Industry Update
November 29, 2022
Source: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) announced the conforming loan limit values (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2023. In most of the United States, the 2023 CLL value for one-unit properties will be $726,200, an increase of $79,000 from $647,200 in 2022.
For full report, please click the source link above.
FEMA Alert
November 20, 2022
FEMA has issued an Emergency Declaration for the state of New York to supplement state, tribal, and local recovery efforts in areas affected by a severe winter storm and snowstorm beginning November 18, 2022 and continuing. The following areas has been approved for assistance:
Public Assistance:
New York Severe Winter Storm and Snowstorm (EM-3589-NY)
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
Industry Update
November 22, 2022
Source: pewtrusts.org
With construction costs for new homes and interest rates soaring, vacant housing is drawing more attention as a shortcut to quickly getting more units on the market.
But whether vacant homes are a curse or an opportunity depends on where you live.
As housing affordability plummets and rents rise, putting more families with low incomes at risk of losing their homes, some cities are working to take advantage of unused properties. But there often is a mismatch between the location and condition of vacant homes and where they are most needed: Those in Appalachia might be run-down and in no shape for rehabilitation. Vacant homes in luxurious locales from New Orleans to New England are the second homes of the nation’s elite.
And Americans living in motels, in their cars or on the streets often aren’t in the same states — or even the same time zones — as the vacant houses that could be repaired and offered as shelter.
For full report, please click the source link above.
Industry Update
November 28, 2022
Source: spectrumnews1.com
On St. Michael St., in Lower Price Hill, a transformation is underway. After two years of construction, crumbling facades, vacant buildings, and boarded windows have been replaced with vibrant colors, renovated interiors, and soon, new occupants.
It’s part of the Lower Price Hill Thrives project, a promise to convert 10 vacant properties and build one new structure to create 47 new affordable units and three retail spaces. Community Matters, a neighborhood-based nonprofit, spent the past seven years working to get the $15.4 million project off the ground.
Mary Delaney, the executive director said the group works to improve the area’s quality of life without pushing its members out.
“We build around people,” she said. “We build around the ideas and assets and the needs that people have and you can build a community from within.”
Delaney said the LPH Thrives affordable housing initiative started back in 2015. The Community Matters campus renovation was wrapping up, and she said the nonprofit reached out to neighbors to see what they’d like to see next in their community.
At the time, the neighborhood’s aging housing stock was nearly 50% vacant and uninhabitable.
For full report, please click the source link above.
Industry Update
November 25, 2022
Source: dailygazette.com
Niskayuna is partnering with the Capital Region Land Bank and Schenectady County on a pilot program designed to swiftly address zombie properties in the town.
During the Niskayuna Town Board meeting on Nov. 17, the board unanimously approved a memorandum of understanding with the county and land bank that will see the parties collaborate to rectify vacant and abandoned properties in the town.
The state amended the Real Property Tax Law in 2020 to allow zombie properties to be foreclosed on after one year of tax delinquency instead of four years. The change was implemented this year.
For full report, please click the source link above.
FEMA Alert
November 28, 2022
FEMA has issued a Major Disaster Declaration for the state of West Virginia to supplement state, tribal and local response efforts in areas affected by severe storms, flooding, landslides, and mudslides from August 14-15, 2022. The following areas have been approved for assistance:
Public Assistance:
West Virginia Severe Storms, Flooding, Landslides, and Mudslides (DR-4679-WV)
President Joseph R. Biden, Jr. Approves West Virginia Disaster Declaration
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
FEMA Alert
November 28, 2022
FEMA has issued a Major Disaster Declaration for the state of West Virginia to supplement state, tribal and local response efforts in areas affected by severe storms, flooding, landslides, and mudslides from July 12 -13, 2022. The following areas have been approved for assistance:
Public Assistance:
West Virginia Severe Storms, Flooding, Landslides, and Mudslides (DR-4678-WV)
President Joseph R. Biden, Jr. Approves West Virginia Disaster Declaration
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
Industry Update
November 22, 2022
Source: calculatedriskblog.com
According to Black Knight’s First Look report, the percent of loans delinquent increased 4.5% in October compared to September and decreased 22% year-over-year.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 2.91% in October, up from 2.78% in September.
For full report, please click the source link above.
Safeguard in the News
November 23, 2022
Source: DS News
The property preservation sector has always served as a critical arm of the housing and mortgage lifecycle, ensuring that vacant properties are maintained on their way back into the market, as well as helping combat urban blight during the period when they sit empty.
However, this sector has seen significant pain points in recent years, as the economic impacts of COVID-19, inflation, supply-chain issues, and other headwinds have presented challenges for those companies that continue to serve in this arena, even as those same factors have driven other companies under or forced veteran prop pres workers to seek out other industries entirely.
Continuing a long-standing fall tradition, DS News, this month, speaks with a roundtable of property preservation executives to learn about how they are tackling these issues and working to ensure that our nation’s stock of REO and vacant properties are attended to, as well as ensuring that the property preservation sector has the manpower and an economic model that will permit it to thrive going forward.
Michael Greenbaum
COO, Safeguard Properties
What regulatory issues or impacts are most challenging for the property preservation sector? How are you navigating them?
State licensing requirements are one of the most challenging issues that impact the property preservation space. They create barriers to hiring new personnel from outside of the industry and reduce our ability to drive competition within an existing vendor network. We navigate by spending significant marketing dollars in these areas to attract and retain talent.
A recent National Organization of Mortgage Field Services survey identified a significant exodus of vendor partners that provide direct boot-on-the-ground services. Are you experiencing challenges maintaining necessary labor or vendor partnerships, and if so, how are you combating this?
Yes, we are experiencing this to an extent. To combat this, we have placed a focus on recruiting new talent, as well as developing retention programs for both the current network and new hires just starting with Safeguard.
How are you and your team working to improve efficiencies within the industry to attract and retain new talent and improve the economic model for those that have remained in this sector?
We have focused on clear, honest marketing in our recruiting efforts, including true testimonials from our long-term, loyal vendor partners. We have adjusted payment for services in response to inflation to help reflect the current economic environment.
One thing we’ve heard about is an ongoing demographic shift to a higher concentration of rural versus urban properties that go through the foreclosure sale process and are taken by the investors/insurers back into inventory. Have you seen this, and if so, what challenges are presented by this higher concentration of properties in “hard to serve” areas?
It is true that the distance between properties has increased significantly over the past few years. The additional mileage increases windshield time, and thus, reduces the percentage of time spent completing tasks that directly generate income. When you take into account the surge in gas prices, that inactive time becomes even more expensive to the network; it costs more to get to fewer properties in a day. This has a huge impact on daily revenue and daily costs.
To access the full story, please click the source link above.
FEMA Alert
November 21, 2022
***UPDATED ON 1/24/23***
FEMA has issued a Major Disaster Declaration for the state of South Carolina to supplement state, tribal and local response efforts in the areas affected by Hurricane Ian from September 25 – October 4, 2022. The following areas has been approved for assistance:
Individual Assistance:
Public Assistance:
South Carolina Hurricane Ian (DR-4677-SC)
How to Apply for FEMA Assistance After Hurricane Ian
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
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
