Month:

May 2021

HUD to Host Conference to Discuss Furthering Fair Housing Initiatives

first_img 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 Disparate Impact Fair Housing Fair Housing Initiatives Program HUD 2015-08-26 Brian Honea Home / Daily Dose / HUD to Host Conference to Discuss Furthering Fair Housing Initiatives Governmental Measures Target Expanded Access to Affordable Housing 2 days ago HUD to Host Conference to Discuss Furthering Fair Housing Initiatives Servicers Navigate the Post-Pandemic World 2 days ago Share Save Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Obama Administration’s recent housing policies indicate that it is more serious about achieving equality in housing than any recent administration, and many of the key participants in the push for fair housing will be convening in Washington, D.C. next month to further discuss the issues.HUD will be hosting a fair housing conference, “A Call to Advance Housing Rights and Opportunities,” from September 1 to 3 at the Department’s headquarters. Guest speakers will include HUD Secretary Julián Castro, U.S. Sen. Tim Kaine (D-Virginia), U.S. Attorney General Loretta Lynch, Leadership Conference on Civil and Human Rights President and CEO Wade Henderson, and former U.S. Vice President Walter Mondale, who as a Senator in Minnesota co-sponsored the landmark Fair Housing Act in in 1968.According to HUD, approximately 350 fair housing lenders from across the country will convene at the conference to discuss such topics as HUD’s recently finalized Affirmatively Furthering Fair Housing rule, the U.S. Supreme Court’s recent ruling that disparate impact claims will be allowed under the Fair Housing Act, residential segregation, lending discrimination, and the intersection of climate justice and fair housing.”And, it preserves a longstanding and important method for challenging and eliminating those practices and continuing the work to end discrimination in housing.”The mandate for the AFFH, which was finalized in July to help further fair housing in HUD-funded communities, existed in the original Fair Housing Act in 1968, according to USC Bedrosian Center on Governance Director and former HUD assistant secretary Raphael Bostic. But there was a need for the AFFH because “it wasn’t getting communities to be reflective about how they were investing in their communities to make sure people were moving forward, it wasn’t sparking the types of discussions and conversations that would get a deeper awareness of the challenges that still exist in communities, and it wasn’t leading to creativity in finding solutions so that segments of the population weren’t being left behind.”The U.S. Supreme court ruled in June by a slim 5-4 majority that disparate impact claims, which are claims based on neutral practices that have a discriminatory effect, are allowable under the Fair Claims Act. The White House issued a statement saying the Court’s ruling, “reflects the reality that discrimination often operates not just out in the open, but in more hidden forms. And, it preserves a longstanding and important method for challenging and eliminating those practices and continuing the work to end discrimination in housing.”The conference is also part of the celebration of the 50th anniversary of HUD, which began in 1965, About Author: Brian Honea  Print This Post Demand Propels Home Prices Upward 2 days agocenter_img August 26, 2015 1,227 Views in Daily Dose, Featured, Government, News Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: DS News Webcast: Thursday 8/27/2015 Next: GDP Growth Rises to 3.7 Percent for Second Q2 Estimate, But is the News All Good? Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Disparate Impact Fair Housing Fair Housing Initiatives Program HUD Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Subscribelast_img read more

