Safeguard Properties

FHFA: Foreclosure Prevention Report – Fourth Quarter 2019

Posted on by Safeguard

Investor Update
March 24, 2020

Source: FHFA

​​​​​​​4Q19 Highlights — Foreclosure Prevention

The Enterprises’ Foreclosure Prevention Actions:

• The Enterprises completed 25,930 foreclosure prevention actions in the fourth quarter, bringing the total to 4,406,966 since the start of conservatorships in September 2008. Of these actions, 3,709,440 have helped troubled homeowners stay in their homes, including 2,390,082 permanent loan modifications.

• Twenty-six percent of modifications in the fourth quarter were modifications with principal forbearance. Modifications with extend-term only accounted for 65 percent of all loan modifications during the quarter.

• There were 1,272 completed short sales and deeds-in-lieu during the quarter, bringing the total to 697,526 since the conservatorships began in September 2008.​

The Enterprises’ Mortgage Performance:

• The percentage of 60+ days delinquent loans remained unchanged at 0.96 percent at the end of the fourth quarter from third quarter of 2019.

• The Enterprises’ serious (90 days or more) delinquency rate remained unchanged at 0.65 percent at the end of the fourth quarter. This compared with 3.47 percent for Federal Housing Administration (FHA) loans, 1.92 percent for Veterans Affairs (VA) loans, and 1.76 percent for all loans (industry average).​

The Enterprises’ Foreclosures:

​• Foreclosure starts increased slightly to 30,010 while third-party and foreclosure sales decreased 12 percent to 8,474 in the fourth quarter.

​For an interactive online map that provides state data, click on the following link: 

Fannie Mae and Freddie Mac State Borrower Assistance Map​

4Q19 Highlights ​— Refinance Activities​​

​​• Total refinance volume increased in December 2019 as mortgage rates rose in previous months but remained near lows last observed in 2015. Mortgage rates increased in December: the average interest rate on a 30-year fixed rate mortgage rose to 3.72 percent from 3.70 percent in November.

• In the fourth quarter of 2019, 9 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 11.

• The percentage of cash-out refinances increased to 42 percent in December 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.

Attachments:

FEMA Declared Disaster Louisiana

Posted on by Safeguard

FEMA Alert
March 24, 2020

FEMA issued a Presidential Major Disaster Declaration for areas in Louisiana affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on March 17, 2020 and continuing.

Areas approved for Public Assistance: 64 Parishes (Statewide)

Louisiana COVID-19 Pandemic (DR-4484)

FEMA Declared Disaster Louisiana: 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 Iowa

Posted on by Safeguard

FEMA Alert
March 23, 2020

FEMA issued a Presidential Major Disaster Declaration for areas in Iowa affected by the Coronavirus Disease 2019 (COVID-19) pandemic beginning on March 17, 2020 and continuing.

Areas approved for Public Assistance: 99 Counties (Statewide)

Iowa COVID-19 Pandemic (DR-4483)

FEMA Declared Disaster Iowa: 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 Washington

Posted on by Safeguard

FEMA Alert
March 22, 2020

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

Areas approved for Public Assistance: 39 Counties (Statewide)

Washington COVID-19 Pandemic (DR-4481)

FEMA Declared Disaster Washington: 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 York

Posted on by Safeguard

FEMA Alert
March 20, 2020

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

Areas approved for Public Assistance: 62 Counties (Statewide)

New York COVID-19 Pandemic (DR-4480)

FEMA Declared Disaster New York: 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 California

Posted on by Safeguard

FEMA Alert
March 22, 2020

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

Areas approved for Public Assistance: 58 Counties (Statewide)

California COVID-19 Pandemic (DR-4482)

FEMA Declared Disaster California: 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

FHFA: Stress Testing of Regulated Entities

Posted on by Safeguard

Investor Update
March 24, 2020

Source: FHFA

SUMMARY:  The Federal Housing Finance Agency (FHFA) is adopting a final rule that amends its stress testing rule, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).  These amendments adopt the proposed amendments without change to modify the minimum threshold for the regulated entities to conduct stress tests increased from $10 billion to $250 billion; removal of the requirements for Federal Home Loan Banks (Banks) subject to stress testing; and removal of the adverse scenario from the list of required scenarios.  These amendments align FHFA’s rule with rules adopted by other financial institution regulators that implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) stress testing requirements, as amended by EGRRCPA.

DATES:  This rule is effective March 24, 2020.

Fannie Mae: AAA Matrix Update – March 2020

Posted on by Safeguard

Investor Update
March 18, 2020

Source: Fannie Mae

All AAA matrices have been updated effective 3/18/2020. Below reflects a detailed list of updates made by jurisdiction. Please review the appropriate jurisdiction-specific AAA matrix for additional details.

All

• Added the following verbiage in the Pro Rata Fees and Milestone Invoicing section:

Updated prorated attorney fees and foreclosure milestone information were announced in Servicing Guide
Announcement (SVC-2020-01). Please reference Servicing Guide E-5-05 for specific information. Servicers are encouraged to implement these policy changes immediately but must do so for invoices law firms submit to servicers on or after June 1, 2020.

