Safeguard Properties

Delinquency Rate for Mortgage Loans on the Rise – MBA

Posted on by Safeguard

Industry Update
February 17, 2023

Source:  mpamag.com

The delinquency rates for loans on residential properties increased at the end of 2022 amid economic headwinds and inflationary pressures, the Mortgage Bankers Association reported Thursday.

Mortgage delinquency rates rose to a seasonally adjusted rate of 3.96% in the fourth quarter, up 51 basis points from the third quarter but still down 69 basis points from a year ago. The share of loans on which foreclosure actions were started in Q4 dropped by one basis point to 0.14%.

“As expected, the overall national mortgage delinquency rate increased in the fourth quarter of 2022 from its previous quarterly survey low,” said Marina Walsh, vice president of industry analysis at MBA. “The weaker economy and ongoing inflationary pressures contributed to the uptick in delinquencies. The delinquency rate – while still low – increased from the previous quarter across all loan types and across all stages of delinquency.”

Walsh noted that, for the last 15 years, mortgage delinquencies have tracked very closely with employment conditions. The Bureau of Labor and Statistics’ latest report showed 517,000 jobs added in January, with the unemployment rate hovering at 3.4%.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FHFA Requests Input on Enterprise Single-Family Social Bond Program

Posted on by Safeguard

Industry Update
February 16, 2023

Source:  Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) on Fannie Mae and Freddie Mac’s (together, the Enterprises) social bond policy. On March 28, 2023, FHFA will also host a public listening session​ to allow for additional input.

Currently, each Enterprise issues labeled multifamily social bonds—neither issues labeled single-family social bonds. This RFI will help FHFA understand the opportunities and potential risks associated with the Enterprises issuing single-family social bonds, under the framework of Environmental, Social, and Governance (ESG) securities. FHFA also seeks input in defining the criteria and appropriate impact measures for Enterprise-labeled single-family social bonds.

“FHFA has closely monitored the continued emergence of ESG securities and the potential for social bonds to bring more liquidity and capital to the market,” said Director Sandra L. Thompson. “As we evaluate responses from this RFI, FHFA will also look at ways that social bonds could increase liquidity and support for underserved borrowers and communities.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Fannie Mae Honors 22 High-Performing Mortgage Servicers

Posted on by Safeguard

Industry Update
February 16, 2023

Source:  Fannie Mae

Fannie Mae announced the 2022 Servicer Total Achievement and Rewards™ (STAR™) Program results, recognizing 22 mortgage servicers for competency, capacity, and overall performance. For more than a decade, Fannie Mae’s STAR Program has identified high-performing mortgage servicers that align with Fannie Mae’s business goals and demonstrate leading practices across the mortgage service industry.

“We applaud the 2022 STAR Program recipients’ efforts to enable greater access to affordable and sustainable homeownership,” said Cyndi Danko, Senior Vice President and Single-Family Chief Credit Officer, Fannie Mae. “By providing mortgage assistance and long-term solutions for struggling homeowners, the 2022 STAR Program servicers have been essential partners in Fannie Mae’s journey to knock down housing barriers for people across the country.”

Since 2011, the STAR Program has facilitated broad and lasting improvements across the industry by promoting servicing knowledge and excellence. Fannie Mae’s commitment to homeownership, the mortgage industry, continuous improvement, and customer satisfaction are strengthened in cooperation with the dedicated efforts of Fannie Mae’s servicing partners. For the 2022 program year, mortgage servicers were eligible for the STAR Performer recognition based on the results of the Servicer Capability Framework and STAR Performance Scorecard.

The 2022 STAR Program recipients are:

General Servicing

  • Bank of America, N.A.
  • Flagstar Bank, N.A.
  • Freedom Mortgage Corporation
  • M&T Bank Corporation
  • PHH Mortgage Corporation
  • PNC Financial Services Group, Inc.
  • Provident Funding Associates, L.P.
  • Regions Bank

Solution Delivery

  • Mr. Cooper
  • New American Funding
  • U.S Bank, N.A.

