Freddie Mac Puts NPL Pool Worth $233 Million Up for Auction

first_img Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea As part of a continued effort to clear its mortgage portfolio of non-performing loans, Freddie Mac has announced it will auction off a single pool of single-family residential non-performing loans (NPLs) with $233 million in unpaid principal balance (UPB) as part of a Standard Pool Offering.The loans being offered in the pool are deeply delinquent and are geographically diverse. All the loans in the pool are currently being serviced by Ocwen Financial. Bids are due from qualified bidders for the pool on May 20 and the sale is expected to settle sometime in July.Freddie Mac is encouraging private investors, minority- and women-owned businesses, non-profits, and neighborhood advocacy funds to bid in the auction. Potential bidders must be approved by Freddie Mac to gain access to the secure data room that contains information about the NPLs in order to bid in the auction. The winning bidder must meet Freddie Mac’s reserve levels and will be determined on the basis of economics.Advisors for the transaction are Bank of America Merrill Lynch, Wells Fargo Securities, LLC and CastleOak Securities, L.P. Click here for more information about Freddie Mac’s NPL sales.Earlier this month, Freddie Mac announced the upcoming auction of its first-ever Extended Timeline Pool Offering (EXPO), meant to target smaller investors by offering NPLs for sale in smaller pools with extended timelines. Freddie Mac’s first EXPO includes a pool of loans located in Miami-Dade County, Florida, with a UPB of approximately $35 million, and bids are due on June 2.Freddie Mac has already conducted three Standard Pool Offering NPL sales in the last eight months totaling approximately $1.97 billion in UPB. The last such sale by Freddie Mac, completed on March 25, was its largest bulk NPL sale ever – it included nearly 5,400 loans totaling $985 million in UPB. Freddie Mac’s fellow GSE, Fannie Mae, announced the marketing of its first-ever bulk NPL sale on April 8, consisting of about 3,200 NPLs totaling $786 million in aggregate UPB. Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Freddie Mac Puts NPL Pool Worth $233 Million Up for Auction Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News, Secondary Market Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Homeownership Down Below ’90s Levels; Vacancy Rate Little Changed Next: DS News Webcast: Wednesday 4/29/2015 Share Save Related Articlescenter_img Sign up for DS News Daily April 28, 2015 1,306 Views  Print This Post Deeply Delinquent Mortgage Loans Freddie Mac Non-Performing Loans Ocwen Financial 2015-04-28 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Deeply Delinquent Mortgage Loans Freddie Mac Non-Performing Loans Ocwen Financial Home / Daily Dose / Freddie Mac Puts NPL Pool Worth $233 Million Up for Auction 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 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 agolast_img read more

