Safeguard Properties

U.S. Foreclosure Activity Declines Monthly in February 2023 but Continues to Increase Annually

Posted on by Safeguard

Industry Update
March 8, 2023

Source:  www.prnewswire.com

ATTOM, a leading curator of land, property, and real estate data, today released its February 2023 U.S. Foreclosure Market Report, which shows there were a total of 30,528 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 3 percent from a month ago and up 18 percent from a year ago.

“Foreclosure activity finally started to stabilize in February after 21 straight months of increases,” said Rob Barber, chief executive officer at ATTOM. “The numbers don’t yet show a clear trend toward fewer foreclosures, partly because February is a short month. But with historically high levels of home equity flowing from a decade of rising values, we may be seeing a growing number of delinquent mortgage payers with at least the option to sell before facing foreclosure.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Oklahoma Severe Winter Storm

Posted on by Safeguard

FEMA Alert
March 3, 2023

FEMA has issued a Major Disaster Declaration for the Muscogee (Creek) Nation in Oklahoma to supplement tribal recovery efforts in areas affected by the severe winter storm from December 21-25, 2022.  The following areas have been approved for assistance:

Public Assistance:

  • Creek (OTSA)

 

Oklahoma Severe Winter Storm (DR-4690-OK)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for the Muscogee (Creek) Nation

Map of Affected Areas

List of Affected Zip Codes

Please note:  Only properties located in the Muscogee (Creek) Nation are approved for assistance under declaration DR-4690-OK.

 

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 – South Dakota Severe Winter Storms and Snowstorm

Posted on by Safeguard

FEMA Alert
February 27, 2023

FEMA has issued a Major Disaster Declaration for the state of South Dakota to supplement state, tribal and local recovery efforts in areas affected by severe winter storms and snowstorm from December 12-25, 2022.  The following areas have been approved for assistance:

Public Assistance:

  • Bennett
  • Brookings
  • Clark
  • Day
  • Deuel
  • Hamlin
  • Jackson
  • Jones
  • Kingsbury
  • Mellette
  • Oglala Lakota
  • Potter
  • Roberts
  • Stanley
  • Todd
  • Tripp
  • Ziebach

 

South Dakota Severe Winter Storms and Snowstorm (DR-4689-SD)

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

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

FHA Announces Lower Mortgage Insurance Premiums

Posted on by Safeguard

Industry Update
February 22, 2023

Source:  Mortgage News Daily

HUD released details of a long-anticipated plan to reduce the annual MIP (mortgage insurance premiums) that are currently charged to FHA borrowers by 30 Basis Points (0.3% of the loan balance). HUD Secretary Marcia Fudge made the announcement at Bowie State University.

The premium will be reduced from 0.85 percent to 0.55 percent for most FHA borrowers, which could benefit up to 850,000 borrowers over the coming year, saving these families an average of $800 annually. “…today, we are building on the steps we’ve taken to make homeownership more affordable, and HUD is acting to ensure people feel comfortable purchasing a home as they build toward their future. As we reduce housing costs for people with FHA mortgages, we continue our work to address longstanding disparities in homeownership,” says Secretary Fudge.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Zombie Foreclosures Inch Up Again Across the Nation

Posted on by Safeguard

Industry Update
February 23, 2023

Source:  attomdata.com

ATTOM, a leading curator of land, property, and real estate data, released its first-quarter 2023 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,284,048) residential properties in the United States sit vacant. That figure represents 1.3 percent, or one in 79 homes, across the nation.

The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below). Vacancy data is available for U.S. residential properties at https://www.attomdata.com/solutions/marketing-lists/.

The report also reveals that 298,533 residential properties in the U.S. are in the process of foreclosure in the first quarter of this year, up 5 percent from the fourth quarter of 2022 and up 29.9 percent from the first quarter of 2022. A growing number of homeowners have faced possible foreclosure since a nationwide moratorium on lenders pursuing delinquent homeowners, imposed after the Coronavirus pandemic hit in early 2020, was lifted in the middle of 2021.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Black Knight: Mortgage Delinquencies Decrease in January

Posted on by Safeguard

Industry Update
February 24, 2023

Source:  Calculated Risk

According to Black Knight’s First Look report, the percent of loans delinquent decreased 2.3% in January compared to December and decreased 15% year-over-year.

Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 3.38% in January, down from 3.48% in December.

The percent of loans in the foreclosure process increased slightly in December to 0.45%, from 0.44% in December.

The number of delinquent properties, but not in foreclosure, is down 289,000 properties year-over-year, and the number of properties in the foreclosure process is up 48,000 properties year-over-year.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Share of Mortgage Loans in Forbearance Decreases to 0.64% in January

Posted on by Safeguard

Industry Update
February 21, 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 6 basis points from 0.70% of servicers’ portfolio volume in the prior month to 0.64% as of January 31, 2023. According to MBA’s estimate, 320,000 homeowners are in forbearance plans.

The share of Fannie Mae and Freddie Mac loans in forbearance decreased 1 basis point to 0.30%. Ginnie Mae loans in forbearance decreased 8 basis points to 1.37%, and the forbearance share for portfolio loans and private-label securities (PLS) decreased 17 basis points to 0.83%.

“The forbearance rate decreased across all investor types in January, as borrowers continued to recover from pandemic-related hardships,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “With the national emergency set to end on May 11 of this year, many borrowers will no longer have the option to initiate COVID-19-related forbearance. Mortgage forbearance in other forms – whether due to natural disasters or life events – will continue, albeit with different requirements and parameters.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Fannie REO Inventory Increased in Q4; Expected to Increase Further in 2023

Posted on by Safeguard

Industry Update
February 20, 2023

Source:  Calculated Risk

Fannie reported results for Q4 2022. Here is some information on single-family Real Estate Owned (REOs).

One of those actions was a foreclosure moratorium that ended in mid-2021. Since then, foreclosures have increased slightly.
Fannie Mae reported the number of REOs increased to 8,779 at the end of Q4 2022, up 23% from 7,166 at the end of Q4 2021.  For Fannie, this is down 95% from the 166,787 peak number of REOs in Q3 2010.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Oglala Sioux Tribe Severe Winter Storms and Snowstorm

Posted on by Safeguard

FEMA Alert
February 20, 2023

***Please note, FEMA declaration DR-4688 only applies to properties within the Oglala Indian Reservation.***

FEMA has issued a Major Disaster Declaration for the Oglala Sioux Tribe to supplement tribal recovery efforts in the areas affected by severe winter storms and snowstorms from December 12-25, 2022.  The following areas has been approved for assistance:

Public Assistance:

  • Oglala Sioux Tribe of the Pine Ridge Reservation

 

Oglala Sioux Tribe Severe Winter Storms and Snowstorm (DR-4688)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Oglala Sioux Tribe

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

FEMA Major Disaster Declaration – Rosebud Sioux Tribe Severe Winter Storms and Snowstorm

Posted on by Safeguard

FEMA Alert
February 20, 2023

***Please note, FEMA declaration DR-4687-SD only applies to properties within the Rosebud Indian Reservation.***

FEMA has issued a Major Disaster Declaration for the Rosebud Sioux Tribe to supplement tribal recovery efforts in the areas affected by severe winter storms and snowstorms from December 12-25, 2022.  The following areas has been approved for assistance:

Public Assistance:

  • Rosebud Indian Reservation

 

Rosebud Sioux Tribe Severe Winter Storms and Snowstorm (DR-4687-SD)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Rosebud Sioux Tribe

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

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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