General Servicing and Solution Delivery

  • Arvest Bank
  • Colonial Savings, F.A.
  • Fidelity Bank National Association
  • Guild Mortgage
  • JPMorgan Chase Bank, N.A.
  • PennyMac
  • Rocket Mortgage, LLC
  • RoundPoint Mortgage Servicing Corporation
  • Rushmore Loan Management Services
  • Truist Bank
  • Wells Fargo Bank, N.A.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Freddie Mac Announces 2022 SHARP Award Winners

Posted on by Safeguard

Industry Update
February 16, 2023

Source:  Freddie Mac

Freddie Mac announced the nine winners of its 2022 Servicer Honors and Rewards Program (SHARP)SM, which annually recognizes mortgage loan Servicers for quality servicing, risk management and sustainable homeownership resulting in superior portfolio performance. The winners represent outstanding customer service and positive efforts to prevent and alleviate loan delinquencies.

“Despite ongoing challenges and market fluctuations, our SHARP winners demonstrated peak performance and deserve to be commended for their ongoing efforts,” said Bill Maguire, Freddie Mac’s Vice President of Single-Family Servicing Portfolio Management. “We thank all our Servicers for remaining dedicated to homeowners in need of mortgage relief, particularly those impacted with long-term hardships caused by the pandemic.”

2022 SHARP Award Winners:

Clients servicing 200,000 or more Freddie Mac mortgages

  • Gold: PennyMac
  • Silver: JP Morgan Chase Bank, National Association
  • Bronze: PHH Mortgage Corporation

Clients servicing between 75,000 and 199,999 Freddie Mac mortgages

  • Gold: Guild Mortgage Company LLC
  • Silver: NewRez LLC
  • Bronze: Onslow Bay Financial LLC (subserviced by Flagstar Bank, National Association; LoanCare, LLC; and Nationstar Mortgage LLC dba Mr. Cooper)

Clients servicing between 20,000 and 74,999 Freddie Mac mortgages

  • Gold: Specialized Loan Servicing LLC
  • Silver: SWBC Mortgage Corporation (subserviced by Cenlar FSB)
  • Bronze: Podium Mortgage Capital LLC (subserviced by Nationstar Mortgage LLC dba Mr. Cooper)

SHARP is a rewards program based on the client’s Servicer Success Scorecard ranking. Servicers that have more than 20,000 Freddie Mac master-serviced loans are automatically enrolled in SHARP, which provides performance incentives through rewards and recognition.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Proposed Bill Would Ban Use of Plywood for Boarding in New York

Posted on by Safeguard

Industry Update
January 31, 2023

Full Bill Text:  New York Senate Bill 3369

Proposed New York Senate Bill 3369 was introduced on January 31, 2023 and has been referred to the Senate Housing, Construction and Community Development Committee for further review.  If the bill is passed, it would prohibit a person, municipality or governmental entity from using plywood, wood composite, wood veneer, or similar wood-based products to secure any real property that is deemed vacant and abandoned.

For full report, please click the source link above.


 

 

 

 

 

 

 

 

 

 

 

HUD Secretary Announces Major Milestone of Assisting Nearly 2 Million Homeowners Stay in their Homes

Posted on by Safeguard

Industry Update
February 8, 2023

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

The U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge announced that, thanks to Federal Housing Administration (FHA) programs, approximately 2 million homeowners with FHA mortgages were able to stay in their homes from the beginning of the COVID-19 pandemic in March 2020 through December 2022 – when doing so was often a matter of life and death. During this period of time amid the pandemic, FHA borrowers whose ability to make their mortgage payments was impaired by the pandemic were able to obtain either a COVID-19 forbearance or a more permanent solution such as a loan modification that allowed them to avoid foreclosure.

Based on the effectiveness of these options, FHA announced last week that their COVID-19 toolkit has been extended to help all eligible borrowers who are struggling to avoid foreclosure, regardless of the reason for their hardship. These tools will be available for at least the next 18 months.

