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

Vermont Receives Additional $2.5M in Contingency LIHEAP Funding

first_imgToday, Governor Jim Douglas announced that Vermont received nearly $2.5 million in additional contingency FY2008 funding for the Low Income Home Energy Assistance Program (LIHEAP). The news came as the federal government released the remaining $120.7 million in LIHEAP contingency funding for FY2008 to all states.Prior to this latest funding award, Vermont had received roughly $16.9 million in LIHEAP funding in FY2008. This new contingency award brings Vermont’s total LIHEAP appropriation in FY2008 to nearly $19.4 million. “The release of additional LIHEAP contingency money for this fiscal year shows that the message the Northeastern governors, and our congressional delegations, have brought to our federal partners is resonating,” said Governor Jim Douglas. “While the $2.5 million awarded to Vermont is a nice down payment, our state’s low-income working families and seniors on fixed incomes depend on the full funding of this program to help us keep every Vermonter warm this winter.”CONEG Governors continue to call on the President and Congress to fully fund LIHEAP at the authorized level of $5.1 billion for this fiscal year to ensure states can meet the needs of low-income families faced with the skyrocketing cost of heating their homes this winter. That will require Congress to appropriate an additional $2.5 billion before they adjourn at the end of the month.”Through the Fuel and Food Partnership, the Governor, legislators and community organizations are doing a great deal to meet the needs of the low-income Vermonters who will be most impacted by the high cost of home heating fuel this winter,” added Cynthia D. LaWare, the Secretary of the Agency of Human Services. “This influx of funds from the federal government could not have come at a better time. It is essential however for the federal government to fully fund the LIHEAP program at the $5.1 billion level to ensure that we best serve Vermonters in need.”Thanks to the financial commitments made by Governor Douglas and the Legislature, last year Vermont provided the most generous LIHEAP benefit in the country. Low-income households responsible for heating their homes received an average fuel assistance benefit of $1,362 last winter. But as home heating costs skyrocket, full funding of LIHEAP is critically important.last_img read more

All Seasons Marina Dredging Plan on the Table

first_imgAll Seasons Marina (within Neshaminy State Park) proposes to perform maintenance dredging, by hydraulic (cutterhead – pipeline) method, within an existing marina basin, the U.S. Army Corps of Engineers, Philadelphia District, announced.The applicant is seeking a 10- year maintenance permit, with an initial dredging followed by up to three more dredging events over the ten years.Under this plan, the initial dredging would remove a maximum of 21,000 cubic yards to a design depth of -4 feet at mean low water (MLW), with up to 2 feet of allowable over-dredge, for a maximum dredging depth of -6 feet (MLW).The area initially proposed for dredging is approximately 2.73 acres out of the 13.9-acre basin.With up to 21,000 cubic yards dredged in each follow-up maintenance event within the basin, the maximum volume to be dredged over 10 years would be 84,000 cubic yards.The proposed disposal site is an existing 6.4-acre confined disposal facility (CDF) located on the property immediately to the east of the marina basin and parking lot.Public comment deadline is on June 16, 2017, USACE said.[mappress mapid=”24175″]last_img read more

Willian to sign Arsenal contract worth £220,000-a-week

first_img Loading… Promoted ContentThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreEverything You Need To Know About Asteroid ArmageddonBirds Enjoy Living In A Gallery Space Created For ThemWorld’s Most Delicious Foods2020 Tattoo Trends: Here’s What You’ll See This Year7 Black Hole Facts That Will Change Your View Of The Universe6 Incredibly Strange Facts About HurricanesTop 10 Most Romantic Nations In The World9 Facts You Should Know Before Getting A TattooThis Guy Photoshopped Himself Into Celeb Pics And It’s Hysterical8 Best 1980s High Tech Gadgets8 Things To Expect If An Asteroid Hits Our Planet read also:Willian agent hints Arsenal deal close The vast sums involved raise questions after Arsenal’s announcement last week that they are proposing to make 55 members of staff redundant. Insiders say Willian’s unveiling was put back because of the ‘poor optics’ if it had followed hot on the heels of the job-cuts statement. Arsenal deny that is the case. FacebookTwitterWhatsAppEmail分享 center_img Departing Chelsea midfielder Willian is set to sign for Arsenal on huge wages. According to the Daily Mail, Willian will earn an astonishing £220,000 a week at Arsenal after he completes his free transfer from Chelsea, with the contract expected to be signed off by Sunday. A deal in principle has been agreed for some time and the 32-year-old Brazilian will be rewarded handsomely. Willian’s basic weekly salary will be lower than at Chelsea, but once a huge signing-on fee is factored in — along with loyalty payments and other bonuses throughout the three-year contract’s duration — the staggering mark will be hit.Advertisementlast_img read more