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HUD Announces Disaster Assistance for U.S. Virgin Island Storm Victims

Posted on September 13, 2018 by Safeguard

Investor Update
September 21, 2017

Foreclosure protection offered to displaced families

WASHINGTON – U.S. Housing and Urban Development today announced HUD will speed federal disaster assistance to the U.S. Virgin Islands and provide support to homeowners and low-income renters forced from their homes due to Hurricane Maria.

Today, President Trump issued a major disaster declaration for St. Croix Island. The President’s declaration allows HUD to offer foreclosure relief and other assistance to certain families living on this island.

HUD is:

Granting immediate foreclosure relief – HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages. There are approximately 593 FHA-insured U.S. Virgin Islands homeowners living in these impacted islands.
Making mortgage insurance available – HUD’s Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs;
Making insurance available for both mortgages and home rehabilitation – HUD’s Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home;
Information on housing providers and HUD programs – The Department will share information with FEMA and the State on housing providers that may have available units in the impacted counties. This includes Public Housing Agencies and Multi-Family owners. The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers.
Assisting the U.S. Virgin Islands and local governments in re-allocating existing federal resources toward disaster relief – HUD’s Community Development Block Grant (CDBG) and HOME programs give the State and communities the flexibility to redirect millions of dollars in annual formula funding to address critical needs, including housing and services for disaster victims. HUD is currently contacting State and local officials to explore streamlining the Department’s CDBG and HOME programs in order to expedite the repair and replacement of damaged housing; and,
Offering Section 108 loan guarantee assistance – HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.

Read about these and other HUD programs designed to assist disaster victims.

Source: HUD

Additional Resource:

Safeguard Properties (Hurricane Maria All Client Alert summary page)

HUD Announces Disaster Assistance for U.S. Virgin Island Storm Victims

Posted on September 13, 2018 by Safeguard

Investor Update
September 18, 2017

Foreclosure protection offered to displaced families

Last week, President Trump issued a major disaster declaration for St. John and St. Thomas Islands. The President’s declaration allows HUD to offer foreclosure relief and other assistance to certain families living in this county.

HUD is:

Granting immediate foreclosure relief – HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages. There are approximately 593 FHA-insured U.S. Virgin Islands homeowners living in these impacted islands.
Making mortgage insurance available – HUD’s Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs;
Making insurance available for both mortgages and home rehabilitation – HUD’s Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home;
Information on housing providers and HUD programs – The Department will share information with FEMA and the State on housing providers that may have available units in the impacted counties. This includes Public Housing Agencies and Multi-Family owners. The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers.
Assisting the U.S. Virgin Islands and local governments in re-allocating existing federal resources toward disaster relief – HUD’s Community Development Block Grant (CDBG) and HOME programs give the State and communities the flexibility to redirect millions of dollars in annual formula funding to address critical needs, including housing and services for disaster victims. HUD is currently contacting State and local officials to explore streamlining the Department’s CDBG and HOME programs in order to expedite the repair and replacement of damaged housing; and,
Offering Section 108 loan guarantee assistance – HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.

Read about these and other HUD programs designed to assist disaster victims.

Source: HUD

Additional Resource:

Safeguard Properties (Hurricane Irma All Client Alert summary page)

HUD Announces Disaster Assistance for Puerto Rico Storm Victims

Posted on September 13, 2018September 13, 2018 by Safeguard

Investor Update
September 21, 2017

Foreclosure protection offered to displaced families

Today, President Trump issued a major disaster declaration for Aguas Buenas, Aibonito, Arecibo, Arroyo, Barceloneta, Barranquitas, Bayamón, Caguas, Canóvanas, Carolina, Cataño, Cayey, Ceiba, Ciales, Cidra, Coamo, Comerio, Corozal, Culebra, Dorado, Fajardo, Florida, Guayama, Guaynabo, Gurabo, Humacao, Jayuya, Juana Díaz, Juncos, Las Piedras, Loíza, Luquillo, Manati, Maunabo, Morovis, Naguabo, Naranjito, Orocovis, Patillas, Ponce, Rio Grande, Salinas, San Juan, San Lorenzo, Santa Isabel, Toa Baja, Toa Alta, Trujillo Alto, Utuado, Vega Alta, Vega Baja, Vieques, Villalba and Yabucoa municipalities.

