Safeguard Properties

VA: VALERI Special Announcement

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Investor Update
August 11, 2020

Source: VA

Due to the high volume of Adequacy of Servicing (AOS) cases expected to generate over the next several months, VA has increased the amount released to 5,000 per day.  This increase will begin Tuesday, August 11, 2020.

VA requests that servicers report the Special Forbearance on all loans reported with the Reason for Default (RFD) of National Emergency Disaster (NED), if the forbearance was requested by the borrower.  The Special Forbearance event must include the approval date of the forbearance under the CARES Act and the estimated cure date.

For loans with the NED RFD and Special Forbearance event reported, where loan notes are not required, servicers should continue to provide confirmation that the loss mitigation letter was sent per instructions in Circulars 26-19-24, change 1 and change 2.

VA is asking servicers to continue to run the Adequacy of Servicing Action Required report daily to ensure they see all pending AOS processes.

Gas Explosion Levels Northwest Baltimore Homes

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Disaster Alert
August 10, 2020

Source: WJZ CBS 13 Baltimore

Approximate location containing home damage:

Maryland
– Reisterstown Station, Baltimore (Baltimore County, 21215)
*Impacted properties reportedly located in 4200 block of Labyrinth Road

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

BALTIMORE (WJZ) — Residents in the northwest Baltimore neighborhood where a gas explosion crumbled at least three homes say the explosion rocked their homes — blocks away.

“It was catastrophic. It was like a bomb, like you watch things in other countries where they have like bombings and things like that,” said neighbor Jones said. “It was like watching that in real life. Telephone poles split, I mean, houses down the block, broken glass. When I initially got there, I could hear a voice just saying ‘Help,’ it’s crazy. It’s something I don’t ever wanna see ever again; I don’t want to relive it ever again.”

Jones who lived a few blocks away said when he heard the explosion he took off running.

“I had no shoes, somebody had to bring me my shoes. I took off running down the street, neighbors were looking at me like I was kind of crazy like ‘what’s going on?’ and ‘where is it, where is it?’ So once I got to the alley I could see the smoke and I just took off and a couple other neighbors joined with me,” said Jones. “I was just like let’s just see if there’s anybody in there and we started calling out ‘is anybody in there? is anybody in there?’ And I could hear a voice just like ‘help, help’ so we just we just started digging in moving bricks. I mean everything, all kinds of debris like parts of a fence like, we weren’t even thinking, you could hear gas in the background it was crazy.”

“I heard a kaboom and I thought it was a car or something and when I came out, I seen the debris and something’s gone, totally gone,” one man told WJZ’s Paul Gessler, calling it a mess and chaos.

For full report, please click the source link above.

North Carolina’s Strongest Earthquake in 94 Years Shakes Area Along Virginia Border

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Disaster Alert
August 9, 2020

Source: CNN

Approximate location containing structural damage:

North Carolina
– Sparta (Alleghany County, 28675)
*One home identified as 1058 US-21 (chimney collapse)

(CNN) — A 5.1-magnitude earthquake hit about 2 miles from the town of Sparta, North Carolina, early Sunday, along the state’s border with Virginia, according to the preliminary report from the US Geological Survey.

It’s the strongest quake to shake the state since 1926, according to the North Carolina Geological Survey.

The quake, whose epicenter is in Alleghany County, was felt as far away as Washington D.C. and Atlanta, according to reports to the USGS.

It struck about 8:07 a.m. ET.

Alleghany County Sheriff Bryan Maines was getting ready for church when “stuff started falling off of the wall,” he said. The house appeared to shift, and it felt like it might fall down, he told CNN.

“Started getting some sheet rock damage. My chimney was starting to crack,” he said. “Several houses with structure damage. We have folks out right now. There are houses that have shifted 1 or 2 inches off their foundation. There are folks who have had to leave their homes because it’s not safe inside. It’s a pretty big event.”

There were no immediate reports of injuries, but there is damage in the town of about 1,800 people, Sparta Mayor Wes Brinegar said, adding that the foundation of his home cracked and items fell from shelves inside his home.

