Archives : May-2021

first_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Negative Equity RealtyTrac Seriously Underwater Mortgages The Best Markets For Residential Property Investors 2 days ago Previous: Fed, SEC Approve Risk Retention Rule Next: New York Regulator Accuses Servicer of Sending Backdated Foreclosure Notices Nevada, Florida, and Illinois were the top three states in negative equity for residential properties in the third quarter of 2014, marking the fourth consecutive quarter those three states led the nation in that category, according to RealtyTrac’s Home Equity & Underwater Report for Q3 2014 released Thursday.Nevada topped all states with 31 percent of all residential properties seriously underwater, or with negative equity, meaning the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value. Florida, which also has the nation’s highest foreclosure rate, came in second among states with a negative equity rate of 28 percent. Illinois was third with 26 percent. Michigan (25 percent) and Rhode Island (22 percent) rounded out the top 5, according to RealtyTrac.The list of top metropolitan areas with a population of 500,000 or more with the highest seriously underwater rate closely followed the corresponding list of states. Las Vegas, Nevada, and Lakeland, Florida, tied for the top spot among metropolitan areas with the highest negative equity rate with 34 percent each, followed by three Florida metro areas: Palm-Bay-Melbourne-Titusville (31 percent), Orlando (30 percent), and Jacksonville (30 percent). Detroit was sixth on the list at 20 percent, according to RealtyTrac.Colorado topped the list of states with the highest percentage of residential properties that were in the foreclosure process despite having positive equity, with 73 percent. Montana was second with 71 percent, followed by Oklahoma at 69 percent, according to RealtyTrac. The metro areas that led the nation in this category were Denver (79 percent), Pittsburgh (78 percent), Honolulu (77 percent), Baton Rouge (74 percent), and San Jose (73 percent).The nation’s major metropolitan areas with the highest percentage of equity-rich residential properties, meaning the properties had an equity of at least 50 percent, were San Jose (45 percent), San Francisco (41 percent), Honolulu (36 percent), Los Angeles (32 percent), and New York (31 percent), according to RealtyTrac.Nationwide, 8.1 million residential properties in the U.S. with a mortgage (about 15 percent) were seriously underwater in Q3, which is the lowest level since RealtyTrac began tracking the data in Q1 2012. Demand Propels Home Prices Upward 2 days ago Same Three States Top Negative Equity List in Q3 for Fourth Straight Quarter Related Articles About Author: Brian Honea 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 in Daily Dose, Featured, Market Studies, News Negative Equity RealtyTrac Seriously Underwater Mortgages 2014-10-23 Brian Honeacenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Home / Daily Dose / Same Three States Top Negative Equity List in Q3 for Fourth Straight Quarter Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post October 23, 2014 955 Views Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

first_img Demand Propels Home Prices Upward 2 days ago REO Cash Sales Share Falling, But Still High 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 Share Save Subscribe Demand Propels Home Prices Upward 2 days ago Tagged with: All-Cash sales CoreLogic REO sales 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. Related Articles All-Cash sales CoreLogic REO sales 2015-03-09 Brian Honea While REO sales still had the largest share of all-cash home sales in December 2014, both the share of cash sales that are REO sales and the share of REO sales that are cash sales were down month-over-month, according to data released by CoreLogic on Monday.REO sales have historically had the largest cash sales share, as they did in December, when 58.4 percent of all REO sales were cash sales. This percentage was down slightly from November’s total of 61.1 percent but still well above half. Conversely, REO transactions accounted for 8.8 percent of all cash sales in December, down slightly from 10 percent that was reported in November. By comparison, at their peak, REO sales made up about 23.9 percent of cash sales in January 2011.”I believe that the slight decrease in REO cash share is due to some seasonal volatility, as we’ve seen this same pattern moving from November to December months since 2010,” said Molly Boesel, senior economist with CoreLogic. “I would assume that the REO cash share would trend down a little in 2015 during the year, but then have the potential to edge back up close to 60 percent again at the end of the year.”The percentage of short sales that were all cash sales held steady from November to December at 32.7 percent, and the percentage of newly-constructed home sales that were cash sales declined slightly month-over-month in December at 15.6 percent, down from 16.3 percent in November. The percentage of re-sales that were cash sales ticked slightly upward month-over-month, from 35.2 percent to 35.4 percent.The decline in REO sales share correlated with the decline in all cash sales for both December 2014 and for the full year. Cash sales accounted for 35.5 percent of all home sales in December, a drop from 38.5 percent in December 2013 – marking 24 consecutive months of year-over-year declines in cash sales share. By comparison, cash sales share averaged approximately 25 percent prior to the housing crisis and reached its peak of 46.5 percent in January 2011 at the height of the foreclosure wave.center_img March 9, 2015 1,135 Views Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News, REO The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / REO Cash Sales Share Falling, But Still High About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Previous: Fannie Mae Reports All-Time High for Consumer Optimism Toward Economy Next: Ocwen Teams With Housing Group to Aid Distressed New York Homeownerslast_img read more

