emixmyrj

DS News Webcast: Tuesday 2/4/2014

By on May 31, 2021

first_img Demand Propels Home Prices Upward 2 days ago About Author: DSNews 2014-02-04 DSNews Black Knight Financial Services released on Monday its year-end Mortgage Monitor Report, showing significant, sustained improvements in both delinquency and foreclosure numbers throughout 2013. Echoing data released in its first-look report at the end of January, the company revealed delinquency rates last year were about 1.5 times the pre-crisis average, while foreclosure rates were 4.6 times their pre-crisis level. While those percentages are still elevated, Black Knight says they’re a substantial improvement from their peaks.The company also explored the rate of recovery between judicial versus non-judicial foreclosure states, finding that judicial areas have been a bit slower to bounce back in price growth and the number of problem loans. Herb Blecker, SVP of data and analytics for Black Knight, discussed the difference in growth:Fannie Mae’s book of business shrank in December, ending a short streak of growth as new business acquisitions slowed. According to the GSE’s monthly volume summary, total business contracted at a compound annual rate of 0.4% in December, bringing the full-year growth rate to negative 0.8%. The total book was valued at about $3.16 trillion as of the end of 2013. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: HFF Hires Director for Tampa Office Next: Fabrizio & Brook Welcomes Litigation Attorney The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Savecenter_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Featured / DS News Webcast: Tuesday 2/4/2014 in Featured, Media, Webcasts February 4, 2014 540 Views DS News Webcast: Tuesday 2/4/2014  Print This Post Related Articles Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Continue Reading

jgmnnruq

Report: Disagreement Among SEC Commissioners Stalling Bank of America Settlement

By on

first_img Previous: Freddie Mac’s Portfolio Sees September Increase Next: DS News Webcast: Wednesday 10/29/2014 Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News Related Articles About Author: Brian Honea October 28, 2014 957 Views Home / Daily Dose / Report: Disagreement Among SEC Commissioners Stalling Bank of America Settlement Report: Disagreement Among SEC Commissioners Stalling Bank of America Settlement Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Bank of America Residential Mortgage-backed securities SEC Securities and Exchange Commission Settlement Bank of America Residential Mortgage-backed securities SEC Securities and Exchange Commission Settlement 2014-10-28 Brian Honea Demand Propels Home Prices Upward 2 days agocenter_img Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Bank of America’s record $16.65 billion settlement with several government agencies over the sale of toxic residential mortgage-backed securities (RMBS) has been stalled by an internal disagreement within the U.S. Securities and Exchange Commission (SEC), according to sources familiar with the case in a report from Bloomberg News.SEC’s five commissioners are reportedly disagreeing over whether or not to waive certain sanctions that go into effect when the settlement, which was announced in August 2014, is entered in court. The sanctions, if enacted, could adversely affect Bank of America’s asset management business and ability to raise capital.Bank of America has requested relief from the sanctions, an action that was once routine but is now anything but. Sources say that the two Democratic commissioners refuse to allow Bank of America a pass on the sanctions, while the two Republican commissioners are in favor of waiving the extra penalties. With SEC Chair Mary Jo White not participating due to a conflict, the two Democrats and Republicans are deadlocked on whether or not to waive the additional sanctions, according to sources.Banks that enter into settlements normally seek waivers from three main sanctions. The two major ones involve a ban on managing mutual funds and a ban on banks raising money for private companies. The third, which would not have as much consequence with Bank of America as the other two, would prevent the bank from issuing its own shares or bonds unless the SEC gives prior approval.The sources say Bank of America wants to continue seeking investors for private firms. They say the SEC is likely to allow the bank to continue managing mutual funds, but that it is unlikely the SEC will grant the bank the waiver for the other sanctions. Data Provider Black Knight to Acquire Top of Mind 2 days ago 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 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  Print This Postlast_img read more

