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Foreclosure Timelines Pick Up the Pace

first_img Demand Propels Home Prices Upward 2 days ago 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News Share Save Foreclosure Timelines Pick Up the Pace ATTOM Data Solutions RealtyTrac U.S. Foreclosure Market Report 2016-10-13 Krista Franks Brock Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 13, 2016 1,690 Views About Author: Krista Franks Brock  Print This Postcenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Foreclosure timelines declined over the year in the third quarter, a first in RealtyTrac’s reporting history, according to the latest Foreclosure Market Report released Thursday by ATTOM Data Solutions, the parent company of RealtyTrac. RealtyTrac has been reporting foreclosure timelines since 2007.It took five fewer days to foreclose a home in the third quarter of this year than in the third quarter of last year, according to RealtyTrac, which reported an average foreclosure timeline of 625 days in Q3 2016.This momentous decline was “the final nail in the coffin of the foreclosure crisis,” according to Daren Blomquist, SVP at ATTOM Data Solutions.“The decrease in the average foreclosure timeline indicates that banks have worked through the bulk of the legacy foreclosure backlog in most states – with a few lingering exceptions – and that most of the foreclosures being completed now are relatively recent defaults that are more efficiently progressing through the foreclosure pipeline,” Blomquist said.Overall foreclosures have “been on a steady slide downward over the past six years, finally dropping back below pre-crisis levels in September,” Blomquist said in the report.Foreclosure filings were down 13 percent over the month in September and 24 percent over the year, reaching their lowest level since December 2005, according to ATTOM Data Solutions.Foreclosure filings actually ticked up 4 percent over the third quarter of this year, but they were down 10 percent from the same quarter last year, marking the fourth consecutive quarter of year-over-year declines.Foreclosure starts also followed a downward trend, sliding 13 percent over the month in September and 20 percent over the year to a more-than 11-year low. Bank repossessions were down 32 percent over the year and 12 percent over the month in September.A significant share of properties sold at foreclosure auction in the third quarter went into the hands of third-party investors, according to ATTOM. Forty-four percent of properties sold at foreclosure auction went to investors, breaking a pre-recession high of 30 percent in 2005 and higher than any quarter since RealtyTrac began recording data in 2000.Nationally, one in every 1,600 homes had a foreclosure filing in September. The states with the highest foreclosure rates were Delaware (one in every 680 homes), New Jersey (one in every 691 homes), Nevada (one in every 897 homes), Illinois (one in every 946), and Florida (one in every 950).While foreclosure timelines decreased over the year nationally for the first time on record, the time it took to foreclose a home increased on an annual basis in 27 states in the third quarter.The states where the foreclosure process takes the longest as of the third quarter are New Jersey (1,262 days), Hawaii (1,241 days), New York (1,070 days), Florida (1,038 days), and Illinois (942 days)—all of which are judicial states.States where foreclosures take the least amount of time include Virginia (196 days), New Hampshire (230 days), Texas (246 days), Minnesota (250 days), and Mississippi (253 days)—all of which are non-judicial states. The Best Markets For Residential Property Investors 2 days ago Tagged with: ATTOM Data Solutions RealtyTrac U.S. Foreclosure Market Report Demand Propels Home Prices Upward 2 days ago 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 Related Articles Previous: Following Suit: Prevention Activities Decline Next: SouthLaw Welcomes New Associate Attorney Home / Daily Dose / Foreclosure Timelines Pick Up the Pacelast_img read more

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Monitor: Morgan Stanley is on Its Way

