Month: May 2021

  • DS News Webcast: Monday 1/27/2014

    first_img Previous: New CFPB Rules Create Stifling Credit Conditions Next: FDIC Marks Second Bank Collapse of 2014  Print This Post Related Articles Servicers Navigate the Post-Pandemic World 2 days ago in Featured, Media, Webcasts About Author: DSNews Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily While the housing market is still far from “normal,” it is inching that way, according to a report released Thursday from Zillow. Last year’s skyrocketing home price appreciation, frenzied demand from investors, and high tide of negative equity are all expected to subside somewhat this year, according to the real estate company.Nationally, home prices increased 6.4% year-over-year in the fourth quarter, but annual price gains are expected to fall to 4.8% by the end of this year. On a quarterly basis, prices rose 1.4% in the fourth quarter. However, some of the markets that posted the highest price gains last year are already slowing, which according to Zillow, is “a welcome sign in markets that risk crossing over into bubble territory as rising mortgage interest rates create affordability issues for homebuyers.”An estimated 44,000 homeowners received permanent loan modifications from mortgage servicers during the month of November under both proprietary servicer programs and the government’s Home Affordable Modification Program, HOPE NOW reports. While that total represents a 12% decrease from the 50,000 loan mods completed in October, the most recent data show a steeper 20 percent decline in foreclosure sales and a 17% decline in foreclosure starts between October and November.Eric Selk, executive director of HOPE NOW, stated, “As we approach the seven million mark for completed loan modifications, we remain convinced that the collaborative efforts of the industry, non-profits, government agencies and local community groups continues to make a positive impact on the nation’s housing market,” commented Eric Selk, executive director of the private-sector alliance of mortgage servicers, investors, mortgage insurers, and nonprofit counselors. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago DS News Webcast: Monday 1/27/2014 January 26, 2014 548 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago 2014-01-26 DSNews Is Rise in Forbearance Volume Cause for Concern? 2 days ago Home / Featured / DS News Webcast: Monday 1/27/2014 Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save The Best Markets For Residential Property Investors 2 days agolast_img read more

  • REO Cash Sales Share Rebounds From Seasonal Decline

    first_img in Daily Dose, Featured, News, REO Subscribe Share Save Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Cash Sales CoreLogic Home Sales REO Short Sales 2015-04-12 Brian Honea Tagged with: Cash Sales CoreLogic Home Sales REO Short Sales Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Lambert Announces Departure from Treasury’s Making Home Affordable Program Next: Lawmakers Ask CFPB to Delay Enforcement of TILA-RESPA Governmental Measures Target Expanded Access to Affordable Housing 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago April 12, 2015 1,059 Views After a slight dip in December likely due to seasonality, REO sales once again had a 60 percent cash sales share for January, according to CoreLogic’s January 2015 cash sales report released Thursday.Sixty percent of REO sales in January were cash sales, up from 58.4 percent in December – and a decline from 61.1 percent share from November. At the time, CoreLogic senior economist Molly Boesel noted the pattern of November-to-December declines in REO sales cash sales share every year since 2010, indicating that seasonality was likely responsible for the decrease. Boesel predicted that the REO cash share had the potential to raise back up close to 60 percent by the end of the year – which it did in January, reaching exactly 60 percent.As has historically been the case, REO sales had the largest cash sales share in January. Re-sales had the second-largest cash sales share at 38.5 percent, followed by short sales (34.5 percent) and newly-constructed homes (17.3 percent), according to CoreLogic.While the percentage of REO sales that were cash sales took a hike in January, so did the percentage of all home sales that were REO sales – from 8.8 percent in December up to 9.9 in January – again back up very close to November’s total of 10 percent. Still, REO sales had a small influence on overall cash sales, which made up 38.9 percent of all home sales in January – marking the 25th consecutive month of year-over-year declines. The cash sales share of total home sales prior to the housing crisis averaged 25 percent; CoreLogic estimates that if the share continues to decline at its current pace, it will fall below 25 percent around the middle of 2018. In January 2011 at the height of the foreclosure wave, when cash sales reached their peak, REO sales made up 23.9 percent of all home sales. About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago REO Cash Sales Share Rebounds From Seasonal Decline Related Articles Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / REO Cash Sales Share Rebounds From Seasonal Declinelast_img read more

  • Did Dodd-Frank Achieve Its Stated Goal of Ending ‘Too Big to Fail’?

