Archives : May-2021

first_img Share Save Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Loss Mitigation, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago According to the Consumer Financial Protection Bureau (CFPB), the new lending rules that went into effect on January 10 are meant to take a back-to-basics approach to mortgage lending and lower the risk of default and foreclosure among borrowers. However, many industry veterans feel that the rules may hurt those they are designed to protect, primarily low income borrowers.On January 14, Congress’ House Financial Services Committee held a conference to discuss how homeowners may be harmed by the new CFPB rulings. Speakers said low-to-moderate income borrowers stand to lose the most if lenders cannot write loans outside of the Qualified Mortgage (QM) guidelines.“In rural areas, it is crucial to tailor mortgages to fit borrowers’ needs and risk profiles,” one lawmaker noted. Another lawmaker who represents a state where 50 percent of the homes consist of manufactured housing said most of the housing loans in his state will not meet QM standards.Speaking on “Mortgage Markets Today,” Chris Whalen, EVP and managing director for Carrington Holding Company, discussed the pitfalls in the new regulations with Louis Amaya, host of the Five Star Internet radio show and CEO of iServe Companies.“I think these concerns are well founded,” Whalen said. “Under the new CFPB rules, about half the prospective homeowners in this country can’t get a mortgage from a bank because the new laws have greatly restricted credit access.”Whalen warns this indicates the mortgage industry will be tightening. “We’re basically replaying what happened in the late 1920s and 1930s in terms of stifling credit creation,” he said.Under the new QM rules, a borrower must have a FICO score of 740 or higher. In addition, debt-to-income ratio can be no higher than 43 percent. Whalen explained that although these rules disqualify a lot of borrowers, they give the lender assurances about possible lawsuits.“If you write a Qualified Mortgage following these rules, then you have what is essentially a safe harbor against many types of litigation,” Whalen explained. “However, it’s still possible for a borrower to sue. There is arguably more litigation risk for lenders today than there has been in the past.”Whalen says there is still a demand for non-QM loans—financing for borrowers with FICO scores down into the mid-600s but who can also pay 20 to 25 percent down. However, the problem is that most investors will not buy these loans.“You can’t sell them to the government, which is 95 percent of the market today,” Whalen said. “It’s relatively easy to find investors for jumbos and high-quality borrowers, but for loans made to lower quality borrowers, there is no obvious investor. That’s why it’s not working so far. There is some demand, but it’s relatively small.”Lending in this category may increase in a couple of years when lenders and servicers can see to what degree there is successful litigation concerning non-QM loans. This will give them a better idea of what the risk profile is.“In a transaction with a less affluent borrower, lenders are going to be much more reluctant to exceed those CFPB rules for the simple fact that they may be working for a $2,000 profit on a loan over its lifetime,” Whalen said. “If they are sued in a jurisdiction like California, they could end up with a settlement that is much higher. How many times is someone going to take that risk?”According to Whalen, it’s going to be a few years into the future before non-QM loans are an investor preference. “They’re going to wait until they can better understand the risk in purchasing non-QM loans,” he said.Nevertheless, Whalen says there are a lot of interesting dynamics in this market. “We are going to probably see a very strong market for non-conforming loans this year because there is still more than $200 billion in loans that have not been resolved sitting on the books of the banks.”Whalen’s predictions for the mortgage market in 2014: “I think loan volume numbers will continue to slump through this year, and we will probably see home prices start to weaken as well.“In addition, I think we’re going to see a lot of pressure on politicians and regulators to take another look at these rules because I think we have gone too far. These new rules are limiting credit availability at a time when we want to make credit grow in this economy so that we can generate jobs. Unfortunately, the current regulatory regime is going to stifle credit creation, and it’s going to greatly limit access to mortgage credit for American consumers.”Whalen closed his predictions with “It’s going to be a challenge going forward for some organizations to stay in this market, be compliant, and as a result, be able to do business and do so profitably.”The Five Star Institute and iServe Companies have partnered to create “Mortgage Markets Today,” an in-depth, formal talk radio resource featuring expert guests, quality subject