FHA Chief Golding Defends Agency’s Health to Congress

first_imgHome / Daily Dose / FHA Chief Golding Defends Agency’s Health to Congress The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago The Federal Housing Administration (FHA)’s Mutual Mortgage Insurance (MMI) Fund, Home Equity Conversion Mortgage (HECM) program, and the Agency’s mission were the focal points in Principal Deputy Assistant Secretary Edward Golding’s testimony before the House Subcommittee on Housing and Insurance on Thursday.The hearing, titled “The Future of Housing in America: Examining the Health of the Federal Housing Administration,” was the sixth on the topic in the House Subcommittee on Housing and Industry during the 114th Congress.The capital ratio of the MMI Fund sat at 0.41 percent, less than a quarter of its 2 percent minimum required by Congress, for Fiscal Year 2014. For FY 2015, that number shot up to 2.07 percent, even after the FHA took some heat for lowering the MMI premium by 50 basis points in January 2015.“FHA’s Mutual Mortgage Insurance Fund bore the strain of the Great Recession, falling below its required capital reserve and eventually taking a mandatory appropriation in 2013,” Golding said in his testimony on Thursday. “However, FHA’s focus on risk management, increasing revenue, and program improvements resulted in the ratio returning to 2 percent in 2015. This achievement was the result of FHA’s prudent policy changes, and an ability to work with Congress to pass stabilizing legislation and quickly implement program changes over the course of several years.”Citing a 14 percent year-over-year spike in building permits and an 11 percent increase in housing starts over-the-year in 2015, along with the recent announcement that the unemployment rate had dipped below 5 percent, Golding said stated that “FHA’s position is strong and continues to improve. FHA remains committed to its mission to address underserved borrowers and mortgage markets.”Edward GoldingHouse Subcommittee on Housing an Insurance Chairman Blaine Luetkemeyer (R-Missouri) was skeptical, however. Luetkemeyer claimed that while the FHA’s mission has historically focused on first-time homebuyers and creditworthy low- and moderate-income buyers, “FHA has morphed from a mortgage insurer of last resort to a dominant component of our mortgage finance system by expanding its insurance to higher income borrowers and houses in the upper end of the marketplace.”Luetkemeyer stated that “FHA has suffered a case of mission creep, and the unfortunate truth is that the lack of sound underwriting and risk management puts both homebuyers and U.S. taxpayers at risk. While the most recent independent actuarial report showed signs of a modestly healthier agency, the bottom line is that FHA is still in a precarious state.”Golding defended against the assertion that the FHA’s mission had drifted away from its original intention, noting that 82 percent of all FHA purchase originations in FY2015 were to first-time homebuyers (totaling more than 614,000 loans).“With its low down-payment requirement, FHA has served as a pathway to homeownership for first-time homebuyers,” Golding said. “This has been especially true in recent years, as credit restrictions and higher financing costs have impeded many potential borrowers, including those that would previously have been served by the conventional market.”The Subcommittee called the FHA’s efforts to solve its fiscal problems by lowering the mortgage insurance premiums “misguided and counterproductive” because they believe it places taxpayers at risk of more bailouts, underprices risk and results in the FHA suffering more losses, and discourages private investor involvement in mortgage finance.Golding defended the lowering of the premium, stating that “FHA’s decision to reduce premiums created the opportunity for more than 100,000 families to become homeowners and further bolster our nation’s housing market.”On the FHA’s HECM portfolio, which was the main driver of pushing the MMI Fund capital ratio above 2 percent, Golding stated that “FHA feels that it has effectively responded to the programmatic issues affecting the loan level performance of HECM. Improvements like the provision of greater lender flexibility to use loss mitigation for eligible borrowers, limiting the amount of money that can be taken from the property, and removing riskier HECM product options, appear to have proven useful in reducing losses to the Fund.”Click here to read Golding’s full testimony.  Print This Post 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. in Daily Dose, Featured, Government, News Sign up for DS News Daily Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: It’s Settled: Morgan Stanley Agrees to Pay $3.2 Billion to Resolve Toxic MBS Claims Next: Survey: Majority Supports Leveraging Private Capital to Reduce GSE, Taxpayer Riskcenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Ed Golding Federal Housing Administration FHA House Subcommittee on Housing and Insurance FHA Chief Golding Defends Agency’s Health to Congress About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Ed Golding Federal Housing Administration FHA House Subcommittee on Housing and Insurance 2016-02-11 Brian Honea February 11, 2016 1,738 Views Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Otting’s Comptroller Nom Puts Dodd-Frank Under Microscope

