Homes MKE: Milwaukee Initiative to Renovate City-owned Properties

Industry Update
April 19, 2023

Source: fox6now.com

Milwaukee elected officials and leaders on Wednesday, April 19 formally kicked off the Homes MKE initiative.

“This program aims to renovate up to 150 vacant, distressed houses in the city’s inventory of tax-foreclosed residential properties and add them back to the tax role and return them to productive use,” said Lafayette Crump, Milwaukee’s commissioner of city development.

Mary Jackson lives in the Milwaukee’s Lindsay Heights neighborhood. She said, when she walks outside, she sees a lot of boarded-up houses.

“I’m tired of looking at the houses that have been burnt down or nobody living in there,” said Jackson.

While taking on a fixer-upper is no small task, city leaders are stepping up to help and try to transform some of Milwaukee’s poorest neighborhoods.

“I knew many of these properties were quality properties, they had great bones,” said Ald. Bob Bauman.

Homes MKE initiative is underway with the help of funds from the American Rescue Plan. Fifty of the 150 homes set to be renovated are either in or near Lindsay Heights.

“Too many people have not had the opportunity to own a home,” said Ald. Michael Murphy.

The city wants to change that.

“This is all about partnerships,” Murphy said. “These homes are now going to serve as places for people to generate real wealth. As we all know, the reality is for most Americans, their largest asset is a home. And for all too long in our city, too many people have been left out of that equation.”

“They might find out that their housing cost is lower than what they are paying in rent, and we now have first time homebuyers rather than a renter in the same neighborhood,” Bauman said.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

City of Houston Announces Demolition Initiative

Industry Update
April 19, 2023

Source: theleadernews.com

A city of Houston initiative that aims to take down buildings deemed as presenting a danger to public safety kicked off last week.

On April 15, Mayor Sylvester Turner and other city officials kicked off the city’s 2023 demolition initiative, which the city said is aimed at removing 300 buildings citywide that the city’s department of inspections have deemed as dangerous by the end of the year.

“My top priority is to ensure that our neighborhoods are safe and livable,” Turner said in a news release.  “This means tackling the problem of abandoned buildings that degrade our neighborhoods, harbor vagrancy and crime, and pose real safety concerns for residents.”

According to the city, nearly 130 “residential dangerous” structures have been demolished so far this year, with plans for more than 100 more by the end of the year. A number of such buildings reside in underserved neighborhoods including the city’s 10 Complete Communities, according to the city, among them Acres Homes and Near Northside.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Topeka Introduces Land Bank Program to Repurpose Properties for Affordable Housing

Industry Update
April 5, 2023

Source: KSNT.com

Topeka City leaders are weighing a new proposal to transform many of the city’s vacant and blighted properties into livable housing.

District 8 Councilman Spencer Duncan introduced a plan to implement a land bank program to rehabilitate residential properties.

A land bank’s sole purpose would be to acquire and repurpose foreclosed, vacant and abandoned properties – and turn them into affordable housing.

A recent city housing study found Topeka needs to add more than 400 units in the next five years to meet the current housing demand. In collaboration with the City Manager, the three-year pilot program would be funded by a one-time cost of $500,000.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FHFA Issues Notice of Proposed Rulemaking on Fair Lending Oversight

Industry Update
April 19, 2023

Source: Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) announced that it is seeking comment on a proposed rule that would formalize many of the Agency’s existing practices and programs regarding fair housing and fair lending oversight of its regulated entities.

Specifically, the proposed rule would codify in regulation:

  • FHFA’s fair lending oversight requirements for Fannie Mae and Freddie Mac (the Enterprises) and the Federal Home Loan Banks (Banks);
  • the requirements for the Enterprises to maintain Equitable Housing Finance Plans; and
  • ​​the requirements for the Enterprises to collect and report homeownership education, housing counseling, and language preference information from the Supplemental Consumer Information Form (SCIF).
  • The rule would also expand requirements for the Enterprises in fair lending compliance and provide greater oversight and transparency regarding the Equitable Housing Finance Plans.

The rule would also expand requirements for the Enterprises in fair lending compliance and provide greater oversight and transparency regarding the Equitable Housing Finance Plans.

“Challenges and barriers continue to limit sustainable housing opportunities for minority, low-income, and senior borrowers, as well as families living in rural areas and on tribal land,” said FHFA Director Sandra L. Thompson. “The proposed rule will help FHFA ensure that our regulated entities operate in a safe and sound manner as they comply with fair housing laws and serve the public interest.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

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

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

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

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

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

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

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

x

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.

x

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.

x

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.

x

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.

x

Business Development

Carrie Tackett

Business Development Safeguard Properties