Watt Blames Homeowner Skepticism for HARP Slowdown

first_imgSubscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Sign up for DS News Daily Related Articles  Print This Post Chicago HARP Illinois Refinance 2014-07-08 Derek Templeton Derek Templeton is an attorney based in Dallas, Texas. He practices in the areas of real estate, financial services, and general corporate transactional law. His experience includes time as an Attorney Adviser for the U.S. Small Business Administration and as General Counsel for a nonprofit organization in Dallas. A self-avowed “policy junkie,” he has a keen interest in the effect that evolving federal policy has on the mortgage, default servicing, and greater housing industries. Tagged with: Chicago HARP Illinois Refinance Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Derek Templeton July 8, 2014 1,194 Views In a town hall style meeting in Chicago Tuesday, Mel Watt, Director of the Federal Housing Finance Agency (FHFA), blamed fear of being taken in by a scam for eligible homeowner’s reluctance to take advantage of the Home Affordable Refinance program (HARP).”We are down to the people who don’t believe this is a credible program,” Watt said in a meeting with community groups and housing counseling agencies at a Chicago Public Library branch. “We’ve got approximately $72 million that we’d like to give away in this metropolitan area. People won’t come in and say I want that money.”According to an FHFA report, the number of homeowners refinancing monthly through HARP has dropped nationally, to just under 20,000 loans in April 2014, down year-over-year from almost 107,000 in April 2013.HUD contends that on average, homeowners who refinance through HARP are saving $191 per month by lowering their interest rates. HARP allows homeowners to refinance regardless of if they owe more on the home than it is actually worth.The Chicago event was anticipated because there was some speculation that Watt could announce an extension for the program, which is currently set to expire in December of 2015. The speculation proved fruitless however, with no such announcement taking place.Instead Watt announced that Chicago was going to be the second city admitted into the federal government’s pilot Neighborhood Stabilization Initiative intended to assist homeowners who are behind on their mortgages, help neighborhoods recover, and reduce the inventory of REO properties held by Fannie Mae and Freddie Mac. Detroit, the first city in the program, was admitted in May.HUD estimates that hundreds of thousands of citizens nationwide, including 36,000 in the City of Chicago alone, are eligible to benefit from HARP but have yet to step forward. Officials have noted that as interest rates rise, the incentive to participate fades.With more promotional events scheduled in the coming months in cities around the nation, the push is on to get as many eligible homeowners as possible into a refinance before an interest rate increase shrinks the eligibility pool. Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: CFPB Issues Ruling to keep Heirs from Falling into Foreclosure Next: Possibility of a New Bubble Concerns Lenders The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Watt Blames Homeowner Skepticism for HARP Slowdown Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Watt Blames Homeowner Skepticism for HARP Slowdown Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Headlines, Magazine, News, State Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

