GSEs Nearing Loan Modification Milestone

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago GSEs Nearing Loan Modification Milestone The Best Markets For Residential Property Investors 2 days ago Related Articles Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Fannie Mae FHFA Foreclosure Prevention Freddie Mac 2016-07-12 Brian Honea The results of Federal Housing Finance Agency (FHFA)’s Foreclosure Prevention report for April 2016 show that the enterprises completed more than 16,000 foreclosure prevention actions in April 2016, bringing the total of prevention actions to more than 3.7 million since the start of the conservatorships in September 2008.Additionally, over half of these actions have been specifically permanent loan modifications. There were 10,784 permanent loan modifications in the month of April, bringing that total to approximately 1.94 million since the start in September of 2008. If the FHFA continues to complete permanent loan modifications at their current pace, they will pass 2 million in September.The report also showed the share of modifications with principal forbearance fell to 18 percent as well as modifications with extend-term only also decreasing to 48 percent of all permanent modifications in April. According to the report, this has been attributed to improved house prices and a declining Home Affordable Modification Program eligible population.Also in April, FHFA reported that there were 2,280 short sales and deeds-in-lieu completed, taking that number down 17 percent compared with March’s short sales and deeds-in-lieu reported number.In regards to the enterprises’ mortgage performance, it was found that the serious delinquency rate for mortgages guaranteed by either Fannie Mae or Freddie Mac decreased by four basis points to 1.31 percent at the end of April from 1.35 percent at the end of March.According to FHFA, the enterprises’ third-party and foreclosure sales declined 7 percent from 8,176 in March to 7,595 in April. Foreclosure starts also decreased 18 percent from 21,506 in March to 17,665 in April rounding out the report for this period.The April 2016 Foreclosure Prevention Report from the FHFA, released Tuesday, highlights the actions taken since their commencement in September of 2008 after the housing market crisis all the way to their current progress as of the end of April 2016.Click here to view the entire report. Home / Daily Dose / GSEs Nearing Loan Modification Milestone Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago July 12, 2016 1,822 Views in Daily Dose, Featured, News, Secondary Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, TX. Born and raised in Texas, Kendall now works as the online editor for DS News. Tagged with: Fannie Mae FHFA Foreclosure Prevention Freddie Mac  Print This Post Previous: Parties Spar Over Merits of CHOICE Act Next: Confusion Kills Confidence: Borrowers Underestimate Home Equity About Author: Kendall Baer Share Savelast_img read more

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Scrutinizing Stability: Are Changes to HUD’s Distressed Sales Program Motivated by Policy or Politics?