matter, and timely insights. The show delves into a vast array of topics ranging from the secondary market and federal compliance standards to real estate and mortgage lending.Investors, lenders, service providers, and all those interested in and affected by the mortgage and housing markets can tune in on the Web at Radio.TheFiveStar.com or download audio podcasts of program broadcasts from iTunes. Related Articles About Author: Sandra Lane January 21, 2014 738 Views Tagged with: Carrington Holding Company Consumer Financial Protection Bureau Investors Louis Amaya Mortgage Markets Today QM Sign up for DS News Daily center_img Carrington Holding Company Consumer Financial Protection Bureau Investors Louis Amaya Mortgage Markets Today QM 2014-01-21 Sandra Lane Previous: Villains … or Victims? Next: DS News Webcast: Tuesday 1/21/2014 The Best Markets For Residential Property Investors 2 days ago New Lending Rules Inspire Criticism The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / New Lending Rules Inspire Criticism Demand Propels Home Prices Upward 2 days ago Sandra Lane has extensive experience covering the default servicing industry. She contributed regularly to DS News’ predecessor, REO Magazine, from 2004 to 2006, covering local market trends, the effects of macroeconomic shifts on market conditions, and “big-picture” analyses of industry-driving indicators. But her understanding of the mortgage and real estate business extends even beyond those pre-crisis days. She is a former real estate broker and grew up in what she calls “a real estate family.” A journalism graduate of the University of North Texas, she has written articles for various newspapers and trade journals, as well as company communications for several major corporations.  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

first_img The Best Markets For Residential Property Investors 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. About Author: Brian Honea Related Articles Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Capital Economics House Prices Housing Market Housing Supply 2015-12-17 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago December 17, 2015 1,244 Views Previous: The Morning After: What’s Next Now that the Fed Raised Rates? Next: DS News Webcast: Friday 12/18/2015  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Tight Supply Driving Home Prices Up but Don’t Expect Another Boom Sign up for DS News Daily center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Capital Economics House Prices Housing Market Housing Supply in Daily Dose, Featured, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save The low housing inventory continues to drive developments in the market, which will ultimately lead to more house price appreciation, according to the Q4 Housing Market Analyst released by Capital Economics on Thursday.The tight housing supply amid recovering demand has constrained sales and put upward pressure on housing prices. But don’t expect another house price boom, the report said.“With the months’ supply of homes having been under five since May of this year, it is not surprising that house price growth is picking up,” Capital stated in the report. “But there are a sizeable number of vacant homes being held off the market. As these are gradually listed for sale or rent, that will ease supply conditions to some extent. And with banks not set to repeat the rapid credit loosening of the mid-2000s, another house price boom will be avoided.”The lack of inventory is holding back existing home sales, and Capital Economics said it does not expect those conditions to improve in the next couple of years. But slow existing home sales will mean good news for new home sales, since builders are able to complete their homes and sell them more quickly—and as a result, they are increasing production of new homes. In November, housing starts for single-family homes increased to their highest level in seven years, and as a result of the increase in production, new home sales are expected to increase substantially.The expected Fed rate hike occurred on Wednesday up to a range of 1/4 to 1/2 amid a positive jobs report that showed an average monthly job gain of about 218,000 for the three-month period from September to November. Despite the Fed raising the federal funds target rate, housing affordability is expected to remain favorable for some time, according to Capital.“For one, mortgage interest rates will stay sub-5 percent until at least early-to-mid 2017,” the report stated. “Moreover, earnings growth is also finally set to rise. So although mortgage payments as a share of income will go up, they will remain under the historically normal level of 20 percent over the forecast horizon. An increase in earnings will also ensure that homes do not become overvalued.” Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Tight Supply Driving Home Prices Up but Don’t Expect Another Boom Subscribelast_img read more

