FHFA COO Arrested; Threatens Ex-Director

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago May 7, 2014 925 Views Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: DS News Webcast: Wednesday 5/07/2014 Next: Genworth Insurance Helps 150,000 Borrowers Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Ed DeMarco FHFA Richard Hornsby Subscribe A top official for the Federal Housing Finance Agency (FHFA) is looking at a felony charge for allegedly threatening the agency’s former acting director, Edward DeMarco.According to a case summary from the District of Columbia Courts website, Richard Hornsby, FHFA’s COO, was charged in late April with “[threatening] to kidnap or injure a person,” resulting in an order for him to stay away from DeMarco. He has also reportedly been directed to keep away from the agency, according to the Wall Street Journal, which first broke the story.The next hearing for the case is scheduled May 14.Citing police and court records, the Journal reports: “Mr. Hornsby allegedly threatened to shoot Mr. DeMarco after making ‘increasing threatening comments’ about him over the course of several weeks … FHFA officials notified the agency’s inspector general about the threats on April 28, after an incident in which Mr. DeMarco was ‘escorted to a secure location following a report of a threat.'”The Journal report goes on to say that employees were notified following the incident that Hornsby had been placed on leave and will replaced for the time being by Eric Stein, a former Treasury official brought on as a special adviser to FHFA Director Mel Watt earlier this year.DeMarco announced in late March his intent to depart FHFA at the end of April after serving more than four years as the agency’s acting director and several months as senior deputy director. He was replaced in January by Watt, a former congressman from North Carolina. Share Savecenter_img Home / Daily Dose / FHFA COO Arrested; Threatens Ex-Director The Best Markets For Residential Property Investors 2 days ago Ed DeMarco FHFA Richard Hornsby 2014-05-07 Tory Barringer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago FHFA COO Arrested; Threatens Ex-Director  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Government, Headlines, Newslast_img read more

Real Estate Capital Firm Publishes Online Short Sale Guide

first_img  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Foreclosure Prevention JWB Real Estate Capital Short Sales 2015-02-24 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago February 24, 2015 1,553 Views Jacksonville, Florida-based JWB Real Estate Capital has published its online investment property short sale guide to provide information for property owners on foreclosure prevention. While foreclosure numbers have declined since 2007, many homeowners still face the threat of foreclosure when their mortgage payment becomes overdue.While legal processes vary among states, property owners who are behind on their mortgage payment can use the short sale guide as a resource to explore their options and prevent a foreclosure on their home. Information provided by JWB can help rental home owners find alternative solutions to their housing problems.”The owner of a property could qualify to complete a short sale on an investment home if all guidelines are followed,” a JWB Real Estate Capital source said.Rental properties face tax implications when they are foreclosed, resulting in a property owner facing other consequences when the deed gets to the lender. JWB provides homeowners with both information on IRS forms and IRA financing to avoid when using recourse lend types.”We opened a program earlier this year that helps investors use stored funds in an IRA or 401K to purchase homes to avoid the issues with foreclosures or short sales that can be common,” the source said.JWB manages more than 300 clients around the world. Most recently, JWB has opened a private construction division for investment clients to build new homes and create a new monthly revenue stream.Investors can find the short sale guide created by JWB here. Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe 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. center_img Sign up for DS News Daily Share Save Real Estate Capital Firm Publishes Online Short Sale Guide The Best Markets For Residential Property Investors 2 days ago Tagged with: Foreclosure Prevention JWB Real Estate Capital Short Sales in Daily Dose, Featured, Loss Mitigation, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Real Estate Capital Firm Publishes Online Short Sale Guide Previous: Delinquency Rates Falling on Fannie Mae-Backed Mortgage Loans Next: Confusion Over Loan Terms, Foreclosure on Non-Borrowing Spouses Top List of Complaints to CFPB Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honealast_img read more