first_img Share Save Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. June 7, 2016 1,139 Views  Print This Post Related Articles About Author: Brian Honea Sign up for DS News Daily Homebuyers Becoming More Cynical About Election Home / Daily Dose / Homebuyers Becoming More Cynical About Electioncenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: 2016 Presidential Election Homebuyers Housing Market The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Republicans Roll Out Dodd-Frank Alternative Next: Many Markets Shift Toward Owning vs. Renting in Daily Dose, Featured, Headlines, News More than one-quarter of homebuyers believe that the 2016 presidential election, which is only five months away, will adversely affect the housing market, according to a survey conducted by Redfin.In a survey of 975 homebuyers in 36 states and Washington, D.C., 27 percent of respondents said they believe the outcome of November’s election will have a negative impact on housing—an increase of 12 percentage points since the last such survey in February, according to Redfin.Housing has not exactly been at the forefront of issues during each candidates’ campaign, though two out of the three remaining candidates have rolled out plans to increase the five-decade-low homeownership rate. The presumptive Republican nominee, Donald Trump, has not said anything about housing policy; the closest he has come to housing is saying that he would completely overhaul the Dodd-Frank Wall Street Reform Act if he is elected. Presumptive Democratic nominee Hillary Clinton, introduced a plan in February that involves a housing investment of $25 billion dollars and is dedicated to “lifting more families into sustainable homeownership and connecting housing to opportunity.” Democratic candidate Bernie Sanders unveiled a plan in April that includes expanding affordable housing initiatives and significantly raising the minimum wage.“While homeowner anxiety over the election is clearly mounting, the likelihood of an immediate shock to the market is rather slim,” said Redfin chief economist Nela Richardson. “It will take considerable time for our next commander in chief to implement policies that have any impact on housing. That said, the next president will inherit the lowest homeownership rate in 48 years and so far the voters have heard little to nothing about what the candidates will do to improve their chances of becoming homeowners. Candidates need to start discussing housing on the campaign trail now.”“Candidates need to start discussing housing on the campaign trail now.”Nela Richardson, Chief Economist, RedfinAccording to Redfin, the 40 percent of survey respondents were millennials and 37 percent were first-time homebuyers. In addition to more homebuyers believing that the election results will negatively affect housing, the share of respondents who believe the election will have no effect on the housing market dropped significantly from the last survey in February (from 75 percent to 63 percent), indicating that more homebuyers believe the election will affect housing.Meanwhile, 1 percent of survey respondents said they will absolutely leave the country if the candidate they endorse is not elected president in November. Another 9 percent said they would either consider or seriously consider leaving the country.Approximately 28 percent of respondents said they believe that a candidate other than Trump, Clinton, or Sanders would better serve the housing market. Sanders had the edge among survey respondents as to which of the remaining three candidates would serve housing the best (26.5 percent endorsed Sanders). Demand Propels Home Prices Upward 2 days ago 2016 Presidential Election Homebuyers Housing Market 2016-06-07 Brian Honealast_img read more

first_imgSubscribe The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / MCS to Acquire Carrington Home Solutions’ Field Services Division 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] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Acquisitions carrington home solutions MCS Mortgages Sign up for DS News Daily Share Save Servicers Navigate the Post-Pandemic World 2 days ago Acquisitions carrington home solutions MCS Mortgages 2017-11-20 David Wharton Servicers Navigate the Post-Pandemic World 2 days ago MCS to Acquire Carrington Home Solutions’ Field Services Division  Print This Post in Daily Dose, Featured, Headlines, Journal, Newscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: David Wharton Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Mortgage Contracting Services, LLC (MCS), a nationwide provider of services to the mortgage industry, has reached an agreement to acquire the property preservation division from Carrington Home Solutions, LP (CHS). The transaction is expected to close before the end of 2017.MCS will assume responsibility to inspect and maintain CHS’ existing