first_imgSubscribe Carol Galante FHA 2014-08-11 Tory Barringer FHA Commissioner to Step Down Home / Daily Dose / FHA Commissioner to Step Down Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Carol Galante FHA The Best Markets For Residential Property Investors 2 days ago Related Articles Sign up for DS News Daily About Author: Tory Barringer in Daily Dose, Featured, Government, Headlines, Newscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Less than two years after being confirmed as the head of the Federal Housing Administration (FHA), Commissioner Carol Galante is making plans to step down from her post.In a message sent to her staff Monday morning, Galante revealed that she intends to depart from HUD by the end of this year, after which she will assume a distinguished professorship at the University of California, Berkeley, where she received her master’s in city planning.She will also serve as the director of UC’s Berkeley Program in Housing and Urban Policy and will co-chair the Fisher Center on Real Estate’s Policy Advisory Board, according to the letter.Galante has been with HUD for five years, starting her career at the department as deputy assistant secretary for multifamily housing. She was nominated by President Obama for the role of FHA commissioner in 2011, receiving her confirmation from the Senate in late 2012, only a month after an audit revealed the agency’s mortgage insurance fund had plummeted deep into the red as a result of losses it took following the housing bust.Despite efforts made to restore the fund, FHA was forced last year to take a $1.7 billion Treasury draw to strengthen its financial position.This is a developing story. Check back later for more details. Previous: Florida Focus: Negative Equity Rate in Tampa Bay is Problematic Next: Florida Based Services Firm Reports Q2 Net Loss Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago August 11, 2014 685 Views The Best Markets For Residential Property Investors 2 days ago Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news.  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

first_img Consumer Confidence Consumer Spending Housing Market 2017-01-03 Brian Honea  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago January 3, 2017 1,190 Views The housing market has shown “flashes of promise” as 2017 begins though growth remains “frustratingly slow” as of late, according to the National Association of Federal Credit Union (NAFCU)’s December Economic & CU Monitor.By most measures, home sales had their best year in a decade in 2016. However, mortgage interest rates, which have been on the rise as of late, are expected to have more of an influence on affordability in 2017, according to NAFCU.Freddie Mac reported that the average 30-year FRM for the entire year of 2016 was 3.65 percent—the lowest rate for a complete year in the 45-year history of Freddie Mac’s Primary Mortgage Market Survey. Nevertheless, rates have been on the rise for the last several weeks—the 30-year FRM averaged 4.32 percent for the week ending December 29, 2016, which is 31 basis points higher than the rate exactly one year earlier.The recent slow growth of lending and spending in housing has mirrored that of the overall economy and is likely to continue this year, according to NAFCU Chief Economist Curt Long.“That trajectory—at least where purchase loans are concerned—is unlikely to change in 2017, while refinance activity will fade,” Long said. “Affordability concerns have centered on price growth lately, but interest rates will likely be more influential next year.”The process of normalizing short-term interest rates occurred more slowly than originally anticipated—at the beginning of 2016, the Federal Reserve predicted as many as four rate hikes in 2016, but they raised rates only once during the year, largely due to economic uncertainty both overseas and domestically. The latest forecast shows three possible rate hikes of 25 basis points each by the Fed in 2017, according to Long.“However, a fiscal stimulus package combined with protectionist trade policies has the potential to boost inflation back toward the Fed’s 2 percent target,” Long said. “If inflation does improve, it would provide the Fed with the necessary ammunition to raise rates more quickly.”More rates hikes in 2017 might not necessarily be a good thing, according to Long. “That in turn could slow the economy and potentially threaten President-elect Trump’s growth targets,” he said.The good news is that consumers are projecting confidence, Long said, which is corroborated by the latest Consumer Sentiment Index from the University of Michigan, which found that consumer sentiment surged both over-the-month and over-the-year in late December.