ICE First Look: Mortgage Performance Remains Strong as Delinquencies, Foreclosures Continue to Improve in May

Industry Update
June 21, 2024

Source: www.businesswire.com

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at May 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

The national delinquency rate fell 6 basis points (bps) year over year to 3.04% in May; still the second lowest point on record, behind 2.92% in March 2023

A fifth consecutive monthly improvement in serious delinquencies (those loans 90+ days past due, but not yet in active foreclosure) reset what had already been a more than 18-year low

The number of mortgage-holders who’ve missed a single payment dropped by -19K, while 60-day delinquencies edged up slightly (+4K) from April

While inflow of borrowers newly 30 days late dropped to a one-year low, those rolling to later stages of delinquency edged higher from April and fewer delinquent loans cured to current status

Foreclosure starts were down -6.5% from April, keeping active foreclosure inventory at the lowest level since pandemic-era moratoria were lifted in January 2022

The total number of mortgage-holders currently in active foreclosure remains 32% below (-92K) pre-pandemic levels

Though up slightly for the month, foreclosure sales (completions) in May were down -7.2% year over year and remain well below pre-pandemic norms

A seasonal rise in home sales and slightly improved refi volumes pushed prepayments to their highest level since September 2022, even as rate-related headwinds persist

 

For full report, please click the source link above.

 

FHFA Releases 1st Quarter 2024 Foreclosure Prevention and Refinance Report

Industry Update
June 21, 2024

Source: Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) today released its first quarter 2024 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 52,154 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,957,884 since the start of conservatorships in September 2008.

The report also shows that 29 percent of loan modifications completed in the first quarter reduced borrowers’ monthly payments by more than 20 percent. The number of refinances decreased from 71,378 in the fourth quarter of 2023 to 69,878 in the first quarter of 2024.

The Enterprises’ serious delinquency rate declined from 0.55 percent at the end of the fourth quarter of 2023 to 0.51 percent at the end of the first quarter of 2024. This compares with 3.18 percent for Federal Housing Administration (FHA) loans, 2.01 percent for Veterans Affairs (VA) loans, and 1.44 percent for all loans (industry average).

Other highlights from the report include:

Forbearance: At the end of the quarter, there were 34,348 loans in forbearance, representing approximately 0.11 percent of the Enterprises’ single-family conventional book of business, down from 42,194 or 0.14 percent at the end of the fourth quarter of 2023. Approximately 2 percent of these loans have been on a forbearance plan for more than 12 months.

Mortgage Performance: The 60+ day delinquency rate declined 8 percent in the quarter, from 0.77 percent at the end of the fourth quarter of 2023 to 0.70 percent at the end of the first quarter of 2024.

Foreclosures: The number of foreclosure starts decreased slightly to 18,643 while third-party and foreclosure sales fell 3 percent to 3,178 in the first quarter.

Real Estate Owned (REO) Activity & Inventory: The Enterprises’ REO inventory decreased 5 percent from 19,902 in the fourth quarter of 2023 to 10,404 in the first quarter of 2024, as property dispositions outpaced acquisitions. The total number of property acquisitions decreased 5 percent to 1,400, while dispositions rose to 1,894 during the quarter.

FHFA’s quarterly foreclosure prevention and refinance reports include data on the Enterprises’ mortgage performance, delinquencies, and active forbearance plans, as well as forfeiture actions and refinances by state. The data included in these reports are also available on FHFA’s website as an interactive Borrower Assistance Map.

Foreclosure Prevention, Refinance, and Federal Property Manager’s Report – 1Q 2024

 

For full report, please click the source link above.

