Page 314 – Safeguard Properties

MHA HAMP Update: Upcoming HAMP Reporting Tool User Interface Outage

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

Investor Update
August 4, 2017

Black Knight will be performing connectivity testing starting this Sunday, August 6, from 6-9 a.m. ET and on the following dates:

Sunday, August 20, 2017
Sunday, September 10, 2017
Sunday, September 24, 2017
Sunday, October 22, 2017
Sunday, January 21, 2018
Sunday, February 11, 2018

During these tests, all Black Knight applications including the HAMP Reporting Tool user interface will be unavailable. If userse attempt to access a Black Knight application during this maintenance, they can expect to see connection errors. If you have questions, call 1-866-939-4469; to reach Black Knight Financial Services (BKFS), select option 1, then option 5.

Source: MHA

MHA HAMP Update: Important Information on HAMP Reporting Tool Security Update

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

Investor Update
August 7, 2017

As part of our ongoing effort to provide a high level of security, Black Knight Data & Analytics recently implemented security settings on the HAMP servers. This was in response to required changes to internet security protocols for Transport Layer Security (TLS). On scanning the system post updates, it was identified that one more change is required to complete the updates.

These changes were reapplied in the Servicer Test environment on Saturday, July 15, 2017 and will be reapplied in the Production environment on Sunday, August 13, 2017 from 6:00 a.m. ET to 12:00 p.m. ET.

The updates may affect some users’ ability to access the HAMP Reporting Tool. It is strongly recommended that users update their internet browsers to the most current version and ensure all security patches have been applied.

Source: MHA (full update)

HUD: Secretary Carson Announces Additional $179 Million to Help States Recover From 2015, 2016 Disasters

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

Investor Update
August 1, 2017

Funding to support recovery in hard-hit areas of Florida, West Virginia, Texas, and the Carolinas

WASHINGTON – U.S. Housing and Urban Development (HUD) Secretary Ben Carson today announced an additional $178.5 million to help hard-hit areas in several states recover from severe flooding that occurred in 2015 and 2016. The grants announced today are provided through HUD’s Community Development Block Grant – Disaster Recovery (CDBG-DR) Program. Combined with CDBG-DR grants already allocated, HUD’s investment to these areas totals nearly $947 million.

“Clearly, there are hard-hit communities in these states that need more help to recover from the devastating floods they experienced over the past two years,” said Secretary Carson. “Today, we make another investment in the future of these communities and to help our neighbors in need.”

CDBG-Disaster Recovery grants support a wide variety of activities including housing redevelopment, business assistance and infrastructure repair. State and local governments in West Virginia, Texas, North Carolina, South Carolina and Florida will target these grants in “the most impacted” areas. CDBG-DR allocations are based upon a statutory formula that measures the unmet costs to repair seriously damaged properties and infrastructure in the counties determined to be most impacted.

Source: HUD (full press release)

HUD: Mortgagee Letter 2017-11: Implementation of HUD?s January 2017 Home Equity Conversion Mortgage (HECM) Final Rule

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

Investor Update
August 24, 2017

Purpose On January 19, 2017, the Federal Housing Administration (FHA) published the Final Rule, Strengthening the Home Equity Conversion Mortgage (HECM) Program. The purpose of this Mortgagee Letter is to highlight requirements specifically related to servicing functions that were published in the Final Rule, and support Mortgagees in successfully implementing the Rule’s servicing requirements which take effect for all case numbers assigned on or after September 19, 2017. The Final Rule is available online at https://www.gpo.gov/fdsys/pkg/FR-2017-01-19/pdf/2017-01044.pdf.

Source: HUD (Mortgagee Letter 2017-11 full version)

HUD: Disaster Assistance for West Virginia Storm Victims

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

Investor Update
August 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 State of West Virginia and provide support to homeowners and low-income renters forced from their homes due to severe storms, flooding, landslides, and mudslides.