    first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Dodd-Frank Act still allows the Fed to make some of the same emergency lending programs used in the aftermath of the 2008 crisis despite the legislation’s stated purpose of ending such bailouts, according to a study by Norbert J. Michel, Research Fellow in Financial Regulations, the Institute for Economic Freedom and Opportunity at the Heritage Foundation.Michel called the fact that the Fed is still allowed to make such emergency lending “perhaps the biggest mistake of Dodd-Frank.””Congress should restrict the Fed to providing system-wide liquidity on an ongoing basis,” Michel said. “The Fed does not need emergency lending authority to conduct monetary policy.”The purpose of Title XI of Dodd-Frank as stated was to restrict the Fed’s emergency lending ability, thus protecting taxpayers from future bailouts. Title XI essentially forces the Fed to adhere to the classic prescription of the lender of last resort (LLR) policy developed by longtime editor of The Economist Walter Bagehot in the 19th century. The classic LLR policy is characterized by two norms: The central bank should prevent panic-induced contractions of the economy’s supply of money, and the central bank should provide short-term, high-interest loans to solvent institutions that provide good collateral.”Congress should restrict the Fed to providing system-wide liquidity on an ongoing basis.””[T]he central bank ensures that the entire banking system has enough liquidity (base money) to prevent a panic from spreading to the broader economy,” Michel wrote. “However, the classic prescription made clear that a central bank had no duty to save specific firms. To avoid sustaining insolvent private banks, the central bank was to provide temporary, high-interest-rate loans only to borrowers who could post sound collateral.”The Fed carries out the role of LLR for the U.S. economy through three functions: emergency lending, discount window loans, and open market operations. Broad-based emergency lending programs resulted in the Fed lending a total of $16 trillion during the 2008 financial crisis, which is a type of lending that perpetuates the too big to fail problem, Michel said. Despite this, Dodd-Frank allows the Fed to conduct that type of lending.””Congress should restrict the Fed to providing system-wide liquidity on an ongoing basis,” Michel said. “Emergency lending authority is unnecessary for conducting monetary policy.”To achieve this, Michel said Congress should:Revoke Section 13(3) of the Federal Reserve Act, which authorizes the Fed to lend to “any participant in any program or facility with broad-based eligibility” in “unusual and exigent circumstances.”Close the Fed’s discount window, which is a “relic of the Fed’s founding and is no longer necessary,” according to Michel.Improve system-wide liquidity by replacing the primary dealer system, which currently requires the Fed to depend on a small number of large firms, thus reinforcing the tag of “systemically important.”End the FDIC’s authority to provide guarantees. The FDIC used its systemic risk exception contained in Section 13(3) of the Federal Reserve Act to guarantee hundreds billions of dollars worth of loans immediately after the 2008 crisis. Michel said the systemic risk exception should be eliminated.Retain and expand key Dodd-Frank transparency improvements, such as the provision that authorizes the Government Accountability Office (GAO) to audit the Fed’s emergency lending programs and requires the Fed to post the results of key GAO audits on its website.”Little evidence suggests that Federal Reserve emergency lending to individual institutions is either necessary or proper, but such lending clearly politicizes the Fed’s monetary policy,” Michel wrote. “Merely restricting the Fed’s emergency lending leaves intact the notion that the Fed should bail out firms—a dangerous view, to say the least. Title XI of Dodd–Frank failed to end the too-big-to-fail problem largely because it retained this belief.”Click here to read the entire study. About Author: Brian Honea Demand Propels Home Prices Upward 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. Previous: The MReport Webcast: Wednesday 9/30/2015 Next: Elizabeth Warren Leads Protest of Agency NPL Practices Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Tagged with: Dodd-Frank Federal Reserve Government Bailouts Too Big to Failcenter_img Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago September 29, 2015 1,239 Views Share Save Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Did Dodd-Frank Achieve Its Stated Goal of Ending ‘Too Big to Fail’? Dodd-Frank Federal Reserve Government Bailouts Too Big to Fail 2015-09-29 Brian Honea The Best Markets For Residential Property Investors 2 days ago Did Dodd-Frank Achieve Its Stated Goal of Ending ‘Too Big to Fail’? Subscribelast_img read more

