FEMA has issued a Major Disaster Declaration for the state of West Virginia to supplement state, tribal, and local recovery efforts in areas affected by severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides from April 2 – 6, 2024. The following counties have been approved for assistance:
FEMA has issued a Major Disaster Declaration for the state of Kentucky to supplement state, tribal, and local recovery efforts in areas affected by severe storms, straight-line winds, tornadoes, landslides and mudslides on April 2, 2024. The following counties have been approved for assistance:
The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.94 percent of all loans outstanding at the end of the first quarter of 2024, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.
The delinquency rate was up 6 basis points from the fourth quarter of 2023 and up 38 basis points from one year ago. The percentage of loans on which foreclosure actions were started in the first quarter remained unchanged at 0.14 percent.
“Overall mortgage delinquencies increased slightly in the first quarter of 2024, but not across all three of the major loan types. Delinquencies declined for FHA loans, were relatively flat for conventional loans, and increased for VA loans,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “Notably, all three loan types saw an increase in delinquencies compared to one year ago. Higher unemployment, lower personal savings, increases in property taxes and insurance, and a run-up in credit card debt and delinquency contributed to conditions that would make it tougher for some homeowners to make their mortgage payments.”
Added Walsh, “At the end of 2023, the Department of Veterans Affairs encouraged mortgage servicers to implement a foreclosure moratorium until the end of May 2024. With this pause came an increase in VA loans that remained delinquent, but not in foreclosure inventory.”
The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure.
For full report, please click the source link above.
According to ATTOM’s just released April 2024 U.S. Foreclosure Market Report, there were a total of 31,649 U.S. properties with foreclosure filings. This figure reflects a 4 percent decrease compared to the previous month and a 4 percent decrease compared to the same period last year.
ATTOM’s latest foreclosure market analysis reports that in April 2024, Maryland, Illinois, and Nevada exhibited the highest foreclosure rates. Across the nation, one out of every 4,453 housing units had a foreclosure filing during this period. States with the highest foreclosure rates were Maryland (one in every 2,214 housing units with a foreclosure filing); Illinois (one in every 2,517 housing units); Nevada (one in every 2,546 housing units); South Carolina (one in every 2,573 housing units); and Florida (one in every 2,854 housing units).
The report notes that of the 224 metropolitan statistical areas with a population of at least 200,000, Elkhart, IN, had the highest foreclosure rate in April 2024 (one in every 1,565 housing units with a foreclosure filing). Followed by Columbia, SC (one in every 1,689 housing units); Cleveland, OH (one in every 1,859 housing units); Lakeland, FL (one in every 1,861 housing units); and Flint, MI (one in every 1,998 housing units).
The analysis also reports that foreclosure starts saw a 7 percent decrease from the previous month, with lenders commencing the foreclosure process on 21,753 U.S. properties in April 2024. This figure reflects a 3 percent decline compared to the same period last year.
ATTOM’s April 2024 foreclosure report also noted that among states with a minimum of 100 foreclosure starts in April 2024, the most significant monthly declines were observed in New Jersey (down 51 percent); Indiana (down 32 percent); Colorado (down 31 percent); Massachusetts (down 21 percent); and Connecticut (down 20 percent).
The report states that among those major metro areas with a population greater than 1 million, those with the greatest numbers of foreclosure starts in April 2024 were Chicago, IL (1,211 foreclosure starts); New York, NY (1,141 foreclosure starts); Houston, TX (1,068 foreclosure starts); Miami, FL (751 foreclosure starts); and Los Angeles, CA (652 foreclosure starts).
In this post, we dig a bit deeper to uncover the top 10 U.S. counties with the greatest numbers of foreclosure starts in April 2024. Those counties include: Cook County, IL (787 foreclosure starts); Los Angeles County, CA (532 foreclosure starts); Harris County, TX (488 foreclosure starts); Liberty County, TX (351 foreclosure starts); Miami-Dade County, FL (321 foreclosure starts); Clark County, NV (283 foreclosure starts); Maricopa County, AZ (281 foreclosure starts); Broward County, KY (275 foreclosure starts); Cuyahoga County, OH (229 foreclosure starts); and Riverside County, CA (216 foreclosure starts).
For full report, please click the source link above.
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 April 30, 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 April 2024, the share of Fannie Mae and Freddie Mac loans in forbearance declined 1 basis point to 0.11%. Ginnie Mae loans in forbearance dropped 1 basis point to 0.39%, and the forbearance share for portfolio loans and private-label securities (PLS) stayed the same at 0.31%.
“The number of loans in forbearance has remained stagnant for the first four months of 2024,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “While forbearance is still a viable option for homeowners needing temporary mortgage payment relief, its usage has diminished without a major natural disaster or labor market downturn. Moreover, the performance of servicing portfolios and post-forbearance workouts remains strong, despite some fluctuations from month-to-month.”
For full report, please click the source link above.