first_img Related Articles  Print This Post About Author: David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago November 16, 2017 1,520 Views The Best Markets For Residential Property Investors 2 days ago Subscribe Tagged with: Comptroller Comptroller of the Currency Joseph Otting keith noreika resignation in Daily Dose, Featured, Government, Headlines, Journal, News Home / Daily Dose / Otting’s Comptroller Nom Puts Dodd-Frank Under Microscope Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 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] Comptroller Comptroller of the Currency Joseph Otting keith noreika resignation 2017-11-16 David Wharton Sign up for DS News Daily Otting’s Comptroller Nom Puts Dodd-Frank Under Microscope Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save The United States Senate today confirmed Joseph Otting as Comptroller of the Currency, a role that will task him with oversight and regulation of federally chartered banks such as Bank of America, JPMorgan Chase, and Wells Fargo. President Trump nominated Otting on June 5, 2017. The vote broke down nearly along party lines, with the final tally sitting at 54-43.Following this confirmation vote, President Trump will now have to officially appoint Otting as a confirmed nominee, after which Otting can be sworn in. That is expected to happen within a few days, per Reuters.Otting has been a key ally of Treasury Secretary Mnuchin, previously serving as chief executive of Pasadena’s OneWest Bank, which Mnuchin founded in March 2009. Prior to that, Otting spent more than 30 years as banker, including time working for Union Bank and U.S. Bank. As Comptroller, Otting will be charged with writing overseeing new banking regulations and generally monitoring and maintaining the health of the American banking system. He is expected to assist in the administration’s attempts to roll back Dodd-Frank and to continue the review of the Volcker rule—which restricts U.S. banks from certain speculative investments—initiated by Noreika during his interim term.With the confirmation, Keith Noreika, interim Comptroller, submitted his resignation letter to Treasury Secretary Mnuchin. Noreika became acting Comptroller in May 2017, following the resignation of former Comptroller Thomas Curry.Noreika’s announcement marks the second high-profile government resignation for this week. Yesterday, Richard Cordray, the Obama-appointed director of the Consumer Financial Protection Bureau (CFPB), announced his resignation. He plans to step down before the end of the month.In his resignation letter, Noreika said:Thank you again for giving me the opportunity to serve. I remain a strong supporter of the Office of the Comptroller of the Currency, which I was proud to lead. as well as thisAdministration and its goals, in which I was fortunate to serve. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: House Wraps Up Tax Bill Next: How Fannie and Freddie Weathered 2017 The Best Markets For Residential Property Investors 2 days agolast_img read more