“It felt like a big locomotive going by and a big wave coming underneath the bed,” the mayor said. “I’ve lived here my whole life and have never felt anything like that.”

The USGS says earthquakes become destructive at a magnitude of 4.0 to 5.0, depending on variables. A 5.3-magnitude is considered a moderate quake, the USGS says.

The agency issued a green alert, meaning there is a low likelihood of casualties and damage.

For full report, please click the source link above.

New York Bill Aims to Add Lender Requirement Prior to HECM Foreclosure

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Legislation Update
July 22, 2020

Source: The New York State Senate (full bill text)

Sponsor Memo

BILL NUMBER: S4408

SPONSOR: GOUNARDES

TITLE OF BILL: An act to amend the real property law, in relation to the regulation of default and foreclosure of reverse mortgages issued under the federal home equity conversion mortgage for seniors program

PURPOSE:

This bill will regulate certain activities of lenders when defaults take place on reverse mortgages issued in New York State under HUD’s home equity conversion mortgage for seniors program.

SUMMARY OF PROVISIONS:

Section 1: Lenders must now notify the Department of Financial Services when engaging in foreclosure proceedings against a borrower, and must also provide proof to the department that HUD has granted prior approval to accelerate the loan, proof of the default and notice to the borrower, and any other information required by the department. The Department of Financial Services must then provide notice of the foreclosure directly

Lenders will also be required to engage in loss mitigation, as specified by the Department of Financial Services, before foreclosing.

This section also prevents lenders from making advance payments on mortgage insurance or tax liabilities. Lenders will only be entitled to pay those moneys which are currently in arrears.

The new requirements will be conditions precedent to bringing a foreclosure action against an HUD reverse mortgage. The provisions will be enforceable by providing treble damages and attorney’s fees to prevailing plaintiffs. Section 2: The act will take effect one hundred and twenty days after it becomes law, but the Department of Financial Services is authorized to immediately take any actions necessary to ensure the law’s implementation.

CURRENT LAW:

Under current law, lenders are not required to notify DFS, and DFS is not required to inform seniors of services available to help them in the event of a default. Lenders are also currently allowed to make advance payments on obligations associated with these reverse mortgages.

JUSTIFICATION:

Reverse mortgages are complicated and expensive financial products. Many seniors do not understand how they work or what their true long- term costs are. Exacerbating this problem are unscrupulous lenders who market reverse mortgages as public services or government- sponsored products. Inadequate regulation of this industry resulted in a sharp uptick in defaults in 2016, as more seniors fell into foreclosure on these products, losing not only their homes, but also their most signif- icant financial assets.

Foreclosures in the reverse mortgage industry have taken place against seniors for making payments mere cents short of their tax, homeowners insurance, or mortgage insurance bills. Lenders eager to tap the equity in these homes are sometimes aggressive to foreclose and see a return on their investment. Seniors can be better protected by providing for stricter regulation of the foreclosure process.

Currently, lenders are not required to notify the Department of Finan- cial Services in the event of a default, and DFS does not regularly provide information to seniors in reverse mortgage default scenarios that can help seniors to keep their homes. This bill will change that by requiring a notification to DFS, and by requiring DFS to help seniors get in touch with a legal services organization to help them manage the process.

Lenders sometimes also make large advance payments on obligations tied to reverse mortgages in the event of a default. Then, to resolve the default, lenders will demand that the advance payments be paid back, resulting in massive financial liabilities to seniors that they may not have the cash on hand to satisfy in order to become current on their mortgage payments and cure a default. This new section would allow lenders to make payments only on obligations that are currently in arrears.

LEGISLATIVE HISTORY:

2017-18: S.4452 – Referred to Judiciary

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

To be determined.

EFFECTIVE DATE: 120th day after it shall have become a law.

