Page 24 – Safeguard Properties

ICE First Look at Mortgage Performance for January 2025

Posted on February 21, 2025 by Safeguard

Industry Update
February 21, 2025

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at January 2025 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

Delinquencies fell 24 basis points (bps) to 3.47% in January; that’s 10 bps higher than last year, but 33 bps below pre-pandemic levels

Foreclosure starts jumped by 30% and sales rose by 25% in January – driven by an expiration in the VA foreclosure moratorium – with active inventory rising by 7% in the month

While the number of borrowers past due as a result of last year’s hurricanes has fallen from 58K to 41K in recent months, the financial impact from the recent Los Angeles wildfires is emerging

An estimated 680 homeowners in the path of the Los Angeles wildfires missed their January mortgage payment, and ICE daily mortgage performance data through Feb. 17 suggests as many as 3,300 borrowers may be at risk of missing their February payment.

Prepayment activity (SMM) fell to 0.48% in January, its lowest level in nearly a year, driven by the combination of modestly higher rates and the typical seasonal slowdown in home sale activity

For full report, please click the source link above.

Share of Mortgage Loans in Forbearance Decreases in January

Posted on February 21, 2025 by Safeguard

Industry Update
February 18, 2025

Source: Mortgage Bankers Association

The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by 7 basis points from 0.47% of servicers’ portfolio volume in the prior month to 0.40% as of January 31, 2025. According to MBA’s estimate, 200,000 homeowners are in forbearance plans.

The share of Fannie Mae and Freddie Mac loans in forbearance decreased 2 basis points to 0.17% in January 2025. Ginnie Mae loans in forbearance decreased by 19 basis points to 0.88%, and the forbearance share for portfolio loans and private-label securities (PLS) remained the same as the prior month at 0.40%.

“While the number of forbearance requests grew in January, the number of forbearance exits outweighed that pick-up, reaching the highest level since June 2022,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “This outcome was somewhat surprising given the recent events in California, but it speaks to recovery in other parts of the country affected by natural disasters and the movement of aged government loans out of forbearance.”

Added Walsh, “As the number of borrowers in forbearance dropped this past month, the number of borrowers with permanent loan workouts grew. Today, approximately 6.5 percent of all borrowers – or 3.3 million homeowners – are in a loan workout completed in 2020 or after.”

For full report, please click the source link above.

FEMA Emergency Declaration – Kentucky Severe Storms and Straight-line Winds

Posted on February 17, 2025 by Safeguard

FEMA Alert
February 16, 2025

FEMA has issued an Emergency Declaration for the state of Kentucky to supplement state, tribal, and local recovery efforts in areas affected by severe storms, straight-line winds, flooding, and landslides from February 14, 2024 and continuing. The following counties have been approved for assistance:

Public Assistance:

Adair	Grant	McLean
Allen	Graves	Meade
Anderson	Grayson	Menifee
Ballard	Green	Mercer
Barren	Greenup	Metcalfe
Bath	Hancock	Monroe
Bell	Hardin	Montgomery
Boone	Harlan	Morgan
Bourbon	Harrison	Muhlenberg
Boyd	Hart	Nelson
Boyle	Henderson	Nicholas
Bracken	Henry	Ohio
Breathitt	Hickman	Oldham
Breckinridge	Hopkins	Owen
Bullitt	Jackson	Owsley
Butler	Jefferson	Pendleton
Caldwell	Jessamine	Perry
Calloway	Johnson	Pike
Campbell	Kenton	Powell
Carlisle	Knott	Pulaski
Carroll	Knox	Robertson
Carter	Larue	Rockcastle
Casey	Laurel	Rowan
Christian	Lawrence	Russell
Clark	Lee	Scott
Clay	Leslie	Shelby
Clinton	Letcher	Simpson
Crittenden	Lewis	Spencer
Cumberland	Lincoln	Taylor
Daviess	Livingston	Todd
Edmonson	Logan	Trigg
Elliott	Lyon	Trimble
Estill	Madison	Union
Fayette	Magoffin	Warren
Fleming	Marion	Washington
Floyd	Marshall	Wayne
Franklin	Martin	Webster
Fulton	Mason	Whitley
Gallatin	McCracken	Wolfe
Garrard	McCreary	Woodford