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Tagged with: Morgan Stanley RMBS Settlements Share Save About Author: Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Loss Mitigation, News Previous: Rise in Holiday Cheer … and Mortgage Rates? Next: Wage Growth and the Affordability Crisiscenter_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Morgan Stanley RMBS Settlements 2017-01-03 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago January 3, 2017 1,265 Views Data Provider Black Knight to Acquire Top of Mind 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. Home / Daily Dose / Monitor: Morgan Stanley is on Its Way Monitor: Morgan Stanley is on Its Way Sign up for DS News Daily An independent monitor has credited Morgan Stanley with fulfilling approximately 27 percent of its consumer relief obligation under the terms of a February 2016 RMBS settlement with the New York State Attorney General, according to a report from the monitor.Eric D. Green, a retired Boston University law professor and independent monitor of Morgan Stanley’s settlement, said he has reviewed and conditionally approved approximately $100.2 million in consumer relief activity for Morgan Stanley since early August.This was Green’s second report on Morgan Stanley’s activity regarding the settlement; in the first report, issued August 9 last year, he credited the investment banking firm with $10.5 million worth of conditional credit. The combined total gives Morgan Stanley $110.7 million in conditional credit (27 percent) toward fulfilling its $400 million settlement obligation, according to Green. Credit is conditional upon Green’s final approval when Morgan Stanley’s total obligation is fulfilled under the terms of the settlement.Green stated that Morgan Stanley is “off to a good start,” toward satisfying the terms of the settlement as a result of the relief provided from August to December. Morgan Stanley provided consumer relief under three menu items (covering five categories) under the Settlement Agreement, with the largest portion ($57.6 million, more than half) coming in the form of the forgiveness of 502 second-lien loans. According to Green, 302 of those loans were located in areas designed by HUD as Hardest Hit Areas, or those that suffered the worst economic damage as a result of the crisis in 2008.In February 2016, Morgan Stanley agreed to provide $550 million for violations with regard to the packaging and selling of mortgage-backed securities. The settlement terms call for Morgan Stanley to provide $400 million to be distributed by the State of New York by September 2019, according to Green.Morgan Stanley is not the only financial institution that has made major progress toward fulfilling an RMBS settlement obligation. In early December, Green reported that Bank of America had paid close to 97 percent of its $7 billion consumer relief obligation under the terms of its $16.65 billion settlement with the U.S. Department of Justice and six states in August 2014 over toxic RMBS sales before the crisis. Bank of America has until August 2018 to pay off the remainder of the obligation.Click here to read the monitor’s full report on Morgan Stanley.last_img read more

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Home Price Index Hits 31-Month High

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home Prices Index 2017-03-28 Seth Welborn in Daily Dose, Featured, Market Studies, News Home Price Index Hits 31-Month High  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Share Save Sign up for DS News Daily Previous: What to Do with Fannie and Freddie Next: Fannie Mae Announces Winner of Community Impact Pool of Non-Performing Loans Tagged with: Home Prices Index Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago The beginning of the year was a record-setting time for home prices. According to the latest S&P CoreLogic Case-Shiller Home Price NSA Index released Tuesday, home prices were at a 31-month high in January 2017, up 5.9 percent year-over-year. Over the month, they were up 5.7 percent.The Home Price NSA Index, which covers all nine U.S. Census Divisions, also showed annual increases on the 10-City Composite measurement, with a 5.1 percent jump, and the 20-City Composite, which showed a 5.7 percent uptick. The cities to see the highest home price increase annually were Seattle (11.3 percent), Portland (9.7 percent), and Denver (9.2 percent). According to David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Down Jones Indices, the uptick in home prices shouldn’t sound off alarm bells just yet.“Housing and home prices continue on a generally positive upward trend,” Blitzer said. “The recent action by the Federal Reserve raising the target for the Fed funds rate by a quarter percentage point is expected to add less than a quarter percentage point to mortgage rates in the near future. Given the market’s current strength and the economy, the small increase in interest rates isn’t expected to dampen home buying. If we see three or four additional increases this year, rising mortgage rates could become concern.But even with additional rate hikes, Mark Fleming, Chief Economist at First American Financial Corporation, said there shouldn’t be a problem.“The 30-year, fixed-rate mortgage is currently a little over 4 percent, well below the historical long-run average of approximately 6.5 percent since 1990,” Fleming said. Even if rates reached as high as 4.75 percent, he said, housing should remain affordable for many middle-income buyers.“Even at the higher mortgage rate, for the majority of markets a median income can purchase more than the median priced house,” Fleming said. “Why is this? The house buying power that borrowers have, even with rates below five percent, still remains historically strong. It would take a significantly higher mortgage rate to erode the real, house-buying power adjusted, price of housing, even as nominally house prices grow at their current pace.”Blitzer agreed that we shouldn’t read too much into today’s rising home prices. What can be extrapolated is that spring will see a seller’s market take hold, he said.“It is clear that indefinite nominal price appreciation is unsustainable,” Blitzer said. “That lesson was learned a decade ago. Now, historically high house buying power caused by low mortgage rates and economic growth set against a low inventory of homes for sale will drive a strong sellers’ market and further rising prices this spring. And it’s not, at least yet, cause for concern.”The S&P CoreLogic Case-Shiller Indices are released monthly. To view the full Index, visit Spice-Indices.com. The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Home Price Index Hits 31-Month High Data Provider Black Knight to Acquire Top of Mind 2 days ago March 28, 2017 1,332 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Aly J. Yale The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

