Safeguard Properties

HUD: Guide to Help Struggling Homeowners Avoid Foreclosure Released

Posted on by Safeguard

Investor Update
December 20, 2017

Guide helps borrowers and disaster victims to understand mortgage options and avoid scams
 
WASHINGTON – The U.S. Department of Housing and Urban Development today released the Homeowners Guide to Success as part of a public-private partnership between federal agencies and industry partners. The guide provides homeowners with information on the critical first steps to take if they are at risk of missing a mortgage payment or facing foreclosure.

HUD Secretary Ben Carson said, “This guide arms consumers with easy to understand, reliable information about the assistance available to help them keep their homes. Valuable information like this can make a tremendous difference in the lives of homeowners who may be faced with foreclosure.”

This guide ensures homeowners will have resources at their fingertips and will be ready and responsible for the next steps. The guide also covers the value of HUD-approved housing counseling agencies. They are on the front lines providing resources to help homeowners avoid foreclosure. These HUD-approved housing counseling agencies offer free assistance to consumers and help borrowers find housing counselors and avoid scams.

As families recover from the recent hurricanes and are more likely to be targeted by scams, a HUD-approved housing counselor can assist them through the process of purchasing or keeping a home. Independent research shows that borrowers working with a HUD-approved housing counseling agency are more likely to avoid foreclosure than borrowers who do not seek housing counseling.

“Steering consumers away from fraudulent schemes is especially important when they are already facing the difficult situation of not being able to make their mortgage payment,” said Sarah Gerecke, Deputy Assistant Secretary for the Office of Housing Counseling at HUD.

As part of the partnership between HUD, Department of Veterans Affairs, Department of Agriculture, the Treasury Department, the Consumer Financial Protection Bureau, Federal Housing Finance Agency, Mortgage Bankers Association, and housing counseling agencies, the guide will be available on federal agency and industry partner websites.

Source: HUD

HUD: FHA INFO #17-57: Training and Events

Posted on by Safeguard

Investor Update
December 21, 2017

Webinar Title:  NEW   Webinar V.1: SFDMS – Reporting Basics

Date/Time:                   Wednesday, January 10, 2018 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/3981620061562255107

Description:                 Representatives from the Federal Housing Administration (FHA) will provide guidance to FHA-approved servicers covering the basics of reporting information on defaulted FHA loans to HUD through the Single Family Default Monitoring System (SFDMS). Topics include: deadlines; Electronic Data Interchange (EDI) files vs. manual reporting; and reporting resources.

Special Instructions:  This webinar will focus exclusively on SFDMS reporting requirements and is open to all FHA-approved Servicers. A valid company email address and the FHA 5-digit lender ID are required at the time of registration. For more information, contact: stacey.a.brown@hud.gov 

Source: HUD (FHA INFO #17-57 full version)

Freddie Mac: Quick Takes: Your Snapshot into Investor Reporting Success

Posted on by Safeguard

Investor Update
December 7, 2017

By now, you should be familiar with the Investor Reporting Change Initiative, which will move us closer to an industry standard reporting cycle beginning on the first of the month. It is a lot of work, and we know the information that comes along with these changes may feel complicated to navigate.

Today, we launched Quick Takes, a new resource with easy-to-digest tips about the initiative, plus answers to common questions you may have between now and when the initiative is implemented in May 2019.

You’re One Quick Take Away from:

  • Insights into staying on task
  • Reporting examples and scenarios
  • Status checks
  • Quick resources
  • Q&A’s

Subscribe

Subscribe to Quick Takes and discover:

  • Supplemental information to help answer your questions.
  • Tips to keep you informed on changes, and help stay you on track.
  • At-a-glance information about where you should be in the initiative.