first_imgHome / Daily Dose / Citi Provides Consumers More Relief, Monitor Says Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Citi Provides Consumers More Relief, Monitor Says in Daily Dose, Featured, News The Week Ahead: Nearing the Forbearance Exit 2 days ago June 27, 2016 1,169 Views Tagged with: Citi Consumer relief Settlements Share Save About Author: Brian Honea Related Articles The Best Markets For Residential Property Investors 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 Independent monitor Thomas J. Perrelli has credited Citi with another $208.6 million in consumer relief toward its $2.5 billion obligation under the terms of a July 2014 settlement with the U.S. Department of Justice and five states for selling toxic residential mortgage-backed securities to investors before the financial crisis.The amount credited to Citi in the most recent report brings the total of consumer relief provided by the bank up to $897.7 million. The bank has until 2018 to pay the $2.5 billion in consumer relief it agreed to in the settlement.The $208.6 million was provided in four different categories covering the third quarter of 2015 (July 1 through September 30, 2015). The relief was provided in 2,654 transactions across four categories: Rate reductions or refinancings, donations to community development organizations, donations to legal services organizations, and donations to HUD-approved counseling agencies. The majority of the transactions (2,561 of them) were in the rate reductions or refinance category.Prior to Monday’s report, Perrelli had credited Citi with $689.1 million in consumer relief covering 15,800 transactions.A Citi spokesperson declined to comment on the monitor’s report.Citigroup settled with the DOJ and five states (California, New York, Illinois, Massachusetts, and Delaware) for a total of $7 billion in July 2014 amid claims that the bank misled investors as to the quality of mortgage-backed securities it sold. The portion of the penalty that went to the DOJ was $4 billion, which was the largest civil penalty to date under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). The report released Monday was Perrelli’s fifth since the settlement was reached.Click here to see Perrelli’s complete report released Thursday. 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 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. Citi Consumer relief Settlements 2016-06-27 Brian Honea Previous: Senate Debates Impact of Financial Regulatory System Next: MERSCORP is Victorious in Appellate Courts Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribelast_img read more

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Housing Bubble 2017-08-20 Brianna Gilpin Other Events in the Week Ahead:  FHFA House Price Index, Tuesday, 9 a.m. EDTApartment List Report on demographic differences in homeownership, Wednesday, 7 a.m. EDTNew Home Sales Report, Wednesday, 10 a.m. EDTExisting Home Sales Report, Thursday, 10 a.m. EDTJanet Yellen Speaks at Federal Reserve Bank of Kansas Citi Economic Symposium, Friday, 1 p.m. EDT Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Week Ahead: Ten-X EVP Talks Housing Bubble 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] Sign up for DS News Daily Share Save Tagged with: Housing Bubble August 20, 2017 1,134 Views About Author: Brianna Gilpin There has been talk around the housing and mortgage industry that there could be another housing bubble, but Ten-X EVP Rick Sharga recently said that not the case.“We’re definitely not in a bubble. We have a handful of markets that are frothy and probably have hit an affordability wall of sorts but the fact of the matter is, while prices nominally have surpassed the 2006 peak, we’re not talking about 2006 dollars,” Sharga said. “We’ve had nine years of inflation to factor into home prices today…and, in fact, if you really dug into the analysis what you would find is that home prices today have basically recovered to about where they were in 2004.”Sharga will expand on this idea in Ten-X’s mid-year housing webinar next Tuesday along with current trends in home sales, pricing, inventory, and more; real estate market driver for the remainder of the year; housing market expectations and forecast for the fall and beyond; and what to expect in the mortgage market.The webinar will be conducted on Tuesday from 10-11 a.m. EDT. To register, click here. Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Previous: Student Debt Up, Homeownership Down Next: Meet Mr. Cooper Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Week Ahead: Ten-X EVP Talks Housing Bubble The Best Markets For Residential Property Investors 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days agolast_img read more

