DS News Webcast: Monday 2/17/2014

first_img 2014-02-15 DSNews Related Articles Home / Featured / DS News Webcast: Monday 2/17/2014 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Housing Inventory Continues Fall in January Next: Wells Fargo May Loosen Credit Requirements Is Rise in Forbearance Volume Cause for Concern? 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily About Author: DSNews in Featured, Media, Webcasts Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The FHFA Office of the Inspector General released a report criticizing the fee collection processes of Fannie Mae and Freddie Mac. The report noted that from 2009 to 2012, Fannie Mae collected no late fees. While the company said the cost of implementing a fee collection program was too expensive, the inspector general argued Fannie Mae never considered potential benefits. The OIG said the cost of the estimated $5.4 million implementation could have easily been recouped by fees collected from the program.Freddie Mac was criticized by the OIG for a different problem. The report estimated the company lost $284 million in revenue from inconsistent fee collection. The inspector said lost revenue is unlikely to be collected, and ultimately hurts taxpayers. The OIG believes better reporting on assessed but uncollected fees will help stop lost revenue in the future.According to a report from Bloomberg, Bank of America is expected to cut 450 mortgage jobs from the company’s West Coast Offices. The bank reduced staff after new loan production fell short of internal forecasts. CFO Bruce Thompson cited a drop of 49% in retail originations to $11.6 billion in the fourth quarter. This is the fourth time in a year that Bank of America has reduced personnel. The firm cut 3000 employees in the last quarter of 2013. February 15, 2014 585 Views Subscribe Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save  Print This Post DS News Webcast: Monday 2/17/2014last_img read more

President Increases HUD Budget By $4 Billion for FY 2016

first_imgSubscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. in Daily Dose, Featured, Government, News February 3, 2015 1,198 Views  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Tagged with: Budgets Fiscal Year 2016 HUD President Barack Obama Sign up for DS News Daily About Author: Tory Barringer Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Budgets Fiscal Year 2016 HUD President Barack Obama 2015-02-03 Tory Barringercenter_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / President Increases HUD Budget By $4 Billion for FY 2016 Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago President Increases HUD Budget By $4 Billion for FY 2016 Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Judge Dismisses New York AG’s Claims That Servicer Failed to Comply With Settlement Next: HomeStar Welcomes New SVP of Field Service Operations As analysts and critics pore over the details of the White House’s proposed budget for fiscal year 2016, the executive department in charge of housing says it hopes to use its share to restore cuts made after 2013’s budget sequester.Included in President Barack Obama’s newest budget is $49.3 billion set aside for the U.S. Department of Housing and Urban Development (HUD), a $4 billion increase over last year.In a statement, HUD Secretary Julián Castro said the proposed funding provides a “blueprint for greater opportunity for all Americans.””By increasing our Department’s funding level by nearly $4 billion over current levels, the President’s Budget helps us continue our progress toward achieving our mission to promote homeownership, support community development—including making neighborhoods more resilient from natural disasters—and expand to affordable housing for all,” Castro said.In a call with reporters, HUD Deputy Secretary Nani Coloretti explained that much of the budget will be used to undo some of the cuts made as the department experienced budget restraints as a result of sequestration. Included in that category is the planned restoration of 67,000 Housing Choice Vouchers used to help fund rental housing assistance for low-income families.Also on HUD’s agenda for fiscal year 2016 is a $2.5 billion investment for Homeless Assistance Grants, which the department hopes to use for housing counseling, transitional programs, and other initiatives to meet the administration’s goals of ending homelessness.Based on current projections, HUD says it is on track to end veteran homelessness by the end of 2015 and chronic homeless by the end of 2017.The budget also includes $250 million to assist neighborhoods with distressed HUD-assisted housing, $748 million to promote housing and community development for Native American tribes, and $50 million to convert public housing units to project-based rental assistance contracts.A more complete rundown of HUD’s planned budget can be found at the department’s website.While the administration may have big plans for the next year, analysts anticipate a fight with Republicans over the full scope of the budget, which comes to nearly $4 trillion.”Of course we hope the entire budget will get through Congress,” Coloretti said in a conference call with reporters. “… I know that some of our proposals remain both popular and supported by Congress because we accept every community,” she said.last_img read more

