Safeguard Properties

OCC: Hurricane Harvey Information for Consumers and Bankers in the Affected Areas

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Investor Update
August 29, 2017 

Updated: August 29, 2017

The OCC is working cooperatively with all of the state and federal banking agencies and other organizations to support consumers and regulated institutions in the affected areas. If you have questions concerning the operations of your financial institution, please call your financial institution or visit your financial institution’s web site. General preparedness information and state specific information may be obtained through the following web sites.

Information for Banks and Savings Associations

Information for Consumers

Consumers and business owners experiencing difficulties beyond their control should actively reach out to and work with their financial institutions. Search the FDIC’s BankFind for bank branch locations and websites.

Additional Resources and News

FDIC’s Harvey Web site
This website contains links to additional information regarding insured depository institutions.

FEMA – www.fema.gov
This website contains links to popular pages for monitoring Harvey’s progress, disaster survivor assistance and how to apply for assistance in the event you are impacted by the storm. You can also follow FEMA on Twitter and Facebook.

Ready.gov – www.ready.gov
This site contains valuable information on developing personal preparedness plans as well as hurricane safety tips.

Red Cross – www.redcross.org
The Red Cross site contains information on how to donate and volunteer to provide disaster assistance. Also, the “Get Help” tab provides information on shelter locations, disaster recovery guidelines, and the “Contact Loved Ones” registry.

Social Security Administration – www.socialsecurity.gov
This site provides information on Social Security office closures, safety preparedness, signing up for direct deposit, and more.

Consumer Financial Protection Bureau – www.cfpb.gov
The CFPB publishes tips for consumers impacted by hurricanes to help them rebuild their financial standing.

U.S. Housing and Urban Development (HUD)
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. Read more.

National Credit Union Administration
The National Credit Union Administration is providing help to credit unions and their members in parts of Texas and Louisiana. Read more.

State Agencies

See how your state is responding to the hurricane. The following links provide information on road closures, shelters, power outages, and other resources.

Louisiana

Texas

Source: OCC

MHA HAMP Update: Upcoming HMPadmin.com/NPV Portal Outage

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Investor update
August 23, 2017

HMPadmin.com/NPV Portal will be unavailable from Saturday, August 26, 2017 8:00 a.m. ET through Sunday, August 27, 2017 1:00 a.m. ET.

Source: MHA

MHA HAMP Update: Upcoming HAMP Reporting Tool User Interface Outage

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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

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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

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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.

Read more about the methodology used to determine allocations for 2016 disasters.

Read more about the methodology used to determine allocations for 2015 disasters.

Source: HUD (full press release)

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

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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

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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 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

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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

Source: Freddie Mac

Freddie Mac: Disaster Relief Policies as Hurricane Harvey Approaches Texas

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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)