FEMA has issued a Major Disaster Declaration for the state of Texas to supplement state, tribal, and local recovery efforts in areas affected by severe storms, straight-line winds, tornadoes and flooding beginning April 26, 2024 and continuing. The following counties have been approved for assistance:
FEMA has issued a Major Disaster Declaration for the state of Massachusetts to supplement state, tribal, and local recovery efforts in areas affected by severe storms and flooding from September 11-13, 2023. The following counties have been approved for assistance:
I commend the Financial Stability Oversight Council (FSOC) for the publication of its report on nonbank mortgage servicing. This report advances the work of federal and state agencies with oversight responsibility of the mortgage market, identifies vulnerabilities specific to nonbank mortgage servicing business models, and presents robust recommendations to foster financial stability. The Federal Housing Finance Agency (FHFA) is regulator and conservator of Fannie Mae and Freddie Mac (the Enterprises), and nonbank mortgage servicers are important counterparties to the Enterprises.
The growth of nonbank mortgage servicers over the past decade has shifted market dynamics and highlighted the need for increased collaboration and coordination among regulators. The FSOC report calls attention to the strengths of nonbank mortgage servicers, including their commitment to the mortgage market and to supporting sustainable homeownership for historically underserved populations, along with several structural vulnerabilities. These vulnerabilities include liquidity risk, leverage, asset concentration, and operational risk, each of which could amplify and transmit mortgage market shocks to other financial market participants and to consumers.
To address these vulnerabilities, the FSOC report includes several recommendations that would enhance its member agencies’ oversight authorities, enable better information sharing, and provide for improved liquidity risk management by industry participants. Taken together, I believe these recommendations will reduce the risk of consumer harm or financial market contagion in the event of material financial stress at one or more nonbank mortgage servicers.
I am particularly encouraged that the FSOC recommends Congress consider providing FHFA with additional authority to establish appropriate safety and soundness standards for nonbank mortgage servicing and to directly examine for compliance with these standards. Such authority would give FHFA greater ability to manage the risks identified in the FSOC report and support broader financial stability.
FHFA is committed to ensuring the safety and soundness of, and responsible market conduct by, our regulated entities. FHFA will continue these efforts as we fulfill our statutory responsibilities and carry out the recommendations in the FSOC report to the greatest extent possible. I welcome FSOC’s focus on the growth of the nonbank mortgage servicing sector and encourage Congress to consider those recommendations in the report which require legislation to fully implement.
For full report, please click the source link above.
Effective May 6th, Sam Valverde entered the role of Acting President of Ginnie Mae. Mr. Valverde previously served as the organization’s Principal Executive Vice President since January 2023.
He began his tenure at Ginnie Mae in March 2022 to serve as the Executive Vice President and Chief Operating Officer. As Acting President, Mr. Valverde leads Ginnie Mae’s mission to link the United States housing market to the global capital markets, thus providing low-cost financing for federal housing programs and making affordable housing a reality for millions of Americans. He brings more than 15 years of housing finance, policy, and legal experience to Ginnie Mae. Across his career in public service, he has worked to develop market-based solutions to improve economic outcomes for all Americans.
Prior to joining Ginnie Mae, Mr. Valverde was most recently Supervisory Attorney Advisor at the Federal Housing Finance Agency (FHFA) in the Division of Conservatorship Oversight and Readiness. In that role, he led agency-wide projects intended to support greater access to mortgage credit and affordable rental opportunities for working families.
Prior to joining public service, Mr. Valverde began his career as a securities lawyer at Davis Polk & Wardell LLP. Mr. Valverde received his J.D. from Yale Law School and an A.B. from Dartmouth College.
Additional information about Ginnie Mae is available at www.ginniemae.gov and on X (formerly Twitter), YouTube, Facebook, and LinkedIn.
For full report, please click the source link above.
ATTOM, a leading curator of land, property, and real estate data, today released its April 2024 U.S. Foreclosure Market Report, which shows there were a total of 31,649 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 4 percent from a month ago and down 4 percent from a year ago.
“April’s foreclosure numbers highlight a mixed landscape in the U.S. housing market,” said Rob Barber, CEO at ATTOM. “While there is a general downtrend in foreclosure starts and filings, we have also seen an increase in completed foreclosures. This mixed activity underscores the importance of closely monitoring these developments to understand the ongoing dynamics in the real estate market.”
Maryland, Illinois, and Nevada post highest foreclosure rates
Nationwide one in every 4,453 housing units had a foreclosure filing in April 2024. States with the highest foreclosure rates were Maryland (one in every 2,214 housing units with a foreclosure filing); Illinois (one in every 2,517 housing units); Nevada (one in every 2,546 housing units); South Carolina (one in every 2,573 housing units); and Florida (one in every 2,854 housing units).
Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April 2024 were Elkhart, IN (one in every 1,565 housing units with a foreclosure filing); Columbia, SC (one in every 1,689 housing units); Cleveland, OH (one in every 1,859 housing units); Lakeland, FL (one in every 1,861 housing units); and Flint, MI (one in every 1,998 housing units).
Among those metropolitan areas with a population greater than 1 million, those with the worst foreclosure rates in April 2024, aside from Cleveland, OH, included: Baltimore, MD (one in every 2,096 housing units); Chicago, IL (one in every 2,189 housing units); Orlando, FL (one in every 2,199 housing units); and Jacksonville, FL (one in every 2,237 housing units).
For full report, please click the source link above.
Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing our website, you agree to our use of cookies.
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.
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.
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.
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.
