DS News Webcast: Wednesday 3/6/2013

first_img The Best Markets For Residential Property Investors 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago March 6, 2013 521 Views Demand Propels Home Prices Upward 2 days ago in Featured, Media, Webcasts Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post 2013-03-06 DSNews Related Articles Subscribe Coverage:- Prices in January Climb Nearly 10% from Year Ago – Commercial, Multifamily Mortgages Fared Better During Recession />Visit www.DSNews.com for all of your relevant Default Servicing Newscenter_img DS News Webcast: Wednesday 3/6/2013 Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Is Rise in Forbearance Volume Cause for Concern? 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: DSNews Servicers Navigate the Post-Pandemic World 2 days ago Home / Featured / DS News Webcast: Wednesday 3/6/2013 Previous: Foreclosure Activity in Bay State Falls Sharply in January Next: Firm Grip on Foreclosure Inventory Continues in Judicial Stateslast_img read more

DS News Webcast: Friday 9/12/2014

first_imgSign up for DS News Daily  Print This Post Previous: Adjusted Case-Shiller Index Paints Different Picture of Housing Market Next: Spike in Foreclosures Puts New Jersey Among Nation’s Top Five Demand Propels Home Prices Upward 2 days ago Fannie Mae recently released a report revising the waiting periods for borrowers with a derogatory credit event such as a foreclosure, bankruptcy, short sale, or deed-in-lieu of foreclosure on their credit history to obtain a new loan. For borrowers with a short sale or deed-in-lieu of foreclosure on their record, Fannie Mae’s new mandated minimum waiting period to become eligible for a new loan is four years. The time is shortened to two years if there are extenuating circumstances.If a borrower has a foreclosure on his or her credit record, the new minimum waiting period is seven years. Under extenuating circumstances, that period is shortened to three years with some additional requirements for up to seven years. For those with a chapter 7 or 11 bankruptcy, the waiting period is now four years, or two years with extenuating circumstances. For borrowers with a chapter 13 bankruptcy, the required waiting period is now two years from the discharge date and four years from the dismissal date. If there are extenuating circumstances, the waiting time from the dismissal date is shortened to two years.The House Judiciary Committee approved bipartisan legislation that is aimed at speeding up the bankruptcy process and preventing taxpayers from taking the hit in the event of the failure of large financial institutions. The law, known as H.R. 5421 or the Financial Institution Bankruptcy Act of 2014, was approved by a voice vote on Wednesday. Under the new law, a subchapter added to chapter 11 of the bankruptcy code requires large financial institutions to maintain transparency and creditor priority. in Featured, Media, Webcasts 2014-09-11 Jordan Funderburk 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 Is Rise in Forbearance Volume Cause for Concern? 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days agocenter_img September 11, 2014 579 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago DS News Webcast: Friday 9/12/2014 Home / Featured / DS News Webcast: Friday 9/12/2014 The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Jordan Funderburk Related Articles Subscribelast_img read more

Freddie Mac Offers Distressed Homeowners a Complete Guide to Foreclosures and Alternatives