The President’s declaration allows HUD to offer foreclosure relief and other assistance to certain families living in this county. HUD is:

Granting immediate foreclosure relief – HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages. There are approximately 117,254 FHA-insured Puerto Rico homeowners living in these impacted municipalities.
Making mortgage insurance available – HUD’s Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs;
Making insurance available for both mortgages and home rehabilitation – HUD’s Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home;
Information on housing providers and HUD programs – The Department will share information with FEMA and the State on housing providers that may have available units in the impacted counties. This includes Public Housing Agencies and Multi-Family owners. The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers.
Assisting the Commonwealth of Puerto Rico and local governments in re-allocating existing federal resources toward disaster relief – HUD’s Community Development Block Grant (CDBG) and HOME programs give the State and communities the flexibility to redirect millions of dollars in annual formula funding to address critical needs, including housing and services for disaster victims. HUD is currently contacting State and local officials to explore streamlining the Department’s CDBG and HOME programs in order to expedite the repair and replacement of damaged housing; and,
Offering Section 108 loan guarantee assistance – HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.

Read about these and other HUD programs designed to assist disaster victims.

Source: HUD

Additional Resource:

Safeguard Properties (Hurricane Maria All Client Alert summary page)

HUD Announces Disaster Assistance for Puerto Rico Storm Victims

Posted on September 13, 2018September 13, 2018 by Safeguard

Investor Update
September 11, 2017

Foreclosure protection offered to displaced families

WASHINGTON – U.S. Housing and Urban Development today announced HUD will speed federal disaster assistance to the Commonwealth of Puerto Rico and provide support to homeowners and low-income renters forced from their homes due to Hurricane Irma.

Yesterday, President Trump issued a major disaster declaration for Culebra and Vieques municipalities. The President’s declaration allows HUD to offer foreclosure relief and other assistance to certain families living in this county.

HUD is:

Granting immediate foreclosure relief – HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages;
Making mortgage insurance available – HUD’s Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs;
Making insurance available for both mortgages and home rehabilitation – HUD’s Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home;
Information on housing providers and HUD programs – The Department will share information with FEMA and the State on housing providers that may have available units in the impacted counties. This includes Public Housing Agencies and Multi-Family owners. The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers.
Assisting the Commonwealth of Puerto Rico and local governments in re-allocating existing federal resources toward disaster relief – HUD’s Community Development Block Grant (CDBG) and HOME programs give the State and communities the flexibility to redirect millions of dollars in annual formula funding to address critical needs, including housing and services for disaster victims. HUD is currently contacting State and local officials to explore streamlining the Department’s CDBG and HOME programs in order to expedite the repair and replacement of damaged housing; and,
Offering Section 108 loan guarantee assistance – HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.

Read about these and other HUD programs designed to assist disaster victims.

Source: HUD

Additional Resource:

Safeguard Properties (Hurricane Irma All Client Alert summary page)

HUD Announces Disaster Assistance for Georgia Storm Victims

Posted on September 13, 2018September 13, 2018 by Safeguard

Investor Update
September 18, 2017

Foreclosure protection offered to displaced families

WASHINGTON – U.S. Housing and Urban Development today announced HUD will speed federal disaster assistance to the State of Georgia and provide support to homeowners and low-income renters forced from their homes due to Hurricane Irma.

Last week, President Trump issued a major disaster declaration for Camden, Chatham, and Glynn counties. The President’s declaration allows HUD to offer foreclosure relief and other assistance to certain families living in this county.

HUD is:

Granting immediate foreclosure relief – HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages. There are approximately 11,639 FHA-insured Georgia homeowners living in these impacted counties.
Making mortgage insurance available – HUD’s Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs;
Making insurance available for both mortgages and home rehabilitation – HUD’s Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home;
Information on housing providers and HUD programs – The Department will share information with FEMA and the State on housing providers that may have available units in the impacted counties. This includes Public Housing Agencies and Multi-Family owners. The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers.
Assisting the State of Georgia and local governments in re-allocating existing federal resources toward disaster relief – HUD’s Community Development Block Grant (CDBG) and HOME programs give the State and communities the flexibility to redirect millions of dollars in annual formula funding to address critical needs, including housing and services for disaster victims. HUD is currently contacting State and local officials to explore streamlining the Department’s CDBG and HOME programs in order to expedite the repair and replacement of damaged housing; and,
Offering Section 108 loan guarantee assistance – HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.