The Stamp of Approval: Ensuring Compliance for Document Services

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Sean Hunt Related Articles July 4, 2017 1,180 Views Notarizing 2017-07-04 Sean Hunt 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 Home / Daily Dose / The Stamp of Approval: Ensuring Compliance for Document Services Demand Propels Home Prices Upward 2 days ago Tagged with: Notarizing  Print This Postcenter_img Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sean Hunt is Nationwide Title Clearing’s VP of Document Production. He can be reached at [email protected] Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago One area that is too often neglected when it comes to the vendor due diligence process is the prospective partner’s document signing protocols. There are a number of functions that require third party partners to produce signatures on behalf of their clients. When performing this type of work, accuracy and adherence to client requirements are essential. To deliver that, the firm must have a well-designed and compliant system.The first element of such a system is a well-trained staff. Everyone associated with the process must have very deep training on our industry, its practices, and compliance requirements. Compliance requires that every employee has full knowledge, familiarity, and integrity on each and every document the firm signs on behalf of a client. This knowledge should be imparted through detailed and monitored training, but that’s just the beginning.A well-trained staff will need the aid of efficient systems and technology in order to ensure that every document is signed correctly every time. Such a system of controls must include a signing authority database, frequent internal audits, and physical location controls that determine where employees are located throughout the facility.In regards to training, notaries should be required to attend document review training and document reviewer specialists should likewise be required to attend notary training as well. This cross-training will ensure that all employees, regardless of position, understand what has to happen to ensure compliance.Advanced database technology should be employed to hold detailed client records that will determine what documents company personnel can sign and under what circumstances. Power of attorney and corporate resolutions should also be held in this secure database.Physical location controls should be employed to determine where employees work, as well as their proximity to each other and to notaries. This will allow the company to orchestrate the workflow and ensures that no document that must be notarized can leave the area without being thoroughly completed.If it sounds like the vendor partner should build its company around signing controls instead of adding signing controls to an existing company, that’s correct. Any company who does not do this is not taking compliance seriously enough to mitigate the risks that face today’s financial servicing companies.An easy way to tell how well the company is doing is to ask about their compliance record with the nation’s County Recorder’s Offices. If more than a fraction of one percent of their documents are being returned for compliance errors, one can bet that firm is making other errors that will expose anyone who hires them to significant risk.Another excellent measure of the firm’s ability to meet the needs of its clients is to ask whether any of them are now adopting the partner’s document signing practices in their own companies. It happens. The Stamp of Approval: Ensuring Compliance for Document Services Sign up for DS News Daily Share Save Previous: Winning Their Game—Entice Millennials into the Market Next: Diversity: Communicating with the Future Market Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Investor Urges Owners to “Quick Close” Homes