Continue Reading

rbwoojym

FDIC’s ‘America Saves Week’ Could Help Many Consumers Achieve Homeownership

By on

first_img Related Articles February 16, 2015 1,154 Views Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News America Saves Week FDIC Finances Homeownership 2015-02-16 Brian Honea Tagged with: America Saves Week FDIC Finances Homeownership Share Save Previous: Economist: Leverage Plays Major Role in Driving Foreclosures Next: DS News Webcast: Tuesday 2/17/2015 FDIC’s ‘America Saves Week’ Could Help Many Consumers Achieve Homeownership 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.  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / FDIC’s ‘America Saves Week’ Could Help Many Consumers Achieve Homeownership With a little help from the Federal Deposit Insurance Corporation (FDIC), American consumers can overcome the single biggest obstacle to homeownership – saving for a down payment – and increase their savings to a level that will allow them to finally own a home.The FDIC has designated the week of February 23 through 28 as America Saves Week, dedicated to helping Americans invest in their financial future. The FDIC and is providing resources throughout the week to help consumers reach their goals.”Saving money on a regular basis in a federally insured financial institution is a proven way to safely and steadily reach your financial goals,” FDIC Chairman Martin J. Gruenberg said. “Whether you are opening your first savings account or have had one for a while, during America Saves Week I encourage you to establish a regular contribution to an insured account. You might be surprised how the habit of regular savings—even in small amounts—can help you make progress to a stronger financial future.”The recent lowering of the FHA mortgage insurance premiums down to 0.85 percent and the FHA lowering the down payment for qualifying homeowners down to 3 percent could make homeownership a reality for many Americans who previously could not afford a 20 percent down payment or perhaps they got into a home but could not sustain the monthly mortgage payments. FDIC will help out during America Saves Week by encouraging Americans to make a strong commitment to savings and then provide consumers with tools, ideas, and other resources such as educational resources that will help consumers evaluate their options and move them toward their savings goals.One of the ideas FDIC is pushing in particular is saving through automated means (i.e. through regularly scheduled deposits into a savings account).The timing for America Saves Week could not have been better for aspiring homeowners who are about to receive an income tax refund. Freddie Mac reported on its blog last week that eight out of 10 Americans who file will receive a tax refund, and the average refund will be $3,539, which would make up a sizeable portion of the down payment with the lowered requirements. It could also be put toward closing costs, which average about $2,500, according to Freddie Mac.”Depending on their credit history and other factors, many borrowers can expect to make a down payment of about 5 to 10 percent,” Freddie Mac wrote in the blog. “And new 3 percent down financing options for qualified borrowers could mean a down payment as little as $6,000 for a $200,000 home.” Subscribelast_img read more

Continue Reading

xbdspkkt

Incenter Acquires Interactive Mortgage Advisors

By on

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Related Articles in Featured, News Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Blackstone Incenter Interactive Mortgage Advisors 2016-02-12 Brian Honea The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea Incenter Acquires Interactive Mortgage Advisors Demand Propels Home Prices Upward 2 days ago Previous: Van Ness Law Firm Opens New Downtown Miami Location Next: How Much of Rising Household Debt is Mortgage-Related? The Best Markets For Residential Property Investors 2 days ago Tagged with: Blackstone Incenter Interactive Mortgage Advisors Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Featured / Incenter Acquires Interactive Mortgage Advisors Servicers Navigate the Post-Pandemic World 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 12, 2016 2,340 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Sign up for DS News Daily Incenter, a Blackstone portfolio company headquartered in Saint Paul, Minnesota, has announced it has signed an agreement to acquire the assets of Interactive Mortgage Advisors, LLC (IMA).IMA’s continued focus will be on mortgage servicing rights (MSR) brokerage and independent asset valuation, as part of Incenter’s Secondary Market Platform. The platform provides advisory services to financial services companies; services provided include hedge advisory services, best execution analysis, MSR valuation and sales, pricing model development and management, dynamic reporting and analysis, direct to investor whole loan trading, and securitization and product development.“The union with Incenter is a game changer for our clients as it allows them to benefit from a broader array of service and product offerings, including additional secondary markets services, world class analytics and access to capital,” said Thomas M. Piercy, Managing Director for Interactive Mortgage Advisors.The acquisition is expected to close by March 31, 2016.“With the acquisition of Interactive Mortgage Advisors, Incenter adds a key set of services and capabilities that will enhance our ability to service the needs of our clients. We are delighted to add such a high caliber team that will continue to be led by Managing Directors Tom Piercy and Chris John,” said Nicholas Smith, Incenter’s President. Is Rise in Forbearance Volume Cause for Concern? 2 days agolast_img read more