Read about these and other HUD programs designed to assist disaster victims.

Source: HUD

Additional Resource:

Safeguard Properties (Hurricane Irma All Client Alert summary page)

HUD Announces Disaster Assistance for Florida Storm Victims

Posted on September 13, 2018September 13, 2018 by Safeguard

Investor Update
September 13, 2017

Foreclosure protection offered to displaced families

WASHINGTON – U.S. Housing and Urban Development today announced HUD will speed federal disaster assistance to the State of Florida and provide support to homeowners and low-income renters forced from their homes due to Hurricane Irma.

This week, President Trump issued a major disaster declaration for Broward, Charlotte, Clay, Collier, Duval, Flagler, Hillsborough, Lee, Manatee, Miami-Dade, Monroe, Palm Beach, Pinellas, Putnam, Sarasota and St. Johns counties. The President’s declaration allows HUD to offer foreclosure relief and other assistance to certain families living in this county.

HUD is:

Granting immediate foreclosure relief – HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages. There are approximately 280,000 FHA-insured Florida homeowners living in these impacted counties.
Making mortgage insurance available – HUD’s Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs;
Making insurance available for both mortgages and home rehabilitation – HUD’s Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home;
Information on housing providers and HUD programs – The Department will share information with FEMA and the State on housing providers that may have available units in the impacted counties. This includes Public Housing Agencies and Multi-Family owners. The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers.
Assisting the State of Florida and local governments in re-allocating existing federal resources toward disaster relief – HUD’s Community Development Block Grant (CDBG) and HOME programs give the State and communities the flexibility to redirect millions of dollars in annual formula funding to address critical needs, including housing and services for disaster victims. HUD is currently contacting State and local officials to explore streamlining the Department’s CDBG and HOME programs in order to expedite the repair and replacement of damaged housing; and,
Offering Section 108 loan guarantee assistance – HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.

Read about these and other HUD programs designed to assist disaster victims.

Source: HUD

Additional Resource:

Safeguard Properties (Hurricane Irma All Client Alert summary page)

Freddie Mac Confirms Disaster Relief Policies as Hurricane Irma Approaches Puerto Rico, U.S. Virgin Islands and U.S. Mainland

Posted on September 13, 2018September 13, 2018 by Safeguard

Investor Update
September 6, 2017

MCLEAN, VA–(Marketwired – Sep 6, 2017) – Freddie Mac (OTCQB: FMCC) confirmed today that its disaster relief options will be available to homeowners in Puerto Rico, the U.S. Virgin Islands and the U.S. mainland as Hurricane Irma approaches.

Freddie Mac’s disaster relief options will be available to borrowers with homes in presidentially-declared Major Disaster Areas where federal Individual Assistance programs are made available to affected individuals and households. Until then, servicers may leverage Freddie Mac’s forbearance programs to provide immediate mortgage relief to borrowers affected by the storm.

“Freddie Mac is monitoring the approach of Hurricane Irma. We stand ready to work with the nation’s servicers to ensure that mortgage relief is made available to homeowners who may be affected,” said Yvette Gilmore, Freddie Mac’s Vice President of Single-Family Servicer Performance Management. “If the storm impacts states and U.S. territories, we will instruct servicers to work with borrowers who have mortgages owned or guaranteed by Freddie Mac to provide up to 12 months of forbearance.”

