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Legislation in Montana Aimed at Reducing Banks’ Liability in Loss Mitigation

first_img Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Loss Mitigation, News Previous: Florida, Michigan Lead in Completed Foreclosures, But Other Numbers Do Not Correlate Next: HUD: Nearly Half of Loans in Distressed Asset Stabilization Program Have Been Resolved The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Legislation in Montana Aimed at Reducing Banks’ Liability in Loss Mitigation Legislation in Montana Aimed at Reducing Banks’ Liability in Loss Mitigation Banks Loss Mitigation Montana Regulatory Relief 2015-03-13 Brian Honea Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Subscribecenter_img March 13, 2015 1,402 Views Lawmakers, particularly Republicans, who are especially concerned with the mortgage finance industry have been seeking regulatory relief for banks ever since the Consumer Financial Protection Bureau was created in 2011.The same thing is happening at the state level now in Montana, where two bills that were recently heard in the state’s House of Representatives were aimed at reducing the amount of liability for banks in lending and other mortgage practices such as loss mitigation.The two bills were introduced on December 5, 2014, by Montana Republican State Senator Eric Moore. Under SB 280, which “generally revises the loan agreement statute of frauds laws,” a borrower would be allowed to sue a lender over contract fraud only if the alleged violation is in writing, thus reversing a ruling from the Montana Supreme Court last year that permitted the use of verbal discussions between a borrower and a mortgagee as evidence of fraud in court.  SB 281, the stated purpose of which is to “generally revise consumer protection damage laws,” would disallow the awarding of punitive damages when a borrower sues a lender for breach of contract.SB 280 was tabled in committee Friday and SB 281 passed out of committee, according to a source familiar with the matter. The two bills had passed in the Montana State Senate on February 23.”SB 281 only limits damages in Consumer Protection Act claims, not in tort claims,” Al Smith, Executive Director of the Montana Trial Lawyers Association, said in an email to DS News. “We hope that the full House will reject the bill so that consumers will be able to obtain full justice when banks fraudulently and negligently misrepresent the ‘help’ they offer consumers.”Distressed and at-risk Montana homeowners spoke out against the two bills in the state’s House Business and Labor Committee on Thursday, claiming that their respective mortgagees had misled them verbally with regards to loss mitigation practices. The borrowers said they would have had no legal claim against those mortgagees if these bills had been in enacted before they filed their respective lawsuits against their lenders.According to one media report, bankers in Montana have been advised not to talk to borrowers about distressed loans since last year’s Montana Supreme Court ruling, because what the bankers say can be used against them in court. Moore, the bills’ sponsor, told the committee that the bills were “commonsense” and that such legislation was needed to protect banks and other financial institutions from frivolous lawsuits, saying they need to be able to inform borrowers of their options regarding delinquent loans without the worry of getting sued.Foreclosures and seriously delinquent mortgage loans typically occur much less frequently in Montana than in other states. Montana consistently ranks near the bottom among states when it comes to foreclosure statistics – the latest CoreLogic data shows that only three states had fewer foreclosures than Montana’s total of 832 for the 12-month period from February 2014 to January 2015. Montana’s serious delinquency rate of 1.7 percent for January was less than half of the national average of 4 percent for the month. The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Tagged with: Banks Loss Mitigation Montana Regulatory Relief 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  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

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Consumer Expectations Are Lower Across the Board