Field Services Technology: Directing Traffic, Driving Progress

first_img in Daily Dose, Featured, Magazine, News, Print Features, Technology Related Articles Field Services Technology: Directing Traffic, Driving Progress Home / Daily Dose / Field Services Technology: Directing Traffic, Driving Progress Previous: Fannie Mae Celebrates LGBT Pride Month Next: Homebuying Power, State-by-State June 5, 2018 2,876 Views Servicers Navigate the Post-Pandemic World 2 days ago Share Save Audit Field Services Internal Audit Property Assessment Servicers Technology 2018-06-05 David Wharton Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 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 Editor’s note: This story first appeared in the June 2018 edition of DS News, available now.Traffic systems in towns and cities were implemented to create order and organization. Marked lanes, established right-of-way signs, and mechanical signals keep the daily commute from collapsing into total chaos. Detailed rules and regulations also provide guidance and travel safety. But despite the efficiency of the traffic system, outside factors can derail even the most comprehensive plans.When traffic systems fail due to accidents or other circumstances, traffic officers may be called in to monitor and guide travelers. To avoid major traffic congestion that can lead to complete gridlock, these officers use gestures and signals to regain safety and the efficient flow of traffic.Much like a traffic controller, mortgage field services companies must maintain the flow of information between mortgage servicers,inspectors, maintenance contractors, and third-party service providers. To do so effectively, field service companies must design an efficient technology workflow that integrates disparate systems to guarantee data quality and integrity throughout the process.Making the Right TurnsAn effective workflow management system is required to automate order processing,routing, invoicing and reporting services to ensure quality results for property preservation services across the country. Integrated workflow technology is a fundamental success criterion in this highly regulated and customer service-oriented industry. A streamlined business process is necessary to effectively identify, dispatch, assess, and review fieldwork. This fact is amplified when considering the transaction volume involved. Thousands of properties daily must be inspected and/or maintained, each property with unique characteristics and requirements. To compound the challenge, each client and GSE has specific service level agreement and compliance requirements that must be met.For a field service company to effectively meet clients’ expectations, a dynamic, business rule-driven system is required to store information regarding client, property, and work order attributes. It must act as the hub or “traffic controller” for workflow management and priority-based distribution. The system also must be able to integrate in real-time with contractor, third-party, and servicing systems. Batch file process, with its inherent delays and limited acknowledgment capabilities, is simply inadequate in today’s mortgage servicing industry.Finding the Fast LanesIn addition to real-time transactional integration, the field services company is required to provide cloud-based, full-service customer portal, providing self-service capabilities to servicers for managing order requests, order status, bid reviews, reporting, analytics, and property assessment reviews, including access to property photos and video.Originating from the servicers’ mortgage servicing platform, a new order for a property service request enters the field services company’s workflow system, or “traffic controller,” which begins its job of directing and routing that order through the system. Field services companies set up a property record that ultimately will retain all of the attributes for that property throughout the lifecycle of inspections and preservation activities. The new property and its subsequent orders enter through an order gateway as a file or real-time integration with servicers’ systems. An efficient end-to-end property management system will track that property and order from its creation all the way through the invoicing process.The “traffic controller” will then dispatch the order to the correct vendor—inspector or contractor. This automated transaction moves the order through a real-time mobile inspection and contractor network and administrative portal designed to provide full-service field support by defining crews, printing invoices, and even collecting and quality checking results in a single view. Built-in risk mitigation features include location-based services, an estimation and damage assessment module, and contractor registration portal with third-party background check integration.From the field, contractors utilize a mobile app with “smart” scripting enabling customizable survey forms for different work types and multimedia technologies to properly assess each property, as specified by work order instructions and servicer and investor guidelines. The contractor work results are transmitted directly from the field to their back office for the firstphase of the quality control process. This is accomplished by providing the contractors an integrated quality control module, which is configured to identify high-risk conditions that must be evaluated prior to submission to the field services company. If a high-risk condition or exception is identified, the remote field vendor receives a follow-up and must make compensating adjustments while on site. This workflow is only possible if the field vendor mobile app and the quality control module are integrated and designed to dynamically identify high-risk exceptions.Once the property assessment is complete, the finalized data is sent to the field services company near real-time. In some cases, panoramic photos or video are required to capture high-risk property conditions. In addition, audio accompanies the video, which is a “game-changer” for the industry, allowing the contractor to provide specific details regarding the damage or other information that is impossible to convey in standard text or photos.A Smoother RideThis multimedia approach to capturing rich information about the property condition is imperative to the efficiency of the workflow system. All of the data collected by the contractor using the mobile app is organized and processed by a rules-based engine, which identifies and flags exceptions. The workflow system then routes the order for internal audit review. Field services companies define business rules within the system to help streamline order assignments and identify exceptions in work orders. These rules are based on service-level agreements with mortgage servicing clients or previously identified risks. If a discrepancy is identified, those order results are placed in a queue to be reviewed by a field services employee. This integrated workflow helps field service companies focus on exceptions by highlighting them in the process. Special attention is drawn to the exceptions through the automated process developed into the system.If a work order result passes the internal audit process, the data, photos, and videos are sent immediately to the mortgage servicer. Property results are accessed through an internal portal designed to assist clients in managing their portfolio by providing the most current status of a property, along with photos and video to support the work that was performed, allowing hem to review damages and bids submitted by maintenance contractors.Supplementary reporting helps identify properties that trigger additional work, providing customizable current, historical, and location-based heat maps of field services operations through the life cycle of property inspections and maintenance. Workflow system efficiency has reduced the timeframe from order creation to completion from weeks to days—or in some cases, hours. System automation and rules-based workflow is a key success factor to improving the quality of preservation services and significantly contributes to reducing the amount of time to complete a work order.Automating the SystemAutomation proves to be one of the most important elements in an integrated workflow system. It ensures accuracy and quality by enforcing consistency and eliminating human error when evaluating field results. The business rules defined in the system, from order creation to invoicing, make automation possible. It also allows the field services company to set specific exceptions that need validation from an internal quality control associate. Examples include a change in occupancy status, or electricity shutoff when a sump pump is present. Real-time changes for updates to rules are imperative for the automation to be effective. The system must adapt just as quickly and be easily configurable, even able to schedule changes in advance.Additionally the ability to index the data collected to allows servicers to make better business decisions regarding their property portfolios by aiding in designing compliance, risk mitigation, and cost control strategies. The millions of data points passing through the workflow systems can be used to recognize trends, such as how properties are progressing through the conveying process and reoccurring damages or complaints in specific municipalities. Field services companies are able to capture the appropriate data to proactively identify and recommend remediation strategies to the servicer.An effective “traffic controller,” or field services workflow management system, ensures process integrity with a full visual assessment of mortgage servicers’ properties and provides quality information, automation, and integration with the servicers’ systems. Technology is at the forefront of innovation, and field services companies are managing the traffic pattern by identifying the most effective ways to streamline property assessments. An automated and integrated workflow management system helps eliminate congestion and gridlock on the property management super-highway. About Author: George Mehok The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Audit Field Services Internal Audit Property Assessment Servicers Technology Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago George Mehok is the CIO of Safeguard Properties, the nation’s leading mortgage field services provider. He can be reached at [email protected] Subscribelast_img read more

