaningful” the organization has completed since its inception in 2012.

Nine demolitions will take place on Summit Avenue, where AIK Property Group and MLB Construction have plans for a $13 million housing project that includes 41 townhomes. The demolitions are partially state funded through a Housing and Community Renewal grant.

In the Hamilton Hill neighborhood, 10 demolitions will take place along Albany and State streets in order to make way for an $80 million housing and retail project that will bring 225 new affordable housing units to the city by 2027.

The City Council recently approved the necessary zoning change to move the project forward. Plans call for knocking down the former Mohawk Auto Center at 756 State St. The two-acre property is being eyed as a future location of a grocery store.

At the corner of State Street and Brandywine Avenue, four properties will be demolished. The site will be the future home of a $37 million campus for the Schenectady Community Action Program that will include a daycare facility and 60 affordable housing units.

A vacant single-family home at 928 Pleasant St. is also slated to come down. The property is directly behind the Mosaic housing development on Crane Street in the Mont Pleasant neighborhood. The $27 million housing complex is expected to open next year.

Other properties set to come down include a zombie home at 2 Landon Terrace and a vacant building at 143 South Church St. that faces Erie Boulevard. A former car dealership at 1650 Erie Blvd., directly across the street from Mohawk Harbor is also set to be demolished.

 

For full report, please click the source link above.

New Leadership at Hartford Land Bank

Posted on by Safeguard

One Community Update
July 26, 2024

Source: www.ctnewsjunkie.com

The nonprofit Hartford Land Bank’s Board of Directors announced recently that Hartford resident Marcus Ordoñez has been appointed as the bank’s executive director.

Ordoñez had been serving as interim executive director since December 2023, when his predecessor, Arunan Arulampalam, stepped down following his victory in the city’s mayoral election.

“During his tenure as Interim Executive Director, Marcus demonstrated he has the energy, vision, and depth of knowledge to lead the land bank into its next chapter,” said Melvyn Colón, Board Chair. “The Board is confident that under his continued leadership, the Hartford Land Bank will further drive neighborhood impact and build equity and financial opportunity for local developers and homeowners.”

Arulampalam also gave Ordoñez a vote of confidence in his role leading the Hartford Land Bank with its mission of rehabilitating distressed properties in the city.

“Having served as CEO of the Hartford Land Bank myself, I know the deep level of commitment and dedication to our community that it takes to do the job,” the new mayor said. “The Land Bank is fortunate to be under the capable leadership of Marcus Ordoñez, and I congratulate him.”

Arulampalam said Ordoñez was a member of the Land Bank’s very first Developers Cohort.

“His commitment to the community and the city is the ideal fit for the Hartford Land Bank’s goals of stewarding distressed properties back into productive use and building generational wealth through neighborhood development,” Arulampalam said.

Ordoñez also co-chairs the Frog Hollow NRZ (Neighborhood Revitalization Zone) and serves on the board of The Betty Knox Foundation. He consulted for the land bank during its first round of property acquisition.

The Hartford Land Bank’s executive director manages the organization and plans and implements programs to efficiently advance HLB’s mission.

 

For full report, please click the source link above.

Land Bank Finishes 2nd Rehab Project with City Support

Posted on by Safeguard

One Community Update
July 21, 2024

Source: www.nowdecatur.com

With support from the City of Decatur’s American Rescue Plan funds, the Central Illinois Land Bank Authority (CILBA) has completed another home rehabilitation project located at 1652 N Edward St, Decatur.

This is the second home completed in the Abandonment to Rehab program. The program is a partnership between the City and CILBA that takes vacant/abandoned homes that would otherwise likely become demolition candidates and rehabilitates them. The first completed home at 439 S Maffit St. sold in March 2024.

Decatur’s Deputy City Manager, Jon Kindseth, said “investing in our neighborhoods by rehabilitating homes is a key revitalization strategy. With thousands of abandoned properties, we need partners like the Central IL Land Bank to help get more rehabs done, keep properties on the tax rolls, and forge connections with community partners to scale this rehab work.”

This project was also backed by the City’s partnership with Land of Lincoln Credit Union to support emerging contractors and give them access to a low-interest loan to get projects over the finish line. Sharona McClendon, the project’s general contractor with BeBe Construction, noted – “as a MWBE contractor that’s trying to grow my business and do more work, having access to low-interest capital from partners like Land of Lincoln Credit Union is extremely important. Without these resources, it’s really hard for emerging contractors like me to bid on these challenging rehab projects.”

Additionally, the City and its partners are launching the Decatur Homebuyer Initiative, which is a collaboration aimed at preparing and supporting residents to become home owners. The Community Investment Corporation of Decatur (CICD) is leading public education efforts. CICD hosts multiple homebuyer education classes and can work individually with residents eager to begin their homeownership journey.