Household Debt Reaches Recession-Level Highs

first_img Share Save Household Debt Reaches Recession-Level Highs Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Previous: Falling Inventory Stock is Troubling Next: Examining Credit State By State Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago credit debt Foreclosure Mortgage Debt 2017-05-17 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago On Wednesday, the New York Federal Reserve released its Q1 report on household debt and credit. According to the report, total household debt totaled $12.73 trillion in Q1 2017. This means that household debt has finally surpassed its $12.68 trillion peak reached during the recession in 2008. This is a $149 billion quarterly increase.“Almost nine years later, household debt has finally exceeded its 2008 peak but the debt and its borrowers look quite different today. This record debt level is neither a reason to celebrate nor a cause for alarm. But it does provide an opportune moment to consider debt performance,” said Donghoon Lee, Research Officer at the New York Fed. “While most delinquency flows have improved markedly since the Great Recession and remain low overall, there are divergent trends among debt types. Auto loan and credit card delinquency flows are now trending upwards, and those for student loans remain stubbornly high.”Mortgage debt proved to be the highest increasing debt factor, going up went up by $147 billion quarterly and $258 billion annually. Total mortgage debt as of Q1 2017 was $8.63 trillion. Home equity line of credit decreased by $17 billion quarterly and $29 billion year-over-year, totaling $456 billion as of Q1.The New York Fed found that mortgage balances increased again while originations declined and median credit scores of borrowers for new mortgages increased, reflecting tightening underwriting. Mortgage delinquencies worsened slightly, and the Fed noted that foreclosure notations increased but the Fed noted that they remained low by historical standards.Additionally, other types of debt saw similar increases in Q1 2017, notably student loan debt, which grew by $34 billion in Q1, totaling $1.34 trillion. The fed also notes that student loan delinquencies have remained high, currently sitting at 11.2 percent, the highest delinquency rate of any of other debt type covered by the Fed. Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer. center_img  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: credit debt Foreclosure Mortgage Debt Home / Daily Dose / Household Debt Reaches Recession-Level Highs Sign up for DS News Daily May 17, 2017 3,070 Views last_img read more

FHFA’s Strategic Plan for the GSEs

first_img in Daily Dose, Featured, Foreclosure, Government, Headlines, News, Secondary Market Demand Propels Home Prices Upward 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Federal Housing Finance Agency 2017-09-27 Joey Pizzolato Share Save Servicers Navigate the Post-Pandemic World 2 days ago Previous: Does Owning a Home Affect Financial Stability? Next: Protecting Data Properly Sign up for DS News Daily September 27, 2017 2,161 Views Related Articles About Author: Joey Pizzolatocenter_img FHFA’s Strategic Plan for the GSEs Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / FHFA’s Strategic Plan for the GSEs The Federal Housing Finance Agency (FHFA) released its Strategic Plan for the fiscal years of 2018 through 2022, in which it outlined three strategic goals that it plans on implementing in its continued effort to serve the housing market.Strategic Goal 1: Ensuring Safe and Sound Regulated Entities According to the report, the FHFA uses a uniform risk-based approach in its supervision, in which it examines regulated entities activities and assesses the amount of financial risk that activity may hold for the institution. Examinations occur on an annual basis, as well as targeted examinations, and, if need be, off-site reviews. In this respect, two ratings are assigned: a composite rating on overall well-being of the institution, and individual rankings of components, including capital, asset quality, management, earnings, liquidity, sensitivity to market risk, and operational risk.Strategic Goal 2: Ensure Liquidity, Stability, and Access in Housing FinanceThe FHFA says it has, “the statutory obligation to ‘foster liquid, efficient, competitive, and resilient national housing finance markets,’” In the realm of Federal Home Loan Banks, the FHFA will ensure that these local branches will fulfil their obligation in providing liquidity to their members.The FHFA will also require both Fannie Mae and Freddie Mac (GSEs) to engage in actions that improve liquidity in the single-family housing market, improve servicing standards and expand foreclosure prevention practices, and continue to serve in the multifamily and affordable housing market.Strategic Goal 3: Manage the Enterprises Ongoing ConservatorshipIn this respect, the FHFA will use its conservatorship over the GSEs to ensure that their infrastructure promotes maximum mortgage credit availability and assist homeowners facing hardship while minimizing taxpayer loss. It will also maintain clear standards and expectations for managing executives at the GSEs, and ensure the replacement of exiting officials in a timely manner.To read the full, 22-page outlook on how the FHFA will fulfil its obligations to the housing community, click here. Demand Propels Home Prices Upward 2 days ago Subscribe Tagged with: Federal Housing Finance Agency Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