first_img Tagged with: Distressed Homeowners Foreclosure Foreclosure Alternatives Freddie Mac The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago June 19, 2015 1,803 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Distressed Homeowners Foreclosure Foreclosure Alternatives Freddie Mac 2015-06-19 Brian Honea Share Save in Daily Dose, Featured, Foreclosure, News  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Freddie Mac Offers Distressed Homeowners a Complete Guide to Foreclosures and Alternatives Demand Propels Home Prices Upward 2 days ago Related Articles Previous: Counsel’s Corner: GSEs Have Intensified Efforts to Transfer Risk to Private Market Next: DS News Webcast: Monday 6/22/2015center_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Freddie Mac is now offering distressed homeowners a complete guide to foreclosure and how to avoid it, from assessing your situation to what to do when your home has been foreclosed on, as part of a new website launched this week as a one-stop resource for homeowners.The “MyHome by Freddie Mac” site offers homeowners a number of options under the “Foreclosure and Alternatives” tab that tell a borrower who to contact for help as well as non-foreclosure solutions that include both home retention and home forfeiture options.Freddie Mac first discusses the importance of taking stock of your financial situation and determining what a borrower can and cannot pay for as far as home-related expenses, such as major and minor repairs. If a borrower cannot pay for these things, or is incurring another major expense that will keep them from paying the mortgage, Freddie Mac recommends reaching out to the lender as soon as possible.”Your lender wants to help you with your mortgage,” Freddie Mac said on the site. “They do not want your home or the expenses that come with foreclosure.”Borrowers are warned to watch for the warning signs of foreclosure and to seek help if they look familiar. If a borrower is in need of help avoiding foreclosure, Freddie Mac lists several options to contact for help: the lender, housing counselors, Freddie Mac borrower help centers, and house finance agencies.Home retention solutions that can be worked out for eligible borrowers are forbearance, reinstatements, repayment plans, and modifications, including the government’s Home Affordable Modification Program (HAMP). Non-foreclosure solutions in which the home is forfeited include short sales or deeds-in-lieu of foreclosure. The site provides several resources for the borrower to understand all of these options and how to prepare your financial information to meet with your lender.When foreclosure cannot be avoided, Freddie Mac gives the borrower a list of what to expect after foreclosure that includes how it affects the borrower’s credit, how to rebuild credit, finding a home after foreclosure, and re-entering the housing market (recent research from TransUnion indicated that about 1.5 million “boomerang buyers” negatively affected by the housing crisis will re-enter the housing market in the next three years).The site includes other options for homes lost to foreclosure. Freddie Mac encourages borrowers to find out who acquired the home after the foreclosure to increase options available; for example, if Freddie Mac acquired the home, options may include renting the home while it’s being marketed for sale, receiving “cash for keys,” or purchasing the home back. Home / Daily Dose / Freddie Mac Offers Distressed Homeowners a Complete Guide to Foreclosures and Alternatives About Author: Brian Honea Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. 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 Sign up for DS News Daily Subscribelast_img read more