first_imgHome / Daily Dose / Scrutinizing Stability: Are Changes to HUD’s Distressed Sales Program Motivated by Policy or Politics? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago HUD’s first non-performing loan (NPL) sales program has been the focus of much controversy since it began in 2010. The program later renamed the Distressed Asset Stabilization Program (DASP) in 2012, has, to date, sold approximately 105,000 loans and its single-family loan sales programs totaled about $18 billion in unpaid principal balance (UPB).An analyzation of 70,000 loans sold in six DASP auctions from April 2012 to June 2014 found that 63 percent of those loans were located in ZIP codes with higher-than-average levels of negative equity; 69 percent of them were located in ZIP codes with higher-than-average unemployment rates; and 84 percent of them were located in ZIP codes with a higher-than-average concentration of minorities.Conversely, in a report from The Center for American Progress (CAP) it was determined that most notes analyzed were located in areas where job gains were increasing and the share of underwater homeowners was declining.“Notes sold through DASP tend to be located in communities where large shares of homeowners are ‘underwater,’ or owe more on their home than it’s worth; where unemployment remains high; and with large shares of communities of color, who lost a disproportionate share of wealth during the housing crisis,” said Sarah Edelman, Director of Housing Policy at CAP and co-author of the report.”CAP’s report made recommendations for improvements that FHA should make and that policymakers should support in order to ensure that DASP is beneficial for both the homeowners and the communities in which the distressed properties are located.“Assumptions about note purchasers’ economic incentives are not enough to ensure that these companies do not further destabilize communities on the road to recovery,” Edleman said. “DASP needs stronger standards that prioritize homeowners and neighborhood stabilization.”“Enhancements” FHA announced enhancements to DASP last year that included requiring purchasers of DASP loans to suspend foreclosure actions for a year (increased from six months), providing more advanced notice of pending sales, and extending the due diligence periods to accommodate non-profit organizations seeking to participate. The loans sold through DASP were an average of 29 months delinquent, according to FHA. They also created specific pools of mortgages to be offered exclusively to non-profits and local governments.“FHA is deeply committed to protecting struggling homeowners and making certain they have the greatest opportunities to avoid foreclosure and remain in their homes,” said Ed Golding, HUD’s Principal Deputy Assistant Secretary for the Office of Housing.  “While thousands of homeowners avoided foreclosure through this note sales program, we continue to explore new ways to help these families and to offer more opportunities for public-minded organizations to have a seat at the table.”Political Motivations? HUD’s tendency to sell DASP notes to private investors rather than nonprofits has drawn the ire of some advocacy and civil rights groups as well. In April, a coalition of these groups accused HUD and FHA of engaging in a “Wall Street Giveaway” and called for HUD Secretary Julián Castro to cease selling loans through DASP until the program was reformed.Following these accusations, HUD announced in mid-May that enhancements to DASP were coming soon. The enhancements announced included prohibiting investors from abandoning low-value properties and offering greater opportunities for non-profits and local governments to participate in DASP, according to the Federal Housing Administration. DASP is meant to be used only as a last resort; all FHA loss mitigations must be exhausted before a loan is sold through DASP.Leaders of the organizations that have been aggressively pressuring HUD for enhancements to DASP expressed their approval of the announcement.“Cities around the country have been frustrated by a lack of meaningful support from HUD in our foreclosure prevention and affordable housing programs,” said John Avalos, a member of the San Francisco Board of Supervisors. “So it’s a real relief that HUD is going to work more collaboratively with local government and local leaders to make a plan for these troubled mortgages. Up until now, I feel like HUD’s mortgage sale program has been doing more harm than good to our communities.”After the announcement of these changes, The House Financial Services Committee held a hearing to determine the effect of those changes to DASP on taxpayers—and whether or not those changes were politically motivated, as some critics have accused HUD Secretary Julián Castro of making the changes to appease advocacy and civil rights groups, some of which claimed Castro should disqualify himself from the list of candidates for Vice President because of what they perceived as shortcomings to DASP.“There has probably been no greater public policy mistake in housing than Washington trying to put people into homes they cannot afford to keep,” said Rep. Jeb Hensarling (R-Texas), Chairman of the Committee, in his opening statement at the hearing. “It was clearly the number one reason our nation suffered the number two worst financial crisis in our history.”He continued on stating that the changes proposed to DASP, in his opinion, breached the fiduciary duty to taxpayers by offering lower priced preferential bidding options to non-profits and local governments. Hensarling said that he believes these bidders are in fact political allies and by punishing private purchasers if they get stuck with a vacant property, taxpayer recoveries through the DASP will be reduced, further exacerbating the financial stresses placed on the FHA. Hensarling believes that he is witnessing “the gradual transformation of FHA from the mutual insurance program designed to help low income, moderate income, and first time homebuyers, into a social program designed to help special interest groups.”To conclude his statement before the committee hearing Hensarling stated, “It is surely worth repeating that there is no better foreclosure mitigation program than a job with growing wages and a bright future. Also, a bankrupt FHA and a bankrupt America can help no one stay in their home, much less afford them an opportunity to buy one in the first place.”Following Hensarling’s remarks, Ranking Member Maxine Waters (D-California) read her opening statement and criticized Republicans for “hijacking a very important topic in order to launch attacks on the Secretary, and the Department, rather than substantively examine the issues impacting working people in this country.”Waters highlighted the need for changes to the HUD’s Distressed Asset Stabilization Program so that it can better serve borrowers and remarked that HUD “has proposed some modest changes to help ensure that individuals are better protected when their loans are sold, and to help level the playing field when community-based organizations want to place bids.” Waters stated she felt Republican attempts to thwart improvements to the program were only to protect the interests of large corporations.To conclude her statement, Waters stated, “Make no mistake, this is not only an effort to impair HUD and other agencies from doing their jobs, but also to distract the American public from the real policy issues these agencies are working to address each day.”Castro, the lone witness at the hearing, began his opening remarks by thanking the committee for the opportunity to discuss the initiative, DASP, which he felt “is making an important, positive difference for American homeowners and their neighborhoods.”Castro stated that he believes since the Great Recession, the national housing market has made great progress and he believes HUD to have been beneficial in this turnaround by taking a number of steps to ensure the housing market remains positive for the economy.He continued by stating that since the program’s launch, HUD has modified DASP many times. In regards to the most recent changes to the program, Castro stated that he believes the changes are not politically motivated.“All of the program changes we will discuss today were designed with input from a broad range of stakeholders, all were assessed for how well they would fulfill our goal of strengthening neighborhoods, and all have been implemented with this Committee’s counsel in mind—including your direction, Chairman Hensarling, that any changes to DASP further protect the health of the MMI Fund,” said Castro.The hearing continued on with extensive questioning of Castro from both democrats and republicans. Some of the speakers during the hearing commended Castro for the changes made to the program and held fast to the idea that the changes were purely politically influenced. Still others believed though HUD’s changes were important to the program, there was still more changes that could be made to further improve the program.Politically motivated or not, as these changes are implemented it is safe to say all eyes will be on DASP’s progression towards the future. Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Kendall Baer Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Heavner, Beyers & Mihlar, LLC Certified as a Women’s Business Enterprise Next: Landmark Network Acquires AppraisalPro Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Scrutinizing Stability: Are Changes to HUD’s Distressed Sales Program Motivated by Policy or Politics? August 12, 2016 3,137 Views Subscribe Demand Propels Home Prices Upward 2 days ago Share Save Related Articles 2016-08-12 Kendall Baerlast_img read more