New York Bill Aims to Require Servicer Contact Info During Foreclosure

Posted on by Safeguard

Legislation Update
July 21, 2020

Source: The New York State Senate (full bill text)

Sponsor Memo

BILL NUMBER: S4190

SPONSOR: KENNEDY

TITLE OF BILL: An act to amend the real property actions and proceedings law and the civil practice law and rules, in relation to including the name and telephone number of the mortgage servicer for a plaintiff in a mortgage foreclosure action on certain documents pertaining to such action

PURPOSE:

The purpose of this bill is to require the loan servicer’s name and phone number be included at multiple points in mortgage foreclosure proceedings.

 
SUMMARY OF PROVISIONS:

Section 1 amends section 1321 of the real property actions and proceedings law to have the name and telephone number of the mortgage servicer added to the order of reference for plaintiffs who are involved in a mortgage foreclosure of a one-to four-family residential property.

Section 2 amends section 1351 of the real property actions and proceedings law to have the name and telephone number of the mortgage servicer added to the judgement for plaintiffs who are involved in a mortgage foreclosure of a one-to four-family residential property.

Section 3 amends rule 6511 of the civil practice law and rules to require the name and telephone number of the mortgage servicer added to the notice of pendency for plaintiffs who are involved in a mortgage foreclosure of a one-to four-family residential property.

Section 4 sets the effective date.

JUSTIFICATION:

Zombie properties put all neighborhoods at risk because abandoned homes invite crime, lower property values and place an undue burden on local governments. The New York State Abandoned Property Neighborhood Relief Act of 2016 addressed many of these problems by requiring a loan servicer, whether a bank or other entity, to maintain the residential property on a delinquent mortgage.

This proposed legislation will fill in some of the gaps by requiring that a mortgage servicer’s name and telephone number be listed f or any mortgage foreclosure of a one-to four-family residential property in a Notice of Pendency (Lis Pendens), the Order of Reference, and the Judgement of Sale.

With this information listed, local municipal officials will have an efficient way to contact the loan servicer to ensure that maintenance obligations are enforced.

FISCAL IMPLICATIONS:

None.

EFFECTIVE DATE:

This act shall take effect immediately.








	


	





	

		
USDA: Elizabeth Green Named Acting Administrator of Rural Housing Service
			

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Investor Update

July 28, 2020 


Source: USDA


WASHINGTON, July 28, 2019 — U.S. Department of Agriculture (USDA) Deputy Under Secretary for Rural Development Bette Brand today named Elizabeth “Beth” Green Acting Administrator of Rural Housing Service following the retirement of former Administrator of Rural Housing Service Bruce Lammers.


Before being appointed to this role, Green served as USDA Rural Development’s State Director for Virginia. During her tenure she led a team of 61 to invest in rural communities across the state. These investments have resulted in thousands of rural Virginian residents, farms, businesses, and households being able to connect to high-speed broadband internet for the first time, hundreds of new essential community facilities across the state, and tens of thousands of families who were assisted in buying their own homes.


Green has lived in Virginia and worked in Federal and State politics for thirty-three years. During that time Green has cultivated relations with many of rural America’s political and industry leaders. She graduated from Florida State University with a degree in Communications and Political Science.


Green will officially begin serving in this new role on August 3, 2020. USDA Rural Development encourages partners and stakeholder groups to reach out to Green in her new role to build on existing partnerships and create new ones.

	


	





	

		
HUD: Ben Carson Praises Confirmation of Dana Wade as New FHA Commissioner
			

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Investor Update

July 28, 2020 


Source: HUD


Wade’s housing expertise includes her previous role as Acting Federal Housing Commissioner and Assistant Secretary for Housing


WASHINGTON – U.S. Department of Housing and Urban Development Secretary Ben Carson today applauded the confirmation of Dana Wade to serve as the Federal Housing Administration’s (FHA) Commissioner. FHA currently insures more than 8 million single family mortgages, almost 12,000 mortgages for multifamily properties, over 3,700 mortgages for residential care facilities, and nearly 100 mortgages for hospitals.