Wells Fargo CEO John Stumpf Announces Retirement

first_img Previous: The Impact of Hurricane Matthew on Credit Risk Transfers Next: Following Suit: Prevention Activities Decline About Author: Brian Honea Wells Fargo CEO John Stumpf Announces Retirement October 12, 2016 2,196 Views The Best Markets For Residential Property Investors 2 days ago  Print This Post 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. “I know no better individual to lead this company forward than Tim Sloan.” – John StumpfWells Fargo Chairman and CEO John Stumpf has announced his retirement, effective immediately, over the recent controversy surrounding his bank.Timothy J. Sloan, who has been President and Chief Operating Officer with Wells Fargo since November 2015, has been named by the bank’s Board of Directors as the new CEO effective immediately. He will retain his title of President. In addition to being named the new CEO, Sloan was also elected to the Board.Stephen Sanger, the Board’s Lead Director, has been chosen as the Board’s non-executive Chairman. Independent Director Elizabeth Duke has been named by the Board to serve as Vice Chair.“John Stumpf has dedicated his professional life to banking, successfully leading Wells Fargo through the financial crisis and the largest merger in banking history, and helping to create one of the strongest and most well-known financial services companies in the world. However, he believes new leadership at this time is appropriate to guide Wells Fargo through its current challenges and take the Company forward,” Sanger said. “The Board of Directors has great confidence in Tim Sloan.  He is a proven leader who knows Wells Fargo’s operations deeply, holds the respect of its stakeholders, and is ready to lead the Company into the future.”Stumpf joined Wells Fargo in 1982 and became the bank’s CEO in 2007. He was named Chairman in January 2010. In September, the bank was penalized a combined $185 million by regulators, including the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, over the opening of approximately 1.5 million unauthorized deposit accounts and 565,000 unauthorized credit card accounts. In the last five years, 5,300 Wells Fargo employees were fired. Stumpf has appeared before Congress twice in the last month to answer questions about the controversy.“I am grateful for the opportunity to have led Wells Fargo,” Stumpf said. “I am also very optimistic about its future, because of our talented and caring team members and the goodwill the stagecoach continues to enjoy with tens of millions of customers. While I have been deeply committed and focused on managing the Company through this period, I have decided it is best for the Company that I step aside. I know no better individual to lead this company forward than Tim Sloan.”NBC news quoted a Wells Fargo spokesperson as saying the Stumpf would not receive any severance pay upon his departure. “There are some retirement benefits that are detailed in our proxy statement. They are not accessible for the next 6 months. That is a normal lag time.”“My immediate and highest priority is to restore trust in Wells Fargo.” – Tim SloanThe New LeadershipSloan has been with Wells Fargo for 29 years and has served in various leadership roles across the bank’s wholesale and commercial banking operations. His previous positions include head of Commercial Banking, Real Estate, and Specialized Financial Services. He assumed leadership over the bank’s four main business groups (Community Banking, Consumer Lending, Wealth and Business Management, and Wholesale Banking) upon becoming President and COO in November 2015.“It’s a great privilege to have the opportunity to lead one of America’s most storied companies at a critical juncture in its history,” Sloan said. “My immediate and highest priority is to restore trust in Wells Fargo. It’s a tremendous responsibility, one which I look forward to taking on, because of the incredible caliber of our people, and the opportunity we have to impact the lives of our millions of customers around the world. We will work tirelessly to build a stronger and better Wells Fargo for generations to come.”“I am confident that Tim will take the reins and restore trust in an organization that has been instrumental to the American housing market,” said Ed Delgado, Five Star Institute President and CEO and a past executive with Wells Fargo for nearly a decade. “I am certain that Wells Fargo will enact the policies necessary to regain the support of their consumer base.”Sanger joined the Wells Fargo Board in 2003 and has served as its Lead Director since 2012. He also serves as Chair of the Governance and Nominating Committee and is a member of the Human Resources Committee and Risk Committee. He previously served as CEO of General Mills from 1995 to 2007 and as Chairman from 1995 to 2008.Duke was named to the Wells Fargo Board in 2015. She was a member of the Board of Governors of the Federal Reserve from 2008 to 2013, serving as Chair of the Fed’s Committee on Consumer and Community Affairs and as a member of the Fed’s Committee on Bank Supervision, the Committee on Bank Affairs, and the Committee on Board Affairs. Before joining the Fed, Duke held senior management positions with Wachovia and SunTrust banks.Wells Fargo will release its third quarter earnings statement on Friday, October 14. Wells Fargo reported a slight decline in net income year-over-year in Q2 (from $5.7 billion down to $5.6 billion, of $1.01 per share) but did report an uptick in net income from Q1 ($5.5 billion) and a 4 percent increase in revenue up to $22.2 billion. Though overall mortgage banking revenue was down, residential mortgage loan originations increased by 43 percent over-the-quarter, up to $63 billion. Residential mortgage applications shot up over-the-quarter from $77 billion up to $95 billion in Q2, and total loans were up by 1 percent over-the-quarter to $957.2 billion, partially driven by the growth in single-family first mortgage loans.ReactionStumpf’s abrupt retirement was met with some surprise. Carl Tobias, a professor at University of Richmond School of Law, noted that other CEOs particularly those in the financial industry, have weathered crises of a similar scale. According to the Washington Post, Tobias said: “We rarely see people stepping down. It is quite extraordinary. But the executive likely felt he didn’t have a choice. His retirement spares Wells Fargo’s board a painful decision.”Stumpf’s sudden departure from the bank also left some questions. U.S. Rep. Keith Ellison (D-Minnesota) tweeted on Wednesday, “Ok, but does this ensure real reform?” U.S. Sen. Sherrod Brown (D-Ohio) released a statement saying “There must be accountability to fix the culture within Wells Fargo that encouraged cheating and left senior executives either unwilling or unable to stop it for far too long. Unfortunately, Mr. Stumpf’s retirement does nothing to answer the many questions that remain. We are still waiting for answers as to how Wells Fargo plans to right its wrongs against customers and the low-paid employees who weren’t given the benefit of a retirement package when they were fired for refusing to cheat.”U.S. Sen. Elizabeth Warren (D-Massachusetts), a prominent critic of Wall Street, tweeted, “As I said: @WellsFargo CEO Stumpf should resign, return every nickel he made during the scam, & face DOJ/SEC investigation. He’s 1 for 3.” Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Wells Fargo Home / Daily Dose / Wells Fargo CEO John Stumpf Announces Retirement in Daily Dose, Featured Share Save Wells Fargo 2016-10-12 Kendall Baer Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Another Look at GSE Credit Score Models

