Safeguard Properties

MHA HAMP Reporting Update New Year’s Day Holiday Support and System Availability

Posted on by Safeguard

Investor Update
December 27, 2016

Due to the observance of New Year’s Day, the HAMP Reporting System response files will not be available between 6:00 p.m. ET on Friday, December 30, 2016 and 8:00 a.m. ET on Tuesday, January 3, 2017.

During this time frame, the HAMP Reporting Tool will be available for servicers to submit and upload HAMP loan data files and the corresponding response files will be provided.

The HAMP Solution Center (HSC) will close at 6:00 p.m. ET on Friday, December 30, 2016 and will resume operations at 9:00 a.m. ET on Tuesday, January 3, 2017. Servicers may contact the HSC by phone or email at any time; however, phone messages and emails will be held in queue until the center reopens on Tuesday.

The NPV Transaction Portal will be available for normal processing during this period.

Questions?
For more information, email the HAMP Solution Center or call 1-866-939-4469.

Source: MHA

MHA HAMP Reporting Update March 2017 HAMP Reporting System Release Notes

Posted on by Safeguard

Investor Update
December 15, 2016

On February 27, 2017 the HAMP Reporting System, including the HAMP Reporting Tool, will receive the following updates:

  • Alignment of Maximum Modification Effective Date to 12/1/2017 for All HAMP Modifications
  • Additions and Modifications to Data Rules

Refer to the Release Notes for more information about these enhancements.

Questions?
For more information, email the HAMP Solution Center or call 1-866-939-4469.

Source: MHA

MHA HAMP Reporting Update Christmas Holiday Support and System Availability

Posted on by Safeguard

Investor Update
December 19, 2016

Due to the observance of Christmas Day, the HAMP Reporting System response files will not be available between 6:00 p.m. ET on Friday, December 23, 2016 and 8:00 a.m. ET on Tuesday, December 27, 2016.

During this time frame, the HAMP Reporting Tool will be available for servicers to submit and upload HAMP loan data files and the corresponding response files will be provided.

The HAMP Solution Center (HSC) will close at 6:00 p.m. ET on Friday, December 23, 2016 and will resume operations at 9:00 a.m. ET on Tuesday, December 27, 2016. Servicers may contact the HSC by phone or email at any time; however, phone messages and emails will be held in queue until the center reopens on Tuesday.

The NPV Transaction Portal will be available for normal processing during this period.

Questions?
For more information, email the HAMP Solution Center or call 1-866-939-4469.

Source: MHA

Is it D?j? Vu All Over Again with Delinquencies?

Posted on by Safeguard

Industry Update
December 19, 2016

The Urban Institute December Housing Chartbook brought some welcome news for mortgage delinquency and foreclosure rates. Similar to the latest reports from CoreLogic and ATTOM Data Solutions, the chartbook found that these levels are still dropping after the unprecedented levels seen following the housing crisis. Despite this positive trend, Urban Institute reports that these rates are still relatively high compared to those of pre-crisis in the early 2000’s.

“Loans 90 days delinquent or in foreclosure totaled 3.0 percent in the third quarter of 2016,” said the report, “down from 3.6 percent for the same quarter a year earlier.”

In addition to the nationwide rates, seriously delinquent rates for GSE loans also declined. The chartbook noted that as of October 2016, 1.21 percent of the Fannie Mae portfolio and 1.03 percent of the Freddie Mac portfolio were seriously delinquent. This was a decrease from 1.58 percent for Fannie Mae and 1.38 percent for Freddie Mac from the year prior, according to the report.

Alongside the decline in GSE seriously delinquent loans, FHA and VA loans also decreased even further, according to the chartbook.

“GSE delinquencies remain higher relative to 2005-2007, while FHA and VA delinquencies (which are higher than their GSE counterparts) are now at levels lower than 2005-2007,” said Urban Institute.

With the decline in delinquencies decline in permanent loan modifications, which is another sign of market recovery. Broken down even further, the data from the chartbook reports that the number of active permanent modifications declined by 4,870, making this quarter the third consecutive quarter.

“Fewer new permanent modifications were made, some modifications failed because the borrowers did not make their payments, and a small number of borrowers either paid off their mortgage or withdrew their application,” said the report. “As a result, active permanent mods declined to 0.97 million.”

To view the full December 2016 Housing Chartbook, click HERE.

Source: DS News

HUD Launches New Community Investment Tool

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Investor Update
December 6, 2016

Online tool generates a snapshot of HUD’s investment at the community level

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today unveiled the Community Assessment Reporting Tool (CART) – an innovative reference and mapping tool created to help answer the question, “How is HUD investing in my community?” CART provides a snapshot of HUD investments across a community, cutting the time it takes to generate this information from several business days to minutes.