The Industry Pulse: Updates on Black Knight, Old Republic, and More …

first_img Servicers Navigate the Post-Pandemic World 2 days ago Black Knight Inc Company News LendingQB North Dallas Bank Trust Old Republic National Title Insurance Company Rosenberg & Associates Rubin Lublin Rushmore Loan Management Services The Industry Pulse 2018-03-01 David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Exclusive Content: What’s New in DS News Magazine? Next: The Housing Market’s Long March to Recovery Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago March 1, 2018 2,977 Views Related Articles Home / Daily Dose / The Industry Pulse: Updates on Black Knight, Old Republic, and More … The Industry Pulse: Updates on Black Knight, Old Republic, and More … Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Which companies are merging, and what professionals are moving? See some highlights in this update of the housing and mortgage industries.Jacksonville, Florida-based Black Knight Inc.announced today that Rushmore Loan Management Services LLC, a multi-faceted residential mortgage servicer and lender located in Irvine, California; Dallas, Texas; and San Juan, Puerto Rico, has signed a renewal agreement for LoanSphere MSP, Black Knight’s industry-leading servicing system. MSP’s innovative technology will continue to support Rushmore Loan Management’s efforts to remain compliant with regulatory requirements.“We are pleased to continue our relationship with Black Knight, and use the MSP platform to effectively manage our servicing processes and support our compliance efforts,” said Terry Smith, CEO, Rushmore Loan Management. “The addition of Lien Alert to notify us of certain changes in lien status will serve as a valuable tool to assist our teams in proactively addressing at-risk loans.”____________________________________________________________________Florida-based Old Republic National Title Insurance Company (ORNTIC) has unveiled a national digital strategy that involves the exclusive use of Pavaso’s eClosing solution for processing digital real estate transactions in ORNTIC’s direct and national settlement operations. According to a release by ORNTIC, Pavaso’s eClosing platform uses digital technology that facilitates fast, consistent, accurate and compliant closings. This solution offers a better consumer, title agent, and lender experience by using a single, collaborative, secure portal.“Technological advances as well as shifting market demands and demographics make it clear that the title insurance industry is moving quickly into the digital space,” said Rande Yeager, Chairman, and CEO, Old Republic National Title Holding Company. “Our early support and commitment to the development and implementation of Pavaso represent a significant tactical step in advancing our offerings to today’s customers and tomorrow’s capital markets. The goal of our digital strategy is to provide eClosing experiences that are streamlined for everyone.”____________________________________________________________________Fintech company FormFree announced the availability of its AccountChek automated asset verification service within LendingQB’s web-based loan origination software (LOS). The integration enables lenders to order AccountChek Asset Reports directly from LendingQB’s verifications dashboard. FormFree’s flagship AccountChek service lets borrowers demonstrate their ability to repay mortgage loans without tracking down bank statements or other asset documents. The secure process results in a smoother borrower experience that reduces loan processing and underwriting time as well as the total time required to close a loan.FormFree was the first asset verification provider approved to participate in Fannie Mae’s Day 1 Certainty initiative.“AccountChek provides an ultra-secure and convenient way for borrowers to submit asset and deposit data using any smart device—and now, through our integration with LendingQB, the experience is just as secure and convenient for the loan officer or processor initiating the AccountChek process,” said Brent Chandler, CEO and Founder of FormFree.____________________________________________________________________The Bethesda, Maryland-based law firm of Rosenberg & Associates, LLC has announced that attorneys Megan Hirt and Nathan B. Greyard recently joined the law firm as associate attorneys in the firm’s Vienna, Virginia office. Megan Hirt holds Bachelor of Arts Degrees in Anthropology and in History from the University of Maryland, College Park and a Juris Doctorate from the University of Baltimore Law School. She practices real estate law with a focus on foreclosure and creditors’ rights. Megan is admitted to practice in the jurisdictions of Maryland, Virginia and the District of Columbia. She is a member of the Maryland State Bar, Virginia State Bar, and District of Columbia Bar.Nathan B. Greyard holds a Bachelor of Arts from James Madison University and a Juris Doctor from the University of Richmond School of Law (cum laude). While in law school, Nathan was the Articles Editor for the Richmond Journal of Global Law and Business. Nathan practices real estate law, focusing on foreclosure, bankruptcy, litigation, and evictions. Nathan is a member of the Virginia State Bar and is admitted to all the state courts of Virginia and the U.S. Bankruptcy Courts for the Eastern and Western Districts of Virginia. Nathan is a member of the Northern Virginia Bankruptcy Bar Association.____________________________________________________________________Rubin Lublin, LLC (RL) recently announced that Bret J. Chaness has been elected as a Partner at the firm. Chaness concentrates his practice in the areas of real estate, mortgage default, and bankruptcy litigation. RL is a full-service mortgage default law firm delivering professional results and personalized service to its clients in the states of Georgia, Tennessee, Mississippi, and Alabama. Chaness is based in the firm’s Peachtree Corners, Georgia office.Chaness represents clients in a wide variety of complex civil litigation and bankruptcy matters involving contract disputes, real estate and quiet title actions, and lien priority actions. Chaness has been clerking at the firm since his second year of law school and, while a law student, he won the Exemplary Real Property Law Student Award from the State Bar of Georgia and was a member of the Emory Moot Court Society, competing in the Jessup International Law Moot Court Competition.____________________________________________________________________North Dallas Bank & Trust Co. (NDBT), a Fort Worth, Texas-based community bank with five banking centers across North Texas, unveiled its new brand, capturing its 57-year, legacy, and contemporary, personalized service. NDBT collaborated with Fort Worth-based advertising agency PAVLOV to develop and implement the new NDBT brand and tagline “Be Money-Wise.” The new brand reflects the bank’s plans for the future, as it blends time-honored traditions with a more modern approach to customized service. NDBT’s strong breadth of offerings includes a passionate staff dedicated to helping people make smarter choices in business and life, innovative online banking tools, and nearly 60 years of banking expertise.“We are very excited about our fresh new look and believe the new design and messaging honors the essence of NDBT’s long history and customer-centric culture,” said Larry Miller, President of NDBT. “It also demonstrates our commitment to consistently deliver excellence as we serve our customers and our communities for years to come.”  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Black Knight Inc Company News LendingQB North Dallas Bank Trust Old Republic National Title Insurance Company Rosenberg & Associates Rubin Lublin Rushmore Loan Management Services The Industry Pulse Subscribe The Best Markets For Residential Property Investors 2 days ago About Author: David Wharton in Daily Dose, Featured, Headlines, News The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Growth in Loans Drive BofA Revenue