  • Jerome Powell on Banking Regs: ‘I Think They’re Tough Enough’

    first_img Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Subscribe About Author: David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days ago During a lengthy session Tuesday morning before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Jerome Powell faced intense questioning from both sides of the aisle about his nomination as Fed Chair. Topics ranged from Powell’s philosophy on deregulation, to interest rates and shrinking the size of the Fed’s balance sheet, to the potential effects of tax reform. If confirmed, Powell would replace Janet Yellen, who announced her retirement from the Fed’s Board of Governors in early November, following Powell’s nomination as Fed Chair by President Trump.Senator Sherrod Brown (D-Ohio) praised Powell personally, but leveled harsh words at the current administration’s focus on deregulation, criticizing what he called “collective amnesia about what happened 10 years ago.”Later in the session, Powell said that he would “not characterize what we’re doing as deregulation.” Instead, he emphasized the importance of looking back over the various regulations and legislation instituted since the 2008 financial crisis and making sure it still makes sense. In response to questioning by Senator Elizabeth Warren (D-Massachusetts), who asked if Powell believed there were any regulations that needed to be stronger, Powell said, “Honestly, Senator, I think they’re tough enough.”Powell said the Fed would continue to err on the side of caution, but added that “it doesn’t help anyone for banks to waste money.”Instead, Powell highlighted the importance of tailoring regulations to the size and importance of the institution in question, with a decrease in intensity and stringency for smaller and regional banks. However, Powell pointed out that “Fundamentally, size is only one indicator of the riskiness of a firm and the possibility of it damaging the financial system through its failures.”Powell said he was in favor of exempting banks worth less than $10 billion from the Volker Rule, which limits risky trading by U.S. banks.On the subject of the Fed’s balance sheet, Powell said he would work to continue shrinking it, although he conceded that it will remain considerably larger than before the financial crisis, and that it will consist mostly of Treasury securities. As securities mature, they would continue to be allowed to “roll off passively,” and Powell predicted an eventual balance sheet total of between $2.5 and $3 trillion. He said he believed this “new normal” could likely be achieved within three to five years. Much would rely, however, on “the public’s demand for cash and banks’ demand for reserves.”When asked about housing reform by Senator Michael Crapo (R-Idaho), Powell agreed that it was an important priority, calling it a “highly important piece of unfinished business from the financial crisis.”Powell was repeatedly asked about the implications of the Senate’s tax bill, but Powell insisted that the Fed would react to any such legislation once it is passed. “Our responsibility is to carry out the mandate [Congress has] given us,” Powell said. “I don’t believe you don’t rely on us to score fiscal proposals.” When pressed throughout the session, Powell said he believed in focusing on the “sustainability of our fiscal path in the long run.”Powell said, under his leadership, the Fed would at least consider raising interest rates in the near term. “Conditions are supportive of doing that,” said Powell, but he declined to make any specific commitments on the subject.When asked about his impressions of the current administration by Democratic senators such as Warren and Brown, Powell said that none of his interactions had given him concerns that the independence of the Fed would be in question under President Trump. Powell said the administration would be free to voice its opinions on matters, but it was better for the Fed “not to look at the politics of things.”Senator Jack Reed (D-Rhode Island) asked Powell about how the Fed would respond to ongoing cybersecurity concerns, and Powell pinpointed cybersecurity as “maybe the single most important risk to our financial institutions.” However, he said there are no easy answers in this area, and constant diligence is required. “There can never be any sense of ‘mission accomplished’ there,” Powell said.The Senate Banking Committee wrapped up the session by calling for Senators to submit any further questions they had for the record by Friday, December 1, at noon. The Committee asked for Powell’s responses to those questions to be submitted by Monday, December 4, at 10 a.m. Tagged with: Fed fed chair Jerome Powell Senate Banking Committee Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Legal Perspective: Untangling What Having Two Acting Directors of CFPB Means Next: Republican Tax Bill Passes Senate Budget Committee  Print This Post Fed fed chair Jerome Powell Senate Banking Committee 2017-11-28 David Wharton in Daily Dose, Featured, Government, Journal, News Jerome Powell on Banking Regs: ‘I Think They’re Tough Enough’ The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Jerome Powell on Banking Regs: ‘I Think They’re Tough Enough’ November 28, 2017 2,296 Views 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] last_img read more

