Page 61 – Safeguard Properties

U.S. Foreclosure Activity Continues to Climb in Q1 2023

Posted on April 20, 2023April 20, 2023 by Safeguard

Industry Update
April 19, 2023

Source: prnewswire.com

ATTOM, a leading curator of land, property, and real estate data, released its Q1 2023 U.S. Foreclosure Market Report, which shows a total of 95,712 U.S. properties with a foreclosure filings during the first quarter of 2023, up 6 percent from the previous quarter and up 22 percent from a year ago.

The report also shows a total of 36,617 U.S. properties with foreclosure filings in March 2023, up 20 percent from the previous month and up 10 percent from a year ago — the 23rd consecutive month with a year-over-year increase in U.S. foreclosure activity.

“Despite efforts made by government agencies and policy makers to try and reduce foreclosure rates, we are seeing an upward trend in foreclosure activity,” said Rob Barber, chief executive officer at ATTOM. “This unfortunate trend can be attributed to a variety of factors, such as rising unemployment rates, foreclosure filings making their way through the pipeline after two years of government intervention, and other ongoing economic challenges. However, with many homeowners still having significant home equity, that may help in keeping increased levels of foreclosure activity at bay.”

For full report, please click the source link above.

Share of Mortgage Loans in Forbearance Decreases to .55% in March

Posted on April 20, 2023 by Safeguard

Industry Update
April 17, 2023

Source: Mortgage Bankers Association

The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by 5 basis points from 0.60% of servicers’ portfolio volume in the prior month to 0.55% as of March 31, 2023. According to MBA’s estimate, 275,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 7.8 million borrowers since March 2020.

In March 2023, the share of Fannie Mae and Freddie Mac loans in forbearance decreased 2 basis points to 0.26%. Ginnie Mae loans in forbearance decreased 10 basis points to 1.18%, and the forbearance share for portfolio loans and private-label securities (PLS) decreased 10 basis points to 0.68%.

“As the COVID-19 national emergency draws to a close, the number of loans in forbearance continues to drop,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “Mortgage performance remains strong with the percentage of borrowers who were current on their mortgage payments and post-forbearance workouts increasing in March.”

Adds Walsh, “MBA’s forecast still calls for a recession in 2023, which may change the current performance levels, but credit quality is generally good and many borrowers facing financial hardship can now access enhanced loss mitigation options that resulted from successes of pandemic-related policies.”

For full report, please click the source link above.

FEMA Fire Management Assistance Declaration – Rhode Island Exeter Fire

Posted on April 20, 2023 by Safeguard

FEMA Alert
April 14, 2023

FEMA has issued a Fire Management Assistance Declaration for the state of Rhode Island to supplement state, tribal and local response efforts in areas affected by the Exeter Fire on April 14, 2023. The following areas have been approved for assistance:

Public Assistance:

Washington

Rhode Island Exeter Fire (FM-5464-RI)

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 Fire Management Assistance Declaration – Nebraska Waconda-Beaver Lake Fire Complex

Posted on April 19, 2023 by Safeguard

FEMA Alert
April 9, 2023

FEMA has issued a Fire Management Assistance Declaration for the state of Nebraska to supplement state, tribal and local response efforts in areas affected by the Waconda-Beaver Lake Fire Complex beginning April 8, 2023 and continuing. The following areas have been approved for assistance:

Public Assistance:

Cass

Nebraska Waconda-Beaver Lake Fire Complex (FM-5462-NE)

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 Fire Management Assistance Declaration – Kansas Haddam Fire

Posted on April 18, 2023 by Safeguard

FEMA Alert
April 13, 2023

FEMA has issued a Fire Management Assistance Declaration for the state of Kansas to supplement state, tribal and local response efforts in areas affected by the Haddam Fire on April 13, 2023. The following areas have been approved for assistance:

Public Assistance:

Washington

Kansas Haddam Fire (FM-5463-KS)

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 – Indiana Severe Storms, Straight-line Winds, and Tornadoes

Posted on April 17, 2023September 19, 2024 by Safeguard

FEMA Alert
April 15, 2023

***UPDATED 6/6/2023***

FEMA has issued a Major Disaster Declaration for the state of Indiana to supplement state, tribal and local recovery efforts in areas affected by severe storms, straight-line winds, and tornadoes from March 31 – April 1, 2023. The following areas have been approved for assistance:

Individual Assistance:

Allen
Benton
Clinton
Grant
Howard
Johnson
Lake
Monroe
Morgan
Owen
Sullivan
White

Public Assistance:

Benton
Brown
Clinton
Johnson
Monroe
Morgan
Owen
Sullivan
White

Indiana Severe Storms, Straight-line Winds, and Tornadoes (DR-4704-IN)

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

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

County Land Bank has Decade Worth of Success

Posted on April 14, 2023April 14, 2023 by Safeguard

Industry Update
April 12, 2023

Source: observertoday.com

Over a 10-year period, the Chautauqua County Land Bank has been able to successfully facilitate 118 properties, complete 172 demolitions, and leverage more than $10 million in public grant funds to attract an additional $10.8 million of private investment in local housing improvements.

