Forecast Calls for Modest Growth in Home Sales for 2015

first_img Forecast Calls for Modest Growth in Home Sales for 2015 December 9, 2014 1,222 Views Servicers Navigate the Post-Pandemic World 2 days ago Share Save Tagged with: Forecast Home Sales Housing Market IHS Global Insight Servicers Navigate the Post-Pandemic World 2 days ago Forecast Home Sales Housing Market IHS Global Insight 2014-12-09 Tory Barringer About Author: Tory Barringer Sign up for DS News Daily Previous: Survey: Mortgage Professionals Believe Business Is Better Than Last Year Next: DS News Webcast: Wednesday 12/10/2014 The Best Markets For Residential Property Investors 2 days ago In keeping with other recently released predictions, the latest housing forecast from market research firm IHS Global Insight calls for modest growth in home sales in 2015 following what’s been a disappointing year.In her outlook, IHS economist Stephanie Karol focuses on two major trends that have shaped the housing market in 2014: low household formation and diverging trends for new versus existing-homes.According to data from the Census Bureau, the country saw the addition of only 467,000 new households between March 2013 and March 2014, well below the post-recession average of about 600,000 per year.While formations are expected to disappoint again in 2014, Karol predicts next year will see the addition of 1.08 million new households, with economic growth driving up the rate of new formations—and demand for new housing.”As a swell in steady employment joins with rising wages, household formation should climb, boosting homeownership rates,” she said.With demand projected to rise, Karol anticipates homebuilders will respond by ramping up housing starts, closing the massive gap between existing single-family inventory and the unsold stock of new homes (which she estimates at nearly 40 to one) and boosting new home sales up to 480,000.Together, both new and existing-home sales are forecast to rise to 5.34 million annually, the result of improving home equity spurring more homeowners to sell.”As a result, inventories have expanded—and families, who are no longer being consistently outbid by investors with plenty of cash on hand, have entered the market in sufficient numbers to stabilize median price growth in the 4–5 percent range,” Karol said. “Overall, the post bubble-landscape will continue into next year, but with slightly smoother terrain.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Related Articles Subscribe Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Forecast Calls for Modest Growth in Home Sales for 2015last_img read more