Continue Reading

vtnbwznl

Bank of America Directs Relief to Hardest Hit Areas

By on

first_img  Print This Post Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 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. May 31, 2016 989 Views Bank of America is nearly two-thirds of the way toward fulfilling its obligation under its 2014 RMBS settlement in which it agreed to pay $7 billion in consumer relief as part of a $16.65 billion settlement with the government and six states.In his fifth report on Bank of America’s progress toward fulfilling its settlement obligation, Professor Eric D. Green, Independent Monitor of the settlement, reported that he had conditionally approved approximately $295 million in consumer relief for Q4 2015. This brings Bank of America’s approved credit up to $4.44 billion, about 63 percent of the $7 billion the bank is required to pay under the terms of the settlement.The majority of the $295 million the bank provided in Q4 was for modifications to an additional 5,172 loans ($244 million, or 83 percent). About $46 million of the relief went to new loans extended to 4,496 low- and moderate first-time homebuyers, borrowers in Hardest Hit Areas, or borrowers deposed by foreclosures or short sales. Approximately $4.76 million of the relief went toward facilitating affordable housing, according to the Monitor’s report.Green stated that more than half of the relief provided by Bank of America so far has gone to those defined as Hardest Hit Areas by HUD, or the areas disproportionately affected by the foreclosure crisis. The relief provided by the bank has resulted in loan modifications in every state and the District of Columbia, or 47,117 census blocks total, according to the Monitor. The settlement has also financed 5,000 rental housing units so far, 68 percent of which are for HUD-designated Critical Needs Family Housing.“Most importantly, the data indicate that modifications for first lien principal reductions—the largest piece of intended consumer relief—are having their intended effect,” Green said. “The average principal reduction is 50.5 percent, the average loan-to-value ratio has been drastically reduced from 178 percent to 75 percent, the average interest rate has been more than cut in half from 5.42 percent to 2.11 percent, and critically, the average monthly payment has been reduced by $604 a month—nearly 38 percent. This directly and materially assists homeowners struggling to afford to stay in their homes.”Having paid nearly two-thirds of the consumer relief obligation, Bank of America is on pace to fulfill its consumer relief requirement well before the August 2018 deadline.On August 20, 2014, Bank of America settled with the Department of Justice and six states for a record $16.65 billion to resolve claims that the bank as well as its Countrywide, Merrill Lynch, and First Franklin divisions packaged and sold toxic mortgage-backed securities and collateralized debt obligations in the years leading up to the financial crisis.Under the settlement agreement, Bank of America agreed to pay $9.16 billion directly to federal agencies and six states; $7 billion in consumer relief, which may include first-lien principal forgiveness or forbearance, second-lien extinguishment, and community reinvestment and neighborhood stabilization; and $490 million for the payment of consumer tax liability as a result of consumer relief.For the monitor’s latest report, click here.For more information on the settlement, or to view an interactive map to see what types of relief are going where, click here. Home / Daily Dose / Bank of America Directs Relief to Hardest Hit Areas Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily About Author: Brian Honea Related Articles Share Save Previous: Congressional Grants to Aid More Struggling Borrowers Next: Existing-Home Sales Defy Unfavorable Oddscenter_img 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 The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News Tagged with: Bank of America Consumer relief RMBS Settlements Bank of America Directs Relief to Hardest Hit Areas Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Bank of America Consumer relief RMBS Settlements 2016-05-31 Brian Honea Subscribelast_img read more

