Safeguard Properties

Law Students Help Fight Against Blight in Memphis Neighborhoods

Posted on by Safeguard

Industry Update
November 9, 2022

Source:  localmemphis.com

The blight neighborhoods face continue to be one of the biggest issues many people face in Memphis.  Since 1996 members of the Klondike-Smokey City Community Development Corporation have been doing their part to help facilitate economic growth in North Memphis communities.

“I’m proud of Klondike, and Smokey City,”  says Klondike-Smokey City CDC member Quincy Morris.

Since she was a kid, Morris says her parents instilled a sense of pride when she was growing up in the Klondike neighborhood.

“ I could walk safely home from what used to be Klondike School,” says Morris.

Over the years however, Klondike began to change, with blight popping up all over the neighborhood.  Blight continues to be an issue impacting a lot of the Memphis community.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Wake County Board Approves $35 Million for Affordable Housing

Posted on by Safeguard

Industry Update
November 21, 2022

Source:  wakegov.com

The mission to create more affordable housing in Wake County received another significant boost today after Wake County Board unanimously voted to appropriate $35 million from the county’s existing American Rescue Plan Act (ARPA) funds to address housing instability.

This appropriation was possible because the U.S. Treasury Department recently adjusted ARPA guidelines in an effort to spur the development of more affordable housing at time of rising rents. The new rules give counties more flexibility in using the rescue funds to address this critical national issue. Now, Wake County can use some of the $216.7 million in ARPA funds received in 2021 to finance additional building, repair or operation of long-term affordable rental housing.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

M&T Bank Commits $1.2 Million to Community Revitalization Programs in Pennsylvania

Posted on by Safeguard

Industry Update
November 22, 2022

Source:  prnewswire.com

M&T Bank will provide more than $1.2 million to 42 initiatives aimed at serving distressed communities or low-income neighborhoods in Pennsylvania through the state’s Neighborhood Assistance Program (NAP).

The bank’s commitment to support the community improvement programs is among the $36 million Pennsylvania Governor Tom Wolf recently approved for NAP, which encourages private-sector investment in initiatives designed to improve underserved communities or address neighborhood problems.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Mortgage Rates Retreat Below 7%

Posted on by Safeguard

Industry Update
November 21, 2022

Source:  U.S. News & World Report

Mortgage rates dipped significantly this week, retreating below 7% for the 30-year fixed term. Interest rates dropped meaningfully across most fixed-rate loan terms, including FHA, VA and jumbo loans.

Here are the current average mortgage rates, without discount points unless otherwise noted, as of Nov. 17:

30-year fixed: 6.94% (down from 7.33% a week ago).

20-year fixed: 6.77% (down from 7.37% a week ago).

15-year fixed: 6.27% (down from 6.49% a week ago).

10-year fixed: 6.37% (down from 6.61% a week ago).

5/1 ARM: 5.56% (down from 5.57% a week ago).

7/1 ARM: 5.69% (equivalent to 5.69% a week ago).

10/1 ARM: 5.86% (up from 5.82% a week ago).

30-year jumbo loans: 6.91% (down from 7.33% a week ago).

30-year FHA loans: 6.1% with 0.06 point (down from 6.63% a week ago).

VA purchase loans: 6.23% with 0.05 point (down from 6.58% a week ago).

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Loans in Forbearance Increase for First Time in 29 Months

Posted on by Safeguard

Industry Update
November 22, 2022

Source: MPAmag.com

Loans in forbearance have increased by one basis point to 0.70% of lenders’ portfolio volume in what is the first monthly increase in 29 months, new numbers reveal. By the Mortgage Bankers Association’s estimate, this means roughly 350,000 homeowners are now in forbearance plans.

The Mortgage Bankers Association (MBA) has released its monthly loan monitoring survey, which surveys servicers on all loans in forbearance regardless of the borrower’s stated reason. The share has increased from 0.69% in September to 0.70% as of October 31.

Fannie Mae and Freddie Mac loans in forbearance also increased by one basis point to 0.31%, while Ginnie Mae loans in forbearance jumped eight basis points to 1.41%.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

$1 Million in Federal Relief to Fund Clark County Affordable Housing

Posted on by Safeguard

Industry Update
November 14, 2022

Source:  Springfield News-Sun

An affordable housing project geared toward first-time homebuyers in Clark County is getting a kickstart from $1 million of American Rescue Plan Act funding.

The Clark County commission on Wednesday approved the allocation of federal relief to the program, which aims to build 12 homes over a period of three years on vacant properties owned by the Clark County Land Reutilization Corporation, also called the Land Bank.