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Less Directive to Bank Boards as the Fed Steps Back

first_img June 2, 2017 999 Views Servicers Navigate the Post-Pandemic World 2 days ago Less Directive to Bank Boards as the Fed Steps Back About Author: Staff Writer Tagged with: CCAR Comprehensive Capital Analysis Review Dodd-Frank Act Stress Test Federal Reserve Previous: Poor Job Numbers Increase Odds of Rate Hike Next: Lehman’s Brothers Holdings: 2.4 Billion Bankruptcy Offer Accepted Home / Daily Dose / Less Directive to Bank Boards as the Fed Steps Back CCAR Comprehensive Capital Analysis Review Dodd-Frank Act Stress Test Federal Reserve 2017-06-02 Staff Writer Related Articles On Thursday, Federal Reserve Governor Jerome Powell went on record with CNBC saying the Fed plans on reviewing some of the more “outdated” rules mandated by the Dodd-Frank Act that placed additional responsibilities onto banks’ board of directors, although not to the extent as President Trump has suggested.Powell believes that while the Dodd-Frank Act was a success, it is the obligation of the Fed to review the post-crisis reform program for any redundancies, and single out both inefficient and successful policies in order to best remain effective in a new market.One of those redundancies, Powell said, is the requirement of the Dodd-Frank Act that banks’ board of directors ensure the banks are complying with all federal and state regulations, which effectively forced them to get tied up in day-to-day operations rather than focus on the big picture.“I think we’re also working now on a reset really of how our supervision interacts with boards of directors. We’re going to move to a more principles-based approach and we’re going to eliminate many of the really specific directives that we give to boards of directors.”Powell also said he thought it was important to address the Fed’s stress test, the Comprehensive Capital Analysis and Review (CCAR). Banks have raised concerns about the CCAR for years, stating that there was no rhyme or reason to the way the Fed conducted its “qualitative review” portion of the test. However, Former Federal Reserve Governor Daniel Tarullo believed that if banks knew too much information about the qualitative aspect of the stress test, they would be able to game the system. Powell doesn’t think so.“We’re committed to running … as transparent as possible and effective as possible a [sic] set of stress tests … we want to continue and strengthen that.”He also said the Fed will be accepting the public’s thoughts on ways to improve the stress test.This isn’t the only review of the Dodd-Frank Act coming up. The House of Representatives will be voting on the CHOICE Act, HR 10 on Wednesday, June 7, but still has a long way to go before it becomes law. in Daily Dose, Featured, Government, Headlines, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Savecenter_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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Fannie Weighs in on Housing

