Safeguard Properties

HUD: $5 Billion Texas Disaster Recovery Plan Approved

Posted on by Safeguard

Investor Update
June 25, 2018

Source: HUD

Funding will target long-term housing, infrastructure and economic development recovery

WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today approved a disaster recovery plan to help Texans recover from Hurricane Harvey. In November, HUD Deputy Secretary Pamela Hughes Patenaude announced the allocation of more than $5 billion to the Lone Star State to support long-term recovery efforts.

The Texas plan is funded through HUD’s Community Development Block Grant—Disaster Recovery (CDBG-DR) Program which requires grantees to develop a thoughtful recovery program informed by local residents. Learn more about CDBG-DR and the State’s role in long-term disaster recovery (en español).

“The Trump Administration is committed to helping Texans impacted by Harvey to rebuild their homes and their lives,” said Secretary Carson. “As the State now turns to the long-term recovery of its communities, Texans can be sure that HUD will be there to help in any way we can to make the state whole again.”

To address remaining needs in hard-hit areas of the state, the Texas recovery plan includes:

  • Single-Family Homeowner Assistance Program ($1.1 billion): Provides assistance to help homeowners with rehabilitation and reconstruction after Hurricane Harvey.
  • Buyouts and Acquisitions ($275 million): To allow certain eligible homeowners to sell their damaged home to a local government.
  • Affordable Rental ($250 million): Provides funding for rehabilitation, reconstruction and new construction of affordable multi-family rent properties.
  • Homeowner Reimbursement ($100 million): Homeowners may be reimbursed up to $50,000 for certain out-of-pocket expenses incurred for home repairs, including reconstruction, rehabilitation or mitigation.
  • Partial Repair and Essential Power for Sheltering ($73 million): Provides immediate, temporary repairs to homes that sustained less than $17,000 in FEMA-verified loss. CDBG-DR will be used as matching funds to FEMA expenditures.
  • Local Infrastructure ($413 million): Supports infrastructure repairs and enhancements for local communities as part of a comprehensive long-term recovery program along with FEMA funding.
  • Economic Revitalization ($100 million): Offers interim assistance up to $250,000 to small businesses in exchange for job creation or retention.
  • Local, Regional and State Planning ($137 million): The State will fund planning studies on disaster mitigation in the impacted areas to promote sound long-term recovery.
  • Allocations to City of Houston and Harris County ($2.3 billion): The State of Texas will provide approximately $1.1 billion each to the City of Houston and Harris County, allowing these jurisdictions to address their unmet recovery needs. Plans for use of these funds will be submitted by the city and county to the State for approval.
  • State Administration ($251 million): Funding set aside for the State’s program costs, including contract administration, compliance monitoring, the provision of technical assistance to applicants and subrecipients, etc.

In April, HUD also allocated an additional $4.726 billion of CDBG-DR funding to Texas for unmet need and mitigation purposes. HUD will shortly issue requirements governing those funds, and Texas, along with other states, will be required to submit plans addressing the use of those funds. Read more about the additional disaster recovery/mitigation funding to Texas.

Freddie Mac: You’re Invited: Investor Reporting Change Initiative Webinars

Posted on by Safeguard

Investor Update
June 5, 2018

Source: Freddie Mac

To make your investor reporting transition as smooth as possible, we’re providing the opportunity to attend FREE webinars to help you understand and implement the upcoming remittance and reporting changes.

Webinar sessions will begin June 19, 2018. Click the registration links below to search for upcoming sessions.

Webinar 1: Investor Reporting Change Initiative Overview

This webinar provides an overview of the new requirements you’ll implement with your internal operations, processes, and technology partners. This is your opportunity to learn about the investor reporting changes, and how to effectively plan your strategy for the upcoming May 2019 conversion.

REGISTER
 
What We’ll Cover

  • Investor Reporting Change Initiative: What, Why, and When
  • Single-Family Seller/Servicer Guide (Guide) Bulletin announcements and updates
  • New reporting/drafting requirements and process timelines
  • Service Loans application changes
  • Implementation planning and transition strategy
  • Resources

Webinar 2: Investor Reporting Change Initiative Cutover Process

This webinar highlights the timeline, transition reporting, and remittance activities during and after the cutover period.

REGISTER
 
What We’ll Cover

  • Investor Reporting Change Initiative: What, Why, and When
  • Guide Bulletin announcements and updates
  • Cutover process and timelines
  • Principal and interest custodial validation during cutover
  • Service Loans application changes
  • Resources

For More Information

Freddie Mac: U.S. Treasury Supports the Single Security

Posted on by Safeguard

Investor Update
June 20, 2018

Source: Freddie Mac

Craig Phillips, U.S.Treasury Counselor to the Secretary, expressed “unambiguous support” for the Single Security. At the Single Security conference in New York on May 14, 2018, he said:

“We want to see this to come to fruition. This is exactly the right step to be doing. It’s a huge transformation that is necessary, regardless of the trading protocols of securities — to create a sounder, more sustainable housing system.”