Wells Fargo Settles for $1.2 Billion Over ‘Shoddy’ Mortgage Practices

first_img The Best Markets For Residential Property Investors 2 days ago Subscribe Share Save Department of Justice FHA HUD Settlements Wells Fargo 2016-04-08 Brian Honea 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  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Texas Courts Validate MERS Assignments Next: The Week Ahead: Here Come the Q1 Earnings Statements Sign up for DS News Daily 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, Government, Newscenter_img Wells Fargo has agreed to pay $1.2 billion to settle civil mortgage fraud claims against the bank and Wells Fargo executive Kurt Lofrano, according to an announcement from the Department of Justice on Friday.According to the announcement, Wells Fargo agreed to pay $1.2 billion and admitted, acknowledged, and accepted responsibility for certifying that certain residential home mortgage loans were eligible for FHA insurance when they were not. As a result, according to the announcement, when some of those loans defaulted, the government had to pay the FHA insurance claims.“This Administration remains committed to holding lenders accountable for their lending practices,” HUD Secretary Julián Castro said. “The $1.2 billion settlement with Wells Fargo is the largest recovery for loan origination violations in FHA’s history. Yet, this monetary figure can never truly make up for the countless families that lost homes as a result of poor lending practices.”The settlement stems from Wells Fargo’s participation in the Direct Endorsement Lender program, a federal program administered by the Federal Housing Administration. Wells Fargo has the authority to originate, underwrite, and certify mortgages for FHA insurance based on the bank’s status as a Direct Endorsement Lender. If a loan that has been approved for FHA insurance later defaults, the mortgagee may submit an insurance claim to HUD for the balance of the loan, which HUD must pay.The DOJ said that between May 2001 and October 2005, Wells Fargo—the largest HUD-approved residential mortgage lender— engaged in a “regular practice of reckless origination and underwriting of its FHA retail loans, all the while knowing that it would not be responsible when the defective loans went into default.” The DOJ said that the bank hired temporary staff that was not properly trained in order to increase the volume of these loans and also applied pressure on its underwriters to approve more FHA loans.“Predictably, as a result, Wells Fargo’s loan volume and profits soared, but the quality of its loans declined significantly,” the DOJ said.“Wells Fargo has helped millions of people buy homes and we will continue to meet the financing needs of the customers and communities the FHA program is intended to serve.”Franklin Codel, Wells FargoAccording to the DOJ, Wells Fargo then failed to self-report to HUD the bad loans that it was originating. The DOJ said that Lofrano, in his capacity as VP of Credit Risk-Quality Assurance, executed annual certifications required by HUD for the bank’s participation in the Direct Endorsement Lender program on Wells Fargo’s behalf for the years in question.“Today, Wells Fargo, one of the biggest mortgage lenders in the world, has been held responsible for years of reckless underwriting, while relying on government insurance to deal with the damage,” said U.S. Attorney Preet Bharara for the Southern District of New York. “Wells Fargo has long taken advantage of the FHA mortgage insurance program, designed to help millions of Americans realize the dream of home ownership, to write thousands and thousands of faulty loans. Driven to maximize profits, Wells Fargo employed shoddy underwriting practices to drive up loan volume, at the expense of loan quality. Even though Wells Fargo identified through internal quality assurance reviews thousands of problematic loans, the bank decided not to report them to HUD. As a result, while Wells Fargo enjoyed huge profits from its FHA loan business, the government was left holding the bag when the bad loans went bust. With today’s settlement, Wells Fargo has finally resolved the years-long litigation, adding to the list of large financial institutions against which this office has successfully pursued civil fraud prosecutions.”In a press release, President of Wells Fargo Home Lending Franklin Codel said, “Today’s court filing details a previously announced agreement in principle that resolves not only the pending lawsuit filed by the U.S. Attorney for the Southern District of New York, but also a number of other potential claims going back as far as 15 years in some cases. It allows us to put the legal process behind us, and to focus our resources and energy on what we do best—serving the needs of the nation’s homeowners.”Codel continued, “We are dedicated to providing access to credit to a broad range of customers through offerings that exist today as well as new products and programs on the horizon. Wells Fargo has helped millions of people buy homes and we will continue to meet the financing needs of the customers and communities the FHA program is intended to serve.”Click here to view the announcement from the Department of Justice. Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Department of Justice FHA HUD Settlements Wells Fargo Home / Daily Dose / Wells Fargo Settles for $1.2 Billion Over ‘Shoddy’ Mortgage Practices Wells Fargo Settles for $1.2 Billion Over ‘Shoddy’ Mortgage Practices About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago April 8, 2016 1,303 Views last_img read more