June Trends Show Robust Growth in Both Housing Supply and Demand

first_img Demand Propels Home Prices Upward 2 days ago Subscribe June Trends Show Robust Growth in Both Housing Supply and Demand Related Articles The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News About Author: Brian Honea Tagged with: Housing Demand Housing Market Housing Supply Realtor.com Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago July 7, 2015 1,452 Views The Best Markets For Residential Property Investors 2 days ago  Print This Post Sign up for DS News Daily Previous: Groups File Amicus Briefs on Behalf of Investors in GSE Profits Lawsuit Next: House Subcommittee to Hold Hearing On Banks Designated as ‘Systemically Important’ Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / June Trends Show Robust Growth in Both Housing Supply and Demand Housing Demand Housing Market Housing Supply Realtor.com 2015-07-07 Brian Honea Share Save Robust growth in demand for housing as well as supply are helping the housing market to maintain spring momentum and boost sales for the summer, according to Realtor.com’s Advance Read on June Trends report released Tuesday.Realtor.com’s report found that a 4 percent month-over-month increase in supply and demand for housing helped home sales maintain their spring momentum into the June. The “advance read” report covers residential supply and demand trends during the first three weeks of each month.”Factors lending themselves to the market’s upswing are the psychological effect of recently increased mortgage rates as well as the specter of the Fed raising interest rates later this year,” Realtor.com Chief Economist Jonathan Smoke said. “Although demand has been strong all year, in June we’re finally beginning to see an uptick in supply as sellers become more confident about home prices.”The increasing number of first-time homebuyers is another factor driving up the demand for housing, according to Realtor.com. Many of those first-time buyers are millennials who have been sidelined by the challenging market conditions; Realtor.com reported in a survey of site visitors in June that 65 percent of older millennials (those ages 25 to 34) stated their intention to purchase a home within three months – a year-over-year increase of 12 percent.Realtor.com found that due to tight housing supply and economic-powered demand growth, California dominated the list of “hottest” housing markets in the nation in June with five markets in the top 10 and eight markets in the top 20. San Francisco moved into the top position in June, taking over for Denver, which ranked first in May but fell to third. Vallejo-Fairfield, California, moved up from fifth in May to second in June. Other California markets ranking in the top 10 were Santa Rose (fourth), San Jose (sixth), and Santa Cruz (10th).Texas had the second-most markets on the top 20 “hottest” list with four. At fifth, Dallas-Fort Worth was the highest-ranking Texas market. Realtor.com ranked the “hottest” markets based on number of views per listing on its website and the median age of housing inventory.last_img read more

A Snapshot of Economic and Housing Trends

first_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / A Snapshot of Economic and Housing Trends About Author: Radhika Ojha The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Two reports released on Wednesday remain bullish on the U.S. economy. The U.S. Federal Reserve, which upgraded its economic outlook in a statement at the end of a Federal Open Market Committee (FOMC) meeting, kept the rates unchanged as it monitored the economy for inflation. A report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association also highlighted strong economic growth in the second quarter. The report said that economic activity picked up during the quarter with 4.1 percent annualized real GDP growth, rebounding after a slowdown in growth in the first quarter of the year. “Over the past four quarters real GDP rose 2.8 percent, and growth is expected to remain strong over the remainder of 2018, with a continued fiscal boost after recently enacted tax and spending legislation,” the report to Secretary Steven Mnuchin said.The Fed, in its statement, said that the labor market continued to strengthen and economic activity rose at a strong rate. “Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low. Household spending and business fixed investment have grown strongly,” the Fed said.According to the Treasury report, the two-year Treasury yield rose slightly as markets came to expect more monetary tightening from the Fed. “In contrast, the 10-year yield declined in May amidst concern about political developments in Italy and has remained in the 2.8-3 percent range in recent weeks, leading to a further flattening of the yield curve,” the report said.Are these changes in Treasury yields and a flattening yield curve likely to impact housing? While the report remained silent on the impact, it did mention that residential investment decreased during the quarter and taken together with a “recent decline in new home sales and existing home sales, housing momentum appears to have slowed down recently.”However, a strong consumer spending pattern boded well for the economy, the report indicated. “Consumer spending picked up in the second quarter, with real personal consumption expenditures growing at a 4 percent annualized rate,” the report found.   Subscribe Tagged with: consumers Economy Federal Reserve GDP Home Sales Homes HOUSING Inflation Treasury Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Home Prices Remain High, Continue Yearly Growth Next: Homebuyer Demand Cools Off August 1, 2018 1,705 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago A Snapshot of Economic and Housing Trends Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. consumers Economy Federal Reserve GDP Home Sales Homes HOUSING Inflation Treasury 2018-08-01 Radhika Ojhalast_img read more