first_imgHome / Daily Dose / Growth in Loans Drive BofA Revenue October 15, 2018 4,306 Views 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The net income at Bank of America rose 32 percent to $7.2 billion, driven by continuing strong operating leverage and asset quality, as well as benefit from tax reform, the bank said while announcing its earnings for the third quarter of 2018 on Monday. Its net revenue increased 4 percent to $22.8 billion, while its net interest income increased by $709 million to $11.9 billion on the back of higher interest rates as well as loan and deposit growth.Bank of America, which reports its residential mortgage loan growth under other income reported that residential mortgage income decreased from $51 billion in the second quarter of 2018, and from $62 billion during the same period last year to $48 billion in the third quarter of 2018. Including its home equity loan that remained unchanged at $12 billion quarter-over-quarter, the bank’s total mortgage income decreased from $77 billion in the third quarter of 2017 to $60 billion last quarter.Despite this dip, its average loans and leases of $285 billion increased $16 billion or 6 percent, from the third quarter last year and were driven by growth in residential mortgage and credit cards. Of the $285 billion, the bank attributed $86 billion to residential mortgage loans.Announcing the results, Brian Moynihan, Chairman, and CEO, Bank of America said that responsible growth backed by a solid U.S. economy and healthy U.S. consumer combined to deliver the highest quarterly pre-tax earnings in the bank’s history. ” This marks the 15th consecutive quarter of positive operating leverage, driven by continued growth in deposits, client balances in wealth management, solid loan growth, and disciplined expense management,” Moynihan said.Attributing the growth in consumer banking to the bank’s digital initiatives, Moynihan said, “Our high-tech, high-touch approach continues to drive both client satisfaction and efficiencies. More than 3 million users have accessed Erica, the industry’s only AI virtual assistant, since its April rollout, and nearly a quarter of deposit transactions this quarter were performed via a mobile device.”Of those who have used the bank’s digital challenge to apply for loans, Bank of America said that 20 percent of its total consumer mortgage applications had come from digital banking.The bank said that its revenue from these sources increased $364 million during the quarter, “reflecting lower provision for representation and warranties as well as a small gain from the sale of non-core consumer real estate loans.”It indicated that a slower pace of portfolio improvement in non-core consumer real estate resulted in a decline of benefit from the provision for credit losses by $1 million to $95 million. “Non-interest expense decreased $168 million to $566 million reflecting lower non-core mortgage costs and litigation expense,” the bank said.To view, the bank’s earnings click here. About Author: Radhika Ojha Subscribe Share 1Savecenter_img Bank Bank of America Lending loans mortgage Mortgage Loan Applications real estate 2018-10-15 Radhika Ojha in Daily Dose, Featured, News, Servicing The Best Markets For Residential Property Investors 2 days ago Tagged with: Bank Bank of America Lending loans mortgage Mortgage Loan Applications real estate  Print This Post Growth in Loans Drive BofA Revenue Previous: The Week Ahead: Legal League 100 Webinar on 2018 Bankruptcy Updates Next: Metros Hit Hard by Recession Now Booming Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Related Articleslast_img read more