first_imgHome / Daily Dose / Another Look at GSE Credit Score Models 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 Another Look at GSE Credit Score Models Sign up for DS News Daily Borrowers Credit Scores Dodd-Frank Act Fannie Mae Fees FHFA Freddie Mac mortgage Rules 2018-12-13 Radhika Ojha Demand Propels Home Prices Upward 2 days ago Subscribe  Print This Post Tagged with: Borrowers Credit Scores Dodd-Frank Act Fannie Mae Fees FHFA Freddie Mac mortgage Rules Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News, Secondary Marketcenter_img The Federal Housing Finance Agency (FHFA) proposed a rule to establish a four phase process for the government-sponsored enterprises (GSEs) to validate and approve credit score models. The FHFA said that the proposed rule is required by Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act).Through this rule, FHFA will establish standards and criteria for the validation and approval of third-party credit score models used by Fannie Mae and Freddie Mac. The four-phase process would include:Solicitation of applications from credit score model developersReview of submitted applicationsCredit score assessmentEnterprise business assessmentFHFA said that while the Act did not require the GSEs to use a third-party credit score model, but if Freddie or Fannie conditioned the purchase of a mortgage loan on a borrower’s credit score, “that credit score must be produced by a model that has been validated and approved by the Enterprise based on the standards and criteria in the Act and FHFA regulations.”According to the proposed rule, the GSEs used credit scores in four ways at present. First, they were used for loan purchase programs which needed a minimum credit score as part of determining the eligibility of the borrower. Second, the GSEs used credit scores within some of their automated underwriting systems (AUS)—while Fannie Mae uses credit scores as a minimum threshold in its AUS, Freddie Mac uses them as part of the risk assessment within its AUS.Third, the GSEs use credit scores for the grids published by them that disclose loan level price adjustments (LLPA) for Fannie Mae and Post Settlement Delivery Fees (Delivery Fees) for Freddie Mac. Both these grids are based on a combination of a borrower’s representative credit score and the original loan-to-value ratio.Lastly, the proposed rule said, the GSEs disclose credit scores to investors of Enterprise securities, credit risk transfer investors, and in their corporate filings to the Securities and Exchange Commission.Read the full proposed rule here. About Author: Radhika Ojha 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 Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago December 13, 2018 1,823 Views Share Save 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. Related Articles Previous: Gender Gap in Homeownership Next: New Faces in Housing Regulationlast_img read more

Facebook vs. the Fair Housing Act?