“Consumers anticipated that a stronger economy would create more jobs, although expected wage gains were quite meager,” said Survey of Consumers Chief Economist Richard Curtin. “Smaller income gains were offset by record low inflation expectations. Needless to say, the overall gain in confidence was based on anticipated policy changes, with specific details as yet unknown. Such favorable expectations could help jump-start growth before the actual enactment of policy changes, and form higher performance standards that will be used to judge the Trump presidency.”Click here to view the complete December Economic & CU Monitor. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Tagged with: Consumer Confidence Consumer Spending Housing Market Demand Propels Home Prices Upward 2 days ago Subscribe Related Articles The Best Markets For Residential Property Investors 2 days ago Housing Shows ‘Flashes of Promise’ as New Year Starts Sign up for DS News Daily Home / Daily Dose / Housing Shows ‘Flashes of Promise’ as New Year Starts Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Wage Growth and the Affordability Crisis Next: More Portfolio Contraction for Fannie Mae 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days agolast_img read more

first_img Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Venable LLP Announces New Partner  Print This Post Venable LLP, an American Lawyer Global 100 law firm headquartered in Washington, D.C. that serves as primary counsel to a worldwide clientele of large and mid-sized organizations, nonprofits, and high-net-worth entrepreneurs and individuals, announced that Gerald S. Sachs has joined the firm as partner in the Washington, D.C. office, in the Government Division, where he will assist consumer financial services companies with compliance, law enforcement investigations, and litigation.Previously, Sachs served in the Consumer Financial Protection Bureau (CFPB) Enforcement Office as senior counsel for policy and strategy, and was an attorney at the Federal Trade Commission (FTC) and an Assistant United States Attorney for the Northern District of Georgia.”Consumer financial services companies face increasing scrutiny from regulators and law enforcement agencies, and need experienced counsel to protect their interests,” said Larry Norton, Co-chair of the Government Division at Venable. “Gerry has an outstanding track record in this area and will be a tremendous addition to our growing financial services practice.””I’m thrilled to join Venable, which has an impressive record of helping companies of all sizes navigate Washington’s regulatory roadblocks,” said Sachs.Sachs’ practice focuses on state and federal consumer financial protection law. He advises banking, payments, and other financial services companies on a range of regulatory compliance and enforcement-related matters, including audits, supervisory examinations, high-stakes law enforcement investigations, and litigation.While at the CFPB, he led legal teams focused on auto finance, credit cards, mobile payments, emerging payments (digital currency), and prepaid cards.In addition, he assisted the CFPB with its mortgage servicing rules implementation and internal oversight matters. Earlier in his career, Sachs was an attorney at FTC’s Southeast region office, where he prosecuted consumer protection cases against companies and individuals on issues involving advertising, financial services, high-tech fraud, and telemarketing. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago HOUSING mortgage 2017-10-30 Nicole Casperson in Featured, Headlines About Author: Nicole Casperson Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img October 30, 2017 985 Views Servicers Navigate the Post-Pandemic World 2 days ago Home / Featured / Venable LLP Announces New Partner Previous: Technology Platform Announces Integration With Fannie Mae Next: Guild Mortgage Announces Record Growth in Q3 2017 Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: HOUSING mortgage Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Related Articles The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

first_img Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily  Print This Post Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago November 2, 2017 1,196 Views Tagged with: HOUSING mortgage Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Results are in: How Ocwen Performed in Q3 Subscribe Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] HOUSING mortgage 2017-11-02 Nicole Casperson About Author: Nicole Casperson Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Previous: GOP Tax Reform to Impact the Housing Market Next: Amazon’s Prime Place On Thursday, Ocwen Financial Corporation announced operating results for Q3 2017. The company recorded a net loss of $6.1 million, which amounts to $0.05 per share for three months prior to their September 30, 2017 end date. This figure is a step forward for Ocwen, who reported a net loss of $9.5 million for the three months prior to their September 30, 2016 end date. Additionally, the Q3 2017 net loss is a $38 million improvement over Q2 2017. Total revenue amounted to $284.6 million, which is 20.8 percent lower compared to Q3 2016. Ocwen attributes this loss to “the impact of portfolio run-off and lower HAMP fees due to the expiration of the program.”