first_img Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Consumer Expectations Are Lower Across the Board Previous: Amid Optimism for America, Obama Fails to Mention Housing Policy Next: How Effective are Fannie Mae and Freddie Mac at Preventing Foreclosures? January 12, 2016 1,269 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago The President spoke of optimism for America’s future in his final State of the Union Address on Tuesday night. A recent survey from the Federal Reserve Bank of New York found that he may not have much company as far as that optimism, however.Consumers appear to be less optimistic about their future with regard to the economy, the job market, and personal finances, according to the New York Fed’s December 2015 Survey of Consumer Expectations (SCE). The metric that took a big hit was median one-year earnings growth expectations, which dropped from November’s 2.5 percent to 2.0 percent in December, which was the level it hovered around for the second half of 2015. This was the largest drop for this metric since the SCE’s inception in June 2013.“The decline was widespread across all age groups, and especially strong for low education and middle-income workers,” the SCE stated.That was far from the only data point in which consumer optimism declined, however. One-year ahead median household income growth expectations continued a declining trend, this time from 2.6 down to 2.3 percent—seemingly driven by younger, higher education, and higher income respondents, according to the New York Fed. That percentage fell in the 2.7 to 2.9 range for the first three quarters of 2015.The median home price change fell to 3.0 percent in December, driven by older and lower income respondents. This level matched the previous all-time low for median home price change, reached twice in February and August of 2015. Inflation uncertainty (uncertainty regarding future inflation outcomes) reached new series lows at both the one-year and three-year ahead horizons (2.40 and 2.54 percent, respectively) in December, and median inflation expectations remained flat at a series low for the one-year ahead horizon at 2.5 percent.Also according to the SCE, one-year ahead median household spending growth expectations took a sharp decline from 3.6 percent down to 2.9 percent down to its lowest level since the survey began two and a half years ago. Unlike the decline in income growth expectations, however, the decline in household spending expectations was driven by older, lower education, and lower income respondents, the SCE reported.While the mean probability of losing a job declined from 14.1 percent to 13.5 percent, the second lowest level since the beginning of the survey, the mean probability of finding a job in the next three months if a job loss were to occur also dropped fell from its series high of 55.1 percent in November, according to the SCE. At the same time, the mean perceived probability of voluntarily leaving a job dropped slightly in December and is near an all-time low.Click here to view the complete results of the SCE. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea Related Articles Consumer Expectations Employment Federal Reserve Bank of New York Household Finance Jobs New York Fed 2016-01-12 Brian Honea Demand Propels Home Prices Upward 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Consumer Expectations Are Lower Across the Board The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Tagged with: Consumer Expectations Employment Federal Reserve Bank of New York Household Finance Jobs New York Fed 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. Share Savelast_img read more

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HUD Reports Continued Progress For Housing Recovery

first_imgHome / Daily Dose / HUD Reports Continued Progress For Housing Recovery Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save FHA FHFA HUD NAR Recovery 2016-07-20 Kendall Baer The Best Markets For Residential Property Investors 2 days ago About Author: Kendall Baer Servicers Navigate the Post-Pandemic World 2 days ago HUD’s latest housing scorecard, which examines housing recovery data, HUD’s programs performance, and areas for improvement, showed continued progress in the nation’s housing recovery for June—with growth in key indicators such as existing-home sales, homeowners’ equity, and home value appreciation.“While our housing market is on a healthy trajectory, it’s clear we must continue to support programs that help more Americans recover from the Great Recession,” said Katherine O’Regan, Assistant Secretary for the Office of Policy Development and Research under HUD.Sales of existing homes rose to the highest pace in more than nine years in May 2016. According to The National Association of Realtors (NAR), sales of existing homes rose 1.8 percent in May to an annual rate of 5.53 million and appear to be at their fastest pace since February 2007’s rate of 5.79 million. Additionally, sales were 4.5 percent higher year-over-year and have been above the 5.0 million mark for 14 of the past 15 months.HUD’s report also shares that homeowners’ equity continues to increase and currently sits 3.7 percent higher than the fourth quarter of 2015, giving it a total of more than $13.0 trillion–the highest level since the first quarter of 2006, when it peaked at almost $13.3 trillion. The Federal Reserve reports the change in equity since April 1, 2009, when the Administration initiated actions to try and stabilize the housing market, now sits at nearly $6.8 trillion and equity has risen by more than $6.5 trillion since the end of 2011.O’Regan also points out that home prices continue with an upward trend in April as the annual house price changes remain “fairly stable” in a 5- to 6-percent range. The Federal Housing Finance Agency (FHFA) seasonally adjusted purchase-only house price index for the month of April 2016 estimates home values rose 0.2 percent over the previous month and 5.9 percent over the previous year. The FHFA index reports U.S. home values at 3.1 percent above their previous peak set in March 2007 and stand 30.2 percent above the low point reached in March 2011.Additionally, O’Regan shares that the Administration’s foreclosure mitigation programs continue to aid millions of homeowners as the recovery from the housing crisis continues. She states more than 10.5 million mortgage modifications and other forms of mortgage assistance arrangements were completed between April 2009 and the end of May 2016.  Likewise, she says more than 2.6 million homeowner assistance actions have taken place through the Making Home Affordable Program, including over 1.6 million permanent modifications through the Home Affordable Modification Program (HAMP), and the Federal Housing Administration (FHA) has offered more than 3.2 million loss mitigation and early delinquency interventions through May.According to O’Regan, “These Administration programs continue to encourage improved standards and processes in the industry, with lenders offering families and individuals more than 4.7 million proprietary modifications through April.” Tagged with: FHA FHFA HUD NAR Recovery in Daily Dose, Featured, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Sign up for DS News Daily Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, TX. Born and raised in Texas, Kendall now works as the online editor for DS News. center_img Demand Propels Home Prices Upward 2 days ago July 20, 2016 1,943 Views Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Chronos Solutions Hosts Webinar For Agents Next: Will New Reverse Mortgage Policies Reverse Concerns? Demand Propels Home Prices Upward 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 HUD Reports Continued Progress For Housing Recovery Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Subscribelast_img read more