Kentucky Severe Storms, Straight-line Winds, Flooding, and Landslides (EM-3624-KY)

Map of Affected Areas

List of Affected Zip Codes

President Donald J. Trump Approves Emergency Declaration for Kentucky

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

Monthly U.S. Foreclosure Activity Increases in January 2025

Posted on February 12, 2025 by Safeguard

Industry Update
February 11, 2025

Source: ATTOM

ATTOM, a leading curator of land, property data, and real estate analytics, today released its January 2025 U.S. Foreclosure Market Report, which shows there were a total of 30,816 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – up 8 percent from the prior month but down 7 percent from a year ago.

“January showed a monthly increase in foreclosure filings that may in some part be the result of a normal post-holiday catch up of filings,” said Rob Barber, CEO at ATTOM. “It’s too early to know if 2025 will shift from the general 2024 trends of a continued decline in foreclosure activity. We will keep a close eye on the market to see how interest rates, inflation, employment shifts, and other market dynamics impact foreclosures in 2025.”

Foreclosure completion numbers increase monthly in 30 states

Lenders repossessed 2,973 U.S. properties through completed foreclosures (REOs) in January 2025, up just under 1 percent from last month but down 25 percent from a year ago – continuing a trend of declining annual REO numbers seen in 11 of the last 12 months.

States that had at least 50 or more REOs and that saw the greatest monthly increase in January 2025 included: Arizona (up 73 percent); Virginia (up 57 percent); South Carolina (up 55 percent); North Carolina (up 52 percent); and Tennessee (up 26 percent).

Among the 225 metropolitan statistical areas with a population of at least 200,000, that saw the greatest number of REOs included: Detroit, MI (164 REOs); Chicago, IL (148 REOs); Riverside, CA (141 REOs); New York, NY (84 REOs); and Philadelphia, PA (69 REOs).

Highest foreclosure rates in Delaware, Nevada, and Indiana

Nationwide one in every 4,618 housing units had a foreclosure filing in January 2025. States with the highest foreclosure rates were Delaware (one in every 1,839 housing units with a foreclosure filing); Nevada (one in every 2,430 housing units); Indiana (one in every 2,459 housing units); Illinois (one in every 2,756 housing units); and Utah (one in every 3,251 housing units).

Those major metropolitan statistical areas (MSAs) with a population greater than 200,000, with the highest foreclosure rates in January 2025 were Riverside, CA (one in every 1,786 housing units with a foreclosure filing); Elkhart, IN (one in every 1,821 housing units); South Bend, IN (one in every 1,821 housing units); Fresno, CA (one in every 1,859 housing units); and Indianapolis, IN (one in every 1,934 housing units).

Other than Riverside, Fresno, and Indianapolis, among the metropolitan areas with a population greater than 1 million, those with the worst foreclosure rates in January 2025 included: Las Vegas, NV (one in every 1,987 housing units); and Philadelphia, PA (one in every 2,042 housing units).

Foreclosure starts increase monthly and decrease annually

Lenders started the foreclosure process on 20,994 U.S. properties in January 2025, up 8 percent from last month but down 4 percent from a year ago.

Those states that saw the greatest number of foreclosures starts in January 2025 included: Texas (2,654 foreclosure starts); California (2,443 foreclosure starts); Florida (1,898 foreclosure starts); Illinois (1,228 foreclosure starts); and New York (949 foreclosure starts).