 

FEMA Major Disaster Declaration – New Mexico South Fork Fire and Salt Fire

FEMA Alert
June 20, 2024  

***LAST UPDATED: 7/16/24***

FEMA has issued a Major Disaster Declaration for the state of New Mexico to supplement state, tribal, and local recovery efforts in areas affected by the South Fork Fire and the Salt Fire beginning June 17, 2024 and continuing.  The following counties have been approved for assistance:

Individual Assistance:

  • Lincoln
  • Mescalero Tribe
  • Otero
  • Rio Arriba
  • San Juan

Public Assistance:

  • Lincoln
  • Mescalero Tribe
  • Otero
  • Rio Arriba
  • San Juan

 

New Mexico South Fork Fire and Salt Fire (DR-4795-NM)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for New Mexico

Map of Affected Areas

List of Affected Zip Codes

 

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 Fire Management Assistance Declaration – New Mexico Salt Fire

FEMA Alert
June 18, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of New Mexico to supplement state, tribal and local recovery efforts in areas affected by the Salt Fire on June 17, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Lincoln
  • Mescalero Tribe
  • Otero

 

New Mexico Salt Fire (FM-5498-NM)

List of Affected Zip Codes

 

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 Fire Management Assistance Declaration – New Mexico South Fork Fire

FEMA Alert
June 17, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of New Mexico to supplement state, tribal and local recovery efforts in areas affected by the South Fork Fire on June 17, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Lincoln
  • Mescalero Tribe
  • Otero

 

New Mexico South Fork Fire (FM-5497-NM)

List of Affected Zip Codes

 

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 Major Disaster Declaration – Florida Severe Storms, Straight-line Winds, and Tornadoes

FEMA Alert
June 17, 2024  

***LAST UPDATED: 7/2/24***

FEMA has issued a Major Disaster Declaration for the state of Florida to supplement state, tribal, and local recovery efforts in areas affected by severe storms, straight-line winds, and tornadoes on May 10, 2024.  The following counties have been approved for assistance:

Individual Assistance:

  • Leon

Public Assistance:

  • Baker
  • Gadsden
  • Hamilton
  • Jefferson
  • Lafayette
  • Leon
  • Liberty
  • Madison
  • Santa Rosa
  • Suwannee
  • Taylor
  • Wakulla

 

Florida Severe Storms, Straight-line Winds, and Tornadoes (DR-4794-FL)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Florida

Map of Affected Areas

List of Affected Zip Codes

 

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 Major Disaster Declaration – Tennessee Severe Weather and Tornadoes

FEMA Alert
June 17, 2024  

FEMA has issued a Major Disaster Declaration for the state of Tennessee to supplement state, tribal, and local recovery efforts in areas affected by severe weather and tornadoes from May 8-9, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Cannon
  • Cheatham
  • Giles
  • Hamilton
  • Jackson
  • Macon
  • Maury
  • Montgomery
  • Polk
  • Smith
  • Sumner
  • Warren

 

Tennessee Severe Weather and Tornadoes (DR-4792-TN)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Tennessee

Map of Affected Areas

List of Affected Zip Codes

 

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 Major Disaster Declaration – Hawaii Severe Storms, Flooding, and Landslides

FEMA Alert
June 17, 2024  

FEMA has issued a Major Disaster Declaration for the state of Hawaii to supplement state, tribal, and local recovery efforts in areas affected by severe storms, flooding, and landslides from April 11-14, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Kauai

 

Hawaii Severe Storms, Flooding, and Landslides (DR-4793-HI)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Hawaii

Map of Affected Areas

List of Affected Zip Codes

 

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

Seattle Mayor to Sign Legislation to Expedite Demolition of Dangerous Vacant Buildings

One Community Update
June 6, 2024

Source: www.komonews.com

Seattle Mayor Bruce Harrell is set to sign anticipated legislation Thursday to expedite the demolition of dangerous and vacant buildings.

The dangers of those building fires were seen earlier this week when one person died and three others were hurt in north Seattle in one of two fires in vacant buildings in the same day.

The Seattle Fire Department said there have been 34 fires related to vacant buildings so far this year, not including the aforementioned blaze on Tuesday.

The Seattle City Council unanimously approved emergency legislation Tuesday to allow Seattle fire to order problematic and vacant buildings that pose public safety risks to be torn down.

The legislation, sponsored by councilmembers Bob Kettle and Tammy Morales, requires property owners to pay for the demolition of the buildings and necessary work to make the sites safe. The bill will take effect immediately after it is signed by Harrell.

