Safeguard Properties

FEMA Emergency Declaration – Commonwealth of the Northern Mariana Islands Typhoon Mawar

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FEMA Alert
May 22, 2023

FEMA has issued an Emergency Declaration for the Commonwealth of the Northern Mariana Islands to supplement commonwealth and local response efforts due to emergency conditions resulting from Typhoon Mawar beginning May 22, 2023 and continuing.  The following areas has been approved for assistance:

Public Assistance:

  • Northern Islands
  • Rota
  • Saipan
  • Tinian

 

Commonwealth of the Northern Mariana Islands Typhoon Mawar (EM-3593-MP)

President Joseph R. Biden, Jr. Approves Emergency Declaration for the Northern Mariana Islands

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

Freddie Mac Expands Digital Capabilities to Help Lenders Reach More Qualified Borrowers

Posted on by Safeguard

Industry Update
May 22, 2023

Source: Freddie Mac

Freddie Mac announced enhancements to its ground-breaking automated income assessment tool that allows lenders to assess a homebuyer’s income paid through direct deposit to also include the borrower’s digital paystub data. This detailed information can help lenders calculate income faster and more precisely to improve loan quality, simplify the mortgage process and, most importantly, expand access to credit.

The new ability to include paystub data in addition to direct deposit data in the income assessment is available to mortgage lenders nationwide through Freddie Mac’s Loan Product Advisor® (LPASM) asset and income modeler (AIM). AIM for income using direct deposit provides these cost-saving efficiencies while continuing to meet Freddie Mac’s strong credit underwriting standards.

“Over the last year, we’ve consistently rolled out innovations to ensure our digital tools are improving speed and efficiency, reducing risk and, ultimately, helping us serve our mission by reaching more qualified borrowers,” said Kevin Kauffman, Single-Family Vice President of Seller Engagement at Freddie Mac. “Today’s innovation further automates income assessment by using historical direct deposit pay patterns and current gross income from recent paystubs, which can help more families achieve homeownership.”

Freddie Mac digital tools and solutions offer lenders cost-effective ways to achieve effective quality control operations. Recent analysis shows that loans originated by lenders leveraging Freddie Mac’s automated offerings are four times less likely to produce defects than loans without these technology offerings. Process automation is especially beneficial for documenting income, both in the collection and assessment process. That’s vitally important because income verification issues account for nearly one-third of all purchase transaction defects.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FHFA Looks to Update Fannie Mae and Freddie Mac’s Single-Family Pricing

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Industry Update
May 17, 2023

Source: mpamag.com

The Federal Housing Finance Agency (FHFA) is requesting public feedback regarding Fannie Mae and Freddie Mac’s single-family pricing framework.

FHFA has issued a request for input (RFI) on the pricing framework as it works to increase the capital requirements for the government-sponsored enterprises (GSEs).

The agency also solicited comments on the process for setting the GSEs’ single-family upfront guarantee fees, including whether it is appropriate to continue to link upfront guarantee fees to the Enterprise Regulatory Capital Framework (ERCF), which is used for measuring the profitability of new mortgage acquisitions, among other purposes.

Guarantee fees are intended to cover Fannie and Freddie’s administrative costs, expected credit losses, and cost of capital associated with guaranteeing securities backed by single-family mortgage loans.

“Through this RFI, FHFA seeks input on how to ensure the pricing framework adequately protects the enterprises and taxpayers against potential future losses, supports affordable, sustainable housing and first-time homebuyers, and fosters liquidity in the secondary mortgage market,” FHFA director Sandra Thompson said. “We are committed to being transparent and to considering views from a diverse set of stakeholders and market participants.”

FHFA accepts responses to the RFI until August 14.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

City Council Moves Forward with Land Bank Plans

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Industry Update
May 16, 2023

Source: ksnt.com

Topeka City Council is moving forward with the Land Bank Pilot Program. Council approved the ordinance at Tuesday’s meeting. Most council members were in support of the program, while others were a little hesitant.

The City’s 2020 Topeka Citywide Housing Market Study and Strategy found there are hundreds of Topeka homes in need of reparations. The $500,000 Land Bank is intended to help the City address those abandoned, tax-foreclosed or other unused properties. Through the program, the city plans to flips several properties and make them livable for low-income families.

“There’s properties that have been burned down that need to be destroyed,” Councilman Brett Kell said. “There’s properties that have burned down, and it’s just the foundation sitting there and they’re safety risks. So, this is a way to beautify Topeka and get people into these homes for a low cost so they can eventually be able to move up the economic ladder.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

City of Marietta Begins Demolition on Blighted and Burned Out Houses

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Industry Update
May 16, 2023

Source: The Marietta Times

Blighted and burned out houses on the City of Marietta’s list are starting to come down, with five on the original list already gone or in the process of disappearing this week.