portfolio. Under the acquisition, CHS’ property preservation operations will integrate into MCS’ existing field service operations.Caroline Reaves, CEO of MCS said in a statement:The acquisition of CHS’ field services unit enables MCS to expand our industry footprint, and increase our national presence and economies of scale. Through our work with CHS in the past, we applaud the business they built. This addition is a perfect alignment with our MCS mission: being the leading outsourced services provider for banks, lenders, and mortgage servicers across the United States.Over the past several years, MCS has continued to expand its portfolio of services and capabilities with the acquisitions of multiple national AMC valuation companies, title and settlement providers in addition to growing its field services division, which has operated for over 30 years. “This transaction further demonstrates MCS’ commitment to our clients and communities in which we operate,” said Ms. Reaves. “We will continue to focus on quality, compliance and long-term relationships built on trust and integrity.”For more than 30 years, MCS has protected, preserved and served communities across the nation. Some of the largest and most respected banks, lenders and mortgage servicers in the industry trust MCS to perform property inspections, property preservation, REO property maintenance, property registrations, valuations, settlement services, title and other mortgage-related services in all 50 states. MCS has a history of providing these services in a highly regulated environment, the proven ability to handle large volumes of properties, and a record of recruiting and monitoring a substantial vendor network. For more information, click here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Industry Pros Shifting Focus Toward REO Restoration Next: Housing Market Still Not Meeting Potential November 20, 2017 2,330 Views last_img read more

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post About Author: David Wharton Most millennials still believe in the American Dream of homeownership—77 percent want to someday own a home, according to the latest ValueInsured Modern Homebuyer Survey. However, those hopes and dreams sometimes face an uphill climb when it comes to the challenges of the modern housing market. ValueInsured’s latest survey provides some insights into where millennial homebuyers are compromising when it comes to purchasing a home—and why.As ValueInsured points out, millennial homebuying isn’t matching that generation’s aspirations in 2018, either in terms of homeownership rates or the homes they’re purchasing. While nearly 80 percent of millennials report being interested in homeownership, the actual U.S. millennial homeownership rate is only 35.3 percent—”the lowest level since the U.S. Census began tracking homeownership by age groups in 1982.”How many millennials report having to compromise their housing wish lists when it comes time to buy? Eighty-five percent, according to ValueInsured’s survey, as compared to only 56 percent of homeowners in all other age groups. For baby boomers, the number is 34 percent, well under half the millennial rate.So, what form are those compromises coming in? Forty-one percent of surveyed millennial homebuyers report having to settle for a smaller home than they wanted in order to stick within their budget. Given the continued increase of home prices in many markets, that’s not surprising. Forty percent report having to expand their search for a home beyond their target location, and 41 percent report having to sacrifice some desired features in order to make the buy, including air conditioning, fireplaces, or flooring options. Thirty-nine percent said their new homes came with less accompanying land than they would have liked.There are definitely some instances of buyer’s remorse in the mix, to one degree or another. Of those surveyed, 37 percent said they didn’t like the style of home they eventually settled on. Eighty percent of those surveyed reported planning to move again within five years. A full 52 percent planned to move again within three.To read ValueInsured’s full breakdown of millennial homebuyer trends, click here. Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Compromise Common Among Millennial Homebuyers May 29, 2018 2,272 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Journal, Market Studies, News Tagged with: Homebuyers Millennials The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Compromise Common Among Millennial Homebuyerscenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Homebuyer Migration Trends in Q1 2018 Next: Where is the Mortgage Industry Headed in 2018? Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Homebuyers Millennials 2018-05-29 David Wharton The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] last_img read more