Continue Reading

ibfignoo

Wells Fargo’s Chief Risk Officer Mike Loughlin to Retire

By on

first_imgHome / Featured / Wells Fargo’s Chief Risk Officer Mike Loughlin to Retire Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily January 20, 2018 1,792 Views Subscribe Related Articles About Author: Nicole Casperson  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Previous: Transformational Mortgage Solutions Announces New President & COO Next: Ellie Mae Passes New Milestone Wells Fargo’s Chief Risk Officer Mike Loughlin to Retire Servicers Navigate the Post-Pandemic World 2 days ago 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] The Best Markets For Residential Property Investors 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Wells Fargo & Company announced that Senior EVP Mike Loughlin will retire as the company’s Chief Risk Officer. The company expects to name a successor in the next few months and Loughlin will remain in his current role through the transition.“Mike’s 36 years of service to Wells Fargo have included some of the most critical times in our company’s history,” said Timothy J. Sloan, President and CEO of Wells Fargo. “From the financial crisis in 2008, to the company’s merger with Wachovia, to the many economic and credit cycles we have navigated, Mike has demonstrated leadership and a commitment to all our stakeholders, especially our customers, in one of our company’s most critical roles, and for that we are grateful.”A direct report of Sloan’s serving on the company’s Operating Committee, Loughlin has been Wells Fargo’s Chief Risk Officer since 2008, overseeing key risk-oriented activities at the company, including credit, market risk, operational risk, compliance, and information security (including cyber risk). Over the past two years, Loughlin also has led efforts to centralize many of the company’s risk functions to provide more comprehensive oversight of the company’s risks.“It has been a great privilege to serve an American institution as important and as valued as Wells Fargo,” Loughlin said. “I am preparing for retirement with enthusiasm for Wells Fargo’s future, confidence in the work its leaders will continue, and gratitude for the many customers and colleagues I have had the great pleasure to know.”Loughlin joined Wells Fargo in 1986, following the company’s acquisition of Crocker Bank. Prior to becoming Chief Risk Officer, Loughlin was responsible for credit approval, policy, and reporting for Wholesale Banking and has held senior roles in Wealth Management, Corporate Banking, Operations and Middle Market Banking. Today, he also serves on the board of directors of Students Rising Above, an organization dedicated to helping low-income, first-generation college students realize their potential by guiding and supporting them through college graduation and into the workforce. Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save in Featured, News Tagged with: HOUSING mortgage Wells Fargo HOUSING mortgage Wells Fargo 2018-01-20 Nicole Caspersonlast_img read more