Among those major metropolitan statistical areas with a population of at least 200,000, those with the greatest number of foreclosure starts in January 2025, included: Chicago, IL (1,168 foreclosure starts); New York, NY (977 foreclosure starts); Houston, TX (932 foreclosure starts); Philadelphia, PA (777 foreclosure starts); and Los Angeles, CA (652 foreclosure starts).

For full report, please click the source link above.

Rodney E. Hood Announced as Acting Comptroller of the Currency

Posted on February 10, 2025 by Safeguard

Industry Update
February 7, 2025

Source: Office of the Comptroller of the Currency

The U.S. Department of the Treasury announced the appointment of Rodney E. Hood as Acting Comptroller of the Currency, effective February 10, 2025. U.S. Secretary of the Treasury Scott Bessent designated Mr. Hood pursuant to his authority in 12 U.S.C. 4.

“I am grateful for the trust of Secretary Bessent and will work diligently to promote a regulatory environment that is effective without being excessive,” said Mr. Hood. “I remain committed to a balanced framework—one that fosters innovation, expands financial inclusion, and ensures that all Americans have fair access to the financial services they need to thrive. I look forward to leading the dedicated career staff at the OCC, whose expertise and commitment are essential to maintaining a safe and sound banking system.”

Mr. Hood succeeds Acting Comptroller Michael J. Hsu, who has served in the role since May 10, 2021.

“I thank Mr. Hsu for his many years of dedicated public service and his commitment to strengthening the resilience of the U.S. banking system,” said Mr. Hood.

Mr. Hood was previously confirmed by the U.S. Senate in 2005 and again in 2019 to serve on the National Credit Union Administration Board (NCUA). In 2019, President Donald J. Trump designated him as Chairman of the NCUA Board, making Hood the first African American to lead a federal banking regulatory agency. While at the NCUA, Hood also served as a voting member of the Financial Stability Oversight Council, as the NeighborWorks America Board Chairman, and as Vice Chairman of the Federal Financial Institutions Examination Council.

Before public service, Mr. Hood held senior roles in retail finance, commercial banking, affordable housing, and community development in the private sector.

A North Carolina native, Mr. Hood holds a bachelor’s degree from the University of North Carolina at Chapel Hill.

For full report, please click the source link above.

Fannie and Freddie: Single Family Serious Delinquency Rates Increased in December

Posted on February 7, 2025 by Safeguard

Industry Update
February 4, 2025

Source: CalculatedRisk Newsletter

Freddie Mac reported that the Single-Family serious delinquency rate in December was 0.59%, up from 0.56% November. Freddie’s rate is up year-over-year from 0.55% in December 2023, however, this is below the pre-pandemic level of 0.60%.

Freddie’s serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic.

Fannie Mae reported that the Single-Family serious delinquency rate in December was 0.56%, up from 0.53% in November. The serious delinquency rate is up year-over-year from 0.55% in December 2023, however, this is below the pre-pandemic lows of 0.65%.

The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59% following the housing bubble and peaked at 3.32% in August 2020 during the pandemic.

These are mortgage loans that are “three monthly payments or more past due or in foreclosure”. Mortgages in forbearance are being counted as delinquent in this monthly report but are not reported to the credit bureaus.

For Fannie, by vintage, for loans made in 2004 or earlier (1% of portfolio), 1.47% are seriously delinquent (up from 1.44% the previous month).

For loans made in 2005 through 2008 (1% of portfolio), 2.08% are seriously delinquent (down from 2.09%).

For recent loans, originated in 2009 through 2023 (98% of portfolio), 0.51% are seriously delinquent (up from 0.48%). So, Fannie is still working through a handful of poor performing loans from the bubble years.

For full report, please click the source link above.

Mortgage Delinquencies Increase in the Fourth Quarter of 2024

Posted on February 7, 2025 by Safeguard

Industry Update
February 6, 2025

Source: Mortgage Bankers Association

The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.98 percent of all loans outstanding at the end of the fourth quarter of 2024, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.