Local contractor Ken Strahler of Ken Strahler Masonry Inc. won the contract for the “Hot Six,” as they were originally called to indicate they were top-priority demolitions.

There’s a burned house on Elm Street, which is under a separate contract, that probably will be taken care of at the end of this week, he said. Then the 131 Wood St. site on the original list will be tackled, possibly the first of next week.

“The one that seems the most talked about is 115 Muskingum Drive,” Strahler said.

The funding for the work so far comes from two sources, according to Public Safety and Service Director Steve Wetz. There was $75,000 in the budget initially budgeted for demolition. It has been used for everything but 802 Second St. and 115 Muskingum Drive. That money is coming from newly allocated American Rescue Plan Act funds, $125,000 approved by Marietta City Council in Ordinance 264, passed at its regularly scheduled May 4 meeting.

Wetz also said there were 13 properties receiving attention because of needed trash clean up, weeds and grass issues and broken windows. The city is paying a contractor a total of $8,100 to handle those issues and property owners will be billed. If payment is not satisfactorily settled, property taxes will be assessed.

The ordinance appropriating the $125,000 in ARPA funds says it is to be used for slum, blight and nuisance remediation (code enforcement) by the Department of Property Maintenance. Many of the properties have been condemned by the city and present a danger to the public, the ordinance says. But there are properties where various owners have died and others are not physically or financially able to demolish structures on their properties or clear the properties of debris. Some of the sites are in foreclosure proceedings in the Court of Common Pleas for Washington County, the ordinance says.

Council also is continuing to work on issues previously brought before council regarding 605 Pearl Street. Those plans are not yet finalized.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Tennessee Severe Thunderstorms and Possible Strong Tornadoes

Posted on by Safeguard

FEMA Alert
May 17, 2023

FEMA has issued a Major Disaster Declaration for the state of Tennessee to supplement state, tribal and local recovery efforts in areas affected by severe thunderstorms and possible strong tornadoes from March 1-3, 2023.  The following areas have been approved for assistance:

Public Assistance: 

  • Benton
  • Bledsoe
  • Campbell
  • Carroll
  • Cheatham
  • Clay
  • Crockett
  • Davidson
  • Decatur
  • Dickson
  • Fentress
  • Gibson
  • Giles
  • Grundy
  • Hamilton
  • Hardin
  • Haywood
  • Henderson
  • Henry
  • Hickman
  • Houston
  • Humphreys
  • Jackson
  • Lake
  • Lauderdale
  • Lawrence
  • Lewis
  • Macon
  • Madison
  • Marion
  • Meigs
  • Monroe
  • Montgomery
  • Moore
  • Obion
  • Perry
  • Pickett
  • Polk
  • Rhea
  • Robertson
  • Stewart
  • Sumner
  • Tipton
  • Wayne
  • White

 

Tennessee Severe Thunderstorms and Possible Strong Tornadoes (DR-4712-TN)

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

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 – Soboba Band of Luiseno Indians Severe Winter Storm and Flooding

Posted on by Safeguard

FEMA Alert
May 18, 2023

FEMA has issued a Major Disaster Declaration for the Soboba Indian Reservation in California to supplement tribal recovery efforts in areas affected by a severe winter storm and flooding from February 23-26, 2023.  The following areas have been approved for assistance:

Public Assistance: 

  • Soboba Indian Reservation

 

Soboba Band of Luiseno Indians Severe Winter Storm and Flooding (DR-4713)

List of Affected Zip Codes

Please note: Only properties located in the Soboba Indian Reservation are approved for assistance under declaration DR-4713-CA.

 

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

HUD Announces more than $837 Million to Improve Housing Quality and Reduce Energy Costs for Underserved Communities

Posted on by Safeguard

Industry Update
May 11, 2023

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

The U.S. Department of Housing and Urban Development (HUD) has announced the availability of new funding through the Green and Resilient Retrofit Program (GRRP) to reduce greenhouse gas emissions and improve the energy and water efficiency and climate resilience of HUD-assisted multifamily properties serving low-income residents. HUD Secretary Marcia L. Fudge will made this announcement in Center Line, Michigan alongside Senior Advisor to the President for Clean Energy Innovation and Implementation John Podesta.