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Stepping Up To CWCOTs

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The early 2000s saw foreclosure rates remaining steady with approximately 2 percent of home sales in the U.S. represented by foreclosures. With lenders giving out exotic mortgages requiring little to no down payments, that number peaked to nearly 28 percent during the height of the crisis in 2009. There were many lessons and takeaways from our Great Recession, and the 2010 signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act helped steer our economy back in the right direction.More stringent lending regulations, such as the creation of the CFPB, rising home prices, and improvements to the job market have set the market on a healthier path, with foreclosures nationwide meandering back down to single-digit rates. Moreover, delinquency rates—the number of homeowners behind on mortgage payments but not yet in the foreclosure process—have fallen to a 17-year low.Before the subprime and exotic mortgage boom, Federal Housing Administration (FHA) loans enabled first-time homebuyers and others with a credit score of just 580 and down payments as low as 3.5 percent to achieve the American Dream. Those with credit scores between 500 and 579 who shelled out just 10 percent for a down payment were able to become homeowners. The Trouble With FHA LoansOriginally enacted by the National Housing Act of 1934 to assist homebuyers after the Great Depression, FHA loans have always bred inherent risk because loan requirements are eased in comparison to traditional ones. Since 2001, FHA-originated mortgages have hovered in the 20 percent range, with a large spike in 2009 of more than 43 percent. Despite the higher lending practices being enacted by both lenders and regulators, FHA loans are three times as likely to be defaulted upon than traditional loans. As of the summer of 2016, approximately 11 percent of all FHA loans were delinquent, compared with the 3 to 4 percent percent range of traditional GSE products. The fourth quarter of 2016 saw the first increase in delinquency rates for FHA loans after continuous, quarter-after-quarter improvement stretching back to 2006. Nevertheless, FHA loans and their late-pay rates have always walked hand-in-hand with housing market woes, though the continued improvements to these types of programs have seen the overall REO inventory reduce.FYI’s on CWCOT Claims Without Conveyance to Title (CWCOT) has a direct correlation to the FHA mortgage market. Foreclosed FHA loans fall into the CWCOT realm in various ways. The CWCOT program through the U.S. Department of Housing and Urban Development (HUD) has existed for upwards of 30 years but only recently has experienced resurgence in viability following the downturn of the foreclosure crisis. The program encourages third parties to buy assets at the courthouse steps instead of servicers having to convey the assets to FHA asset managers. With the goal being to slash the number of properties in HUD’s inventory, programs nationwide—like that of auction company ServiceLink Auction powered by Hudson & Marshall—offer brokers, agents, and investors an opportunity to access these newly foreclosed properties. Surging initiatives like these assist servicers by reducing loss severity and operational expenses related to the post-foreclosure process, all the while helping reduce the number of properties servicers must convey to HUD.The entire process can be simplified in three easy steps. First, a property goes into default and then goes into a foreclosure sale. Next, if the property isn’t sold at the sale, it reverts to the bank or the servicer. Finally, the  property then has an opportunity for a Second Chance sale with an auction vendor.Second Chance assets sold in the auction format are usually done via public auction in a ballroom or online. The auction environment truly broadens exposure from intimate settings to a full online presence with thousands of prospective bidders. The technology ensures that only properties that are cleared for sale are auctioned; buyers are automatically notified of postponements and cancellations. Investors can search specific areas to locate properties to purchase, and, as a result, the objective of successfully completing sales to third-party buyers and expanding buying opportunities is met.CWCOT assets go through two main steps in the selling process. First up is the foreclosure sale, or TPS (third-party sale), which is the sale at the courthouse steps. If