Page 56 – Safeguard Properties

FHFA Names Tracy Stephan as Chief Artificial Intelligence Officer

Posted on April 11, 2024April 11, 2024 by Safeguard

Industry Update
April 9, 2024

The Federal Housing Finance Agency (FHFA) announced Tracy Stephan will assume the role of Chief Artificial Intelligence Officer (CAIO), in addition to continuing her role leading the FHFA Office of Financial Technology.

“Establishing a Chief AI Officer underscores FHFA’s commitment to understanding new developments in technology and the marketplace and incorporating those insights into our day-to-day work,” said FHFA Director Sandra Thompson. “Through her role leading the Office of Financial Technology, Tracy has been a leader in FHFA’s work on AI and she is well prepared to lead this into the future.”

Per a release from the FHFA, the CAIO will manage AI risk, promote AI innovation, and lead effective AI governance per the Executive Order 14110 on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, as well as the related Office of Management and Budget Memo on Advancing Governance, Innovation and Risk Management for Agency Use of Artificial Intelligence.

Stephan, a 25-year veteran in mortgage technology, currently leads FHFA’s Office of Financial Technology. Stephan leads a team responsible for supporting the Agency’s efforts to identify technology-driven developments in housing finance, understanding the associated risks, and facilitating the development of responsible innovation in FHFA’s regulated entities.

Previously, Stephan worked for Fannie Mae in a variety of positions overseeing Enterprise Innovation, Data, Software Engineering, and Product Management. Stephan holds a bachelor’s degree in Decision Science and Information Systems from George Mason University.

For full report, please click the source link above.

U.S. Foreclosure Activity Increases Quarterly in Q1 2024

Posted on April 11, 2024April 11, 2024 by Safeguard

Industry Update
April 10, 2024

Source: ATTOM

ATTOM, a leading curator of land, property, and real estate data, released its Q1 2024 U.S. Foreclosure Market Report, which shows a total of 95,349 U.S. properties with a foreclosure filings during the first quarter of 2024, up 3 percent from the previous quarter but down less than 1 percent from a year ago.

The report also shows a total of 32,878 U.S. properties with foreclosure filings in March 2024, down less than 1 percent from the previous month and down 10 percent from a year ago.

“Q1 2024’s foreclosure data reveals a market in transition, with slight increases in filings and starts, alongside a notable decrease in REO properties,” explains Rob Barber, CEO at ATTOM. “While foreclosures remain relatively stable, we’re closely monitoring these trends. Homeowners continue to hold significant equity, contributing to a persistently hot housing market.”

For full report, please click the source link above.

FEMA Fire Management Assistance Declaration – Oklahoma 57 Fire

Posted on April 9, 2024 by Safeguard

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:

Woodward

Oklahoma 57 Fire (FM-5491-OK)

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 – Alaska Severe Storm, Flooding, and Landslides

Posted on April 8, 2024April 10, 2024 by Safeguard

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:

Southeast Island Regional Educational Attendance Area

Alaska Severe Storms, Flooding, and Landslides (DR-4767-AK)

President Joseph R. Biden, Jr. Approves Disaster Declaration for Alaska

Map of Affected Area

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

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

CoreLogic: US Mortgage Delinquencies, Foreclosure Begin 2024 Exceptionally Low

Posted on April 3, 2024 by Safeguard

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.

Governor DeSantis Signs Legislation to End the Squatters Scam in Florida

Posted on March 28, 2024 by Safeguard

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.

New Phila Starts Vacant Property Registry

Posted on March 27, 2024 by Safeguard

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.

City Council Passes Vacant Property Registration, Public Nuisance Ordinances

Posted on March 27, 2024 by Safeguard

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.

Baltimore City Selling Properties for $1 to Address Vacant Home Crisis

Posted on March 27, 2024March 27, 2024 by Safeguard

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.

FHFA Releases 4th Quarter 2023 Foreclosure Prevention and Refinance Report

Posted on March 27, 2024April 1, 2024 by Safeguard

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.