“I want to congratulate Dana Wade on her confirmation by the United States Senate to serve as the Commissioner of the Federal Housing Administration,” said Secretary Carson. “Dana has been a tremendous asset to the Department and the Administration throughout her years of service, and I have full confidence in her ability to successfully lead FHA.”


“I join Secretary Carson in congratulating Dana on her confirmation and welcoming her back to FHA, where I know she will do an outstanding job serving the American people. We are grateful to have her considerable talents and knowledge to help guide the agency as our nation pulls through this pandemic,” said Deputy Secretary Brian Montgomery, who served as FHA Commissioner from 2005-2009; 2018-2020.


“I’m extremely grateful for this opportunity to hit the ground running during this critical time for our nation’s housing markets,” Commissioner Wade said.


Mrs. Wade previously served as Acting Federal Housing Commissioner and Assistant Secretary for Housing from July 2017 to June 2018, where she oversaw over 2,400 employees and implemented enhanced risk management and monitoring of FHA’s $1.3 trillion portfolio. Wade also served as a Program Associate Director for General Government at the Office of Management and Budget from December 2018 to December 2019, where she led budget oversight for six Executive Branch agencies with a keen focus on financial services, including HUD, and multiple independent agencies.


In Congress, she served in senior roles including Deputy Staff Director for the Senate Committee on Banking, Housing, and Urban Affairs and Deputy Staff Director for the Senate Committee on Appropriations under Senator Richard Shelby (R-AL). Wade holds an MBA from the Wharton School at the University of Pennsylvania and a BA in Economics from Georgetown University.

	


	





	

		
Tropical Storm Isaias Impacts Multiple U.S. Regions
			

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Updated 2/4/21: FEMA issued a Presidential Major Disaster Declaration for areas in Maryland affected by Tropical Storm Isaias from August 3-4, 2020.


Maryland Tropical Storm Isaias (DR-4583)


Updated 1/13/21: FEMA issued an update to a Presidential Major Disaster Declaration for areas in New Jersey affected by Tropical Storm Isaias on August 4, 2020.


New Jersey Tropical Storm Isaias (DR-4574 Amendment 1)


Updated 1/13/21: FEMA issued an update to a Presidential Major Disaster Declaration for areas in North Carolina affected by Hurricane Isaias from July 31 to August 4, 2020.


North Carolina Hurricane Isaias (DR-4568 Amendment 1)


Updated 1/12/21: FEMA issued a Presidential Major Disaster Declaration for areas in Connecticut affected by Tropical Storm Isaias on August 4, 2020.


Connecticut Tropical Storm Isaias (DR-4580)


Updated 12/11/20: FEMA issued a Presidential Major Disaster Declaration for areas in New Jersey affected by Tropical Storm Isaias on August 4, 2020.


New Jersey Tropical Storm Isaias (DR-4574)


Updated 12/2/20: FEMA issued an update to a Presidential Major Disaster Declaration for areas in Delaware affected by Tropical Storm Isaias from August 4-7, 2020.


Delaware Tropical Storm Isaias (DR-4566 Amendment 1)


Updated 11/3/20: FEMA issued an update to a Presidential Major Disaster Declaration for areas in New York affected by Tropical Storm Isaias on August 4, 2020.


New York Tropical Storm Isaias (DR-4567 Amendment 2)


Updated 10/14/20: FEMA issued a Presidential Major Disaster Declaration for areas in North Carolina affected by Hurricane Isaias from July 31 to August 4, 2020.


North Carolina Hurricane Isaias (DR-4568)


Updated 10/2/20: FEMA issued an update to a Presidential Major Disaster Declaration for areas in Delaware affected by Tropical Storm Isaias from August 4-7, 2020.


Delaware Tropical Storm Isaias (DR-4566 Amendment)



Updated 9/10/20: FEMA issued a Presidential Major Disaster Declaration for areas in Puerto Rico affected by Hurricane Isaias from July 29-31, 2020.