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago HOUSING hurricane harvey Hurricane Irma mortgage 2017-10-19 Nicole Casperson Share Save October 19, 2017 1,779 Views Previous: DIMONT Announces Expanding Staff Next: Next Post About Author: Nicole Casperson Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Investor Urges Owners to “Quick Close” Homes Sign up for DS News Daily 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] Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Certain investment practices of buying homes for cents on the dollar are being viewed as capitalizing on the damages caused by the recent hurricanes, according to a recent article, but other organizations have a different plan to aid homeowners.Investors like CEO of Waypoint Homes, Gary Beasley and Bryan Schild claim that by investing in these flood-damaged properties they are helping homeowners to move on and Houston to rebuild, according to Bloomberg.However, investment in these properties comes with substantial risk.According to Jesse Keenan, leader of the Harvard Graduate School of Design’s Real Estate Program, the biggest and long-term risk is climate change—as these homes are at risk of future flooding, causing the properties to fall further in value or become uninhabitable.“Climate change represents both a risk and an opportunity,” Keenan said. “The risk is that in the two or three or five years that you hold on and rent out the house, you get another event.”Yet, this risk has not deterred many investors from approaching borrowers that are in a bind.According to the Bloomberg article, investors are attempting to secure properties by offering to take over mortgage payments without offering any cash payments.Some borrowers have lost enough equity in their home for this to be an offer to consider. In addition, the article notes that some homes in the Houston area have flooded multiple times in the last couple years.In light of these practices, there have been certain contrary views. Andrea Heuson, a finance professor at the University of Miami specializing in mortgages told Bloomberg her concerns.“What worries me is people making pretty dramatic decisions without the education to figure out what the alternatives are and without looking at the situation rationally,” Heuson said.In the end, the article notes that Beasley said some of those considering his strategy prefer to remain anonymous in fear of looking like “catastrophe profiteers.”Conversely, the Harris County Commissioners Court has approved of a $20 million dollar buyout of nearly 200 homes, a sum that could potentially be reimbursed by the federal government, according to a report by Houston Public Media in September.Rebuilding damaged properties would require a new permit, due to the fact that homes would have to be raised by five feet. The county estimates this could cost homeowners between $120,000 to $150,000 for an industry average two-story home, which most homeowners might not be able to afford.To read the full Bloomberg article, click here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Investor Urges Owners to “Quick Close” Homes in Daily Dose, Featured, Headlines Tagged with: HOUSING hurricane harvey Hurricane Irma mortgage Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

