Q1 Foreclosure Activity Fueled by New Starts and Auctions

first_img Related Articles Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. in Daily Dose, Featured, Foreclosure, Headlines, News The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago April 9, 2014 702 Views Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago A rise in foreclosure starts and auctions caused an increase in U.S. foreclosure activity in March, up 4.0 percent from the previous month. The U.S. Foreclosure Market Report released by RealtyTrac reported approximately 117,000 foreclosure filings for the month, down 23 percent from March 2013.Foreclosure starts increased by 7.0 percent on a month-over-month basis, and foreclosure auctions increased monthly by 6.0 percent, fueling the larger foreclosure activity numbers for the month.The report found that the average time to complete a foreclosure rose to 572 days nationwide, a 1.0 percent increase from the previous quarter’s average of 564 days. However, the average time to complete a foreclosure is still up 20 percent from the first quarter of 2013, when the average completion time was 477 days.Foreclosure activity is the lowest it has been since the second quarter of 2007. Approximately 341,000 U.S. properties had a foreclosure notice in Q1 2014, down 3 percent from the previous quarter and down 23 percent from Q1 2013.1 in every 385 U.S. housing units had a foreclosure filing in the first quarter.”Now that the foreclosure deluge has dried up, banks are turning their attention back to properties that have been sitting in foreclosure limbo for some time,” said Daren Blomquist, VP at RealtyTrac.Repossessed properties were approximately 28,000 for the month. March’s figure represents a 5 percent drop from the previous month. Repossessed properties on a year-over-year basis fell 34 percent—an 80-month low and the lowest level since July 2007.”Banks will also now be able to devote more resources to dealing with the lingering inventory of nearly half a million already-foreclosed homes that still need to be sold,” Blomquist added. “Our estimates indicate only 10 percent of these bank-owned properties are listed for sale and more than half are still occupied by the former homeowner or tenant.”In addition to foreclosure data, RealtyTrac also provided an update of occupied REOs, which the company describes as “bank-owned properties still occupied after the completed foreclosure.”Of the roughly 259,000 bank-owned properties with available owner-occupancy data, and out of a total of approximately 483,000 bank-owned homes nationwide, 51 percent were still occupied by the former homeowner or a tenant.The average time to sell a bank-owned property increased by 34 percent to 226 days, up from 168 days in Q1 of 2013.States with above-average time to sell REOs included Texas (347 days), Michigan (342 days), Minnesota (313 days), Colorado (305 days), and Georgia (276 days).Florida was first in foreclosure activity by state, followed by Maryland, Nevada, and Illinois. Previous: FDIC: Community Banks Remain Resilient Amid Industry Consolidation Next: DS News Webcast: Thursday 4/10/2014 Data Provider Black Knight to Acquire Top of Mind 2 days ago Q1 Foreclosure Activity Fueled by New Starts and Auctions The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save About Author: Colin Robins Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Foreclosure Foreclosure Auctions RealtyTrac REO REO-occupied Sign up for DS News Daily Foreclosure Foreclosure Auctions RealtyTrac REO REO-occupied 2014-04-09 Colin Robins Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Q1 Foreclosure Activity Fueled by New Starts and Auctions The Best Markets For Residential Property Investors 2 days ago  Print This Post Subscribelast_img read more