“Although the pandemic has ended, the economic effects will remain a challenge for the foreseeable future,” said HUD Secretary Marcia L. Fudge. “These impactful and effective foreclosure prevention tools will help struggling borrowers find the right option to help them get back on their feet and keep them in their homes. These tools have been so successful already, which is why FHA worked to enhance them further and include more borrowers.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

U.S. Foreclosure Activity in January 2023 Continues to Increase Annually for 21 Consecutive Months

Posted on by Safeguard

Industry Update
February 9, 2023

Source:  ATTOM

ATTOM, a leading curator of land, property, and real estate data, released its January 2023 U.S. Foreclosure Market Report, which shows there were a total of 31,557 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – up 36 percent from a year ago, and up 2 percent from the prior month.

”The uptick in overall foreclosure filings nationwide points toward a trend that may suggest more increased activity is on the horizon as we enter the new year,” said ATTOM CEO Rob Barber.” While both completed foreclosures and foreclosure starts have stalled slightly over the past month, the annual increase in overall activity seen over the past 21 months may indicate a more substantial trend that could continue into 2023.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

ATTOM Integrates Propensity to Default Analytics into its Vast U.S. Property Data Warehouse

Posted on by Safeguard

Industry Update
February 7, 2023

Source:  ATTOM

ATTOM, a leading curator of real estate data nationwide for land and property data, announced it has integrated propensity to default analytics into its U.S. property data warehouse. With this news, the ATTOM Table of Data Elements expands even further with yet another layer of details to enhance market intelligence, while enabling various industries powerful investment insight and mitigation strategies.

This integration combines ATTOM’s comprehensive foreclosure and mortgage data with Powerlytics – a predictive analytics solution provider with a proprietary database of anonymized tax returns covering over 150 million U.S. households, to score properties across the nation on the likelihood of going into foreclosure.

“What started as a focus in fueling real estate industry customers with premium property data, has exploded into powering various industries across all spectrums,” said Rob Barber CEO at ATTOM. “In today’s volatile housing market, being armed with predictive analytics that will allow real estate investors, brokers, mortgage servicers, and more the ability to zero in on properties that have the highest probability of going into foreclosure, is essential for competitive data-driven decision making.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – North Dakota Severe Winter Storm, Snowstorm, and Straight-line Winds

Posted on by Mike Rasch

FEMA Alert
February 5, 2023

FEMA has issued a Major Disaster Declaration for the state of North Dakota to supplement state, tribal and local recovery efforts in areas affected by a severe winter storm, snowstorm and straight-line winds from Nov. 9-11, 2022.  The following areas have been approved for assistance:

Public Assistance:

  • Dickey
  • Kidder
  • Mercer
  • Nelson
  • Ransom
  • Sargent
  • Wells

 

North Dakota Severe Winter Storm, Snowstorm, and Straight-line Winds (DR-4686-ND)

President Joseph R. Biden, Jr. Approves Major Declaration for the State of North Dakota

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

Federal Housing Administration Expands Assistance Options for Borrowers Struggling to Make Mortgage Payments

Posted on by Safeguard

Industry Update
January 30, 2023

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

The Federal Housing Administration (FHA) has announced that it is expanding and enhancing its set of loss mitigation options used to help borrowers struggling to make mortgage payments on their FHA-insured mortgages. The enhancements extend FHA’s highly effective COVID-19 loss mitigation options to all eligible borrowers who fall behind on their mortgage payments, regardless of the cause of their delinquency. The updates also enable mortgage servicers to use the full 30 percent of FHA’s partial claim option, rather than the previously permitted 25 percent, to help maximize the number of borrowers able to retain their homes. The mandatory effective date of the changes is April 30, 2023, but mortgage servicers may begin offering these options to borrowers immediately.

“We are committed to ensuring that no FHA borrower experiences foreclosure unnecessarily,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. “FHA’s COVID-19 forbearances and streamlined COVID-19 loss mitigation options have successfully helped millions of struggling borrowers in the last two fiscal years alone. Our action today lets us capitalize on what we have learned through the pandemic to continue helping borrowers avoid foreclosure, regardless of the nature of their hardship.”

For full report, please click the source link above.