first_img 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Market Studies, News The economy is set to grow, but it may not be enough to boost housing, according to the Fannie Mae Economic Strategy and Research Group. The Group’s forecast predicts a 3.1 percent full-year economic growth for November, one-tenth higher than the previous month, but growth has slowed slightly by quarter, down to 3.5 percent from 4.2 percent between Q2 and Q3 2018. Going forward, Fannie Mae expects growth to slow even further through the end of the year.“As we proceed through the fourth quarter, we expect growth to slow further but to remain solid at 2.6 percent,” said Fannie Mae Chief Economist Doug Duncan. “Trade remains a downside risk to growth as a strong dollar is likely to contribute to a further widening of the trade gap. While consumer spending growth is expected to moderate from the robust second and third quarters, both business fixed investment and residential fixed investment should pick up. We also expect the economy to continue to receive strong support from government spending, at least in the near term. Looking further ahead, the Bipartisan Budget Act of 2018 should continue to boost growth through the first half of 2019 before it begins to fade, ultimately acting as a drag on the economy in the second half of 2020.”Housing is expected to lag behind, even with an improved job market and economy. Fannie Mae notes that the lack of inventory and affordability concerns will remain issues in the housing sector.“The current labor market hot streak hasn’t been enough to boost the housing sector. Both new and trade-up home buyers remain discouraged by rising mortgage rates, elevated home prices, and a shortage of available inventory, particularly in the lower tier of the market,” said Duncan. “Market conditions also present a challenge for builders, as higher interest rates are driving up construction costs and tight labor conditions are accelerating the average hourly earnings growth of residential construction workers. Given weak housing data over the past month, we lowered our 2018 originations forecast by $11 billion to $1.624 trillion and our 2019 forecast by $21 billion to $1.603 trillion. However, we expect that existing and new home sales will stabilize in 2019 as home price appreciation moderates and mortgage rates begin to stabilize.”Find the full report from the Fannie Mae Economic and Strategy and Research Group here.  Print This Post Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Fannie Weighs in on Housing Tagged with: Affordability Doug Duncan Economy Fannie Mae Inventory job market Prices Previous: Caring for Veterans Past Veterans Day Next: Redefining Property Values The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago November 20, 2018 1,532 Views Fannie Weighs in on Housing Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Affordability Doug Duncan Economy Fannie Mae Inventory job market Prices 2018-11-20 Seth Welborn 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 Subscribelast_img read more

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Mortgage Debt on the Rise, Volume of Mortgages Falling

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago 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. in Daily Dose, Featured, Loss Mitigation, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: FirstClose Launches New Platform for Title Businesses Next: The Rise of Unconventional Loans Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days agocenter_img During the same time frame of the household-owned value of the U.S. housing market reaching an all-time high of $26.12 trillion, the share of homeowners with a mortgage is at 62.9%—the lowest level since 2005—according to the Urban Institute. The report states the $26.12 trillion in value is made up of two elements: $10.36 trillion in outstanding mortgage debt and $15.76 trillion in home equity. While mortgage debt has grown in recent years, the recovery in home values has lowered the mortgage debt-to-home value ration from 63.3% in 2009 to 39.6% in Q1 2019. The housing equity share of aggregate home values has grown from 36.7% to 60.5% during the period of time. The Urban Institute also states that the declining amount of homeowners that have a mortgage is a key factor. According to the report, the share of homeowners with a mortgage has declined since 2008 to 2017 from 68.4% to 62.9%. Also, the number of owner-occupied homes without a mortgage grew to 37.1% over the same time frame. In 2017, just 48.44% of homes had a mortgage, compared to 28.5% that did not. Among the possible reasons for this shift is the surge of all-cash sales in the years following the recession, a focus on debt reduction, and tight conditions with mortgage credit. This shift is also represented in generational differences. Households with older occupants are more likely than younger homeowners to have paid off their mortgage. However, the share of older homeowners with a mortgage has increased gradually 38% in 2017 for those 65-year-old or older. The amount of homeowners that have a mortgage, and are younger than 35, has fallen 83% in 2017 from 89% in 2009.“As the baby boomer generation ages, younger households will become more important to lenders. If new and younger purchasers increasingly use cash instead of mortgages to buy their homes, competition among lenders will increase, which, in turn, may help ease the restrictive credit standards in place today,” the report stated.  Home / Daily Dose / Mortgage Debt on the Rise, Volume of Mortgages Falling Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Mike Albanese Demand Propels Home Prices Upward 2 days ago Share Save Mortgage Debt 2019-08-21 Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Mortgage Debt Mortgage Debt on the Rise, Volume of Mortgages Falling  Print This Post August 21, 2019 1,057 Views last_img read more