Realtors Support HAWK, Say It Could Go Further

first_img  Print This Post Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Realtors Support HAWK, Say It Could Go Further Realtors Support HAWK, Say It Could Go Further Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago July 1, 2014 1,221 Views Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: FHFA OIG Raises Questions About Risks of Nonbank Servicers Next: HSBC to Pay $10M to Settle Claims over Foreclosure Fees The Best Markets For Residential Property Investors 2 days ago FHA HAWK NAR 2014-07-01 Derek Templeton Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Derek Templeton is an attorney based in Dallas, Texas. He practices in the areas of real estate, financial services, and general corporate transactional law. His experience includes time as an Attorney Adviser for the U.S. Small Business Administration and as General Counsel for a nonprofit organization in Dallas. A self-avowed “policy junkie,” he has a keen interest in the effect that evolving federal policy has on the mortgage, default servicing, and greater housing industries. The National Association of Realtors (NAR) lent its support Monday to the Homeowners Armed with Knowledge (HAWK) pilot program but has concerns that it will not do enough to lower insurance premiums for homebuyers.In a letter sent to HUD, the organization reiterated its appreciation for the Federal Housing Administration’s (FHA) efforts to provide reduced mortgage insurance premiums to first-time homebuyers but complained about the high mortgage insurance premiums and counseling fees that come along.The HAWK Pilot Program for new homebuyers provides FHA insurance pricing incentives to first-time homebuyers who participate in housing counseling that covers how to evaluate housing affordability and mortgage alternatives, financial advice, and the rights and responsibilities of home ownership.FHA announced the program in May as part of its “Blueprint for Access,” outlining additional steps that the agency is taking to expand access to credit for underserved potential borrowers.Under the program, first-time homebuyers who participate in the four-year pilot program will benefit at closing from a 50 basis points reduction in the upfront mortgage insurance premium and a 10 basis points reduction in the annual premium.  If buyers complete post-closing housing counseling and do not have delinquencies greater than 90 days in the first 18 months after closing, they will receive an additional 15 basis points reduction on the annual premium starting the loan’s 25th month.NAR contends that, despite the counseling incentive, FHA insurance rates are too high.”As the leading advocate for homeowners, Realtors are concerned about FHA’s high annual mortgage insurance premiums and the insurance requirement for the life of the loan,” NAR President Steve Brown said. “FHA fees make up nearly 20 percent of a monthly mortgage payment today and are making it more difficult for qualified buyers to purchase a home. Since FHA is on target to meet and exceed its capital reserve requirements in the next fiscal year, we encourage FHA to support premium reductions across the board.”The letter also voiced concern that the cost of the counseling envisioned under the program, a combined total of $500 if all counseling sessions are attended, is too high and would prevent many qualified first time homebuyers from accessing the market. NAR recommended that lenders be allowed to mitigate some of the counseling costs. Otherwise, it could take buyers two years to offset the cost of counseling with the premium reductions offered under the HAWK program and even longer if buyers have to satisfy other financial programs separately.FHA contends that HAWK will save the average buyer approximately $325 a year—or almost $9,800 over the life of their loan. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe About Author: Derek Templeton in Daily Dose, Featured, Government, Headlines, News Tagged with: FHA HAWK NAR Share Save Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Mortgage Default Rate Declines For First Time in Seven Months

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago March 17, 2015 993 Views The first mortgage default rate declined by two basis points from January to February, marking the first month-over-month decrease since July 2014, according to the S&P Dow Jones Indices and S&P/Experian Consumer Credit Default Indices for February 2015 released Tuesday.According to February’s first mortgage default index, the rate ticked downward to 1.00 percent in February from 1.02 percent in January after seven months of increases since falling to its lowest level of 0.88 in July 2014. February’s first mortgage default rate represents a decline of 23 basis points from February 2014 (1.23 percent). The rate recently experienced its largest increase in the previous 15 months (five basis points) from November to December 2014.”Mortgage default rates, the largest component in the national index, held steady and prevented a rise in the national numbers,” said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “A true test of consumer credit quality and the prospects for future default rates will come in the second half of 2015 by which time the Fed will most likely have begun to raise interest rates. Given current low levels of default rates and low debt service burdens, there are no concerns of a consumer credit crisis any time soon.”The second mortgage default index, meanwhile, increased month-over-month in February by two basis points up to 0.66 percent. Year-over-year, however, this index dropped by three basis points from the 0.69 percent that was reported in February 2014.The national composite default index, which includes first and second mortgage defaults as well as those on bank cards and auto loans, stayed flat from January to February at 1.12 percent. The national composite index was down by 18 basis points year-over-year in February (from 1.30 percent reported in February 2014). The bank card default rate and the auto default rate increased by 23 basis points and three basis points month-over-month, respectively. Blitzer said all signs point to an improving economy, combined with the Bureau of Labor Statistics Employment Summary for February which reported job gains of 294,000 nationwide for the month and a drop in unemployment rate down to 5.5 percent, its lowest level in nearly seven years.”The combination of a strong February employment report and continued low oil prices all point to a buoyant economy with optimistic consumers,” Blitzer said. “The recent, though modest, increases in default rates for bank cards and auto loans suggest that consumers are becoming more free-spending.” First Mortgage Default Index S&P/Experian Consumer Credit Default Indices S&P 2015-03-17 Brian Honea Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Survey: Investors Still Prefer Flipping Despite Rising Rents, Low Vacancy Rates Next: Report: JPMorgan Chase to Buy $45 Billion in Agency Performing Loans From Ocwen Mortgage Default Rate Declines For First Time in Seven Months Subscribe in Daily Dose, Featured, Market Studies, News Home / Daily Dose / Mortgage Default Rate Declines For First Time in Seven Months Sign up for DS News Daily 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. Tagged with: First Mortgage Default Index S&P/Experian Consumer Credit Default Indices S&P 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 Share Save Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea 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 agolast_img read more

