Safeguard Properties

FEMA Major Disaster Declaration – Oregon Wildfires

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FEMA Alert
January 1, 2025 

FEMA has issued a Major Disaster Declaration for the state of Oregon to supplement state, tribal, and local recovery efforts in areas affected by wildfires from July 10 – August 23, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • Gilliam
  • Grant
  • Umatilla
  • Wasco
  • Wheeler

 

Oregon Wildfires (DR-4854-OR)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Oregon

Map of Affected Areas

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

First Look at November 2024 Mortgage Data

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Industry Update
December 23, 2024

Source: ICE Mortgage Technology

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at November 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

The national delinquency rate jumped 29 basis points (bps) in November to 3.74%, its highest level in almost three years, marking six consecutive months of year over year increases.

While much of November’s spike was driven by seasonality, post-hurricane distress, and a late-in-the-month Thanksgiving, delinquencies more broadly continue to rise from recent year lows.

Early-, mid- and late-stage defaults all rose in November, with seriously delinquent loans – 90 or more days past due but not in active foreclosure – now at the highest level since February 2023.

Both foreclosure starts and completions dropped in November and remain well below pre-pandemic levels, leaving 31K fewer loans in active foreclosure than at the same time last year.

Prepayment activity fell -25.0% month over month on October’s higher interest rates and remains nearly 30% off last year’s levels.

 

For full report, please click the source link above.

 

FHFA Releases 2025 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization

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Industry Update
December 20, 2024

Source: Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) released the 2025 Scorecard for Fannie Mae and Freddie Mac (the Enterprises), establishing an array of objectives for them to operate safely and soundly, further develop risk management frameworks, and support market improvements in housing supply and affordability, among other steps.

FHFA releases a Scorecard annually to communicate the Agency’s priorities and expectations for both the Enterprises and Common Securitization Solutions, LLC (CSS) in a transparent manner.

“The 2025 Scorecard establishes objectives for the Enterprises to address affordability challenges in the housing market, facilitate greater supply and resilience of the nation’s housing stock, improve efficiency in mortgage processes, and promote sustainability in housing outcomes,” said FHFA Director Sandra L. Thompson. “These objectives are consistent with FHFA’s responsibility to ensure the Enterprises fulfill their mission of promoting liquidity and access to sustainable mortgage credit in a safe and sound manner.”

The Scorecard also reinforces the importance of strengthening the Enterprises’ resilience to a range of financial and operational risks, including those related to natural disasters.  Furthermore, the 2025 Scorecard guides the Enterprises to improve risk management frameworks related to their use of artificial intelligence (AI) and to explore the benefits and risks associated with expanded use of AI and machine learning in the mortgage industry.

 

For full report, please click the source link above.

 

Fannie and Freddie: Single Family and Multi-Family Serious Delinquency Rate Increased in November

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Industry Update
December 31, 2024

Source: CalculatedRisk Newsletter

Single-family and multi-family serious delinquencies increased in November.

Freddie Mac reported that the Single-Family serious delinquency rate in November was 0.56%, up from 0.55% October. Freddie’s rate is up year-over-year from 0.54% in November 2023, however, this is below the pre-pandemic level of 0.60%.

Freddie’s serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic.

Fannie Mae reported that the Single-Family serious delinquency rate in November was 0.53%, up from 0.52% in October. The serious delinquency rate is down year-over-year from 0.54% in November 2023. This is also below the pre-pandemic lows of 0.65%.

The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59% following the housing bubble and peaked at 3.32% in August 2020 during the pandemic.

These are mortgage loans that are “three monthly payments or more past due or in foreclosure”. Mortgages in forbearance are being counted as delinquent in this monthly report but are not reported to the credit bureaus.

For Fannie, by vintage, for loans made in 2004 or earlier (1% of portfolio), 1.44% are seriously delinquent (unchanged from 1.44% the previous month).

For loans made in 2005 through 2008 (1% of portfolio), 2.09% are seriously delinquent (down from 2.11%).

