FEMA Emergency Declaration – Virgin Islands Elevated Levels of Lead and Copper in the Water Supply

FEMA Alert
November 18, 2023 

FEMA has issued an Emergency Declaration for areas of the Virgin Islands to supplement the territory’s response efforts due to the emergency conditions resulting from elevated levels of lead and copper in the water supply beginning on October 25, 2023 and continuing.

Public Assistance:

  • St. Croix

 

Virgin Islands Elevated Levels of Lead and Copper in the Water Supply (EM-3603-VI)

President Joseph R. Biden, Jr. Approves Emergency Declaration for U.S. Virgin Islands

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

Mortgage Delinquencies Increase in the Third Quarter of 2023

Industry Update
November 9, 2023

Source: Mortgage Bankers Association

The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.62 percent of all loans outstanding at the end of the third quarter of 2023, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.

The delinquency rate was up 25 basis points from the second quarter of 2023 and up 17 basis points from one year ago. The percentage of loans on which foreclosure actions were started in the third quarter rose by 1 basis point to 0.14 percent.

“The national mortgage delinquency rate increased in the third quarter from the record survey low reached in the second quarter of this year, with an uptick in delinquencies across all loan types – conventional, FHA, and VA,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “The increase was driven entirely by a rise in earliest-stage delinquencies – those 30-days and 60-days past due. Later-stage delinquencies – those 90 days or more past due – declined to the lowest level since the first quarter of 2020.”

Added Walsh, “The decline in later-stage delinquencies, along with a foreclosure starts rate of 0.14 percent – which is well below the historical quarterly average of 0.40 percent – suggest that distressed homeowners may be utilizing available loss mitigation options that prevent a foreclosure start. Additionally, accumulated home equity may also be enabling some homeowners to sell their homes well before foreclosure becomes a possibility.”

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

U.S. Foreclosure Activity Remains Steady in October 2023

Industry Update
November 14, 2023

Source: ATTOM

ATTOM, a leading curator of land, property, and real estate data, released its October 2023 U.S. Foreclosure Market Report, which shows there were a total of 34,472 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 6 percent from a month ago but up 6 percent from a year ago.

“Foreclosure filings continue to paint a concerning picture,” said Rob Barber, CEO at ATTOM. “With foreclosure filings ranging from 31,557 in January 2023 to 34,472 in October 2023, it’s evident that challenges in the housing market persist. While we anticipate a likely decline in the coming months due to the holiday season and other seasonal patterns, we do foresee a continued uptick in 2024 as foreclosure filings make their way through the pipeline.”

Delaware, Ohio and New Jersey post highest foreclosure rates

Nationwide one in every 4,051 housing units had a foreclosure filing in October 2023. States with the highest foreclosure rates were Delaware (one in every 2,432 housing units with a foreclosure filing); Ohio (one in every 2,492 housing units); New Jersey (one in every 2,550 housing units); Maryland (one in every 2,565 housing units); and South Carolina (one in every 2,569 housing units).

Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in October 2023 were Cleveland, OH (one in every 1,403 housing units with a foreclosure filing); Atlantic City, NJ (one in every 1,547 housing units); Spartanburg, SC (one in every 1,708 housing units); Bakersfield, CA (one in every 1,785 housing units); and Jacksonville, NC (one in every 1,848 housing units).

Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in October 2023, including Cleveland, OH, were: Miami-Fort Lauderdale, FL (one in every 2,180 housing units); Riverside, CA (one in every 2,254 housing units); Houston, TX (one in every 2,269 housing units); and Philadelphia, PA (one in every 2,323 housing units).

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Arkansas Severe Storms, Straight-line Winds and Tornadoes

FEMA Alert
November 14, 2023 

FEMA has issued a Major Disaster Declaration for areas of the state of Arkansas to supplement state, tribal and local recovery efforts in the areas affected by severe storms, straight-line winds, and tornadoes from June 25-26, 2023.  The following counties have been approved for assistance:

Public Assistance:

  • Arkansas
  • Faulkner
  • Lonoke
  • Poinsett

 

Arkansas Severe Storms, Straight-line Winds, and Tornadoes (DR-4748-AR)

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

HUD: Update to Property Inspection Fees

Industry Update
November 14, 2023

Source: U.S. Department of Housing and Urban Development

This Mortgagee Letter (ML) updates inspection fees for Property Preservation and Protection.

Initial Occupancy Inspection: $30/$20 per each additional unit

Occupancy Follow-up Inspections: $30/$20 per each additional unit

Vacant Inspections (Ongoing)

First Time Vacant Property Inspection (One time): $45/$30 per each additional unit

Follow-up Vacant Property Inspections: $45/$30 per each additional unit

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Pre-filed Bill Would Extend Abilities of Alabama Land Banks

Industry Update
November 2, 2023

Source: News From The States

A bill filed for the Alabama Legislature’s 2024 session would give land banks more flexibility in acquiring properties and allow cities and counties to create joint land bank authorities for economic development.

SB 3, sponsored by Sen. Linda Coleman-Madison, D-Birmingham, said in an interview Wednesday that the bill would allow land bank authorities to acquire tax-delinquent properties, “which they have not had the opportunity to do.”

“We have a lot of properties, in Birmingham in particular because it is a more urbanized area, that are vacant and abandoned,” she said. “These properties are deteriorating and bringing the property values of communities down.”

Land banks are essentially an economic development tool that allow governments to acquire vacant or abandoned properties and turn them over to other entities with a goal of improving the land.