Delinquency Rate Continues at 10-year Low

first_imgHome / Daily Dose / Delinquency Rate Continues at 10-year Low Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Headlines, News Delinquency Rate Continues at 10-year Low Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Nicole Casperson Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] October 10, 2017 1,386 Views The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Related Articles Demand Propels Home Prices Upward 2 days ago HOUSING mortgage 2017-10-10 Nicole Casperson Previous: Treasury to Streamline Capital Markets Next: Deloitte Hack: Fannie and Freddie Not Affected Servicers Navigate the Post-Pandemic World 2 days ago On Tuesday, CoreLogic released its latest Loan Performance Insights report, representing data from national foreclosure and delinquency activity gathered through July 2017.According to the report, the share of mortgages that transitioned from current to 30-days past due was 0.9 percent in July 2017, down from 1.1 percent in July 2016. CoreLogic compares this to January of 2007 when “just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent and peaked in November 2008 at 2 percent.”In addition, it is noted that 4.6 percent of mortgages were in some stage of delinquency in July 2017—a 0.9 percentage point year-over-year decline in the overall delinquency rate compared to last year.Meanwhile, the foreclosure inventory rate measuring the share of mortgages in some stage of the foreclosure process “was 0.7 percent and the lowest since the rate was also 0.7 percent in July 2007.” Likewise, the data discovered the serious delinquency rate remained near the 10-year low of 1.7 percent reached in July 2007.According to Dr. Frank Nothaft, Chief Economist for CoreLogic, while the U.S. foreclosure rate remains at a 10-year low, the rate across the 100 largest metro areas varies from 0.1 percent in Denver to 2.2 percent in New York.“The national serious delinquency rate remains at 1.9 percent, unchanged from June, and when analyzed across the 100 largest metros, rates vary from 0.6 percent in Denver to 4.1 percent in New York,” Nothaft said.Additionally, CEO of CoreLogic Frank Martell said that even though delinquency rates are lower in most markets compared with a year ago, there are some worrying trends.Martell explained that “markets affected by the decline in oil production or anemic job creation have seen an increase in defaults. We see this in markets such as Anchorage, Baton Rouge and Lafayette, Louisiana where the serious delinquency rate rose over the last year.”You can download the full report by clicking here.  Print This Post Tagged with: HOUSING mortgage Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