Cities With the Biggest Jumps in Single-Family Rentals

first_img Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing.  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Related Articles About Author: Scott Morgan Cities With the Biggest Jumps in Single-Family Rentals Cities Home Prices home value HOUSING Properties Rentals SIngle-family Trulia 2018-08-06 Radhika Ojha Sign up for DS News Daily Previous: HSBC Next to Pay Reparations for Pre-Crisis Conduct Next: Technical Error Led to Foreclosures, Says Wells Fargo Demand Propels Home Prices Upward 2 days ago Tagged with: Cities Home Prices home value HOUSING Properties Rentals SIngle-family Trulia in Daily Dose, Featured, Market Studies, Newscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Cities With the Biggest Jumps in Single-Family Rentals The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago August 6, 2018 2,611 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago One of the most enduring legacies of the Great Recession turns out to be the prevalence of single-family homes as rental properties, according to a look at the single-family rental market by Trulia.The study starts in 2006, two years before the financial collapse when the U.S. housing market was in more seller-friendly mode than buyer-friendly. It compares the percentages of single-family rental properties at that time with a decade later, in 2016, after the collapse and recovery back into a seller’s market.In some cities, Trulia found, the percentage of single-family properties compared to a decade earlier is quite a jump. In Detroit, Las Vegas, Memphis, and Fort Lauderdale, single-family rentals jumped by more than 9 percent in the ten years since 2006. Atlanta’s numbers climbed almost 9 percent.Detroit saw the biggest jump. In 2006, nearly 14.7 percent of single-family homes were rentals. Ten years later, the number was almost a full quarter of the city’s single-family properties.Nationally in 2006, 13.2 percent of all single-family homes were rentals. By 2014, that share had grown to 16.9 percent, Trulia reported. These numbers were buoyed by foreclosure sales that jumped from fewer than 350,000 annually before 2007 to a peak of nearly 1.3 million in 2010. Cities with the highest foreclosure rates also dealt with the deepest employment losses. Detroit and Las Vegas were hardest hit by this particular one-two punch. In Detroit, a foreclosure rate of 14.65 was spurred by an employment loss rate of almost 19 percent throughout the course of the recession. Las Vegas saw about half that employment loss rate, but a foreclosure rate of nearly 30 percent.However, in terms of investment return, Detroit has seen single-family home values shoot up 162.7 percent, while rents have remained flat, the report stated. Cape Coral-Fort Myers, Fla. Seems to have handed investors the best returns, though. From June 2011 to June 2018, Trulia reported, home values rose 89.6 percent, while rental rates on single-family homes rose 59 percent. Three metros, Charleston, Albany, and Rockville, Md., saw drops in the portion of rentals among all single-family homes. All markets were down in single-family rentals by less than a half-percent between 2006 and 2016.last_img read more