Scaring Up Home Values

first_img Home Prices Home Values Homebuyers Homeowners Homes HOUSING Trulia Zillow 2018-10-30 Radhika Ojha Scaring Up Home Values Previous: Don’t Worry About Cash-out Refis Just Yet Next: Ten Years of Transformation Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily For those brave souls who are only scared of the process of buying and the high home prices, a recent report by Trulia looked at home values in neighborhoods near cemeteries, funeral homes, and mortuaries, revealing that these areas sometimes had some great deals on homes.In fact, the report said that in some East Coast markets such as Philadelphia, Allentown, and Pittsburgh many homes could be found in neighborhoods with these establishments. “In and around Philadelphia, more than half of all homes are within a half-mile of a cemetery, funeral home, or mortuary; roughly one-in-five are within a quarter mile,” Trulia said.In historic cities such as New Orleans, Richmond, Charleston, Silver Springs, and Philadelphia, the report said, houses within a quarter mile of undertaking establishments were found to have higher home values than those further away even after controlling for home attributes likes the number of bedrooms and square footage.However, in markets like Allentown, homes within a quarter-mile of cemeteries or mortuaries were worth 13.6 percent less than homes farther away, the biggest discount among all metros analyzed.If these values weren’t scary enough, a report by Zillow, which analyzed the value of homes on streets named Elm Street found that the city with the priciest Elm Street homes was Southampton, New York where home values overall were among the highest in the country. A median home on this street in Southampton was valued at $2.2 million compared to a median price of $1.5 million in any other part of the city, Zillow said.”Elm Streets riddle the United States. Some are picturesque treelined streets carrying big price tags. Others house the salt of the earth, affordable places for new families,” said Skylar Olsen, Director of Economic Research and Outreach at Zillow.Another city, where homes on Elm Street were pricier than anywhere else was Wellesley, Massachusetts where a median home on the street costs around $1.6 million compared to $1.2 million priced median homes elsewhere in the city. However, the Elm Street in San Carlos, California had homes priced 20.7 percent lower than the median home price for that city which was $1.9 million. The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Scaring Up Home Values The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articlescenter_img Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. October 30, 2018 1,254 Views  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Tagged with: Home Prices Home Values Homebuyers Homeowners Homes HOUSING Trulia Zillow Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

CFPB Report: Loss Mit Problems and Servicer Solutions

first_img CFPB CFPB. Consumer Financial Protection Bureau HECM Loss Mitigation mortgage servicing Private Mortgage Insurance Supervisory Highlights 2019-03-13 Krista Franks Brock Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Home / Daily Dose / CFPB Report: Loss Mit Problems and Servicer Solutions Demand Propels Home Prices Upward 2 days ago CFPB Report: Loss Mit Problems and Servicer Solutions Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, Loss Mitigation Share Save  Print This Post About Author: Krista Franks Brock Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Related Articlescenter_img March 13, 2019 1,956 Views Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Previous: National Flood Insurance Program: A New Way Forward? Next: DACA Borrowers: FHA Eligible Again? In its 18th edition of its Supervisory Highlights, released Tuesday, the Consumer Financial Protection Bureau (CFPB) identified four areas of supervisory activity at mortgage servicers as well as servicers’ response.The four areas included: “charging consumers unauthorized amounts,” “misrepresenting private mortgage insurance cancellation denial reasons,” “failing to exercise reasonable diligence to complete loss mitigation applications,” and “representing the requirements for foreclosure timeline extensions in Home Equity Conversion Mortgages.”The report covers supervision between June 2018 and November 2018.The CFPB found that at least one servicer charged borrowers greater late fees than allowed by the mortgage note. The bureau identified “programming errors in the servicing platform and lapses in service provider oversight” as the causes for the overcharges.Servicers responded by identifying affected borrowers to resolve the issue as well as changing policies to ensure borrowers are not overcharged in the future.Second, the CFPB found misrepresentations when responding to borrowers’ requests for private mortgage insurance cancellation. When denying some borrowers’ requests, servicers’ sometimes misstated the reason for the denial. The CFPB explained that this is problematic because “borrowers receiving the incorrect denial reason may fail to address other eligibility requirements to obtain PMI cancellation.”The servicers in question have altered templates and procedures to future cancellation denial notices explain the “accurate denial reasons.”Next the CFPB said in its Supervisory Highlights that it identified cases where servicers did not exercise “reasonable diligence” in acquiring sufficient documentation to complete loss mitigation, as required by Regulation X.After approving short-term forbearance, the servicers identified did not advise the borrower that further documentation was necessary to complete full loss mitigation procedures.After receiving notification from the CFPB, the servicers identified the affected borrowers and notified them about other loss mitigation options that could be possible with additional documentation.The last mortgage servicing issue covered in the Supervisory Highlights dealt with Home Equity Lines of Conversion Mortgages (HECMs) in the case of a deceased homeowner. When a homeowner with a HECM dies, his or her successor must pay the loan balance in full if he or she wishes to keep the home, or the home will be foreclosed. Successors may, however, file for extensions on the loan balance.In some instances, successors received notices specifying the documents necessary to file for an extension on the loan balance due but did not include a deadline for the documents. Alternately, some successors were not notified of all the documents necessary to file an extension.The CFPB clarified that it “did not find that this conduct amounted to a legal violation,” but it could fall into the category of “a deceptive act or practice.”After receiving notice from the CFPB about the practices, the servicers “planned to improve communication with successors, including specifying the documents successors needed for an extension and the relevant deadlines.”In its Supervisory Highlights, the CFPB also reviewed a few of its own program developments that took place between June and November 2018. These included a joint statement with other government and finance organizations explaining “that supervisory guidance does not have the force and effect of law, and the agencies do not take enforcement actions based on supervisory guidance.”The bureau also issued a statement in September regarding its practices when dealing with consumers and institutions affected by natural disasters. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: CFPB CFPB. Consumer Financial Protection Bureau HECM Loss Mitigation mortgage servicing Private Mortgage Insurance Supervisory Highlights The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