first_img Tagged with: Appraisals Appraisers Homeowners Homes mortgage Quicken Loans Refinance in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago An increasing number of homeowners and appraisers are finding themselves agreeing on the value of a home, according to Quicken Loans’ latest Home Price Perception Index (HPPI), which found that home value perceptions remained stable in September.The monthly study, which looks at the difference between appraisers’ and homeowners’ opinions of home values and compares the estimate that the homeowner supplies on a refinance mortgage application to the appraisal that is performed later in the mortgage process found that appraised values were 0.29 percent lower than homeowners’ estimates in September.The HPPI has remained steady since August when appraisals were 0.28 percent lower than homeowner estimates. On a year over year basis, Quicken Loans said that the gap had narrowed considerably. In September 2017, the HPPI had recorded that appraiser values on homes were 1.14 percent lower than what homeowners believed was the correct value. In fact, the study indicated that in September this year, the number of metro areas where appraisals were more likely to be lower than expected has dropped by 40 percent in the last year.“A wide gap between the estimated home value and the appraised value can cause a mortgage to be reworked, or in some cases, scrapped altogether,” said Bill Banfield, EVP of Capital Markets at Quicken Loans. “All the more reason for homeowners to be realistic when their mortgage banker asks them what they think their home is worth when they start the financing process.”However, Quicken Loans’ Home Value Index (HVI), which gauges home value trends based solely on appraisal data from home purchases and mortgage refinances slowed in September on a month-over-month basis. The HVI indicated that the average appraisal value rose 0.35 percent since August, it was less than half of the growth rate recorded at that time.  On an annual basis, the index saw a 5.69 percent jump in September compared with an increase of 5.79 percent in August.Listing the factors that were softening this growth, Banfield said that rapid price increases for more than five years had started to impact affordability as the average wage increases struggled to keep up with the soaring home prices.“While home values are still rising, especially with solid annual jumps, a slowdown in monthly growth is expected to allow the market balance with the more moderate inflation,” Banfield said. Previous: Helping Americans Keep Their Homes Next: LenderLive is Now Covius Holdings Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 11, 2018 1,709 Views  Print This Post Home / Daily Dose / What Is Impacting Appraisal Values? Subscribe What Is Impacting Appraisal Values? The Best Markets For Residential Property Investors 2 days agocenter_img Appraisals Appraisers Homeowners Homes mortgage Quicken Loans Refinance 2018-10-11 Radhika Ojha About Author: Radhika Ojha The Week Ahead: Nearing the Forbearance Exit 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. Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Related Articles Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days agolast_img read more

first_img Tagged with: Housing Market 2019 Mortgage Rates Refinance  Print This Post Home / Daily Dose / A Snapshot of Mortgage Market Performance A Snapshot of Mortgage Market Performance A new report by Black Knight states that the decline in mortgage rates confirmed by Freddie Mac have resulted in 5.9 million refinance candidates in April—an increase of 2 million from March.Mortgage rates have been on a downward trend over the past few months, and the average rate for all mortgage types fell to 4.20% in April. The average interest rate on a 30-year fixed rate mortgage fell to 3.99%.The report from Black Knight states that the 5.9 million candidates is the largest this group has been in almost three years, and represents an average of $1.6 billion in potential monthly savings by refinancing. Of those 5.9 million, nearly 1 million eligible for refinancing took out mortgages last year.Black Knight adds that the amount is the most of any vintage, and more than all of 2012-2017 combined, which represents not only the greatest attrition risk, but also the biggest pocket of refinance-lending opportunity.The report also recaps the latest home price index, which saw March, a month that typically sees the largest home price gains, reported an increase of 1%. This marks the 13-consecutive month of home price deceleration. Year-over-year appreciation has slipped to 3.8%, the first time annual home price growth fell below its 25-year average of 3.9% since 2012.Eighty-five of the nation’s 100 largest markets saw their rate of growth decline over the past year. Markets such San Jose, California; Seattle; and San Francisco have witnessed growth rates decline by 10 percentage points or more.San Jose’s growth rate decline 30%, Seattle’s dipped 13%, and San Francisco recorded a drop of 12%.Affordability for homeowners received positive news, as of those 85 markets, 65 of them saw slowing at the lower end of the market.CoreLogic reported that 31.1% of homes sold in March were either at or above the list price. The amount of homes that sold at or above the list price peaked in Q2 2018 at more than 40%. Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Technology Companies in The Housing Industry Partner Next: Fannie Mae and Freddie Mac Launch UMBS Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Servicers Navigate the Post-Pandemic World 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 Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Mike Albanese Demand Propels Home Prices Upward 2 days ago Housing Market 2019 Mortgage Rates Refinance 2019-06-03 Mike Albanese June 3, 2019 2,689 Views Related Articles Sign up for DS News Daily Subscribelast_img read more

