Safeguard Properties

MHA HAMP Reporting Update Updated Job Aids Available on HMPadmin.com

Posted on by Safeguard

Investor Update
May 12, 2016

In connection with the August 2016 release, updated versions of the following job aids were posted in the HMPadmin.com Learning Center:


Questions?
Email the HAMP Solution center or call 1-866-939-4469.

Source: MHA

MHA HAMP Reporting Update Memorial Day Holiday Support and System Availability

Posted on by Safeguard

Investor Update
May 25, 2016

Due to the observance of Memorial Day, the HAMP® Reporting System response files will not be available between 6:00 p.m. ET on Friday, May 27, 2016 and 8:00 a.m. ET on Tuesday, May 31, 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 3:00 p.m. ET on Friday, May 27, 2016 and will resume operations at 9:00 a.m. ET on Tuesday, May 31, 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?
Email the HAMP Solution center or call 1-866-939-4469.

Source: MHA

MHA HAMP Reporting Update August 2016 HAMP Reporting System Release Notes

Posted on by Safeguard

Investor Update
May 25, 2016

On August 1, 2016 the HAMP Reporting System, including the HAMP Reporting Tool, will receive an update to support the following:

  • Correction Capability for HAMP Tier 1, HAMP Tier 2 and Streamline HAMP in Disqualified, Paid-Off, and Withdrawn States
  • Principal Reduction Alternative-Only NPV Runs at Loan Setup Reporting
  • GSE Standard Modification Limits for 2MPSM Offers
  • Servicing Transfer of Standalone NANA and Request Submitted HAMP Records
  • FHA Program Type Category on Non-Performing Loan Servicing Transfer Deal

Please refer to the Release Notes for more information on these updates.

Source: MHA

MHA HAMP Reporting Update April 2016 UP Survey Now Available

Posted on by Safeguard

Investor Update
May 16, 2016

The April 2016 UP survey is now available on HMPadmin.com (login required). Servicers that have executed a Servicer Participation Agreement (SPA) and that have cumulative UP activity must complete and upload their UP survey response to the HAMP® Reporting Tool (login required) by Monday, May 23, 2016.

SPA servicers that have any cumulative UP activity as of April 30, 2016 must submit an UP survey at this time.

For details on downloading and submitting the UP survey response, log in to HMPadmin.com, navigate to the HAMP Loan Reporting Tools & Documents area, and select the UP Survey tab.

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

For questions specifically regarding the survey contents, email the HAMP Servicer Survey team.

Source: MHA

Freddie Mac: Three MBS Awards: Recognition Our Customers Helped Us Achieve

Posted on by Safeguard

Investor Update
May 26, 2016

Freddie Mac recently earned top honors from Global Capital, a leading financial news and data service covering the capital markets. For the second consecutive year our Structured Agency Credit Risk (STACR®) debt notes have been named “RMBS Deal of the Year.” Freddie Mac was also named Best Overall Securitization Issuer and Best RMBS Issuer.

These are one of the premier capital markets awards that pay tribute to the achievements of issuers, investors, banks and law firms in the past 12 months. The awards are the result of a poll for nominees and open voting from industry members.
 
We celebrate this recognition with our Seller/Servicers. Our mortgage-backed securities and credit risk offerings are tied to the quality of the loans they deliver.
 
The awards reflect our sharper focus on customers across the business, end to end. Our Seller/Servicers have told us they see the difference. The private capital investor community is seeing it as well.
 
We continue to innovate with our credit risk transfer initiatives with the single-family mortgages we purchase, introducing new features to make our credit risk offerings even more effective.
 
Freddie Mac’s previous MBS awards include 2015 STACR Deal of the Year by Global Capital, 2014 Global Structured Deal of the Year by Euromoney and 2014 U.S. Deal of the Year by The Banker.
 
For More Information

Source: Freddie Mac

FHLMC Guide Bulletin 2016-9: Servicing Updates

Posted on by Safeguard

Investor Update
May 18, 2016

In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2016-9, we’re updating servicing requirements, including:

  • Providing you with an additional option when offering early delinquency counseling to borrowers with Freddie Mac Home Possible® mortgages. Effective October 1, 2016, you’ll be able to use the services of a Housing and Urban Development-approved nonprofit national counseling agency at no charge.
  • Extending the mandatory implementation date for repayment plan reporting requirements announced in Guide Bulletin 2016-2. In response to your feedback, we’ve pushed the implementation date from June 1, 2016, to July 1, 2016, to give you extra time to prepare for these reporting changes. However, you’re encouraged to implement earlier, if possible.
  • Posting the first of two state foreclosure timeline compensatory fee supplemental assessments on the Prior Year Compensatory Fee Analysis Report for impacted Servicers only. This is related to the temporary suspension of assessments and billing for certain states that ended February 29, 2016, as announced in Guide Bulletin 2016-5.

