Safeguard Properties

HUD: FHA INFO #18-11: Training Opportunity

Posted on by Safeguard

Investor Update
March 15, 2018

Source: HUD (FHA INFO #18-11 full version)

Webinar Title: NEW Mortgagee Letter 18-01: Loss Mitigation Policy Changes for Disaster-Affected Borrowers

Date/Time: Tuesday, March 20, 2018 – 11:00 AM (Eastern)
                   Thursday, March 22, 2018 – 2:00 PM (Eastern)
                   Tuesday, April 3, 2018 – 11:00 AM (Eastern)
                   (This is the same webinar offered on different days and times. You are invited to attend
                   the session that best fits your schedule.)

Event Location: On-line Webinar – No Fee

Jurisdictional Host: National Servicing Center

Registration Link: https://attendee.gotowebinar.com/rt/2118081996904236034

Description: This free, on-line webinar will provide a detailed overview of the loss mitigation policies announced in Mortgagee Letter 18-01. It will highlight the Federal Housing Administration (FHA) Single Family Housing Policy Handbook 4000.1, Section III.A.3.c.iv, which references disaster-affected borrowers with Title II FHA-insured forward mortgages whose home and/or place of employment are located in the Presidentially-Declared Major Disaster Areas (PDMDAs) of: Louisiana and Texas (Hurricane Harvey); Florida, Georgia, and South Carolina (Hurricane Irma); Puerto Rico and the U.S. Virgin Islands (Hurricanes Irma and Maria); and California Wildfires or California Wildfires, Flooding, Mudflows, and Debris Flows.

Special Instructions: This webinar is open to all FHA-approved servicers and FHA-approved housing counselors. It is being offered on three different dates and times to maximize attendance. A valid company email address and the FHA 5-digit lender and/or agency ID are required at the time of registration. For more information, contact stacey.a.brown@hud.gov.

Resources
Contact the FHA Resource Center:

  • Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at:
    https://www.hud.gov/answers
  • E-mail the FHA Resource Center at: answers@hud.gov. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.
  • Call 1-800-CALL-FHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Relay Service at 1-800-877-8339.

HUD: FHA INFO #18-09: 60-Day Extension of Foreclosure Moratorium for Hurricane Maria Affected Areas in Puerto Rico and the U.S. Virgin Islands

Posted on by Safeguard

Investor Update
March 1, 2018

Today, the Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2018-02, “Extension of Disaster Foreclosure Moratoriums for Specified Areas Impacted by Hurricane Maria,” which extends the current 180-day foreclosure moratorium in the Presidentially-Declared Major Disaster Areas (PDMDAs) for Hurricane Maria in Puerto Rico and the U.S. Virgin Islands for an additional 60 days, through May 18, 2018. Read HUD’s press release.

The U.S. Department of Housing and Urban Development (HUD) is exercising its authority to extend the current foreclosure moratorium due to the extensive damage caused by Hurricane Maria in Puerto Rico and the U.S. Virgin Islands. This extension is only for those counties that the Federal Emergency Management Agency (FEMA) has declared to be eligible for Individual Assistance, and applies to both the initiation of foreclosures and foreclosures already in process.

ML 2018-02 is effective immediately, and is applicable to all homeowners with FHA-insured Title II forward mortgages whose property or place of employment is located in the PDMDAs for Puerto Rico’s Hurricane Maria (FEMA-DR-4339) and U.S. Virgin Islands’ Hurricane Maria (FEMA-DR-4340).

Quick Links

Resources

Contact the FHA Resource Center:

  • Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at: https://www.hud.gov/answers
  • E-mail the FHA Resource Center at: answers@hud.gov. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.
  • Call 1-800-CALL-FHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Relay Service at 1-800-877-8339.

Source: HUD (FHA INFO #18-09 full version)

Freddie Mac: Clarification on EDR Default Action Codes for Extend Modification

Posted on by Safeguard

Investor Update
March 1, 2018

Source: Freddie Mac

In response to your feedback, we’re clarifying required Electronic Default Reporting (EDR) default action codes for notifying us that a borrower has entered a Trial Period Plan for the Extend Modification for Disaster Relief (Extend Modification). The Extend Modification was introduced, along with detailed requirements, in Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-25 [pdf].

For certain requirements already defined for all modification options, Guide Bulletin 2017-25 referred you back to the requirements included in Guide Sections 9206.11- 9206.18. However, based on conversations with some of you, the instructions in the Guide for EDR do not explicitly reference the Extend Modification.

In response to your questions, we’re clarifying the following, which will be included in a future Guide Bulletin:

  • When reporting an Extend Modification Trial Period Plan to Freddie Mac, Servicers must use EDR default action code “BF – Standard Modification Trial Period.”
  • As described in Guide Section 9206.13(a), you must continue to use the “BF” default action code when reporting:
  • Freddie Mac Flex Modifications, regardless of whether the evaluation required a complete Borrower Response Package.
  • Capitalization and Extension Modification for Disaster Relief (Disaster Relief Modification).
  • To the extent that the Servicer still has active Streamlined Modification Trial Period Plans to report, the Servicer must continue to use the “TM – Alternative Modification Trial Period” default action code.
  • NOTE: Evaluations for Streamlined Modifications must have been completed before October 1, 2017, and all evaluations after that time should be for the Flex Modification and should be reported using the “BF” default action code.