According to the Seattle City Council, the legislation allows the city to address vacant and dangerous building several ways:

  • Amends the Seattle fire code to allow the SFD to order remediation or complete demolition of derelict buildings
  • Requires property owners to pay for necessary work to make dangerous buildings or sites safe
  • In extreme cases, authorizes the city to conduct needed abatement work to improve the safety of a site and place liens on properties to recover costs

 

For full report, please click the source link above.

Brainerd to Combat Vacant Buildings

One Community Update
June 6, 2024

Source: Brainerd Dispatch

Vacant, unmaintained buildings in Brainerd could soon cost the owners big money.

City Council members are considering a vacant building registry, which would require owners of vacant buildings, as defined in a new ordinance, to register them with the city for a fee of $7,000. That fee could be waived or suspended, however, if the property owner works with city staff to restore the building.

Community Development Director James Kramvik brought the issue to the council last month, asking if the council wanted to pursue it. Council members reviewed a proposed ordinance laying on the guidelines Monday, June 3.

Kramvik told the council residents have consistently expressed that clean, well-maintained neighborhoods and business are a high priority, and the past few years have seen an increase in the number of abandoned dwellings and neglected properties due to maintenance issues or fire damage. Right now, the city relies on complaints from residents to address code violations on vacant properties. Many of the buildings do not meet the standards of condemnation and removal, as the problems are repairable.

A solution could be a vacant building registry. The proposed guidelines Kramvik presented to the council Monday are modeled after Minneapolis’ vacant building registry, which he said seems to be successful.

The proposed ordinance defines a vacant building as one that is:

  • Condemned.
  • Unoccupied and unsecured for five days or more. Many times unsecured buildings happen after events like fires, when there might be broken windows or doors that are broken and left open.
  • Unoccupied and secured by means other than those normally used in the design of the building for 30 days or more. These buildings are typically those that might be missing windows or doors and have plywood over the openings. If an owner is in contact with a city about the work, though, the building may not go on the registry.
  • Unoccupied and has multiple housing maintenance, fire or building code violations existing for 30 days or more.
  • Unoccupied for more than a year with an order to correct a nuisance.
  • A vacant building that is unable to receive a certificate of occupancy due to expired permits or demonstrated work stoppage of 180 days or more as determined by a building official. These cases happen when construction might have started on a building and then stopped for a period of time. Neighbors might complain about debris all over the property.

A building owner would be able to appeal a designation.

If a building is placed on the registry, the owner would have to include details on the expected time it is to remain vacant and a plan for either returning the building to occupancy standards or demolishing it.

The $7,000 annual registry fee could be waived or suspended if the building owner has a written restoration plan with the city and is working to restore the building.

The goal, Kramvik said, is not to stick people with a $7,000 fine but to incentivize property owners to either fix up their buildings or sell them. It’s an ordinance he said many people in the city have expressed interest in.

Mayor Dave Badeaux said he was in favor of the regulations, noting he’s had a few discussions lately with residents about problem properties.

“It seems like we’re getting one or two of them a year,” Badeaux said. “And it’s just an interesting dilemma that has popped up in the last couple of years, and getting ahead of it is good.”

With council members in favor of the proposed ordinance, Kramvik will bring it back to the council at its next meeting for a first official reading.

 

For full report, please click the source link above.

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CHIEF EXECUTIVE OFFICER

Alan Jaffa

Alan Jaffa is the chief executive officer for Safeguard, 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® finalist in 2013.

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Chief Operating Officer

Michael Greenbaum

Michael Greenbaum is the chief operating officer for Safeguard. Mike has been instrumental in aligning operations to become more efficient, effective, and compliant with our ever-changing industry requirements. Mike has a proven track record of excellence, partnership and collaboration at Safeguard. Under Mike’s leadership, all operational departments of Safeguard have reviewed, updated and enhanced their business processes to maximize efficiency and improve quality control.

Mike joined Safeguard in July 2010 as vice president of REO and has continued to take on additional duties and responsibilities within the organization, including the role of vice president of operations in 2013 and then COO in 2015.