Prominent Economists Contend Now Is Not the Time for a Fed Lift-Off

first_imgHome / Featured / Prominent Economists Contend Now Is Not the Time for a Fed Lift-Off Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Federal Funds Target Rate Federal Reserve Kaushik Basu Larry Summers U.S. Economy World Bank 2015-09-09 Brian Honea in Featured, Government, News Servicers Navigate the Post-Pandemic World 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Sign up for DS News Daily  Print This Post Previous: Former Nomura RMBS Traders Charged With Conspiracy and Fraud Next: U.S. Rep. Duffy Says Financial Reform Attempts Have Failed America Share Save Demand Propels Home Prices Upward 2 days ago September 9, 2015 973 Views Demand Propels Home Prices Upward 2 days agocenter_img Is Rise in Forbearance Volume Cause for Concern? 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Federal Funds Target Rate Federal Reserve Kaushik Basu Larry Summers U.S. Economy World Bank The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Subscribe Servicers Navigate the Post-Pandemic World 2 days ago 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 Prominent Economists Contend Now Is Not the Time for a Fed Lift-Off While the Federal Reserve has sent mixed signals regarding whether or not it will raise the federal funds target rate at its September meeting next week, two prominent economists said on Wednesday that it would be a mistake for the Fed to raise rates at this time.Kaushik Basu, Chief Economist for World Bank, said on Wednesday that the U.S. central bank should delay a rate hike until the global economy stabilizes. Basu said it would have negative consequences if the Fed raises rates now due to economic uncertainty in China and the effect it has on global markets. He told Financial Times that a September Fed lift-off would create a “major crisis” but said he believes it will cause some “immediate turbulence.”Meanwhile, former World Bank economist, Harvard president, U.S. Secretary of Treasury, and director or the U.S. National Economic Council Larry Summers wrote on his blog Wednesday that the Fed has to do what is “often hardest for policy makers. Stand still.” Summers said the market currently estimates the chance of a rate hike at 34 percent and stated that “the case against a rate increase has become somewhat more compelling even than it looked two weeks ago,” at which time stock market turbulence cause Summers to remark that it would be a “serious mistake” for the Fed to raise rates in September.”If on the other hand, some portion of these fears are warranted and the Fed tips towards tightening, it risks catastrophic error.”Basu said a September rate hike by the Fed could result in a “shock” and subsequently result in a new crisis in emerging markets, since it would come back on increasing concerns over the Chinese economy which have grown since a currency devaluation by Beijing in August. If the Fed raises rates, Basu contends, it would lead to sharp swings in the currencies of emerging economies and that the strengthening of the dollar could be a hindrance to U.S. economic growth.“The world economy is looking so troubled that if the US goes in for a very quick move in the middle of this I feel it is going to affect countries quite badly,” Basu said.Summers brings up five salient points as to why he believes the case for a September lift-off has become less compelling:The markets have already tightenedSoft data flow, including slow employment growth and falling commodity prices, seem to suggest that the U.S. and global economies are slowing and that inflationary pressures are reducedThe argument as to why there should be concern about inflation breaking out is weakArguments that the Fed can raise rates by 25 basis points without committing to a series of increases are “specious”; if a 25bp increase will have little effect on the economy, what is the case for raising rates?Conventional wisdom substantially underestimates current risks”More likely than not, these fears are overblown and 2015 and 2016 will not go down in financial history,” Summers wrote. “If so, and the Fed does not act, inflation will start to accelerate, volatility will subside and policy can step in. Regret may come in the form of inflation a few tens of basis points too high or a bit of euphoric relief in markets. If on the other hand, some portion of these fears are warranted and the Fed tips towards tightening, it risks catastrophic error.”Basu concluded that the “scenario is looking worse than it did even in June” because of volatility in the Chinese markets in the last two weeks as well as concern in emerging economies in case the Chinese economy takes a hit.The Fed has not increased rates since 2006. The next Federal Open Market Committee meeting will wrap up on September 17, at which time the Fed will announce the decision on whether or not it will raise rates.last_img read more

Nationstar Becomes the Latest Servicer to Settle Over ‘Force Placed Insurance’

