Page 200 – Safeguard Properties

Auction.com: 2020 Default Servicing Industry Insights

Posted on February 26, 2020February 26, 2020 by Safeguard

Industry Update
February 26, 2020

Most Default Servicers Expect Foreclosures to Increase in 2020 Despite no Economic Recession

89 Percent Expect Increase in Foreclosure Inflow from Government-Insured Loans
Majority Expect Increased Foreclosure Inflow in Five of Seven U.S. Regions
68 Percent Plan to Increase Loss Mitigation Actions
41 Percent Plan to Price More Aggressively to Sell to Third-Party Buyers at Foreclosure Auction

Auction.com, the nation’s leading distressed real estate marketplace, today announced the results of its 2020 Default Servicing Insights report, based on a survey of more than 40 of the nation’s largest bank and nonbank default servicing clients along with representatives from government agencies involved in servicing and disposition of distressed properties.

Auction.com clients collectively account for 87 percent of all mortgage servicing volume nationwide based on an analysis of mortgage servicing data from Inside Mortgage Finance. Survey responses were submitted between Nov. 19 and Dec. 20, 2019, and the survey included questions regarding clients’ 2020 outlook for the U.S. economy and housing market, along with foreclosure and REO inflow expectations, foreclosure prevention plans, and foreclosure pricing strategies for the coming year.

High-level findings from the survey:
• Most respondents said they do not expect an economic recession in 2020.
• Two-thirds expect their foreclosure and REO inflow to increase in 2020.
• 89 percent expect an increase in foreclosure and REO inflow from government-insured loans.
• The majority expect foreclosure and REO inflow to increase in five of seven U.S. regions.
• 41 percent plan to price more aggressively to sell to third parties at foreclosure auction in 2020, with the remainder planning either no change in pricing strategy or less aggressive pricing.
• Eight out of 10 consider REO holding costs either the primary or an important factor in determining their foreclosure auction pricing strategy.

To access full report, please click the source link above.

Alabama Among Worst in Nation for Empty Housing

Posted on February 26, 2020 by Safeguard

Industry Update
February 25, 2020

Source: Al.com

Greene County, deep in Alabama’s Black Belt region, is the smallest county in the state, and one of the poorest. It’s one of only two counties in Alabama with fewer than 10,000 people, according to the U.S. Census Bureau. And it’s shrinking – it lost nearly 10 percent of its population between 2010 and 2018.

As Greene loses population, the people who remain are forced to deal with the properties left behind. More than 42 percent of all housing units in Greene County were vacant in 2018, according to the Census. That’s the highest rate in Alabama, a state that itself is near the top of the country in terms of vacancy rate.

Alabama is fourth in the country for raw vacancy rate. More than 18 percent of all housing units in the state are empty. Not all empty houses and apartments are are a bad thing, though. Many areas of the country, included certain parts of Alabama, see their vacancy rates climb because they have lots of seasonal housing.

Think of Alabama beaches in Baldwin County. There are lots of beach houses and condos that sit empty for most of the year, but are used throughout the summer. As a result, Baldwin’s raw vacancy rate is high – nearly 30 percent. And Baldwin is the fastest growing county in Alabama.

To access full report, please click the source link above.

Strong Winter Storm Moving Across Country

Posted on February 25, 2020February 25, 2020 by Safeguard

Updated 2/25/20: ABC News issued a report offering the latest on strong winter storm that is expected to bring substantial snow accumulations to multiple states.

Winter Storm Moving East with Heavy Snow

Disaster Alert
February 24, 2020

Source: ABC News

Additional Resource:

KIRO 7 (Strong winds bring down trees, power lines across Western Washington)

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

13 states from Washington to Illinois are on alert for heavy snow and flooding.

Two storm systems moving out of the West will combine into a Winter Storm in the middle of the country and could bring the biggest snowstorm of the season to parts of Midwest.

Already on Sunday, the northern storm brought damaging winds up to 50 mph in Seattle where trees were reported down on homes, critically injuring a person.

In Colorado, the southern storm brought heavy snow of up to 10 inches that caused accidents on the roads on Sunday.

As these storms move east, 13 states from Washington to Illinois are on alert for heavy snow and flooding.

This morning, the southern storm is already in the Plains and bringing rain ahead of it for most of the South and Mid-Mississippi River. Flooding is also possible in the Plains today as this heavy rain moves through.

To the north, heavy snow is falling in the northern Rockies from Idaho to northern Colorado.

By Tuesday morning, the storms should begin to combine in the Midwest and spread heavy rain all the way to the East Coast.

For full report, please click the source link above.

FHA INFO #20-15: Proposed CWCOT Enhancements

Posted on February 24, 2020 by Safeguard

Investor Update
February 24, 2020

Source: HUD

Today, the Federal Housing Administration (FHA) announced that it has posted on its Single Family Housing Drafting Table, proposed enhancements to its Claims Without Conveyance of Title (CWCOT) program. All FHA-approved mortgagees, servicers, and other interested stakeholders are invited to review the posted content and provide feedback on the proposed program updates through March 9, 2020.