President Trump Signs Tax Bill Into Law

first_imgSubscribe,Here’s a look at what the changes mean for homeowners, buyers, and sellers:Downsized mortgage interest rate deduction: New homebuyers would now only be able to deduct interest on the first $750,000 of mortgage debt on a newly-purchased home—down from the current $1 million thresholds, but higher than the $500,000 limit the House proposed in its tax overhaul in November. While the deduction has helped make homebuying more affordable for some homeowners, buyers in some cities face much higher price tags.Less reason to itemize: Homeowners must itemize their taxes if they want to claim the mortgage interest deduction. But since the final bill calls for nearly doubling the standard deduction, far fewer Americans are expected to itemize.Limit on property tax deduction: Taxpayers will no longer be able to fully deduct state and local property taxes plus income or sales taxes. Instead, the legislation allows individuals to deduct up to $10,000 in state and local income and property taxes or state and local property and sales taxes. That means homeowners living in high-tax states like New York, California, and New Jersey could see an increase in what they owe.Tax break stays for home sellers: Both the House and Senate bills originally wanted to scale back a tax break for homeowners when they sell their home for profit. Taxpayers will still be able to exclude up to $500,000 (or $250,000 for single filers) from capital gains when they sell their primary home, as long as they’ve lived there for two of the past five years. Earlier tax reform proposals would have increased the live-in requirement to five out of the last eight years. 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] On Friday morning, President Trump signed the sweeping tax reform bill recently passed by Congress into law.Trump’s signature official makes the $1.4 trillion tax-cut bill the law of the land, ending months of debate, negotiation, voting, and revoting. Congress gave their approval to the final version of the bill earlier this week, with the Senate approving the bill 51-48 early Wednesday morning. The House originally voted in favor of the bill on Tuesday, but a technicality forced them to revote on Wednesday, finally passing the bill with a vote of 227-203.President Trump also signed an emergency funding bill that will keep the government open and operating through January 19. The resolution maintains current levels of funding through that date, and also funds the Children’s Health Insurance Program through March.In a recent statement about the tax bill, President Trump said, “I promised the American people a big, beautiful tax cut for Christmas. With final passage of this legislation, that is exactly what they are getting.” Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Here’s a look at what the changes mean for homeowners, buyers, and sellers:Downsized mortgage interest rate deduction: New homebuyers would now only be able to deduct interest on the first $750,000 of mortgage debt on a newly-purchased home—down from the current $1 million thresholds, but higher than the $500,000 limit the House proposed in its tax overhaul in November. While the deduction has helped make homebuying more affordable for some homeowners, buyers in some cities face much higher price tags.Less reason to itemize: Homeowners must itemize their taxes if they want to claim the mortgage interest deduction. But since the final bill calls for nearly doubling the standard deduction, far fewer Americans are expected to itemize.Limit on property tax deduction: Taxpayers will no longer be able to fully deduct state and local property taxes plus income or sales taxes. Instead, the legislation allows individuals to deduct up to $10,000 in state and local income and property taxes or state and local property and sales taxes. That means homeowners living in high-tax states like New York, California, and New Jersey could see an increase in what they owe.Tax break stays for home sellers: Both the House and Senate bills originally wanted to scale back a tax break for homeowners when they sell their home for profit. Taxpayers will still be able to exclude up to $500,000 (or $250,000 for single filers) from capital gains when they sell their primary home, as long as they’ve lived there for two of the past five years. Earlier tax reform proposals would have increased the live-in requirement to five out of the last eight years.  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago President Trump Signs Tax Bill Into Law center_img The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Journal, News The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Previous: New Home Sales Surge to Highest Point Since 2007 Next: FHFA Credit Changes Could Expand Homeownership December 22, 2017 2,757 Views Tagged with: President Trump tax bill Tax Reform 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 Demand Propels Home Prices Upward 2 days ago President Trump tax bill Tax Reform 2017-12-22 David Wharton Home / Daily Dose / President Trump Signs Tax Bill Into Lawlast_img read more