For recent loans, originated in 2009 through 2023 (98% of portfolio), 0.48% are seriously delinquent (up from 0.46%). So, Fannie is still working through a handful of poor performing loans from the bubble years.

 

For full report, please click the source link above.

 

Share of Mortgage Loans in Forbearance Increases to .50% in November

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Industry Update
December 19, 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 increased to 0.50% as of November 30, 2024. According to MBA’s estimate, 250,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 8.5 million borrowers since March 2020.

The share of Fannie Mae and Freddie Mac loans in forbearance increased 1 basis point to 0.21% in November 2024. Ginnie Mae loans in forbearance increased by 5 basis points to 1.11%, and the forbearance share for portfolio loans and private-label securities (PLS) decreased 1 basis point to 0.42%.

“The overall mortgage forbearance rate increased three basis points in November and has now risen for six consecutive months,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “By investor type, Ginnie Mae loans are showing the greatest variance, with an increase of 72 basis points over the six-month period. That is compared to 11 basis points for Fannie Mae and Freddie Mac Loans, and portfolio and PLS loans, respectively.”

Added Walsh, “There is some weakening in performance of servicing portfolios and loan workouts compared to one year ago. In the wake of natural disasters and slowing in the labor market, borrowers with government loans tend to be impacted more than conventional borrowers.”

 

For full report, please click the source link above.

 

FEMA Major Disaster Declaration – Native Village of Kipnuk Severe Storm and Flooding

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FEMA Alert
January 1, 2025  

FEMA has issued a Major Disaster Declaration for the Native Village of Kipnuk in Alaska to supplement tribal and local recovery efforts in areas affected by a severe storm and flooding from August 16-18, 2024.  The following areas have been approved for assistance:

Public Assistance:

  • Kipnuk

 

***Please note: only properties located within the Native Village of Kipnuk are eligible for assistance.***

 

Native Village of Kipnuk Severe Storm and Flooding (DR-4853)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for the Native Village of Kipnuk

Map of Affected Area

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Major Disaster Declaration – North Dakota Wildfires and Straight-line Winds

Posted on by Safeguard

FEMA Alert
December 24, 2024  

FEMA has issued a Major Disaster Declaration for the state of North Dakota to supplement state, tribal, and local recovery efforts in areas affected by wildfires and straight-line winds from October 5-6, 2024.  The following counties have been approved for assistance:

Public Assistance:

  • McKenzie
  • Williams

 

 North Dakota Wildfires and Straight-line Winds (DR-4852-ND)

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FHFA Releases 3rd Quarter 2024 Foreclosure Prevention and Refinance Report

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Industry Update
December 19, 2024

Source: Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) released its third quarter 2024 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 43,459 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 7,047,721 since the start of conservatorships in September 2008.

The report also shows that 35 percent of loan modifications completed in the third quarter reduced borrowers’ monthly payments by more than 20 percent. The number of refinances increased from 89,571 in the second quarter of 2024 to 98,785 in the third quarter of 2024.

The Enterprises’ serious (90 days or more) delinquency rate increased slightly to 0.53 percent at the end of the third quarter. This compares with 3.63 percent for Federal Housing Administration (FHA) loans, 2.26 percent for Veterans Affairs (VA) loans, and 1.55 percent for all loans (industry average).

Other highlights from the report include:

Forbearance: The total number of loans in forbearance plans increased in the third quarter of 2024. As of September 30, 2024, there were 39,669 loans in forbearance, representing approximately 0.13 percent of the Enterprises’ single-family conventional book of business, up from 31,827 or 0.10 percent at the end of the second quarter. Approximately 1 percent of these loans have been on the plan for more than 12 months.

Mortgage Performance: The 60+ day delinquency rate increased from 0.70 percent at the end of the second quarter to 0.75 percent at the end of the third quarter of 2024.

Foreclosures: The number of foreclosure starts rose 27.0 percent to 22,025.

Real Estate Owned (REO) Activity & Inventory: The Enterprises’ REO inventory decreased 7 percent from 9,450 in the second quarter of 2024 to 8,766 in the third quarter of 2024, as REO property dispositions outpaced acquisitions. The total number of property acquisitions decreased 2 percent to 1,176, while dispositions declined 12 percent to 1,848 during the quarter.