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Nationstar Mortgage has agreed to pay $77 million to settle class-action suits filed by  homeowners over the alleged inflating of homeowner insurance rates, according to media reports.The Nationstar settlement was approved earlier this week; combined with a similar lawsuit against Ocwen Loan Servicing (part of Ocwen Financial Corp.) that was settled in September, the two servicers will pay a combined total of $217 million to more than 1 million homeowners.The homeowners sued Ocwen and Nationstar, two of the country’s largest mortgage servicers, over what foreclosure defenders call “force placed insurance.” Third parties were searching the records of lenders and servicers to find homeowners who either had no insurance coverage or sufficient insurance coverage to satisfy their mortgages, according to a report from the Daily Business Review.The class action suits claim the insurance policies were automatically issued to homeowners at rates approved by lenders, which were much higher than market rates. Homeowners claim they did not have a choice in the matter, hence the term “force placed insurance.” Lenders call the practice “creditor-placed insurance.” According to the homeowners, lenders made as much as 25 percent commission from the insurers in some cases while homeowners struggled to pay the bill for the inflated insurance premiums during the financial crisis.U.S. Magistrate Judge Jonathan Goodman of the U.S. District Court for the Southern District of Florida (in Miami) approved the Nationstar settlement on Monday, November 10. He approved the Ocwen settlement Sept. 14. According to the report, he wrote in his statement for Ocwen that, “The settlement is generous to class members, providing relief approximating a trial win and for many class members exceeding a trial win.” The Ocwen settlement pays homeowners 12.5 percent of the net insurance premium.The deals provide $140 million in monetary relief from Atlanta-based Ocwen and $77 million from Dallas-based Nationstar, revising practices that once allowed lenders and servicers to benefit from collateral protection insurance.Nationstar did not immediately return the request from DS News for comment. Ocwen spokesman John Lovallo said, ‘We were pleased when the United States District Court for the Southern District of Florida issued its final approval on this settlement in September 2015.  The Company established a reserve for its portion of the settlement during the third quarter of 2014, and believes that it is adequately reserved.   We look forward to returning our full focus to what we do best – helping homeowners stay in their homes.” Both Nationstar and Ocwen had a rough third quarter financially. It has been tough for Ocwen since December of last year, when it agreed to a $150 million settlement with the New York Department of Financial Services over erroneously dated foreclosure notices issued to borrowers. That settlement included the departure of Ocwen’s chairman, Bill Erbey, who founded the company in the mid-1980s. In Q3, Ocwen laid off about 300 employees—about 10 percent of its U.S. workforce—and posted a net loss of $66 million. Likewise, Nationstar also posted a net loss of $66 million in Q3. Force-placed Insurance Nationstar Ocwen Financial Settlements 2015-11-12 Brian Honea Nationstar Becomes the Latest Servicer to Settle Over ‘Force Placed Insurance’ Demand Propels Home Prices Upward 2 days ago Previous: Fannie Mae: Is Government’s Definition of ‘Affordability’ Accurate? Next: Aside from Completed Foreclosures, the News in Florida is All Good Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Subscribe Demand Propels Home Prices Upward 2 days agocenter_img Home / Daily Dose / Nationstar Becomes the Latest Servicer to Settle Over ‘Force Placed Insurance’ Sign up for DS News Daily Share Save Tagged with: Force-placed Insurance Nationstar Ocwen Financial Settlements November 12, 2015 3,560 Views The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, News  Print This Postlast_img read more

Estimated $17 Billion April Credit Gain Only $8.2 Billion

first_img The Federal Reserve 2017-06-12 Brianna Gilpin Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Previous: CalyxSoftware to Host Second National User Conference Next: Supreme Court: Secondary Markets Not Subject to FDCPA Regulations June 12, 2017 1,496 Views Recently, the April 2017 Consumer Credit report was released, revealing all of the outstanding credit extended to individuals for household, family, and other personal expenses, excluding loans and real estate for the past month. April marked the smallest increase in consumer borrowing in six years. The Federal Reserve reported total consumer credit rising 2.6 percent, increasing the $8.2 billion in April compared to March’s revised $19.5 billion. According to MarketWatch, economists estimated a $17 billion gain in consumer credit for April.The Consumer Credit Report covers the two main types of credit: revolving and nonrevolving. April showed a slight increase in nonrevolving credit, which is closed-end credit for consumers who will repay on an arranged repayment schedule—mainly for motor vehicle or education loans. This main source of credit growth rose at an annual rate of 2.9 percent, its slowest pace since August 2011.Revolving credit, mostly credit cards secured or unsecured by collateral allowing consumers to borrow a prearranged limit and pay back in one or more installments, increased 1.8 percent in April at an annual rate. This is quite a drop from March’s 6.5 percent increase.According to MarketWatch, two-thirds of U.S. economic growth comes from consumer spending, which was also at a slow start for the year. Consumer spending rose at a 0.6 percent annual rate in the first quarter, which is down from 2016 Q2 growth of 3.5 percent and spurred a Q1 GDP growth rate of 1.2 percent annually.In an effort to help consumers better understand what is going on in consumer credit, this Friday Equifax Investor Relations Doug Brandberg and Jeff Dodge along with Equifax Chief Economist Amy Crews-Cutts will host a live webcast on their Quarterly United States Consumer Credit Trends reports. Cutts will discuss frequently asked questions and show how to best digest the data in the reports.For more information, click here. Estimated $17 Billion April Credit Gain Only $8.2 Billion Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post in Daily Dose, Featured, Market Studies, News Share Save The Best Markets For Residential Property Investors 2 days ago About Author: Brianna Gilpin Subscribecenter_img Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] Tagged with: The Federal Reserve 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 Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Estimated $17 Billion April Credit Gain Only $8.2 Billion 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 agolast_img read more