CART uses geospatial technology to show the wide variety of HUD investments by city, state, county, metropolitan area, or congressional district. It also provides an interactive mapping interface that allows users to explore HUD investments within their community and see property- and grant-level detail at a variety of geographies.

“This tool provides real-time information on HUD investments in communities across the country with just a few clicks,” said HUD Secretary Julián Castro. “In today’s 21st century global economy where information is needed almost immediately, HUD is committed to making our resources more accessible and easier to find.”

CART includes information on many of HUD’s major programs invested in communities across the country including:

  • Community Planning and Development Competitive and Formula Grants
  • Rental Assistance through HUD’s Multifamily programs, Housing Choice Vouchers and Public Housing properties
  • Housing Counseling
  • Signature programs – Promise Zones, Strong Cities Strong Communities and Rental Assistance Demonstration.
  • Census demographic information

CART is available via Egis.hud.gov/cart and is responsive and mobile-friendly.

Source: HUD

HUD Announces New Housing Counseling Certification Requirements

Posted on by Safeguard

Investor Update
December 14, 2016

Effort designed to improve and standardize professional standards for those who counsel consumers

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced it will require that housing counselors participating in HUD programs to be certified to offer counseling services to consumers. In order to become certified, housing counselors must pass a standardized written examination and work for a HUD-approved housing counseling agency (HCA).

Counselors must demonstrate competency in each of the following areas of housing counseling: (1) financial management; (2) property maintenance; (3) responsibilities of homeownership and tenancy; (4) fair housing laws and requirements; (5) housing affordability; and (6) avoidance of, and responses to, rental and mortgage delinquency and avoidance of eviction and mortgage default. Read HUD’s final rule.

Though announced today, HUD’s final rule will take full effect three years following the release of the certification examination. To help counselors prepare for the exam, the Department is offering intensive training and study resources (in English and Spanish) to its counseling stakeholders. HUD is providing a wealth of resources to individuals seeking HUD certification including a practice test that will be available shortly and the actual certification test is expected to be published in the Spring of 2017.

In response to the recent housing crisis, Congress recognized the value of HUD-approved housing counseling services to help struggling families and directed the Department to develop a standard certification process to increase the competency of counselors in the full range of housing issues confronting consumers. HUD-certified counselors will also help to protect consumers from those fraudulent operators who prey upon those experiencing mortgage difficulties. Even legitimate for-profit housing counselors can charge consumers hundreds of dollars for services that are provided free or at low-cost by HUD-approved counselors.

Once HUD’s rule is fully implemented, housing counseling required by HUD or provided in connection with any HUD program will meet common standards and will be delivered by a HUD certified counselor working for a HUD-approved housing counseling agency. HUD will manage an online database of HUD-approved housing counseling agencies and certified counselors for consumers and partners to rely upon. HUD certification will allow consumers to quickly find a trusted, impartial and knowledgeable advisor who is required to put the consumer’s best interests first.

Independent research shows that consumers working with a HUD housing counseling agency have better credit, more savings, and fewer foreclosures than similar non-counseled consumers. To download a copy of the Final Rule, read frequently asked questions, and review the list of HUD Programs covered under this Final Rule, visit:  https://www.hudexchange.info/programs/housing-counseling/certification.

Source: HUD

Freddie Mac: Holiday Eviction Suspension: December 19, 2016 through January 3, 2017

Posted on by Safeguard

Investor Update
December 12, 2016

Freddie Mac is temporarily suspending all scheduled eviction lockouts from December 19, 2016 through January 3, 2017. The eviction lockout suspension applies to all foreclosed occupied single family homes and 2-4 unit properties that had Freddie Mac owned- or guaranteed mortgages.
 
For More Information

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

Source: Freddie Mac

Freddie Mac: Certain Securities Functions Migrated to CSP

Posted on by Safeguard

Investor Update
December 8, 2016

Under the direction of the Federal Housing Finance Agency (FHFA), we’ve implemented Release 1 of the Common Securitization Platform (CSP), successfully using the CSP to perform certain issuance and bond administration functions for certain Freddie Mac Participation Certificates (PCs).
 
As a reminder, our transition to the platform does not change the way Seller/Servicers do business with us.
 
Release 1 is a critical milestone for the multiyear Single Security Initiative. It paves the way for the transfer of Fannie Mae’s mortgage-backed securities to the platform. In the future, both Freddie Mac and Fannie Mae will issue the new single security, Uniform Mortgage-Backed Securities, through the CSP.
 