the bidding instructions for a property were prepared under CWCOT guidelines at the foreclosure sale and it reverts to the bank at that sale, then the property is eligible for a program known as Second Chance. This is when an auction vendor gets involved. Servicers can use third-party auction vendors to help sell the properties in hopes of ridding the assets from their inventory. HUD wants the properties to sell so servicers don’t convey them back to HUD, which increases HUD’s inventory. HUD typically releases a haircut schedule—a discount on a state-by-state basis—that is applied to the appraisal value done at the time of foreclosure. Now buyers can purchase these properties in most states below market value. In some states, the haircut value increases once an auction vendor is involved. It is to the seller’s advantage to sell properties in Second Chance with the auction vendor so they can file their claim with HUD and don’t have to worry about getting the property in conveyance condition. Servicers run the risk of conveying a property to HUD and HUD then sending the property back to them because the property isn’t in conveyance condition. In this case, servicers aren’t always able to file their claim with HUD if they’ve already tried to convey the asset. Also, auction vendors will market the property and the servicers don’t have to pay for it. There is an auction fee involved, but the servicers can include that in their claim to HUD.Why They’re Not REOsCWCOT assets differ from regular REOs in various ways. While both are distressed foreclosed asset classes, the differences have made the CWCOT program hugely popular. REO properties are valued after the foreclosure date, typically using recent comparable properties to set pricing. Since there’s no chance of the GSE filing a claim for the property, this asset type is more like a retail property sale than a CWCOT asset. CWCOT properties have an appraisal completed at the time of the foreclosure sale, and the price for these properties is set using a predetermined amount based on the competitive or noncompetitive state haircut. While both programs sell on an as-is, where-is basis, CWCOT properties are sold with no back taxes or liens and with the foreclosure deed recorded for transfer to the new buyer. Unlike many government-backed REO sellers, CWCOT properties do not have a predetermined timeframe for properties to be flipped, making this program prime for investor clients. While the REO inventory continues to subside, the prime mortgage market strengthens, and the high number of FHA-backed mortgages becomes delinquent and foreclosed, the CWCOT inventory has, quite contrarily, continued to rise.  Going Back in Time About Author: Vlad Sedler Proactive and creative auction companies with a fine-tuned pulse for the market and the direction it’s headed can efficiently maintain CWCOT programs and help communities flourish in this ever-growing sector. Given healthier market conditions and the decrease of REOs nationwide, well-run CWCOT programs are currently the most efficient form of inventory disbursement and will be a viable program for years to come. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Headlines, Magazine Editor’s Note: This article was originally featured in the October issue of DS News, available now.  Print This Post Previous: Housing Peak Levels Then Vs. Now Next: Financial Committee Passes Regulatory Amendment Bills Home / Daily Dose / Stepping Up To CWCOTs October 13, 2017 2,184 Views Demand Propels Home Prices Upward 2 days ago Tagged with: cwcot HOUSING mortgage It’s been nearly a decade since our country’s financial crisis, the worst in our history since the Great Depression of the early 1930s. A confluence of events related to the subprime mortgage industry and the excessive risk-taking of banks turned our crisis into an international one. The main tipping points included fraudulent underwriting practices, capital markets worldwide creating capital liquidity through reduced interest rates, and loose credit conditions spiking homeownership rates nationwide among first-time buyers. Rising home values, ease of credit, and lenders having access to funds essentially led to the popping of the housing bubble and caused a massive uptick in foreclosures.  The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago cwcot HOUSING mortgage 2017-10-13 Vlad Sedler Share Save The Best Markets For Residential Property Investors 2 days ago Stepping Up To CWCOTs Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