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Tax Foreclosures Under Scrutiny

first_img  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago default Michigan Tax tax foreclosure 2019-11-07 Seth Welborn Sign up for DS News Daily in Daily Dose, Featured, Foreclosure, News Tax Foreclosures Under Scrutiny Related Articles The Best Markets For Residential Property Investors 2 days ago Tagged with: default Michigan Tax tax foreclosure November 7, 2019 1,166 Views The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Previous: Industry Impact: China and U.S. Rolling Back Tariffs Next: Analytics Tool Launched by Mortgage Company The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Seth Welborn Home / Daily Dose / Tax Foreclosures Under Scrutiny The Michigan Supreme Court is being urged by Pacific Legal Foundation to halt a state law which allows counties to “profit” from the sale of foreclosed properties, after a home in Oakland County was sold for $24,500 after being foreclosed on for $8.41 in unpaid taxes.“It is akin to stealing,” said Pacific Legal Foundation attorney Larry Salzman, in Bridge Magazine. “The government shouldn’t be taking more than is owed to them to cure the tax deficiency. I understand states are under [budget] pressure but government should not use citizens  as a bank teller or an ATM machine.”According to Bridge Magazine, county tax foreclosure is a common practice in Michigan, and counties have foreclosed on over 177,000 properties in the state since 2012. Oakland County, the state’s second largest in population, foreclosed on over 5,500 properties between 2012 and 2017 according to state records, but 65% of county foreclosures took place in Wayne County (Detroit).A study from Quicken Loans revealed that as of 2018, 21% of Michigan 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. However, 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.“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 told Quicken Loans. “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. Subscribelast_img read more

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The Housing and Economic Impact of Coronavirus