The Treasury official emphasized that it’s now up to the private sector to take the next steps to get successfully to the June 3, 2019 Single Security go-live date.

”Housing reform is a very high priority of the administration,” Phillips added. “What can be  accomplished with the CSP (Common Securities Platform) and the Uniform Mortgage Backed Security (UMBS?) is a solid step that is reform-agnostic. We can move forward without boxing in any option.”

Bob Ryan, acting deputy director at the Federal Housing Finance Agency, reiterated the agency’s commitment to the June 3, 2019 go-live date. “We’re laser-focused. Freddie Mac, Fannie Mae and Common Securitization Solutions are on target to hit that date. This is why we are investing a huge amount of time–to provide the information necessary to get you in a position to implement in 12 months.”

You can view the entire session with Phillips and Ryan, which includes a Q&A on a variety of policy and implementation topics.

You can also view the other conference sessions through our Single Security web page. The videos are listed under the Single Security Conference Materials tab.

For More Information

Freddie Mac: Single Security Webinar: What Seller/Servicers Need to Know

Posted on by Safeguard

Investor Update
June 12, 2018

Source: Freddie Mac

If you missed the Single Security conference last month or want to learn more about how the Single Security may affect your day-to-day operations, the Mortgage Bankers Association (MBA) is hosting a webinar on this hot industry topic on June 27, 2018. The webinar is complimentary to MBA members. Non-members can join for a cost.

Mark Hanson, our senior vice president for securitization, will be part of the panel of leading industry experts who will share insights to help Seller/Servicers prepare for this major change in the home financing market.

This webinar will cover the following topics:

  • An overview of what is changing and when lenders can expect the changes to take place
  • How the changes will impact your day-to-day operations
  • Steps your company and staff need to take in the coming months to prepare
  • Resources that are currently available to help better understand the changes
  • What MBA has done and is doing to support the ongoing efforts

We also encourage you to contact your Freddie Mac representative if you have specific questions about the Single Security and doing business with Freddie Mac.

Here are other useful resources to help you get ready for the Single Security:

Freddie Mac: Single Security Tabletop Market Readiness Testing

Posted on by Safeguard

Investor Update
June 21, 2018

Source: Freddie Mac

Freddie Mac and Fannie Mae will be facilitating a walk-through of key security activities later this year for the new Uniform Mortgage-Backed Security? (UMBS). As we start hitting critical Single Security milestones this year, we want you to have a chance to better understand any impacts to your upstream and/or downstream processes prior to the June 3, 2019 go-live date.

We’re looking for interested parties, including Seller/Servicers, to join us in the planning and execution of this tabletop testing exercise. This activity will include simulating pool formation, forward pricing, TBA trading, commingling securities and exchanging Freddie Mac Participation Certificates (PCs). As a participant, you’ll have early insights and a direct view into how the UMBS will flow through your systems and processes.

The results of the exercise will be shared with the market in 4Q 2018.

Interested in joining? Email Barbara Pak of Freddie Mac at barbara_pak@freddiemac.com. We’re convening a working group in July to kick off this process.

Freddie Mac: Single Security Poll ? Are You On Track?

Posted on by Safeguard

Investor Update
June 21, 2018

Source: Freddie Mac (full release)

At the recent Single Security conference on May 14, we polled attendees to find out where they were with their Single Security preparations. Here’s what we learned:

  • 83% have reviewed their internal systems and processes to determine impacts of the Single Security
  • 71% have contacted their vendors
  • 68% have assembled a team to work on the needed changes
  • 63% said their firm will be ready; 33.3% said they were not sure

We are encouraged by these numbers. Take the same quick poll and see how you compare with others and those who attended the May conference.

No one wants to be left behind. Make sure you’re proactively assessing and planning for impacts. Getting ready may take longer than you think.

For More Information

Freddie Mac: New Re-Employment Program to Help Financially Distressed Home Possible Borrowers Launched

Posted on by Safeguard

Investor Update
June 6, 2018

Source: Freddie Mac

Life happens. Too often it’s a job loss, reduced work hours or other employment difficulties that cause mortgage defaults and foreclosure. We’ve introduced a re-employment program through our partner NextJob, a national re-employment solutions company. This is a proactive solution to help financially distressed Freddie Mac Home Possible® borrowers in Duty to Serve high-needs areas address their employment challenges and prevent potential mortgage loan delinquencies and defaults.

The Power of Partnership: Helping Families Stay in their Homes

We understand that mortgage loan delinquencies and defaults can result in foreclosure, and that can be devastating to borrowers and their families. Foreclosures can also be costly and time consuming for Servicers, with charges stemming from legal fees, upkeep of vacant property, lost revenue and other expenses that add up over time.

As a nationwide re-employment solutions company with a proven track record of training borrowers on job search skills in today’s market, NextJob was the perfect choice to help launch this program.