Originally piloted in 2013, CWCOT is an FHA claim option through which insurance benefits are paid to a mortgagee after the sale of the property to a third party at foreclosure of the FHA-insured mortgage or through a second chance sale. This means there is no conveyance of the property to the Department of Housing and Urban Development in exchange for payment of the mortgage insurance benefit.

While FHA’s CWCOT program has enjoyed success to date, the agency has identified several key areas for improvements to the existing program that could make it even more viable for foreclosure sales associated with defaulted FHA-insured mortgages going forward.

As previously mentioned, FHA is seeking feedback on the proposed CWCOT program enhancements posted on the Drafting Table. Once the two-week feedback period ends, FHA will carefully consider the responses received and — if and/or where applicable — incorporate that feedback into a final CWCOT policy document to be published at a later date.

Instructions for providing feedback are posted on the Drafting Table. Additionally, interested stakeholders can go to www.hud.gov/answers or call the FHA Resource Center at 1-800-CALLFHA (1-800-225-5342) for more information. Persons with hearing or speech impairments may reach the FHA Resource Center via TTY by calling the Federal Relay Service at 1-800-877-8339.

Quick Links
• View the proposed enhancements to FHA’s CWCOT program on the Single Family Housing Drafting Table at: https://www.hud.gov/program_offices/housing/sfh/SFH_policy_drafts

Resources
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.

Erie County Introduces “ZOMBIE Watch”

Posted on February 24, 2020February 24, 2020 by Safeguard

Industry Update
February 22, 2020

Source: WBEN

Additional Resources:

Erie County Clerk’s Zombies Initiative

WKBW ABC (Erie County Taking Steps to Identify Vacant Property Stakeholders)

Erie County Clerk partners with WNY Law Center to combat neglected properties

CLARENCE, N.Y. (WBEN) – The latest initiative to combat zombie properties has been unveiled by the Erie County Clerk.

The Erie County Clerk’s ZOMBIES Initiative is intended to address vacant or abandoned homes, specifically with those that still have a mortgage.

Erie County Clerk Mickey Kearns announced the partnership with the Western New York Law Center to identify vacant and abandoned properties and to have them addressed through maintenance and repair.

“One of the things we noticed is that we get a lot of complaints in from neighbors and we wanted to be more proactive in making sure they know what’s happened with these houses,” Kate Lockhart, Director of the WNY Law Center’s Vacant and Abandoned Property Program, said. “That’s why we’re rolling out the Zombie Watch program. We’re putting signs in front of properties so neighbors know where to file complaints.”

To access full report, please click the source link above.

Safeguard Properties Enhances Controls Around Scheduled Inspections

Posted on February 24, 2020March 9, 2020 by Safeguard

News Release
February 18, 2020

Valley View, OH, February 18, 2020 — Safeguard Properties, the mortgage field services industry leader, has developed enhanced controls surrounding insurance loss and other scheduled inspections through its proprietary SafeView Field Services platform.

Utilizing SafeView Inspect, our integrated mobile inspection application, inspectors attempting to contact property occupants to schedule an inspection service are required to document proof of phone calls, voicemail messages and any other efforts to reach out. This eliminates any confusion regarding the inspector’s attempts to schedule the inspection.

Safeguard Scheduled Inspections (video)

The video linked above offers an overview of the enhancements Safeguard has developed.

“By adding controls around this process, we are able to provide clients the most up-to-date information regarding contact attempts and, ultimately, the condition of their assets,” said Alan Jaffa, CEO of Safeguard Properties. “Innovations like this allow us to maintain the high level of customer service and quality results our clients expect from Safeguard.”

SafeView Inspect provides full-service field support for our nationwide inspector network. In addition to the new scheduled inspections controls, the app utilizes geolocation technology to confirm the correct property, allows inspectors to obtain required photo documentation with tagged metadata, and applies smart scripting technology to ensure all vital property data is captured.

Those attending MBA’s Servicing Solutions Conference & Expo on Feb. 23-26 in Orlando, can learn more about these and all of Safeguard’s enhancements by stopping by Booth #601 or scheduling a meeting with Tim Rath at tim.rath@s.safeguardproperties.com.

About SafeView
SafeView is Safeguard Properties’ workflow management software designed to meet the ever-changing requirements of the field services industry. SafeView utilizes a dynamic rules-based engine to provide order processing, routing, invoicing and reporting services to ensure quality results.

About Safeguard
Safeguard Properties is the mortgage field services industry leader, inspecting and preserving vacant and foreclosed properties across the U.S. With a focus and investment in innovative technologies, Safeguard provides the highest quality service to our clients by proactively developing industry best practices and quality control procedures. We pride ourselves in our dedication to working with community leaders and officials to eliminate blight and stabilize neighborhoods across the country. Learn more at www.safeguardproperties.com.