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The Siege on Communities: NMSA Calls for Action

first_img Related Articles in Daily Dose, Featured, Government, Headlines, News, Secondary Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Joey Pizzolato Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: How Much Are We Spending on New Construction? Next: Opportunity and Risk in Maryland’s Fast Track Foreclosure Process Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago (NMSA) has issued a report calling on all federal agencies to work together in conjunction with the mortgage servicing community to institute policies that standardize the procedures, definitions, and best practices surrounding the treatment of vacant and abandoned residential properties, which, according to the report, “hurt communities and families.”The NMSA issued a report on Thursday, calling for an industry-wide discussion policies that would standardize procedures, definitions, and industry best practices for vacant and abandoned properties. Under current law, many abandoned properties are subject to the same lengthy foreclosure process as occupied ones, resulting in extended vacancy and other considerable problems. The report was in part developed with input from several NMSA member organizations including Wells Fargo, Bank of America, BankUnited, Selene Finance, and others.“The concerns presented by the proliferation of vacant and abandoned residential properties are, at their core, consumer protection issues,” said Ed Delgado, President and CEO of the Five Star Institute and Ex-Officio of the NMSA. “These properties can potentially have a devastating effect on surrounding communities because they often become magnets for vandalism, squatting, and violent crime. In extreme cases, these properties have even led to the tragic loss of life. Surrounding properties can expect to experience a loss of value—a significant detriment to the primary source of wealth for many American families.”“Vacant and abandoned properties is a complex and difficult issue that is detrimental to surrounding homeowners and communities,” said BankUnited EVP and NMSA Chairman Ray Barbone. “The issue is evidenced by recent legislation in Ohio and Maryland. However, the industry remains challenged in protecting those impacted due to inconsistent and disparate definitions and guidelines relative to such properties. The NMSA hopes that this proposal for standardization of procedure, definition and best practices is a catalyst for dialogue that leads to the development of an effective approach to dealing with the issue of vacant and abandoned properties across the country.”Though some individual states have proposed solutions to remedy the blight caused by vacant and abandoned housing, these have yet to be effective. “There is a disconnect between state and local governments that prevents clear lines of communication and a mutual understanding of the depth and breadth of the issue, thereby causing uneven treatment and disparate results,” the report argues. “In the end, consumers and the communities are the ones who suffer.”Delgado outlined the problem in a letter addressed to the leadership of HUD, CFPB, the U.S. Department of the Treasury, OCC, Fannie Mae, and Freddie Mac. Delgado hopes the report will spur inter-agency dialogue to address the ever-growing problems that vacant and abandoned properties pose.“The NMSA is ready to partner with all federal agencies in the development of common sense solutions that alleviate the tremendous strain that vacant and abandoned properties place on our communities,” he wrote.The National Mortgage Servicing Association is a nonpartisan organization driven by top level executive representation from the nation’s leading mortgage servicing organizations for the purpose of effecting progress and change on the key challenges that face the mortgage servicing industry. By bringing together decision making executives from across the nation, the NMSA drives the conversation on shaping the American housing industry for the benefit of homeowners. Servicers Navigate the Post-Pandemic World 2 days agocenter_img Sign up for DS News Daily 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] July 6, 2017 2,668 Views  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / The Siege on Communities: NMSA Calls for Action Abandoned NMSA Vacant 2017-07-06 Joey Pizzolato Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Abandoned NMSA Vacant The Siege on Communities: NMSA Calls for Action Subscribelast_img read more