Please read Guide Bulletin 2016-9 for more details on these and additional changes.
 
Reminders


For More Information

Source: Freddie Mac

FHFA: HARP Refinances Surpass 3.4 Million

Posted on by Safeguard

Investor Update
May 16, 2016

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced that more than 3.4 million homeowners have refinanced their mortgages through the Home Affordable Refinance Program (HARP).  FHFA’s first quarter Refinance Report shows that more than 19,000 HARP refinances were completed through March, bringing the total to 3,400,543 refinances since the program began in 2009. 

Eligible Borrowers Can Save Money

HARP expires at the end of this year and there are still more than 325,000 U.S. borrowers  eligible for the program who have a financial incentive to refinance.  These so called “in-the-money” borrowers meet the basic HARP eligibility requirements, have a remaining balance of  $50,000 or more on their mortgage, have a remaining term on their loan of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates.  These borrowers could save, on average, $2,400 per year by refinancing their mortgage through HARP. 

Final HARP Webinar

FHFA will hold its final HARP outreach webinar on May 24 to provide community leaders with tools to help encourage eligible borrowers to take advantage of HARP before it expires.  FHFA will be joined by representatives from Freddie Mac, Fannie Mae, the U.S. Department of the Treasury, Quicken Loans, and Neighborworks America.  Register for the webinar here.

Also in the Refinance Report:

  • In the first quarter, 22 percent of HARP refinances were for borrowers with loan-to-value ratios greater than 105 percent.
  • In the first quarter, 25 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.

FHFA and the Treasury Department introduced HARP in early 2009 as part of the Making Home Affordable program.  HARP allows borrowers who are current on their mortgage payments, but have little or no equity in their home, take advantage of low interest rates and other refinancing benefits.

FHFA launched a nationwide public awareness campaign and the website HARP.gov and HARP.gov/espanol in 2013 to reach eligible borrowers.  Since 2014, FHFA has held a series of outreach events in the cities with the highest numbers of eligible borrowers: Chicago, Atlanta, Detroit, Miami, Newark and Phoenix.  FHFA has also hosted webinars designed to reach eligible borrowers in Ohio and Maryland, and conducted several social media campaigns to raise awareness about the savings available through HARP.  Follow @FHFA and #HARPNow on Twitter, LinkedIn and YouTube for more information.

Link to Refinance Report

Link to HARP.gov

Contacts:
Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
Consumers: Consumer Communications or (202) 649-3811

Source: FHFA

FHFA: Foreclosure Prevention Report

Posted on by Safeguard

Investor Update
May 10, 2016

February 2016 Highlights
The Enterprises’ Foreclosure Prevention Actions:

  • The Enterprises completed 16,208 foreclosure prevention actions in February 2016, bringing the total to 3,674,849 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.
  • There were 10,095 permanent loan modifications in February, bringing the total to 1,918,846 since the conservatorships began in September 2008.
  • The share of modifications with principal forbearance decreased to 18 percent. Modifications with extend-term only remained at 48 percent of all permanent modifications in February due to improved house prices and a declining HAMP eligible population.
  • There were 2,235 short sales and deeds-in-lieu completed in February, down 4 percent compared with January.

The Enterprises’ Mortgage Performance:

  • The serious delinquency rate decreased from 1.47 percent at the end of January to 1.42 percent at the end of February.

The Enterprises’ Foreclosures:

  • Third-party and foreclosure sales declined 15 percent from 9,062 in January to 7,716 in February.
  • Foreclosure starts increased 20 percent from 17,831 in January to 21,369 in February.

Attachments: Foreclosure Prevention Report – February 2016

Source: FHFA

FHA REO Management and Marketing Contractors

Posted on by Safeguard

Investor Update
May 19, 2016

FHA Management and Marketing Structure (M&M III)

In 2010, HUD launched the third generation of its Management and Marketing (M&M) program, known as M&M III. These new contracts streamline HUD’s operations, capitalize on the expertise of its potential vendors, and provide flexibility to meet changing market conditions in the REO industry.