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Auction.com ForeclosureDataOnline.com Loss Mitigation Natural Disasters Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago July 10, 2019 7,387 Views Auction.com ForeclosureDataOnline.com Loss Mitigation Natural Disasters 2019-07-10 Mike Albanese Related Articles The Best Markets For Residential Property Investors 2 days ago Foreclosures in Western U.S. a Cause for Concern Servicers Navigate the Post-Pandemic World 2 days ago About Author: Mike Albanese Subscribe Home / Daily Dose / Foreclosures in Western U.S. a Cause for Concern Servicers Navigate the Post-Pandemic World 2 days agocenter_img Previous: Millennials Swarming to the Suburbs Next: Powell Signals Rate Cuts in the Cards Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Auction.com’s first Client Summit Survey reported that 40% of its respondents revealed the western region of the U.S. is expected to see the largest rise of distressed properties in the second half of 2019.The southern region of the nation is expected to see the lowest increase in distressed properties at 17%. The survey added that 23% of respondents expect the midwest to see an increase and that amount drops to 20% for the northeast. According to the survey, the west region posted a 10% quarter-over-quarter increase in foreclosure starts in Q1 2019, higher than the nationwide 7% increase and tied with the south for the largest regional increase. “Additionally, several bellwether markets in the West region posted year-over-year increases in foreclosure starts, including San Diego County, California, (up 16%); Salt Lake County, Utah, (up 11%); Denver County, Colorado, (up 20%); Snohomish County/Seattle, Washington, (up 36%); and Multnomah County/Portland, Oregon, (up 48%),” the report states. These responses represent a shift from trends earlier in the year, as foreclosure starts in the south increased 12% year-over-year in Q1 2019, according to the survey. “The Q1 2019 year-over-year increase in the south region may be at least partially due to the lingering effects of the 2017 hurricane season, given the above-average increases in markets hit hard by the hurricanes: Harris County/Houston, Texas, (up 109%); Palm Beach County, Florida, (up 109%); Orange County/Orlando, Florida, (up 218%),” the report stated. Of those who responded, 72% plan to increase loss mitigation efforts in the remainder of 2019, and 81% of those expecting more foreclosure activity plan to increase loss mitigation.  The survey found that just 16% of respondents expect to see a “substantial increase” in loss mitigation efforts. This report comes shortly after CoreLogic’s latest Loan Performance Insights Report stated mortgages that are delinquent more than 30 days fell to 3.6% in April 2019.CoreLogic’s report found delinquency rates have fallen year-over-year from 4.3% in April 2018. Natural disasters, especially in the western U.S., though, are still a cause for concern. “However, a number of metros that suffered a natural disaster or economic decline contradict this national trend. For example, in the wake of the 2018 California Camp Fire, the serious delinquency rate in the Chico, California, metro area this April was 21% higher than one year ago,” said Frank Nothaft, Chief Economist for CoreLogic.  Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, Loss Mitigation, News Share 1Save  Print This Post Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Subscribe Over 2.4 Million More Unemployment Claims in the Past Week Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Seth Welborn In the week ending May 16, the advance figure for seasonally adjusted initial unemployment claims was 2,438,000, a decrease of 249,000 from the previous week’s revised level. The previous week’s level was revised down by 294,000 from 2,981,000 to 2,687,000. The 4-week moving average was 3,042,000, a decrease of 501,000 from the previous week’s revised average. The previous week’s average was revised down by 73,500 from 3,616,500 to 3,543,000. The advance seasonally adjusted insured unemployment rate was 17.2% for the week ending May 9, an increase of 1.7 percentage points from the previous week’s revised rate.The previous week’s rate was revised down by 0.2 from 15.7% to 15.5%. The advance number for seasonally adjusted insured unemployment during the week ending May 9 was 25,073,000, an increase of 2,525,000 from the previous week’s revised level. The previous week’s level was revised down by 285,000 from 22,833,000 to 22,548,000. The 