The Headwinds Worrying Servicers

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Eric Wilson, a mortgage industry veteran with over 20 years of experience, serves as SVP Business Leader – Mortgage for SLK Global. Tagged with: Borrowers default loans Operating Costs Servicers Servicing Technology Sign up for DS News Daily About Author: Eric Wilson Home / Daily Dose / The Headwinds Worrying Servicers Previous: Housing Deficits in the Silver State Next: Foreclosure Trends by the Numbers Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post in Daily Dose, Featured, News, Servicing The Headwinds Worrying Servicers Demand Propels Home Prices Upward 2 days ago Now that the first quarter is behind us, which is traditionally slower on the origination side of the house, lenders and servicers are shifting their attention back to the servicing side. While overall bank profitability was down over the past year, according to the MBA, net income related to mortgage servicing nearly doubled.With originations expected to fall by the end of the year, as predicted by the MBA and more recently by Fannie Mae as well, lenders are now looking at bold new ways to solve servicing challenges to reduce costs and increase profits.Having been a part of the mortgage industry for more than a decade now, we jotted down some of the biggest concerns that servicers are facing today and the solution that can help them mitigate these challenges. Continuing Compliance PressureThere is no part of the mortgage lending business that is not subject to the continuing pressure from federal and state regulators. Even with the recent Dodd-Frank rollback legislation signed by President Trump in May, compliance will likely remain a top concern for the industry. It is anticipated that any regulatory slack offered by the federal government will be taken up by state regulators. This is especially true on the servicing side, where consumers are captive to the servicer and have no choice in how these firms operate. State regulators are likely to start paying more attention as the nation’s largest banks continue to ease away from mortgage servicing to better comply with Basel III, as reported by Fitch Ratings. This has shifted portfolios to many nonbank servicers, in a big way.In fact, Bloomberg recently reported that nonbank servicers now hold 51 percent of the nation’s mortgages in their portfolio. This is a concern for state regulators. as banks have been more heavily regulated in the past. The industry expects more scrutiny especially on nonbank servicers, which is likely to impact everyone on the servicing side.The Cost Reduction ChallengeAs operating costs continue to rise across the industry, it’s largely been the loan originator who has received most of the sympathy. With the cost to originate a mortgage loan nearing the $8,500 mark, it’s easy to see why. But servicers are also subject to increasing costs.At a recent servicer roundtable hosted by Fitch Ratings, servicers in attendance pointed to four primary reasons for their rising costs: (1) compliance expenditures impacting performance; (2) compliance costs; (3) more state servicer reviews; and (4) trouble transitioning out of HAMP to other modification strategies.Today, servicers are looking for ways to cut their operating costs without impacting their performance. It’s hard to do so on their own as these companies are typically not staffed to innovate in a manner that will help them overcome these challenges on their own. That’s why they are reaching out to third-party partners, but even that is a challenge.Finding the Right PartnersA number of servicers have expressed difficulty in finding the right third-party outsourcing partners that understand both technology and process. Some companies specialize in putting more people on tasks that would cost the servicer too much to handle on their own and some firms offer automation to ease the servicer’s workload. There are very few that understand both.Today’s servicing business is too complex to risk working with partners that don’t have the experience to know what the servicer really needs. Due diligence has never been more important, to create more opportunity for servicers that choose the right partners.The smart servicer will look to leverage the right partners to help transform and grow their business during this optimal time. Their years of experience in the servicing business has given them the ability to choose technology that works for the mortgage servicing industry. This makes every interaction between the servicer and the third-party partner more efficient, lowering costs, and improving the servicer’s bottom line. Finding them will involve extensive due diligence, effective risk mitigation, and the will to settle for nothing less than full transparency and high efficiency. Accessing the Best TechnologyIf there is one truth in the modern home finance business it’s that servicers and lenders cannot take technology out of their process. The lending operations are built on good technology, but with the fast pace of technological innovation, it can be difficult and expensive to keep up with the latest tools. Failure to do so can quickly put the servicer at a competitive disadvantage.The high-tech software is a mission-critical tool for driving the advanced mortgage servicing machine. Whether its customer service, process automation, or analytics and data intelligence, employing the best technology is not optional in 2018. It hasn’t been for a long time.Finding the right technology is a full-time job. Once the right tools are located, financial challenges become the critical consideration. Balancing capital expenditures (CAPEX) with operational ones (OPEX) (which will provide the lowest total cost of ownership) while ensuring a viable return on investment (ROI) once the implementation is complete is a massive undertaking. So many things can go wrong that many experienced executives shudder at the thought of installing new technology. By the time most companies figure it all out, they’re already behind.RegTech is a special class of technology that more regulators and investors are finding important for the servicers they work with or oversee. This has made it critically important in this space and servicers know it. Everyone we have spoken with seems to be prepared to make the technology investments required to succeed, while at the same time lower their operating costs if they can find the right tools.Servicing Success in 2018While these challenges are expected to constitute the theme for servicers for the remainder of 2018, they are also the doorways to opportunity. Servicers are looking forward to having the breathing room to do the work of transforming their businesses, whether they are pursuing operational efficiency or zero tolerance full compliance.When servicers really look at the businesses they are in today, and the environment they must operate in, it doesn’t make sense for them to spend their resources simply seeking the lowest friction, lowest CAPEX, and lowest OPEX in the hope of driving value. Instead, they should be focused on what really drives value in our business: compliance, quality, and customer service.This is the time to seek out the expert partners that they can plug and play with to share that load. Borrowers default loans Operating Costs Servicers Servicing Technology 2018-07-12 Radhika Ojha Servicers Navigate the Post-Pandemic World 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago July 12, 2018 1,621 Views Related Articleslast_img read more