  • West Remains the Most Expensive Region to Buy a Home

    first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Tagged with: expensive Home Prices HOUSING Housing Market Indices Inventory Mortgage Rates Prices S&P CoreLogic Case-Shiller Home Price Index S&P Global The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago 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. Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Previous: Lawmaker Proposes Zero-Interest Mortgages to Fight Student Debt Next: Powell Doubles Down on “Further Gradual” Interest Rate Hikes About Author: Radhika Ojha expensive Home Prices HOUSING Housing Market Indices Inventory Mortgage Rates Prices S&P CoreLogic Case-Shiller Home Price Index S&P Global 2018-02-27 Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago Home prices continued their upward climb over the last 12 months, ending 2017 with a growth of 6.3 percent according to the December 2017 data on the S&P CoreLogic Case-Shiller National Home Price Index that was released by S&P Global on Tuesday.“Home prices capped the year on a high, reflecting 2017’s favorable economic conditions which were characterized by strong consumer fundamentals such as job growth and low unemployment. Demand also grew with mortgage rates in December holding below 4 percent despite a mid-month interest rate hike by the Federal Reserve,” said Cheryl Young, Senior Economist at Trulia.However, these numbers could also herald another tough home-buying season as inventory remains scarce going into 2018. “The stage is set for another tough home buying season. Starter home buyers will again bear the brunt of frustration as affordability remains out of reach, exacerbated by mortgage rates marching upwards to usher in 2018,” Young said.According to the data, Western U.S. remained the hottest housing market, with Seattle, Las Vegas, and San Francisco reporting the highest year-over-year gains among the 20 cities covered under the index’s 20-City Composite.Though the overall 20-City Composite posted a 6.3 percent year-over-year gain, slightly down from 6.4 percent in the previous month, Seattle posted a 12.7 percent year-over-year increase in home prices—leading the market for home prices. Seattle was followed by Las Vegas which showed an 11.1 percent increase, and San Francisco with a 9.2 percent increase in home prices.“Seattle and Las Vegas had the fastest growing prices for the second month in a row and continued their double-digit growth in December. Prices are up throughout the country, but these two markets are seeing the growth that’s almost double the U.S. average,” said Joe Kirchner, Senior Economist at Realtor.com. “This year, we could see Las Vegas taking the top spot from Seattle in the 20-City composite.”center_img The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / West Remains the Most Expensive Region to Buy a Home Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago West Remains the Most Expensive Region to Buy a Home Related Articles February 27, 2018 2,037 Views Subscribelast_img read more

  • When Income Isn’t Enough for Homeownership

    first_img in Daily Dose, Featured, Market Studies, News Homeownership Housing Market mortgage Mortgage Access Self-Employed Urban Institute 2019-01-15 Krista Franks Brock Self-employment may provide some professionals a sense of freedom and control they may not feel in full-time salaried positions; but when it comes to purchasing a home, these professionals may have fewer options than their salaried counterparts.In the years leading up to the Great Recession, self-employed households had higher homeownership rates than salaried households; but today the tables have turned, according to new research from the Urban Institute.The housing crisis took a greater toll on self-employed households than on salaried households. Homeownership and mortgage use fell more among the self-employed than among those earning regular salaries, according to the research.“The mortgage market is not adequately meeting the lending needs of self-employed households,” stated Karan Kaul and Laurie Goodman in a blog post on the Urban Wire.With 8.5 percent of all U.S. households headed by a self-employed professional, the researchers stated, “self-employed Americans are too large a segment of the economy to be left behind in mortgage access.”Looking back, we see that the self-employed households had higher incomes, higher homeownership rates, and identical mortgage use rates to salaried homeowners. The housing crisis caused a shift the self-employed haven’t fully recovered from.Between 2001 and 2007, the median income for self-employed households was $71,800, compared to $55,300 for salaried households. While incomes of salaried households are nearly back to their 2007 levels, self-employed households have not recovered as much ground.Over the same time period, from 2001 to 2007, self-employed households had a homeownership rate of 79.2 percent, a notable 13.4 percentage points higher than that of salaried households.As of 2016, that gap narrowed to 10.2 percentage points, and the homeownership rate for the self-employed was 72.9 percent.Also, while mortgage use declined for both salaried and self-employed households, the Urban Institute found that it has declined more among self-employed households.In 2007, 80 percent of both salaried and self-employed homebuyers obtained a mortgage loan. As of 2016, 74 percent of salaried homebuyers used a mortgage compared to just 67 percent of self-employed buyers. That’s a 13 percentage point drop for self-employed compared to a 6 percentage point drop for salaried buyers.While the researchers do not have data on how self-employed homebuyers who do not obtain a mortgage finance their homes, Kaul said in an email, “One possibility is they are wealthy self-employed folks (restaurant or gas station owners types) who may not need to borrow.”While lower incomes might account for some of the drops in homeownership and mortgage use among the self-employed, the researchers point out that even when taking a look at just higher-income households, mortgage use has declined more for self-employed buyers than for salaried buyers. Comparing 2007 to 2016, mortgage use is down 5 percentage points for salaried homeowners earning more than $70,000 per year and down 9 percentage points for self-employed owners in the same income bracket.The culprit, according to the researchers, is “tougher mortgage availability or requirements” faced by self-employed homebuyers when applying for mortgage loans.“Absent major changes to mortgage eligibility rules, the homeownership gap between salaried and self-employed households will likely persist or even widen in the coming years,” Kaul and Goodman said. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago When Income Isn’t Enough for Homeownership Demand Propels Home Prices Upward 2 days ago About Author: Krista Franks Brock Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Related Articles Previous: A Volatile Q4 for Big Banks Next: Rents vs. Home Pricescenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago January 15, 2019 3,255 Views Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 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. Tagged with: Homeownership Housing Market mortgage Mortgage Access Self-Employed Urban Institute Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / When Income Isn’t Enough for Homeownership Sign up for DS News Daily Subscribelast_img read more