Mike Davis, Executive Director of CILBA said – “its great to rehab these abandoned homes and help revitalize Decatur’s neighborhood, but if we don’t have partners providing homeownership courses then we’re in deep trouble selling the houses to responsible Decatur residents on the back end. This is where the partnership with CICD is critical – their role providing homeownership classes is so important for selling homes to local buyers.”

 

For full report, please click the source link above.

FEMA Fire Management Assistance Declaration – Washington Retreat Fire

Posted on by Safeguard

FEMA Alert
July 26, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of Washington to supplement state, tribal and local recovery efforts in areas affected by the Retreat Fire on July 23, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Yakima

 

Washington Retreat Fire (FM-5521-WA)

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 – Idaho Gwen Fire

Posted on by Safeguard

FEMA Alert
July 26, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of Idaho to supplement state, tribal and local recovery efforts in areas affected by the Gwen Fire on July 25, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Latah
  • Nez Perce
  • Nez Perce Indian Reservation

 

Idaho Gwen Fire (FM-5520-ID)

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

Share of Mortgage Loans in Forbearance Increases to .23% in June

Posted on by Safeguard

Industry Update
July 22, 2024

Source: Mortgage Bankers Association

The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance increased to 0.23% as of June 30, 2024. According to MBA’s estimate, 115,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 8.2 million borrowers since March 2020.

The share of Fannie Mae and Freddie Mac loans in forbearance increased 1 basis point to 0.11% in June 2024. Ginnie Mae loans in forbearance increased by 5 basis points to 0.44%, and the forbearance share for portfolio loans and private-label securities (PLS) stayed flat at 0.31%.

“The number of loans in forbearance increased in June for the first time since October of 2022,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “Furthermore, the performance of both loan workouts and overall servicing portfolios weakened, particularly for government loans.”

Added Walsh, “There were several factors that caused the forbearance rate to rise in June, including the uptick of severe weather events that hit multiple regions of the country as well as early signs of consumer distress that could potentially impact borrowers’ ability to pay their mortgages. Additionally, June’s month-end fell on a Sunday, and the weekend timing typically leads to higher mortgage defaults in any given month.”

 

For full report, please click the source link above.

 

ICE: First Look at June 2024 Mortgage Data

Posted on by Safeguard

Industry Update
July 22, 2024

Source: ICE Mortgage Technology

Intercontinental Exchange, Inc., a leading global provider of technology and data, reports the following “first look” at June 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

Coming off a near-record low in May and with June ending on a Sunday, the national delinquency rate jumped +14.5% (+45 basis points) to 3.49%, its second highest level in 18 months.

Sunday month-ends often lead to sharp, but typically temporary, spikes in delinquent mortgages, as payments made on the last day of a given month are not processed until the following month.

As such, June saw a +19.6% increase in the number of borrowers a single payment past due – the highest inflow since May 2020 – while 60-day delinquencies rose 11.8% to a five-month high.

Though up 5.1% from May, serious delinquencies (loans 90+ days past due but not in active foreclosure) were still down 8.5% year over year and 10.1% below pre-pandemic levels.

Foreclosure starts declined 6.2% in June – pushing active foreclosure inventory to its lowest point since the end of COVID-era moratoriums, now 34% below pre-pandemic levels.

5.3K foreclosure sales were completed nationally in June, representing a -14.9% month-over-month decrease to their lowest level since February 2022, still well below pre-pandemic norms.

Prepayments eased -7.6% from May, breaking a six-month streak of increasing prepay activity as we near the typical seasonal peak of home sales, and affordability and rate constraints persist.

 

For full report, please click the source link above.

 

FEMA Fire Management Assistance Declaration – Oregon Falls Fire

Posted on by Safeguard

FEMA Alert
July 18, 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 Falls Fire on July 18, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Grant
  • Harney

 

Oregon Falls Fire (FM-5512-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

FEMA Fire Management Assistance Declaration – Oregon Lone Rock Fire

Posted on by Safeguard

FEMA Alert
July 18, 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 Lone Rock Fire on July 17, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Gilliam
  • Morrow
  • Wheeler

 

Oregon Lone Rock Fire (FM-5511-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

FEMA Fire Management Assistance Declaration – Washington Swawilla Fire

Posted on by Safeguard

FEMA Alert
July 24, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of Washington to supplement state, tribal and local recovery efforts in areas affected by the Swawilla Fire on July 17, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Colville Indian Reservation
  • Ferry
  • Okanogan

 

Washington Swawilla Fire (FM-5518-WA)

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