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NOLA Mismanaging HUD Funds

first_img HUD’s Office of Inspector General (OIG) released the results of its audit of the City of New Orleans’ HOME Investment Partnerships program, which reveals that the city failed to protect more than $7.5 million in HOME funds disbursed.The Inspector General’s investigation of the low-income housing program was launched in response to a “citizen complaint.” According to the audit report, the complaint had merit as New Orleans did not properly monitor or administer its HOME program.The OIG discovered that for the 13 projects investigated, the city “did not ensure that four projects had regulatory agreements, preventing the city from enforcing the affordability and other program requirements.”As for the remaining nine projects, the city failed to confirm that rents remained within rent limits, it performed initial tenant income eligibility certifications, and it conducted property inspections and onsite monitoring visits, according to the audit.In addition, the audit noted that the city did not track or accurately report unit vacancies and properly report and use its program income. These conditions occurred because New Orleans did not, “follow the program requirements, lacked supervisory management of staff, did not have adequate written policies and procedures, and had poor record-keeping practices.”This mismanagement of funds has caused the city to fail to detect $82,800 in rent overpayments; ensure that affordable housing was available and offered to low-income households, and ensure that programs participants lived in decent, safe, and sanitary housing, according to the report.The OIG recommends that HUD’s Director of the New Orleans Office of Community Planning and Development require the city to repay more than $1.8 million, support or repay more than $5.8 million, and revise its written procedures and management controls. Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post in Daily Dose, Featured, News About Author: Nicole Casperson Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / NOLA Mismanaging HUD Funds September 8, 2017 1,160 Views NOLA Mismanaging HUD Funds Demand Propels Home Prices Upward 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Tagged with: HOUSING HUD mortgage NOLA The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago HOUSING HUD mortgage NOLA 2017-09-08 Nicole Casperson Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: The People vs. Equifax Next: Cleveland Federal Reserve: Be Careful with Rate Hikes Related Articles Subscribelast_img read more

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Financial Committee Passes Regulatory Amendment Bills

first_img 2017-10-15 Brianna Gilpin Previous: Stepping Up To CWCOTs Next: Suburbs: Where Americans are Migrating About Author: Brianna Gilpin Home / Daily Dose / Financial Committee Passes Regulatory Amendment Bills October 15, 2017 1,492 Views Related Articles The House Financial Services Committee recently passed a number of regulatory relief bills that address alleviating regulatory burdens in the mortgage space.One of the legislations, H.R. 2954, amends the Home Mortgage Disclosure Act of 1975 to exempt a depository institution from certain records and disclosure requirements having to do with open-end lines of credit and closed-end mortgage loans if the institution originated less than a certain amount of loans in the last two years. The bill is related to H.R. 2954, The Home Mortgage Disclosure Adjustment Act, and H.R. 3354. The vote passed 36-24.The Bureau of Consumer Financial Protection Examination and Reporting Threshold Act of 2017, or H.R. 3072, aims to increase the current $10 billion threshold at which regulated depository institutions are subject to examination and reporting requirements by the CFPB to $50 billion and passed with a vote of 39-21.Passing with a vote of 42-18, the Preserving Access to Manufactured Housing Act of 2017 (H.R. 3072) amends the Truth in Lending Act (TILA) to provide clarification that a manufactured housing retailer is generally not a mortgage originator.H.R. 3971, the Community Institution Mortgage Relief Act, passed by a vote of 41-19 to also amend the Truth in Lending Act as well as the Real Estate Settlement Procedures Act of 1974 to modify requirements for community financial institutions when it comes to certain rules relating to mortgage loans.The bills are now set to go to the House for consideration.”We are pleased to see a number of these bills get bipartisan support and look forward to continuing to work with lawmakers as these bills now await House action,” said NAFCU President and CEO Dan Berger. Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 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 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  Print This Post Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Financial Committee Passes Regulatory Amendment Bills Servicers Navigate the Post-Pandemic World 2 days ago Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] Share Save in Daily Dose, Featured, Headlines Subscribelast_img read more

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What’s in Store for Existing Home Sales . . .