BCFP Amends Consumer Privacy Regulation

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Previous: TransUnion Partners with EXL for New Solution Next: Tracking the Progress of GSE Single Security Sign up for DS News Daily 2018-08-10 Kristina Brewer The Best Markets For Residential Property Investors 2 days ago Kristina Brewer is the Editorial Assistant of Publications for the Five Star Institute, including DS News and MReport magazine. She is a graduate of the University of North Texas (UNT), where she received her Bachelor of Arts in English with a concentration in rhetoric and writing and a minor in global marketing. During this time, she served as Director of Philanthropy in the national women’s fraternity Zeta Tau Alpha, of which she is an alumna. Her passion for philanthropy continued after university when she was an intern at Keep Denton Beautiful, a local partner of Keep America Beautiful, where she drove membership, organized events, and led social media campaigns. Brewer honed her writing at the North Texas Daily, UNT’s student-run newspaper where she wrote about faculty, mentorship, and student life. Brewer also previously worked at Optimus Business Plans where she helped start-ups create funding proposals, risk assessments, and management plans. Data Provider Black Knight to Acquire Top of Mind 2 days ago BCFP Amends Consumer Privacy Regulation The Bureau of Consumer Financial Protection (BCFP) has announced an update in legislation aimed at easing the burden on financial institutions and reducing the risk of consumer confusion. Through Regulation P, legislation has been updated that amends the Gramm-Leach-Bliley Act, which requires annual privacy notices to consumers from financial institutions.The amendments finalized today allow for certain qualifying institutions to be exempt from these notices, which describe privacy practices of their institutions, including ‘whether and how’ customer’s nonpublic personal information is shared. If the institution shares this information with “unaffiliated third parties” in ways that deviate from GLBA specifications, the institution is required to notify its customers of their opt-out rights, and how to stop the sharing of their information.Congress amended the GLBA in December 2015, as part of the Fixing America’s Surface Transportation Act (FAST Act). This amendment allows for financial institutions that meet certain conditions to be exempted from these annual notices if the sharing of customer information is limited so that the customer does not have the right to opt-out, and if the institution has not changed its privacy notice from the one previously delivered to the customer. This rule was issued by the Bureau today in order to implement the legislation and establish deadlines for institutions resuming annual privacy notices “if their practices change and they therefore cease to qualify for the exemption,” the statement said. In addition to these changes, in certain circumstances, Regulation P allows financial institutions to use an “alternative delivery method to provide annual notices.” This requires, among other things, that the annual notice be posted and accessible on the financial institution’s website.The amendments to Regulation P in this final rule will become effective 30 days after the date of publication in the federal register. To read the full ruling, click here. The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago August 10, 2018 1,888 Views 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 ago Home / Daily Dose / BCFP Amends Consumer Privacy Regulation Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Headlines, Journal, News About Author: Kristina Brewer Share Save Subscribelast_img read more

Foreclosure Rates Continue to Decline

first_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, News Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago CoreLogic’s latest Loan Performance Insights report found that the amount of mortgages that were delinquent more than 30 days decreased slightly year-over-year by 0.8% to 4%.The report states the nation’s overall delinquency rate has fallen on a year-over-year basis for the past 14 consecutive months. Fewer delinquencies attribute to the strength of loan vintages in the years since the residential lending market has recovered following the housing crisis.In February, 11 metropolitan areas experienced small annual gains in their serious delinquency rates—mortgages that are more than 90 days delinquent. The largest gains were in four Southeast metros affected by natural disasters in 2018.Panama City, Florida, had the nation’s highest serious delinquency rate of 2%. Every state, with the exception of Minnesota, saw a decrease in serious delinquency rates. Minnesota’s rate was unchanged from 2018.Eleven core-based statistical areas/metros experienced increases in serious delinquency rates, most of them located on the East Coast.”We are on track to test generational lows as delinquency rates hit their lowest point in almost two decades. Given the economic outlook, we are likely to see more declines over the balance of this year. Reflective of the drop in delinquency rates, no state experienced a year-over-year increase in its foreclosure inventory rate so far in 2019,” said Frank Martell, CoreLogic’s President and CEO.The amount of homes in foreclosure saw a slight decline, falling to 0.4% in February 2019 from 0.6% last year. CoreLogic also reported the amount of homes more than 120 days past due fell to 1.1% from 1.7% in February 2018.The share of mortgages that transitioned from current to 30 days past due held steady at 1%. This stat peaked at 2% in November 2008 and was 1.2% in January 2007, just before the financial collapse.Even more than a decade beyond the housing crisis, individual states are still working to improve their foreclosure situation. New Jersey Gov. Phil Murphy signed several new laws into effect last month aiming to curb New jersey’s ongoing foreclosure struggles.“The foreclosure crisis has hurt our economy and jeopardized economic security of too many New Jersey families,” Murphy said. “Our communities cannot succeed while vacant or foreclosed homes sit empty or while families live in limbo. I am proud to sign these bills into law [Monday] and get New Jersey closer to ending the foreclosure crisis.”Black Knight’s 2018 Mortgage Monitor report had New Jersey’s foreclosure rate at the end of 2018 at 1.77%, trailing only Mississippi (2.36%), Louisiana (2.05%), and West Virginia (1.81%). Home / Daily Dose / Foreclosure Rates Continue to Decline May 14, 2019 2,726 Views Related Articles Previous: Freddie Mac’s $307M Non-Performing Loan Auction Next: The GSEs’ Homeowner Assistance Efforts CoreLogic Foreclosure Rates Housing Market mortgage 2019-05-14 Mike Albanese 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.  Print This Post Foreclosure Rates Continue to Declinecenter_img Sign up for DS News Daily About Author: Mike Albanese Subscribe Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: CoreLogic Foreclosure Rates Housing Market mortgage Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