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Credit Where Credit is Due

first_img Previous: Aspen Grove Solutions Collaborates With Lift Strategic Partners Next: Aspen Grove Solutions Appoints Mike Jurkovic as VP Business Services The Best Markets For Residential Property Investors 2 days ago Tagged with: Credit Scores FICO Joanne Gaskin VantageScore Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Federal Housing Finance Agency recently released a Request for Input seeking feedback about the possibility of changing the credit scores the GSEs requires lenders to use to evaluate borrowers. According to the FHFA’s press release, “The Enterprises currently use Classic FICO for product eligibility, loan pricing, and financial disclosure purposes.” The Request for Input seeks public comment on the possibility of allowing the GSEs to also let lenders use FICO 9 (an updated version of FICO’s original scoring algorithm) or VantageScore 3.0 (a rival model developed by credit reporting agencies Equifax, Experian, and TransUnion).Those critical of the GSEs’ current requirements claim that they bar millions of Americans from home ownership. According to a 2015 Consumer Financial Protection Bureau study, 26 million Americans do not have any credit record, and another 19 million have credit records considered unscorable due to insufficient credit history or a lack of recent credit history.DS News spoke with Joanne Gaskin, Senior Director, Scores and Analytics at FICO, about FICO’s methods, VantageScore, and what opening up the Enterprises’ credit standards would mean for mortgage and housing.Speaking of the GSEs’ exclusive use of FICO scores, VantageScore released a public statement that said, “Monopolies never benefit markets or consumers and they create the opportunity for pricing power unchecked by competition.” Could you talk about why you don’t think that is a fair characterization of the situation?Absolutely. The first thing that’s important to note is that FICO is not responsible for the sale, distribution, or pricing of the FICO scores. We use our distribution partners, which are Equifax, TransUnion, and Experian. So we do not exert pricing power, as we don’t have the ability to price directly in the marketplace. So keep in mind where the pricing power resides is with the bureaus who own VantageScore.That it’s exacerbated in the mortgage market, when you have a tri-merge requirement, meaning that each and every one of the credit bureau files are required for mortgage origination, if you’re delivering to Fannie Mae and Freddie Mac. They have unchecked pricing power associated with  both the credit report and credit scores. So we would say that the credit bureaus actually have a data monopoly. Fannie Mae and Freddie Mac owe no duty to FICO, we could be replaced at any time. But there’s not an opportunity to replace the data.Considering the proposed changes to change the GSEs’ credit reporting standards, do you think that there’s anything particularly unfair about those proposed changes, or is there a way that you can see to change those credit score requirements in an equitable way?FICO absolutely welcomes competition as you noted, but take a look at what the choices are. It’s one independent company and one company owned by the three credit bureaus. We would suggest that a fair competition is competition among other independent analytic firms. Because really, having a score that’s owned by the three bureaus isn’t adding to competition. Actually, it’s consolidating, or minimizing competition.Think for a moment, what might be the likelihood of another independent analytic firm gaining access to the credit bureau data to compete with VantageScore? I would suggest that FICO continues to exist as an independent firm because we’re trusted, and requested by the lenders.Has there been, as far as you know, any move to even consider doing something like that? Obviously they’re talking about opening and changing the credit score requirements, but has there been any discussion about actually bringing other independent organizations in, or has it just mainly been between FICO and VantageScore?The RFI itself just considers FICO and VantageScore as the two broad-based scores that have scores in each of the three repositories. What we’re hearing from folks is that the potential answer to creating more competition might reside in the question that was asked about the requirements for the tri-merge report.So, lenders are opining about the need to continue to purchase a tri-merge, as the data across the bureaus has become more similar. Years and years ago they were more regional in nature, and they’ve all moved to very broad, national scales. FICO doesn’t have a true opinion on this. We don’t have the data to say that the data looks the same across, but I think if you spoke to lenders that they might give you a perspective on that.Assuming that the GSEs did go forward and they allowed lenders to start using VantageScore 3.0, what do you think would be the impact on the housing and mortgage industries?We believe that there is a risk to the system because of their lack of minimum scoring criterion. The score will not have the same predictive strength as what we see for traditional FICO score. We likely would project poor performance on that population. We also think that there’s a risk to the system, which Director Watt has suggested, that if there are two scoring vendors in the marketplace allowing for choice among them, that there is this risk for what he refers to as “a race for the bottom.” The question is whether or not we will reward the most predicative score or the score that will qualify the most borrowers.We maintain our minimum scoring criterion, because it’s time-tested over the last 27 years, lenders trust us, and we’re used in 90 percent of lending decisions.What do you think are the biggest challenges of your job, and what do you wish more people understood about your job and about how FICO operates?That’s a great question. We would be thrilled if everyone understood one thing. That weaker credit scores do not expand access to credit. In fact, if a weaker score is adopted, it creates uncertainty. Uncertainty in the marketplace always leads to further credit tightening, and increased cost to the system. So, we say a weaker criterion negatively impacts consumers. Credit Scores FICO Joanne Gaskin VantageScore 2018-02-01 David Wharton February 1, 2018 2,486 Views Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: David Wharton Related Articles in Daily Dose, Featured, Government, Headlines, Journal, News Credit Where Credit is Due The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 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 Share Save Home / Daily Dose / Credit Where Credit is Due Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Subscribelast_img read more

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Drop-In Centers Working to Assist Hurricane-Impacted Texans