first_img in Daily Dose, Featured, Headlines, Journal, Market Studies, News  Print This Post Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Existing Home Sales HOUSING Lawrence Yun mortgage NAR Servicers Navigate the Post-Pandemic World 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] The National Association of Realtors (NAR) recently released its Existing Home Sales report—discovering that October 2017 reported the strongest pace since June, but low supply continues to lead to fewer closings on an annual basis for the second month in a row.Amidst the ongoing narrative of supply shortages, the report found that total existing-home sales increased by 2.0 percent to a seasonally adjusted annual rate of 5.48 million in October from 5.37 million in September.According to NAR’s Chief Economist Lawrence Yun, this slight increase is attributed to job growth, which in most of the country continues to carry on at a robust level and is starting to slowly push up wages—giving households added assurance that now is a good time to buy a home.”While the housing market gained a little more momentum last month, sales are still below year-ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated,” Yun said.Although the impact on housing from Hurricanes Harvey and Irma are still experienced in parts of Texas and Florida, Yun forecasts that sales should rebound.”The residual effects on sales from Hurricanes Harvey and Irma are still seen in parts of Texas and Florida,” Yun added. “However, sales should completely bounce back to their pre-storm levels by the end of the year, as demand for buying in these areas was very strong before the storms.”The report notes that the median existing-home price for all housing types in October was $247,000—representing a 5.5 percent increase from last year at $234,100. In addition, this price increase for October marks the 68th straight month of year-over-year gains, according to NAR.At the end of October, totally housing inventory decreased 3.2 percent to 1.80 million existing homes for sale, and is now “10.4 percent lower than a year ago at 2.01 million, and has fallen year-over-year for 29 consecutive months.”Meanwhile, the report notes that unsold inventory is at a 3.9-month supply at the current sales pace—a decline from 4.4 months a year ago.”Listings—especially those in the affordable price range—continue to go under contract typically a week faster than a year ago, and even quicker in many areas where healthy job markets are driving sustained demand for buying,” said Yun. “With the seasonal decline in inventory beginning to occur in most markets, prospective buyers will likely continue to see competitive conditions through the winter.”To view the full report, click here. Previous: Ocwen Announces Millions in New Mortgage Debt Forgiveness in Ohio Next: Home Prices Outpace Salariescenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Nicole Casperson Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Existing Home Sales HOUSING Lawrence Yun mortgage NAR 2017-11-21 Nicole Casperson What’s in Store for Existing Home Sales . . . November 21, 2017 1,556 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / What’s in Store for Existing Home Sales . . .last_img read more

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Refinance Volumes Increased in November 2017

first_img The Best Markets For Residential Property Investors 2 days ago Related Articles Tagged with: Borrowers default FHFA HARP mortgage Rates Refinance Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago The Federal Housing Finance Agency (FHFA) released a report on refinance volumes for November 2017, on Wednesday. The report indicated that total refinance volume increased in November as mortgage rates in October 2017 remained below the levels observed at the beginning of the year. Mortgage rates increased in November with the average interest rate on a 30-year fixed mortgage rising to 3.92 percent from 3.90 percent in October, the report said.More than 2,000 refinances were completed through FHFA’s Home Affordable Refinance Program (HARP) in November, bringing total refinances through HARP since its inception in 2009 to more than three million, the report indicated. The loans refinanced in November represented 1 percent of total refinance volume during the month.The report indicated that more than two million loans were refinanced through HARP for primary residences from the start of the program to November 2017. Additionally, 110,498 were for second homes and 461,945 were for investment properties.The FHFA report also indicated that in November, 5 percent of the loans refinanced through HARP had a loan-to-value ratio that was greater than 125 percent. Year to date through November 2017, borrowers with loan-to-value ratios greater than 105 percent accounted for 19 percent of the volume for HARP loans. The proportion of HARP refinances for underwater borrowers (with LTV greater than 105 percent) refinancing to shorter term mortgages accounted for 26 percent.The report noted that borrowers who refinanced through HARP had a lower delinquency rate compared with borrowers eligible for HARP who did not refinance through the program.In terms of states, year to date through November 2017, HARP refinances represented 5 percent or more of total refinances in Nevada and Florida, representing more than double the 2 percent of total refinances nationwide over the same period. Underwater borrowers accounted for a large portion of HARP refinances in a number of states. The report indicated that year to date through November 2017, underwater borrowers represented 27 percent or more of HARP volume in Nevada and Florida. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Mortgage & LGBT Leaders Collaborate for Diversity in Chicago Next: Defining Debt Collectors January 17, 2018 1,941 Views Sign up for DS News Daily Refinance Volumes Increased in November 2017center_img Demand Propels Home Prices Upward 2 days ago  Print This Post Borrowers default FHFA HARP mortgage Rates Refinance 2018-01-17 Staff Writer Share Save Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Refinance Volumes Increased in November 2017 in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