Last week, President Trump issued a disaster declaration for Harrison, Marion, Marshall, and Wetzel counties. The President’s declaration allows HUD to offer foreclosure relief and other assistance to certain families living in this county.

HUD is:

Assisting the State of West Virginia 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;
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; 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.
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.

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

Source: HUD

HUD: Disaster Assistance for Victims of Hurricane Harvey

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

Investor Update
August 28, 2017

Foreclosure protection offered to displaced families
WASHINGTON – U.S. Housing and Urban Development Secretary Ben Carson today announced HUD will speed federal disaster assistance to the State of Texas and provide support to homeowners and low-income renters forced from their homes due to Hurricane Harvey. To date, President Trump issued a disaster declaration for the following counties (more counties may be added as more disaster data becomes available):

Aransas, Bee, Brazoria, Calhoun, Chambers, Fort Bend, Galveston, Goliad, Harris, Jackson, Kleberg, Liberty, Matagorda, Nueces, Refugio, San Patricio, Victoria and Wharton.

The President’s declaration allows HUD to offer mortgage/foreclosure relief and other assistance to certain families living in impacted counties.

“Today, our thoughts and prayers are with those who are beginning the process of recovering from Hurricane Harvey,” said Secretary Carson. “As FEMA begins to assess the damage and respond to the immediate needs of residents, HUD will be there to offer assistance and support the longer-term housing recovery efforts.”

HUD is:

Assisting the State of Texas 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;
Granting immediate foreclosure relief– HUD is granting a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages. There are approximately 200,000 FHA-insured 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 may be eligible for 100 percent financing;
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; 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.
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.

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

Source: HUD

Additional Resources:

HUD (FHA INFO #17-35)

Safeguard Properties (Hurricane Harvey All Client Alert summary page)

Freddie Mac: New High LTV Refinance Offering Updates

Posted on September 13, 2018 by Safeguard

Investor Update
August 17, 2017

Last year, the Federal Housing Finance Agency (FHFA) directed Freddie Mac and Fannie Mae (the GSEs) to develop a new high loan-to-value (LTV) refinance offering to be available once the Home Affordable Refinance Program® (HARP) expires. Today, FHFA announced updates to our new high LTV refinance offering – Freddie Mac Enhanced Relief RefinanceSM. Enhanced Relief Refinance will be effective for mortgages with applications received in late 2018. The mortgage being refinanced must have a note date on or after October 1, 2017. The complete requirements for Enhanced Relief Refinance will be announced via a Single-Family Seller/Servicer Guide Bulletin in September.

HARP Extended Through 2018

FHFA also directed the GSEs to extend their implementation of HARP to 2018. To ensure you can continue to offer refinancing opportunities to borrowers with mortgages with high LTV ratios until the new offering is available, we will purchase Freddie Mac Relief RefinanceSM – Same Servicer and Open Access mortgages with application received dates on or before December 31, 2018, and Freddie Mac settlement dates on or before September 30, 2019.

For More Information

Enhanced Relief Refinance fact sheet [pdf]
Relief Refinance – Same Servicer and Open Access web pages

Source: Freddie Mac

Freddie Mac: Disaster Relief Policies as Hurricane Harvey Approaches Texas

Posted on September 13, 2018 by Safeguard

Investor Update
August 25, 2017

MCLEAN, VA–(Marketwired – Aug 25, 2017) – Freddie Mac (OTCQB: FMCC) confirmed today its disaster relief policies in light of the approach of Hurricane Harvey toward Texas.

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.

“We strongly encourage the many American families whose homes or businesses are being impacted by Hurricane Harvey to call their mortgage servicer if the Federal Emergency Management Agency’s declaration is announced,” said Yvette Gilmore, Freddie Mac’s Vice President of Single-Family Servicer Performance Management. “Relief — including forbearance on mortgage payments for up to one year — may be available if their mortgage is owned or guaranteed by Freddie Mac.”