Continue Reading

bcolfdqf

Reimagining Asset Disposition in Chapter 7 Bankruptcies

By on

first_img About Author: Ed Delgado The Best Markets For Residential Property Investors 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Ed Delgado is President and CEO of the Five Star Institute, a leading mortgage banking association providing education and strategic services to the U.S. residential mortgage market. During his 25-year career, Delgado has held executive positions at Wells Fargo and Freddie Mac. While at Wells Fargo, Delgado played an integral role as a key representative to the U.S. Department of the Treasury, supporting the Bush and Obama administrations’ efforts to develop mortgage solutions designed to prevent residential foreclosures in the U.S. Delgado was elected Chairman of the Office of the Comptroller of Currency Advisory Council, an independent working group, and is a current Board Member at Operation Homefront, a national 501(c)(3) nonprofit whose mission is to provide valued programs and aid to U.S. military veterans. Demand Propels Home Prices Upward 2 days ago Subscribe Home / Commentary / Reimagining Asset Disposition in Chapter 7 Bankruptcies Demand Propels Home Prices Upward 2 days ago It is perhaps the most stressful moment that a borrower can experience: the realization that they are no longer able to pay their outstanding debts and must file for bankruptcy protection. Since 2013, more than 4 million non-business bankruptcies have been filed in the United States. The circumstances of approximately, two-thirds of those cases required that the estate be administered by the trustee under the rules governed by Chapter 7 of the United States Bankruptcy Code, which calls for (among other things) liquidation of the person’s non-exempt assets. Under the rules, once the Debtor (in other contexts referred to as the borrower) files for bankruptcy all collection activities (including foreclosure of mortgaged properties) must cease. The ProblemUnsurprisingly, approximately 25 percent of Chapter 7 bankruptcy estates include mortgaged real estate assets that are severely delinquent (more than 120 days) on their home mortgage payments at the time of filing. Despite their delinquency, many times the disposition of these properties does not take place within the administration of the bankruptcy estate because the property qualifies for the homestead exemption under the rules and the debtor/borrower has a desire to attempt to stay in the home. A borrower that makes a qualified claim of the homestead exemption removes the mortgage form the bankruptcy estate, leaving the property exposed to the continued risk of foreclosure. Unfortunately, despite the borrower’s best intentions, their income level is often insufficient to sustain the required mortgage payments on the home and the result is simply a delay of the inevitable. Further, if a foreclosure has been initiated prior to the filing of the bankruptcy, many mortgagees are able to successfully petition the bankruptcy court to remove the property from the estate. One of the primary motivations in removing the mortgage is the reality that the disposition of the property within the confines of the bankruptcy requires the trustee to bring value to the estate and by requiring secured creditors to pay funds to the estate at closing of the sale. The assumption is that this process can be seen as a cumbersome task and/or more expensive as compared to proceeding with foreclosure. However, that is not the case.In either situation the result is simply that the inevitable is delayed and the home is foreclosed upon, eventually continuing through conventional REO disposition channels. The delay of bankruptcy costs money and may have a detrimental effect on the value of the property, exposing the borrower to the potential for a deficiency judgment post-foreclosure and/or a scarred credit history. There is a better way.The SolutionThe current system needs a new option in which mortgagees work hand-in-hand with bankruptcy trustees to find a solution in furtherance of their common interests, allowing them to agree on the disposition of properties while still within the confines of the bankruptcy estate. A potential solution for avoiding the delays could be a disposition strategy similar to FHA insured properties that closely aligns with HUD’s revamped and successful Claims Without Conveyance Title (CWCOT) program.Although in existence since 1987, the CWCOT program has experienced increased emphasis in recent years because it allows servicers to avoid the time-consuming and expensive process of conveying the property to HUD. Under the program, an “As-is” Federal Housing Administration (FHA) appraisal is utilized to determine the Commissioner’s Adjusted Fair Market Value (CAFMV) for the property. The mortgage servicer must then bid at least as much as the CAFMV during the foreclosure auction, accepting a trade-off which requires them to make financial concessions on the sale of the property in exchange for lowers costs and preserved property value that results from an expedited sale when compared with REO dispositions. Currently, trustees may dispose of properties in bankruptcy in a manner that is very similar to the CWCOT process. Under the new system, the disposition of the property would take place via auction (online or otherwise) or a direct sale with a broker, where a reserve price is set at the CAFMV as determined via an appraisal of the property in accordance with HUD policy. An agreed upon criteria such as the CAFMV would allow mortgagees and trustees to better define the parameters of a “pre-approved” deal which can be utilized in any property disposition, leading to fewer objections from the Mortgagee and decreasing the likelihood that a foreclosure will occur. Properties that are able to be sold through this option would have their disposition status resolved eight to ten months sooner than they would be entering into a conventional foreclosure.Currently, HUD has about a 13 percent market share of originations in the U.S. which means the potential exposure to loans in bankruptcy could be as high as 26,000 loans per year. The cost savings achieved by bringing bankruptcy properties under a CWCOT-like program would not only benefit the mortgagee and borrower, but also HUD and the Mutual Mortgage Insurance Fund (MMI Fund). According to recent data taken from the FHA Single Family Loan Performance Trends Credit Risk Report, as of July 2018, HUD was losing $55,083 on each home sold through REO. In contrast, the report’s data highlighted that in 2018 CWCOT proved to be much more cost-effective than REO, saving FHA approximately $4,800 per disposition that otherwise would have been processed through REO. FHA has also acknowledged that the disposition of property through CWCOT places HUD in a more favorable position. Applying the savings projections to the quarter of chapter 7 bankruptcy estates with average savings applied could potentially save the MMI Fund hundreds of millions of dollars per year, strengthening the financial positioning of the fund and allowing borrowers to share in the savings.Making this option available to trustees and borrowers would go a long way toward alleviating the current shortcomings of a property disposition process in Chapter 7 Bankruptcies.  From a servicer’s perspective, every property sold through the proposed system would reduce the complexity of asset management, compliance risk, and liability. For trustees, agreeing to this option would mean that they would be fulfilling their fiduciary duty to bring value to the estate they manage. In the end, it’s the borrower who wins, allowing them to proceed more quickly through the process of rebuilding their financial health. Previous: Five Minutes With: Lola Oyewole, Ocwen Financial Corporation Next: Reforming Housing Finance in the Absence of Legislation Data Provider Black Knight to Acquire Top of Mind 2 days ago Bankruptcy Borrowers Chapter 7 cwcot FHA Foreclosures Home HUD Lenders Property real estate REO 2019-01-09 Ed Delgado Tagged with: Bankruptcy Borrowers Chapter 7 cwcot FHA Foreclosures Home HUD Lenders Property real estate REOcenter_img Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Share 1Save Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago January 9, 2019 5,944 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Commentary, Daily Dose, Featured, Foreclosure, News Reimagining Asset Disposition in Chapter 7 Bankruptcieslast_img read more