Spotlight on Fast-tracking Foreclosure

first_img Share Save in Daily Dose, Featured, Foreclosure, News, Print Features Data Provider Black Knight to Acquire Top of Mind 2 days ago Spotlight on Fast-tracking Foreclosure Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago COMAR DHCD Foreclosure Maryland 2019-01-22 Kevin Hildebeidel Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: COMAR DHCD Foreclosure Maryland Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Kevin Hildebeidel Kevin Hildebeidel, a graduate of the Washington College of Law at American University in Washington, D.C., was first admitted to the Virginia Bar in 1993 and began a creditors’ rights and real estate practice that later expanded to Maryland and D.C. He has handled cases at every level of the courts on a variety of issues, including title, bankruptcy, lien and accounting challenges, construction, real estate, and contract disputes, easements and boundary cases, mediations, and both trial advocacy and appellate work. Editor’s note: This feature originally appeared in the January issue of DS News  Last year, Maryland SB 1033 enabled a fast-track foreclosure process for abandoned on blighted properties. The legislation, now codified at MD Code Real Property §7105.14, was intended to reduce the lengthy foreclosure process if certain enumerated criteria could be shown demonstrating that the property is actually abandoned. If the necessary indicia of abandonment could be shown, most of the Notice of Intent (NOI) and mediation processes of Section 7-105.1 are lifted, the trustee is allowed to proceed directly to pre-sale notices and advertisement, and the property could be foreclosed in a compressed timeframe.The Commissioner of Financial Regulation and Department of Housing and Community Development (DHCD) implemented a new form (Appendix H-6) and rule implementing the statute by amending provisions of COMAR 09.03.12 Foreclosure Procedures for Residential Property. The “H-6” form is a straightforward, one-page notice requiring a response within 20 days from service. No objections have been received regarding the form itself. A little over one year in, the results of fast-track foreclosure processes filed across Maryland’s jurisdictions are a mixed bag.At least one county granted the petition immediately.Several others are focused on technical aspects of the notices while others have yet to review the petitions despite the statute’s admonition to “rule on the petition promptly after the petition is filed.” Unfortunately, one of the jurisdictions that has not yet ruled is one of the more populous areas of the state. Another more rural county denied the petition outright without explanation. Some of the inconsistency on the implementation of the fast-track process may be due to the fact that the courts have settled into the new foreclosure process adopted in 2010 with all of the notices, disclosures, and opportunities to mediate contained therein.Departure from that process may be seen as somewhat heretical. Courts are, after all, generally conservative when it comes to their procedure and greatly prefer time-tested and safe procedures. The court which denied the petition outright is believed to fall into this category. The true battleground is to get the urban courts to rule “promptly.” Otherwise, the net gain will be small or negative. The term “promptly” is not really defined in the statute, however. One must look back at the legislative history and, in particular, the Fiscal and Policy Note of March 10, 2017, connected to SB 1033, in order to understand the anticipated gain. There, DHCD indicated it believed the immediate foreclosure process would “reduce the foreclosure timeframe by six months and, accordingly, reduce its’ expenditures related to the foreclosure process on vacant and abandoned properties.”Courts that fail to enter a ruling promptly, so that the expedited foreclosure occurs before six months have elapsed, effectively negate the anticipated gain under the statute. This would be particularly egregious in, for example, the city of Baltimore, where, according to the same Fiscal and Policy Note, some 17,000 vacant buildings were reported in 2016. The sensible path is to push vacant property cases forward in the jurisdictions that accept and process the same quickly, and also to continue to push for a “prompt” review, either up-or-down, in those courts that have not yet ruled. Counsel should continue to advise clients of known problem jurisdictions and tailor their plans accordingly. The Best Markets For Residential Property Investors 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Home / Daily Dose / Spotlight on Fast-tracking Foreclosure Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Mayopoulos Outlines Next Steps Next: The Homebuyer’s Economy in 2019 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 January 22, 2019 2,202 Views  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily last_img read more