Are New Recording Fees Solving California’s Housing Issue?

first_img  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago April 5, 2018 2,852 Views Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, News Deed Exemptions Fees Foreclosures Legislation Lenders Loan Low-income Property real estate Servicers title 2018-04-05 Radhika Ojha About Author: Michelle A. Mierzwa The Best Markets For Residential Property Investors 2 days ago About Author: Joan C. Spaeder-Younkin Are New Recording Fees Solving California’s Housing Issue? Sign up for DS News Daily Subscribe The Best Markets For Residential Property Investors 2 days ago Tagged with: Deed Exemptions Fees Foreclosures Legislation Lenders Loan Low-income Property real estate Servicers titlecenter_img Home / Daily Dose / Are New Recording Fees Solving California’s Housing Issue? Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Related Articles California Senate Bill 2, the Building Homes and Jobs Act, attempts to address California’s housing dilemma by bringing in an estimated $250M annually via an additional $75 fee per recorded real estate document. Through February, the Act has generated roughly $90M.  The Act adds Government Code §27388.1, requiring a $75 fee per document, commencing January 1, 2018, for recording “of every real estate instrument, paper, or notice required or permitted by law to be recorded . . . per each single transaction per parcel of real property.” The fee is capped at $225 for transactions recording multiple documents simultaneously. Section 27388.1(a)(1) defines “real estate instrument, paper, or notice” as “a document relating to real property,” including a list such as a deed, grant deed, trustee’s deed, deed of trust, reconveyance, quit claim deed, assignment of deed of trust, notice of default, etc. The statute does not limit the definition to a finite list; other real property related documents not specifically listed are subject to the fee unless an exception applies.What are the exceptions?Section 21388.1(a)(2) provides exceptions to the $75 fee, including transactions involving transfer/sale of property subject to documentary transfer tax under California Revenue and Taxation Code §11911. Section 2 of the Bill describes the intention of the exception as follows: “In order to promote housing and homeownership opportunities, the recording fee imposed by this act shall not be applied to any recording made in connection with a sale of real property. Purchasing a home is likely the largest purchase made by Californians, and it is the intent of this act to not increase transaction costs associated with these transfers.” Section 21388.1(a)(2) also provides an exception for transfer of property to a grantee who will occupy the dwelling as a principal residence. Thus, documents recorded on an owner-occupied property are exempt, but if it involves non-owner occupied property, the fee will be imposed.As a practical matter, County Recorders do not agree on which documents are subject to the fee or entitled to an exception, creating a challenge for loan servicers and lenders. To ease this challenge, title companies suggest that any exception must be described on the face of the document or a cover sheet when presented for recording. Interpreting the $225 fee capRegarding the $225 fee cap, documents in a single transaction are those presented together and related to the same parties and property. The Legislature’s imposition of the cap “per each single transaction per parcel of real property” suggests that the $225 fee limit is not intended to be for the life of a loan, but is a cap for all documents submitted simultaneously in one transaction. Trailing documents recorded days or weeks after other documents would not be included in the calculation of the $225 cap. Unfortunately, County Recorders also cannot agree on how the $225 limit should be applied, creating additional challenges for lenders.Practical Applications Practically, lenders and servicers may want to consider including in payoff demand statements an additional $150 in recording fees for a Substitution of Trustee and Full Reconveyance ($75.00 for each document “title”), necessary for the release of the loan. It is advised that such multipurpose documents will be assessed the fee for a document.The same applies to any foreclosure-related documents. In other words, the Act intended to help build low-income homes is doing so on the back of borrower’s facing foreclosure. Joan C. Spaeder-Younkin is a senior associate with Wright, Finlay & Zak. Since 1997 and has focused her legal career on consumer credit, business, and real estate litigation. As a seasoned litigator, she provides clients with efficient case management, guidance through the complexities of litigation, and creative solutions in a wide range of real estate disputes, while addressing the unique needs of each client.Spaeder-Younkin authored briefs in a published foreclosure decision affecting title after a foreclosure sale was deemed void, entitled Dimock v. Emerald Properties LLC, et al, (2000) 81 Cal. App. 4th 868. She has also briefed and argued many other various appeals involving judicial and non-judicial foreclosure issues. Spaeder-Younkin is licensed to practice in all courts in the State of California, including all of the U.S. District Courts within the State of California and the United States Court of Appeals for the Ninth Circuit. The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Michelle A. Mierzwa joined Wright, Finlay & Zak’s Compliance Division in 2015, providing loan originators, lenders, servicers, trustees and others in the mortgage industry with state and federal compliance and regulatory counsel. Since 1998, Her accomplishments include creating the legal department for one of the largest non-judicial foreclosure trustees in the Western U.S., the management and resolution of litigated matters through jury and bench trials and appellate practice, the coordination of compliance audits, and managing the California branch of a national law firm. Mierzwa served two three-year terms on the Board of Directors of the United Trustees Association (UTA) and is a member of the Legislative Committees of the California Mortgage Bankers Association and the UTA. She is licensed to practice in California and Washington. Previous: Increasing Delinquencies Among Lower-Income Borrowers Could Forecast Problems Next: Full Speed Ahead with Mortgage Techlast_img read more

