Safeguard Properties

Spring Storms Damage Homes in South, Midwest

Posted on by Safeguard

Disaster Alert
March 29, 2020

Source: The Weather Channel

Additional Resources:

USA Today (Tornadoes in Arkansas, Iowa and Illinois damage homes, businesses)

CBS 2 (Three confirmed tornadoes touched down in eastern Iowa)

WEWS ABC 5 (Parma residents fed up with constant flooding issues)

Approximate locations (according to media outlets) sustaining structural damage:

Flooding

Ohio

– Middleburg Heights (Cuyahoga County, 44017, 44130)
– North Royalton (Cuyahoga County, 44133)
– Parma (Cuyahoga County, 44129, 44130, 44134)

Tornadoes

Arkansas
– Jonesboro (Craighead County, 72401, 72402, 72403, 72404, 72405)

Iowa
– Maynard (Fayette County, 50655)
– Oelwein (Fayette County, 50662)

Illinois
– Bartonville (Peoria County, 61607)
– Ipava (Fulton County, 61441)
– Metamora (Woodford County, 61548)

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

At a Glance

  • An EF3 tornado struck Jonesboro, Arkansas, Saturday evening.
  • Severe damage was reported to structures and vehicles on the city’s east side.
  • Flash flooding hit the Cleveland metroSunday morning.

A severe weather outbreak hit the mid-South and Midwest on Saturday as at least two tornadoes struck northeastern Arkansas.

A large tornado was captured on a highway camera moving into the east side of Jonesboro, Arkansas, during a live broadcast on The Weather Channel at about 5 p.m. CDT Saturday evening. The footage showed debris being lofted into the air, and minutes later, KAIT-TV reported search and rescue operations were underway and vehicles were overturned in the area of the Mall at Turtle Creek.

Most stores at the mall were closed because of the coronavirus pandemic, according to the Associated Press.

The National Weather Service assigned an EF3 rating to the Jonesboro tornado, noting the estimated maximum winds were 140 mph. Hangars were damaged at Jonesboro Municipal Airport, located just northeast of the mall, the NWS said.

A second tornado was also confirmed by the NWS to the northeast of Jonesboro in southeastern Greene County, Arkansas, and was rated EF1.

For full report, please click the source link above.

FEMA Declared Disaster Missouri

Posted on by Safeguard

FEMA Alert
March 26, 2020

FEMA issued a Presidential Major Disaster Declaration for areas in Missouri affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on January 20, 2020 and continuing.

Areas approved for Public Assistance: 114 Counties (Statewide)

Missouri COVID-19 Pandemic (DR-4490)

Missouri Declared Disaster Maryland: ZIP Code List

 

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 Declared Disaster Maryland

Posted on by Safeguard

FEMA Alert
March 26, 2020

FEMA issued a Presidential Major Disaster Declaration for areas in Maryland affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on January 20, 2020 and continuing.

Areas approved for Public Assistance: 24 Counties (Statewide)

Maryland COVID-19 Pandemic (DR-4491)

FEMA Declared Disaster Maryland: ZIP Code List

 

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 Declared Disaster Illinois

Posted on by Safeguard

FEMA Alert
March 26, 2020

FEMA issued a Presidential Major Disaster Declaration for areas in Illinois affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on January 20, 2020 and continuing.

Areas approved for Public Assistance: 102 Counties (Statewide)

Illinois COVID-19 Pandemic (DR-4489)

FEMA Declared Disaster Illinois: ZIP Code List

 

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

Freddie Mac: FHLMC Guide Bulletin 2020-06: Payment Deferral

Posted on by Safeguard

Investor Update
March 25, 2020

Source: Freddie Mac

NOTE: This option was developed with Fannie Mae. To view their associated announcement, click the following link:

Fannie Mae Lender Letter LL-2020-05: Payment Deferral

Single-Family Seller/Servicer Guide (Guide) Bulletin 2020-6 introduces Freddie Mac Payment Deferral, an innovative relief option that can help homeowners with an early delinquency due to a short-term hardship situation that has since been resolved.

Payment Deferral provides eligible homeowners with an affordable workout relief that can bring them current with their mortgage, without having to be placed under a repayment plan or have their mortgage term significantly modified via a Flex Modification plan.

Servicers must begin borrower evaluations for the Payment Deferral using the criteria outlined in the Guide no later than January 1, 2021.  However, Servicers may begin using this new option with eligible borrowers as early as July 1, 2020. This is true for all short-term hardships, including a COVID-19-related hardship.

The Bulletin also includes a few Servicing Gateway access request form updates and other Guide changes and reminders that may be important to your servicing operations.