The July Home Price Growth Slowdown

first_imgHome / Daily Dose / The July Home Price Growth Slowdown About Author: Seth Welborn Home prices increased by 3.6% year over year in July 2019 and are forecast to increase 5.4% from July 2019 to July 2020. The latest CoreLogic Home Price Index (HPI) Report states that the HPI in July 2019 gain was down year-over-year HPI of 5.8%, and up a bit from the June 2019 gain of 3.3%.  “Home prices have been increasing in a narrow range of 3.3% to 3.9% over the past six months, indicating that the rate of home price increases has flattened out,” said Molly Boesel, Principal, Economist, Office of the Chief Economist at CoreLogic.The HPI increased all four price tiers analyzed by CoreLogic, although growth has been slow. The price tiers have seen a slowing in price appreciation ranging between 1.7 to 3.3 percentage points compared with a year earlier, with the lowest price tier showing the largest slowdown. The lowest price tier increased 5.5% year over year in July 2019, compared with 4.7% for the low- to middle-price tier, 4% for the middle- to moderate-price tier, and 3.1% for the high-price tier.CoreLogic notes that the HPI has increased on a year-over-year basis every month for seven years, and as of July 2019, the overall HPI was 8.8% higher than its pre-crisis peak in April 2006. Adjusted for inflation, U.S. home prices increased 2.5% year over year in July 2019 and were 11.5% below their peak.“Idaho led the states in appreciation as it has for ten consecutive months, with annual appreciation of 11.5% this July,” Boesel said. “South Dakota saw home price depreciation of 3.4% and was one of only two states showing a decrease in prices (Connecticut posted a 0.3% decline). Prices in 39 states (including the District of Columbia) have risen above their nominal pre-crisis peaks. Of the seven states that had larger peak-to-trough declines than the national average, California, Idaho, and Michigan have surpassed their nominal pre-crisis peaks as of July 2019. Connecticut home prices in July 2019 were the farthest below their all-time HPI high, still 16.4% below the July 2006 peak.  While annual price increases slowed in 39 states compared with a year earlier, the cooling was most pronounced in California, Nevada, South Dakota and Washington state.” Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago September 3, 2019 857 Views Servicers Navigate the Post-Pandemic World 2 days ago 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 July Home Price Growth Slowdown 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. Share Save in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago 2019-09-03 Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily  Print This Post Previous: Fintechs Leading the Way for VA Loans Next: Addressing Affordability in California Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