Debt Level Among Top Disagreements for Couple Homebuyers

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Related Articles Tagged with: Generation X LendingHome Millennial The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News The stresses of moving are known to be extremely high, but recent data from LendingHome, a mortgage marketplace lender, says there are ways to relieve it—specifically if your client is moving with a significant other. New survey data showed that 60 percent of millennial and Generation X couples disagreed occasionally, frequently, or “a lot” when buying a house with their partner or spouse. Couples that have been together for five-plus years have a much more harmonious move, disagreeing frequently or more only 14 percent of the time. However, couples together four years or less disagreed twice as much at 30 percent or more.“Buying a home is stressful for just about anyone but even more so for couples and first-time homebuyers,” said Matt Humphrey, Co-Founder and CEO of LendingHome. “To navigate the home-buying process smoothly starts by first being aware of some of the pitfalls.The top disagreements among couples when moving are the level of debt to take on (49 percent), the style of house (46 percent), size of house (45 percent), and whether or not to buy a house in need of renovation (43 percent). Some couples struggled with different housing preferences based on their gender and location. Women typically wanted traditional or cozy homes (48 percent) over modern homes (34 percent) and suburbs (54 percent) over a big city (15 percent). Men are more open to the style and location of their home, having relatively equal preference to the aforementioned preferences.“Buying a home together is more than playing house and making Pinterest boards of dream kitchens; it’s a serious commitment with enormous financial implications,” said Samantha Burns,  a licensed Couples Therapist and Dating Coach in Boston, Massachusetts. “You need to feel secure and confident in your relationship before taking this step together. In searching for your dream home, get clear on your wants versus needs, firm deal breakers, and ability to analyze the pros and cons. By getting on the same page at the beginning, you’ll be able to minimize conflict throughout your home search.”The good news is 60 percent of all couples said their disagreements when buying a house really didn’t matter in the end and 50 percent felt more committed after the purchase. Knowing the pitfalls of buying with a significant other, however, can help navigate the process more smoothly. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago June 9, 2017 1,604 Views The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 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] Debt Level Among Top Disagreements for Couple Homebuyers Home / Daily Dose / Debt Level Among Top Disagreements for Couple Homebuyers Servicers Navigate the Post-Pandemic World 2 days ago Generation X LendingHome Millennial 2017-06-09 Brianna Gilpin Previous: LoanCare Announces Adam Saab as COO Next: Fannie Mae Sheds 3,400 Delinquent Loans in NPL Sale Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brianna Gilpin Sign up for DS News Daily Subscribelast_img read more

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first_imgSubscribe Tagged with: The Industry Pulse Share Save Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Filling More Vacancies Next: Bucking Stereotypes _______________________________________________________________________________________Melvin Watt, Director of the Federal Housing Finance Agency (FHFA), recently announced Andre D. Galeano to Deputy Director of the Division of Federal Home Loan Bank Regulation. Prior to this position, Galeano served in various positions in the FHFA since 2002. Additionally, Galeano served as Associate Director of examinations for the FHLBanks, Associate Director of credit risk for Fannie Mae and Freddie Mac, and Examiner-in-Charge of Fannie Mae._______________________________________________________________________________________ZVN Properties has recently announced the hiring of Kiyoshi D. Hunt as VP of Strategic Partnership. Hunt has over 23 years experience working in professional sales and management with local and national organizations over multiple business segments. Utilizing his “client first” approach, he has a proven track record of high level business development and service management, problem resolution skills, and is an expert in creating efficiencies and processes to assist clients in achieving their goals.  Hunt has worked in the REO industry since 2009, and has excelled in forming strategic partnerships. Prior to joining ZVN Properties, he has successfully created synergies among multiple companies in the REO industry to protect vacant properties by working with national property preservation companies, banks, and other organizations in the industry._______________________________________________________________________________________International Document Services, Inc. (IDS), a mortgage document preparation vendor, announced recently the promotion of former Manager of Development Beckie Santos to the newly created position of Manager of New Product Development. In her new role, Santos will leverage her development experience to work closely with the IDS development team as well as operations, quality assurance, and compliance to help shape and guide future solutions. Santos joined IDS in 2004 as a developer. During her tenure in development, she became known as a go-to developer for difficult projects. In 2010, Santos was promoted to Manager of Development. In her new position, Santos will also oversee the global integrity of IDS systems. She will further work to make certain that releases run smoothly, coordinating with both customer support and development to certify that all updates are clean and efficient._______________________________________________________________________________________ClosingCorp, recently announced that Springboard Home Loans, a not-for-profit mortgage lender working to expand homeownership, has begun using its SmartFees solution, an automated fee solution that delivers real-time closing cost data from more than 20,000 individual service providers. With this move, Springboard will now be able to expedite Loan Estimate and Closing Disclosure production through its integration with ClosingCorp and Ellie Mae’s mortgage management solution, Encompass. Servicers Navigate the Post-Pandemic World 2 days ago Flagstar Bank recently announced the addition of Kristy Fercho, who was previously SVO and Customer Delivery Executive for Fannie Mae, to lead Flagstar’s Mortgage Business. In 2016 alone, Flagstar originated $32 billion in home loans. Fercho spent 15 years with Fannie Mae, originally as the VP of human resources responsible for the company’s people strategy, talent acquisition, and cultural transformation. Since then, she served in customer management roles and oversaw mortgage production of almost 2,000 lenders. As of late, she managed customer delivery strategy and business performance of all Western U.S. customers, delivering single-family home loans to the agency. She is a mortgage industry veteran with knowledge in mortgage originations, servicing, fulfillment, risk management, and regulation. The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News About Author: Brianna Gilpin The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Which companies are merging, and what professionals are moving? See some highlights in this update of the housing and mortgage industries. The Industry Pulse 2017-08-10 Brianna Gilpin 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 August 10, 2017 1,190 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago 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 brianna.[email protected] The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Related Articleslast_img read more