FHFA’s quarterly foreclosure prevention and refinance reports include data on the Enterprises’ mortgage performance, delinquencies, and active forbearance plans, as well as forfeiture actions and refinances by state. The data included in these reports are also available on FHFA’s website as an interactive Borrower Assistance Map.

 

For full report, please click the source link above.

 

Capital Region Land Bank Receives $2M State Grant

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One Community Update
November 27, 2024

Source: The Daily Gazette

The Capital Region Land Bank was recently awarded a $2 million state grant that will allow the organization to continue its work tackling blight throughout Schenectady County and the nearby city of Amsterdam.

The award from the state department of Homes and Community Renewal brings the nonprofit’s total received in grant funding since its inception a decade ago to $12 million.

Richard Ruzzo, chair of the Land Bank and a member of the Schenectady County Legislature, called the funding “essential.”

The Land Bank has demolished more than 200 vacant buildings and provided funding to renovate an additional 33 structures that has led to the creation of more than 250 housing units.

In recent months, it has started work to demolish nine city-owned buildings along Summit Avenue in Schenectady to make way for 41 townhomes proposed by MLB Construction and AIK Property Group.

The organization has also razed buildings along State Street, including the former Mohawk Auto Center which county officials hope to turn into a grocery store in the future.

RuthAnne Visnauskas, commissioner of New York State Homes and Community Renewal, praised the Land Bank’s work, calling it a “model for how targeted investments can strengthen communities and improve quality of life for residents.”

The $2 million award is the largest grant an organization can receive through the Homes and Community Renewal Land Bank Initiative.

“New York State Homes and Community Renewal is proud to support the Capital Region Land Bank’s continued efforts to revitalize neighborhoods and increase housing supply,” Visnauskas said.

The Capital Region Land Bank is administered by the Schenectady Metroplex Development Authority.

 

For full report, please click the source link above.

Birmingham Land Bank Authority Cuts Ribbon on a Home for the Holidays

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One Community Update
December 13, 2024

Source: The Birmingham Times

Christmas came a bit early this year for one Birmingham resident. Michael Reed and his family are “Home for the Holidays”.

The Birmingham Land Bank Authority hosted a ribbon cutting for Birmingham’s newest housing development on Thursday in the historic Fountain Heights neighborhood for Reed and his family.

His new home, which will be a 1,500 square-feet structure will be the family domicile for him, his 14-year-old daughter, and 67-year-old mother. But it’s bigger than his home, he said. “My hope is to be a part of the revitalization of the city. I love Birmingham.”

The theme for the event, Home for the Holidays, emphasized the importance of family, community, and belonging, particularly during the holiday season.

The Land Bank launched the Accelerated Home Ownership Program (AHOP) last year with a goal of building 25 new homes in the Fountain Heights neighborhood. The development contributes to the city’s ongoing efforts to expand housing options and opportunities and foster neighborhood renewal.

Caroline Douglas, Executive Director of the Land Bank Authority, said the day marks a significant milestone in the Land Bank’s history, but it also marks as a special day for the Reed family.

“This is an example that you can change a community not having to do 100 homes at a time, but we can change it one house at a time,” said Douglas. “ … This house demonstrates the power of the Land Bank’s ability to take property that has been lying vacant, overburdened by delinquencies that no one would pay for, and we are able to transfer that to other owners to make it development ready.”

The first home, constructed by local builder QS Construction, represents a collaborative effort between the City of Birmingham, the Birmingham Land Bank Authority, and other community partners.

QS Construction is a leader in custom and affordable homebuilding, dedicated to creating high-quality homes that strengthen communities and improve lives. With a focus on craftsmanship and innovation, QS Construction partners with municipalities, developers, and community organizations to deliver housing solutions that meet the needs of residents and enhance neighborhoods.

“To see QS Construction, two African American men, this house in Fountain Heights… to see the quality of what’s behind us go up in Fountain Heights, that gives people hope,” she said.

 

For full report, please click the source link above.