Puerto Rico Hurricane Isaias (DR-4560)


Updated 8/6/20: FEMA issued an Emergency Declaration for areas in Connecticut affected by Tropical Storm Isaias on August 4, 2020.


Connecticut Tropical Storm Isaias (EM-3535)

FEMA Emergency Declaration Connecticut: ZIP Code List


Included Tribal Areas:

Mashantucket Pequot Tribe (New London County, 06338)

Mohegan Tribe of Indians (New London County, 06382)


Updated 8/5/20: Patch.com published a report outlining major creek/river flooding in Pennsylvania resulting from Tropical Storm Isaiais.


Perkiomen Creek Floods to All-Time Historic High Levels


Approximate impacted locations include:


– Collegeville (Montgomery County, 19426, 19473)

– Eastwick/Southwest Philadelphia (Philadelphia County, 19154)

– Graterford (Montgomery County, 19426)

– Manayunk (Philadelphia County, 19127)

– Norristown (Montgomery County, 19401, 19403, 19404, 19405, 19406, 19407, 19408, 19409)

– Parkwood Manor/Northeast Philadelphia (Philadelphia County, 19154)

– Schwenksville (Montgomery County, 19473)

– Skippack (Montgomery County, 19474)

Additional Media: https://www.nbcphiladelphia.com/weather/stories-weather/isaias-philadelphia-region-tropical-storm-rain-wind/2490160/


Updated 8/5/20: The Weather Channel published a report offering a full recap on Hurricane Isaias, which impacted a large portion of the U.S. Southeast, Mid-Atlantic and Northeast.


Hurricane Isaias Recap: Northeast Lashing Follows a North Carolina Landfall, a Florida Grazing, and Puerto Rico Soaking


Approximate locations sustaining structural damage:


Building Collapse

New York

– 204 Bedford Ave., Brooklyn (Kings County, 11249)


Fire

North Carolina

– Ocean Isle Beach (Brunswick County, 28469)

*Driftwood Ave. (four fires) East 4th St. (one fire)

*One property identified as 16 Driftwood Ave.

Media: https://www.wect.com/2020/08/03/multiple-fires-spark-ocean-isle-beach-isaias-moves-shore/


Flooding

Delaware

– Dover (New Castle County, 19901, 19902, 19903, 19904, 19905, 19906)

Media: https://www.nbcphiladelphia.com/news/local/tracking-high-winds-tornadoes-tractor-trailers-flipped-over-in-de/2490388/


Maryland

– Elkton (Cecil County, 21921, 21922)

Media: https://patch.com/maryland/perryville/flooded-houses-submerged-vehicles-prompt-rescues-cecil-county

– North East (Cecil County, 21901)

Media: https://www.wbaltv.com/article/north-east-being-evacuated-for-flooding/33512504


North Carolina

– Ocean Isle Beach (Brunswick County, 28469)

– Oak Island (Brunswick County, 28465)


Pennsylvania

– Alsace Township (Berks County, 19522)

– Darby Borough (Delaware County, 19023)

– Eastwick/Southwest Philly (Philadlephia County, 19153)

– North Coventry Township (Chester County, 19465)

– Upper Darby (Delaware County, 19082)

Media: https://www.fox29.com/news/reports-of-widespread-flooding-across-delaware-valley-as-isaias-dumps-rain


South Carolina

– Cherry Grove (Horry County, 29582)

Media: https://wpde.com/news/local/cherry-grove-neighbors-inundated-by-isaias-storm-surge-homes-flooded

– Garden City (Horry County, 29576)


Tornado

Delaware

– Bear (New Castle County, 19701)

*High winds

*Concentrated home damage in Brennan Estates

– Dover (New Castle County, 19901, 19902, 19903, 19904, 19905, 19906)

Media: https://www.nbcphiladelphia.com/news/local/tracking-high-winds-tornadoes-tractor-trailers-flipped-over-in-de/2490388/



Maryland

– Mardela Springs (Wicomico County, 21837)

Media: https://wjla.com/news/local/multiple-tornadoes-reported-in-maryland-as

– Ocean City (Worcester County, 21842, 21843)