The Housing Industry: Then and Now

first_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] Perhaps no other decade has impacted the housing industry as much as the last 10 years have, but successfully navigating that period has led to a sea of change in terms of innovation. Take a look at what Jason Allnutt, General Manager at Auction.com, had to say about the past and future of Auction.com and the industry as a whole. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles 2017-09-15 Brianna Gilpin Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago DS News: Reflecting on the last decade, what changes have you witnessed in the industry?Perhaps no other decade has impacted our industry as much as the last 10 years have, but successfully navigating that period has led to a sea of change in terms of innovation. Today, new technologies make it easier for investors to quickly ascertain what properties are actually worth; and what borrowers are able (or likely) to do to cure default. Although inventory amount has tapered from historically high levels, the industry continues to evolve, and we are finding that online marketplaces continue to gain share based on improved outcomes. This growth is a direct result of the out-of-the-box approach that we’ve witnessed from industry leaders with their implementation of new ways of thinking and innovative solutions to address the challenges presented to them. This new approach to the business, paired with the ability to provide a robust online platform has resulted in the vibrant, healthy marketplace that we see today.DS News: I understand Auction.com is rebranding in conjunction with its 10th anniversary. Tell us about that.Auction.com, as a brand, is celebrating its 10th anniversary. We evolved from Real Estate Disposition Company in 2007 after finding the value and efficiency of disposition in the digital environment. Timed to coincide with our anniversary, we have unveiled a new logo, tagline, and updated design aesthetic that reaffirms our commitment to providing buyers and sellers with optimal disposition strategies for faster executions. As we’ve grown from an online auction site to the only platform uniquely able and proven to successfully bring any and all assets to auction no matter the stage in the disposition lifecycle, we look forward to going “Beyond The Bid” in providing proven disposition solutions that better prepare buyers for success.DS News: What have you learned over the course of the past decade that helps you continue to steer Auction.com forward? I remind myself of the importance of being relentless in the pursuit of developing optimal solutions, innovative in developing clear strategy, and forward thinking in exploring new opportunities in the marketplace.Each of these qualities validates the importance of having an experienced and committed team in place—one that keeps our buyers’ and sellers’ needs top-of-mind in effectively presenting the most optimal disposition strategies in the market. The creativity fostered by our team positions Auction.com to best serve our sellers through a faster, more cost-effective method of disposing of their assets, and our buyers by providing the level of education and supporting resources needed to empower them to bid in confidence.DS News: What is next for the industry? Our industry is moving at a rapid pace and frankly, for us, it’s hard not to be optimistic about the future. The economy continues to improve, consumer confidence remains high, and as the established market leader in distressed asset disposition, Auction.com is well capitalized with access to the strategic and financial resources we need to drive the continued innovation of our technology and future expansion of our global footprint. in Daily Dose, Featured, News, Technology Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Home / Daily Dose / The Housing Industry: Then and Now The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brianna Gilpin The Housing Industry: Then and Now September 15, 2017 1,686 Views Demand Propels Home Prices Upward 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Previous: Fannie Mae’s Economic Update Next: The Week Ahead: The Five Star Conference and Expo Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