• Removed all Bankruptcy Standard Excess Fees for services rendered prior to 11/1/2013 from the following sections:
o Chapter 7 Reaffirmation Agreement
o Chapter 11/12 Proof of Claim (POC) & Plan Review
o Chapter 11/12 Motion for Relief (MFR)
o Chapter 12 Objection to Plan

• Removed Chapter 11 Objection to Plan and Chapter 11/12 Response to Motion to Value from the Standard Excess
Fees – Foreclosure and Bankruptcy section

• Updated the Maximum Fee verbiage for the Additional Pleadings Standard Excess Fee to reflect “$50/$250” in place of
“$50 – $250″to indicate that Fannie Mae will approve either $50 or $250 and not amounts in between

NOTE: There is a Maximum Fee of $400 for motions (only) filed on or after 01/01/2016 in New Jersey only.

• Replaced the existing verbiage in the Notes column for Title Search (Allowable Costs section) with the following:

The title product and any required updates must confirm title to the property and identify all parties that must receive notice of the foreclosure sale. Unless specified by Fannie Mae the initial title product must be an uninsured title search without additional charges for insurance or guarantees or a Limited Trustee’s Sale Guarantee.

The initial title search should not expire, and only eligible title updates will be reviewed for reimbursement.

The title search allowable cost is good for the life of default and resets once the prior default has been cured.

• Replaced the existing verbiage in the Notes column for Title Update (Standard Excess Costs – Foreclosure section) with
the following:

This cost covers an additional title update that is not already included in the allowable title cost*. The firm is required to provide the date(s) and reason(s) for the current request and all prior title updates.

*For referrals prior to 09/01/2018 the allowable title search cost includes all routine title updates.

*For referrals on or after 09/01/2018 the allowable title search cost includes the first 3 updates.

For full announcement, please click source link above.

Texas Tornadoes Damage Homes

Posted on by Safeguard

Disaster Alert
March 19, 2020

Source: Abilene Reporter-News

Additional Resources:

Big Country Homepage.com: (GALLERY: Aerial footage of tornado damage in South Bend, Texas)

Approximate locations sustaining structural damage:

Texas
– Alvord (Wise County, 76225)
– Graham ( Young County, 76450)
– Hamby (Shackleford County, 79601)
– Mulberry Canyon (Taylor County, 79536)
– South Bend (Young County, 76481)
– Tye (Taylor County, 79563, 79603)

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

An overnight storm that spawned multiple tornadoes caused damage west, north and northeast of Abilene, including wind turbines south of Merkel, houses in Tye and vehicles and structures at the Robertson and Middleton prison units near the Jones County line.

The storm rumbled through the area during the first hours of the first day of spring.

A team from the San Angelo office of the National Weather Service surveyed the area Thursday and determined that a tornado had touched down south of Merkel about 1:15 a.m. Thursday, followed by second near Tye at about 1:27 a.m. and a third at the Robertson unit at 1:47 a.m., NWS lead forecaster Patrick McCullough said.

The Merkel and Robertson unit tornadoes were classified as at least EF-2, which have winds of 111 to 135 mph, the NWS said. The Tye tornado was classified as EF-1, with wind speeds of 86 to 110 mph.

Power lines were down, wind turbines toppled and several structures and residences in Mulberry Canyon south of Merkel were damaged, said Sgt. Cliff Griffin with the Taylor County Sheriff’s Office.

The destruction was especially evident around the 5500 block of FM 126 and at County Roads 342 and 344, he said.

The NWS team continues to survey the Tye area.

About 1:30 a.m. Thursday, a Tye police officer spotted a tornado on the ground in the Rister Park area. The tornado traveled east toward Dyess Air Force Base, according to a Tye police social media update.

Dyess AFB reported on social media that the cell passed to the north of the base.

For full report, please click the source link above.

5.7 Magnitude Earthquake Recorded Near Salt Lake City

Posted on by Safeguard

Disaster Alert
March 18, 2020

Source: The Weather Channel

Approximate locations reportedly sustaining minor structural damage:

Utah
– Magna (Salt Lake County, 84044)
– Salt Lake City (Salt Lake County)
Associated ZIP Code List

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

At a Glance

  • More than 73,000 homes and businesses were without power.
  • Aftershocks are expected to continue throughout the day.

A strong earthquake shook the Salt Lake City area Wednesday morning, leaving tens of thousands of homes and businesses without power and startling many residents who were still asleep in their beds.

There were no immediate reports of injuries or major damage.

“Please stay away from the downtown area while crews assess damage,” Gov. Gary Herbert advised. “Unless you work in public safety, or are an essential employee, remain at home or telework.”

Salt Lake City International Airport was evacuated and remained closed as of about 11 a.m. EST.

The U.S. Geological Survey gave the quake a preliminary rating of 5.7 magnitude and estimated that 2.8 million people likely felt the shaking shortly after 7 a.m. local time.

Weak to very strong shaking was reported in areas including Logan and Provo, according to the USGS shake map, which relies on first-person accounts. Most of the reports of stronger shaking came from closer to the city. The quake was centered near Magna, Utah, about 10 miles west of Salt Lake City, at a depth of about 6 miles, according to the USGS.

“We are receiving earthquake reports from Logan to Riverton. The strongest shaking seems to have been felt around Salt Lake County,” Utah Emergency Management said on Twitter.

For full report, please click the source link above.