first_img Related Articles About Author: Krista Franks Brock Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / BCFP May End ‘Proactive Oversight’ of Military Lenders 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. Share Save  Print This Post Previous: FHA Provides Relief to Hurricane-Affected Homeowners Next: Delinquencies Remain Low But Household Debt Rises Data Provider Black Knight to Acquire Top of Mind 2 days ago BCFP May End ‘Proactive Oversight’ of Military Lenders Tagged with: BCFP Borrowers CFPB Homeowners Lenders Lending Military Sign up for DS News Daily center_img Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News Senate Democrats recently asked the Bureau of Consumer Financial Protection (BCFP) to reconsider its plans to discontinue its routine checks for violations of the Military Lending Act after an article by the New York Times reported that the agency was planning to suspend these routine checks. The Military Lending Act (MLA) was passed in 2006 and is aimed at preventing active-duty military members and their families from falling victim to predatory lending, financial fraud, and credit gouging. “The Trump administration is planning to suspend routine examinations of lenders for violations of the Military Lending Act,” the New York Times reported, adding that “Mick Mulvaney, the interim director of the Consumer Financial Protection Bureau, intends to scrap the use of so-called supervisory examinations of lenders.” According to the Times, Mulvaney said the “proactive oversight is not explicitly laid out in the legislation.”Public radio station, NPR, recently reported that the BCFP was planning to ask the Congress to give it express permission to do this active monitoring of lenders’ MLA compliance if that is what lawmakers intended. “That’s according to a draft document circulating within the bureau obtained by NPR,” the public radio station said. “It is unclear if Congress would do that to spur the CFPB to return to its previous level of enforcement.”In a statement to NPR, the bureau said that any changes to the MLA would be made “only if necessary and in a way that does not reduce the MLA protections afforded Service members and their families.”Instead of the current method of “proactive oversight,” the BCFP will rely on consumer complaints to identify and deal with violations of the Military Lending Act. Senate Democrats responded with a letter on Wednesday, signed by all 49 members. “The CFPB should not be abandoning its duty to protect our servicemembers and their families, and we seek your commitment that you will utilize all of the authorities available to the CFPB to ensure that servicemembers and their families continue to receive all of their MLA protections,” the Senators wrote.“In addition, for our service members, especially those who are deployed overseas facing hostile fire, it is unreasonable to place the burden of detecting and reporting MLA abuses on servicemembers, especially when they should be given every opportunity to focus squarely on their missions,” they said. The BCFP has returned $130 million to service members, veterans, and their families and received more than 72,000 complaints each year since the bureau’s founding in 2011. 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 Servicers Navigate the Post-Pandemic World 2 days ago BCFP Borrowers CFPB Homeowners Lenders Lending Military 2018-08-16 Krista Franks Brock The Best Markets For Residential Property Investors 2 days ago August 16, 2018 1,390 Views Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

first_img May 3, 2019 2,473 Views Previous: Redfin Mortgage Expands to Florida, Maryland and Tennessee Next: Tackling Foreclosure Challenges in Motor City Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tornadoes can be devastating, and analyzing the damage a tornado can cause before it happens could allow insurers to anticipate claims volume and and adjust deployment appropriately and quickly. CoreLogic’s Tornado Path Maps aim to provide damage exposure data quickly.According to CoreLogic, the data within Tornado Path Maps will be updated every 15 minutes following a tornado, “displaying area probabilities (from 10 percent up to 90 percent) of tornadic damage.” CoreLogic states that this frequency of updates should allow “insurance carriers to quickly calculate claims needs, this parcel-level exposure analysis means emergency responders, utility companies, transportation departments and others will be able to quickly determine resource allocation and deployment to begin offering on-the-ground support to the people and properties affected.”Curtis McDonald, Senior Professional Product Management and Meteorologist for CoreLogic Weather Verification Services, said in a statement, “Until now, understanding exposure from tornadoes has been a daunting challenge for insurers, as typical ground-based observations and reporting are hampered due to infrastructure damage when a tornado moves through an area. These challenges can create frustrating policyholder experiences. Our goal with Tornado Path Map is to enable insurers to efficiently and accurately identify customers under duress immediately following tornadic storms, meaning they’re able to assist with communications and swift response to help their policyholders in need.”Without proper insurance, many homeowners impacted by natural disasters such as tornadoes may be at increased risk of foreclosure. CoreLogic’s 2019 Insurance Coverage Adequacy Report reveals how underinsurance can leave an impact on the lending industry.According to Frank Nothaft, Chief Economist for CoreLogic, “The disruption of a family’s regular flow of income and payments, as well as substantial loss in property value, can trigger mortgage default; especially if homeowners are underinsured and cannot afford to rebuild.”Disruption to income from natural disasters including wildfires, tornadoes, and hurricanes can lead to mortgage defaults, and CoreLogic notes that delinquency and foreclosures typically spike in an affected area following a disaster.