U.S. Homeownership Rates Lose Ground to Other Developed Countries

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe  Print This Post Tagged with: credit ratings Home Equity Homeowners Homeownership HOUSING U.S. Urban Institute March 14, 2018 1,731 Views Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago U.S. Homeownership Rates Lose Ground to Other Developed Countries The rate of homeownership in the U.S. is in the middle to lower range compared to other developed countries according to an analysis by the Urban Institute. In fact, data showed that the rate is about the same as it was in 1990 in the country, whereas homeownership rates in other developed nations have increased substantially over the years.Using datasets, which were available until 2015, the analysis compared homeownership rates from 1990 to 2015 across 18 countries and found that the United States was ranked tenth in 1990 and was close to the mean rate of its peer countries. But, by 2015 it had slipped three places in rankings with the country’s homeownership rates at 63.7 percent falling below the mean rate of 69.6 percent, the analysis indicated.During the period for which the analysis was done, 13 of the 18 countries increased their homeownership and apart from the U.S., Bulgaria, Ireland, Mexico, and the United Kingdom saw a decline in homeownership rates.Even when a broader base of countries was taken into account, the U.S. ranked 35 of 44 countries and was 10 percentage points below the mean homeownership rate of 73.9 percent for all these countries, the analysis found.When it came to age-patterns and homeownership though, the analysis found that the U.S. was similar to that of other European countries, where homeownership rates peak at or near retirement, between ages 65 to 74. It found that other than Germany, Austria, and the Netherlands, homeownership rates at that age peaked between 75 to 90 percent, well above the rate for younger households.In terms of home equity, the study found that in the U.S. home equity was a greater source of retirement wealth. “Home equity is a huge source of retirement wealth in the US and in the most-populous European countries. But the US curve tends to be steeper than for many other countries with lower homeownership rates for people ages 44 and younger,” the study said.It also pointed to falling rates of homeownership for households aged 44 and younger in the U.S., which remain historically low despite the rate of homeownership for this age-group experiencing an exponential increase in the past year. It found that one of the reasons for low homeownership rates in the 44 and younger age-groups could be because of the current credit environment that makes it difficult for anyone with less than perfect credit scores to obtain a mortgage. Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago credit ratings Home Equity Homeowners Homeownership HOUSING U.S. Urban Institute 2018-03-14 Radhika Ojha Previous: Mortgage & LGBT Leaders Work Toward Diversity and Inclusion Next: HUD Addresses Concerns About Reverse Mortgage Foreclosures Demand Propels Home Prices Upward 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / U.S. Homeownership Rates Lose Ground to Other Developed Countrieslast_img read more