Since 1999, HUD has been outsourcing the disposition of its foreclosed FHA inventory under the M&M contracting process. M&M Contractors manage and market single-family properties owned by, or in the custody of the Department. HUD-owned houses are often referred to as HUD Homes. These are homes that had an FHA-insured mortgage, the homeowners defaulted, and the lender foreclosed. The lender then deeded the home to the Secretary of HUD in exchange for an insurance claim payment.

Under prior agreements, M&M contractors were responsible for both maintenance and marketing of the Department’s real estate-owned or REO properties. However, under M&M III these functions have been separated to increase the effectiveness of the Department’s asset disposition program.

The Mortgagee Compliance Manager is responsible for ensuring compliance with HUD’s conveyance standards as related to title, occupancy, and property condition.  Field Service Managers are responsible for property maintenance and preservation and the Asset Managers are responsible for the sale of the homes.  There will be one Mortgagee Compliance Manager located in Oklahoma City, Oklahoma.  HUD’s National Servicing Center will have direct oversight over the Mortgage Compliance Manager.  There will be one Field Service Manager and one Asset Manager contractor in an area.  Each contractor will establish an office within its awarded geographic area.  HUD’s Homeownership Centers in Atlanta, Georgia; Denver, Colorado; Philadelphia, Pennsylvania and Santa Ana, California are responsible for the direct oversight of the contracts for the Field Service Manager and Asset Manager within their respective jurisdictions.  A map of all M&M III contract areas is available  here.

The key elements of the disposition structure include:

  • Mortgagee Compliance Manager (MCM)
  • Field Service Manager (FSM)
  • Asset Manager (AM)


Mortgagee Compliance Manager (MCM)

The Mortgagee Compliance Manager (MCM) performs a variety of pre- and post- property conveyance services to ensure that HUD’s interests are protected. These services include: reviewing property inspections to ensure the property is in conveyance condition; resolving conveyance exceptions; providing guidance to Mortgagees related to pre-conveyance and post-conveyance responsibilities; and leveraging HUD’s software and information systems to execute and complete the tasks within this contract.

Field Service Manager (FSM)

Field Service Managers (FSM) are companies that provide property preservation and protection services consisting of, but not limited to, inspecting the property, securing the property, performing cosmetic enhancements/repairs, and providing on-going maintenance. Properties acquired by HUD are assigned to FSMs.  There is one contractor per geographic area for each HOC.


Asset Manager (AM)

The Asset Managers (AM) are responsible for the marketing and sale of REO property.  There will be one AM contractor to market HUD-owned properties within the selected contract area. FHA property listings and property agent contact information are available at HUD’s REO listing site, HUD Home Store.

For further information, please visit the FHA Resource Center.

Source: HUD

FHA INFO #16-31: Home Equity Conversion Mortgage Proposed Rule Published Today in the Federal Register

Posted on by Safeguard

Investor Update
May 19, 2016

Today, the Federal Housing Administration (FHA) published its Home Equity Conversion Mortgage (HECM) proposed rule, Strengthening the Home Equity Conversion Mortgage Program (FR-5353-P-01), in the Federal Register. This is a milestone step for FHA in its efforts to ensure the continued viability of its HECM program. The proposed rule updates the regulations (24 CFR Parts 30 and 206), consolidating all HECM regulations into one document for public comment with the intent to:

  • Codify previously implemented requirements;
  • Propose new requirements that reflect FHA’s need to manage the risk to the Mutual Mortgage Insurance Fund, while maintaining the program in a manner that assists seniors in using the HECM program to access the equity in their homes;
  • Propose clarifications and corrections to existing HECM regulatory language; and
  • Replace certain references in 24 CFR Part 203 by incorporating those requirements in 24 CFR Part 206.

FHA is soliciting public comments on the proposed rule during a 60-day public comment period. All comments must be submitted to FHA through the formal methods detailed in the proposed rule.

Quick Links


Resources

  • Contact the FHA Resource Center:
    — Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at: www.hud.gov/answers.
    — E-mail the FHA Resource Center at answers@hud.gov. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.
    — Call 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Relay Service at 1-800-877-8339.

Source: HUD

Additional Resources:

HUD (FHA Proposes to Strengthen Reverse Mortgage Program)

DS News (FHA Proposes Enhancements to HECM Program)

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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