“We continued to make progress during the third quarter on a number of fronts,” commented Ron Faris, President and CEO of Ocwen. “We transferred the first tranche of mortgage servicing rights under our July agreements with New Residential Investment Corp., and we made progress settling some of our regulatory matters.” Faris continued, “Our servicing business continues to perform well despite portfolio runoff and achieved its fifth consecutive quarterly pre-tax profit. We continue to focus on helping homeowners in need, including those recently impacted by the hurricanes through a variety of targeted programs. I would also note that our own offices, especially those in the United States Virgin Islands, sustained substantial damage, but we have been able to maintain operations with only minimal interruption.”During Q3, Ocwen also completed 6,544 loan modifications—9 percent of those were HAMP modifications. Ocwen noted that the HAMP program ended in December 2016, but modifications in process at that time continue to close. Additionally, delinquencies were down from 11.2 percent at December 31, 2016 to 9.4 percent at September 30, 2017, primarily driven by loss mitigation efforts.The company also originated forward and reverse mortgage loans with unpaid principal balance of $541.2 million and $227.8 million, respectively.“Our reverse mortgage portfolio ended the quarter with an estimated $98.7 million in undiscounted future gains from forecasted future draws on existing loans,” the company’s release noted. Earlier this week, Black Knight announced that Ocwen signed a definitive agreement to transition to Black Knight’s LoanSphere MSP loan servicing system. John Lovallo, spokesperson for Ocwen, said this announcement demonstrates the company’s commitment and continued focus on its core mission of helping homeowners. “Over a multi-year period, Ocwen undertook a detailed review of industry leading mortgage loan servicing systems,” Lovallo said. “Our decision to transition to the LoanSphere MSP loan servicing system is part of Ocwen’s corporate objectives of reducing costs, streamlining the technology product suite, and creating efficiencies within the organization.” The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Headlines Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Results are in: How Ocwen Performed in Q3 Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

first_img Servicers Navigate the Post-Pandemic World 2 days ago April 16, 2018 1,686 Views Demand Propels Home Prices Upward 2 days ago Tagged with: Affordability Home Prices job markets  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Affordability Home Prices job markets 2018-04-16 Krista Franks Brock Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Sign up for DS News Daily Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Home / Daily Dose / The Best Cities for America’s Top Expanding Professions Related Articles in Daily Dose, Featured, Journal, Market Studies, Newscenter_img The Best Markets For Residential Property Investors 2 days ago About Author: Krista Franks Brock The Best Cities for America’s Top Expanding Professions Data Provider Black Knight to Acquire Top of Mind 2 days ago Securing employment is one of the precursors to homeownership, and the good news is that several growing industries are brimming with opportunity. However, in some cases, the markets teeming with employment opportunities harbor competitive and high-priced housing markets. “A red-hot economy is churning out jobs left and right, but the most in-demand gigs aren’t necessarily in the places where those professionals can afford to live,” said Lance Lambert, on Realtor.com, which revealed the “10 Most Affordable Cities for the Fastest-Growing Careers” on Monday. Realtor.com data experts examined 10 of the professions with the highest forecasted growth through 2026 that offered salaries of at least $35,000. Then the experts determined where among the 200 largest U.S. metros employees in these growing professions would be able to find affordable housing. “Solar panel installer” is the profession expected to increase the most by 2026 with a forecasted 105 percent growth. These professionals would be able to find attractive homeownership and employment opportunities in Wilmington, Delaware, which “has become a hotbed for people who work in solar,” according to Realtor.com. Solar panel installers earn a median salary of $39,200, and Wilmington’s median home price is $244,500, according to Realtor.com’s data. Wind turbine technicians are anticipated to increase by 96 percent by 2026, and Duluth, Minnesota, is “one of the nation’s hubs for the components that go into the massive wind turbines that convert the wind’s kinetic energy into electricity,” Lambert said. These technicians earn a median $52,300 per year, and the median home in Duluth is priced at $175,000. Third on Realtor.com’s list of growing professions are physician assistants, a field projected to increase by 37 percent over the next several years. Physician assistants can make a good living and afford the American Dream right where their profession got its start—North Carolina. Asheville, North Carolina, in the picturesque Blue Ridge Mountains is not far from Duke, the first university to offer an accredited physician assistant program. With median salaries of $101,500, these professionals would be able to afford a home at the city’s median list price of $353,100. Statisticians, which are employed by a number of industries, may find Durham, North Carolina, a good place to settle down and purchase a home. With a median home value of $370,500, statisticians earning the median salary of $80,500 would not struggle to afford a home. Statisticians are projected to increase by 34 percent by 2026. Physical therapists, a field anticipating 31 percent growth, can comfortably afford a median-priced home in Springfield, Missouri. These professionals earn a median $56,000 per year, and Springfield’s median list price is $187,500.To read the rest of Realtor.com’s breakdown, click here. Previous: Multigenerational Households on the Rise Next: House Bill Would Streamline Volcker Rule Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

first_img The Best Markets For Residential Property Investors 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, Government, News Demand Propels Home Prices Upward 2 days ago Tagged with: Banking Compliance Index Banks Complaince Continuity Credit Unions Financial Institutions Lenders real estate Regulatory Relief Bill August 2, 2018 1,846 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The recently passed Regulatory Relief Bill (S. 2155) has had a significant impact on the compliance expenses of financial institutions, according to Continuity’s quarterly Banking Compliance Index (BCI) released on Thursday. In the second quarter, the BCI nearly doubled from Q1 with a score of 1.11, indicating that financial institutions needed more than one full-time employee to keep pace with regulatory changes. It also suggested that this uptick is more substantial than in the past years.The BCI quantifies the incremental burden on financial institutions in keeping up with regulatory changes. This score doesn’t include the resources institutions are already dedicating to regulatory and compliance efforts.According to the report, the regulatory relief bill added many pages of material that organizations had to “read, interpret, and decide on action forward.”The bill contained over 50 separate regulatory changes impacting banks, credit unions and lenders, and according to the report, the BCI increase reinforces that any difference, whether adding or reducing regulations translates to extra work for financial institutions.Regarding issuances and expenses, the report found that 61 issuances were delivered in Q2, up from 50 in Q1. Compliance costs increased from $10,776 in Q1 2018 to $19,114 in Q2 2018, and hours required to comply per institution went from 219 hours in Q1 2018 to 369 hours in Q2 2018, a 68-percent increase.“We’re just starting to see the impact of the regulatory relief bill on banks, credit unions, and lenders,” said Donna Cameron, Director of Regulatory I/O at Continuity. “The bill added a significant number of pages and material that organizations had to read, interpret and decide on appropriate action forward. This increase in activity is only expected to continue as the agencies issue implementing regulations and guidance documents.”The report indicated that the reinstatement of the Protecting Tenants at Foreclosure Act, by the regulatory relief bill effective June 23, 2018,  was a significant change during Q2 2018. Other notable provisions of the law were changes to the ways reciprocal deposits and High Volatility Commercial Real Estate are calculated and reported. These amendments were effective on the day the regulatory relief act was enacted, May 24, 2018.With agencies having filled their vacant leadership positions, the report said, the regulatory uncertainty experienced by the industry in the first quarter had reduced. This movement had also added to the increased score of Q2.Looking at the rest of the year, Cameron said that the industry could “expect to see a more active second half of the year in regards to regulatory activity and issuances. “Agencies have made it clear that they plan to accelerate regulatory relief activity and provide guidance as soon as possible,” Cameron said. “Financial service organizations must proactively work with their regtech partners to help them automate compliance processes, interpret regulations and centralize efforts to prepare for the upcoming changes.” 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Do Regulatory Changes Mean More Compliance Expenses? Do Regulatory Changes Mean More Compliance Expenses? Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Banking Compliance Index Banks Complaince Continuity Credit Unions Financial Institutions Lenders real estate Regulatory Relief Bill 2018-08-02 Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post About Author: Radhika Ojha Previous: The Next Housing Crisis, Plus More From DS News Next: Fannie Mae Earnings Increase in Q2 Sign up for DS News Daily Share 1Savelast_img read more

first_img  Print This Post The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Serious Delinquencies Hit a 12-Year Low 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. Share Save Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, News Sign up for DS News Daily 30-day past due 90-day past due Black Knight default Delinquencies First Look Foreclosures loans mortgage Prepay 2018-11-27 Radhika Ojhacenter_img Demand Propels Home Prices Upward 2 days ago Previous: Positioning for Profitability Next: Kevin Cooke Jr. Joins Auction.com Serious Delinquencies Hit a 12-Year Low Governmental Measures Target Expanded Access to Affordable Housing 2 days ago November 27, 2018 24,383 Views Related Articles After seeing a spike in September, mortgage delinquencies declined 8.2 percent in October and nearly 18 percent from the same period last year, according to the Black Knight First Look report released on Tuesday. The report indicated that there were 165,000 fewer past due loans in October than the previous month. Serious delinquencies, the report said, hit a 12-year low after falling by 14,000 from September and 90,000 on a year-over-year basis.The strong year-over-year improvements were also driven by a continued improvement in delinquencies related to the spike seen after hurricanes Harvey and Irma last year, the Black Knight report said.While foreclosure starts saw a month-over-month increase at 50,600 increasing 26.5 percent over September, the report indicated that these increases were coming off September’s nearly 18-year low. Despite the uptick, the number of loans in active foreclosures fell 24 percent from the same period last year, with the report highlighting that only 267,000 loans remained in active foreclosure during October, falling by 1,000 from September and by 81,000 from October 2017.The surprising data, the report found, was for mortgage prepays, which increased 14 percent from September. However, they remained 29 percent below last year’s level.While the number of properties that were 30 or more days past due, but not in foreclosure declined by 165,000 to approximately 1.8 million, those that were 90 or more days past due but not in foreclosure declined by 14,000 to 499,000 properties.Mississippi continued to lead the states with the highest percentage of non-current loans, followed by Louisiana, Alabama, West Virginia, and Arkansas. North Dakota, Idaho, Washington, Oregon, and Colorado were among the states with the least non-current loans.With 2.94 percent of its overall loans in the 90 plus days delinquent list, Mississippi also topped the five states with  90 plus days delinquent percentage, followed by Louisiana, Alabama, Arkansas, and Tennessee.Florida led the top five states by 6-month improvement in non-current percentage with a decline of 28.92 percent, followed by Alaska, Oregon, Texas, and New Jersey. 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 Tagged with: 30-day past due 90-day past due Black Knight default Delinquencies First Look Foreclosures loans mortgage Prepay The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

first_img Demand Propels Home Prices Upward 2 days ago Analysis by CoreLogic shows that 339,480 homes in Louisiana face the danger of flood damage due to Tropical Storm Barry. The report states that 32.6% of homes in the state are located within a Special Flood Hazard Area (SFHA), and homeowners are required to purchase flood insurance in these designated areas when their mortgages are back by the federal government. Weather.com is reported last week that mandatory evacuations were ordered for parts of Louisiana as Louisiana Gov. John Bel Edwards declared a state of emergency on Wednesday due to the incoming Hurricane Barry.The storm had already caused damage to sections of coastal Louisiana before landfall Saturday morning. Edwards said, “the entire coast of Louisiana is at play in this storm,” and added that the National Guard was on standby throughout the state. The storm reached land as a Category 1 hurricane, but quickly weakened to a tropical storm, according to a report from CNN. “The storm surge in the populated areas like New Orleans didn’t rise to the level to cause major problems,” CNN meteorologist Dave Hennen said. “That being said, there was surge to 7 feet in a few areas, which was actually higher than forecast.”CoreLogic’s report states that properties in New Orleans have the highest risk of “extreme” flooding, with 6,964 properties in danger. Baton Rouge had the second-most properties at extreme risk at 487.Barry was the first of the 14 storms predicted by the Colorado State University in its latest projections for the 2019 hurricane season that began on June 1. In its forecast, the University included sub-tropical storm Andrea that had formed off the Atlantic coast prior to the start of the season. It had pegged