Eligible borrowers now have access to free one-on-one job coaching sessions, job counseling webinars and proprietary online job search training tools that are covered 100 percent by Freddie Mac.

Re-employment Services Eligibility Requirements

Seller/Servicers may refer their eligible borrowers to Freddie Mac to receive NextJob re-employment services if they meet each of the following requirements:

  • The mortgage must be in a designated Duty to Serve high-needs area.
  • The borrower has a Home Possible mortgage.
  • The borrower has suffered a loss of income due to unemployment or underemployment and has applied with the Servicer for loss mitigation assistance.

For More Information

  • Look for details in our June Single-Family Seller/Servicer Guide Bulletin.
  • Contact your Freddie Mac representative.
  • See Freddie Mac’s Duty to Serve plan [pdf].

FHLMC Guide Bulletin 2018-9: Servicing Updates

Posted on by Safeguard

Investor Update
June 13, 2018

Source: Freddie Mac

Single-Family Seller/Servicer Guide (Guide) Bulletin 2018-9 [pdf] announces updates to help you better meet your borrowers’ needs. This Bulletin:

  • Consolidates requirements for short-term, long-term and unemployment forbearance plan offerings into a single policy.
  • Introduces NextJob re-employment services for borrowers with Freddie Mac Home Possible® mortgages in Duty to Serve high-needs areas.
  • Updates special insurance policy endorsement requirements for condominium and planned unit development projects.

Please review the Bulletin for details on the above and additional Guide updates that may be important for your business.

Other Reminders for Servicers

New Imminent Default Evaluation Process
Beginning July 1, 2018, the new imminent default evaluation business rule requirements are mandatory for imminent default evaluations. Check out our tutorial for more information.

You’re Invited: Investor Reporting Change Initiative Webinars
To make your investor reporting transition as smooth as possible, we’re providing FREE webinars to help you understand and implement the upcoming remittance and reporting changes. Sessions begin June 19, 2018. Click here to register and check for upcoming sessions.

For More Information

  • Guide Bulletin 2018-9 [pdf]
  • NextJob News Center article
  • Contact your Freddie Mac representative

FHFA: Refinance Report – April 2018

Posted on by Safeguard

Investor Update
June 14, 2018

Source: FHFA

Total refinance volume decreased in April 2018 as mortgage rates rose in March, continuing a trend first observed in October 2017.  Mortgage rates increased in April: the average interest rate on a 30?year fixed rate mortgage rose to 4.47 percent from 4.44 percent in March, reaching levels last observed in 2013.

In April 2018:

  • Borrowers completed 1,017 refinances through HARP, bringing total refinances from the inception of the program to 3,489,182.
  • HARP volume represented 1 percent of total refinance volume.
  • Three percent of the loans refinanced through HARP had a loan?to?value ratio greater than 125 percent.

Year to date through April 2018:

  • Borrowers with loan?to?value ratios greater than 105 percent accounted for 15 percent of the volume of HARP loans.
  • Thirty?three percent of HARP refinances for underwater borrowers were for shorter?term 15? and 20?year mortgages, which build equity faster than traditional 30?year mortgages.
  • HARP refinances represented 3 percent of total refinances in Illinois compared to 1 percent of total refinances nationwide over the same period.

Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.

Nine states and one U.S. territory accounted for over 70 percent of the nation’s HARP eligible loans with a refinance incentive as of

December 31, 2017.

Attachments: Refinance Report – April 2018

FHFA: New “Snapshots” of Fannie Mae and Freddie Mac’s Duty to Serve Plans to Help Stakeholders Identify Opportunities Published

Posted on by Safeguard

Investor Update
June 28, 2018

Source: FHFA

Fannie Mae and Freddie Mac (the Enterprises) engaged extensively with stakeholders to develop their respective Duty to Serve Plans (DTS), which went into effect on January 1, 2018.  The Plans provide detailed information on how the Enterprises will provide leadership and facilitate a secondary market for very low-, low-, and moderate-income families in three specified areas as directed by statute: manufactured housing, affordable housing preservation, and rural housing.

The DTS Plans detail opportunities for financial services organizations, nonprofits and other industry participants to work with the Enterprises to better serve the three target markets.  FHFA is committed to facilitating these opportunities, so to help simplify the process and help stakeholders find the most relevant part of each Plan, we’ve created 11 Snapshots that further break down the three main markets so interested parties can quickly find a topic or opportunity of interest. 

We hope that the 11 DTS Snapshots, available on FHFA’s website, will serve as a handy guide for stakeholders:

If there are additional topics – potential engagement opportunities included in the Enterprises’ DTS Plans – that are not included and would be helpful to add, or if you have comments regarding existing Snapshots, please contact us via email at DutytoServeStakeholders@FHFA.gov.
 
Tagged: Duty to Serve; Multifamily/Rentals; rural housing; manufactured housing; single-family rentals; chattel; Affordable Housing; affordable housing preservation; energy efficiency

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties