FEMA Alert
April 6, 2024
FEMA has issued a Fire Management Assistance Declaration for the state of Oklahoma to supplement state, tribal and local recovery efforts in areas affected by the Happy Jack Fire beginning April 6, 2024 and continuing. The following counties have been approved for assistance:
Public Assistance:
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
FEMA Alert
April 6, 2024
FEMA has issued a Major Disaster Declaration for the state of Alaska to supplement state, tribal and local recovery efforts in areas affected by a severe storm, flooding and landslides from November 20. 2023. The following areas have been approved for assistance:
Public Assistance:
Alaska Severe Storms, Flooding, and Landslides (DR-4767-AK)
President Joseph R. Biden, Jr. Approves Disaster Declaration for Alaska
Please note: The areas declared are considered unorganized boroughs and do not have associated zip codes.
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
Industry Update
March 28, 2024
Source: CoreLogic
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for January 2024.
In January 2024, 2.8% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), unchanged year-over-year from January 2023 and down by -0.3 percentage points month over month from December 2023.
The U.S. housing market posted an overall mortgage delinquency rate of 2.8% in January, which remains near an all-time low.
Both the serious delinquency and foreclosure rates also hovered near historic lows in January, a respective 1% and 0.3%.
Twelve states saw overall mortgage delinquencies increase year over year in January; 19 posted no change and 20 saw slight declines.
For full report, please click the source link above.
Industry Update
March 27, 2024
Full Bill Text: Florida HB 621
Florida has introduced new legislation, House Bill 621, aimed at addressing the issue of squatters. This law establishes a procedure allowing property owners to request sheriff’s officers to remove unauthorized persons from residential properties. Property owners must file a complaint under penalty of perjury to demonstrate their eligibility for this relief. If the sheriff can verify ownership and the complaint is valid, they are authorized to remove the squatter. This law also introduces new crimes related to unlawfully occupying a dwelling or fraudulently advertising property. It’s set to take effect on July 1, 2024.
For full report, please click the source link above.
One Community Update
March 26, 2024
Source: thebargainhunter.com
Owners of vacant buildings in New Philadelphia must register them with the city within the next 90 days, according to Josh Mathias, the city’s zoning and building code administrator. Mathias outlined the new vacant property registry for city council at its March 25 meeting. Council voted to create the registry last year.
“I keep hearing about people who want to move here, and we’ve got dozens of houses sitting empty,” Mathias said. “Hopefully, this is a nudge to get the property owners to do something with those buildings.”
The new program applies to vacant residential, commercial and industrial properties. A fee will be charged depending on the type of property and length of time it has been vacant.
According to Mathias, there are some properties that will be exempt for anywhere from six months to one year. This includes buildings under active construction or renovation and those that are for sale, as long as they are listed with a realtor licensed by the State of Ohio.
A link to the registration form, a schedule of fees and a list of exempt properties can be found on the city’s Facebook page.
For full report, please click the source link above.
One Community Update
March 26, 2024
Source: wrfalp.com
Jamestown City Council has unanimously passed a vacant property registration ordinance and an update to the city’s public nuisance ordinance.
Jamestown Real Estate Investors Association President Brenda Strasser, speaking at privilege of the floor, said the association has met with the city on the public nuisance ordinance but not the others, “I think we need to involve us. A lot of the landlords in the city own properties and I think we should have a little bit of a say rather than having these things just put at us without any kind of input.”
Council President Tony Dolce said it was time to move forward, “When we hear our constituents, they’ll tell us housing, neighborhoods, vacant properties are at the top of the list or near the top of the list. Also, we should note that this is a direction the state is moving in where many communities we modeled this after.”
Dolce said the ordinances aren’t meant to make this harder on landlords, “The Department of Development and City want not only to work with the landlords but with the tenants and to rectify some of the situations that are out there. This is not, in any way, meant to be more punitive. I guess it looks that way if you see some of the penalties, but again, if something comes up we’re willing to work with those tenants and work with those landlords in order to rectify the situation.”
The vacant property registration ordinance will require the residential property owners to register the vacant property for a fee of $250. Commercial property fees will be $1,000 or 5-cents a square foot, whichever is greater. Fees will increase for both vacant residential and commercial properties each year.
The ordinance also states that a Certificate of Occupancy must be obtained before the property is occupied to ensure the health and safety of individuals in the building.
For full report, please click the source link above.
One Community Update
March 22, 2024
Source: wmar2news.com
Buying a house for a buck – sounds too good to be true. Well, that’s because it is.
“The reality is you probably need closer to $150-200,000 to renovate one of these structures,” Dr. Dwanda Farmer, community economic development expert and CEO of the CED Doctor in Baltimore, said.
That’s why the Department of Housing and Community Development (DHCD) is requiring applicants to its newly approved “Fixed Pricing Program” to provide proof they can spend at least $90,000 to renovate a home after purchasing it for just a dollar.
The goal is to rehab some of the city’s thousands of vacant homes. The application link is now live; the department will begin reviewing applications on April 1.
Developers can purchase for $3,000, and nonprofits for $1,000. Individual buyers can purchase for $1, but they must live in the home for five years.
Affordable housing advocates Dr. Dwanda Farmer and Nneka Nnamdi, Executive Director of the SOS Fund, say the program doesn’t serve the people who need it most.
“Baltimore City has provided developer incentives over the last three decades that developers have responded to the needs of this community 80% [AMI or Area Median Income] and above. What I’m asking the mayor to do is to restrict any future public investment to where we most need those – which is 50% and 30% [AMI]. Right now, Baltimore City has 38 units for every 100 needed for 30% and below and 58 units for every 100 units needed for 50% and below. But we are saturated at 80%,” Dr. Farmer said.
For full report, please click the source link above.
Industry Update
March 25, 2024
Source: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) released its fourth quarter 2023 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 43,903 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,905,703 since the start of conservatorships in September 2008.
The report also shows that 31 percent of loan modifications completed in the fourth quarter reduced borrowers’ monthly payments by more than 20 percent. The number of refinances decreased from 83,522 in the third quarter of 2023 to 71,378 in the fourth quarter of 2023.
The Enterprises’ serious delinquency rate increased slightly from 0.54 percent to 0.55 percent at the end of the fourth quarter. This compares with 3.42 percent for Federal Housing Administration (FHA) loans, 2.01 percent for Veterans Affairs (VA) loans, and 1.52 percent for all loans (industry average).
For full report, please click the source link above.
Industry Update
March 18, 2024
Source: Mortgage Bankers Association
The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance remained unchanged at 0.22% as of February 29, 2024. According to MBA’s estimate, 110,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 8.1 million borrowers since March 2020.
In February 2024, the share of Fannie Mae and Freddie Mac loans in forbearance declined 1 basis point to 0.12%. Ginnie Mae loans in forbearance increased by 1 basis point to 0.40%, and the forbearance share for portfolio loans and private-label securities (PLS) increased 1 basis point to 0.29%.
“The performance of servicing portfolios and loan workouts improved in February, as borrowers benefitted from tax refunds, the extra day in the month to submit their payments, and continued resilience in the job market,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “Only around 110,000 loans nationwide remain in a forbearance plan, with little movement this month. The pandemic’s impact has waned, with only 16 percent of borrowers in forbearance because of COVID-19, compared to 72 percent for temporary personal hardships and 12 percent for natural disasters.”
For full report, please click the source link above.
Industry Update
March 21, 2024
Source: ICE Mortgage Technology
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at February 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
For full report, please click the source link above.
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.
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.
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.
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.
Business Development
Carrie Tackett
Business Development Safeguard Properties