The Most Affordable Markets for Techies

first_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Affordability Technology 2019-09-27 Mike Albanese Share Save The Most Affordable Markets for Techies Previous: The Industry Pulse: Updates on a360inc, Mortgage Cadence, and More Next: Breaking Down the Homebuying Process Related Articles in Daily Dose, Featured, News, Technology About Author: Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / The Most Affordable Markets for Techies Silicon Valley and California has long been heralded as the epicenter of the tech world. However, a new report by realtor.com shows there is more life in the tech world than living in Silicon Valley. Realtor.com listed the best tech markets outside of California, and found Huntsville, Alabama, to be the best affordable tech-metro in the nation. The median-home price as of July was $315,000, but within San Francisco limits, realtor.com reports most will pay $1.43 million. San Jose’s median-home prices come in at $994,000. Information from Glassdoor, though, find that average information technology worker makes $80,512 annually. Realtor.com states a 20$ down payment is roughly four times the annual income. “Silicon Valley’s extremely low unemployment rate—due to the abundance of tech jobs there—has caused housing costs to skyrocket,” says David Armendariz, general manager of the technology division for recruitment firm Lucas Group.The average home in Huntsville, though, costs just $266,256. Huntsville is also home to the George C. Marshall Space Flight Center, the U.S. government’s civilian rocketry and spacecraft propulsion research center.A study by the information technology association CompTIA, IT workers in the market make an average of $91,998, and the number of IT jobs is expected to grow by 4% over the next five years. Dallas and its median-home price of $349,950 came in at No. 2. Midlothian, which is located 25 miles south of Dallas, is home to Google’s 375-acre call center. Demand for IT jobs in Dallas is expected to grow 10% over the next five years. Following those two markets were, Baltimore, Maryland; Chicago, Illinois; Atlanta, Georgia; Austin, Texas; Philadelphia, Pennsylvania; Raleigh, North Carolina; Detroit, Michigan; and Minneapolis, Minnesota. Realtor.com states that Austin has been dubbed “mini Silicon Valley,” as it is home the fifth-largest share of IT jobs in the country. Companies such as Dell Computer, IBM, Amazon, and Apple all have offices in Texas’ capital.  Demand Propels Home Prices Upward 2 days ago September 27, 2019 1,087 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Affordability Technology  Print This Post The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Getting an Edge in Single-Family Rental Investment