The delinquency rate was up 6 basis points from the third quarter of 2024 and up 10 basis points from one year ago. The percentage of loans on which foreclosure actions were started in the fourth quarter rose by 1 basis point to 0.15 percent.

“Although mortgage delinquencies rose only ten basis points in the fourth quarter of 2024 compared to one year ago, the composition of the delinquencies changed,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “Conventional delinquencies remain near historical lows, but FHA and VA delinquencies are increasing at a faster pace. By the end of the fourth quarter, the spread between the FHA and conventional delinquency rates reached 841 basis points, while the VA and conventional spread was 208 basis points.”

Added Walsh, “Government loans are also rolling to later stages of delinquency. Compared to one year ago, the seriously delinquent rate rose seventy basis points for FHA loans and fifty-seven basis points for VA loans, but only two basis points for conventional loans.”

According to Walsh, while the labor market remains relatively strong and often tracks with mortgage performance, some of today’s headwinds include inflationary pressures, lower personal savings rates, natural disasters, increasing consumer debt, higher tax and insurance payments, and higher debt-to-income ratios. All of these factors may be impacting government borrowers to a greater extent than conventional borrowers.

For full report, please click the source link above.

Freddie Mac Announces 2024 SHARP Award Winners

Posted on February 7, 2025 by Safeguard

Industry Update
February 4, 2025

Source: Freddie Mac

Freddie Mac announced the nine winners of its 2024 Servicer Honors and Rewards Program (SHARP)^SM, which annually recognizes mortgage loan Servicers for quality servicing, risk management and sustainable homeownership resulting in superior portfolio performance. The winners represent outstanding customer service and positive efforts to prevent and alleviate loan delinquencies. Rankings are automatically determined based on performance relative to other Servicers in each of the three rank groups.

“We’re proud to recognize and celebrate the success and outstanding work undertaken by this year’s SHARP winners,” said Mike Reynolds, Freddie Mac Single-Family Head of Servicing. “We thank our Servicers for their continued, steadfast dedication to homeowners in need of mortgage relief, including those impacted by hardships from natural disasters in the last year.”

2024 SHARP Award Winners:

Clients servicing 200,000 or more Freddie Mac mortgages

Gold: Mr. Cooper
Silver: PennyMac Corporation (sub-serviced by PennyMac Loan Services, LLC)
Bronze: Onslow Bay Financial LLC (sub-serviced by PHH Mortgage Corporation, LoanCare, LLC, Mr. Cooper and Flagstar Bank, National Association)

Clients servicing between 75,000 and 199,999 Freddie Mac mortgages

Gold: Marlin Mortgage Capital, LLC (sub-serviced by Mr. Cooper, Valon Mortgage, Inc and ServiceMac, LLC)
Silver: CrossCountry Mortgage, LLC (sub-serviced by Mr. Cooper)
Bronze: Provident Funding Associates, L.P.

Clients servicing between 20,000 and 74,999 Freddie Mac mortgages

Gold: Pingora Loan Servicing, LLC (sub-serviced by Mr. Cooper and Flagstar Bank, National Association)
Silver: MSR Asset Vehicle LLC (sub-serviced by PHH Mortgage Corporation)
Bronze: Union Savings Bank

SHARP is a rewards program based on the client’s Servicer Success Scorecard ranking. Servicers that have more than 20,000 Freddie Mac master-serviced loans are automatically enrolled in SHARP, which provides performance incentives through rewards and recognition.

For full report, please click the source link above.

Scott Turner Confirmed as Secretary of Housing and Urban Development

Posted on February 7, 2025 by Safeguard

Industry Update
February 5, 2025

Source: U.S. Department of Housing and Urban Development

Scott Turner was confirmed by the United States Senate to be the 19th Secretary of the U.S. Department of Housing and Urban Development (HUD). Secretary Turner was confirmed by a bipartisan vote of 55-44 and sworn in by Associate Justice of the United States Supreme Court, the Honorable Clarence Thomas.