Interesting Trends in Forbearance

first_img The Best Markets For Residential Property Investors 2 days ago Interesting Trends in Forbearance May 8, 2018 2,190 Views Borrowers Delinquencies Forebearance Lenders loans mortgage Mortgage Credit Non-Prime origination Paydowns TransUnion 2018-05-08 Radhika Ojha Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save 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. Tagged with: Borrowers Delinquencies Forebearance Lenders loans mortgage Mortgage Credit Non-Prime origination Paydowns TransUnion The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily About Author: Radhika Ojha in Daily Dose, Featured, Foreclosure, News Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Mortgage delinquency is on a decline but the latest quarterly TransUnion Industry Insights Report released on Tuesday threw up some interesting trends in Forbearance as the mortgage market continued to perform well in the first quarter of 2018. The report features data and insights on consumer credit trends including mortgages, credit cards, auto loans, and personal loans.Serious mortgage delinquency rates continued to decline for the 19th consecutive quarter, the report said, and fell to 1.74 percent in Q1 2018 from 2.07 percent during the same quarter last year.Despite an overall drop in delinquencies, the hurricanes in the third quarter of 2017 “have driven an interesting dynamic related to the number accounts in forbearance, which are typically reported as current to credit reporting agencies regardless of their actual payment status,” the report noted. In areas like Houston, Miami, and Tampa only 1800 out of 2.36 million active mortgages were reported to be in some form of forbearance in the second quarter of 2017. “That number skyrocketed to 164,000 mortgages in some form of forbearance status by the end of Q1 2018,” the report revealed.“The opening quarter of 2018 was more of the same on the mortgage delinquency front. Borrowers continue to perform well, making on-time payments that are more in line with traditional patterns observed prior to the mortgage crisis,” said Joe Mellman, SVP and Mortgage Business Leader at TransUnion. “We will also monitor the forbearance population in areas affected by last year’s hurricanes to better understand that dynamic and its influence on the region’s mortgage market.”The report revealed that while balances rose in aggregate for the year, average new mortgage loan balances declined from $235,361 in Q1 2017 to $229,538 in Q1 2018 as a result of a deceleration in refinancing activity and a lower share of super prime loans. The shift in new origination mix, as a result, pushed subprime and near-prime originations to 16 percent in the last quarter of 2017 from 14.4 percent in the last quarter of 2016. TransUnion said that originations were viewed one quarter in arrears to account for reporting lag.“It is encouraging that balances continue to increase, as new purchase originations outpace paydowns. As time passes from the housing bubble and mortgage loan performance continues to remain exceptionally low, non-prime borrowers may begin to see their access to mortgage credit open up,” Mellman said. “However, it’s likely that mortgage lenders will approach the non-prime market cautiously, incorporating new alternative data sources to determine which non-prime borrowers offer the least risk.” Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: As Hurricane Season Approaches, 2017’s Disaster Impact Lingers Next: Finding Opportunity for Diversity Within Mortgage and Housing Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Interesting Trends in Forbearance Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