Mike built his business career in supply-chain management, operations, finance and marketing. He has held senior management and executive positions with Erico, a manufacturing company in Solon, Ohio; Accel, Inc., a packaging company in Lewis Center, Ohio; and McMaster-Carr, an industrial supply company in Aurora, Ohio.

Before entering the business world, Mike served in the U.S. Army, Ordinance Branch, and specialized in supply chain management. He is a distinguished graduate of West Point (U.S. Military Academy), where he majored in quantitative economics.

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CHIEF INFORMATION OFFICER

Sean Reddington

Sean Reddington is the new Chief Information Officer for Safeguard Properties LLC. Sean has over 15+ years of experience in Information Services Management with a strong focus on Product and Application Management. Sean is responsible for Safeguard’s technological direction, including planning, implementation and maintaining all operational systems

Sean has a proven record of accomplishment for increasing operational efficiencies, improving customer service levels, and implementing and maintaining IT initiatives to support successful business processes.  He has provided the vision and dedicated leadership for key technologies for Fortune 100 companies, and nationally recognized consulting firms including enterprise system architecture, security, desktop and database management systems. Sean possesses strong functional and system knowledge of information security, systems and software, contracts management, budgeting, human resources and legal and related regulatory compliance.

Sean joined Safeguard Properties LLC from RenPSG Inc. which is a nationally leading Philintropic Software Platform in the Fintech space. He oversaw the organization’s technological direction including planning, implementing and maintaining the best practices that align with all corporate functions. He also provided day-to-day technology operations, enterprise security, information risk and vulnerability management, audit and compliance, security awareness and training.

Prior to RenPSG, Sean worked for DMI Consulting as a Client Success Director where he guided the delivery in a multibillion-dollar Fortune 500 enterprise client account. He was responsible for all project deliveries in terms of quality, budget and timeliness and led the team to coordinate development and definition of project scope and limitations. Sean also worked for KPMG Consulting in their Microsoft Practice and Technicolor’s Ebusiness Division where he had responsibility for application development, maintenance, and support.

Sean is a graduate of Rutgers University with a Bachelor of Arts and received his Masters in International Business from Central Michigan University. He was also a commissioned officer in the United States Air Force prior to his career in the business world.

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General Counsel and Executive Vice President

Linda Erkkila, Esq.

Linda Erkkila is the general counsel and executive vice president for Safeguard and oversees the legal, human resources, training, and compliance departments. Linda’s responsibilities cover regulatory issues that impact Safeguard’s operations, risk mitigation, enterprise strategic planning, human resources and training initiatives, compliance, litigation and claims management, and 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. Her practice spans over 20 years, and Linda’s experience covers regulatory disclosure, corporate governance compliance, risk assessment, executive compensation, litigation management, and merger and acquisition activity. Her experience at a former Fortune 500 financial institution during the subprime crisis helped develop Linda’s pro-active approach to change management during periods of heightened regulatory scrutiny.

Linda previously served as vice president and attorney for National City Corporation, as securities and corporate governance counsel for Agilysys Inc., and as an associate at Thompson Hine LLP. She earned her JD at Cleveland-Marshall College of Law. Linda holds a degree in economics from Miami University and an MBA. In 2017, Linda was named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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Chief Financial Officer

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard. Joe is responsible for the Control, Quality Assurance, Business Development, Accounting & Information Security departments, and is a Managing Director of SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Joe has been in a wide variety of roles in finance, supply chain management, information systems development, and sales and marketing. His career includes senior positions with McMaster-Carr Supply Company, Newell/Rubbermaid, and Procter and Gamble.

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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AVP, High Risk and Investor Compliance

Steve Meyer

Steve Meyer is the assistant vice president of high risk and investor compliance for Safeguard. In this role, Steve is responsible for managing our clients’ conveyance processes, Safeguard’s investor compliance team and developing our working relationships with cities and municipalities around the country. He also works directly with our clients in our many outreach efforts and he represents Safeguard at a number of industry conferences each year.