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Five Minutes With: John Vella, Chief Revenue Officer of Altisource

first_img Servicers Navigate the Post-Pandemic World 2 days ago Altisource HOUSING john vella mortgage 2018-02-17 Nicole Casperson The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Five Minutes With: John Vella, Chief Revenue Officer of Altisource February 17, 2018 3,777 Views Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Related Articles About Author: Nicole Casperson 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] in Daily Dose, Featured, Print Features Servicers Navigate the Post-Pandemic World 2 days agocenter_img Previous: For Sale: Freddie Mac’s First NPLs of 2018 Next: Franklin American Mortgage is NAMB Double Diamond Industry Partner This story was originally featured in the February edition of DS News, out now. John Vella serves as Chief Revenue Officer of Altisource and was previously President and COO of Equator, LLC. He began his financial services career with the FDIC and Freddie Mac and later served as Chief Sales Officer for H&R Block’s mortgage company, CEO of Household International’s Automotive Business, and President and CEO of Bear Stearns EMC Mortgage Company. This month, Vella shares his views on challenges that will impact the industry in 2018, as well as how new technology is helping servicers manage cost.In what ways are servicers seeking to lower their costs? How can new technological innovations and working with third-party vendors help them achieve this goal? The cost of servicing has tripled over the last several years due primarily to compliance playing a bigger part of the cost structure and the amount of resources that have been put toward managing a loan throughout the process. Remaining compliant has required changes in technology, process, and training.Now, in order to obtain proper margins, it is paramount that servicers focus on lowering the cost of servicing through additional technology enhancements. Utilizing APIs (application programming interfaces) to bring in third-party data enables more a sophisticated decision- making process without the risk and associated manual processes.The industry is seeing advancement in decisioning tools such as optimal outcome and database analytics that allow servicers to manage loans in a more efficient and effective manner. By identifying the optimal outcome for individual loans and properties, servicers can reduce their costs, lower their severity, and reduce their advances.Auto decisioning and exception-based workflow management allows for the appropriate focus on potential problem scenarios when meeting investor and service-level requirements. Servicers are also reducing costs by outsourcing additional functions, allowing them to move to a more-variable cost structure versus a fixed-cost structure. However, with additional outsourcing, the requirement to select and manage vendors becomes more prominent.Cyber and data security are also key focus areas and in the forefront for obvious reasons, especially when it relates to all the borrower data that is held by the servicers. Data security and cybersecurity are more of a risk-management function than a cost reduction capability, but any breach or issues with technology security could result in astronomic costs and headline risk to the loan servicer.What are the main compliance concerns that servicers currently have? There are still many unknowns when it comes to the future direction of the Consumer Financial Protection Bureau (CFPB) and the current administration when it comes to regulatory compliance. For the last several years, servicers have been complying with state and local regulatory agencies and putting the proper process, training, and technology in place to help employees maintain compliance, and they have done a fantastic job. Now, with changes at the head of the CFPB, some of those rules will obviously change, while some of the rules may be eliminated. e unknown will eventually result in change that will lead to additional costs. The changes will require additional change management throughout the entire servicing operation, including training, technology, and workflow.Over the past several years and the heightened awareness around compliance and regulatory issues, the borrower has become more cognizant of servicing practices and what their rights are throughout the process. From a compliance standpoint, servicing personnel must continue to remain compliant when functioning as a single point of contact for borrowers by being properly trained and monitored. Having the compliance and regulatory rules embedded in the operating systems, along with proper scripting will remain a requirement. As you go across hundreds of people in a servicing operation, the need for consistency is paramount, especially with all the upcoming changes that could be taking place and the changes that continue to take place as a normal part of the compliance cycle.What other anticipated changes do industry professionals need to watch this year? Because of rising interest rates, the market has become primarily a purchase market. The refi business has slowed down tremendously, impacting the servicer’s runoff rate on the portfolio, along with the value of the mortgage servicing rights. We are seeing origination growth in the Federal Housing Administration (FHA) and purchase products along with an emergence of non-QM originations. This coming year, we will see that trend continue which could impact delinquency and nonperforming loan volumes. The growing FHA portfolios will continue to be a challenge for servicers to manage. Managing a delinquent FHA asset requires a lot of diligence and cost with severe penalties and fines, if not managed correctly. In terms of adherence to FHA servicing guidelines, the emphasis will be focused on managing title, property, and valuation issues earlier in the delinquent lifecycle. This practice will mitigate risk, avoid conveyance, and lower servicers’ costs.This year, you will also see a more aggressive oversight process when it comes to managing third-party vendors. The risk in today’s market is that vendors who have seen a reduction in their volumes are not investing in their infrastructure. This will ultimately result in vendor consolidation and certain vendors potentially going out of business. These scenarios require servicers to work with vendors who have a strong balance sheet coupled with a strong compliance and vendor management platform. Home / Daily Dose / Five Minutes With: John Vella, Chief Revenue Officer of Altisource Demand Propels Home Prices Upward 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Altisource HOUSING john vella mortgage Subscribelast_img read more