With the roll out of Release 1, Freddie Mac has effectively transferred certain securities operations to Common Securitization Solutions, LLC (CSS), a joint venture of Freddie Mac and Fannie Mae. CSS will act on our behalf to perform certain issuance, settlement and bond administration activities for some of our PCs.
 
For More Information

Source: Freddie Mac

Freddie Mac: Building Starts Now: New Technical Specifications for Investor Reporting

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Investor Update
December 20, 2016

Today, we published the first of two technical specifications releases to support our Investor Reporting Change Initiative, which we’ll implement in October 2018. This publication builds on our previously published business requirements. The first release contains two new technical specification documents. The second release, scheduled for January, will primarily provide updates to existing data requirements, including report mock-ups.
 
Start Building Towards the Future
 
Technical development to support our investor reporting changes begins now, so here’s where to start:

  • Analyze today’s technical specifications [pdf] to see how they’ll impact processes and procedures throughout your organization. We suggest you also discuss them with any vendors who support your investor reporting functions, and make sure to allocate sufficient resources towards development work in 2017 and 2018.
  • Forward to a colleague. Share today’s message with appropriate business units within your organization including, but not limited to, information technology, capital markets, treasury, operations, and investor reporting teams.
  • Check out our detailed timeline to stay on track – see where we are and where we’re going throughout this initiative.
  • As a reminder, these changes affect all Freddie Mac Seller/Servicers, regardless of whether you use a vendor, proprietary systems or the Freddie Mac Service Loans application to complete your investor reporting requirements.

Stay Informed
 
Remember to visit and bookmark our redesigned Investor Reporting Change Initiative web page, your central hub for the latest details and frequently asked questions. We’ve overhauled the layout, making it easier to navigate and find the information that’s important to you. We’ll continue to post updated and new resources here, as they become available.
 
For More Information

  • Visit our Investor Reporting Change Initiative web page.
  • Read Single-Family Seller/Servicer Guide Bulletin 2016-15 [pdf] and our FAQs [pdf].
  • Visit Freddie Mac’s Learning Center for more on our training programs and reference tools.
  • Contact your Freddie Mac representative or email us directly.

Source: Freddie Mac

FHLMC Guide Bulletin 2016-22: Freddie Mac Flex Modification

Posted on by Safeguard

Investor Update
December 14, 2016

In Single-Family Seller/Servicer Guide (Guide) Bulletin 2016-22 [pdf], we’re announcing the new Freddie Mac Flex Modification, which offers you an easier, flexible way of helping more borrowers qualify for a loan modification in a changing housing environment.
 
Please review today’s Guide Bulletin for detailed information on the Flex Modification.
 
Key Highlights

While the Flex Modification leverages the Freddie Mac Standard and Streamlined Modifications, a few significant changes from the Standard Modification include:

  • The housing-to-income ratio component for borrowers less than 90 days delinquent has changed from less than or equal to 55 percent with a 10 percent floor to less than or equal to 40 percent.
  • No choice of amortization terms for borrowers with a mark-to-market loan-to-value (MTMLTV) ratio less than 80 percent.
  • You must now forbear principal down to a 100 percent MTMLTV ratio (not to exceed 30 percent of the unpaid principal balance rather than the 115 percent MTMLTV ratio previously allowed under Standard and Streamlined Modifications).
  • Key Dates
  •  We’re providing this information now so you may update your systems as soon as possible.
  • You must begin evaluating your portfolios using the criteria described in the Determining the Terms of the Flex Modification table of this Guide Bulletin no later than October 1, 2017. Prior to October 1, 2017, Freddie Mac’s systems will be updated.
  • On and after October 1, 2017, this new modification will replace the current Freddie Mac Standard and Streamlined Modifications. In the interim, you’ll still be able to leverage the existing Standard and Streamlined Modifications.
  • Upcoming Communications
  • We’ll update you about the Flex Modification throughout 2017. In the meantime, please visit Freddie Mac’s new Freddie Mac Flex Modification web page for modification information and reminders.

Important Reminder
 
The MyCity Modification, Principal Reduction Modification and Home Affordable Modification Program (HAMP®) expire at the end of 2016.

  • All MyCity Modification Trial Period Plans must have a start date of no later than
    December 1, 2016.
  • All solicitations for the Principal Reduction Modification must be sent on or before
    December 31, 2016.
  • Borrowers must submit a complete Borrower Response Package (BRP) no later than December 30, 2016, to be evaluated for HAMP. Servicers must complete evaluations within 30 days of the Servicer’s receipt of the complete BRP.

For More Information

Source: Freddie Mac

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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