first_img The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Facebook vs. the Fair Housing Act? About Author: Seth Welborn in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago  Print This Post The Department of Housing and Urban Development (HUD) announced that it is charging Facebook for violating the Fair Housing Act by allowing landlords and home sellers to use its advertising platform to engage in housing discrimination.HUD claims Facebook enables advertisers to control which users receive housing-related ads based upon the recipient’s race, color, religion, sex, familial status, national origin, disability, and/or ZIP code. HUD alleges that Facebook then invites advertisers to express unlawful preferences by offering discriminatory options, allowing them to effectively limit housing options for these protected classes under the guise of “targeted advertising.”“Facebook is discriminating against people based upon who they are and where they live,” said HUD Secretary Ben Carson. “Using a computer to limit a person’s housing choices can be just as discriminatory as slamming a door in someone’s face.”HUD originally leveled a complaint against Facebook back in August 2018, MReport reported, claiming that Facebook violates the Fair Housing Act by enabling advertisers to:display housing ads either only to men or women;not show ads to Facebook users interested in an “assistance dog,” “mobility scooter,” “accessibility,” or “deaf culture”not show ads to users whom Facebook categorizes as interested in “child care” or “parenting,” or show ads only to users with children above a specified agedisplay/not display ads to users whom Facebook categorizes as interested in a particular place of worship, religion, or tenet, such as the “Christian Church,” “Sikhism,” “Hinduism,” or the “Bible”not show ads to users whom Facebook categorizes as interested in “Latin America,” “Canada,” “Southeast Asia,” “China,” “Honduras,” or “Somalia”draw a red line around ZIP codes and then not display ads to Facebook users who live in specific zip codesHUD’s charge against Facebook claims that Facebook allows advertisers to specifically exclude people whom Facebook classified as parents; non-American-born; non-Christian; interested in accessibility; interested in Hispanic culture; or a wide variety of other interests that closely align with the Fair Housing Act’s protected classes. Additionally, through its charge, HUD claims Facebook allowed advertisers to draw a red line around certain neighborhoods, excluding those neighborhoods from advertisements.In a release, HUD stated that through its charge, it “seeks to address unresolved fair housing issues regarding Facebook’s advertising practices and to obtain appropriate relief for the harm Facebook caused and continues to cause.”According to HUD, the agency’s charge will now be heard by a United States Administrative Law Judge “unless any party to the charge elects to have the case heard in federal district court. If an administrative law judge finds after a hearing that discrimination has occurred, he may award damages for harm caused by the discrimination. The judge may also order injunctive relief and other equitable relief, as well as payment of attorney fees. In addition, the judge may impose fines to vindicate the public interest. If the matter is decided in federal court, the judge may also award punitive damages.”Read HUD’s charge here. Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: facebook Fair Housing Act HUD Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img facebook Fair Housing Act HUD 2019-03-28 Seth Welborn March 28, 2019 2,007 Views Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Previous: Eye on Home Price Appreciation Next: Making Sense of Home Sales The Week Ahead: Nearing the Forbearance Exit 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Facebook vs. the Fair Housing Act? Subscribelast_img read more

Legislation Addresses Michigan’s Property Tax Foreclosures

first_img  Print This Post July 2, 2019 1,634 Views Tagged with: Foreclosure Michigan taxes Data Provider Black Knight to Acquire Top of Mind 2 days ago Legislation Addresses Michigan’s Property Tax Foreclosures Demand Propels Home Prices Upward 2 days ago Foreclosure Michigan taxes 2019-07-02 Seth Welborn Share Save 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 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. Related Articles in Daily Dose, Featured, Foreclosure, Government, Newscenter_img The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Legislation Addresses Michigan’s Property Tax Foreclosures Subscribe About Author: Seth Welborn Sign up for DS News Daily The Michigan State Legislature has passed a bill, signed by Gov. Gretchen Whitmer, which reduces interest rates on delinquent property taxes and allows county treasurers to work with homeowners and implement payment plans. The law was originally set to expire on June 30, but has now been extended until 2026.Interest Reduced Stipulated Payment Agreements (IRSPAs) set interest at 6%, while the average interest rate on delinquent property taxes in Michigan are 18%. Wayne County Treasurer Eric Sabree states on Michigan Radio that the law has reduced the amount of tax foreclosures in his county, stating that around 14,000 county homeowners are currently on IRSPAs.“Wayne County’s not the only county that uses it to help taxpayers, but the majority of taxpayers that take advantage of this plan are from Wayne County,” said Sabree.Property tax delinquency and foreclosure have been particular issues in Detroit. According to a recent study from Quicken Loans, property tax foreclosures in Detroit are at a 14-year low. In 2018, 2,920 properties faced property tax foreclosure auction, down from 6,052 in 2017, and far below the peak of 15,000 in 2015. Quicken Loans states that, as of last year, 21% of homeowners were unaware their property was behind on property taxes, and another 61% of renters in tax-delinquent properties were unaware of the home’s tax status.“As Detroit comes back, we need to do everything we can to make sure those who stayed in our city through good times and bad are able to stay in their homes,” Mayor Mike Duggan said. “We are seeing real progress in tax foreclosure reductions that impact all of our neighborhoods, and through programs like Neighbor to Neighbor, we will continue this important work in close partnership with the community.”Although outreach programs have helped improve Detroit’s tax foreclosure issues, the city still faces other foreclosure-related challenges. According to GOBankingRates and data from Zillow, 34.4% of homes are currently underwater, and the median home value at the Detroit-Warren-Dearborn metro-area level is $161,300, far below the national median of $226,300. GOBankingRates puts Detroit second on its list of U.S. cities most likely to enter a housing crisis. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Home Prices Continue Upward Trend Next: Protecting Homes From Disaster The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Fighting Foreclosures on the Hill