The Inflation Reduction Act provided HUD with $837.5 million in grant and loan subsidy funding and $4 billion in loan commitment authority for this new program. The law also includes $42.5 million for a new HUD initiative launching later this summer to collect and assess energy and water usage data from HUD-assisted multifamily housing properties to better target opportunities to save energy and water, cut costs, and reduce emissions. This announcement is part of President Biden’s Investing in America agenda to rebuild the economy from the bottom up and the middle out.

“Under the leadership of President Biden, HUD is committed to building a more equitable and sustainable housing system and making necessary investments to reduce the impacts of climate change and improve the lives of people across America,” said HUD Secretary Marcia L. Fudge. “The launch of the Green and Resilient Retrofit Program today will ensure low-income individuals and families have better access to healthy, energy efficient, and resilient homes.”

“Lower-income communities are often the last to obtain access to state-of-the-art efficiency, resilience, and clean energy technologies. The Green and Resilient Retrofit Program will change this by providing communities with an opportunity to lead the multifamily sector in retrofitting homes to make them safer and more sustainable for the future,” said HUD Assistant Secretary for Housing Julia Gordon.

“HUD’s new investment from the Inflation Reduction Act shows that clean energy is for everyone. This funding will bring the cost savings and health benefits of clean energy to families in HUD-assisted multifamily housing,” said John Podesta, Senior Advisor to the President for Clean Energy Innovation and Implementation. “Today’s announcement is part of a larger set of actions that the White House is announcing today on housing and climate because we know that building our clean energy economy and providing quality, affordable housing for American families go hand-in-hand.”

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Foreclosure Activity Nationwide Shows Slight Decline in April 2023

Posted on by Safeguard

Industry Update
May 11, 2023

Source: ATTOM

ATTOM, a leading curator of land, property, and real estate data, today released its April 2023 U.S. Foreclosure Market Report, which shows there were a total of 32,977 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 10 percent from a month ago but up 8 percent from a year ago.

Illinois, Maryland, and New Jersey post highest foreclosure rates

Nationwide one in every 4,234 housing units had a foreclosure filing in April 2023. States with the highest foreclosure rates were Illinois (one in every 2,221 housing units with a foreclosure filing); Maryland (one in every 2,283 housing units); New Jersey (one in every 2,334 housing units); South Carolina (one in every 2,495 housing units); and Delaware (one in every 2,603 housing units).

Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April 2023 were Atlantic City, NJ (one in every 1,356 housing units with a foreclosure filing); Cleveland, OH (one in every 1,580 housing units); Lakeland, FL (one in every 1,649 housing units); Columbia, SC (one in every 1,651 housing units); and Chicago, IL (one in every 1,950 housing units).

“Foreclosure activity continues to stabilize and even correct itself in 2023, with April showing a 10 percent decrease in overall activity after a 20 percent increase last month,” said Rob Barber, chief executive officer at ATTOM. “While there is no apparent indication of a continued decline in the number of foreclosures, it’s important to note that the month of April typically exhibits a recurring trend of decreased activity. However, this trend underscores the significance of monitoring foreclosure rates and identifying any potential market shifts or trends.”

Among those metropolitan areas with a population greater than 1 million, those with the worst foreclosure rates in April 2023, aside from Cleveland, OH and Chicago, IL, included: Riverside, CA (one in every 2,046 housing units); Philadelphia, PA (one in every 2,079 housing units); and Jacksonville, FL (one in every 2,091 housing units).

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Share of Mortgage Loans in Forbearance Decreases to .51% in April

Posted on by Safeguard

Industry Update
May 15, 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 4 basis points from 0.55% of servicers’ portfolio volume in the prior month to 0.51% as of April 30, 2023. According to MBA’s estimate, 255,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 7.8 million borrowers since April 2020.

In April 2023, the share of Fannie Mae and Freddie Mac loans in forbearance decreased 2 basis points to 0.24%. Ginnie Mae loans in forbearance decreased 7 basis points to 1.11%, and the forbearance share for portfolio loans and private-label securities (PLS) decreased 7 basis points to 0.61%.

“While the number of loans in forbearance continues to dwindle, there was some deterioration in the performance of post-forbearance workouts,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “About three out of four borrowers are remaining current on their post-forbearance workouts, but this is down from the average of four out of five borrowers that was relatively consistent in 2022 and into 2023.”

Added Walsh, “Overall servicing portfolios remain healthy, and some of the worsening monthly performance can be attributed to seasonal factors such as tax refunds that pushed up the March results and then normalized in April. MBA’s forecast calls for an economic slowdown and an increase in unemployment later this year and into 2024, which will impact loan performance.”

For full report, please click the source link above.