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Ocwen CFO Resigns—Here’s What’s Next for the Servicer

first_img Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Data Provider Black Knight to Acquire Top of Mind 2 days ago May 29, 2018 3,957 Views Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton in Daily Dose, Featured, Journal, News, Servicing Share Save CFO mortgage servicing Ocwen Ocwen Financial Corporation 2018-05-29 David Wharton Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribecenter_img tweet Ocwen Financial Corporation, a Florida-based financial services holding company, announced that EVP and CFO Michael Bourque has made the decision to resign to accept a position with another financial services company.In a press statement, the company said that “Bourque’s resignation is not due to any disagreement with Ocwen relating to the company’s operations, policies, or practices.” Bourque’s resignation is effective June 22, 2018. He will remain active and engaged in his role with the company through June 22.“We would like to thank Michael for his financial leadership and his many contributions over the last four years,” said Ron Faris, President and CEO of Ocwen. “While at Ocwen, Michael has focused his efforts on ensuring the Company is in solid financial standing and is well positioned for future success. We respect Michael’s personal decision, and we wish him the best in his new position.”The company reported that they have begun a search for qualified internal and external candidates to fill the CFO position.Bourque’s resignation comes only a few weeks after President and CEO Ron Faris announced his own impending resignation. Faris will remain President and CEO through June 30, 2018, and will remain a consultant to the company. Ocwen’s Board of Directors appointed Glen A. Messina as President and CEO, effective concurrently with the closing of Ocwen’s previously announced acquisition of PHH Corporation. He will also be appointed as a member of Ocwen’s Board at that time. Messina will be based at Ocwen’s West Palm Beach, Florida, corporate headquarters. Ocwen announced its acquisition of PHH Corporation for $360 million in February 2018.Earlier this month, the company released the details of its earnings for Q1 2018, reporting a net income of $2.6 million for the three months ended March 31, 2018. This is up considerably over Ocwen’s Q1 2017 net loss of $32.6 million—a gain of $35.2 million.The company reported that pre-tax income for Q1 2018 totaled $5.0 million, a $35.5 million improvement over Q1 2017. The servicing segment recorded $20.5 million of pre-tax income for Q1, marking the seventh consecutive profitable quarter for the business. Finally, the company’s lending side recorded $8.8 million of pre-tax income for Q1 2018, a $7.7 million increase over Q1 2017.The company reported 11,598 loan modifications during Q1. Seventeen percent of these loan modifications included debt forgiveness, which totaled $59 million.The company also reported a decrease in loan delinquencies from 9.3 percent as of December 31, 2017, to 9.0 percent as of March 31, 2018. It explained this decrease as “primarily driven by loss mitigation efforts.” The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Home Prices Accelerate, But Not Everywhere Next: The State of Mortgage Lending and Servicing  Print This Post Home / Daily Dose / Ocwen CFO Resigns—Here’s What’s Next for the Servicer Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: CFO mortgage servicing Ocwen Ocwen Financial Corporation Ocwen CFO Resigns—Here’s What’s Next for the Servicer The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more