*Wind damage


Massachusetts

– Springfield (Hampden County, 01101, 01102, 01103, 01104, 01105, 01106, 01107, 01108, 01109, 01111, 01115, 01118, 01119, 01128, 01129, 01138, 01139, 01144, 01151, 01152, 01199)

– Worcester (Worcester County, 01601, 01602, 01603, 01604, 01605, 01606, 01607, 01608, 01609, 01610, 01612, 01613, 01614, 01615, 01653, 01655)

*Wind damage

Media: https://www.masslive.com/coronavirus/2020/08/storm-tracker-massachusetts-widespread-wind-damage-more-than-180000-customers-without-power-as-tropical-storm-isaias-rolls-through.html


New Jersey

– Marmora/Upper Township (Cape May County, 08223)


New York

*Wind damage

– Garden City/Long Island (Nassau County, 11530)

-South Shore/Staten Island (Nassau County, 10306, 10307, 10308, 10309, 10312)

Media: https://abc7ny.com/hurricane-isaias-long-island-tropical-storm-track-radar-map/6353608/ 


North Carolina

– Leland (Brunswick County, 28451)

– Oak Island (Brunswick County, 28465)

– Southport (Brunswick County, 28461)

*Wind damage

– Town Creek (Brunswick County, 28451)

– Windsor (Bertie County, 27983)

Media: https://www.wral.com/it-s-bad-sheriff-says-person-killed-10-homes-destroyed-in-bertie-county-tornado/19218597/



Pennsylvania

– Doylestown (Bucks County, 18901, 18902)

– Parkwood Manor/Northeast Philly (Philadelphia County, 19154)

– Worcester Township (Montgomery County, 19490)

Media: https://6abc.com/nj-tornado-isaias-delaware-pa/6354353/


Virginia

– Courtland (Southampton County, 23837)

– Suffolk (23432, 23433, 23434, 23435, 23436, 23437, 23438, 23439)

– White Stone (Lancaster County, 22587)

*Little Bay Community

Media: https://www.wric.com/weather/weather-photos/photos-tropical-storm-isaias/


Updated 8/4/20: The Weather Channel published a report outlining the latest details associated with Tropical Storm Isaias, which is tracking up the U.S. East Coast after making landfall in North Carolina as a Category 1 hurricane.


Tropical Storm Isaias Racing Through the Northeast, Spreading Damaging Winds, Flooding Rain and Tornadoes



Updated 8/3/20: The Weather Channel published a report outlining the latest details associated with Tropical Storm Isaias, which is expected to restrengthen into a hurricane and make landfall in the Carolinas over the next several hours.


Hurricane Warning Issued as Tropical Storm Isaias Takes Aim at Carolinas, East Coast


Updated 8/3/20 New Jersey Governor Phil Murphy issued a statewide emergency declaration in anticipation of Tropical Storm Isaias.


Governor Murphy Declares State of Emergency in Response to Hurricane Isaias

Associated County ZIP Code List


Updated 8/2/20: FEMA issued an Emergency Declaration for areas in North Carolina affected by Hurricane Isaias beginning July 31, 2020 and continuing.


North Carolina Hurricane Isaias (EM-3534)

FEMA Emergency Declaration North Carolina: ZIP Code List


Updated 8/2/20: The Weather Channel published a report outlining the latest details associated with Hurricane Isaias, which has weakened into a tropical storm and will track close to Florida’s eastern coast before impacting the Carolinas and New England.


Isaias Tracking Near South Florida This Morning. New Tropical Storm Watches and Warnings Issued in Carolinas


Updated 8/1/20: FEMA issued an Emergency Declaration for areas in Florida affected by Hurricane Isaias beginning July 31, 2020 and continuing.


Florida Hurricane Isaias (EM-3533)

FEMA Emergency Declaration Florida: ZIP Code List


Updated 8/1/20: The Weather Channel published a report outlining the latest details associated with Hurricane Isaias, which is expected to impact portions of Florida within the next several hours.