For More Information

Source: Freddie Mac

Freddie Mac: Holiday Eviction Suspension

Posted on by Safeguard

Investor Update
December 11, 2017

Freddie Mac is suspending all scheduled eviction lockouts from December 18, 2017 through January 2, 2018. The eviction lockout suspension applies to all foreclosed occupied Single-Family homes and 2-4 unit properties that are now Freddie Mac Real Estate Owned (REO).

As a reminder, Freddie Mac has suspended all foreclosure sales in Eligible Disaster Areas impacted by Hurricane Harvey, Irma or Maria through the end of 2017.

For More Information

  • Review our press release.
  • Direct questions to your Freddie Mac representative or contact the Customer Support Contact Center (800-FREDDIE).

Source: Freddie Mac

Freddie Mac: Consolidated Scorecard Now Available

Posted on by Safeguard

Investor Update
December 12, 2017

Your enhanced consolidated Servicer Success Scorecard (Scorecard) is now available with synthetic performance, trend and rank data. This Scorecard provides you with a consolidated view of your performance across your servicing portfolio using the same metrics as your master servicing Scorecard.

Other updates include:

  • Republishing the October Scorecard to exclude disaster forbearance loans from certain metrics that should have excluded them.
  • Improving the Servicer Performance Profile homepage to provide you with faster and more responsive navigation.

For More Information

Source: Freddie Mac

FHLMC Guide Bulletin 2017-27: Servicing Updates

Posted on by Safeguard

Investor Update
December 13, 2017

Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-27 [pdf] includes updates and reminders that impact your processes. With this Guide Bulletin, we are:

  • Notifying you that Workout Prospector® will be updated by February 26, 2018 to accommodate data submissions and reporting to Freddie Mac related to the new imminent default evaluation requirements.
  • Providing guidance on how to process and report imminent default data using Workout Prospector.
  • Updating the Guide to reflect the Manager Series reports and their new locations in the redesigned Servicer Performance Profile.
  • Providing information on changes announced in Guide Bulletin 2017-26 [pdf] that impact Servicers.

For more details on these changes and other important updates, read Guide Bulletin 2017-27 [pdf] or contact your Freddie Mac representative.

Source: Freddie Mac

FHLMC Guide 2017-29: Extension of Foreclosure Sale Suspension in Puerto Rico and the U.S. Virgin Islands

Posted on by Safeguard

Investor Update
December 20, 2017

With Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-29 we’re extending the suspension of all foreclosure sales in Puerto Rico and the U.S. Virgin Islands through March 31, 2018. The extension will help ensure your borrowers continue to receive the assistance they need while recovering from the devastation caused by Hurricane Irma or Hurricane Maria.

Previously announced foreclosure sale suspensions in other states are not impacted by this announcement and will expire on December 31, 2017.

For more information on this extension read Guide Bulletin 2017-29 [pdf] or contact your Freddie Mac representative.

Source: Freddie Mac

FHFA: Third Quarter Foreclosure Prevention Report Shows Foreclosure Preventions Top 3.9 Million

Posted on by Safeguard

Investor Update
December 21, 2017

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its third quarter Foreclosure Prevention Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 41,465 foreclosure prevention actions in the third quarter of 2017, bringing the total number of troubled homeowners helped to 3,972,689 since the start of the conservatorships in September 2008.  The number of early stage (30-59 days) delinquent loans rose 25 percent in the third quarter driven primarily by the impact of Hurricanes Harvey, Irma and Maria in Texas, Florida and Puerto Rico.  A variety of mortgage relief options are available for those affected by natural disasters, including these hurricanes.

FHFA’s report includes data on the Enterprises’ home retention actions, delinquency data and real estate owned (REO) inventory.  FHFA publishes the report data in an online, interactive Borrower Assistance Map on FHFA.gov. 

Other foreclosure prevention data noted in the quarterly report include:

  • Of the foreclosure prevention actions, nearly 3.3 million have helped troubled homeowners stay in their homes, including more than 2.1 million permanent loan modifications.
  • The Enterprises’ serious delinquency rate remained flat at 0.95 percent at the end of the third quarter.
  • The Enterprises’ REO inventory declined 8 percent in the third quarter.