Prepping for a Delinquency Spike

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Brian Montgomery Confirmed as Deputy HUD Secretary Next: DS5: Conservatorship’s Next Steps The Best Markets For Residential Property Investors 2 days ago Share Save in Daily Dose, Featured, Foreclosure, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago May 12, 2020 1,922 Views  Print This Post CoreLogic Delinquency MBA 2020-05-12 Seth Welborn Delinquencies declined by 0.4% year over year in February, according to the latest CoreLogic Loan Performance Insights report, however, a spike is expected as COVID-19 continues to contribute to job losses.”Delinquency and foreclosure rates were at a generational low in February as the U.S. unemployment rate matched a 50-year low,” said Dr. Frank Nothaft, Chief Economist for CoreLogic. “However, the pandemic-induced closure of nonessential businesses caused the April unemployment rate to spike to its highest level in 80 years and will lead to a rise in delinquency and foreclosure. By the second half of 2021, we estimate a four-fold increase in the serious delinquency rate, barring additional policy efforts to assist borrowers in financial distress.”In February, for the fifth consecutive month, no states posted a year-over-year increase in the overall delinquency rate, and Mississippi and Maine (both down 0.9 percentage points) recorded the largest declines. Only four metropolitan areas recorded small increases in overall delinquency rates and eight recorded increases in serious delinquency rates.“After a long period of decline, we are likely to see steady waves of delinquencies throughout the rest of 2020 and into 2021,” said Frank Martell, President and CEO of CoreLogic. “The pandemic and its impact on national employment is unfolding on a scale and at a speed never before experienced and without historical precedent. The next six months will provide important clues on whether public and private sector countermeasures—current and future—will soften the blow and help us avoid the protracted, widespread foreclosures and delinquencies experienced in the Great Recession.”On the quarterly level, by stage, the 30-day delinquency rate rose to 2.67%, a 50-basis-point increase that matches the third quarter of 2017 as the highest quarterly increase in the NDS series dating back to 1979, according to data from the Mortgage Bankers Association (MBA). The 60-day delinquency rate increased 7 basis points to .77%, and the 90-day or more past due delinquency bucket increased 3 basis points to .93%.”The mortgage delinquency rate in the fourth quarter of 2019 was at its lowest rate since MBA’s survey began in 1979,” said Marina Walsh, MBA’s Vice President of Industry Analysis. “Fast forward to the end of March, and it is clear the COVID-19 pandemic is impacting homeowners. Mortgage delinquencies jumped by 59 basis points, which is reminiscent of the hurricane-related, 64-basis-point increase seen in the third quarter of 2017.”center_img About Author: Seth Welborn Demand Propels Home Prices Upward 1 day ago Demand Propels Home Prices Upward 1 day ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Prepping for a Delinquency Spike Sign up for DS News Daily Tagged with: CoreLogic Delinquency MBA 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. Prepping for a Delinquency Spike Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