Hurricane Isaias Is Moving Through Bahamas and Will Approach Florida Later Saturday; Will Track Up East Coast Next Week


Areas of Florida currently under a hurricane warning/watch:



Hurricane Warning

– Boca Raton to the Flagler/Volusia County Line


Hurricane Watch

– South Florida (from Boca Raton to Hallandale Beach)


Updated 7/31/20: Emergency declarations in anticipation of Hurricane Isaias have been issued by governors in Florida, North Carolina and Virginia.


Florida

FirstCoast News (Florida Gov. DeSantis to Discuss Hurricane Isaias at Florida Division of Emergency Management)

Associated County ZIP Code List (19 Counties)


North Carolina

NC Governor Roy Cooper (Governor Cooper Declares Emergency as North Carolina Prepares for Hurricane Isaias)

Associated County ZIP Code List (Statewide)


Virginia

Virginia Governor Ralph S. Northam (Governor Northam Declares State of Emergency in Advance of Hurricane Isaias)

Associated County ZIP Code List (Statewide)


Updated 7/31/20: The Weather Channel published a report outlining the latest details associated with Hurricane Isaias, which is expected to impact portions of Florida within the next 24 hours.


Isaias Prompts Hurricane Watch for Parts of Florida Ahead of Strengthening in Bahamas, Track Up East Coast


Hurricane Isaias to Strengthen in the Bahamas and Will Track Near Florida, East Coast Into Next Week


Additional Resource:


Florida Eastern Coast County ZIP Code List


Areas of Florida currently under watches/warnings:


Tropical Storm Warning

– Florida Peninsula (Miami, Fort Lauderdale, West Palm Beach)


Hurricane Watch

– North of Deerfield Beach to the Brevard County Line


Updated 7/31/20: ABC News issued a report outlining impacts of Tropical Storm Isaias in Puerto Rico. According to the report, the southern region of the island may have been hardest hit, with area communities reportedly experiencing flash flooding that has collapsed abandoned homes.


Isaias Causes Floods, Slides, Then Grows Into Hurricane


South Region Municipalities: 


– Arroyo (00714)

– Coamo (00640, 00769)

– Guyama (00704, 00784)

– Guayanilla (00656, 00785)

– Juana Diaz (00665, 00795, 00796)

– Patillas (00723)

– Penuelas (00624)

– Ponce (00715, 00716, 00717, 00728, 00730, 00731, 00732, 00733, 00734, 00780)

– Salinas (00704, 00751)

– Santa Isabel (00757)

– Villalba (00766)


Updated 7/30/20: The Weather Channel published a report outlining the latest details associated with Tropical Storm Isaias, which has formed in the Atlantic Ocean.


Tropical Storm Isaias Carving Through the Caribbean. Could Head Toward Florida, Southeast Coast 


Updated 7/29/20: FEMA issued an Emergency Declaration for areas in the U.S. Virgin Islands affected by Potential Tropical Cyclone Nine (Tropical Storm Isaias) beginning July 27, 2020 and continuing.


Potential Tropical Cyclone Nine USVI (EM-3531)

FEMA Emergency Declaration USVI: ZIP Code List




Updated 7/29/20: FEMA issued an Emergency Declaration for areas in Puerto Rico affected by Potential Tropical Cyclone Nine (Tropical Storm Isaias) beginning July 27, 2020 and continuing.


Potential Tropical Cyclone Nine Puerto Rico (EM-3532)

FEMA Emergency Declaration Puerto Rico: ZIP Code List


 


Disaster Alert

July 28, 2020


Source: USA Today


Additional Resources:


Puerto Rico/U.S. Virgin Islands Coastal ZIP Code List


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








Story Highlights


    

  • A weather system now swirling in the central Atlantic will likely become the season’s next tropical storm.
    • 

  • Tropical storm warnings have been hoisted in both Puerto Rico and the U.S. Virgin Islands.
    • 

  • Heavy rain “may produce life-threatening flash flooding and mudslides,” the hurricane center warned.
    • 



The hyperactive 2020 Atlantic hurricane season shows no signs of slowing down.