DIMONT Appoints New CEO

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Court Allows Recovery of Attorney’s Fees Following Foreclosure Next: Executive Restructuring For the CFPB in Daily Dose, Featured, Market Studies, News 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn Tagged with: DIMONT Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe DIMONT 2020-01-30 Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Home / Daily Dose / DIMONT Appoints New CEO Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago January 30, 2020 1,037 Views Demand Propels Home Prices Upward 2 days ago Share Save Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post DIMONT, a provider of hazard insurance claims and loan administration services to the residential mortgage industry, announced the promotion of Laura MacIntyre to CEO.MacIntyre has led mortgage and business development organizations throughout her career and has been a part of DIMONT’s success since her hiring over two years ago as DIMONT’s Chief Revenue Officer. MacIntyre brings over 25 years of mortgage industry experience to her position as CEO, is poised to lead DIMONT through its next chapter of growth. In her new role, she will lead the company’s strategic initiatives, oversee business development and client relations and ensure alignment of the organization to grow its new business segments while maintaining a quality product and a customer-centric focus. MacIntyre will work closely with Renovo Capital, DIMONT’s long term private equity partner.Prior to her role at DIMONT as Chief Revenue Officer, MacIntyre served as Director of Sales at DocMagic, where she was instrumental in deploying the company’s digital strategy, growing revenue and expanding market share. MacIntyre has also served as COO for both Fidelity National Financial and Black Knight, Inc. (FKA Lender Processing Services, LPS).“I have worked with Laura for a number of years, and I know her experience and knowledge make her a great resource for our organization and our industry,” said Jocelyn Martin-Leano, President, Rushmore Servicing Division. “Laura has years of demonstrated success within the mortgage industry and a proven track record of driving excellence in organizations through her leadership. This promotion is well-deserved. I congratulate her as she moves into her new role as CEO of DIMONT.””It’s been clear to me from day one that DIMONT is a very forward-thinking company that cares deeply about the success of its customers,” said MacIntyre. “Having grown up in the mortgage industry and seeing changes that have taken place in our market, it is truly an honor to be in the company of such great leaders and business partners who have supported me throughout my career. I am so very grateful and honored for the opportunity to serve as DIMONT’s CEO and am truly excited for the future of our organization.” Data Provider Black Knight to Acquire Top of Mind 2 days ago DIMONT Appoints New CEOlast_img read more

High-Risk Homes Lack Flood Insurance

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Damage Flood Insurance in Daily Dose, Featured, Foreclosure, Loss Mitigation, News Servicers Navigate the Post-Pandemic World 2 days ago Previous: Zombie Homes Hold Steady During Foreclosure Moratoria Next: GSEs Release LIBOR Transition Resources The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Related Articles Homeowners who live in a 100-year floodplain have a 26% chance of their property being flooded at some point during the course of 30 years, the length of a typical mortgage, according to ValuePenguin. However, only a minority of properties located in a designated 100-year floodplain are insured against flooding. Just 40% of homes located in “high-risk flood zones” in the 100 largest cities across the United States have flood insurance, according to ValuePenguin. In seven cities, less than 2% of homes in high-risk areas have flood insurance. Among those is Boise Idaho, where only one property reportedly has flood insurance while well over 8,000 homes are located in high-risk zones. In Riverside, California; Detroit; and St. Louis just 0.9% of properties in 100-year floodplains have flood insurance. The remaining cities with flood coverage ratios lower than 2% are Cleveland, Ohio (1.1%); Minneapolis (1.5%); and Youngstown, Ohio (1.8%). The flood coverage ratio in 31 of the 100 cities observed was lower than 5%. In six of the 100 cities, the flood coverage ratio was actually higher than 100%, meaning not only are most homes within the 100-year floodplain covered by flood insurance, but also many homes surrounding the floodplain also have flood insurance. The lowest rates of flood insurance occurred in places that haven’t experienced major flood damage in the past several years, such as Boise, and Detroit. Those cities with the highest instances of flood insurance were typicaly cities that have experienced major flooding event in recent history. “The recent memory of severe flood events likely prompted homeowners who live outside the 100-year floodplain to purchase flood insurance as well,” wrote Chris Moon, Product Manager for ValuePenguin on the company’s website. New Orleans had the highest rate of flood insurance coverage at more than 2,000%. It was followed by Colorado Springs, Colorado, where the coverage ratio is 870%. Four other large metros had flood insurance coverage ratios higher than 100%, including Provo, Utah; Sacramento, California; El Paso, Texas; and Honolulu. However, whether a city has had a recent flooding or not, “every location in the U.S. has some level of exposure to flood risk,” Moon said, and homes located in FEMA-designated 100-year floodplains are at risk. A home in a 100-year floodplain has a 1% risk of flooding each year, which equates to a 26% risk over the course of 30 years. “Where disasters are concerned, 2020 is destined to go down in history as the year of the coronavirus—but that doesn’t make the threat of seasonal weather events any less urgent,” Moon said.  About Author: Krista F. Brock The Best Markets For Residential Property Investors 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. center_img High-Risk Homes Lack Flood Insurance Share Save Servicers Navigate the Post-Pandemic World 2 days ago Damage Flood Insurance 2020-05-28 Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago May 28, 2020 1,764 Views Home / Daily Dose / High-Risk Homes Lack Flood Insurance Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more