Loan Performance Has ‘Progressively Weakened’

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post About Author: Christina Hughes Babb Analytics provider CoreLogic today released its monthly Loan Performance Insights Report for June. It showed that, nationwide, 7.1% of mortgages were in some stage of delinquency. This represents a 3.1-percentage point increase in the overall delinquency rate compared with the same period last year when it was 4%.The housing market is facing a paradox, according to the analysts at CoreLogic.The CoreLogic Home Price Index shows home-purchase demand has continued to accelerate this summer as prospective buyers take advantage of record-low mortgage rates. However, mortgage loan performance has progressively weakened since the start of the pandemic. Sustained unemployment has pushed many homeowners further down the delinquency funnel, culminating in the five-year high in the U.S. serious delinquency rate this June. With unemployment projected to remain elevated through the remainder of the year, analysts predict, we may see further impact on late-stage delinquencies and, eventually, foreclosure.CoreLogic predicts that, barring additional government programs and support, serious delinquency rates could nearly double from the June 2020 level by early 2022. Not only could millions of families potentially lose their home, through a short sale or foreclosure, but this also could create downward pressure on home prices—and consequently home equity — as distressed sales are pushed back into the for-sale market.“Three months into the pandemic-induced recession, the 90-day delinquency rate has spiked to the highest rate in more than 21 years,” said Dr. Frank Nothaft, Chief Economist at CoreLogic. “Between May and June, the 90-day delinquency rate quadrupled, jumping from 0.5% to 2.3%, following a similar leap in the 60-day rate between April and May.”“Forbearance has been an important tool to help many homeowners through financial stress due to the pandemic,” said Frank Martell, president and CEO of CoreLogic. “While federal and state governments work toward additional economic support, we expect serious delinquencies will continue to rise — particularly among lower-income households, small business owners and employees within sectors like tourism that have been hard hit by the pandemic.”CoreLogic’s researchers examine all stages of delinquency, including the share that transition from current to 30 days past due, in order to “gain an accurate view of the mortgage market and loan performance health,” the company stated. In June, the U.S. delinquency and transition rates, and the year-over-year changes, according to the report, were as follows:Early-Stage Delinquencies (30 to 59 days past due): 1.8%, down from 2.1% in June 2019.Adverse Delinquency (60 to 89 days past due): 1.8%, up from 0.6% in June 2019.Serious Delinquency (90 days or more past due, including loans in foreclosure): 3.4%, up from 1.3% in June 2019. This is the highest serious delinquency rate since February 2015.Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.3%, down from 0.4% in June 2019.Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 1%, down from 1.1% in June 2019. The transition rate has slowed since April 2020 — when it peaked at 3.4% — as the labor market has improved since the early days of the pandemic.All states logged annual increases in both overall and serious delinquency rates in June. COVID-19 hotspots continue to be impacted most, with New Jersey (up 3.7 percentage points), New York (up 3.6 percentage points), Nevada (up 3.4 percentage points) and Florida (up 3 percentage points) topping the list for serious delinquency gains.Similarly, all U.S. metro areas logged at least a small increase in serious delinquency rate in June. Miami — which has been hard hit by the collapse of the tourism market — experienced the largest annual increase at 5.1 percentage points. Other metro areas to post significant increases included Odessa, Texas (up 4.8 percentage points); Laredo, Texas (up 4.8 percentage points); McAllen-Edinburg-Mission, Texas (up 4.6 percentage points); and Atlantic City-Hammonton, New Jersey (up 4.3 percentage points).The next CoreLogic Loan Performance Insights Report will be released on October 13, featuring data for July. September 8, 2020 18,775 Views Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Loan Performance Has ‘Progressively Weakened’ The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Events, Featured, News Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago 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. 2020-09-08 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Loan Performance Has ‘Progressively Weakened’ Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Biggest Challenges for Servicers of COVID-Related Forbearances Next: Housing Sentiment Regains Momentum Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Number of Hispanic Homeowners Expected to Soar by 2040