The State of Re-Performing Loans

first_imgHome / Daily Dose / The State of Re-Performing Loans The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Investment, News, Secondary Market  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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] Servicers Navigate the Post-Pandemic World 2 days ago Subscribe About Author: David Wharton Previous: Is the Housing Market Over-leveraged? Next: 10 States That Spent Most on Home Improvement Sign up for DS News Daily Related Articles July 2, 2018 2,373 Views Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: MountainView Financial Solutions Re-Performing Loans Reperforming Loans Webinars The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save MountainView Financial Solutions Re-Performing Loans Reperforming Loans Webinars 2018-07-02 David Wharton Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Volume for re-performing residential whole loan valuations was strong in Q1 2018, continuing a steady stream of available product over the past 18 months. That’s according to a recent webinar hosted by MountainView Financial Solutions, which examined both the current state of the re-performing loan (RPL) market and where things are likely to be headed in the months to come.The webinar features insights from three of MountainView’s subject-matter experts, including Brian Dunn, CFA, Managing Director, Analytics; Nata Callard, CFA, Managing Director, Analytics; and Mike Kelleher, VP, Business Development. During the presentation, the three of them discussed how fund-to-fund trades have dominated MountainView’s recent offerings, but both banks and the GSEs have also been active sellers within this space.According to the presentation, pricing has also been strong for RPL valuations. The presentation explained that “larger pools with consistent cash flows and high-quality underlying collateral can price to yields below 5 percent.”The presentation delved into “5 Essential Topics for Analysts and Investors,” including:State of the Market and OutlookValuation Framework and ApproachesDeferred Balances in RPL PoolsPast Performance and Modeling Approaches to Deferred AmountsOther Valuation IssuesFreddie Mac recently priced its second Seasoned Credit Risk Transfer Trust offering of 2018, totaling around $1.6 billion and consisting of “8,628 fixed- and step-rate modified seasoned re-performing loans.” As detailed in the GSE’s press release, this securitization includes both guaranteed senior and unguaranteed subordinate securities. Freddie’s statement explains that “the SCRT securitization program is a key part of Freddie Mac’s seasoned loan offerings to reduce less liquid assets in its mortgage-related investments portfolio and shed credit and market risk via economically reasonable transactions.”Freddie’s statement noted that the loans were modified to help borrowers at risk of foreclosure and had since been performing for at least 12 months as of issuance.To learn more about re-performing loans, you can click here to view the full recording of MountainView Financial Solutions’ webinar. Data Provider Black Knight to Acquire Top of Mind 2 days ago The State of Re-Performing Loanslast_img read more