Continue Reading

ebwufoxu

Quarterly Gains Reported by Fannie and Freddie

By on

first_imgHome / Daily Dose / Quarterly Gains Reported by Fannie and Freddie About Author: Eric C. Peck Previous: The Week Ahead: Examining the Climate’s Impact on Housing Infrastructure Next: After 9 Weeks of Steady Improvement, Forbearance Activity Rises Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post in Daily Dose, Featured, Journal, News The government-sponsored enterprises (GSEs) have reported their Q1 financials, with both Fannie Mae and Freddie Mac continuing show strength in a challenging marketplace.In the first quarter of 2021, Fannie Mae reported a net income of $5 billion, an increase over Q4 of 2020’s net income of $4.6 billion. Freddie Mac reported a Q1 net income of $2.8 billion, up slightly over the Q4’s totals of $2.6 billion.“COVID-19 continues to present challenges and opportunities for homeowners and renters,” said Hugh R. Frater, CEO of Fannie Mae. “We had another quarter of near-record mortgage volumes as many took advantage of low rates to refinance or purchase a home. In addition, more than two-thirds of the 1.3 million homeowners with Fannie Mae loans who entered forbearance have since exited, even as we continue to help others find solutions. I’m proud of our steady performance and continuing focus on helping homeowners and renters through uncertain times.”The Mortgage Bankers Association (MBA) estimates that an approximate 2.25 million homeowners remain in forbearance plans nationwide. GSE actions have assisted thousands of Americans remain in their homes during the pandemic through a number of forbearance options and plans.Fannie Mae stated that more than 1.3 million single-family forbearance plans were initiated to help borrowers since the onset of the COVID-19 pandemic; as of March 31, 2021, with approximately 920,000 of these loans having exited forbearance, including nearly 337,000 through reinstatement and 275,000 through Fannie Mae’s payment deferral option.Freddie Mac extended its single-family foreclosure and eviction moratorium covering approximately 12 million homeowners, until at least June 30, and extended forbearance plans to a maximum of 18 months for the approximately 230,000 single-family borrowers remaining in forbearance.“Similarly, we extended COVID-19 related forbearance to qualifying multifamily property owners for another three months to June 30. And, tenants of those properties remain protected from eviction for non-payment of rent,” said Christian Lown, CFO of Freddie Mac. “Overall, we helped hundreds of thousands of at-risk homeowners and renters remain in their homes, while supporting a vibrant U.S. housing finance system that remained a source of strength for the national economy.”Fannie Mae acquired approximately 340,000 home purchase loans and 1.1 million refinance loans during Q1, as scores of U.S. homeowners continued to take advantage of low interest rates in the quarter. Freddie Mac reported new business activity of $362 billion increased on strong home purchase and refinance activity, compared to Q1 of 2020, but declined slightly from Q4 of 2020.“We helped nearly 94,000 families remain in their homes through Single-Family loan workout activity that increased from 11,000 in the prior year quarter, driven by completed forbearance agreements and payment deferrals primarily related to the COVID-19 pandemic,” said Lown.Click here for more on Fannie Mae’s Q1 2021 results and click here for more on Freddie Mac’s Q1 2021 results. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Christian Lown Fannie Mae Forbearance Freddie Mac government-sponsored enterprises (GSEs) Hugh R. Frater Mortgage Bankers Association (MBA) 2021-04-30 Eric C. Peck Demand Propels Home Prices Upward 2 days ago Quarterly Gains Reported by Fannie and Freddie Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Related Articles Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago April 30, 2021 739 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Tagged with: Christian Lown Fannie Mae Forbearance Freddie Mac government-sponsored enterprises (GSEs) Hugh R. Frater Mortgage Bankers Association (MBA)last_img read more