News facts:

Freddie Mac disaster relief policies authorize mortgage servicers to help affected borrowers in presidentially declared Major Disaster Areas where federal Individual Assistance programs have been extended. A list of these areas can be found at http://www.fema.gov/disasters.
Freddie Mac mortgage relief options for affected borrowers in these areas include:
Suspending foreclosures by providing forbearance for up to 12 months;
Waiving assessments of penalties or late fees against borrowers with disaster-damaged homes; and
Not reporting forbearance or delinquencies caused by the disaster to the nation’s credit bureaus.
Freddie Mac reminds servicers that borrowers who work in eligible disaster areas but have homes in unaffected areas are also eligible for Freddie Mac’s standard relief policies, which include forbearance or mortgage modifications.
Affected borrowers should immediately contact their mortgage servicer, the company to which they send their monthly mortgage payment.
See http://www.freddiemac.com/singlefamily/service for a description of Freddie Mac disaster relief policies.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog.

Source: Freddie Mac

Additional Resource:

Safeguard Properties (Hurricane Irma All Client Alert summary page)

FHLMC Guide Bulletin 2017-21: Extension of Certain Hurricane-Related Requirements and Property Inspection Reimbursement for Eligible Disaster Areas

Posted on September 13, 2018September 13, 2018 by Safeguard

Investor Update
September 25, 2017

As the 2017 hurricane season continues with strong storms that cause damage and hardship to millions of people, we’re working hard to respond quickly and help our Seller/Servicers in their efforts to assist borrowers facing hardships.

As part of our ongoing efforts, we’re announcing updates to our temporary Selling and Servicing requirements in Single-Family Seller/Servicer Guide Bulletin 2017-21.

New Temporary Requirements

For mortgages you recently originated (Sellers)

We’ll reimburse you through September 2018, for property inspections completed prior to the sale or securitization of mortgages on properties in Eligible Disaster Areas associated with 2017 hurricanes. We will reimburse actual inspection costs not to exceed $75 for each loan.

In subsequent communications, we’ll provide further details on the reimbursement process.

For mortgages you are servicing (Servicers)

We’re putting a temporary process in place for Servicers to be reimbursed for the actual property inspection costs, subject to applicable expense limits, for conducting inspections according to Guide Sections 8404.2 and 8202.11.

The temporary process is effective for inspections you conduct on and after August 29, 2017 on mortgaged premises in an Eligible Disaster Area. This flexibility covers properties affected by disasters other than hurricanes, as long they are located in areas subject to a Federal Emergency Management Agency (FEMA) disaster declaration where individual assistance is available.

This process includes reimbursing expenses beyond the normal reimbursable amounts if a “FEMA inspection” is obtained prior to the date of the Bulletin.

Review the Guide Bulletin for details on requesting a Servicer reimbursement under this temporary process and important reminders on reporting loans impacted by disasters and forbearance through the EDR process.

Updates to Extend the Scope of Previously Announced Temporary Requirements

We’re extending our temporary selling and Servicing requirements related to Hurricane Harvey and Hurricane Irma in Bulletins 2017-14 [PDF], 2017-16 [PDF] and 2017-19 [PDF] to mortgages and borrowers whose mortgaged premises or places of employment are located in Eligible Disaster Areas impacted by all hurricanes on and after August 25, 2017 and through the 2017 hurricane season.

However, for Servicers, the temporary suspension of foreclosure sales and evictions will only apply to mortgaged premises located in an Eligible Disaster Area as a result of Hurricane Harvey, Hurricane Irma and now Hurricane Maria.

FYI: Servicer Success Scorecard Metrics Impacted by Loans in Eligible Disaster Areas

The following metrics currently include (but should exclude) mortgages that were impacted by an eligible disaster and reported on forbearance in your August Scorecard (available at month-end in September):

Transition from 30 to 60+
Transition from Current to 30+
Transition from 60 to 90+
Transition from 120+ to Worse

We’re working to address this issue and your September Scorecard will exclude these mortgages. No other Scorecard metrics or calculations are impacted.

Please remember that to receive the proper Scorecard exclusion, you must accurately report all Mortgages impacted by an Eligible Disaster (mortgaged premises or place of employment) through EDR using Default Reason code 034 (Eligible Disaster Area). Additionally, you must accurately report all mortgages that are also placed on forbearance using code 09 (Forbearance).