The 20 Hottest Housing Markets

first_img Servicers Navigate the Post-Pandemic World 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. Share Save Related Articles February 13, 2019 3,099 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Days on Market Home Home Prices HOUSING Inventory Property real estate Realtor.com Previous: FHFA: 30 Years of Protecting Homeowners Next: What Amazon’s NY Farewell Means for the Housing Market Days on Market Home Home Prices HOUSING Inventory Property real estate Realtor.com 2019-02-13 Radhika Ojha Home / Daily Dose / The 20 Hottest Housing Markets Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago About Author: Radhika Ojha The 20 Hottest Housing Markets Some of the traditionally hot markets across the country saw slower growth in January, according to Realtor.com’s latest hottest housing market rankings.The report indicated that while the hottest markets in January included cities where housing was genuinely growing at an accelerated rate, it also represented hot markets that have begun to show signs of deceleration, with increasing supply and a slowing of home price growth as well as increased days on the market compared to a year ago. Typically, markets in this ranking see inventory move 14 to 55 days more quickly than the typical U.S. property and receive 1.4 to 2.4 times more views per property compared to the national average.The report indicated that this type of deceleration in days spent on the market “hasn’t been seen since Fall 2016.” Additionally, of the 20 markets on this ranking, 11 are seeing properties move more quickly than last year. Yet, eight cities are seeing slowing growth in properties moving off the market with the biggest changes seen in the California markets of Vallejo, San Francisco, and Sacramento, where the time spent on market increased by 17, 15, and 10 days respectively.While California markets still abound on this list, Rochester, New York; Fresno, California; Milwaukee, Wisconsin; and Spokane, Washington, made their debut in the top rankings as the hottest markets in the U.S. Chico, California, settled for the second spot on the list in January after it surged from 16th place to take the first rank in December due to “strong demand from  displaced families in the aftermath of the Camp Fire.”A four-day decrease in days on the market along with a 9 percent year-over-year rise in listing price had Midland, Texas reclaiming its top spot on the list. San Francisco, California; Fort Wayne, Indiana, Colorado Springs, Colorado; Sacramento, California; Yuba City, California; Columbus, Ohio; Spokane, Washington; and Odessa, Texas made up the balance cities among the top 10 hottest markets in the country.Some of the most improved markets that made their way into the rankings included Cleveland and Cincinnati in Ohio; Milwaukee, Wisconsin; Philadelphia, Pennsylvania; and Charlotte, North Carolina.Click here to read the complete list of the top 20 hottest housing markets.  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Three Indicators Impacting Housing