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Drop-In Centers Working to Assist Hurricane-Impacted Texans The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago It’s been six months since Hurricane Harvey made landfall in Texas, but many residents in the South Texas area are still trying to recover from the storm’s impact. Post-storm mortgage delinquencies spiked as affected homeowners missed payments or worked to repair damages to their homes. This week, Texas Gov. Greg Abbott announced that FEMA had allocated $1 billion for Texas coastal communities to put toward hazard mitigation against future storms, such as buying out flood-prone homes or repairing seawalls. But for many homeowners who watched their homes invaded by floodwaters, the recovery is much more personal, much more complicated, and often involves questions they simply don’t know the answers to.HOPE NOW Alliance, a nonprofit association of mortgage servicers and HUD-approved nonprofit housing counseling agencies, is working to help answer those questions. Partnering with the National Mortgage Servicing Association, HOPE NOW has announced it will be hosting a series of regularly scheduled drop-in center events where hurricane-affected residents can speak to professionals to learn how best to manage their own recovery and what resources are available to them.“The events are focused on key issues families are facing as they go through the rebuilding process so they can walk away with confidence and feeling supported on their next steps,” says Eric Selk, Executive Director of HOPE NOW Alliance.Participating mortgage servicers will include representatives from Ocwen, Wells Fargo, Mr. Cooper, Carrington, and Wells Fargo. Housing experts will include representatives from Fannie Mae, Texas Department of Insurance, and the FDIC.Attendees will receive insights into rebuilding options, available recovery and assistance programs, and how to spot and avoid scams. HOPE NOW has announced two such drop-in center events thus far:Tuesday, February 27, from 4 p.m. to 9 p.m. at the Kingwood Community Center located at 4102 Rustic Woods Drive, Kingwood, Texas, 77339Wednesday, February 28, from 4 p.m. to 9 p.m. at the Courtyard Marriott located at 25402 Katy Mills Parkway, Katy, Texas, 77494Ray Barbone, EVP Bank Operations, BankUnited and Chairman of the National Mortgage Servicing Association, says, “HOPE NOW was born out of the financial crisis as an alliance of mortgage market participants including servicers, counselors, investors and regulators. They played a vital role in assisting millions of borrowers with staying in their homes during the crisis. It is only natural that HOPE NOW extends that same assistance to the families and communities impacted by the devastation of Hurricane Harvey. The NMSA is honored to partner with HOPE NOW in support of those efforts to assist families in need.”For more information on HOPE NOW Alliance, click here to explore the official website.Editor’s note: Texas Windstorm Insurance Association was originally included in the lineup of participating organizations, but they will not be a part of the lineup for these events. floods HOPE NOW HOPE NOW Alliance hurricane harvey hurricanes National Mortgage Servicing Association NMSA 2018-02-15 David Wharton Share Save Tagged with: floods HOPE NOW HOPE NOW Alliance hurricane harvey hurricanes National Mortgage Servicing Association NMSA Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Drop-In Centers Working to Assist Hurricane-Impacted Texans Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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 February 15, 2018 1,971 Views in Daily Dose, Featured, Headlines, Journal, Loss Mitigation, News Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles About Author: David Wharton  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Previous: Freddie Mac Takes Q4 Hit Next: FEMA Aid for Some Displaced Puerto Ricans Running Out Subscribelast_img read more

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The Week Ahead: Treasury Budget Forecasts Potential Rate Changes

first_img  Print This Post Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton February 9, 2018 1,713 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Interest rates the week ahead U.S. Treasury Previous: Freddie Mac’s Loretta Ibanez: Innovating and Learning in a Fast-Fail Environment Next: Foreclosure Starts Continue to Dwindle Sign up for DS News Daily On Monday at 2 p.m. ET, the United States Department of the Treasury will release the latest Treasury Budget. This monthly accounting shows the Federal Government’s surplus or deficit at a given time, which is affected by factors such as taxation and spending—both of which have been in the news in a big way of late, thanks to the tax reform bill and recent Congressional budget battles. Bloomberg reports that the 10-year Treasury yield hit 2.88 percent this week, the highest percentage since January 2014. As succinctly explained by The Balance, “When Treasury yields rise, banks charge higher interest rates for mortgages. Investors in mortgage-backed securities then demand higher rates. They want compensation for the greater risk.”Speaking to reporters Thursday, Patrick Harker, President of the Federal Reserve Bank of Philadelphia, said, “Some participants that I’ve talked to have said, look, you know, they’re suddenly realizing that Treasury is going to be doubling the amount of debt issuance. I think that was not fully baked into some people’s thinking.”Here’s what else is happening in The Week Ahead.Cleveland Federal Reserve Bank President Loretta Mester speaking at the Dayton Area Chamber of Commerce Government Affairs Breakfast Series in Dayton, Ohio, Tuesday, 8 a.m. ETMBA Mortgage Applications, Wednesday, 7 a.m. ESTAtlanta Fed Business Inflation Expectations, Wednesday, 10 a.m. ETJobless Claims, Thursday, 8:30 a.m. ESTPhiladelphia Fed Business Outlook Survey, Thursday, 8:30 a.m. ETHousing Market Index, Thursday, 10 a.m. ETFed Balance Sheet, Thursday, 4:30 p.m. ESTHousing Starts survey Friday, 8.30 a.m. ETConsumer Sentiment, Friday, 10 a.m. ET 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 The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Week Ahead: Treasury Budget Forecasts Potential Rate Changes in Daily Dose, Featured, Headlines, News Home / Daily Dose / The Week Ahead: Treasury Budget Forecasts Potential Rate Changes Interest rates the week ahead U.S. Treasury 2018-02-09 David Wharton The Best Markets For Residential Property Investors 2 days ago Related Articles Subscribelast_img read more