For More Information

Guide Bulletin 2017-21 [PDF]
Single-Family Disaster Relief webpage
Contact your Freddie Mac representative

Source: Freddie Mac

Additional Resources:

Safeguard Properties (Hurricane Maria All Client Alert summary page)

Safeguard Properties (Hurricane Irma All Client Alert summary page)

Safeguard Properties (Hurricane Harvey All Client Alert summary page)

FHLMC Guide Bulletin 2017-19: Selling and Servicing Requirements Related to Hurricane Irma and Certain Updated Requirements Related to Hurricane Harvey

Posted on September 13, 2018September 13, 2018 by Safeguard

Investor Update
September 13, 2017

Freddie Mac is committed to ensuring that borrowers receive the mortgage assistance needed to mitigate the devastating impacts of recent hurricanes. In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-19 we’re announcing temporary changes to our Selling and Servicing requirements related to Hurricanes Harvey and Irma.

We’re announcing the following temporary changes and reminders:

For Sellers

Age of documentation requirements apply to mortgages secured by properties located in Eligible Disaster Areas affected by Hurricane Irma that have application received dates on or before, and note dates after, September 10, 2017.
Special requirements and guidance related to mortgages secured by properties located in Eligible Disaster Areas affected by Hurricane Irma, including:
Property damage by the hurricane
Acceptability of Automated Collateral Evaluation appraisal waivers
Collateral representation and warranty relief
Information on system updates.
Reminders related to Freddie Mac Relief Refinance MortgagesSM secured by properties affected by disasters.
All temporary requirements and effective dates announced in Guide Bulletin 2017-16 [pdf] related to Selling requirements for mortgages secured by properties affected by Hurricane Harvey remain in effect as announced, except as specified in today’s Guide Bulletin.
Guidance regarding cash contracts.

For Servicers

Servicers must follow the disaster requirements set forth in Guide Chapter 8404 when Servicing mortgages for borrowers whose mortgaged premises or places of employment are in Eligible Disaster Areas, except with respect to:
A temporary suspension of foreclosures through December 31, 2017, superseding the 90-day suspension previously announced in Guide Bulletin 2017-14 [pdf], and new guidance on when this suspension does not apply to certain vacant or abandoned properties. We’re also suspending eviction activities on real estate owned properties in impacted areas until further notice.
Freddie Mac’s reimbursement of property inspections completed on properties located in eligible disaster areas affected by Hurricanes Harvey and Irma, and requirements on when Servicers should order exterior or interior property inspections.

For More Information

Read Guide Bulletin 2017-19 [pdf].
Visit Freddie’s Mac’s Natural Disaster Relief web page.
Contact your Freddie Mac representative

Source: Freddie Mac

Additional Resource:

Safeguard Properties (Hurricane Irma All Client Alert summary page)

FHLMC Guide Bulletin 2017-18: Servicing Updates

Posted on September 13, 2018September 13, 2018 by Safeguard

Investor Update
September 14, 2017

In Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-18, we’re announcing updates to loss mitigation, security instrument storage and expense reimbursement requirements, including:

Revising certain requirements related to borrower hardship, income and other documentation that must be submitted for a complete Borrower Response Package. This includes changing Guide Form 710 to improve/simplify the application process for borrowers and evaluation process for Servicers. Effective June 1, 2018.
Allowing Servicers to maintain electronic copies of paper security instruments that are not electronically recorded to help reduce some storage costs and make it easier to store and retrieve documents. Effective immediately.
Increasing reimbursable expense limits for preserving and maintaining abandoned properties securing Freddie Mac mortgages. Effective October 9, 2017.
Adding a new, permanent reimbursement expense code for clear boarding broken windows. Effective September 25, 2017.
Removing the requirement that Servicers obtain Freddie Mac’s written pre-approval to extend a reimbursement claim submission time frame. Effective September 25, 2017.

Additional Guide Updatesboth are effective immediately)

Updated notification requirements if a Freddie Mac Default Legal Matter involves non-routine litigation.
Removal of the term “balloon analyst” from all versions of Guide Form 902.

For More Information
Please read Guide Bulletin 2017-18 [pdf] for more information.
Review our Summary of Upcoming Requirement Changes [pdf].
Contact your Freddie Mac representative.

Source: Freddie Mac