Link to 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

Source: FHFA

FHFA: Refinance Report

Posted on by Safeguard

Investor Update
December 14, 2017

October 2017 Highlights

  • Total refinance volume increased in October 2017 as mortgage rates in September remained below the levels observed at the beginning of the year.  Mortgage rates increased in October: the average interest rate on a 30-year fixed rate mortgage rose to 3.90 percent from 3.81 percent in September.

In October 2017:

  • Borrowers completed 2,184 refinances through HARP, bringing total refinances from the inception of the program to 3,479,901.
  • HARP volume represented 2 percent of total refinance volume.
  • Seven percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.  

Year to date through October 2017:

  • Borrowers with loan-to-value ratios greater than 105 percent accounted for 19 percent of the volume of HARP loans.
  • Twenty-six 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 5 or more percent of total refinances in Nevada, Illinois, and Florida — more than double the 2 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 60 percent of the nation’s HARP eligible loans with a refinance incentive as of June 30, 2017.

Attachments: Refinance Report – October 2017

Source: FHFA

FHFA: Further Data on Non-performing Loan Sales

Posted on by Safeguard

Investor Update
December 5, 2017

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its fourth report providing information about the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises).  The Enterprise Non-Performing Loan Sales Report includes information about NPLs sold through June 30, 2017.  It reflects borrower outcomes as of June 30, 2017, on NPLs sold through December 31, 2016.  The sale of NPLs reduces the number of severely delinquent loans in the Enterprises’ portfolios.  FHFA and the Enterprises impose requirements on NPL buyers  to encourage prioritization of outcomes for borrowers other than foreclosure. 

This fourth report shows that, through June 30, 2017, the Enterprises sold 82,359 NPLs representing a total unpaid principal balance (UPB) of $16 billion.

  • NPLs sold had an average delinquency of 3.3 years and an average current loan-to-value ratio of 97 percent.
  • NPLs in New Jersey, New York and Florida represented nearly half (47 percent) of the NPLs sold.  These three states also accounted for 47 percent of the Enterprises’ loans that were one year or more delinquent as of December 31, 2014.
  • A nonprofit organization, Community Loan Fund of New Jersey (CLFNJ), along with its affiliate, New Jersey Community Capital, was the winning bidder on 10 of 12 small, geographically concentrated NPL pools sold by June 30, 2017.

The borrower outcomes in the report are based on the 69,804 NPLs that were settled by December 31, 2016 and reported through June 30, 2017.  These outcomes reflect the following:

  • NPLs on homes occupied by borrowers had the highest rate of foreclosure avoidance outcomes (21.2 percent foreclosure avoided versus 9.9 percent for vacant properties).
  • NPLs on vacant homes had a much higher rate of foreclosure, nearly double the foreclosure rate of borrower-occupied properties (47.8 percent foreclosure versus 19.3 percent for borrower occupied properties).  Foreclosures on vacant homes typically improve neighborhood stability and reduce blight as the homes are sold or rented to new occupants.
  • Compared to a benchmark of similarly delinquent Enterprise NPLs that were not sold, foreclosures avoided for sold NPLs were higher than the benchmark.  Thirty?six percent of NPLs that have been with the new servicers the longest (1,737 NPLs with new servicers for 26 months) avoided foreclosure, compared to 24 percent of the benchmark NPLs.
  • Fourteen percent of the permanent modifications of NPLs provided arrearage and/or principal forgiveness.  The average forgiveness earned per loan to date was $30,443 (with the potential to earn an average forgiveness of $60,586).

FHFA will continue to provide reporting on NPL sales borrower outcomes on an ongoing basis.

Link to Non-Performing Loan Sales Report

Link to NPL page on FHFA.gov
 
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.9 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

Source: FHFA

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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