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Why are Single-Family Rents Surging?

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News, Servicing Home / Daily Dose / Why are Single-Family Rents Surging? November 20, 2018 2,479 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Affordability CoreLogic HOUSING Molly Boesel Rent prices SFRI SIngle-family United States Bureau of Labor Statistics 2018-11-20 Donna Joseph One of the most defining traits of the American dream is homeownership. A continuous rise in rent prices is likely to be a driving force for many to pursue that dream. Moreover, the upsurge in rent prices over the past few months, especially in low-to-mid tier rentals is also likely to have a significant impact on the single-family rental market.The latest Single-Family Rent Index (SFRI) released by CoreLogic, has revealed that U.S. single-family rent prices increased 3.2 percent year over year in September 2018. However, rent price increases have slowed since reaching a peak of 4.2 percent in February 2016 and have remained stable over the past year with a monthly average of 2.9 percent. Among the 20 metro areas analyzed by CoreLogic, Phoenix had the highest year-over-year rent price increase at 6.6 percent followed by Las Vegas at 6.2 percent and Orlando at 6 percent for the first time this year. Low rental home inventory, depending on the demand, contributes to the growth of single-family rent prices, the analysis noted. The SFRI found that single-family rent prices climbed between 2010 and 2018. Rent prices of low-end rentals that cost less than 75 percent of the regional median rent increased 3.9 percent year-over-year in September 2018, down from 4.2 percent in September 2017. On the other hand, high-end rentals or properties with rent prices greater than 125 percent of a region’s median rent rose by 2.8 percent in September 2018, up from 1.9 percent in September 2017.Honolulu saw the lowest rent price increase in September at 0.3 percent. However, rent prices have continued to rise in Honolulu since May 2018 when the metro experienced its first rent price increase following seven months of decline, the analysis revealed. Detroit experienced the lowest employment growth in September 2018, which could be a factor in its low rent growth of 2.8 percent.“We’ve seen a slight uptick in rent prices over the past few months as strong employment growth continues,” said Molly Boesel, Principal Economist at CoreLogic. “The strength stems from the low-to-middle price tier, which has seen a monthly average growth of 3.2 percent since January 2018.”Stronger rent growth was experienced in metro areas such as Phoenix and Orlando with limited new construction, low rental vacancies, and strong local economies. Both areas recorded a high year-over-year rent growth in September on account of employment growth of 3.8 percent and 5.9 percent year-over-year respectively. Houston saw the second highest employment growth behind Orlando in September 2018 at 4.3 percent.  This is compared with the national employment growth average of 1.7 percent, according to data from the United States Bureau of Labor Statistics, the analysis stated.  The SFRI also noted that rent prices continued to increase in areas affected by last year’s hurricanes like the Houston metro area, with a growth of 3.3 percent year-over-year in September 2018, up from 1.1 percent in October 2017. Why are Single-Family Rents Surging? Previous: Gateway Introduces Down Payment Protection Program Next: An Update on California Wildfires  Print This Post The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Sign up for DS News Daily center_img Demand Propels Home Prices Upward 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago About Author: Donna Joseph Tagged with: Affordability CoreLogic HOUSING Molly Boesel Rent prices SFRI SIngle-family United States Bureau of Labor Statistics The Best Markets For Residential Property Investors 2 days ago Share Save 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 Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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OCC Chief Named Acting FHFA Director

