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All Client Alerts

Keeping ahead of frequent industry changes is essential for mortgage servicers. Falling behind is not an option. Failure to comply with changes in regulations, legislation, guidelines and other issues can be costly and time-consuming.

This is why Safeguard provides its “All Client Alert” email newsletter, designed to keep you informed as changes occur.

Click here to subscribe to Safeguard’s “All Client Alert.”

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Michigan Legislature Requires Quicker Recording of Discharge

January 31st, 2005

The Michigan Legislature recently signed into law a bill amending MCLA §§ 565.41 and 565.44. The statute now requires that servicers record lien discharges more quickly: within 75 days after payoff for the first two years after the Act's effective date (until December 27, 2006), and within 60 days thereafter. In addition, the law increases penalties and liabilities to servicers who fail to timely record lien discharges.

The new statute also sets forth requirements to address slow recording times, requiring the register of deeds to stamp with date of receipt any discharge that does not get recorded on the day it is received.

Please follow the link below to a page on the Michigan Legislature's web site with more information about this newly enacted legislation.

Michigan Legislature Public Act 447 of 2004 (Effective: 12/27/2004)

TEST Alert Indiana

January 28th, 2005

The following Alert contains information about the recent Indiana Severe Winter Storms and Flooding. This has been declared a Federal disaster area.

Please click on the link below to read the FEMA release:

TEST Alert Indiana

For a complete list of your properties located in the declared disaster areas , please click on Safeguard Properties FEMA Declared Disaster List.
Please note, you will need to be logged on to our web site for access via the link.

For a listing of the zip codes located in the affected area, please click on the following Excel file:

Zip Code List for FEMA disaster IN 012805.xls

For a direct link to the FEMA web site, please click on www.fema.gov.

To view additional All Client Alerts, please click on Safeguard Properties All Client Alerts.

To review HUD's Declared Disaster Area Moratorium on Foreclosure, please click on HUD Moratorium on Foreclosure.

For information about VA's recommendations for forbearance, please see IB 26-04-16.pdf

For information about Freddie Mac's instructions, please see FHLMC DISASTER.pdf

To review FNMA's Q&A regarding natural disaster relief, please click on Fannie Mae's Natural Disaster Relief Policies.

If you do not currently have access to our web site, you can request a sign-on login to our demo website by clicking on http://www.safeguard-properties.com/demo.

Staff Memo re: HUD Review Group M&M Expert Meeting Notes and Contract Summary

January 24th, 2005

The new HUD Management and Marketing contractors' contract, available for review in its entirety at M&M Contract (http://www.hud.gov/offices/cpo/contract/opc22505.pdf), is a substantial document, and not all sections of the contract are immediately relevant to our clients' obligations with respect FHA property preservation requirements. Safeguard has therefore prepared a summary of the relevant portions of the contract for your easy review. Please be sure that you make time to familiarize yourself with all pertinent changes from the previous M&M contract.

http://www.safeguardproperties.com/guidelines/contractsummary.pdf

You can also find the summary on the Safeguard web site with Investor/Insurer guidelines. Click on http://www.safeguardproperties.com/content/view/89//. When you read and accept the disclaimer, you'll be taken to the FHA Guidelines page. Click on the FHA "book" in the column on the left and select "M&M Contract Summary."

If you have any questions about this summary, please contact R&D Manager Kathy Cogan, at kathy.cogan@safeguardproperties.com or by telephone at extension 1394.

FEMA Declared Disaster Alert Indiana Severe Winter Storms and Flooding

January 23rd, 2005

The following Alert contains information about the recent Indiana Severe Winter Storms and Flooding. This has been declared a Federal disaster area.

Please click on the link below to read the FEMA release:

Indiana Severe Winter Storms and Flooding

For a listing of the zip codes located in the affected area, please click on the following Excel file:

Zip Code List for FEMA Declared Disaster IN 012105 Updated 021605.xls

For a direct link to the FEMA web site, please click on www.fema.gov.

To view additional All Client Alerts, please click on Safeguard Properties All Client Alerts.

To review HUD's Declared Disaster Area Moratorium on Foreclosure, please click on HUD Moratorium on Foreclosure.

For information about VA's recommendations for forbearance, please see IB 26-04-16.pdf

For information about Freddie Mac's instructions, please see FHLMC DISASTER.pdf

To review FNMA's Q&A regarding natural disaster relief, please click on Fannie Mae's Natural Disaster Relief Policies.

If you do not currently have access to our web site, you can request a sign-on login to our demo website by clicking on http://www.safeguard-properties.com/demo.

Change in Default Reporting Period: Proposed Rule Revising 24 CFR 203

January 21st, 2005

HUD has released Federal Register Directive Number HUD-2004-0022, explaining a proposed rule to revise certain regulations with respect to mortgages in default. HUD's summary of the rule appears below.

SUMMARY: This proposed rule would revise the regulations under the single family mortgage insurance program that require mortgagees to report the status of all single-family mortgages insured by HUD that are in default after 60 days or that are 90 or more days delinquent, as applicable. The rule would require mortgagees to report to HUD mortgages that are 30 or more days delinquent on the last day of the month. The Department believes that the rule would, among other things, provide HUD with more recent delinquency information. The receipt of more up-to-date information will enable HUD to better monitor its loss mitigation program and strengthen the soundness of the Federal Housing Administration (FHA) Mortgage Insurance Funds.