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago fcd1aa2d-5b26-4754-ab6b-8342360620f8A report by Bloomberg states that the coronavirus outbreak could be a “truly disruptive pandemic.” The death toll from the virus is approaching 3,000 with more than 80,000 confirmed cases. New cases in Italy are now shutting down the richest section of its economy. Additionally, Oxford Economics reported that an international health crisis—such as the coronavirus—could be enough to wipe out more than $1 trillion from the global GDP. With the economy already feeling its effects, another sector being impacted by the coronavirus is the housing and mortgage industry. A report by Markets Insider revealed the growing virus has caused mortgage rates to continue their downward slide. The report found the average rate for a 30-year fixed-rate mortgage hit 3.34% on Monday.  The report says mortgage rates are impacted by the U.S. Treasury Yields, which have fallen as investors will “flock to so-called safe-haven assets” amid fears that the virus will slow global growth. On Tuesday, the yield on the 30-year US Treasury bond was still at 1.8%, a record low, while the 10-year yield fell to 1.37%, its lowest since 2012.Realtor.com’s Chief Economist Danielle Hale said that there is limited knowledge on the Coronavirus, as well as its “human and economic impacts.” “There have been periods when it seemed that the virus might be relatively contained as with the SARS outbreak many years ago,” Hale said. “New information suggests that COVID-19 may be more easily spread and thus will have more wide-spread impacts. But we are still learning, and as we learn more, markets will adjust to price-in this new information.” The Wall Street Journal reported earlier in February that the Chinese real estate market has plummeted 90% since the virus’s outbreak. Eddie Shapiro, founder, President, CEO, Nest Seeker InternationalEddie Shapiro, founder, President, and CEO, Nest Seeker International, said any timeframe for recovery cannot be anticipated until a strong enough vaccine is developed.  “As of now they still anticipate months … If we judge by the first couple of months of the magnitude and the response around the world we are probably looking at years before it will stabilize,” Shapiro said. “You have two battles going on, one is the actual lockdown and physical loss of business and two is the public image battle. This is hurting the China brand in so many ways and will probably for a very long time.” However, one thing that the coronavirus could lead to is more investment from Chinese buyers in the American real estate market. Shapiro said Chinese investors have a lot of relationships within communities that draw investments near various “Chinatowns” in core cities. “There is a bit of a herd mentality that is mostly based on referrals and confidence within the community, so you have concentrations in New York, Los Angeles, and San Francisco, but also markets like Vancouver, British Columbia,” he said. The possible growth of Chinese investors into a housing market that is already starving for inventory may not be ideal. The National Association of Realtors recently reported that total housing inventory, while up 2.2% in January 2020 from December 2019 to 1.42 million units, is the lowest inventory level recorded since 1999. Shapiro, however, said “we only benefit” from an influx of Chinese investors. “Now that the U.S. economy is stronger than ever including unemployment, growth, and stability, U.S. property is a flight to safety,” Shapiro said. “If we have some influx in certain markets this will only help absorb the product faster and continue to boost our real estate markets.”Hale said Chinese buyers represent the largest share of foreign buyers of U.S. residential real estate. She also said they’ve faced headwinds in recent years from capital controls in addition to rising home prices. “The epidemic is likely to hamper their ability to participate in U.S. real estate in the short-run, but it may lead to more interest in the long-run as buyers may seek to be more internationally diversified,” Hale said. Shapiro said concerns over home prices go back to supply and demand, but warned that growing home values could continue.  “With an influx of new buyers seeking flight to safety in the U.S., product will move quicker and will drive prices potentially higher, or at the very least, absorb any access that might be putting pressure on prices,” he said. Chris Marlin, President of Lennar International, told CNBC in an interview in June 2019 that foreign buyers are looking to the U.S. residential real estate market for long-term, stable investments. Marlin said the consumer behavior from Japanese buyers is showing a trend of moving away from yield and focused more on stability and self-use.He added that while there has been a decline in interest from Chinese buyers in California, Chinese buyers are looking more into properties in Florida, Texas, and along the East Coast. Marlin added that Chinese interest in China is still evident, but they are moving away from high-priced homes. American Community Survey data produced by the U.S. Census Bureau and provided by realtor.com found that California led the nation in the Chinese-household population in 2017, with a reported population of 968,777 and 392,525 total Chinese households. California has a total foreign-household population of 10.6 million. The California metro of San Jose-Sunnyvale-Santa Clara led the nation in the highest share of Chinese households at 8.3%. Fellow Golden State areas—San Francisco-Oakland-Hayward and Los Angeles-Long Beach-Anaheim—followed with shares of 7.7% and 3.4%, respectively. The data also revealed that Florida’s 0.3% share of Chinese households was the lowest in the nation for areas providing numbers for both foreign-born and Chinese households. Pennsylvania and Texas’ share of 0.6% was the second-lowest in the nation for areas reporting both figures. Florida had a Chinese-household population of 70,901 in 2017 with 24,852 Chinese households. Mississippi’s 24,904 foreign households were the lowest in the nation for those reporting data for both foreign-born and Chinese households.   Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago Share Save Tagged with: Coronavirus housing market 2020 Investors February 25, 2020 1,760 Views center_img Home / Daily Dose / The Housing and Economic Impact of Coronavirus Coronavirus housing market 2020 Investors 2020-02-25 Mike Albanese Sign up for DS News Daily 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. Previous: The Move to Single-Family Built-For-Rent Next: Court Clarifies ‘Single-Satisfaction Rule’ After Mortgage Lien Avoidance Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago About Author: Mike Albanese The Housing and Economic Impact of Coronavirus Subscribelast_img read more

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Mortgage Servicing in an Election Year