Fast-Track Foreclosures and Fighting Urban Blight

first_imgHome / Daily Dose / Fast-Track Foreclosures and Fighting Urban Blight Tagged with: Foreclosure NCST Servicers Urban Blight Vacant Property zombie homes 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. The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, News Foreclosure NCST Servicers Urban Blight Vacant Property zombie homes 2018-08-20 Krista Franks Brock Previous: Last Line of Defense: Claims Management Next: Why Housing Worries Keep Americans Up at Night The Week Ahead: Nearing the Forbearance Exit 2 days ago Fast-Track Foreclosures and Fighting Urban Blight Demand Propels Home Prices Upward 2 days ago Share 1Save  Print This Post Servicers Navigate the Post-Pandemic World 2 days agocenter_img About Author: Krista Franks Brock Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago In response to the foreclosure crisis in 2008, a number of states enacted or considered enacting “fast track” foreclosure processes as a way to bring vacant properties to market quicker and ease neighborhood blight. The National Community Stabilization Trust (NCST), a nonprofit organization focused on restoring vacant properties, attempted to review the efficacy of such laws but was unable to reach a conclusion. “Given the lack of empirical data, we cannot at this time reach a strong conclusion regarding either the advantages or disadvantages of expedited foreclosure processes,” NCST said in its report, titled “Fast Track Foreclosure Laws: Not a Silver Bullet for Fighting Blight.” The nonprofit explained that there was insufficient data to truly examine “fast track” proceedings in various states “either because some states do not specifically track data on motion filings and foreclosure timelines or because this data is not publicly available.” Based on the available data and anecdotal evidence from interviews conducted in four states, the NCST concluded that even where “fast track” foreclosures were available, the option was rarely taken.Under current law, many abandoned properties are subject to the same lengthy foreclosure process as occupied ones, resulting in extended vacancy and other considerable problems. However, mortgage servicers and the housing industry is moving towards addressing the problem of vacant residential property through a discussion on policies that can standardize procedures, definitions, and industry best practices for vacant and abandoned properties.In a white paper on this issue, the National Mortgage Servicing Association (NMSA) had called for an industry-wide discussion on such policies and was in part developed with input from several NMSA member organizations including Wells Fargo, Bank of America, BankUnited, Selene Finance, and others.“Vacant and abandoned properties is a complex and difficult issue that is detrimental to surrounding homeowners and communities,” said Ray Barbone, EVP, BankUnited EVP and Chairman of the National Mortgage Servicers Association (NMSA) upon the release of the white paper. “The issue is evidenced by recent legislation in Ohio and Maryland. However, the industry remains challenged in protecting those impacted due to inconsistent and disparate definitions and guidelines relative to such properties.”In its report, the NCST did offer a few recommendations for policymakers attempting to address the issues of vacant properties and urban blight. First, they believe that any statutes regarding expedited foreclosures should require the collection of data to determine efficacy and impact. The group also suggests policymakers “more effectively engage consumer, neighborhood, and housing advocacy groups in the legislative process.” Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago August 20, 2018 2,509 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Mortgage Debt Hits New Highs

first_imgMortgage debt hit a record $15.8 trillion in Q3 2019, according to data from LearnBonds.com. According to the data, this is the highest amount since the 2008 economic crisis which stood at $14.7 trillion.The home mortgage sector rates showed a steady decline in recent years to hit a low of $13.3 trillion in the third quarter of 2013, and from the 2013 Q3, the debt has increased in a steady trajectory to hit the latest figures recorded in 2019. From the data, there was $401 billion in newly originated mortgage debt in 2018 Q4.“Generally, the mortgage is among the largest component of household debt across the United States,” LearnBonds notes. “However, the mortgage rates have been low since the last quarter of 2018. The Federal Reserve Bank resorted to lowering the rates in the wake of trade uncertainty which affected the global economic growth.”Additionally, debt-to-income (DTI) ratios are on the decline, loan-to-value (LTV) ratios are on the rise, and average credit scores for conventional conforming home loans ticked up as of Q3 2019, according to data from CoreLogic.The average DTI for conventional conforming loans was 36% for Q3 2019, down one point from a year earlier. CoreLogic noted that this shift may be a result of a “relaxing of affordability pressures” as mortgage rates eased in 2019.Mortgage rates declined over the first three quarters of the year and were down 1 percentage point on an annual basis in the third quarter of the year.CoreLogic noted that “credit-risk attributes of borrowers have shown dramatic variation in the last 20 years,” but that while DTI and LTV ratios have relaxed overall, “there has been no change in credit score standards.”Also, the high DTI and LTV loans tend to be fully documented “and thus are different than the pre-housing crash high DTI and LTV loans,” many of which were low or no-documentation loans.Over the past few years, new policies loosening credit standards for the GSEs have helped push average DTI and LTV ratios up for conventional conforming home loans.  Print This Post 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. in Daily Dose, Featured, Market Studies, News Related Articles About Author: Seth Welborn Home / Daily Dose / Mortgage Debt Hits New Highs Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: HUD: Affirmatively Furthering Fair Housing Rule ‘Ineffective’ Next: Mortgage Relief Scam Defendants to Pay $18.5M Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Mortgage Debt Hits New Highs Crisis debt Income mortgage 2020-01-07 Seth Welborncenter_img Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 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 Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago January 7, 2020 1,657 Views Tagged with: Crisis debt Income mortgage The Best Markets For Residential Property Investors 2 days agolast_img read more