  • Freddie Mac’s $307M Non-Performing Loan Auction

    first_img About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Freddie Mac’s $307M Non-Performing Loan Auction Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News, Secondary Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: FHFA Freddie Mac Non-Performing Loans Demand Propels Home Prices Upward 2 days ago FHFA Freddie Mac Non-Performing Loans 2019-05-14 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 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. Related Articles Home / Daily Dose / Freddie Mac’s $307M Non-Performing Loan Auctioncenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post May 14, 2019 4,498 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Freddie Mac announced the completion of its auction of 1,789 non-performing residential first lien loans (NPLs) from its mortgage-related investments portfolio on Tuesday. The loans totaled around $307 million, and are currently serviced by NewRez LLC, doing business as Shellpoint Mortgage Servicing. The transaction is expected to settle in July 2019.The winning bidders across the three pools include InSolve Global Credit Fund IV, L.P. for the first pool, and Elkhorn Depositor LLC for the second and third pool.Freddie Mac’s NPL sale is part of the FHFA’s three strategic goals as conservator of the Enterprises, including maintaining foreclosure prevention activities and credit availability, reducing taxpayer risk, and building a new single-family securitization infrastructure.As part of the Federal Housing Finance Agency’s (FHFA) effort to build a single security platform, Common Securitization Solutions, LLC along with Fannie and Freddie are to implement the Single Security Initiative on the Common Securitization Platform for both Fannie Mae and Freddie Mac in the Q2  2019. As part of this implementation Freddie Mac recently announced that its Investor Reporting Change Initiative (IRCI) will revise Single-Family investor reporting requirements, beginning in May 2019, including moving the investor reporting cycle from mid-month to end-of-month and updating remittance cycles. The FHFA’s 2018 Scorecard Progress Report details these major GSE activities.Freddie Mac states that it is making the changes to promote alignment and industry standards for the Uniform Mortgage Backed Security. In March, the Federal Housing Finance Agency (FHFA) issued a final rule that requires Fannie Mae and Freddie Mac to align programs, policies, and practices that affect the cash flows of “To-Be-Announced” (TBA)-eligible Mortgage-Backed Securities. The agency statement indicated that this is a major step forward. “This rule demonstrates FHFA’s commitment to the success of the UMBS, which will promote liquidity and efficiency in the secondary mortgage market,” said Joseph Otting, FHFA Acting Director. Previous: App Connects Investors With Foreclosure Auctions Next: Foreclosure Rates Continue to Decline Sign up for DS News Daily Share Savelast_img read more