first_img Tagged with: Congress FHA Foreclosure Prevention Demand Propels Home Prices Upward 2 days ago Previous: The State of Homebuyer Regret Next: Combating Urban Blight With Cheap Homes in Detroit Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Fighting Foreclosures on the Hill in Daily Dose, Featured, Foreclosure, Government, News Fighting Foreclosures on the Hill Share Save About Author: Seth Welborn Sign up for DS News Daily July 29, 2019 2,091 Views  Print This Post Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 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 Servicers Navigate the Post-Pandemic World 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Congress FHA Foreclosure Prevention 2019-07-29 Seth Welborn The Best Markets For Residential Property Investors 2 days ago In an effort to combat foreclosures for borrowers with Federal Housing Administration (FHA) mortgages, Congresswoman Maxine Waters recently introduced the The FHA Foreclosure Prevention Act of 2019. The Act intends to strengthen requirements for and increase oversight of FHA mortgage servicers “so that every homebuyer with an FHA mortgage is given a fair chance at avoiding foreclosure.”“The Federal Housing Administration is critical to our housing market and helps to promote homeownership for underserved borrowers, including first-time and minority homebuyers,” said Waters in a statement. “Unfortunately, we continue to see significant problems with the servicing of FHA loans that unnecessarily put homeowners at risk of foreclosure. That is why I have introduced the FHA Foreclosure Prevention Act of 2019, which would ensure that FHA servicers help families experiencing financial hardship avoid foreclosure so that they can remain in their homes.”According to a statement from Waters, the Act would require the Department of Housing and Urban Development to increase its oversight of FHA mortgage lenders in an effort to strengthen compliance with the FHA’s loss mitigation requirements. It would also establish a “robust” complaint and appeals process to provide borrowers the ability to better voice their concerns about unfair treatment.“Ultimately, this bill seeks to ensure that FHA borrowers have a fair opportunity to become current after defaulting on their loan,” said a statement from the House FInancial Services Committee.Additionally, a companion measure from Senator Catherine Cortez Masto was introduced alongside the Foreclosure Prevention Act.“As Nevada’s Attorney General during the housing crisis, I held the Big Banks and mortgage companies accountable for trying to take away the homes of hardworking families in the Silver State,” said Cortez Masto in a statement. “Lenders must follow the law before foreclosing on borrowers and that includes communicating transparently and doing everything possible to avoid eviction. Yet loan servicers and mortgage companies are still not following the law when it comes to helping homeowners, which is why my legislation is so important. This bill ensures that lenders put consumers first and take every step possible to keep struggling homeowners in Nevada and across the country in their homes.” Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