“The financial impact of underinsurance touches everyone; this is especially true after a catastrophic event where widespread property damage can cost billions of dollars,” said CoreLogic.A CoreLogic whitepaper on “How Tornado Technologies Work” can be read here.The topic of how the industry should prepare for and respond to disasters will be explored thoroughly at the upcoming Five Star Disaster Preparedness Symposium, to be hosted June 5-6, 2019, at the Hotel Monteleone in New Orleans. The Symposium is designed to provide an opportunity for mortgage industry leaders and executives to engage in critical conversations on diligence and preparedness, so the next time natural disaster strikes, the industry will be ready to lend the proper support. You can register for the Disaster Preparedness Symposium here. Disaster Disaster Preparedness Summit Tornadoes 2019-05-03 Seth Welborn 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.  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, Investment, Loss Mitigation, News Tagged with: Disaster Disaster Preparedness Summit Tornadoes Demand Propels Home Prices Upward 2 days agocenter_img Sign up for DS News Daily Subscribe About Author: Seth Welborn Home / Daily Dose / Minimizing Disaster Impact on Defaults When Tornadoes Strike Minimizing Disaster Impact on Defaults When Tornadoes Strike Demand Propels Home Prices Upward 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Related Articleslast_img read more

first_img Share Save in Daily Dose, Featured, News, Print Features The Best Markets For Residential Property Investors 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Previous: FHFA Making Structural Changes Next: The Week Ahead: Insight Into Mortgage Performance About Author: David Wharton Demand Propels Home Prices Upward 2 days ago January 31, 2020 2,330 Views The Best Markets For Residential Property Investors 2 days ago Opportunities in Collateral Risk Management Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago At Fannie Mae, Jacob Williamson is responsible for oversight and management of all end-to-end collateral capabilities. These duties include front-end collateral policy design, property valuations, collateral valuation process modernization, and real estate. In the real estate space, Williamson is responsible for various foreclosure and REO functions, including short sales, foreclosure sale strategy, eviction/redemption oversight, mortgage release/rental operations, property preservation/inspections, repairs, closing/title, HOA/tax management, REO sales, and REO auctions.He is also responsible for performance management of the real estate agents, appraisers, and vendors. Williamson’s career with Fannie Mae stretches back nearly 14 years.Williamson has served on the DS News Editorial Advisory Board (EAB) since 2019. As a new recurring feature in 2020, we’ll be bringing you conversations with our EAB leadership—the industry professionals who help shapethe topics, content, and direction of DS News.What are your biggest takeaways and focuses as we leave 2019 behind and enter the new year?“Opportunity” is the word I would use to describe where we are, both for Fannie Mae and as an industry. When you look at the available technology and data and how much things have advanced, we’re really just scratching the surface on what we could do in the future. There are a couple of areas that I see as ripe with potential. One is around the valuation process and the technology that’s being used to capture data, whether that’s 3D scans or GIS data sources. All of this is becoming more available, and more in a state where we can use it, and that will be invaluable in understanding intimately what a property is worth and what it can sell for.A second area of opportunity is with the digitization of the mortgage itself. Whether it’s electronically obtaining bank statements or examining credit attributes, all of that data is becoming more available in a way that we can really capitalize on it.What priorities are you focused on as you plan your team’s goals?I work in the collateral risk management area, so I’m all about the property and managing the risks associated with the real estate process. As a collateral risk management team, we have a few key objectives.First, how do we do a better job of assessing risk with the collateral in the origination process? How do we improve quality and improve our overall risk evaluation increasing certainty around the value and the eligibility of the property? Continuously improving our risk management helps to support safety and soundness – that’s good for Fannie Mae and the industry.Second, we want to continue to improve our own valuation process. At Fannie Mae, we utilize appraisers and real estate agents to help us assess the value and price of our properties whether it’s in consideration of a short sale offer, an REO that we own and manage directly, or to help us determine whether we feel comfortable with a foreclosure bid value or cancellation of mortgage insurance. We have a team of folks that work in these processes where their primary focus is to review and reconcile values, and our goal is to improve value accuracy while also minimizing process and product costs.Lastly, we want to continue to improve our delinquent loan and REO decisioning. We want to improve how we determine appropriate strike prices and marketing decisions (e.g., whether to rehab or sell as is) all while maintaining our commitment to neighborhood stabilization and our preference to sell to owner occupants and first-time homebuyers.Are there any technologies that you think hold particular potential as far as capturing and tracking property data?I’m very excited about how attainable some of the technology solutions are becoming. 