The Land Bank currently has between 50 and 60 vacant lots in its possession that vary in size, and it’s evaluating which properties could be used for the future housing, Land Bank executive director Ethan Harris told commissioners.

The affordable housing project would include properties throughout Clark County.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Intend Indiana Unveil New Homes as Part of HomePower Initiative

Posted on by Safeguard

Industry Update
November 17, 2022

Source:  Indianapolis Recorder Newspaper

Intend Indiana is trying to bring new life to Martindale-Brightwood neighborhoods through its affordable housing HomePower initiative.

Serving communities in Indianapolis and surrounding regions, Intend Indiana is a nonprofit that works toward expanding community development by providing affordable housing and small business development.

Stephanie Quick, chief operations officer of Intend Indiana, said the organization rebranded in January of 2020 when Renew Indianapolis and King Park Development Corporation partnered. She said the organization now prioritizes its four main initiatives to better serve the Indianapolis neighborhoods.

One of these initiatives is Renew Landbank, which aids in returning vacant, abandoned or distressed properties into usable spaces. Affordable HomeMATTERS is another initiative that focuses on homeownership as well as preserving and developing inclusive, diverse and equitable homeownership opportunities.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FHFA Announces 2023 Multifamily Loan Purchase Caps for Fannie Mae and Freddie Mac

Posted on by Safeguard

Industry Update
November 10, 2022

Source: Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) announced that the 2023 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $75 billion for each Enterprise, for a combined total of $150 billion to support the multifamily market. The 2023 caps reflect an anticipated contraction of the multifamily originations market in 2023.

To ensure a strong focus on affordable housing and traditionally underserved markets, FHFA will require that at least 50 percent of the Enterprises’ multifamily business be mission-driven affordable housing.

“The 2023 multifamily loan caps, coupled with a new mission-driven category for workforce housing properties, will continue to ensure that the Enterprises have a strong commitment to addressing the need for affordable housing,” said Director Sandra L. Thompson. “The new workforce housing category will provide incentives for conventional borrowers to maintain rents at affordable levels for extended periods of time.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FHA Annual Report Showcases Continued Leadership in Affordable Home Financing

Posted on by Safeguard

Industry Update
November 15, 2022

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

The Federal Housing Administration (FHA) released its Annual Report to Congress on the financial status of its Mutual Mortgage Insurance Fund (MMI Fund), which is used to operate FHA Single Family mortgage insurance programs, authorized under Title II of the National Housing Act. The report highlights FHA’s significant role in supporting affordable mortgage financing for first-time homebuyers and borrowers of color while continuing to assist homeowners affected by the COVID-19 pandemic to keep their homes. It also underscores FHA’s work to support increased housing supply and affordability while reducing barriers to fair and equitable homeownership.

FHA’s achievements in fiscal year 2022 are supported by a strong MMI Fund, as demonstrated by the Fund’s capital ratio of 11.11 percent as of September 30, 2022.

“I’m so proud of FHA’s work to make homeownership possible for our nation’s underserved households and communities,” said Federal Housing Commissioner Julia R. Gordon. “Behind the bottom-line numbers are some two million individuals and families who were able to achieve homeownership or stay in their homes through hard times thanks to assistance from FHA.”

As the report notes, FHA helped more than one million homeowners who were behind on their mortgage payments to obtain an FHA COVID-19 Forbearance and/or an FHA COVID-19 Recovery option to stay in their homes despite the dislocations caused by the pandemic. In FY 2022, FHA reduced the number of serious delinquencies – mortgages 90 or more days past due – by almost half, ending with a serious delinquency rate of 4.77 percent on September 30, 2022. This number had reached more than 11 percent during the height of the COVID-19 crisis.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Fannie Mae Launches New Single-Family Social Disclosures

Posted on by Safeguard

Industry Update
November 16, 2022

Source: Fannie Mae

Fannie Mae today launched new social disclosures, the Social Criteria Share (SCS) and the Social Density Score (SDS), for its Single-Family mortgage-backed securities (MBS). The new disclosures are designed to respond to investor feedback and aim to provide single-family MBS investors with insights into socially oriented lending activities while helping to preserve the confidentiality of mortgage consumers’ personal information.

With today’s publication, Fannie Mae is providing the market with the SCS and the SDS, assigned at issuance, for active and inactive MBS pools issued between January 2010 and October 2022. Fannie Mae intends to begin publishing these attributes for new Single-Family MBS issuances on December 2, 2022.

To further assist market participants in their historical analysis, Fannie Mae is also providing a chartbook containing common visualizations of prepayment performance.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

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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