For More Information

FHLMC Guide Bulletin 2018-4: Extension of Foreclosure Sale Suspension in Puerto Rico and the U.S. Virgin Islands

Posted on by Safeguard

Investor Update
March 7, 2018

Source: Freddie Mac

Today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2018-4 [pdf] extends the suspension of all foreclosure sales in Puerto Rico and the U.S. Virgin Islands for two more months through May 31, 2018. This extends relief announced in prior Guide Bulletins to help your borrowers continue to receive the assistance they need.

Last December, we announced an extension only until March 31, 2018.

For more information on this extension read Guide Bulletin 2018-4 [pdf] or contact your Freddie Mac representative.

FHFA: Report Details Progress on the 2017 Scorecard for Fannie Mae and Freddie Mac

Posted on by Safeguard

Investor Update
March 29, 2018

Source: FHFA

Washington, D.C. – The Federal Housing Finance Agency (FHFA) issued a Progress Report today summarizing the 2017 activities of Fannie Mae and Freddie Mac (the Enterprises) to further FHFA’s three strategic objectives as conservator: Maintain, Reduce, and Build.  

The Report describes efforts taken by the Enterprises during 2017 to address factors limiting access to mortgage credit for creditworthy borrowers, to mitigate and prevent foreclosures, and to responsibly reduce severely-aged delinquent loans, nonperforming loans, and real estate owned properties. The Report describes Enterprise activities to reduce taxpayer risk, including efforts to expand single- and multi-family credit risk transfer transactions and activities to reduce the Enterprises’ retained portfolios. The Report also highlights progress made on the Single Security Initiative and on the Common Securitization Platform.  In addition, the Report describes the Enterprises’ ongoing efforts to promote diversity and inclusion in all Scorecard activities.

“This is the fifth annual report detailing the significant steps taken by FHFA, in collaboration with Fannie Mae, Freddie Mac, and Common Securitization Solutions, to meet our conservatorship objectives,” said FHFA Director Melvin L. Watt.   “It also underscores our continuing commitment to transparency and to meeting these objectives in a safe and sound manner.”

Interested parties are invited to provide input on this Report.   Feedback can be submitted electronically, or to the Federal Housing Finance Agency, Office of Strategic Initiatives, 400 7th Street, S.W., Washington, DC 20219.

Link to Progress Report
 
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $6.0 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter @FHFA, YouTube and LinkedIn. 

Contacts: 
Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030

Consumers: Consumer Communications or (202) 649-3811

FHFA: Refinance Report – January 2018

Posted on by Safeguard

Investor Update
March 15, 2018

Source: FHFA

January 2018 Highlights

  • Total refinance volume decreased in January 2018 as mortgage rates in December rose, continuing a trend first observed in October. Mortgage rates increased in January: the average interest rate on a 30?year fixed rate mortgage rose to 4.03 percent from 3.95 percent in December.

Additional January highlights include the following:

  • Borrowers completed 1,557 refinances through HARP, bringing total refinances from the inception of the program to 3,485,583.
  • HARP volume represented 1 percent of total refinance volume.
  • Six percent of the loans refinanced through HARP had a loan-to?value ratio greater than 125 percent.
  • Borrowers with loan-to-value ratios greater than 105 percent accounted for 15 percent of the volume of HARP loans.
  • Thirty 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 Georgia and Illinois — triple the 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 September 30, 2017.

Attachments: Refinance Report – January 2018

FHFA: Foreclosure Prevention Report – Fourth Quarter 2017

Posted on by Safeguard

Investor Update
March 22, 2018

Source: FHFA

Fourth Quarter 2017 Highlights

The Enterprises’ Foreclosure Prevention Actions:

  • The Enterprises completed 67,569 foreclosure prevention actions in the fourth quarter of 2017, bringing the total to 4,040,258 since the start of conservatorships in September 2008. Of these actions, 3,357,722 have helped troubled homeowners stay in their homes including 2,150,946 permanent loan modifications.
  • Forbearance plans rose significantly to 24,935 during the quarter, driven by the disaster-related forbearance offered to homeowners affected by Hurricanes Harvey, Irma and Maria.
  • Forty two percent of modifications in the fourth quarter were modifications with principal forbearance.  Modifications with extend-term only also accounted for 42 percent of all loan modifications during the quarter.
  • There were 3,119 completed short sales and deeds-in-lieu during the quarter, bringing the total to 682,536 since the conservatorships began in September in 2008.

The Enterprises’ Mortgage Performance:

  • The percentage of 60+ days delinquent loans rose from 1.32 percent to 1.65 percent at the end of the fourth quarter primarily as a result of the impact of Hurricanes Harvey, Irma, and Maria.
  • The Enterprises’ serious (90 days or more) delinquency rate increased to 1.18 percent at the end of the fourth quarter. This compared with 4.8 percent for Federal Housing Administration (FHA) loans, 2.4 percent for Veterans Affairs (VA) loans, and 2.9 percent for all loans (industry average).

The Enterprises’ Foreclosures:

  • Foreclosure starts increased 6 percent to 45,203, and third-party and foreclosure sales decreased 14 percent to 13,448 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

Related News Release
 
Attachments: Foreclosure Prevention Report

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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