Page 221 – Safeguard Properties

OCC: Improvement in Mortgage Performance for First Quarter 2019

Posted on July 3, 2019July 3, 2019 by Safeguard

Investor Update
June 26, 2019

Source: OCC

WASHINGTON —The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the first quarter of 2019.

The OCC Mortgage Metrics Report, First Quarter 2019 showed 96.2 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 95.6 percent a year earlier.

The report also showed that servicers initiated 27,610 new foreclosures during the first quarter of 2019, a 6.5 percent decrease from the previous quarter and a 26 percent decrease from a year ago. Servicers completed 17,561 mortgage modifications in the first quarter of 2019, and 72.6 percent of the modifications reduced borrowers’ monthly payments.

The first-lien mortgages included in the OCC’s quarterly report comprise 31 percent of all residential mortgages outstanding in the United States or approximately 16.7 million loans totaling $3.2 trillion in principal balances. This report provides information on mortgage performance through March 31, 2019, and it can be downloaded from the OCC’s website, www.occ.gov.

Related Link

OCC Mortgage Metrics Report, First Quarter 2019 (PDF)

Joe Iafigliola Promoted to CFO of Safeguard Properties

Posted on July 1, 2019July 10, 2019 by Safeguard

Safeguard in the News
June 19, 2019

Source: MortgageOrb

Joe Iafigliola has been promoted to chief financial officer at field services company Safeguard Properties.

Iafigliola was previously vice president of finance and operations.

Prior to that he served as vice president of operations, vendor management and quality assurance, for the firm, which he joined in 2013.

In his new role as chief financial officer, Iafigliola is responsible for oversight of the control, quality assurance, accounting and information security departments.

He is also a managing director at SCG Partners, a middle-market private equity fund.

Prior to joining Safeguard, Iafigliola has been in a wide variety of roles in finance, supply chain management, information systems and sales/marketing. His career includes positions with McMaster-Carr Supply Co., Newell/Rubbermaid, and Procter and Gamble.

Additional media sharing in this news:

National Mortgage News (7/5/19)

VA: VALERI Servicer Newsflash

Posted on June 26, 2019July 3, 2019 by Safeguard

Investor Update
June 26, 2019

Source: VA

Important Information

The new VALERI application was successfully deployed on May 28, 2019. The application is online and available for registered users. Following the deployment of any new application, areas of concern will arise. We are making every effort to address all identified issues, so we can continue to provide outstanding service to our industry partners. We sincerely appreciate your continued support and patience.

Accessing VALERI – The new VALERI application must be accessed with the Google Chrome browser.

Servicer Operational Reports – The Servicer Loan Listing and Claim Detail Results reports are populating incorrectly. Our development team is working to address the issues. In addition, all Analytic Reports are currently limited to a maximum of 10,000 rows. The issue will be resolved in our July release.

Transfer of Custody (TOC) Event– There are several business rules in the Transfer of Custody event that are erroneously failing causing the TOC event to reject. A resolution is in progress and expected soon. In the meantime, servicers are responsible for the asset until the TOC is reported in VALERI and custody of the property is accepted. Servicers must continue to perform property preservation and inspections until the property is in VA’s custody.

Electronic Default Notice (EDN) Event Reporting – EDN reporting failures are occurring erroneously due to the system falsely associating a previous default on the account. Servicers who are unable to successfully report an EDN in VALERI, but need to submit a pre-approval request, must email the request to the Loan Administration Officer in the office of jurisdiction. The Regional Loan Center contact information is located on the VALERI Internet site at https://www.benefits.va.gov/homeloans/servicers_valeri.asp.

Appeal Claims – Line items for claims certified in the previous VALERI application are not displaying in the same manner. For claim appeals, servicers should email the assigned Loan Technician and upload the original claim detail results in addition to the appeal documentation. The technician will then review the appeal claim manually.

VALERI Event Statuses – The new VALERI application has the following event statuses:

• Not Processed – Displayed when the event has been Withdrawn.

• Accepted – Displayed when all business rules passed, and the event successfully processed.

• Rejected – Displayed when a fatal business rule failure caused the event to Reject.

• Requires VA Review – Displayed when there are non-fatal business rules failure(s). The event processed successfully but may require further review at a later date by VA. No further action is required from the servicer. This status will not change after VA review is complete.

VA Loan Technician Contact Information – Loan Technician contact information is currently located on the VALERI Internet page at https://www.benefits.va.gov/homeloans/servicers_valeri.asp.

Servicer Point of Contact (POC) Information – Servicer Account Department POC information should be populated into the VALERI application as soon as possible.

VALERI Assistance – Any VALERI system related inquiries must be directed to valeri.vbaco@va.gov. Policy inquiries should still be directed to the VALERI Helpdesk at valerihelpdesk.vbaco@va.gov.

Servicer Monthly Webinar – Servicers are encouraged to attend the next monthly webinar on July 11, 2019, at 1:00 PM EST. Requests for webinar information, for those who have not previously attended, should be directed to the VALERI Helpdesk at valerihelpdesk.vbaco@va.gov at least 48 hours prior to the webinar.

VALERI HelpDesk

VA Central Office Loan Management

Fannie Mae: AAA Matrix Updates

Posted on June 25, 2019 by Safeguard

Investor Update
June 19, 2019

Source: Fannie Mae

The AAA matrix provides state-specific excess fees/costs process guidelines and includes a process overview, as well as additional procedures and specific request requirements.

The matrix references applicable Servicing Guide provisions and other policies.

Fannie Mae requires the attorneys to submit all excess fee and title cost requests. Requests made by servicers will not be accepted.

To access the AAA Matrix, please click the source link above.

VA: Circular 26-19-16: Special Relief Following Severe Storms and Flooding in Arkansas

Posted on June 25, 2019 by Safeguard

Investor Update
June 20, 2019

Source: VA

1. Purpose. This Circular expresses concern about the Department of Veterans Affairs (VA) home loan borrowers affected by the severe storms and flooding in Arkansas and describes measures mortgagees may employ to provide relief. Mortgage servicers and borrowers alike should review VA’s Guidance on Natural Disasters to ensure Veterans receive the assistance they need. (https://www.benefits.va.gov/homeloans/documents/docs/va_policy_regarding_natural_disasters.pdf or https://www.benefits.va.gov/WARMS/docs/admin26/m26_04/Chapter_21.docx).

2. Forbearance Request. VA encourages holders of guaranteed loans to extend forbearance to borrowers in distress as a result of the severe storms and flooding. Careful counseling with borrowers should help determine whether their difficulties are related to this disaster, or whether they stem from other sources that must be addressed. The proper use of authorities granted in VA regulations may be of assistance in appropriate cases. For example, Title 38, Code of Federal Regulations (CFR), section 36.4311 allows the reapplication of prepayments to cure or prevent a default. Also, 38 CFR 36.4315 allows the terms of any guaranteed loan to be modified without the prior approval of VA, provided conditions in the regulation are satisfied.

3. Moratorium on Foreclosure. Although the loan holder is ultimately responsible for determining when to initiate foreclosure, and for completing termination action, VA has requested on its website (https://www.benefits.va.gov/homeloans) that holders establish a 90-day moratorium from the date of a disaster on initiating new foreclosures on loans affected by major disasters. VA regulation 38 CFR 36.4324(a)(3)(ii) allows additional interest on a guaranty claim when eventual termination has been delayed due to circumstances beyond the control of the holder, such as VA-requested forbearance. Because of the widespread impact of the disaster, holders should review all foreclosure referrals to ensure that borrowers have not been affected significantly enough to justify delay in referral. Any questions about impact should be discussed with the VA Regional Loan Center (RLC) of jurisdiction.

4. Late Charge Waivers. VA believes that many servicers plan to waive late charges on affected loans and encourages all servicers to adopt such a policy for any loans that may have been affected.

5. Credit and VA Reporting. In order to avoid damaging credit records of Veteran borrowers, servicers are encouraged to suspend credit bureau reporting on affected loans. VA will not penalize affected servicers for any late default reporting to VA as a result. Please contact the appropriate RLC with any questions.

6. Activation of the National Guard. Members of the National Guard may be called to active duty to assist in recovery efforts. VA encourages servicers to extend special forbearance to National Guard members who experience financial difficulties as a result of their service.

7. Rescission: This Circular is rescinded July 1, 2020.

By Direction of the Under Secretary for Benefits

Jeffrey F. London
Director, Loan Guaranty Service

FHFA: Foreclosure Prevention Report – First Quarter 2019

Posted on June 25, 2019June 25, 2019 by Safeguard

Investor Update
June 20, 2019

Source: FHFA

First Quarter 2019 Highlights

The Enterprises’ Foreclosure Prevention Actions:

• The Enterprises completed 38,968 foreclosure prevention actions in the first quarter, bringing the total to 4,322,804 since the start of conservatorships in September 2008. Of these actions, 3,629,411 have helped troubled homeowners stay in their homes, including 2,336,047 permanent loan modifications.

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

• There were 1,542 completed short sales and deeds-in-lieu during the quarter, bringing the total to 693,393 since the conservatorships began in September in 2008.

The Enterprises’ Mortgage Performance:

• The percentage of 60+ days delinquent loans dropped from 1.08 percent at the end of 2018 to 1.03 percent at the end of the first quarter of 2019.

• The Enterprises’ serious (90 days or more) delinquency rate decreased to 0.71 percent at the end of the first quarter. This compared with 3.45 percent for Federal Housing Administration (FHA) loans, 1.87 percent for Veterans Affairs (VA) loans, and 1.96 percent for all loans (industry average).

The Enterprises’ Foreclosures:

• Foreclosure starts decreased 7 percent to 33,475 while third-party and foreclosure sales also decreased 6 percent to 10,824 in the first quarter.

For an interactive online map that provides state data, click on the following link: Fannie Mae and Freddie Mac State Borrower Assistance Map

HUD: FHA INFO #19-32: Training Opportunities

Posted on June 25, 2019 by Safeguard

Investor Update
June 21, 2019

Source: HUD

Webinar Title: NEW
Webinar I: Webinar I: Overview HUD Early Delinquency Activities and Loss Mitigation Programs
Date/Time: Wednesday, July 10, 2019, 2:00 PM to 4:00 PM (Eastern)
Event Location: On-line Webinar — No Fee
Jurisdictional Host: National Servicing Center
Registration Link: https://attendee.gotowebinar.com/register/854713457607514114
Description: Representatives from the Federal Housing Administration (FHA) will provide an overview of FHA-approved servicer requirements to include: early delinquency activity; timelines; general loss mitigation; evaluation of the borrower’s financial condition; and collections best practices.
Audience: This webinar is open to FHA servicing industry participants.
Special Instructions: A valid company email address is required at the time of registration. For additional information, please email: stacey.a.brown@hud.gov

For full list of opportunities, please click the source link above.

FEMA Declared Disaster Mississippi

Posted on June 21, 2019July 29, 2019 by Safeguard

FEMA Alert Update
July 26, 2019

FEMA issued an update to a Presidential Major Disaster Declaration for areas in Mississippi affected by severe storms, tornadoes, straight-line winds and flooding that took place April 13-14, 2019.

The following county is eligible for assistance:

Public Assistance

Holmes

FEMA Release: Declared Disaster Amendment for Mississippi

ZIP Code List for FEMA Declared Disaster for Mississippi

FEMA Alert
June 20, 2019

FEMA issued a Presidential Major Disaster Declaration for areas in Mississippi affected by severe storms, tornadoes, straight-line winds and flooding that took place April 13-14, 2019.

The following counties are eligible for assistance:

Public Assistance

Clarke
Clay
Itawamba
Kemper
Monroe
Oktibbeha
Warren
Yazoo

FEMA Release: Declared Disaster for Mississippi

ZIP Code List for FEMA Declared Disaster for Mississippi

MapAlert Disaster Viewer

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 Kansas

Posted on June 21, 2019August 20, 2019 by Safeguard

FEMA Alert Update
August 14, 2019

FEMA issued an update to a Presidential Major Disaster Declaration for areas in Kansas affected by severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that took place April 28 to July 12, 2019.

The following county is eligible for assistance:

Public Assistance

Miami

FEMA Release: Declared Disaster Amendment for Kansas

ZIP Code List for FEMA Declared Disaster for Kansas

MapAlert Disaster Viewer

FEMA Alert Update
August 5, 2019

The following counties are eligible for assistance:

Public Assistance

Brown
Ness
Osbourne
Smith
Stafford
Wallace
Wyandote

FEMA Release: Declared Disaster Amendment for Kansas (designated areas)

ZIP Code List for FEMA Declared Disaster for Kansas

FEMA Alert Update
July 25, 2019

The following counties are eligible for assistance:

Public Assistance

Bourbon
Comanche
Crawford
Dickinson
Douglas
Edwards
Ford
Gray
Riley

FEMA Release: Declared Disaster Amendment for Kansas

ZIP Code List for FEMA Declared Disaster for Kansas

FEMA Alert Update
July 12, 2019

FEMA Release: Declared Disaster Amendment for Kansas

FEMA Alert
June 20, 2019

FEMA issued a Presidential Major Disaster Declaration for areas in Kansas affected by severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides beginning on April 28, 2019 and continuing.

The following counties are eligible for assistance:

Public Assistance

Allen
Anderson
Atchison
Barber
Barton
Butler
Chase
Chautauqua
Cherokee
Clark
Clay
Cloud
Coffey
Cowley
Doniphan
Elk
Ellsworth
Franklin

Geary
Greenwood
Harper
Harvey
Hodgeman
Jefferson
Kingman
Leavenworth
Lincoln
Linn
Lyon
Marion
Marshall
McPherson
Meade
Montgomery
Morris
Nemaha

Neosho
Osage
Ottawa
Pawnee
Phillips
Pottawatomie
Pratt
Reno
Rice
Rush
Russell
Saline
Sumner
Wabaunsee
Washington
Wilson
Woodson

FEMA Release: Declared Disaster for Kansas

ZIP Code List for FEMA Declared Disaster for Kansas

MapAlert Disaster Viewer

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 Oglala Sioux Tribe

Posted on June 21, 2019June 21, 2019 by Safeguard

FEMA Alert
June 20, 2019

FEMA issued a Presidential Major Disaster Declaration for the Oglala Sioux Tribe of the Pine Ridge Reservation (South Dakota) as a result of a severe winter storm, snowstorm and flooding that took place on March 13-26, 2019. The following tribal area is eligible for assistance:

Public Assistance