first_img Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Share Save in Daily Dose, Featured, News About Author: Christina Hughes Babb The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Between now and 2040, researchers expect a “skyrocketing” interest in homeownership among Hispanic Americans. In fact, researchers predict that the Hispanic population is the only racial or ethnic group that will experience an increased homeownership rate during this future phase.A study by the Urban Institute takes a closer look at how the housing market can best support their needs.By 2040, say research associates Lauri Goodman and Jun Zhu, 70% of new homeowners will be Hispanic Americans.”To maintain a high level of homeownership, the mortgage and homebuilding ecosystem will need to evolve in a way that breaks down barriers and meets the needs of Hispanic homebuyers,” the authors noted.The authors project that, with no change in policies, the overall homeownership rate will drop from 65% to 62% between 2020 and 2040. Non-Hispanic White homeownership will dip 73% to 71%, the Black homeownership rate will drop 42% to 41%, and the homeownership rate for other households (mostly Asian households but includes other groups, such as Pacific Islander households), they expect, will drop from 58% to 57%.And the rise among this demographic will be led by young Hispanic households.”In 1990, just 7.3% of young households (headed by someone younger than 65) were Hispanic. By 2020, that had more than doubled to 16.4 percent. We project that this share will continue to increase in the next two decades, and that by 2040, more than 20 percent of young households will be Hispanic—triple the share in 1990.”That’s likely because the Hispanic population is much younger than other racial groups, according to the institute.This forecast is based on pre-pandemic data, so the researchers add that some of the barriers to homeownership among Hispanic Americans—including less income and wealth, lower credit scores, larger families, and more multigenerational families than White counterparts—have been exacerbated by fallout from COVID-19. The fact is that barriers remain, they say, so here are a few policy changes and re-focuses at a policymaking level that the Urban Institute researchers recommend:Expand the use of down payment assistance. “Hispanic homebuyers’ lower incomes, lower net worth, and lower parental wealth (and potential gifts or inheritance) makes affording a down payment challenging. But programs in every state offer assistance. There is also significant misinformation about the size of the down payment needed to buy a home. Accordingly, increasing the visibility of and opportunities for housing counseling and financial education about down payment assistance and the basic facts about down payments could support the growth in Hispanic homeownership.”Expand access to mortgage credit. “To truly capture the creditworthiness of future Hispanic borrowers, the housing industry must rethink how it qualifies borrowers for mortgages, update current credit scoring models, take into account additional data such as on-time rental payments, reexamine how it takes a borrower’s debt-to-income ratio into account, and more fully count the income of those who are self-employed or have gig-economy income.”Support the introduction of more affordable housing into the market. “Greater access to mortgages and down payments will do little to alleviate the barriers to homeownership if the industry fails to address the low supply of affordable housing.”If federal, state, and local policymakers act now,” concluded the researchers, “they can significantly reduce these barriers and ensure continued robust growth in Hispanic homeownership. Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Number of Hispanic Homeowners Expected to Soar by 2040 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 26, 2021 1,222 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago 2021-02-26 Christina Hughes Babb Number of Hispanic Homeowners Expected to Soar by 2040 Demand Propels Home Prices Upward 2 days ago 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. Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Previous: Factors That Defined Housing in 2020 Next: How Many Mortgage Holders Are Still Utilizing Forbearance? Related Articleslast_img read more