The Key Elements of ‘Green’ Home Improvements

first_img  Print This Post Home / Daily Dose / The Key Elements of ‘Green’ Home Improvements Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily 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. Subscribe Previous: Report Reveals Credit Tightening for Some Homebuyers Next: The Industry Pulse: Updates on Ocwen, RoundPoint, and More Share Save Tagged with: Appraisal Buyers Home Homeowners Real Estate Agents REO Value The Best Markets For Residential Property Investors 2 days ago October 4, 2018 1,655 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha The Key Elements of ‘Green’ Home Improvementscenter_img Demand Propels Home Prices Upward 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Appraisal Buyers Home Homeowners Real Estate Agents REO Value 2018-10-04 Radhika Ojha in Daily Dose, Featured, Market Studies, News What is the biggest difference between a truly green home and a property with eco-friendly features? The answer lies in the value of the home. According to the Appraisal Institute homeowners looking to increase the value of their home must look at making six key elements of their property truly energy-efficient. They include site; water efficiency; energy efficiency; indoor air quality; materials; and operations and maintenance.“The latest research shows that green and energy-efficient home improvements have the potential to pay dividends for buyers and sellers,” said James L. Murrett, MAI, SRA, President of the Appraisal Institute. “However, it depends on the improvements made. Some green renovations, such as adding Energy Star appliances and extra insulation, are likely to pay the homeowner back in lowered utility bills relatively quickly.”Homeowners looking to save on taxes can also look at installing renewable energy systems in their homes to become eligible for federal tax credits, according to Murrett, who cited the guidelines by the Environment Protection Agency that has extended tax credits for all residential renewable energy products through December 31, 2021 and features a gradual step down in the credit value.To get a true appraisal value for their homes, Murrett advised that homeowners should keep all new construction documents that outline the energy-efficient home improvements for appraisers and potential buyers. For homebuyers, looking for energy efficient homes he advised to choose a lender who ” has knowledge of high-performance homes and will make the right choice for an appraiser.”“Builders and homeowners should collect and share with appraisers data about cost and benefits of green building materials and energy-efficient features to establish historical data regarding return on investment of green construction,” Murrett said.In its guide to the Residential Green and Energy Efficient Addendum released earlier this year, the Appraisal Institute aimed to explain how each high performance or energy-efficient feature of a home applied to the valuation and marketing of a property.To read the Institute’s book on Residential Green Valuation Tools, click here. The Best Markets For Residential Property Investors 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Examining Black Homeownership Trends

first_img About Author: Radhika Ojha  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Black Americans own a much smaller number of homes compared to other demographics across the nation’s 50 largest metros, according to a new study by LendingTree.The study, which focused on homeownership trends among African Americans revealed that while Americans who identified as Black made up around 15% of the population in each of the metropolitan areas, only 10% of owner-occupied homes were owned by them.LendingTree also found that across the metropolitan areas covered in the study, the average median household income for this demographic was $41,571, over $30,000 below the average household income recorded for white Americans in these cities. This was especially important, the study said, “because lenders evaluate a potential borrower’s income, and this can pose challenges when it comes time to qualify for a mortgage.”Looking at the cities with the lowest percentage of Black American homeownership, the study said that Memphis, Tennessee’s Black population was 46.5%. Comparatively, the percentage of black-owner occupied homes was 34.7%. With a median difference of 11.7% between the population and overall owner-occupied homes, Memphis has the lowest percentage of homes owned by black Americans relative to their total population.New Orleans with a difference of -24.8%; Milwaukee (-9.2%); Baltimore (-9.1%); and Virginia Beach, Virginia (-8.5%) rounded off the five cities that had the lowest homeownership rates among Black Americans relative to their total population.On the other hand, while Black Americans account for only 2.3% of San Jose, California’s population, the study found that the percentage of homes owned by them was the largest relative to their overall population across the 50 metros in the study. However, LendingTree pointed out, “The percentage of homes owned by black homeowners is nearly 1.5%, which is still a disproportionately small percentage.”Concluding from the study, LendingTree said that while the homeownership rates among this population remained low there were several ways to increase it, “one of them is by raising awareness about the available homebuying programs on both a national and local level.” Subscribe in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Examining Black Homeownership Trendscenter_img Previous: The QM Patch’s Impact on Affordable Housing Next: Combating Zombie Properties With Registries Home / Daily Dose / Examining Black Homeownership Trends Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago African Americans Black Americans Homeownership LendingTree loans mortgage 2019-06-04 Radhika Ojha Sign up for DS News Daily Share Save The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago June 4, 2019 1,379 Views Tagged with: African Americans Black Americans Homeownership LendingTree loans mortgagelast_img read more