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 also reminds servicers to consider borrowers who work in eligible disaster areas but have homes in unaffected areas 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:

DS News (HARVEY: Fed Agencies Issue Relief Options)

Freddie Mac: Aligned Disclosures: A Step Closer to Single Security

Posted on September 13, 2018 by Safeguard

Investor Update
August 27, 2017

On August 28, 2017, Freddie Mac will begin using the aligned disclosure standards that will support the future Single Security for single-family securities we issue, including our Participation Certificates (Gold PCs).

The adoption of this disclosure format is a key step toward the launch of the Single Security or the Uniform Mortgage-backed SecurityTM (UMBSTM) scheduled for the second quarter of 2019.

Guide and Selling System Updates

With the adoption, the following changes will become effective as announced in Single-Family Seller Servicer Guide Bulletin 2017-7 [pdf]:

Updated MultiLender Swap posting information will include the prefix for each MultiLender PC Pool. Certain MultiLender PC Pool information will also be renamed.
On August 28, the Selling Mortgages to Freddie Mac Guarantor and MultiLender Swap User Guide [pdf]will include examples of the new prefix field which can be viewed or exported.
Updated Guide Forms 15A, Settlement Summary – Fixed Rate Guarantor, and 15C, Settlement Summary – Weighted Average Coupon ARM PC will include the prefix.

The Selling System Settlement/Funding online tool will reflect the updates to Form 15A and 15C on August 28.

The Selling System® will also display the new prefix on applicable screens for Guarantor and MultiLender Swap Contracts. You can customize a report [pdf]that will include the prefix information.

As a reminder, these are minor requirement and system changes and will not change the way you do business with us.

Another Single Security Milestone

The use of the disclosures format is another milestone for the Single Security initiative, which is designed to increase liquidity and fungibility in the $3.5 trillion to-be-announced MBS market.

In November 2016, Freddie Mac also began using the Common Securitization Platform for certain issuance and bond administration functions for its Gold and Giant PCs. The platform, which will carry out the core securitization and comingling functions for the Single Security, has been performing as expected.

Freddie Mac is taking these early steps to help our Seller/Servicers, investors, dealers and data vendors make a smooth transition to the Single Security in 2019.

As always, we will communicate changes related to the Single Security initiative in advance of implementation and business impacts so you can prepare.

For More Information

Freddie Mac’s Single Security Technical Resources page
Single Security frequently asked questions
Freddie Mac Single Security and CSP web page
FHFA’s An Update on Implementation of the Single Security and the Common Securitization Platform [pdf].
Subscribe to Single Security and CSP updates

Source: Freddie Mac

Filling More Vacancies

Posted on September 13, 2018 by Safeguard

Investor Update
August 10, 2017

The Department of Housing and Urban Development (HUD) announced Thursday that the new Assistant Secretary for Fair Housing and Equal Opportunity, Anna Maria Farías, was sworn into her new position by HUD Secretary Ben Carson.

“We’re thrilled to welcome Anna Maria back home to HUD,” said Secretary Carson. “As she has in the past, Anna Maria will provide steady leadership and will advance HUD’s mission as a manifestation of our nation’s fair housing and civil rights laws.”

Farías was confirmed last week by the U.S. Senate and is a Texas native. Her office is charged with working to eliminate housing discrimination, promote economic opportunity, and foster diverse and inclusive communities across the country.

Her past tenure at HUD was under the George W. Bush administration, where she held senior roles as Deputy Assistant Secretary for Grant Programs in the Office of Community Planning and Development, and as Director of HUD’s Center for Faith-based and Community Initiatives. In 2005, she managed over $16 billion in grants in order to provide relief to states and municipalities affected by hurricanes.

Farías has also served on the Board of Regents at Texas Women’s University as both Board Chair and Presiding Officer.

“It is a singular honor to be asked by the President and the Secretary to return to an agency I love,” said Farías. “I’m looking forward to rolling up my sleeves and getting down to work on behalf of the American people.”

According to the HUD, the Office of Fair Housing and Equal opportunity enforces and educates the public on fair housing policy and laws, including the Fair Housing Act of 1968.

Source: DS News