HUD has invited comments from interested persons to the amendatory language in the proposed rule. Comments must be submitted by February 22, 2005.

To review the entire document, please click on Change in Default Reporting Period: Proposed Rule.

To view additional All Client Alerts, please click on news.

Severe Weather Alert Winter Floods

January 19th, 2005

The following Alert contains information on incidents of Severe Flooding that may have affected/damaged properties in their local area. This Alert is based on information relayed to us by one or more of our local inspectors or contractors.

Please note, FEMA is expected to make a declaration regarding the extent of the damages, as a number of governors have requested Federal Assistance.

Our staff has verified this severe weather report through inspections and the local media. Please see the links below for information

California Severe Storms

Ohio Flooding

Utah Flooding

Nevada Flooding

For a complete list of your properties located in the affected area(s), please click on
Safeguard Properties Severe Weather Alert List.
Please note, you will need to be logged on to our web site for access via the link.

For a listing of zip codes located in the affected area(s), please click on the links below. Safeguard cannot guarantee that all affected zip codes are included; additional information will be provided as it becomes available and/or as FEMA responds to the situation.

Zip Code List for Severe Weather Alert Winter Floods CA 011804(2).xls

Zip Code List for Severe Weather Alert Winter Floods OH 011804.xls

Zip Code List for Severe Weather Alert Winter Floods UT 011804.xls

Zip Code List for Severe Weather Alert Winter Floods NV 011804.xls

To view additional All Client Alerts, please click on the link below:
Safeguard Properties All Client Alerts

If you do not currently have access to our web site, you can request a sign-on login to our demo website by clicking on http://www.safeguard-properties.com/demo.

Staff Memo re: FHLMC Exhibit 57 Clarifications: January 18th, 2005; To: SPI Staff

From: Robert Klein

RE: FHLMC Exhibit 57 Clarifications

Several months ago, in an effort to reduce overallowable requests, Freddie Mac published Exhibit 57 ( Exhibit57.pdf), identifying new allowable amounts for various services. Safeguard has been in communication with Freddie Mac representatives to clarify their expectations with respect to several of these allowables. Below is a summary of the clarifications we have received and the policies we will be implementing.

Securing ? One knob lock is to be installed on the front door of each unit at a property. Any necessary lock changes on secondary doors, detached garages, outbuildings, gates, and other openings that are not accessible from the main structure will require prior approval.

Yard Maintenance ? The regional timeframes defining grass-cut seasons in the FHA guidelines will be followed.

Winterization ? The regional timeframes defining winterization season in the FHA guidelines will be followed. Freddie Mac has indicated that winterizations may be completed outside of these timeframes as local weather warrants.

If you have any questions about these points, please speak with your supervisor or contact Kathy Cogan (kathy.cogan@safeguardproperties.com) at ext. 1394.

National Property Preservation Conference 2004 Code Enforcement Summary

January 17th, 2005

We would like to thank everyone who attended the National Property Preservation Conference 2004 in Washington DC in November 2004.

This conference was the first event with two full days dedicated exclusively to property preservation, for the benefit of all sectors of the industry concerned with preservation and protection issues. The conference attendees benefited from the participation of representatives from HUD, FNMA, FHLMC, VA, code enforcement officials from around the country, mortgage servicers, and field service providers.

The second half of the Super Sessions on Day Two of the conference was devoted to Code Enforcement issues. A written summary of that session is available through the link below:

NPPC 2004 CE Session Summary.doc

Please feel free to respond to Robert Klein (robert.klein@safeguardproperties.com) with any comments about the summary.

A summary of Part One of the second day sessions, involving VA, FNMA, and FHLMC, will be posted very soon. We also have audio and video recordings of the entire HUD sessions available for your review at http://www.safeguardproperties.com/Conference_Audio_Video/.

Thank you again to all the conference participants.

HUD Mortgagee Letter 2005-04 (Updating ML 04-45 National M&M Contracts)

January 14th, 2005

HUD has issued Mortgagee Letter 2005-04, Update to ML 2004-45: Single Family Real Estate Owned (Property Disposition) National Management and Marketing Contracts. With the exception of the new information contained in this Mortgagee Letter, all information in ML 2004-45 remains in effect.

SPI is preparing a reference sheet noting all changes.

To review the updated mortgagee letter, please click on Mortgagee Letter 2005-04.

To view additional All Client Alerts, please click on news.

City of Detroit's New Building Violations Program: Blight Court

January 5th, 2005

Just this week, the city of Detroit implemented a new program called blight court to deal with abandoned and deteriorating buildings in the jurisdiction. Blight "court" is actually a bit of a misnomer: the new program, modeled after the one the city of Chicago implemented in 1997, takes the issues of abandoned buildings and urban decay out of the courts and places them before the newly formed Department of Administrative Hearings.

Owners of properties in violation of the code will be cited for civil offenses rather than criminal ones, and the administrative hearing officers who review the cases will impose civil penalties. In the past, failure to appear in court for building violations could result in the issuance of an arrest warrant, but city law enforcement was unlikely to have the time or the resources to follow up on such matters. Under the new program, homeowners who fail to appear before the blight court will find judgment automatically entered against them, and the administrative hearing officers will have the authority to order such remedies as the attachment of wages or bank accounts and placement of liens on any properties in the homeowner?s name.

To read an article on the CNN web site about the new Detroit blight eradication program, please click on http://www.cnn.com/2004/LAW/12/30/blight.court.ap/index.html

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