Month: May 2021


first_imgHome / Featured / DS News Webcast: Wednesday 4/10/2013 Demand Propels Home Prices Upward 2 days ago 2013-04-10 DSNews Previous: HUD Secretary Speaks on Possibility of FHA Bailout Next: McLean Mortgage Introduces LoanFirst Program to Aid Buyers Subscribe Demand Propels Home Prices Upward 2 days ago About Author: DSNews DS News Webcast: Wednesday 4/10/2013 Is Rise in Forbearance Volume Cause for Concern? 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Share Save The Best Markets For Residential Property Investors 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Coverage:- Fannie Mae Servicers Receive 4 Star Designations for First Time- Underwater Loans Account for 47% of HARP Refis in JanuaryFor More Information, Check Out DSNews.com  Print This Post Sign up for DS News Daily in Featured, Media, Webcasts Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago April 10, 2013 568 Views last_img read more


first_img The Best Markets For Residential Property Investors 2 days ago GSE Portfolios mortgage servicing rights MountainView Servicing Group 2015-01-06 Tory Barringer The new year brought with it a new mortgage servicing rights (MSR) opportunity for interested buyers: a substantial GSE portfolio valued at $4.2 billion in aggregate unpaid principal balance.According to MountainView Servicing Group, which is acting as facilitator for the sale, the portfolio is entirely made up of fixed-rate and first-lien product and features low delinquencies.The latest offering is the fourth billion-dollar-plus portfolio to be offered through MountainView in as many months.”We continue to see strong demand for the MSR asset,” said Matt Maurer, managing director at MountainView. “And given the quality of this collateral from a well-capitalized seller, we expect this offering to sell at a strong level as well.”Among other quality features, the portfolio has a weighted average original FICO score of 752, a weighted average original loan-to-value ratio of 75 percent, and a weighted average interest rate of 4.19 percent. The average loan size is $243,937.The majority of loans included in the sale are in California at about 51.3 percent, according to MountainView. Other top states include Arizona (8.0 percent), Texas (5.9 percent), and Colorado (5.2 percent).Bids are due Wednesday.  Print This Post Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Servicing Rights for GSE Portfolio Worth $4.2 Billion For Sale January 6, 2015 921 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily in Daily Dose, Featured, News, Secondary Market The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articlescenter_img Subscribe Tagged with: GSE Portfolios mortgage servicing rights MountainView Servicing Group Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Servicing Rights for GSE Portfolio Worth $4.2 Billion For Sale Share Save Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: LenderLive Network Welcomes New Chief Information Officer Next: HUD Secretary Castro to Speak at DC Luncheon on January 13 About Author: Tory Barringer The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more