first_img About Author: Seth Welborn With many potential homebuyers—notably millennials—opting to delay purchasing and instead renting longer due to affordability and inventory concerns, the single-family rental investment market is poised for continued growth. On March 24-25, 2020, the Five Star Single-Family Rental Summit will unfold at the Four Seasons Resort & Club at Las Colinas in Dallas, bringing together industry experts for focused discussions on the future potential of this sector.According to a report from Realtor.com, investors are using the popularity of single-family rental to their advantage. Real estate investors purchased 7.7% of all homes in Q2 2019, up 0.6% year-over-year, the most speculation the market has seen since 2013. As this segment of the industry grows, investors need to adapt to a changing market.The 2020 Single-Family Rental Summit will present strategies and market intel critical to crafting an effective SFR investment plan through a series of panels hosted by subject-matter experts in all facets of the single-family rental investment industry, including leaders in the fields of financing, property management, rehab, technology, market analysis, and more.2020 SFR Summit Panels panels will includeA Firm Foundation: Lending Strategies for SFRBuilt-For-Rent: The Wave of the Future?”Keeping the House in Order: Property Management StrategiesThe Price Is Right?: Ensuring Proper ValuationsSFR’s Fintech Future: Cutting-Edge Technologies to Support Your Investments,The Five Star Institute is currently accepting speaker submissions for this event, but the January 31 deadline is approaching quickly. Speakers at past Five Star SFR events have included Stuart Denyer, CEO, Sherman Bridge Lending; Rob Dewald, Co-Founder & CEO, Precedent Management; Lori Eshoo, President & CEO, National Tax Search; Kevin Jonas, SVP, Bayview Loan Servicing; Martin Kay, Founder & CEO, Entera; Dennis Spivey, VP, CoreVest Finance; Jeffrey Tesch, CEO, RCN Capital; Brandon Winters, CEO, eMerge Property Solutions; and many more.“As the SFR market continues to grow, innovative investors are not only looking for new opportunities but also for creative ways to fund those investments,” said Five Star Institute President and CEO Ed Delgado during the 2019 Single-Family Rental Summit. “We are proud to host leaders of this asset class, which, in many cases, provides a stepping stone toward homeownership.”Interested in submitting a speaker for the event? Contact David Wharton at [email protected], or call 214.525.6741 Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Investment, News January 9, 2020 1,228 Views Demand Propels Home Prices Upward 2 days ago Share Save Sign up for DS News Daily Tagged with: Investment Rental SFR Investment Rental SFR 2020-01-09 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Detroit Expands Efforts to Prevent Property Tax Instigated Foreclosures Next: The Industry Pulse: Two Law Firms Mergecenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Home / Daily Dose / Getting an Edge in Single-Family Rental Investment Getting an Edge in Single-Family Rental Investment  Print This Post The Best Markets For Residential Property Investors 2 days agolast_img read more