the probability of at least one major hurricane to make landfall along the continental U.S. coastline at 54%, slightly higher than the historical average of 52%. Events, such as the situation unfolding in Louisiana, are exactly why the Five Star Institute is hosting its 2019 Five Star Disaster Preparedness Symposium, on July 31, in New Orleans. The symposium will feature subject-matter experts leading critical conversations on situations just like this one, addressing appropriate response, reaction, and assistance strategies. Together, the industry is working to lend the proper support for this and all future natural disasters. About Author: Mike Albanese  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. July 15, 2019 1,943 Views Share Save Related Articles Sign up for DS News Daily in Daily Dose, Featured, Loss Mitigation, News The Best Markets For Residential Property Investors 2 days ago Tagged with: Hurricane natural disaster Servicers Navigate the Post-Pandemic World 2 days agocenter_img Subscribe Hurricane Barry Update: Impact on Louisiana Data Provider Black Knight to Acquire Top of Mind 2 days ago Hurricane natural disaster 2019-07-15 Mike Albanese The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Hurricane Barry Update: Impact on Louisiana Previous: The Riskiness of Real Estate Next: A New Approach to Affordable Housing 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 Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

first_img housing vacancy Single Family Rental 2020-01-31 Mike Albanese The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post About Author: Krista F. Brock January 31, 2020 1,423 Views 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. Related Articles Previous: HUD Proposes Changes to Expedite Construction of Manufactured Housing Next: Puerto Rico Hopes to Relocate Families Displaced by Earthquake As millennials continue to show up in the housing market, the national homeownership rate rose to its highest rate in six years, and the rental-vacancy rate dropped to its lowest level since mid-1985, according to the latest data from the Census Bureau, released Thursday. The homeownership rate stands at 65.1% as of Q4 2019, which is nearly unchanged from the 64.8% reported both in the previous quarter and a year earlier. About 1.3 million new homeowners entered the market in 2019, according to the Census data. Homeownership is growing among millennials as well as African-American and Hispanic households, according to Frank Nothaft, Chief Economist for CoreLogic. The youngest homebuyers, those between 25 and 34 years of age, experienced a bump in the homeownership rate in Q4—rising from 36.5% to 37.6%. “Millennials outnumber the tail-end of the Generation X cohort, and thus do more than offset the dip in ownership by 35-44-year-olds,” Nothaft said. The homeownership rate for the 35-44-year-old group fell slightly from 61.1% to 60.4% over the year. While millennials are continuing to enter the housing market, they still own just a small fraction of real estate in terms of value. In 2019, millennials owned 4% of all real estate value in the nation, according to a recent article in MReport. This compares to Baby Boomers owning almost one-third of American real estate in terms of value in 1990. The article did point out that the average millennial age is 31, compared to the average Baby Boomer age of 35 in 1990, but as millennials reach an average age of 35, they are unlikely to make up that large of a gap in real estate value. Both black and Hispanic homeownership rose at least one percentage point over the year in Q4, reaching 44% and 48.1%, respectively, according to the Census Bureau. Recent data has also illustrated that women are making up a large share of home-owning Americans. In fact, single women homeowners own more than 1.5 million more homes than single men in the nation’s largest metros, according to data from Lending Tree. While homeownership is moving in an upward direction, rental vacancies are on the decline—both for single-family properties and for multifamily properties. The overall rental vacancy rate is 6.4% as of Q4 2019. The rate has not been this low since mid-1984. Rental vacancies are down 0.4 percentage points from Q3 2019 but are similar to the rate reported a year ago. About 5.2% of single-family rental homes are vacant, while 7.4% of multi-family homes are vacant, as of Q4 2019. As rental vacancies trend lower, rental prices trend higher. Single-family rental prices, in particular, rose 3.1% over the year as of October, according to the latest Single-Family Rent Index from CoreLogic. The price rise was most prominent at the bottom of the market, where prices increased 3.6% over the year. Rental vacancies were highest in the South at 8.2% and lowest in the West at 4.4%, according to the Census data. The rental vacancy rate in the Midwest was 6.8%, and it was 5.2% in the Northeast. The homeowner vacancy rate in Q4 was 1.4%, unchanged from the previous quarter and a year ago. in Daily Dose, Featured, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Housing Vacancies on the Decline Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Housing Vacancies on the Decline Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: housing vacancy Single Family Rental Sign up for DS News Daily Subscribelast_img read more