  • Housing’s Great Recession Recovery: Strength in the West

    first_img January 22, 2020 1,324 Views The Best Markets For Residential Property Investors 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Housing’s Great Recession Recovery: Strength in the West Home / Daily Dose / Housing’s Great Recession Recovery: Strength in the West Share Save Tagged with: default Home Prices HOUSING non-current Previous: Foreclosures Expected to Rise in New York Next: Strength in Housing Causes Decline in Financial Stress Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago default Home Prices HOUSING non-current 2020-01-22 Seth Welborn  Print This Post According to new data, the West is reporting some of the strongest improvements to its housing markets, as indicated by dropping delinquencies and foreclosures as well as increased home prices in certain regions. SmartAsset’s findings revealed that the western part of the U.S. fared far better than other American regions following the Great Recession, with the top five metro areas posting the best recoveries all being located in Idaho, California, Washington, and Colorado.These Western states have all posted the lowest volumes of foreclosures and delinquencies, with Colorado still holding the lowest rate at 1.74%, down from November’s rate of 1.81% according to Black Knight’s First Look at December 2019 data.Among these top five Western regions, which included Boise, San Francisco, San Jose, Seattle, and Denver, each experienced a doubling of their HPIs since their lowest points during the recession. Alongside drops in HPI, the states with the fastest-growing HPIs have also seen their delinquency rates foreclosure-related activity drop.Home prices, meanwhile, fell 33% nationwide between the period of April 2006 and March 2011. The data reveals that even though home prices have indeed begun to rise since this low point, the uptick has not occurred at the same pace throughout the nation.On the opposite end of the spectrum, the five regions where the housing market fared the worst were located on the East Coast. This category was comprised of Hartford, New Haven, Bridgeport, Camden, and Albany. More alarming, four of these areas have not yet fully recovered from the recession. Adding to this somewhat gloomy news is the report that these four are not alone in the struggle to revive, as the study showed that almost 25% of the metro areas have also not yet fully recovered from the depression doldrums, with housing prices in 21 of the 100 largest metro areas having failed to reach pre-recession amounts. Sign up for DS News Daily Subscribe Andy Beth Miller is an experienced freelance editor and writer. Her main focus is travel writing, and when she is not typing away from her computer at her home in the Hawaiian Islands, she is regularly roaming the world as a digital nomad, and loving every minute of it. She has been published in myriad online and print magazines, is a fan of all things outdoors, and finds life (and all of its business, technological, and cultural facets) fascinating in their constant evolution. She is excited to spectate as the world changes, and have a job that allows her to bring a detailed account of those constant shifts to her readers at home and abroad. About Author: Andy Beth Miller Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News 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 agolast_img read more

  • The Industry Pulse: Keeping Servicers Updated

    first_imgSign up for DS News Daily Title & Abstract Agency of America has announced the promotion of Ingrid Coulon to West Coast Florida Sales Manager. In her new role, Coulon will direct, plan, and manage the regional staff and operations continuing the agency’s growth while maintaining a positive work environment. In addition to regional oversight, Coulon is also responsible for managing client relationships and new business development for the region. With her promotion, the agency is looking to grow the team and hire more account executives to build and support Coulon’s successes.“Ingrid Coulon created a successful market as an account executive over the last six years. Using her focus on customer service and social media expertise, she’s built meaningful relationships in the marketplace,” says Tom Paschen, SVP, Director of National Title Operations, “with her dedication to provide superior service and see projects to completion, Ingrid represents the tradition of performance excellence that is central to our management style, and the secret to our success.” Tagged with: industry pulse in Daily Dose, Featured, News Previous: Earthvisionz Launches COVID-19 Alert System Next: SFR Investment Poised for Growth Subscribe The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 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. LERETA, LLC, a provider of real estate tax and flood services for mortgage servicers, has increased the frequency of its tax agency updates in preparation for the upcoming tax cycles. This daily information will help servicers provide their customers with crucial payment updates. LERETA is also providing daily updates on its outsourcing operations and any potential effects on its customers.“We believe in standing together during this uncertain time,” said LERETA CEO John Walsh. “My commitment to our company is to safely and positively lead our teams. My commitment to our clients is to provide you as much information as possible to keep you informed of the impacts to our industry during this pandemic.“We are surveying agencies every day to understand their ability to process incoming payments and support research requests while also determining any possible due date changes as a result of the current environment.”_____ Servicers Navigate the Post-Pandemic World 2 days ago Earthvisionz has created a COVID-19 alert for people who have to be on the move in spite of the risk posed by the global pandemic.“We’re really a decision-support platform, and we pull in all kinds of live data and map it,” Jeff Schott, Co-Founder and President of Earthvisionz said. “We’ve got alerts for every imaginable kind of disasters and weather event, everything from floods and hurricanes and wildfires to things like smog alerts and reverse 911 alerts. This pandemic became the ultimate risk — like, ever. We have more than 140 alert types, and the coronavirus was a natural addition, so we just integrated it.”The Earthvisionz team began working on the coronavirus alerts in early March and had them operational two weeks later, Schott said.“We picked up a number of data feeds from mainly Johns Hopkins University in Baltimore,” he said. “They’re tracking the number of cases, number of deaths globally, and putting that on a map. We are displaying the Johns Hopkins map and also taking the data feed and displaying that information on our map command center.”_____ Related Articlescenter_img Demand Propels Home Prices Upward 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago industry pulse 2020-04-16 Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / The Industry Pulse: Keeping Servicers Updated Data Provider Black Knight to Acquire Top of Mind 2 days ago April 16, 2020 762 Views Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn The Industry Pulse: Keeping Servicers Updatedlast_img read more