Steve joined Safeguard in 1998 as manager over the hazard claims team. He was instrumental in the development and creation of policies, procedures and operating protocol. Under Steve’s leadership, the department became one of the largest within Safeguard. In 2002, he assumed responsibility for the newly-formed high risk department, once again building its success. Steve was promoted to director over these two areas in 2007, and he was promoted to assistant vice president in 2012.

Prior to joining Safeguard, Steve spent 10 years within the insurance industry, holding a number of positions including multi-line property adjuster, branch claims supervisor, and multi-line and subrogation/litigation supervisor. Steve is a graduate of Grove City College.

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AVP, Operations

Jennifer Jozity

Jennifer Jozity is the assistant vice president of operations, overseeing inspections, REO and property preservation for Safeguard. Jen ensures quality work is performed in the field and internally, to meet and exceed our clients’ expectations. Jen has demonstrated the ability to deliver consistent results in order audit and order management.  She will build upon these strengths in order to deliver this level of excellence in both REO and property preservation operations.

Jen joined Safeguard in 1997 and was promoted to director of inspections operations in 2009 and assistant vice president of inspections operations in 2012.

She graduated from Cleveland State University with a degree in business.

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AVP, Finance

Jennifer Anspach

Jennifer Anspach is the assistant vice president of finance for Safeguard. She is responsible for the company’s national workforce of approximately 1,000 employees. She manages recruitment strategies, employee relations, training, personnel policies, retention, payroll and benefits programs. Additionally, Jennifer has oversight of the accounts receivable and loss functions formerly within the accounting department.

Jennifer joined the company in April 2009 as a manager of accounting and finance and a year later was promoted to director. She was named AVP of human capital in 2014. Prior to joining Safeguard, she held several management positions at OfficeMax and InkStop in both operations and finance.

Jennifer is a graduate of Youngstown State University. She was named a Crain’s Cleveland Business Archer Award finalist for HR Executive of the Year in 2017.

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AVP, Application Architecture

Rick Moran

Rick Moran is the assistant vice president of application architecture for Safeguard. Rick is responsible for evolving the Safeguard IT systems. He leads the design of Safeguard’s enterprise application architecture. This includes Safeguard’s real-time integration with other systems, vendors and clients; the future upgrade roadmap for systems; and standards designed to meet availability, security, performance and goals.

Rick has been with Safeguard since 2011. During that time, he has led the system upgrades necessary to support Safeguard’s growth. In addition, Rick’s team has designed and implemented several innovative systems.

Prior to joining Safeguard, Rick was director of enterprise architecture at Revol Wireless, a privately held CDMA Wireless provider in Ohio and Indiana, and operated his own consulting firm providing services to the manufacturing, telecommunications, and energy sectors.

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AVP, Technology Infrastructure and Cloud Services

Steve Machovina

Steve Machovina is the assistant vice president of technology infrastructure and cloud services for Safeguard. He is responsible for the overall management and design of Safeguard’s hybrid cloud infrastructure. He manages all technology engineering staff who support data centers, telecommunications, network, servers, storage, service monitoring, and disaster recovery.

Steve joined Safeguard in November 2013 as director of information technology operations.

Prior to joining Safeguard, Steve was vice president of information technology at Revol Wireless, a privately held wireless provider in Ohio and Indiana. He also held management positions with Northcoast PCS and Corecomm Communications, and spent nine years as a Coast Guard officer and pilot.

Steve holds a BBA in management information systems from Kent State University in Ohio and an MBA from Wayne State University in Michigan.

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Assistant Vice president of Application Development

Steve Goberish

Steve Goberish, is the assistant vice president of application development for Safeguard. He is responsible for the maintenance and evolution of Safeguard’s vendor systems ensuring high-availability, security and scalability while advancing the vendor products’ capabilities and enhancing the vendor experience.

Prior to joining Safeguard, Steve was a senior technical architect and development manager at First American Title Insurance, a publicly held title insurance provider based in southern California, in addition to managing and developing applications in multiple sectors from insurance to VOIP.

Steve has a bachelor’s degree from Kent State University in Ohio.