The Industry Pulse: Updates on Mortgage Connect, Hyland

first_img July 27, 2020 826 Views Share Save Demand Propels Home Prices Upward 2 days ago The Industry Pulse: Updates on Mortgage Connect, Hyland Related Articles Previous: Housing Market Heats Up, Inventory Still Lags Behind Next: Industry Reaction: Dana Wade Confirmed as Federal Housing Commissioner Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: The Industry Pulse The Best Markets For Residential Property Investors 2 days ago Mortgage Connect LP, a national mortgage services provider for the nation’s largest financial institutions, investors, and servicers, announced the addition of Gabe Minton as Chief Information Officer. With more than 26 years’ experience developing next generation platforms, Minton joins a team made up of experienced and accomplished mortgage industry leaders.“We are excited to welcome Gabe as CIO,” said Jeff Coury, CEO of Mortgage Connect. “The constant evolution of our best-in-class technology platform is essential to our continued growth success. I am confident that Gabe’s expansive experience and proven track record makes him the ideal candidate to head innovation efforts.”“Mortgage Connect has achieved tremendous success by creating technologies that not only create efficiencies but also enhance the consumer’s experience,” Minton said. “I am excited to lead the company through the next stage of strategic initiatives, particularly those that will address the pressing challenges lenders and servicers face in today’s demanding environment.”__________________________________________________________________________Hyland, a content services provider for global organizations, launched a PII Compliance Solution. Using intelligent document redaction functionality the solution automates redaction processes to save financial institutions time, preserve accuracy, and improve compliance with ever-changing mortgage regulations and redaction requirements.Leveraging the PII Compliance Solution lenders simplify redaction processes and add bulk document upload functionality in an agreeable format. With this tool, financial institutions can:Automatically redact personal identifying informationSeamlessly upload large amounts of documentsEnsure compliance with industry regulations“The financial services industry has to remain agile in order to comply with ever changing regulations. Incorporating adaptive technology to automate document redaction provides a fast-acting path to improve efficiency, decrease manual inaccuracies, and eliminate the risk and cost of compliance errors,’ said Steve Comer, Director of Financial Services and Insurance at Hyland. “Using Hyland’s PII Compliance Solution helps lenders quickly and efficiently respond to regulations requiring redacted personal information with smart, expertly tailored automation built specifically for financial services.”__________________________________________________________________________Linda OrlansOrlans PC announced that Founder & Executive Chair Linda Orlans was named an award winner of the inaugural #NEXTPowerhouseAward, honoring the most influential women in the mortgage industry. Julie Moran, Senior Executive Counsel, was also the recipient of a #NEXTPowerhouseAward. The winners are celebrated for being technologically innovative, sharing new ideas, and pushing the limits to keep their companies and the industry moving forward.Highlights from Linda Orlans’ career include becoming the first woman Chair of the Board of Trustees at the Michigan State University College of Law; the inclusion of Orlans PC as a member of the National Association of Minority and Women Owned Law Firms—a highly selective organization of minority and women-owned law firms; and being a current member of the United States Supreme Court Bar and the State Bar of Michigan.“I am thrilled to receive this award. It is an honor to be recognized with such an esteemed group of successful, career-driven women each of whom strives to make a positive impact in our companies, communities and the industry,” Orlans said in a statement.Julie MoranJulie Moran is described as “an innovator and trailblazer in the mortgage and legal industries.” She began her career as an attorney at a Boston law firm concentrating in transactional real estate. She developed a mortgage banking practice that became one of the largest sources of firm and client growth. As a partner at the firm, she had the privilege of working with some of the nation’s largest banks and loan servicers. Julie was elected as the firm’s first female managing partner at a time when there was only one other female managing partner in Boston.“I am honored to receive this esteemed award from an organization that is focused on advancing women in their careers and professional growth,” Moran said. Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Journal, News  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Sign up for DS News Daily The Industry Pulse 2020-07-27 David Wharton David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / The Industry Pulse: Updates on Mortgage Connect, Hyland About Author: David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

2 Million Forbearance Plans Set to Expire This Month

first_img Servicers Navigate the Post-Pandemic World 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / 2 Million Forbearance Plans Set to Expire This Month 2 Million Forbearance Plans Set to Expire This Month September 11, 2020 1,814 Views 2020-09-11 Christina Hughes Babb About Author: Christina Hughes Babb Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago There was an improvement in the number of active forbearance plans this past week. The latest data from Black Knight shows that more than two million forbearance plans are set to expire in September.That number is already down 350,000 to 1.7 million in the first full week of the month as those expirations begin to be assessed for extensions and removals.After dropping by nearly 150,000 last week, the total number of mortgages in active forbearance declined another 66,000 (-2%) this week.All in all, active forbearances are now down 238,000 (-6%) over the past 30 days, as servicers continue to proactively work their way through the wave of forbearance plans set to expire in September.As of September 8, 3.7,000 homeowners remain in COVID-19-related forbearance plans. That’s down more than 22% from the peak of over 4.7,000 in late May.These loans represent 7% of the active mortgage universe, down from 7.1% last week. Together, they represent $789 billion in unpaid principal.Some 5% of all GSE-backed loans and 11.3% of all FHA/VA loans are currently in forbearance plans. Another 7.4% of loans in private label securities or banks’ portfolios are also in forbearance.The week’s decline was primarily driven by GSE loans, which experienced a 36,000 decline in the number of active forbearance plans. FHA/VA loans saw a more modest weekly decline at -18,000. Active forbearances among loans held in private label securities or banks’ portfolios were down 12,000.Portfolio-held loans actually saw the largest decline over the past 30 days, falling 13% month-to-month, though the 8% decline in GSE mortgages in active forbearance represented the largest volume. Forbearances among FHA/VA loans have improved by a much more modest -2% month-after-month, while private labeled security forbearances have risen by 2% over the past month.While 75% of borrowers in forbearance have had their plans extended, new forbearance plan starts hit their lowest level in more than 5 months. A an estimated 48,000 plans were initiated in the first week of September, down 16% from the previous week and down 22% from the first week of August.The ongoing COVID-19 pandemic continues to represent significant uncertainty for the weeks ahead. Black Knight will continue to monitor the situation and report our findings on this blog. Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Industry to Convene for Five Star Virtual Conference Next: Fannie Mae Announces 17th Sale of Reperforming Loans The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others.  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News Subscribelast_img read more