3D scans are a good example. When this technology was first introduced, it was an approximately $4,000 camera on a tripod. It took you maybe 30-60 minutes to complete a scan of a property. You had to leave the room while the camera completed its full 360 view, or you had to follow it around the tripod.Now, you can buy spherical cameras (a flat device that captures 180 degrees on both sides of the device instantly so there is no rotation) for less than $500, and many industry players are starting to build those software capabilities directly into smartphones.Technology is moving so quickly and I’m excited that it’s becoming more scalable, easier to use, and less expensive. Technology innovations not only help us better manage risk, but ultimately a more digital property valuation process will help everyone in the mortgage ecosystem improve its part of the process and give borrowers a great experience.As technology advances, what are the challenges of integrating it into legacy systems, or making the decision to upgrade or replace those systems?That’s a great question, and one, quite frankly, that we struggle with. Do you invest in your old legacy technology and keep it up as much as you can? The exciting thing about the cloud and the use of APIs is that it changes the data environment in a way that you don’t necessarily have to sync the old technology. As long as it’s in a digital cloud version, you can access it anywhere and with any systems.It’s sometimes a challenge to get your old systems onto the cloud, and to modify your old systems in a way that you can hit it through APIs. But I think once you do that, this allows all these technology solutions to scale very quickly.What are the milestones and accomplishments you’d like your team to have hit by this time next year?I want us to be perceived as a team that focuses on process improvement, on the leading edge of technology, and as a partner to the many groups we work with to improve and innovate the mortgage and real estate processes. When we unfortunately have to acquire a property through foreclosure, I also want our team to be viewed as the best asset management company especially in how we preserve, rehab, and sell our properties, and protect and enhance their associated neighborhoods.When I look at our Collateral Risk teams, these types of potential milestones and accomplishments are very motivating, and our teams are up to the challenge. Tagged with: EAB Fannie Mae Law The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Opportunities in Collateral Risk Management 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] EAB Fannie Mae Law 2020-01-31 David Wharton Sign up for DS News Daily Subscribelast_img read more

first_img  Print This Post Previous: Foreclosure Filings Slowing in 2020 Next: Understanding Foreclosure Process on Digital Mortgages Governmental Measures Target Expanded Access to Affordable Housing 2 days ago July 16, 2020 1,602 Views in Daily Dose, Featured, Government, News 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 Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast “The Online Movie Show,” co-host of the award-winning WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire. The U.S. Department of Housing and Urban Development (HUD) is pushing back at efforts to force its withdrawal of a proposed rule to amend its interpretation of the Fair Housing Act’s disparate impact standard, according to a piece from Politico.In announcing the proposed rule last August, HUD insisted it would not impact its determinations of intentional discrimination, citing a 2015 decision by the U.S. Supreme Court that upheld the use of the “disparate impact” theory to establish liability under the Fair Housing Act for business policies and local ordinances, even if the policy or ordinance was neutral but still resulted in a disproportionate impact on a protected class without legally sufficient justification.HUD noted at the time that the proposed disparate impact rule would provide a “framework for establishing legal liability for facially neutral practices that have unintended discriminatory effects on classes of persons protected under the Fair Housing Act.”For the past few weeks, HUD has been pressured by executives within the real estate finance industry to rescind its proposed rule. Bank of America Vice Chairman Anne Finucane expressed her concerns in a letter to Federal Housing Commissioner Brian D. Montgomery, citing the national protests for social equality following the death of George Floyd in Minneapolis police custody.“Over the last several weeks, our nation has experienced a series of tragic events that have led to a collective heightened awareness of systemic racism,” Finucane wrote. “We have all witnessed the expressions of anguish and anger about what has happened and have developed a greater understanding of and sensitivity to the historical roots of those feelings … Given the importance of this moment in history and the very real prospect of progress, we respectfully urge that this is not a time for actions, however well-intentioned, that some will interpret as diminishing hard-fought protections. Rather, it is a time for thoughtful reflection so that we can drive meaningful progress on equity and inclusion.”Michael DeVito, EVP and Head of Home Lending at Wells Fargo, sent a letter to HUD Secretary Dr. Benjamin Carson expressing his concern on the timing of the proposed rule.