first_imgHome / Daily Dose / Three Indicators Impacting Housing Related Articles Credit Availability Fannie Mae FHA FHFA FICO scores Freddie Mac high-risk mortgage Housing Supply Inventory MBS UMBS Urban Institute 2019-03-28 Radhika Ojha Subscribe March 28, 2019 1,110 Views Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Credit Availability Fannie Mae FHA FHFA FICO scores Freddie Mac high-risk mortgage Housing Supply Inventory MBS UMBS Urban Institute Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Three Indicators Impacting Housing Demand Propels Home Prices Upward 2 days ago The government-sponsored enterprises’ (GSEs) move towards single security, the Federal Housing Administration’s (FHA’s) credit box changes, and the supply of homes available for sale are three trends that will likely shape the mortgage market in 2019 and beyond, according to the Urban Institute’s latest Monthly Chartbook.The GSEs’ Move Towards UMBSWhile the nonagency share of mortgage securitizations has increased gradually over the years, from 1.8 percent in 2016 to 4.4 percent in 2018, it has seen an uptick since February 2019, inching upwards to 7.15 percent, the report revealed. Nonagency securitization volume totaled $95.2 billion for 2018, a 41 percent increase over 2017.The report said that the Urban Institute would monitor the GSEs’ move towards single security after the Federal Housing Finance Agency recently issued the final rule on this move. This move is likely to have a far-reaching impact on the mortgage market in 2019 and beyond, the report indicated.This initiative will unify Fannie Mae and Freddie Mac’s currently separate mortgage-backed securities (MBS) into a single, comingled security, called unified mortgage-backed security (UMBS). The final rule requires the GSEs to align their policies, programs, and practices that can impact cash-flows to holders of to-be-announced TBA-eligible MBS. “The market had anticipated these actions, and the price differential between Fannie and Freddie securities had converged some time ago; prior to discussions on the UMBS, Freddie Mac needed to subsidize its security to the detriment of taxpayers,” the report stated. How these UMBS, which go live on June 3, trade, will shape the MBS market.The Chartbook also indicated that the volume of Alt-A and subprime securitization showed the largest growth within the private label securitization (PLS) market with subprime securitizations more than doubling and Alt-A securitizations more than quadrupling from 2017 to 2018. This indicated a distinct “change in the mix” of PLS, the report indicated.FHA’s Credit Box AnnouncementThe second factor that is likely to impact borrowers and lenders is the FHA’s changes to its credit box. The recent announcement is aimed at mitigating FHA’s concerns about endorsing mortgages with higher risk characteristics.One of the key changes announced by the FHA is to refer certain higher-risk mortgages for manual underwriting, which is more labor intensive and costly for lenders. According to the report, while it is too early to tell whether this will discourage lenders from originating the affected mortgages and to what degree, the Urban Institute will be “monitoring the credit characteristics of new FHA originations to identify the impact of this change to credit availability.”The Issue With Housing SupplyFinally, even as the first lien origination volume for the full year of 2018 finished at $1.63 trillion, down from $1.81 trillion in 2017, a recent pullback in rates, the start of the homebuying season, and a continued strong economy are likely to see the demand for homes to pick up again. However, the report indicated that housing supply has been trending downwards throughout 2018 and though it increased month over month in February, inventory was still lower than the previous years. It, therefore, remains to be seen “whether months supply will continue its downward trend in 2019” and how that would impact the demand for homes.Click here to read the full chartbook.center_img in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Making Sense of Home Sales Next: The Industry Pulse: Updates on Fannie Mae, the CFPB, and More Servicers Navigate the Post-Pandemic World 2 days ago About Author: Radhika Ojha Data Provider Black Knight to Acquire Top of Mind 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. The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

New Division President Announced for Title Company

first_img new hire Title Insurance 2019-05-08 Mike Albanese Tagged with: new hire Title Insurance 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 Save Subscribe  Print This Post Home / Featured / New Division President Announced for Title Company Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Up in the Air: Assisting Borrowers in Default Next: Consolidation and the Value of Bank Debt New Division President Announced for Title Company Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago May 8, 2019 1,367 Views About Author: Mike Albanese The Best Markets For Residential Property Investors 2 days ago in Featured, Headlines, News Brandon Baker was named President of the Dallas-Fort Worth Division of WFG National Title Insurance Company.WFG National Title Insurance Company (WFG), an Oregon-based provider of title insurance and real estate settlement services for commercial and residential transactions nationwide, announced that Brandon Baker has been named the new President of the company’s Dallas-Fort Worth division.In this role, Baker will manage the day-to-day administrative operations for the DFW market, including working with the WFG team to establish short and long-term goals, plans and strategies. He will also be looking to recruit additional revenue-producing employees to add to the company’s branches.Baker comes to WFG from another title company, where he was most recently a Vice President and was responsible for strategic growth, fee attorney operations and recruiting. Before that he held several executive sales positions.”Joining WFG and leading the DFW office is a great opportunity to continue to develop in this marketplace,” Baker said. “With our current team and new recruits, we look to build on our relationships with the local real estate community to increase our market share.  Our ultimate goal is to create a better real estate experience for home buyers and sellers.”Rob Sherman, Senior Vice President and Regional Director at WFG, said the company concentrates on taking time and cost out of real estate transactions as it focuses on clients and their processes.”Brandon’s experience is a valuable asset to WFG,” Sherman said. “He has demonstrated his leadership skills in maximizing growth through internal collaboration as well as in developing client relationships and cultivating talent within the industry. He’s a great addition to the team.” Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Related Articleslast_img read more