Safeguard Properties

Fannie and Freddie: Single Family Serious Delinquency Rate Decreases Slightly in January

Posted on by Safeguard

Industry Update
March 1, 2024

Source: Calculated Risk

Freddie Mac reported that the Single-Family serious delinquency rate in January was 0.55%, unchanged from 0.55% December. Freddie’s rate is down year-over-year from 0.66% in January 2023. This is below the pre-pandemic lows. Freddie’s serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic.

Fannie Mae reported that the Single-Family Serious Delinquency decreased to 0.54% in January from 0.55% in December. The serious delinquency rate is down from 0.64% in January 2023. This is below the pre-pandemic lows. The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59% following the housing bubble and peaked at 3.32% in August 2020 during the pandemic.

These are mortgage loans that are “three monthly payments or more past due or in foreclosure”. Mortgages in forbearance are being counted as delinquent in this monthly report but are not reported to the credit bureaus.

For Fannie, by vintage, for loans made in 2004 or earlier (1% of portfolio), 1.62% are seriously delinquent (down from 1.67% the previous month).

For loans made in 2005 through 2008 (1% of portfolio), 2.44% are seriously delinquent (down from 2.53%).

For recent loans, originated in 2009 through 2023 (98% of portfolio), 0.47% are seriously delinquent (unchanged from 0.47%).

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Fire Management Assistance Declaration – Wyoming Happy Jack Fire

Posted on by Safeguard

FEMA Alert
March 1, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of Wyoming to supplement state, tribal and local recovery efforts in areas affected by the Happy Jack Fire beginning March 1, 2024 and continuing.  The following counties have been approved for assistance:

Public Assistance:

  • Laramie

 

Wyoming Happy Jack Fire (FM-5490-WY)

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 – Vermont Severe Storms and Flooding

Posted on by Safeguard

FEMA Alert
March 2, 2024  

FEMA has issued a Major Disaster Declaration for the state of Vermont to supplement state, tribal and local recovery efforts in areas affected by severe storms and flooding from December 18-19, 2023.  The following counties have been approved for assistance:

Public Assistance:

  • Essex
  • Lamoille
  • Orange
  • Orleans
  • Rutland
  • Windham
  • Windsor

 

Vermont Severe Storms and Flooding (DR-4762-VT)

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

FEMA Fire Management Assistance Declaration – Oklahoma Catesby Fire

Posted on by Safeguard

FEMA Alert
February 27, 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 Catesby Fire beginning February 27, 2024 and continuing.  The following counties have been approved for assistance:

Public Assistance:

  • Ellis

 

Oklahoma Catesby Fire (FM-5489-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 Fire Management Assistance Declaration – Texas Windy Deuce Fire

Posted on by Safeguard

FEMA Alert
February 27, 2024  

FEMA has issued a Fire Management Assistance Declaration for the state of Texas to supplement state, tribal and local recovery efforts in areas affected by the Windy Deuce Fire beginning February 27, 2024 and continuing.  The following counties have been approved for assistance:

Public Assistance:

  • Moore

 

Texas Windy Deuce Fire (FM-5487-TX)

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 – Texas Smokehouse Creek Fire

Posted on by Safeguard

FEMA Alert
February 27, 2024  

***LAST UPDATED 3/13/24***

FEMA has issued a Fire Management Assistance Declaration for the state of Texas to supplement state, tribal and local recovery efforts in areas affected by the Smokehouse Creek Fire beginning February 27, 2024 and continuing.  The following counties have been approved for assistance:

Public Assistance:

  • Hemphill
  • Hutchinson
  • Roberts

 

Texas Smokehouse Creek Fire (FM-5488-TX)

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 – New Hampshire Severe Storm and Flooding

Posted on by Safeguard

FEMA Alert
February 27, 2024  

FEMA has issued a Major Disaster Declaration for the state of New Hampshire to supplement state, tribal and local recovery efforts in areas affected by a severe storm and flooding from December 17-21, 2023.  The following counties have been approved for assistance:

Public Assistance:

  • Carroll
  • Coos
  • Grafton

 

New Hampshire Severe Storm and Flooding (DR-4761-NH)

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

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

Wheeling Council: Vacant Building Code Can Be Reviewed, but it is Working

Posted on by Safeguard

One Community Update
February 21, 2024

Source: The Intelligencer

City officials on Tuesday night agreed that Wheeling’s Vacant Building Code does a good job in keeping property owners from letting structures fall into disrepair, but council members noted that the code could be tweaked to be more flexible for those working to get their buildings occupied.

During Tuesday night’s meeting of Wheeling City Council, several members commented on a recent case in Center Wheeling in which a building owner had been fined $7,000 after hitting snags with a significant redevelopment of adjacent buildings on Chapline Street. That investor, Lambros Tsuhlares, ended up selling the buildings and giving up on his plan to open an art studio in Center Wheeling.

“It may be worth looking at our Vacant Building Program to look at any tweaks that may need to be made, but this program is incredibly valuable,” Councilman Ben Seidler said.

Seidler noted that in the past year or so, Wheeling City Council allocated $1 million to its demolition budget, resulting in the demolition of 75 dilapidated structures in the city.

“Losing 75 structures due to blight and dilapidation is horrible,” Seidler said. “That’s one of the reasons why our Vacant Building Program is so important. It’s not really that overarching.”

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

ICE: Mortgage Delinquency Rates Decreased in January

Posted on by Safeguard

Industry Update
February 23, 2024

Source: Calculated Risk

In an expected rebound from December’s calendar-driven rise, the national delinquency rate dropped to 3.38% in January, the lowest since October, and flat from the same time last year.

Past-due mortgages were down across the board, as inflows and rolls to later stages of delinquency fell, while early- and late-stage delinquency cures improved.

Serious delinquencies (loans 90+ days past due but not in active foreclosure) were down 109K (-19%) year over year, with the population now at 470K.

Representing 7.2% of serious delinquencies, January’s 34K foreclosure starts – the most since April 2022 – marked a +43.3% month over month jump, driven in part by seasonal pressures.

The number of loans in active foreclosure rose 7K to 219K, but remained 23% below (-64K) pre-pandemic levels.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Share of Mortgage Loans in Forbearance Decreases Slightly in January

Posted on by Safeguard

Industry Update
February 20, 2024

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 1 basis point from 0.23% of servicers’ portfolio volume in the prior month to 0.22% as of January 31, 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 January 2024, the share of Fannie Mae and Freddie Mac loans in forbearance declined 2 basis points to 0.13%. Ginnie Mae loans in forbearance remained the same at 0.39%, and the forbearance share for portfolio loans and private-label securities (PLS) increased 1 basis point to 0.28%.

“The combination of a potential economic slowdown in 2024, and indications that consumer debt balances and delinquencies are on the rise[1], could lead to more homeowners struggling to make their mortgage payments and inquire about forbearance and available loan workout options,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “Most pandemic-related protocols have sunset, which gives mortgage servicers different rules of engagement when it comes to assisting borrowers through loan forbearance or a loan workout.”

 

For full report, please click the source link above.