The Top 25 Women of Law, Part 1

first_img Share Save Tagged with: black book 2018 Print Features top 25 women in law top 25 women of law Related Articles  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago black book 2018 Print Features top 25 women in law top 25 women of law 2018-01-12 David Wharton January 12, 2018 2,032 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton Home / Daily Dose / The Top 25 Women of Law, Part 1 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Top 25 Women of Law, Part 1 Previous: The Industry Pulse Next: What’s the Price? More Than We Ask, Say Homesellers in Daily Dose, Featured, Print Features Editor’s note: This story was originally featured in the January issue of DS News, out now.In the January issue of DS News, we were proud to introduce our section on 25 women lawyers who have made their marks in the legal industry. From breaking through the glass ceiling to fighting for the rights of their clients, these formidable women have ensured the success of their individual firms and the industry through their skills and can-do attitudes. They are mentors and role models for a younger generation that admires them, learns from their fights, and is influenced by their positive approach towards creating a work-life balance.In this first installment, we profile get to know more about what inspired these women to become lawyers, their views on the current state of the industry, what it’s like to be a woman in law, and what qualifies these women as being among some of the finest minds in the legal and financial services industries.CRISTINA ARROYOCompliance Counsel, Bayview Loan Servicing, LLCCristina Aroyo comes from a family of lawyers and always knew that this was a career path that she would follow even though she began her career in public relations and marketing. “Although I fought the idea of being an attorney, in the back of my mind I always knew it was going to happen. I transitioned to law as I liked the idea being given different types of situations and helping provide solutions,” shared Arroyo, who joined the profession at a time when leadership was less diverse. “At the beginning of my career, I had less role models and mentors to relate to, and it was harder to know my career path, a difficulty I think my male counterparts did not have. Although there is still work to be done, I feel more women are assuming leadership roles today,” Arroyo said. As an in-house compliance counsel, Arroyo enjoys collaborating and partnering with business units to work jointly to implement and operationalize regulations. Considering the year ahead, she believes that in 2018, servicers must customize how they deal with long-term effects of multiple natural disasters. “In addition, 2018 will bring the challenges of the implementation of the remaining CFPB amended rules related to successor in interest and billing statements and the uncertainty of the possible path that large regulators will take if there is a shift in federal regulation,” Arroyo said.CYNTHIA (CINDY) BERMANSVP, Chief Compliance Officer, Freedom Mortgage CorporationIn her role as SVP and Chief Complaince Officer at Freedom Mortgage, Cynthia Berman finds the most enriching part of her job is when a project that she’s worked hard on comes to fruition. “After months of collaborating with senior business leaders and project managers to integrate a new or revised consumer protection law into our loan manufacturing and/or servicing process, it’s very satisfying when we implement the change and complete the project,” Berman noted. When Berman looks ahead to the challenges mortgage professionals will face in 2018, she notes that the rising interest rates that are predicted will cause shrinkage in loan production and tighter profit margins. In her role at Freedom, Berman has helped the legal/regulatory team work together efficiently to prepare for such changes. “With our current staff of seasoned industry professionals, we are well positioned to operate effectively and continue to deliver high-quality legal support to the Freedom enterprise,” she said. Berman is proud is work for Freedom where all employees are valued for their contributions to the company, though when she started her career some co-workers had no experience with a woman attorney. “For the most part, the novelty worked to my advantage as I got visibility and opportunities to demonstrate my professional abilities early on. To overcome challenges, I prepared extensively and worked hard on every project—two habits which have helped me throughout my career,” said Berman.ROSE MARIE BROOKPresident/CEO, Fabrizio & Brook, PCIn her 21 years as a legal professional, Rose Marie Brook has worked with many clients across the country, developing professional and personal relationships on the way. But, it is creating a positive influence on other working women that Brook has really appreciated about her career. “The occasions when I’m told that I have been a role model to other women who have remained in the workforce while balancing career and family and the knowledge that I have been a positive influence for others gives me a sense of professional satisfaction,” Brook said. Providing the best work environment at her law firm and title company ranks high on Brook’s list of priorities, and the dedication of her staff helps her to remain prepared for a challenging legal landscape. “Solid relationships and open communication among staff, clients, and colleagues, as well as constant vigilance to the legal and regulatory landscape is imperative to maintain excellence and help our clients do the same,” Brook shared. She feels that maintaining a human connection while continuing to make advances with technology is one of the major challenges facing the mortgage industry today. “While continuing to automate and streamline processes, it is important not to lose flexibility, compassion and other human elements of service,” Brook said.CAREN JACOBS CASTLESenior Attorney, The Wolf Firm, a Law CorporationCaren Jacobs Castle feels that education is crucial for professionals in the real estate industry. “I have seen so many rises and falls over my 30-plus years practicing law that I truly believe education is a powerful tool to understand the process and make better decisions in this industry,” said Castle. While being a female has never held her back professionally, Castle feels that her bigger challenge was dealing with the internal battle between her roles as a professional and as a wife and mother. Today, one of the biggest challenges Castle sees impacting the industry is managing the high costs for compliance and default management. “Maintaining the highest quality of mortgage professionals and attorneys in this rising cost environment will continue to prove a major challenge,” Castle shared, adding that communication was the key to streamlining responsibilities for lenders and servicers. “As we become more dependent upon technology, we must make sure that technologies are streamlined for the lender/servicer and law firm,” Castle said. She hopes that her experience and knowledge of the industry has helped her place her firm ahead of the others in facing future challenges. “We are constantly reviewing our policies, procedures, and technologies to improve efficiencies while always maintaining the highest standards of quality and ethics,” Castle said.SASHA M. COHENFirst VP and Corporate Counsel, Bayview Loan Servicing, LLC+Default Servicing, Real Estate Litigation and Transactions, Business Law, Estate Planning, Probate, Guardianship and Trusts, General Civil, Construction LawAs First VP and Corporate Counsel at Bayview Loan Servicing, Sasha M. Cohen has enjoyed keeping up with new regulations and challenging trends in an environment that is always evolving and changing. It was her enjoyment in studying the law that led Cohen to first become an attorney—with the added benefit that the role also speaks to her love of helping people. “The best thing we as legal professionals can do to help lenders and servicers is to seek a balance between operational challenges and new regulations and to try to do the best we can for the customer and the consumer,” Cohen shared. At Bayview, Cohen is able to work with many different departments to help find resolutions for customers, clients, and investors. As a woman in a male-dominated field, Cohen acknowledges she has probably had a different experience than her male counterparts. When asked how she handles this challenge, Cohen said, “I have never allowed that to hinder my performance, restrict my involvement, or stop me from putting forth my opinion. I believe that the most important thing is to be prepared and knowledgeable and due to that, I believe my firm acknowledges and appreciates my contributions to my department and my contributions to the firm as a whole.”MAGALIE A. CREECHMember, Finkel Law Firm LLCMagalie Creech has been with Finkel for more than nine years, having first started out as a summer Law Clerk and now coming full circle as a Member. In those nine years, she learned a lot about the practice of law, but also came to discover how important it is to be part of a dedicated, reliable, and integrated team. Creech said that given the sensitive nature of the information attorneys handle in default servicing, it is of paramount importance to have dependable employees who are able to perform their responsibilities conscientiously and effectively. This can be especially challenging in a field where the landscape is one of constantly evolving regulations and policies. “I am so thankful to be part of a talented group of professionals whose collective experience handling a broad spectrum of regulatory and litigation issues qualifies us to offer comprehensive legal representation. I consider them family, and that is what makes my legal practice so rewarding,” said Creech. Creech practices in the firm’s Charleston Litigation Division where she represents national banking associations and loan servicers state wide in commercial and real property-related litigation, with an emphasis on contested foreclosures, debt collections, and real estate matters. She also handles general civil litigation.You can read the rest of the “Women in Law” feature in the January 2018 issue of DS News magazine, available by clicking here or on the image below. 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 Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribelast_img read more