Continue Reading

pyfkzesm

Another Record-Setting Month for Housing

By on

first_imgHome / Daily Dose / Another Record-Setting Month for Housing In April, homes stayed on the market an average 32 days, and the median sales price hit $320,000. Both metrics set new records in the 13-year history of a report published by RE/MAX Holdings, franchisor of real estate brokerage services. The data team there goes on to report more key housing market indicators that they say signal “a potentially torrid market” as we enter traditional peak sales months.Quick sales further strained the housing inventory, which reached a record low of 1.1, compared to the previous report record of 1.3 in March. The shortage remains a primary issue, RE/MAX reports. However, with more homes coming onto the market in April, recent double-digit, month-to-month declines in active inventory dropped to just 2.4% from March to April, RE/MAX reported. Still, compared with last year, inventory was down 42.2%.”Even with rising home prices, super-quick turnarounds, and fierce competition for available listings, April 2021 saw more home sales than any April in at least 13 years. That’s a clear reflection of overwhelming demand and the resilience of today’s buyers,” said Adam Contos, CEO of RE/MAX Holdings, Inc. “The 32 Days on Market average—a report record—is noteworthy, too. Many listings are being snapped up the day they go on sale—or within just a few days.”In 53 metros covered by the RE/MAX report, April home sales were up 5.3% over the previous month. One year ago during this same period sales dipped 13.7%, but that was due to the coronavirus and socially distancing.Just as other researchers have said, the team at RE/MAX remarked that their year-to-year- comparisons are skewed by pandemic-spurred restrictions during April 2020. Nonetheless, they say, housing activity in the report’s 53 markets nationwide last month hit several notable milestones:Home sales were the highest for April in report history and marked the 10th highest month in the past 13 years.April’s record low of 32 days on market trimmed four days off the previous report record of 36 days set in November 2020—a significant change from April 2020’s 46 days.The median sale price jumped 5.9% over March and was the highest month-to-month increase since 6.2% from May to June 2019.The RE/MAX National Housing Report is distributed each month at news.remax.com/housing-reports. Sign up for DS News Daily About Author: Christina Hughes Babb 13 days ago 481 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Share 2Save 2021-05-17 Christina Hughes Babb Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Related Articles Demand Propels Home Prices Upward 1 day ago Demand Propels Home Prices Upward 1 day ago Servicers Navigate the Post-Pandemic World 1 day ago The Best Markets For Residential Property Investors 2 days ago Another Record-Setting Month for Housing Previous: Most Valuable Company: Claims Recovery Financial Services Next: Servicers and Regulators Unite for Struggling Borrowers Data Provider Black Knight to Acquire Top of Mind 1 day ago Data Provider Black Knight to Acquire Top of Mind 1 day ago Servicers Navigate the Post-Pandemic World 1 day ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

Continue Reading

hdgviosa

Donegal protest groups called to unite for mass action

By on May 27, 2021

first_img A number of campaign groups are to come together later this month to hold a mass protest against Budget 2012.A number of representatives from different groups met in Buncrana on Tuesday night, and they are to meet up again to organise a mass protest in Donegal in the near future.The protest will include campaigners from Can’t Pay Won’t Pay, Donegal Action for Cancer Care, Forum for Change, JML Diesel protest, anti-VRT and Joe Murphy who has organised a number of protests around the county recently.Joe Murphy says he’s hopeful that they can all together and hold a mass rally: Donegal protest groups called to unite for mass action Pinterest Calls for maternity restrictions to be lifted at LUH Google+ WhatsApp Almost 10,000 appointments cancelled in Saolta Hospital Group this week WhatsApp Facebook Google+ Twitter Newsx Advertscenter_img Facebook RELATED ARTICLESMORE FROM AUTHOR By News Highland – January 6, 2012 Pinterest Guidelines for reopening of hospitality sector published Three factors driving Donegal housing market – Robinson Twitter LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Previous articleIDA report net gain of over 200 North West jobs in 2011Next articleWoman jailed for hairspray attack on police News Highland Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margeylast_img read more

Continue Reading