Analyzing California’s Response to Wildfire Insurance

first_img Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Loss Mitigation, News Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily April 8, 2020 1,432 Views Insurance wildfire 2020-04-08 Seth Welborn Tagged with: Insurance wildfire Demand Propels Home Prices Upward 2 days ago  Print This Post Related Articles 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. Home / Daily Dose / Analyzing California’s Response to Wildfire Insurancecenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago After the California wildfires of in 2017 and 2018, state insurers were hit with record-breaking losses of over $25 billion. In response, on November 14th, 2019, California Department of Insurance Commissioner Ricardo Lara ordered the FAIR Plan Association, a state-established “insurer of last resort” ran by a pool of private carriers, to offer comprehensive homeowners insurance, adding traditional perils like water damage, theft, and personal liability to their fire coverage. A new report from CoreLogic analyzes the events leading up to this development, and how state insurers responding.First, CoreLogic notes that many traditional carriers reduced or cancelled their insurance coverage in high-risk wildfire zones. In response, the Wildfire Safety and Recovery Act (CA SB-824) of 2019 mandated a one-year moratorium on non-renewal of homeowners insurance for at least 800,000 homes in ZIP codes near recent wildfire disasters”The moratorium draws parallels to the aftermath of 1992 Hurricane Andrew, where property and casualty insurers in Florida were faced with over $16 billion in losses,” CoreLogic said. “In 1993, the Department of Insurance imposed a moratorium on non-renewals of residential property coverages in Florida for 90 days.”In October 2018, the Florida Insurance Commissioner issued a 90-day moratorium for carriers in counties impacted by Hurricane Michael. California’s lengthy one-year moratorium is proving a challenge for state insurers as they work to control losses amidst many years of consistent devastating wildfire events.The California Insurance Commissioner and state lawmakers also introduced Assembly Bill 2367, named “Renew California”. The bill would create a Wildfire Resilience Task Force, which would include the Insurance Commissioner, the Director of the Office of Emergency Services, and the State Fire Marshal, to establish minimum standards for fire-hardened homes and communities. The bill would also require admitted property insurers in the state to write or renew policies when the applicant or insured owns a residence with an estimated replacement cost consistent with the insurer’s underwriting guidelines and the residence and community meet the minimum standards for fire-hardening. Analyzing California’s Response to Wildfire Insurance Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Previous: Federal Agencies Issue Statement on Loan Modifications Next: DS5: How Technology and the Fed are Assisting Servicers Subscribelast_img read more

Donegal County Council asked to support US Immigration reform campaign

first_img Google+ Twitter RELATED ARTICLESMORE FROM AUTHOR Pinterest NPHET ‘positive’ on easing restrictions – Donnelly Donegal County Council is being asked to pass an emergency motion today backing the Irish Lobby for Immigration Reform.The immigration reform bill is currently before the House of Representatives in the US.The Lobby says every politician in Ireland needs to make representations in an effort to get it passed.The Lobby’s Donegal Spokesperson is Bundoran Town Ccouncillor Mick McMahon, who says every effort will help.He’s urging all politicians on the island of Ireland, irrespective of party or creed, to become involved…………[podcast]http://www.highlandradio.com/wp-content/uploads/2013/07/mickmcmahoncouncil.mp3[/podcast] Previous articleInquest into the presumed death of Mary Boyle refusedNext articleDonegal man admits hit and run charges after mother and child are injured on Benone Beach News Highland WhatsApp Donegal County Council asked to support US Immigration reform campaign WhatsApp Pinterest Calls for maternity restrictions to be lifted at LUH center_img Google+ Twitter Facebook Three factors driving Donegal housing market – Robinson 448 new cases of Covid 19 reported today Help sought in search for missing 27 year old in Letterkenny News By News Highland – July 22, 2013 Facebook Guidelines for reopening of hospitality sector publishedlast_img read more