Improving FHA Foreclosure Processes

first_img conveyance Federal Housing Administration FHA Fines and Penalties Foreclosure REO Servicing 2018-03-03 David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton Improving FHA Foreclosure Processes The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Improving FHA Foreclosure Processes Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, Government, Headlines, Journal, News, REO, Servicing Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save  Print This Postcenter_img Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Tagged with: conveyance Federal Housing Administration FHA Fines and Penalties Foreclosure REO Servicing The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: The Best and Worst States for Property Taxes Next: Tiny Homes Could Help the Homeless Data Provider Black Knight to Acquire Top of Mind 2 days ago A new brief released by the Urban Institute explores ways to improve Federal Housing Administration (FHA) foreclosure timelines and conveyance processes so as to drive down costs and make things more efficient. The brief is the third in a series produced by the Mortgage Servicing Collaborative (MSC), convened by the Housing Finance Policy Center at the Urban Institute.This latest brief delves into the costs associated with servicing non-performing FHA loans, including the expenses related to both foreclosures and conveyance of the properties to HUD. The brief hinges on two notions: 1) discovering whether servicing non-performing FHA loans is more expensive than servicing non-performing GSE loans, and 2) discovering whether the FHA’s current foreclosure and conveyance processes create extra expenses.The study found that, indeed, foreclosing on FHA loans is “orders of magnitude more expensive than servicing loans backed by the GSEs”—three times as expensive, in fact, on average, as reported by servicers. The brief targets two major causes for these increased expenses: 1) “an inflexible foreclosure timeline and penalty system that does not improve outcomes,” and 2) “a property conveyance process that slows down resolution, which causes properties to remain vacant longer, which can adversely affect neighborhoods and increase maintenance and repair costs.”One of the primary drivers of these costs is the “interim penalties associated with failure to meet the FHA’s milestones in the foreclosure timelines,” according to data from MSC servicer members. According to the Urban brief’s data analyzed for 2015 and 2016 FHA claims, “43 percent of insurance claims received an interest curtailment penalty because of missed first legal action or reasonable diligence milestones.” As the Urban brief points out, the GSEs “ use milestones to track progress toward foreclosure, but missing a milestone in and of itself does not trigger a penalty.”The brief also found the FHA fees themselves to be “onerous.” According to the data, “the average first legal interest curtailment for loans that missed this deadline was $5,360 per loan, roughly 3 percent of an average FHA loan amount of $175,000.”Urban’s research also found high penalties when it came to conveyance. According to cited MSC servicer data, “the average per loan property preservation cost for FHA properties that were conveyed was $8,819, compared with $2,113 for nonconveyance routes.” For conveyance liquidations, surveyed servicers reported an average property preservation loss of $4,179. This works out to “ a loss rate of 47 percent on the $8,819 in expenses.”Urban’s brief recommends that the FHA change its foreclosure timelines to enact penalties and timelines that are more closely aligned with actual delays in the process. They suggest these changes could be enacted through a simple administrative rule change. They also recommend expanding the availability of conveyance alternatives and exploring other possibilities to improve the process.You can read the full Urban Institute brief by clicking here. March 3, 2018 3,751 Views Subscribelast_img read more