Industry Webinar Spotlight: Mitigating Risk, CWCOT Changes

first_img  Print This Post in Daily Dose, Featured, Foreclosure, Government, Loss Mitigation, News, Technology Servicers Navigate the Post-Pandemic World 2 days ago September 17, 2020 1,173 Views About Author: David Wharton DS News Webinar Series MReport Webinar Series Webinars 2020-09-17 David Wharton The Best Markets For Residential Property Investors 2 days ago Share Save Industry Webinar Spotlight: Mitigating Risk, CWCOT Changes Tagged with: DS News Webinar Series MReport Webinar Series Webinars Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Don’t miss our next webinar offering: Leveraging Tech, Tools & People: Finding Balance in Capacity Management, presented by Altisource. It features speakers from Altisource, Churchill Mortgage, and Plaza Home Mortgage, and you can register and learn more by clicking here.The DS News and MReport webinar series are your source for complimentary insights and education about critical industry topics. Even better, if you miss the webinar, the archived editions remain online for you to check out at your leisure.As we head into the weekend, here’s your chance to revisit some of our recent complimentary webinars. From servicing risk to eClosings and changes to the Claims Without Conveyance of Title program, here are some of our recent presentations featuring insights from industry subject-matter experts.CWCOT Update: What Servicers Need to KnowPresented by Auction.com, this webinar featured expert panelists unpacking what changes to the CWCOT program mean for your business as it relates to timing, implementation, and compliance. Stay current and walk away with actionable insights to benefit your clients, partners, and organization. Speakers include:Wes G. Iseley, Senior Managing Director, Carrington Holding Company, LLC (moderator)Tim Rood, Head of Industry Relations, SitusAMCJesse Roth, SVP of Strategic Partnerships & Business Development, Auction.comDave Worrall, President, LoanCare, a ServiceLink CompanyForbearance Agreements: Impact and Best PracticesPresented by Trelliant, LLC, this presentation addressed best practices in forbearance agreements, including mortgage compliance and business strategy for all residential mortgage servicers, attorneys, interested government parties and service providers supporting the industry. Speakers included:John Dunnery, VP, Government Loan Servicing, Bayview Loan Servicing, LLCDeborah J. Grissom, Senior Director, Treliant, LLCEllen Rose, Senior Director, Treliant, LLCCourtney Thompson, SVP Default Mortgage, Flagstar BankSharon Zuniga​, SVP, Default Operations, ServiceMacThe Future of eClosingsPresented by Altisource, brings together a panel of experts explores the wave of innovations making it easier to purchase properties virtually, and how recent government regulations may impact the industry now and in the future. Featured speakers include:Ben Hall, VP of Product, AltisourceDavid Kressell, COO, NotaryCamMuthu Srinivasan, Chief Technology Officer, Planet Home LendingJason Wright, Director of eMortgage Services, Lenders One®How Mortgage Servicers Can Mitigate Risk Exposure in a Volatile EnvironmentPresented by FICO, Joanne M. Gaskin, VP Scores and Analytics, FICO, and Ed Delgado, Chairman Emeritus, Five Star Global, LLC, sat down for a timely discussion of this important topic.Regulatory Ripple EffectsPresented by Altisource, this presentation covered pandemic-related regulatory changes and government actions that could affect your business. Speakers included:Travis Britsch, VP of Auctions, HubzuTrevor Hall, Director of Foreclosure Auctions Services, HubzuCandace Russell, VP of Post Sale Activities in Default Servicing, Carrington Mortgage ServicesMarissa Yaker, Managing Attorney of Foreclosure, Padgett Law Group Related Articles Previous: Investor Update: Single-Family Rent Price Growth Stabilizes Next: The Tough Talk: Bringing in a Diversity of Voices Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 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 Home / Daily Dose / Industry Webinar Spotlight: Mitigating Risk, CWCOT Changes Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Q1 Home Sellers Net Profit of $70K+