“I am honored and humbled to serve the American people and the Trump Administration as Secretary of Housing and Urban Development,” Secretary Turner said. “On President Trump’s first day in office, he signed an executive order to lower the cost of housing and expand housing supply. As Secretary, I will lead the department in furthering these priorities.

“The path ahead of us presents an opportunity to restore HUD to its core mission of supporting strong and sustainable communities and quality, affordable homes — serving our nation’s most vulnerable. We must reduce burdensome regulations to make homeownership easier while unleashing prosperity that has been stifled in communities across the country for far too long. Housing goes beyond the four walls of a home; it helps build thriving communities and is the foundation of the American Dream.

“God blessed us with this great nation, and together, we can increase self-sufficiency and empower Americans to climb the economic ladder toward a brighter future.”

On January 16, 2025, Secretary Turner testified before the United States Senate Committee on Banking, Housing, and Urban Affairs. His full testimony can be found here.

Secretary Turner was confirmed by the United States Senate on February 5, 2025, to be the 19th Secretary of the U.S. Department of Housing and Urban Development (HUD). Secretary Turner previously led the White House Opportunity and Revitalization Council (WHORC), driving the Opportunity Zones Initiative. He also served as an Associate Pastor at Prestonwood Baptist Church, Founder and CEO of the Community Engagement & Opportunity Council, and a housing development executive at JPI. A lifelong Texan, Turner represented the 33rd District in the Texas State Legislature and played nine seasons in the National Football League (NFL).

For full report, please click the source link above.

Trump Names Treasury Secretary Scott Bessent Acting Director of CFPB

Posted on February 4, 2025 by Safeguard

Industry Update
February 3, 2025

Source: NBC New York

President Donald Trump has made Treasury Secretary Scott Bessent the acting director of the Consumer Financial Protection Bureau after firing former head Rohit Chopra over the weekend.

Bessent, a former hedge fund manager who was confirmed as head of the U.S. Treasury last week, will presumably lead the CFPB until a permanent pick is named.

“I look forward to working with the CFPB to advance President Trump’s agenda to lower costs for the American people and accelerate economic growth,” Bessent said in a CFPB statement released Monday.

Chopra, who was appointed by former President Joe Biden in 2021, was often at loggerheads with the U.S. banking industry after pushing to drastically rein in practices around credit card late fees and overdraft fees, among many other efforts. Trade groups representing banks fought these regulations in court, fending off rules that would’ve saved Americans billions of dollars in fees, but that the industry called poorly considered or unjustified.

Banking groups had expected Chopra to be fired as soon as Trump’s inauguration day, but Chopra remained on for nearly two weeks into Trump’s second term, continuing to fire off releases and weighing in on hot-button topics including whether banks unfairly closed accounts.

It wasn’t until Feb. 1 that Chopra confirmed he was stepping down from the agency. While Chopra’s term was scheduled to run for roughly another two years, a 2020 Supreme Court ruling gave the president the power to fire the agency’s head at will.

In a letter to Trump posted to social media platform X, Chopra said that he saw a path for the next CFPB leader to enact “meaningful reforms,” including a possible cap on credit card interest rates.

The CFPB was created in the aftermath of the 2008 global financial crisis, which was caused in part by banks’ irresponsible lending and securitization practices.

But the agency has since been targeted by trade groups who unsuccessfully argued that the CFPB’s funding violated the U.S. Constitution, and more recently by conservative figures including X owner and Trump advisor Elon Musk, who has called for the closure of the CFPB.

The Consumer Bankers Association said Monday it was “pleased” at Bessent’s appointment at the CFPB, and that Bessent should take steps to reverse “partisan policies” made under Chopra.

“We’re hopeful that Secretary Bessent will take into account the real-world ramifications regulations have on America’s leading banks, the millions of consumers they serve, and the economy as a whole,” said CBA President Lindsey Johnson.

For full report, please click the source link above.