4-week moving average was 22,002,250, an increase of 2,313,500 from the previous week’s revised average. The previous week’s average was revised down by 71,250 from 19,760,000 to 19,688,750.”As with the prior weeks, a few caveats make this week’s data difficult to interpret precisely,” said Doug Duncan, Chief Economist, Fannie Mae. “On one hand, unemployment insurance eligibility rules have been relaxed recently, increasing the number of people who are able to apply. This makes it difficult to estimate the uninsured unemployed share of the workforce. On the other hand, many states reported a significant backlog of unemployment insurance applications due to a lack of processing capacity, indicating that this week’s release may understate the true extent of insured layoffs.”As the coronavirus (COVID-19) pandemic continues to impact the economy, and claims for unemployment insurance reach record highs, homeowners are at an increased risk of becoming delinquent in the coming months. According to Black Knight, some 3.6 million homeowners were past due on their mortgages as of the end of April (including the roughly 211,000 who were in active foreclosure)—the highest number since January 2015.center_img Sign up for DS News Daily Previous: Fitch Reviews GSE Credit Risk During Forbearance Next: Measuring Mortgage Hardships and Delinquencies The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Over 2.4 Million More Unemployment Claims in the Past Week Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Unemployment 2020-05-21 Seth Welborn May 21, 2020 908 Views Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, News Tagged with: Unemploymentlast_img read more

first_img Previous: Anticipating 2021’s Ups and Downs Next: Americans Unhappy with Local Government’s Pandemic Response Consider Moving The Best Markets For Residential Property Investors 2 days ago To support homeowners and mortgage lenders, the Federal Housing Finance Agency (FHFA) announced in a press release Thursday an extension of a temporary policy that allows for the purchase of some single-family mortgages in forbearance that meet eligibility criteria set by GSEs Fannie Mae and Freddie Mac. The policy will be extended for loans originated through December 31, 2020.Earlier this year, FHFA and the Consumer Financial Protection Bureau (CFPB) announced the Borrower Protection Program “to ensure that borrowers are protected during the coronavirus national emergency and to facilitate related information sharing.””To ensure that borrowers are qualifying for mortgages they can afford, FHFA will continue sharing aggregated data with the CFPB on loans that enter forbearance before delivery to the [GSEs],” FHFA said. “The data sharing will allow FHFA to fulfill its obligation under the so-called ‘Qualified Mortgage Patch’ to ensure that loans sold to the Enterprises are complying with the intent of Dodd-Frank’s ability to repay provisions.”Due to the COVID-19 crisis, some borrowers requested forbearance shortly after closing but before the lender could deliver the loan to its respective GSE.”Normally, mortgage loans in either forbearance or delinquency are ineligible for delivery under GSE requirements,” the FHFA said. “In April, FHFA announced a temporary policy of allowing certain single-family mortgages in forbearance to be delivered.  Today’s extension continues this policy for loans originated through December 31, 2020. Eligible loans will continue to be priced to mitigate the heightened risk of loss to the [GSEs] from said loans. These prudential measures also ensure fulfillment of the [GSEs’] charter requirements to only purchase loans that meet the purchase standards imposed by private, institutional mortgage investors.”FHFA says it will continue to monitor the coronavirus’ impact on renters, borrowers, and the mortgage market and update policies as needed. The Week Ahead: Nearing the Forbearance Exit 2 days ago November 12, 2020 1,899 Views Sign up for DS News Daily Home / Daily Dose / FHFA Approves Forbearance-Program Extension 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 2020-11-12 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post About Author: Christina Hughes Babb in Daily Dose, Featured, News Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 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. FHFA Approves Forbearance-Program Extension Share Save Subscribelast_img read more