  • FHFA, FHA Extends Foreclosure, Eviction Moratoriums

    first_img Demand Propels Home Prices Upward 2 days ago 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  Print This Post Foreclosure and eviction moratoriums backed by Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA) have been extended to June 30. Deadlines for all foreclosure and eviction moratoriums were set to expire on Sunday. “During this national health emergency, no one should be forced from their home,” said FHFA Director Dr. Mark A. Calabria. “Extending the foreclosure and eviction moratoriums protects homeowners and renters with an Enterprise-backed mortgage and provides certainty for families.”The FHA announced that it would halt all new foreclosure actions and suspend all foreclosure actions currently in process, excluding legally vacant or abandoned properties. Also, the Administration will cease all evictions of persons from FHA-insured Single Family properties, excluding actions to evict occupants of legally vacant or abandoned properties.“We made it clear at the beginning of this pandemic that no American should have to worry about losing their home amidst a crisis. Today’s announcement ensures that commitment,” said U.S. Department of Housing and Urban Development (HUD) Secretary Dr. Benjamin Carson. “While we have made great strides in fighting this virus, the fact remains that many Americans are still struggling as we work diligently to get our economy back on sound footing, which I have full confidence we will do through the leadership of the President.”HUD Deputy Secretary Brian Montgomery said for the more than 8.1 million single-family homeowners with FHA-insured mortgages who need assistance, “our highest priority is to ensure that they have the time through the foreclosure moratorium, and the assistance they need” to remain in their homes. “At the same time, extending our policy flexibilities will ensure that affordable FHA-insured mortgage financing continues to remain available to support first-time and other homebuyers, and the Nation’s housing market,” Montgomery said. This comes just 24 hours after the FHFA said the GSEs debuted new payment deferral options for borrowers, saying for those who are able to return to making their monthly payment, they now have the ability to repay their missed payments at the time the home is sold, refinanced, or at maturity. Servicers will begin offering deferral payment options beginning July 1, 2020. The FHFA and the GSEs, in response to COVID-19, allowed borrowers facing financial hardship to go into mortgage forbearance programs—a pause or reduction in their monthly payments. As of May 7, nearly 4.1 million homeowners are in forbearance plans, representing 7.7% of all active mortgages, according to the latest forbearance data from Black Knight.They account for $890 billion in unpaid principal and include 6.4% of all GSE-backed loans and 11% of all FHA/VA loans. At today’s level, mortgage servicers need to advance a combined $4.5 billion/month to holders of government-backed mortgage securities on COVID-19-related forbearances. Another $2.1 billion in lost funds will be faced each month by those with portfolio-held or privately securitized mortgages (some 7.2% of these loans are in forbearance as well).However, on Wednesday, Democratic Presidential candidate Joe Biden said during an interview that there should be mortgage and rent forgiveness—across the board—during the COVID-19 pandemic, according to multiple reports. “There should be rent forgiveness and there should be mortgage forgiveness now in the middle of this crisis. Forgiveness. Not paid later, forgiveness,” he said, according to a Vanity Fair transcript of an interview the former Vice President gave on Good Luck America, Snapchat’s daily political show. “It’s critically important to people who are in the lower-income strata.” About Author: Mike Albanese May 14, 2020 3,575 Views FHFA, FHA Extends Foreclosure, Eviction Moratoriums Tagged with: Coronavirus Evictions FHFA Foreclosure housing market 2020 Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 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. Share 2Savecenter_img Home / Daily Dose / FHFA, FHA Extends Foreclosure, Eviction Moratoriums The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Subscribe in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Coronavirus Evictions FHFA Foreclosure housing market 2020 2020-05-14 Mike Albanese Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Biden on Rent, Mortgage Payments: ‘Not Paid Later, Forgiveness’ Next: DS5: Challenges in Property Preservation Servicers Navigate the Post-Pandemic World 2 days agolast_img read more