The Industry Pulse: Updates on Citadel, Wells Fargo, and More

first_imgHome / Daily Dose / The Industry Pulse: Updates on Citadel, Wells Fargo, and More Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Black Knight industry pulse Wells Fargo 2019-08-15 Seth Welborn Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago The Industry Pulse: Updates on Citadel, Wells Fargo, and More Related Articles  Print This Postcenter_img Subscribe in Daily Dose, Featured, Market Studies, News August 15, 2019 1,354 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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. Previous: Studying the Fall of the Market and What’s Next Next: Mortgage Servicing Trends and Challenges Tagged with: Black Knight industry pulse Wells Fargo Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago From important milestones to new additions and technology, get the latest industry buzz in this update.Citadel Servicing Corporation (CSC) has announced that it surpassed $3 Billion in servicing under management. What is even more outstanding is that it has taken just 9 months to add $1 Billion to their already growing servicing portfolio.CSC is the only Vertically Integrated lender solely dedicated to the Non-QM / Non-Prime mortgage market. With their range of innovative products and the most competitive rates in the industry, CSC is once again showing why they are leaders in this niche market.“We are continuously looking at ways to improve what we do and how we do it. Working with our partners to find cost effective ways to service the needs of our customers. Over the past 12 months we have invested in systems which allow us to provide efficient and easier ways to service our customers.”, said Eric Friedman, SVP Director of Servicing.__________________________________________________________________________Wells Fargo announced that Eileen Fitzgerald will join the company as head of its housing affordability philanthropy. She begins work September 30 and will report to Brandee McHale, President of the Wells Fargo Foundation.“America can’t afford unaffordable housing,” McHale said. “Wells Fargo is committed to addressing the full spectrum of housing issues. With Eileen at the helm, I am confident we will move quickly to further develop solutions to challenges ranging from homelessness to rental housing to homeownership — all with a goal of unlocking more housing options for those in need.”Fitzgerald has more than 25 years’ experience in housing and community development. Currently, she is President and CEO of Stewards of Affordable Housing for the Future (SAHF), a collaborative of nonprofits that collectively own and operate more than 140,000 affordable rental homes across the U.S. SAHF advances the creation and preservation of healthy, sustainable affordable rental homes for people of limited economic resources.Previously, Fitzgerald was CEO and COO of NeighborWorks America. Before that, she worked at the Fannie Mae Foundation and was chief investment officer for Single-Family at the AFL-CIO Housing Investment Trust. She also worked at the U.S. Department of Agriculture’s Rural Housing Service and with the Virginia and Maryland state governments.__________________________________________________________________________Florida-based Black Knight, Inc. and Docutech have created a strategic alliance to bundle Docutech’s advanced ConformX document generation engine as part of Black Knight’s comprehensive Origination Suite of solutions. Including ConformX in the Black Knight Empower Now! loan origination system (LOS) implementation process not only further optimizes the loan process for customers and providers, but helps lenders eliminate the time and resources needed to search for and contract with a separate loan document provider.“Docutech is dedicated to providing lenders with solutions that enable them to manage their document needs more efficiently while maintaining the highest level of compliance tools and offering their customers a more modernized loan experience,” said Amy Brandt, President and CEO of Docutech. “We are proud to work with BlackKnight to include ConformX with an Empower Now! implementation for faster, more efficient data integration and document exchange to enhance a seamless, secure onboarding process.”By integrating ConformX with Empower Now! implementations, lenders can now generate dynamic loan documents, auto-populated from data stored in Empower. Using rules-based intelligence and pre-configured automation capabilities, data is imported and systematically populated on the required documents generated by the lender to streamline onboarding. Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