Millions of Families Could Face Housing Insecurity in 2021

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 2021-03-02 Christina Hughes Babb Related Articles Share Save Subscribe Previous: SLK Global Solutions Hires VP for Tax Outsourcing Operations Next: Who is Benefitting Most From the COVID-19 Deferral Program? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago March 2, 2021 11,615 Views Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Millions of Families Could Face Housing Insecurity in 2021 Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. in Daily Dose, Featured, News About Author: Christina Hughes Babb The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Millions of Families Could Face Housing Insecurity in 2021 Government agencies responsible for protecting consumers have precious little time to save millions of families from losing their homes—that’s according to the Consumer Financial Protection Bureau’s (CFPB)  first analysis of the impacts of the COVID-19 pandemic on housing.Bureau administrators say actions taken by both the public and private sector have, so far, prevented a devastating number of foreclosures during the height of the public health crisis. However, according to a CFBP press release, as legal protections expire in the months ahead, more than 11 million families or almost 10% of U.S. households are at risk of eviction and foreclosure.”It’s common sense that safe, affordable, and stable housing provides the foundation for people’s well-being, financial and otherwise. Stable homes mean stable neighborhoods and communities. When people lose their homes, their lives, health, and finances are all disrupted. Even the threat of losing a family’s home can force tough financial decisions, including skipping payments on food, medicine, and heat to keep a roof over their head,” writes CFPB’s Dave Uejio. He continues, “We also know that many, particularly in Black and Hispanic communities, have still not recovered from the last financial crisis, more than a decade ago. And those same communities are once again bearing a disproportionate financial and health burden during the pandemic, through no fault of their own.”According to the report summary, those who have fallen behind at least three months on their mortgage increased 250% to 2 million-plus households, and is now at a level not seen since the height of the Great Recession in 2010. Collectively, these households are estimated to owe almost $90 billion in deferred principal, interest, taxes, and insurance payments.More than 8 million rental households are behind in their rent.While there are significant differences from the last crisis (a more stable mortgage market and substantial homeowner equity) there are a significant number of households at risk of losing their housing just as the U.S. economy is poised to emerge from the pandemic—aa disproportionate number of them from communities of color.The CFPB report— which examines the relevant data and research on the impact of the pandemic on the rental and mortgage market, and particularly its impact on low income and minority households—can be accessed at consumerfinance.gov.The number of homeowners behind on their mortgage has doubled since the beginning of the pandemic—6% of mortgages were delinquent as of December 2020.More homeowners are behind on their mortgages now than at any time since 2010, which was the peak of the Great Recession.2.1 million homeowners are more than 90 days behind on payments, a key benchmark for being “seriously delinquent” in mortgage payments. That’s five times the number of families that were more than 90 days behind on their mortgage before the pandemic began.Black and Hispanic families are more than twice as likely to report being behind on their housing payments than White families.An estimated 8.8 million tenant households are behind on their rent.About 10% of renters reported that they’re likely to be evicted in the next two months, with the rates highest among Black and Hispanic households.  Print This Post The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more