first_img Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Tagged with: ATTOM Data Solutions return-on-investment (ROI) Todd Teta  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago ATTOM Data Solutions return-on-investment (ROI) Todd Teta 2021-04-29 Eric C. Peck ATTOM Data Solutions has reported that the typical Q1 home sale generated a profit of $70,050 nationwide, down from $75,750 in Q4 of 2020, but still up 26% from $55,750 in Q1 of 2020.The typical home-sale profit of $70,050 represented a 34.2% return-on-investment (ROI) compared to the original purchase price–down from 37.1% in Q4 of 2020, but still higher than the 30.8% level recorded one year ago.The rise in profit and profit margins in Q1 came as the national median home price decreased 2% from Q4 of 2020, to $275,000, but remained 16% higher than where it stood one year ago. Median values, measured annually, rose in 97% of markets around the country, jumping by at least 10% in more than three-quarters of them.“The latest data on home prices and seller profits across the U.S. provide the latest markers of how the U.S. housing market keeps roaring ahead even as major parts of the broader economy try to overcome the impact of the pandemic,” said Todd Teta, Chief Product Officer at ATTOM Data Solutions. “However, the market did take a break from rising prices in the first quarter of 2021, and while that’s not unusual for the beginning of the year, it’s definitely something to keep on eye on as we move into the spring buying season. The next few months will speak huge volumes about whether the market keeps barreling ahead. For now, though, sellers remain in the driver’s seat, ringing up great profits.”Regionally, the largest annual increases in profit margins came in two Tennessee markets, the metro area of Knoxville (up from 45% in Q1 of 2020 to 122.1% in Q1 of 2021) and Nashville (up from 48.2% to 92.1%); followed by Boise, Idaho (up from 60.6% to 102.8%); Crestview-Fort Walton Beach, Florida (up from 23.7% to 58.7%); and Chattanooga, Tennessee (up from 38.1% to 72.5%).Aside from Nashville, the biggest annual profit-margin increases in metro areas with a population of at least one million were in Columbus, Ohio (margins up from 38.6% to 60.6%); Baltimore, Maryland (up from 19.9% to 41.1%); Phoenix, Arizona (up from 37.1% to 55.4%); and Seattle, Washington (up from 66.7% to 83.3%).Conversely, profit margins dropped year-over-year in just 18 of the 149 metro areas analyzed (12%). The biggest decreases were found in another Tennessee market, the Memphis market, where margins were down from 34.8% to 8%). Memphis was followed by Columbus, Georgia (down from -3.4% to -17.6%); Prescott, Arizona (down from 48.9% to 36.4%); Barnstable, Massachusetts (down from 48.7% to 36.4%); and Santa Rosa, California (down from 56.4% to 48.1%).Despite the economic fallout from the pandemic, median home prices in Q1 of 2021 surpassed figures from a year earlier in 97% of metropolitan statistical areas. Nationally, the median home price of $275,000 in Q1 was up 16% from $236,250 in Q1 of 2020, despite a 2% drop from the peak of $280,000 in Q4 of last year.The biggest year-over-year increases in median home prices during the first quarter of 2021 came in Crestview-Fort Walton Beach, Florida (up 38%); East Stroudsburg, Pennsylvania (up 34%); Montgomery, Alabama (up 33%); Ocean City, New Jersey (up 31%); and Mobile, Alabama (up 31%).The largest year-over-year declines in median prices during Q1 were found in Pittsburgh (down 10%); Harrisburg, Pennsylvania (down 2%); Charleston, South Carolina (down 2%); Santa Rosa, California (down less than 1%); and Brownsville, Texas (up less than 1%).Click here to view ATTOM’s Q1 2021 U.S. Home Sales Report. Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Q1 Home Sellers Net Profit of $70K+ The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Previous: Evolving Answers: ‘What Do Americans Want in a Home?’ Next: Navy Federal, Black Knight Expand Partnershipcenter_img Home / Daily Dose / Q1 Home Sellers Net Profit of $70K+ The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago April 29, 2021 578 Views Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. About Author: Eric C. Peck Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Journal, News Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more