How States are Combating Foreclosure with Legislation

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago 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. Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / How States are Combating Foreclosure with Legislation  Print This Post Related Articles default Foreclosure 2019-12-16 Seth Welborn The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, News About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: default Foreclosure Subscribe How are states using legislation to address foreclosures? In a 2019 overview and 2020 preview, Covius tracks the trends in each states, identifying the six most common areas within default servicing and foreclosure that state lawmakers are addressing, and how they are tackling issues unique to their state.Six of the most common areas addressed by legislators, Covius notes, are judicial foreclosure, government shutdown relief, foreclosure mediation, foreclosure moratoriums, mandatory forbearance, and zombie properties.Several states this year introduced new legislation which would eliminate non-judicial residential foreclosures, requiring lenders to file a lawsuit against borrowers in order to foreclose. For example, New Hampshire introduced a bill that would repeal the section of New Hampshire law governing non-judicial foreclosure and would replace it with a section requiring lenders to proceed with foreclosure through a civil lawsuit. New Mexico and Massachusetts proposed similar bills, requiring judicial foreclosure for all residential mortgages on 1- to 6-family, owner-occupied properties. However, the bills failed in New Mexico and New Hampshire, while Massachusetts’ bill is now eligible for consideration in an Executive Session.Additionally, despite low volumes of default and foreclosures nationwide, and a dwindling number of zombie homes, some states are still putting focus on foreclosure mediation practices while combating neighborhood blight in their communities. For example, in Connecticut, legislators introduced multiple bills to extend their state’s mediation program several more years or indefinitely. The bill is still pending.States with high rates of foreclosures are still looking to combat zombie homes. A special team in New York, for example, identified over 3,000 zombie homes in the Big Apple, most of which are based in areas that are still recovering from the economic distress caused during the Great Recession. On a statewide basis, New York SB 5079, the “Zombie Property Remediation Act”, would give New York cities, villages, and towns the right to sue lenders in order to move foreclosures on abandoned properties more quickly. 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 Previous: Reviewing Single-Family Housing Wildfire Risk Next: Shifting Housing Hotspots The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily December 16, 2019 2,233 Views How States are Combating Foreclosure with Legislationlast_img read more

Pace of Loans Entering Forbearance Slows

first_img Servicers Navigate the Post-Pandemic World 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Coronavirus Forbearance May 15, 2020 1,628 Views Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Coronavirus Forbearance 2020-05-15 Seth Welborn Previous: Law Professionals Discuss Safety Measures for Servicers Next: Mortgage Service Company Partners to Debuts Coating System Related Articles Share Save Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Close to 9% of all active mortgage loans are in forbearance as of this week, according to the latest data from Black Knight’s McDash Flash. That amounts to a total of 4.7 million homeowners now in forbearance, which is up from 4.5 million loans reported one week ago.The latest numbers have been enhanced to include loans that were in forbearance but not previously reported as “COVID-19-related.”About 7% of mortgage loans backed by Fannie Mae and Freddie Mac are now in forbearance, while 12.4% of FHA and VA-backed loans are in forbearance. Just over 9% of portfolio and privately securitized loans are also in forbearance.In terms of loan numbers, that’s 27.9 million GSE loans, 12.1 million FHA and VA loans, and 13 million other mortgage loans.In total dollar amount across all loan types, the total unpaid principal balance on loans in forbearance is $1 trillion.Meanwhile, servicers must continue to advance principal and interest payments along with tax and insurance payments on behalf of these loans.Servicers are on the hook for $3.6 billion per month in payments for government-backed loans in forbearance along with $1.5 billion in taxes and insurance each month.On top of that, mortgage servicers will miss out on $2.1 billion from portfolio loans and privately securitized loans.Black Knight noted that the Federal Housing Finance Agency will cap principal and insurance payments at four months for loans backed by the GSEs. However, this still amounts to $8.8 billion in advances to cover GSE loans currently in forbearance.Perhaps a slight breath of relief for servicers might come from the fact that the pace of loans entering forbearance appears to be on a downward trend, according to Black Knight’s data.Over the past week, about 26,000 loans entered forbearance each day. This is 85% fewer loans per day than recorded in early April.Looking forward, Black Knight estimates there would be 4.9 million loans in forbearance by the end of this month if the number of loans entering forbearance declines by 10% per day moving forward. By the end of June, there would be 5 million loans in forbearance, accounting for 9.4% of all active mortgages in this scenario.Under a “more pessimistic scenario” with the two-week average going forward and a 10% decline beginning in mid-June, 5.4 million loans would be in forbearance at the end of this month, according to Black Knight’s calculations. This would account for 10.1% of all active mortgage loans.By the end of June, 6.3 million loans could be in forbearance under this scenario, accounting for close to 12% of all mortgage loans.  Print This Post in Daily Dose, Featured, Foreclosure, Market Studies, News Home / Daily Dose / Pace of Loans Entering Forbearance Slows Servicers Navigate the Post-Pandemic World 2 days ago Subscribe About Author: Krista F. Brock Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Pace of Loans Entering Forbearance Slows Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more