first_img 2020-03-17 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Seth Welborn 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. Home / Daily Dose / Mortgage Servicing in an Election Year Share Save Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Editor’s note: This feature originally appeared in the March issue of DS NewsAt Equifax, Jennifer Henry is responsible for pricing, product management, product marketing, campaign management, and mergers and acquisitions. Henry brings more than 20 years of experience to her position at Equifax, including operations, technology, marketing, sales, product management, and mortgage loan quality and loan origination services.Henry recently spoke with DS News about the changes facing the mortgage industry, staying nimble amidst unexpected industry shifts, what impact housing could have on the November elections, and more.What are the trends currently defining the housing market, and do you see them changing in the year ahead?What we’re seeing a lot is the maturity down the digital mortgage journey and a focus on looking to drive a better consumer experience by streamlining the process through technology and data-enabled solutions. The big wins are evident even amidst last year’s refinancing frenzy. We’ve been able to, as an industry, keep the consumer at the center of the process and work to both drive efficiencies and provide a better customer experience.There’s a lot of opportunity for re-imagining those processes and bringing the consumer into the center of that world by enabling self-serve tools for homeowners, as well as borrower-centric technologies and data access. Also, standardizing the servicing data feed allows the industry to pull in other data sources in order to make better decisions. This can help servicers and those working in the portfolio management space.Typically in an election year, the rates generally hold fairly steady. Some trends that we do typically see in an election year are that housing prices do not increase as steadily as they do in other years. There’s just a lot of uncertainty about what’s going to happen in the market. This year will be super interesting because the presidential candidates are talking a lot about housing reform and GSE reform. Can we give people rental credits if their rent is more than 30% of their income? That’s the type of thing candidates are running on.With the industry landscape continuing to offer up surprises like last year’s refi boom, how can servicing companies and other stakeholders best manage shifts in the marketplace?Make sure that you not only make the right investments—the technology and the data—but that you are also thinking through how your operations need to support those technology and data assets that you’ve enabled. When you’re looking at either digital mortgage strategy or a traditional mortgage strategy, ensuring that operations are maximized and optimized is critical. That’s one of the bigger challenges, as many organizations think, “I’m going to plug in these technology and data assets,” but they don’t change anything on the operational side. As such, they’re not getting the maximum efficiencies that are available. Working to deploy new technologies in the most efficient helps ensure you have the ability to manage the spikes and volume changes because your operations are streamlined and you’re taking the most advantage of the data and the technology that’s available to you.How is data changing the marketing aspects of the mortgage industry?The marketing side is interesting right now because interest rates remain low. There’s not as much marketing required because the volume continues coming in.Data standardization is important in that space as you pull data into a system—credit data, employment data, and other data assets. We are seeing people monitoring triggers more often and also looking at propensity models. “What is the propensity for this person based upon other third-party data?” Sign up for DS News Daily 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 Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: GSEs Release Secondary Market Updates Next: Biden Continues Presidential Primary Lead Mortgage Servicing in an Election Year Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News, Print Features The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles March 17, 2020 1,476 Views last_img read more

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Suspension of Stormont may be the best option for progress – Bradley

first_imgHomepage BannerNews Nine Til Noon Show – Listen back to Wednesday’s Programme Twitter Facebook A former senior member of the North’s Policing Board is calling for the power sharing institutions to be suspended for a time.It comes amid ongoing efforts to resolve a row that saw the First Minister Peter Robinson stand aside, and all DUP ministers but one resign last week.Britain’s Northern Ireland Secretary Theresa Villiers said yesterday that ‘serious consideration’ needs to be given to the possibility of setting up a body similar to the Independent Monitoring Commission.Former Vice Chairman of the Policing Board, Denis Bradley, says the chances of the institutions surviving aren’t ‘looking great’ – and he’s hit out at the two governments’ determination to save them ‘at all costs’…………Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/09/dbradam.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Pinterest Facebook Previous articleMc Daid calls for action to address Churchill water problemsNext articlePositive signs for Seamus Coleman and Ireland News Highland Help sought in search for missing 27 year old in Letterkenny RELATED ARTICLESMORE FROM AUTHOR Google+ Three factors driving Donegal housing market – Robinson center_img Google+ NPHET ‘positive’ on easing restrictions – Donnelly WhatsApp Suspension of Stormont may be the best option for progress – Bradley 448 new cases of Covid 19 reported today News, Sport and Obituaries on Wednesday May 26th By News Highland – September 16, 2015 WhatsApp Pinterest Twitterlast_img read more

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Ambulance drivers industrial action may affect patients

first_img Almost 10,000 appointments cancelled in Saolta Hospital Group this week Facebook Pinterest Facebook Calls for maternity restrictions to be lifted at LUH Previous articleWoman found guilty of murdering her husbandNext articlePublic meeting against Croke Park proposals to be held in Letterkenny this Tuesday News Highland Guidelines for reopening of hospitality sector published WhatsApp Three factors driving Donegal housing market – Robinson Patients may be affected by work to rule action. The National Ambulance Service Representative Association cannot guarantee that patients will not be affected by the work to rule protests.Ambulance drivers are taking industrial action over the extension of the Croke park agreement. The change in working hours and cuts has caused ambulance drivers to take action.  The NASRA believes the cuts are unreasonable. Pinterest By News Highland – March 15, 2013 center_img RELATED ARTICLESMORE FROM AUTHOR Google+ Twitter Twitter Ambulance drivers industrial action may affect patients LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Google+ News WhatsApp Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margeylast_img read more

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