GSEs Launching Uniform Mortgage-Backed Securities

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Common Securitization Platform Common Securitization Solutions Fannie Mae Federal Housing Finance Agency FHFA FHFA Director Mel Watt Freddie Mac GSEs Mortgage-Backed Securities UMBS Uniform Mortgage-Backed Securities 2018-03-28 David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago March 28, 2018 3,551 Views Tagged with: Common Securitization Platform Common Securitization Solutions Fannie Mae Federal Housing Finance Agency FHFA FHFA Director Mel Watt Freddie Mac GSEs Mortgage-Backed Securities UMBS Uniform Mortgage-Backed Securities Related Articles Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Beginning on June 3, 2019, the GSEs will begin issuing a new common security known as the Uniform Mortgage-Backed Security (UMBS). The Federal Housing Finance Agency announced the change on Wednesday, revealing that the common securities will replace the Enterprises’ current offerings of To-Be-Announced-eligible mortgage-backed securities. The UMBS will be issued through the Enterprises’ joint venture, Common Securitization Solutions (CSS), using the Common Securitization Platform (CSP).”The transition to the new, common security requires planning, investment, and preparation by a wide variety of market participants,” said FHFA Director Melvin L. Watt. “We have now set the specific date that the Enterprises will start issuing the UMBS and I urge the industry to get ready now to ensure smooth, successful implementation.”According to the FHFA statement, the announcement is timed to coincide with the GSEs and CSS having hit three milestones: “completion of key application development for issuance of the UMBS on the CSP, completion of system-to-system testing, and initiation of end-to-end (pre-parallel) testing.”The FHFA reports that Freddie Mac began using CSS for data acceptance, issuance Support, and bond administration activities related to current single-class, fixed-rate, MBS back in November 2016. CSS has also been using the CSP to process approximately 1,000 new securities per month, as well as performing bond administration functions related to 260,000 single-class securities backed by approximately 9.8 million loans.The FHFA statement explains that, after the June 2019 launch, “CSP and CSS “will expand to include the administration of multi-class securities and commingled Enterprise UMBS and the production of UMBS disclosures.” CSS and CSP will thereafter begin performing bond administration functions for close to 900,000 securities backed by nearly 26 million loans.“Today’s announcement provides additional clarity on the timeline for implementation of the Uniform Mortgage-Backed Securities,” said Andrew Bon Salle, EVP, Single-Family Business, Fannie Mae. “Working with FHFA, Freddie Mac, and Common Securitization Solutions, we are focused on providing transparency to ensure market participants have the time to plan for and understand this transition. Our goal is to maintain a highly liquid housing finance market and create a stronger finance system.”“The Federal Housing Finance Agency’s announcement today provides market participants with important clarity on the June 2019 implementation of the new Uniform Mortgage-Backed Security,” said David Lowman, EVP of Freddie Mac’s Single-Family Business. “With the first UMBS issuance in June, forward trading will likely occur in the first quarter of 2019. We encourage all participants to continue with their preparation to allow for a smooth transition. With our implementation in 2016 of the Common Securitization Platform, we paved the way for a combined Freddie Mac and Fannie Mae $3.5 trillion market of To-Be-Announced UMBS. We remain committed to working with the industry, under the direction of FHFA, to ensure the readiness of all parties involved in this complex undertaking.” About Author: David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago GSEs Launching Uniform Mortgage-Backed Securities Previous: California Housing Market Surging After Wildfires Next: How Banks Meet Community Needs Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, Journal, News, Secondary Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Home / Daily Dose / GSEs Launching Uniform Mortgage-Backed Securities Share Save Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Fannie Weighs in on Homebuyer Sentiments