first_imgHome / Featured / Most Valuable Company Profile: Altisource  Print This Post Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Related Articles Altisource Most Valuable Companies Most Valuable Company 2021-04-21 David Wharton Share Save About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribecenter_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago 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] Demand Propels Home Prices Upward 2 days ago in Featured, News, Print Features Most Valuable Company Profile: Altisource Previous: Are Americans Being Priced Out of Their Hometowns? Next: Mortgage Management Company Recovco Creates COO Position Tagged with: Altisource Most Valuable Companies Most Valuable Company Data Provider Black Knight to Acquire Top of Mind 2 days ago Altisource® is a leading and trusted provider of a full end-to-end suite of innovative solutions for servicers, originators, and investors in the real estate and mortgage industries. Altisource has been helping companies maximize results, minimize costs, and mitigate risks since 2009. By combining operational excellence and best practices with the company’s integrated services and technologies, Altisource’s dedicated teams can provide clients with the tailored solutions they need to fulfill the demands of their complex, highly regulated industries on a nationwide scale.Altisource invests in and develops proprietary technology to increase efficiencies and enable high-quality output for all of its clients.John Vella, Altisource’s Chief Revenue Officer, told DS News, “Our workflow management, artificial intelligence, and document imaging, as well as other emerging technologies, are under constant review to ensure we remain best-in-class.” Altisource’s suite of scalable systems also automates many manual processes and operations, which Vella says helps the company “deliver services with greater speed, accuracy, efficiency, and profitability.”Positioned for Success for 2021Altisource has weathered the storms and challenges of last year and come out poised to achieve even greater success in the months ahead. When facing the unexpected hurdles imposed by COVID-19 last year, Vella says that the company remained focused on the health and safety of its employees and on supporting its client base.“The default business was impacted due to the moratoriums, but we quickly pivoted to create a customer service center to assist servicers with forbearance needs,” Vella explained. “We continued to invest in our default business and technology to ensure that when the moratoriums end that we are in a proper position to manage the resurgence for our clients. Our Equator® technology and Hubzu® marketplace technology continue to be enhanced to provide the industry with two of the leading default platforms when it comes to managing distressed assets.”This year, Altisource is working to further enhance its suite of products in the single-family rental business, providing investors with a marketplace of solutions to assist them in buying, managing, and selling real estate. The company is also leveraging Hubzu.com and Equator.com to assist investors in buying and selling single-family homes, as well as upgrading its field services business with new technology and an enhanced vendor network.Altisource’s Lenders One cooperative, which accounts for over 16% of the origination market, also continues to grow.Core Team PhilosophiesRecognizing the importance of a diverse workforce, Vella said that Altisource works “to create environments where all people are encouraged to draw upon their unique experiences, perspectives, and backgrounds.”He notes that the company “casts a wide net” when looking for new talent, primarily through building relationships with local universities, associations, and focus groups.That “wide net” has served the company well during the headwinds of the past year, affording it the ability to pivot and leverage its strengths as the default sector of the industry faced the economic impact of increased forbearance and foreclosure moratoria.“As the default business has slowed down, we have maintained staffing for our clients and shifted some of the resources to our fast-growing originations and real estate business lines,” Vella explained. “When the default business picks back up, we will have our experienced staff ready to go to deliver for our clients.”With many options available throughout the diverse and complex mortgage industry, why should someone considering a mortgage career choose Altisource? Vella explains that a career with Altisource means a variety of possible paths, all under the same corporate “roof.”“Altisource is one of the few providers at scale of end-to-end offerings for the origination, servicing, and real estate ecosystem, which offers great opportunities for career development and growth,” Vella noted. “Our employee efforts have an impact on our client performance and set trends in the mortgage industry. We are committed to empowering our employees to achieve individual and business goals by creating a challenging and supportive workplace.”Ready for What’s NextWith the originations sector booming and default preparing to deal with the inevitable increase in workload as moratoria lapse and homeowners exit forbearance, Altisource is prepared to assist its clients with any challenges that may arise.“Our number-one focus has always been client performance,” Vella said. “During this pandemic, we have not lost sight of that goal as we continue to get better and invest in our company and our people.” Is Rise in Forbearance Volume Cause for Concern? 2 days ago April 21, 2021 1,319 Views last_img read more