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles FHFA Joseph Otting Melvin Watt OCC President Trump 2018-12-21 Donna Joseph Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago OCC Chief Named Acting FHFA Director Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Counsel’s Corner – The Importance of Fiscal Discipline Next: Ellie Mae Appoints New SVP of Enterprise Sales Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img About Author: Donna Joseph Home / Daily Dose / OCC Chief Named Acting FHFA Director The Best Markets For Residential Property Investors 2 days ago December 21, 2018 1,526 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, News Subscribe Tagged with: FHFA Joseph Otting Melvin Watt OCC President Trump Followed by the President’s announcement appointing him as the Acting Director of the Federal Housing Finance Agency (FHFA), Joseph Otting, the current OCC Chief, released a statement on Friday, expressing his thoughts on the new role.Speaking of his designation at FHFA, Otting said he looks forward to serving in this additional role until a permanent Director is confirmed and appointed. “I am honored that President Trump has named me Acting Director of the Federal Housing Finance Agency,” he said.Melvin Watt notified the White House of his departure on January 6, 2019—the end of his term as the current FHFA Director. Congratulating Otting on his new designation, Watt in his statement, said “I have served with Comptroller Otting as a member of the Financial Stability Oversight Council and both the OCC and FHFA have offices in the same building. The highly professional staff at FHFA and I look forward to working with him to ensure a seamless transition.”Otting will serve as Acting Director upon Watt’s departure, while concurrently carrying out his duties as Comptroller of the Currency, according to the statement.  “I want to thank outgoing Director Mel Watt for his long service to the country,” said Otting.“I look forward to continuing the vital work of the OCC to ensure the federal banking system operates in a safe, sound, and fair manner just as I look forward to leading the FHFA in its important roles overseeing the Federal Home Loan Bank System and conservator of Fannie Mae and Freddie Mac,” he added.Highlighting the work of OCC this year, Otting emphasized the progress made by the federal banking system in encouraging economic growth and creating jobs. He intends to continue that work into the new year by “modernizing the regulations implementing the Community Reinvestment Act, making Bank Secrecy Act compliance more efficient and effective, encouraging banks to provide customers more short-term small dollar credit options, and supporting responsible innovation in the federal banking system by beginning to accept national bank charter applications from fintech companies engaged in the business of banking.”In his statement, Otting pointed out that leading both the OCC and FHFA successfully would not be possible without the “quality staff and leadership at both agencies.” Share Save The Best Markets For Residential Property Investors 2 days ago Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] last_img read more

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The Cost of Household Renovations

first_img debt home renovation 2019-08-14 Mike Albanese 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 A new survey from Freedom Debt Relief reveals that 69% of homeowners with $10,000 in unsecured debt plan on renovating their homes in the next five years. Additionally, 60% of homeowners said they are unable to afford needed upgrades and are willing to go deeper into debt to fund the renovations. The survey states that 73% of homeowners planning renovations will finance the project with a debt-based financial product. Twenty-seven percent plan on paying in cash. Of those planning to renovate, 26% said they plan on spending more than $25,000 on renovations over the next five years. An additional 25% will spend between $5,000 and $10,000. Thirty-two percent of millennials plan to spend more than $25,000 on renovations, while Generation X homeowners plan on spending between $5,000 and $10,000. Payment options for these renovations vary, but 58% plan on using cash or savings to pay for projects. Also, 29% plan on using a Home Equity Loan, 28% plan on using a credit card, and 36% of millennials plan on using a credit card to fund their projects. While homeowners are willing to go further into debt to renovate their home, J.P. Morgan Chase reported that student debt, which has double to $1.5 trillion over the past decade, is the fastest growing household debt. “Although the financial returns from a higher education degree over a lifetime typically exceed the costs, roughly 22% of student loan borrowers are in default,” the report said. “As a result, some have framed the ‘student loan crisis’ as a crisis of student loan repayment rather than student loan debt.” Among the findings by J.P. Morgan Chase was that the average family pays a median of $179 per month in loans of take-home income in months with positive payments. Nearly a quarter of families spend more than 11% of their income on student loans. The study revealed that 44% of homebuyers who earn less than $50,000 annually make positive payments to their loan. That number increases to 52% for those earning between $50,000-$1000, and 63% for borrowers who make more than $100,000. The Cost of Household Renovations Demand Propels Home Prices Upward 2 days ago August 14, 2019 1,100 Views About Author: Mike Albanese Share Save Tagged with: debt home renovation Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News Demand Propels Home Prices Upward 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / The Cost of Household Renovations Previous: Capitalizing on the Single-Family Investment Market Next: Addressing Hispanic Homeownership Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 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. Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

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