A weather system swirling in the central Atlantic will likely become the season’s next tropical storm, forecasters said Tuesday, with the National Hurricane Center giving the system a 90% chance of development within the next two days.


Tropical storm warnings have been hoisted in both Puerto Rico and the U.S. Virgin Islands for the system, which the hurricane center has dubbed “Potential Tropical Cyclone Nine.” This means tropical storm conditions are likely there within the next 36 hours.


On the forecast track, the system is expected to move through the Leeward Islands on Wednesday, near or over the Virgin Islands and Puerto Rico on Wednesday night and near or over Hispaniola on Thursday, the hurricane center said.


The storm could dump as much as 10 inches of rain across the northern Leeward Islands, the British and U.S. Virgin Islands, and Puerto Rico. “This rainfall may produce life-threatening flash flooding and mudslides,” the hurricane center warned.






For full report, please click the source link above.



	


	





	

		
FHFA: Foreclosure Prevention Report – April 2020
			

				Posted on  by Safeguard			

			


	
		

		
	

		
Investor Update

July 13, 2020


Source: FHFA






























April 2020 Highlights — Foreclosure Prevention


The Enterprises’ Foreclosure Prevention Actions:


• The Enterprises completed 16,738 foreclosure prevention actions in April, bringing the total to 4,450,614 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.


• There were 4,528 permanent loan modifications in April, bringing the total to 2,411,383 since the conservatorships began in September 2008.


• Nineteen percent of modifications in April were modifications with principal forbearance. Modifications with extend-term only accounted for 67 percent of all loan modifications during the month.


• Initiated forbearance plans jumped significantly to 989,594 in April from 165,431 in March, bringing the total number of loans in forbearance plans to 1,149,188, representing approximately 4.1% of the total loans serviced.


• There were 326 short sales and deeds-in-lieu of foreclosure completed in April, down 5 percent compared with March 2020.


The Enterprises’ Mortgage Performance:


• 30-59 days delinquency rate rose to 3.47 percent while serious delinquency rate increased from 0.64 percent at the end of March to 0.68 percent at the end of April.


The Enterprises’ Foreclosures:


• Third-party and foreclosure sales dropped 83 percent from 1,988 in March to 344 in April due to the suspension of foreclosures.


• Foreclosure starts also dropped from 8,293 in March to 3,229 in April due to the suspension of foreclosures.


April 2020 Highlights — Refinance Activities


• Total refinance volume sharply increased in April 2020 to levels last observed in 2013 as mortgage rates in fell in previous months. Mortgage rates decreased further in April: the average interest rate on a 30-year fixed rate mortgage fell to 3.31 percent from 3.45 percent in March.


• In April 2020, 13 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 32.


• The percentage of cash-out refinances decreased to 30 percent in April from 36 percent in March. Mortgage rates have continued to fall from the highs observed a year ago, creating more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.






Attachments: Foreclosure Prevention, Refi, and FPM – April 2020

























	


	





	

		
FHFA: 2021 Housing Goals for Fannie Mae and Freddie Mac Proposed
			

				Posted on  by Safeguard			

			


	
		

		
	

		
Updated 12/16/20: The FHFA issued its final rule on the 2021 housing goals for Fannie Mae and Freddie Mac.


2021 Enterprise Housing Goals Final Rule


 


Investor Update

July 20, 2020


Source: FHFA


Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) proposed its 2021 housing goals for Fannie Mae and Freddie Mac (the Enterprises). Due to the economic uncertainty related to the COVID-19 national pandemic, FHFA is proposing benchmarks for calendar year 2021 only, and those levels will remain the same as they were for 2018-2020. Once finalized, the proposed benchmark levels would extend those benchmarks that are currently set to expire on December 31, 2020.


The proposed rule would establish both single-family and multifamily housing goals.


For full news release, please click the source link above.