“You think about any community, you are riding down the street in an area of a neighborhood, you have got overgrown grass, you have got busted out windows, you have got any of the signs of decay,” said Brian Larkin, director of the National Land Bank Network with the Center for Community Progress, an organization that advises governments on this issue.

Larkin said that many times, governments are not interested in assuming control of these properties and managing them, preferring instead to turn them over to other groups who can use them for some purpose. A land bank is a tool to do so.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Butler County gets Another $2.5M to Eliminate Eyesores, Remediate Brownfields

Industry Update
November 2, 2023

Source: Yahoo! News

Butler County is receiving another $2.5 million cash infusion from the state to clear the way for redevelopment, similar to the windfall received to down the old Forest Fair Mall, which is a work in progress.

Gov. Mike DeWine announced this week applications are open for a new round of the Ohio Building Demolition and Site Revitalization Program, which provides $150 million in grants to raze dilapidated commercial and residential buildings.

Each of the 88 counties are guaranteed $500,000 and the rest of the money will be doled out on a first-come-first-served basis. The applications are due April 1 and the money must be spent by June 30, 2025.

“Blighted buildings have no place in our vision for Ohio’s future,” DeWine said. “These dilapidated eyesores continue to stand in the way of progress, and by helping local communities take them down, we can open these areas up for new economic development.”

Seth Geisler, executive director of the Butler County Land Bank, has been culling applications since the money was approved in the state budget in June, to ensure the county won’t leave any money of the table and can get in line for the remaining $106 million.

So far he has 23 applications for demolitions in Hamilton and Middletown that total around $300,000 but he is still collecting applications. The average price per take-down is $16,000.

“I do expect we’ll use the entire set aside,” Geisler said. “And I do hope to be awarded some above and beyond that. It depends on when I get the applications in from the cities and hopefully by the time we get it in all the funds aren’t used up.”

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

YNDC’s City Survey Shows Progress with Vacant Houses

Industry Update
November 2, 2023

Source: wytv.com

Efforts to clean up and demolish blighted properties in Youngstown appear to be paying off, according to the results of the Youngstown Neighborhood Development Corporation’s latest citywide survey.

The survey is completed biannually to keep track of the conditions of the city’s residential and commercial properties. The results of the survey are given to the Mahoning County Land Bank and city officials and are used to determine properties that may need to be demolished or repaired.

“I would say the primary takeaway this year is that vacant and abandoned properties continued to go down, so this year, we counted about 740 that we would characterize in that general range of vacant and abandoned that may merit demolition. Last time, we were at about 895 or so,” said Ian Beniston, executive director of YNDC.

Beniston’s team went out over the summer, taking photos of properties and looking for occupancy or exterior deficiencies. This is the first year that commercial properties were included in the survey.

Beniston said the decrease is significant, especially when compared to his first survey.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Fetterman Announces $1 Million in Funding for Blighted Properties in Reading

Industry Update
November 2, 2023

Source: wfmz.com

U.S. Senator John Fetterman (D – Pa.) announced $1 million in funding for blighted property acquisition in Reading after the U.S. Senate passed its first bipartisan FY24 appropriations bill Wednesday afternoon.

The legislative package includes millions in funding for projects in Pennsylvania ranging from agriculture research to homelessness assistance to veterans’ health care.

“I am proud to have secured these critical funds for the people I was elected to represent during my first annual appropriations process. These projects will benefit our rural communities and farmers, our servicemembers and veterans, our unhoused population, and so many other Pennsylvanians,” said Senator Fetterman.

“Investing in these communities is critical. I ran for this Senate seat to fight for the people and places that are typically left behind by Washington. This funding is a good start to get this community what it needs and deserves, but it can’t be the end of our work here. I will never stop fighting for federal investment in Berks County, and communities all across the commonwealth.”

Fetterman said this project would help transform blighted properties in the City of Reading by allowing the city to either stabilize or demolish these buildings so they can be utilized for productive uses that serve city residen

There are currently hundreds of blighted and vacant properties throughout the city, an issue that local officials have been grappling with for some time.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FHA Extends Current Foreclosure Protections for Borrowers in Maui County, HI

Industry Update
November 2, 2023

Source: Federal Housing Administration

The Federal Housing Administration (FHA) today announced it is extending its existing disaster-related foreclosure moratorium in Maui County, HI, through May 6, 2024, for borrowers with FHA-insured single-family mortgages, including seniors with Home Equity Conversion Mortgages. This extension provides additional time for borrowers in the process of recovering from the unprecedented challenges of the catastrophic Maui wildfires to consult with mortgage servicers and housing counselors and to access federal, state, and local housing resources without also having to contend with the burden of an impending foreclosure action.

“When I visited Maui in September, I saw firsthand the damage inflicted by the devastating wildfires. The people of Maui are resilient, but they will need support for years to come to rebuild and recover,” said HUD Deputy Secretary Adrianne Todman. “With today’s announcement, we are assuring homeowners in Maui that HUD is here to support them as they navigate next steps with their family.”

FHA implemented an automatic 90-day foreclosure moratorium that required mortgage servicers to halt the initiation or completion of all foreclosure actions in Maui County on August 10, 2023, when the disaster occurred. The moratorium was originally set to expire on November 8, 2023. In addition to extending the foreclosure moratorium through May 6, 2024, FHA is also extending the deadline dates for servicers to perform certain legal actions related to foreclosure for an additional 180 days following the end of the foreclosure moratorium.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

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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