first_img in Daily Dose, Featured, Market Studies, News June 29, 2020 1,590 Views The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Servicers’ Concerns Over Forbearance Plans Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Previous: Federal Agencies Propose Clarifications to Flood Insurance Rules Next: Personal Incomes Dip Due to COVID-19  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Fannie Mae housing market 2020 Mortgage Servicer 2020-06-29 Mike Albanese The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago As the COVID-19 pandemic sent waves across the nation, lenders and servicers have worked to adapt quickly to market changes, new mandates, and policy updates.For lenders, clarity on loan eligibility, supply chain disruption, and staff health have been the primary challenges since the pandemic began impacting the U.S., while services’ biggest challenges have been understanding post-forbearance options and understanding forbearance programs overall. These were the concerns cited as most pressing in a survey Fannie Mae conducted of more than 200 senior mortgage executives in May.Thirty-six percent of loan originators cited “gaining clarity from secondary-market investors on loan eligibility guidelines” as their No. 1 or No. 2 challenge related to the pandemic.“Many investors were making significant changes to guidelines. The changes were different from investor to investor and the timing of effective dates was also different. Very difficult to manage,” one executive at a mid-sized institution told Fannie Mae.An executive at a smaller institution said, “Changes have been fast, causing everyone on the chain to play defense and disrupting the flow of credit.”Supply-chain disruptions also ranked high as a top concern with lenders noting that it is taking longer to get appraisals and verifications.For servicers, the clear concern was understanding post-forbearance options, which 44% of servicers surveyed cited as their highest or second-highest challenge during the pandemic.“The new forbearance policies are making it extremely easy for a borrower to request forbearance. That is a good thing since many people are impacted directly or indirectly by COVID-19,” said one executive at a mid-sized institution, according to Fannie Mae. “However, how a customer exits forbearance will not be easy for the customer and will be complicated for servicers. There needs to be an easy exit approach for consumers to reestablish their loan with no downstream impacts.”Getting clarification on forbearance programs was cited as a top concern among 33% of servicers. Other challenges have included understanding and adapting to customer relief requirements, maintaining adequate capacity to handle the needs of distressed borrowers, and increasing the capacity to deal with a potential increase in default servicing costs.As to be expected, loan originators experienced an increase in the use of digital applications among their clients during the pandemic. Sixty-nine percent of lenders reported an increase in video meetings with clients, 80% noted an increase in online applications, and 72% reported an increase in electronic verifications during the pandemic.Fannie Mae also surveyed executives on their top business priorities for the year, and they are largely in line with the past few years. For the past four years, “business process streamlining” and “consumer-facing technology” have been the top two priorities.Business process streamlining is the top priority for this year, ranking as the most important or second-most important for 39% of businesses. This is up from 29% last year.Consumer-facing technology was the top or second-highest concern among 33% of professionals, down from 41% last year.According to Fannie Mae, COVID-19 “has created a new urgency to streamline business processes and enhance consumer-facing technology to ensure continuity and efficiency amid rapid changes.”Cost-cutting was cited as a major priority for just 15% of executives, but among those, the main area of cost-cutting will likely be general and administrative expenses. Sixty-two percent of those who aim to cut costs plan to cut costs in this area.Fannie Mae conducted its survey of 254 senior executives between May 5 and May 18. Ninety-six of the institutions surveyed were smaller institutions, 62 were mid-sized, and 71 were larger institutions. Share Savecenter_img Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Krista F. Brock Servicers Navigate the Post-Pandemic World 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. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Fannie Mae housing market 2020 Mortgage Servicer Subscribe Servicers’ Concerns Over Forbearance Planslast_img read more