FEMA Declared Disaster Texas

Posted on by Safeguard

FEMA Alert
March 25, 2020

FEMA issued a Presidential Major Disaster Declaration for areas in Texas affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on January 20, 2020 and continuing.

Areas approved for Public Assistance: 254 Counties (Statewide)

Please be advised of the following tribal areas eligible for Public Assistance:

  • Alabama-Coushatta Tribe of Texas (Polk County)
  • Kickapoo Reservation (Maverick County)
  • Ysleta del Sur Pueblo Indian Reservation (El Paso County)

 

Texas COVID-19 Pandemic (DR-4485)

FEMA Declared Disaster Texas: ZIP Code List

 

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 Declared Disaster North Carolina

Posted on by Safeguard

FEMA Alert
March 25, 2020

FEMA issued a Presidential Major Disaster Declaration for areas in North Carolina affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on January 20, 2020 and continuing.

Areas approved for Public Assistance: 100 Counties (Statewide)

Please be advised of the following tribal areas eligible for Public Assistance:

  • Coharie Indian Tribe (Sampson County)
  • Eastern Band of Cherokee Indians of North Carolina (Jackson/Swain Counties)
  • Haliwa-Saponi Indian Tribe (Halifax, Warren Counties)
  • Lumbee Tribe (Cumberland, Hoke, Robeson, Scotland Counties)
  • Meherrin Nation (Hertford County)
  • Waccamaw Siouan Tribe (Bladen, Columbus Counties)

 

North Carolina COVID-19 Pandemic (DR-4487)

FEMA Declared Disaster North Carolina: ZIP Code List

 

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 Declared Disaster New Jersey

Posted on by Safeguard

FEMA Alert
March 25, 2020

FEMA issued a Presidential Major Disaster Declaration for areas in New Jersey affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on January 20, 2020 and continuing.

Areas approved for Public Assistance: 21 Counties (Statewide)

Please be advised of the following tribal areas eligible for Public Assistance:

  • Ramapough Mountain Indians (Bergen/Passaic Counties)
  • Rankokus Indian Reservation (Burlington County)

 

New Jersey COVID-19 Pandemic (DR-4488)

FEMA Declared Disaster New Jersey: ZIP Code List

 

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 Declared Disaster Florida

Posted on by Safeguard

FEMA Alert
March 25, 2020

FEMA issued a Presidential Major Disaster Declaration for areas in Florida affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on January 20, 2020 and continuing.

Areas approved for Public Assistance: 67 Counties (Statewide)

Please be advised of the following tribal areas eligible for Public Assistance:

  • Florida Tribe of Eastern Creek (Walton County)
  • Miccosukee Indian Reservation (Broward, Miami-Dade County)
  • Poarch Creek Reservation and Trustlands (Escambia County)

 

Florida COVID-19 Pandemic (DR-4486)

FEMA Declared Disaster Florida: ZIP Code List

 

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 Mae Lender Letter LL-2020-05: Payment Deferral

Posted on by Safeguard

Updated 10/14/20: Fannie Mae updated its Payment Deferral Lender Letter to clarify that a borrower’s acceptance of a payment deferral will result in the mortgage loan’s withdrawal from HAMP and the loss of any future HAMP “pay for performance” incentives.

LL-2020-05 (Updates)

Investor Update
March 25, 2020

Source: Fannie Mae

We are introducing payment deferral, a new home retention workout option jointly developed with Freddie Mac at the direction of the Federal Housing Finance Agency. This workout option enables servicers to assist eligible borrowers who have resolved a temporary hardship and resumed their monthly contractual payments but cannot afford either a full reinstatement or repayment plan to bring the loan current.

This Lender Letter covers the following requirements for the payment deferral:

▪ Determining eligibility for a payment deferral
▪ Determining eligibility for a payment deferral for a Texas Section 50(a)(6) loan
▪ Determining the payment deferral terms
▪ Completing a payment deferral
▪ Processing a payment deferral for an MBS mortgage loan
▪ Processing a payment deferral for a mortgage loan with mortgage insurance
▪ Handling fees and late charges in connection with a payment deferral
▪ Incentive fees
▪ Servicing fees for a payment deferral
▪ Requesting reimbursement for payment deferral expenses
▪ Fannie Mae workout hierarchy
▪ Updates to Fannie Mae Flex Modification
▪ Reporting responsibilities for payment deferral
▪ Borrower Solicitation Letter (Form 745)

Effective: Servicers are encouraged to begin evaluating borrowers for payment deferral in accordance with this Lender Letter on or after Jul. 1, 2020; however, servicers must begin evaluating borrowers for payment deferral no later than Jan. 1, 2021. Also, these policy changes will be reflected in the Dec. 2020 update of the Servicing Guide.

To access full Lender Letter, please click the source link above.