Those stats come from the New York Land Bank Association, which recently looked at the 26 land banks in the state and what they accomplished from 2012-2022. In its 52-page report, which was compiled by Center for Community Progress, the New York Land Banks Association reports that statewide land banks have acquired over 5,000 problem properties, demolished 1,567 vacant structures, returned 3,231 properties to productive use, generated more than $300 million in private investment, and returned $135 million in assessed value to local tax rolls.

“Land banks are a powerful tool for counties to combat vacancy and blight in their communities,” said New York State Association of Counties Executive Director Stephen J. Acquario. “By bringing abandoned and tax-delinquent properties into productive use, these land bank interventions have curtailed the drain on local resources, stabilized property values, and made our neighborhoods safer places to live. We applaud the land banks for the results they have achieved over the past decade and look forward to using our continued partnership to expand affordable housing and build more equitable, resilient communities.”

For full report, please click the source link above.

Cass County Blight Elimination Program to Demolish Eight Structures in First Round of Funding

Posted on April 14, 2023April 14, 2023 by Safeguard

Industry Update
April 13, 2023

Source: abc57.com

After a house was destroyed by a fire several months ago on Happy Drive in Cassopolis, it has become an invitation for danger for young people tempted to enter the building, and an eyesore for neighbors, but those days are numbered as this property is one of eight uninhabitable structures soon to be made useful again thanks to Cass County Land Bank Authority’s new Blight Elimination Program.

“An important part of our mission is to partner with local jurisdictions to not only clean up blighted property but to have the property returned to productive use,” said Cass County Treasurer Hope Anderson, who also serves as chair of the CCLBA.

In July 2022, House Bill 5783 appropriated $75 million to a statewide Blight Elimination Program, $21.5 million of which was designated to the state land bank authority for a competitive grant program to address blighted structures.

In March 2023, the state land bank authority awarded the County land bank authority $159,226.40 for the purpose of restoring blighted properties.

For full report, please click the source link above.

FHA Seeks Feedback on Proposed Changes to Increase Access to Affordable Financing for Properties with Accessory Dwelling Units

Posted on April 13, 2023April 13, 2023 by Safeguard

Industry Update
April 13, 2023

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

The Federal Housing Administration (FHA) published for feedback a draft update to its requirements for insuring mortgages on single family homes with Accessory Dwelling Units (ADUs). The proposal adds additional flexibility in calculating market rent and in using ADU rental income to qualify for FHA-insured mortgage financing. If finalized, these updates would allow more borrowers to qualify for FHA financing for properties with ADUs, including 203(k) renovation loans. FHA’s action today advances the goals of the Biden-Harris Administration’s Housing Supply Action Plan.

“FHA is at the forefront of the Administration’s efforts to increase housing supply and affordability,” said Federal Housing Commissioner Julia Gordon. “At a time when housing supply is constrained and ADUs are gaining popularity nationwide, an updated policy has the potential to expand opportunities for low- and moderate-income homeowners to benefit from the wealth building potential of ADUs while supporting the affordable housing needs of their communities.”

ADUs are small units of housing built inside, attached to, or on the same property as a primary residence. FHA programs currently allow for the purchase, rehabilitation, or refinance of properties that include ADUs. FHA does not, however, currently allow for the inclusion of rental income from the ADU in the borrower’s qualifying income.

For full report, please click the source link above.

HUD Awards $98 Million in Choice Neighborhoods Implementation Grants and Opens New $10 Million Funding Opportunity for Local Planning Efforts

Posted on April 13, 2023 by Safeguard

Industry Update
April 11, 2023

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

U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge has announced “Supplemental Grant” awards for Choice Neighborhoods Implementation Grantees totaling more than $98 million. In addition, HUD is opening a notice of funding opportunity (NOFO) for $10 million to support local planning efforts.

Choice Neighborhoods Implementation Grants assist in the redevelopment of severely distressed HUD-assisted properties into mixed-income communities. The program has a three-pronged “Housing, People, and Neighborhood” approach that includes not only redevelopment of distressed properties, but also provides support to housing residents related to the health, education, and income, while simultaneously investing in neighborhood improvement projects which promote economic development and private investment. Since the program’s inception, the Choice Neighborhoods program has seen 11,000 new mixed-income units built across 44 cities. More than 32,000 units are planned.

“When it comes to Choice Neighborhoods, HUD is an invested partner at the table,” said Secretary Fudge. “Cities and public housing authorities are working tirelessly to address affordable housing shortages despite pandemic era construction cost increases. The additional Choice Neighborhoods funding represents HUD’s commitment to creating new housing for the communities that need it most. The Choice Neighborhoods approach is a comprehensive model that can be transformative for communities and we invite more communities to consider tapping into it.”

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