first_img Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago July 9, 2018 1,260 Views Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago About Author: Scott Morgan Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Fannie Weighs in on Homebuyer Sentiments Related Articles Previous: HELOC Equity Withdrawals Hit a Low Next: Is Homeownership Living Up to Its Potential?center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: consumers Home Prices Home Sellers Homebuyers Homes HOUSING Inventory Jobs consumers Home Prices Home Sellers Homebuyers Homes HOUSING Inventory Jobs 2018-07-09 Radhika Ojha  Print This Post 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. Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago American homebuyers were feeling a little less positive about buying a home, but homeowners were a little more positive about selling one in June, according to Fannie Mae. The agency’s June Home Purchase Sentiment Index (HPSI) dropped 1.6 points from May. That brings the index total to 90.7.However, June’s numbers are down compared to April and May’s HPSI totals, which were the highest on record. The index is up 2.4 percent from a year ago. Overall, the index has been on a fairly steady climb since 2011, a few drops aside. And despite the dropoff from May, June’s numbers seemed generally cheerful. Also, the net share of respondents who said now is a good time to buy a home actually remained unchanged in June, and the net share who said that now is a good time to sell increased 1 percent.Compared to two years ago, sentiment towards selling is dramatically higher. In June of 2016, the share of respondents bullish on it being the best time to sell was 18 percent. Last month it was 47 percent. Meanwhile, the share who said it’s a good time to sell has been largely level, right around a steady 30 percent, these past two years.These numbers suggest to Fannie Mae’s SVP and chief economist Doug Duncan that the index might have reached its plateau point.  “Tight supply and lackluster income growth continue to weigh on housing activity, and consumer expectations for home price growth over the next 12 months have moderated,” Duncan said. “However, consumers expressed increased optimism about the direction of the economy and their personal financial situations over the next 12 months, with both measures matching previous survey highs this month.”Americans were also less worried about losing their jobs. The net share of those worried dropped 2 percent (to 76 percent), while those saying they made a lot less money than a year ago also dropped 2 percent (to 19 percent).Four percent fewer people said they believe mortgage rates will go down over the next year, and 3 percent fewer said they think housing prices will keep climbing through next year. Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Fannie Weighs in on Homebuyer Sentiments Sign up for DS News Daily last_img read more

Federal Reserve Delays Rate Hike: Industry Reacts

first_imgSign up for DS News Daily Tagged with: Banking Federal Reserve Interest rates Mortgage-Backed Securities Citing a strong labor market, increased household spending, and a lower unemployment rate, the Federal Reserve announced that it will be keeping the federal funds rate at 2.25 to 2.50 percent. Wednesday’s statement announced that The Board of Governors of the Federal Reserve System voted unanimously to set the interest rate paid on required and excess reserve balances at 2.35 percent.“The Fed held rates steady today,” said realtor.com Chief Economist Danielle Hale. “Data since the last FOMC meeting has been positive, with stronger than expected readings on March jobs and first quarter GDP.  The only laggard is inflation, which continues to fall below the Fed’s target. While the late 1970s were characterized by stagflation — weak economic growth and stubbornly high inflation — the late 2010s are notable for the opposite — decent economic growth and stubbornly low inflation. The playbook for responding to these conditions is less-well developed, hence the need for patience.”The Federal Open Market Committee (FOMC) directed the Open Market Desk at the Federal Reserve Bank of New York to roll over at auction the amount of principal payments from the Federal Reserve’s holdings of Treasury securities maturing during each calendar month that exceeds $15 billion. Additionally, the Desk is to continue reinvesting in agency mortgage-backed securities the amount of principal payments from the Federal Reserve’s holdings of agency debt and agency mortgage-backed securities received during each calendar month that exceeds $20 billion.According to LendingTree Chief Economist Tendayi Kapfidze, the Fed’s previous outlook may have been an overreaction resulting from December’s market volatility and the recent government shutdown.“In our interpretation, the Fed may be overreacting to market volatility that occurred in December and distortions to economic activity and data from the government shutdown,” Kapfidze stated. “While many measures of economic growth have slowed, sentiment data which is more timely has rebounded from those declines. There are also seasonal distortions that have been occurring in the first quarter, with the economy often accelerating in the second and third quarter.” Subscribe Servicers Navigate the Post-Pandemic World 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 Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Seth Welborn Previous: Mortgage Professionals Unite to Support Cancer Charity Scholarship Gala Next: Preventing Disaster-Related Mortgage Defaultcenter_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Federal Reserve Delays Rate Hike: Industry Reacts Share Save Banking Federal Reserve Interest rates Mortgage-Backed Securities 2019-05-01 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 / Federal Reserve Delays Rate Hike: Industry Reacts The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, News, Secondary Market The Best Markets For Residential Property Investors 2 days ago  Print This Post May 1, 2019 2,419 Views last_img read more