Contact
Megan Greenwalt, corporate communications
800-852-8306, ext. 1870
megan.greenwalt@s.safeguardproperties.com

Media sharing in this news:
DS News (Safeguard Develops Platform for Inspections)

MortgageOrb (Safeguard Properties Enhances SafeView Field Services Platform)

President Trump Announces Nomination for Federal Housing Commissioner

Posted on February 21, 2020February 21, 2020 by Safeguard

Industry Update
February 20, 2020

Source: The White House

Today, President Donald J. Trump announced his intent to nominate the following individual to a key position in his Administration:

Dana T. Wade of the District of Columbia, to be the Assistant Secretary for Housing, Federal Housing Commissioner.

Mrs. Wade was previously the Acting Federal Housing Commissioner and Assistant Secretary for Housing from July 2017 to June 2018. In this capacity, she oversaw over 2,400 employees and implemented enhanced risk management and monitoring of the Federal Housing Agency’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 the Department of Housing and Urban Development, and multiple independent agencies. She has also held some of the most senior staff positions in Congress, serving as the Deputy Staff Director for the United States Senate Committee on Banking, Housing, and Urban Development and the Republican Deputy Staff Director for the United States 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.

FHA INFO #20-13: Training Opportunities

Posted on February 19, 2020February 19, 2020 by Safeguard

Investor Update
February 14, 2020

Source: HUD

—There is no charge for training courses and webinars offered by the Federal Housing Administration —

Course Title: NEW FHA Quality Assurance Update: Q1 2020

Date/Time: Wednesday, February 26, 2020, 2:00 PM – 3:30 PM (Eastern)

Event Location: Online Webinar – No Fee

Jurisdictional Host: Office of Lender Activities and Program Compliance

Registration Link: https://easthillmedia.zoom.us/webinar/register/WN_Iqn2FsCzSJubiCbrbK3bRA

Description:
This free, online webinar will provide an update on the Federal Housing Administration’s (FHA) quality assurance results for the most recent quarter, as well as specific information on how lenders can access reports and data through the Loan Review System (LRS). There will also be a live Question and Answer session at the end of the webinar.

Audience:
Although open to all stakeholders, this webinar is primarily for compliance, risk management, and quality control staff for FHA-approved mortgagees.

Special Instructions:
Advance registration is required no later than February 25, 2020. Registered attendees will receive a link via email to access the webinar and other details with their registration confirmation.

Resources
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.

FHFA: Foreclosure Prevention Report – November 2019

Posted on February 19, 2020 by Safeguard

Investor Update
February 14, 2020

Source: FHFA

November 2019 Highlights — Foreclosure Prevention

The Enterprises’ Foreclosure Prevention Actions:

• The Enterprises completed 8,156 foreclosure prevention actions in November, bringing the total to 4,398,274 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.

• There were 4,851 permanent loan modifications in November, bringing the total to 2,384,609 since the conservatorships began in September 2008.

• Twenty-eight percent of modifications in November were modifications with principal forbearance. Modifications with extend-term only accounted for 63 percent of all loan modifications during the month.

• There were 424 short sales and deeds-in-lieu of foreclosure completed in November, down 17 percent compared with October.

The Enterprises’ Mortgage Performance:

• The serious delinquency rate decreased slightly from 0.65 percent at the end of October to 0.64 percent at the end of November.

The Enterprises’ Foreclosures:

• Third-party and foreclosure sales decreased 13 percent from 3,174 in October to 2,763 in November.

• Foreclosure starts decreased slightly from 9,678 in October to 9,662 in November.

November 2019 Highlights — Refinance Activities

• Total refinance volume decreased in November 2019 as mortgage rates rose in previous months but remained near lows last observed in 2015. Mortgage rates increased in November: the average interest rate on a 30-year fixed rate mortgage rose to 3.70 percent from 3.60 percent in October.

• The percentage of cash-out refinances increased to 40 percent in November but remained well below the peak observed in late 2018. Mortgage rates have fallen from the highs observed a year ago to lows last observed in 2015, creating more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.

• In November 2019, 3 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 7.

Attachments: Foreclosure Prevention, Refi and FPM Report-Nov 19

MHA: Presidents’ Day Holiday Support and System Availability

Posted on February 14, 2020 by Safeguard

Investor Update
February 12, 2020

Source: MHA

In observance of the Presidents’ Day Holiday, the HAMP Reporting System response files will not be available between 4:00 p.m. ET on Friday, February 14, 2020 and 9:00 a.m. ET on Tuesday, February 18, 2020; the response files will be sent as soon as the system is available.

During this timeframe, the HAMP Reporting Tool will be available for servicers to submit and upload HAMP loan data files, and the corresponding Black Knight response files will be provided as usual.

The HAMP Solution Center will be closed on Monday, February 17, 2020 and will resume monitoring of the support@hmpadmin.com mailbox at 9:00 a.m. ET on Tuesday, February 18, 2020.