“We appreciate HUD’s efforts to draft the proposed rule, and we support a disparateimpact framework that facilitates the expansion of housing opportunities to underserved communities and provides a clear legal framework to address discrimination,” DeVito wrote. “To achieve that goal, HUD should acknowledge that Americans’ attention to racial discrimination is more pronounced and expansive than when the comment period was open last year. People across the country have considered more closely that centuries of discrimination, segregation, and economic disenfranchisement have lasting impacts today, including discriminatory effects in housing.”The National Association of Realtors (NAR) also sent a letter to Carson stating the proposed rule is coming at the wrong time.“While there is debate … as to whether additional clarity is needed with respect to disparate impact claims, there is broad consensus across the country that now is not the time to issue a regulation that could hinder further progress toward addressing ongoing systemic racism,” wrote NAR President Vince Malta. “We believe this is the time to explore how we may work together to eliminate unnecessary barriers to housing opportunity and advance policies that allow more Americans to fully participate in the American Dream … and respectfully ask that HUD withdraw its proposed rule to amend its interpretation of the Fair Housing Act’s disparate impact standard.”Rocke Andrews, president of the National Association of Mortgage Brokers, also expressed disappointment with HUD’s actions.“Disparate impact in the past has been used to some think unfairly penalize lenders/banks for unintended discrimination,” he said. “Lenders believe the discrimination should be brought to their view and allowed to correct while previous administration at CFPB believed the best way to get their message out (and generate income) was fines. In the present pandemic environment and still unequal distribution of housing among minorities it is thought not to be the best time to eliminate this tool.”Executives from Citi, and Quicken Loans also voiced concern over the proposed rule going into effect. Nikitra Bailey, EVP at the Center for Responsible Lending, praised the industry leaders for speaking up on the issue.“These industry leaders recognize that we can’t backtrack on disparate impact theory at a time when our nation is facing a reckoning over structural racism and inequality,” Bailey said. “Doing so will only perpetuate racial wealth and homeownership gaps … HUD’s move shifts the burden of proof in cases of discrimination from the powerful to the vulnerable, undoing decades of legal precedent and diminishing opportunities for hardworking families to build and hold wealth. HUD must reverse course and ensure that we all live in inclusive communities with an ability to share in the nation’s prosperity.”Carson responded to the claims during an interview with Yahoo.“I’m very glad that Bank of America is interested in this issue,” he said “And you know, they could do a whole lot to improve the situation for minorities by rejoining the FHA’s program for housing. FHA, as you know, is the largest backer of insurance for forward mortgages for minorities, for first-time homebuyers, doing over a million cases last year. Bank of America did about 2,200. So, if they really want to have an impact, this is what they should be thinking about, rather than criticizing a program that they haven’t even seen and don’t know anything about.” The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Home / Daily Dose / HUD Responds to Fair Housing Act Criticismscenter_img Tagged with: Fair Housing Act HUD Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Phil Hall Demand Propels Home Prices Upward 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Share Save HUD Responds to Fair Housing Act Criticisms Data Provider Black Knight to Acquire Top of Mind 2 days ago Fair Housing Act HUD 2020-07-16 Mike Albanese The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

first_img NPHET ‘positive’ on easing restrictions – Donnelly Group water schemes in limbo – O’Domhnaill Help sought in search for missing 27 year old in Letterkenny News By News Highland – December 5, 2014 Guidelines for reopening of hospitality sector published Twitter Pinterest Hundreds of people in Donegal on group water schemes have been left in limbo over water charges.That is accoding to Donegal Councillor Seamus O’Domhnaill.He has claimed the council did not process dozens of applications to take over public and private group water schemes prior to the responsibility for water transferring to Irish Water.Councillor O’Domhnaill says this has left people on group water schemes in a very uncertain position:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/12/sea1pmRAW.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. WhatsApp Facebook Google+center_img Pinterest Google+ RELATED ARTICLESMORE FROM AUTHOR Previous articleTally threatens to withdraw St Mary’s from McKenna CupNext articleGardai investigate overnight break in at council’s Letterkenny office News Highland Calls for maternity restrictions to be lifted at LUH WhatsApp Twitter Three factors driving Donegal housing market – Robinson Facebook 448 new cases of Covid 19 reported today last_img read more