first_img Related Articles Sign up for DS News Daily Previous: Mortgage Fraud Risk Down, But Rising Costs Still Challenging Homebuyers Next: LenderLive Brings Two New Regional Account Executives On Board FHFA Director Says He Is Powerless to Alter GSE Bailout Agreement February 4, 2015 1,168 Views  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. About Author: Tory Barringer Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / FHFA Director Says He Is Powerless to Alter GSE Bailout Agreement As stakeholders continue to battle with the government over what they say should be their share of Fannie Mae and Freddie Mac’s profits, the regulator in charge of overseeing the two GSEs says he’s not in a position to act on that situation.In a meeting with reporters on Wednesday, Mel Watt, former U.S. representative and chief of the Federal Housing Finance Agency (FHFA) since December 2013, discussed a number of key issues facing the GSEs and the agency, touching on topics ranging from recently introduced low down payment programs to the often debated subject of principal reduction for struggling homeowners.One thing Watt says he has no plans to change is the GSEs’ current bailout agreement with the government, which has allowed the Treasury Department to sweep nearly all of their profits since August 2012.Despite protests and lawsuits from politicians, industry groups, and investors about the terms, Watt told reporters he doesn’t perceive “that it’s [his] responsibility to start that discussion,” according to the Wall Street Journal.”I inherited a set of agreements,” he said. “I know why they were put in place, basically as a quid pro quo for rescuing Fannie and Freddie. … I just have to live with it.”Bruce Berkowitz, the CEO of Fairholme Funds, said he does not believe that Watt is powerless to act in this situation. Fairholme, one of the GSEs’ largest investors, has a lawsuit pending against the government which claims that the sweeping of GSE profits into Treasury is unconstitutional.”According to recent Congressional testimony, Mel Watt, our conservator at FHFA, claims he is unable to end his own conservatorship,” Berkowitz said in a conference call earlier this week. “In the history of conservatorships, this is a first. Think about it.”Another issue Watt stayed relatively quiet on was the Home Affordable Refinance Program (HARP), which is set to expire at the end of this year. Since debuting in 2009, the program has reached more than 3 million U.S. homeowners, though its numbers have fallen off dramatically over the last year. FHFA estimates there are some 700,000 borrowers who are eligible for HARP refinances.While some industry participants say they would like to see a new expansion to allow more homeowners to refinance under HARP, Watt said that is not in the cards.On the topic of Fannie and Freddie’s recent move to lower down payment requirements to 3 percent for qualified borrowers, the FHFA leader kept up the same kind of defense he offered to Republicans critical of the change.”There’s not the kind of correlation that  people say there is between a down payment and paying a loan,” he said, adding that the new loan programs are substantially different from the types of offerings that led to the housing crash.Finally, Watt also discussed the idea of reducing principal on severely underwater properties, a strategy that this predecessor, Edward DeMarco, was staunchly against.While noting that the idea had never been taken off the table, he said that any cuts will be “substantially narrower” than what some housing advocates have called for, adding that the focus would be to reduce the risk to both the GSEs and taxpayers.”Reducing everybody’s principal would cost taxpayers billions,” Watt said.center_img Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: FHFA GSE Profits Mel Watt FHFA GSE Profits Mel Watt 2015-02-04 Tory Barringer Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more


first_img Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Tagged with: Fairholme Funds Fannie Mae Freddie Mac GSE Profits Lawsuits Treasury  Print This Post Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago April 12, 2016 3,607 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News Fairholme Funds Fannie Mae Freddie Mac GSE Profits Lawsuits Treasury 2016-04-12 Brian Honea Previous: Completed Foreclosures Still Elevated Next: Incentives Remain for Private Investors in Housing Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Is Government’s Defense in Fairholme Suit Valid? Servicers Navigate the Post-Pandemic World 2 days ago Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Is Government’s Defense in Fairholme Suit Valid? A federal judge unsealed documents related to Fairholme Funds’ lawsuit against the government over the sweeping of GSE profits into Treasury that may be undermining to the government’s position that the profit sweep was in fact a way to protect taxpayers, according to media reports.The federal government amended the terms of the bailout in August 2012 to sweep virtually all of Fannie Mae’s and Freddie Mac’s quarterly profits into Treasury. Fairholme, a Florida-based mutual fund that is one of the biggest GSE investors, sued the government in 2013 over the profit sweep, and the suit is still pending. The year 2012 was the first year of profitability for Fannie Mae and Freddie Mac after they received a $188 billion taxpayer bailout in 2008 to avoid insolvency. Under the pre-August 2012 terms of the bailout agreement, the GSEs were required to pay only a 10 percent dividend on their draw from Treasury.Lawyers for Treasury claimed early in Fairholme’s suit that the GSEs were financially weak and that the profit sweep was a way to protect taxpayers from another bailout. Judge Margaret M. Sweeney in the U.S. Court of Federal Claims, who is presiding over the Fairholme lawsuit, unsealed depositions this week related to the case that point out that the government was aware of the profitability of Fannie Mae and Freddie Mac in 2012, however.One of the documents unsealed this week was a deposition taken last July from Fannie Mae’s former chief financial officer, Susan McFarland. In that deposition, McFarland said she told high-level officials at Treasury in August 2012 that Fannie Mae was “now in a sustainable profitability, that we would be able to deliver sustainable profits over time,” according to the New York Times. McFarland also said in her deposition she told the Treasury officials that Fannie Mae would soon receive $50 billion in income from a deferred tax assetA little more than a week after McFarland met with Treasury officials, Treasury announced to the Federal Housing Finance Agency, the GSEs’ conservator, that the terms of the bailout agreement had changed. McFarland said in the deposition that her meeting with Treasury officials is what prompted the government to change the terms and sweep all of the GSEs’ profits into Treasury.“If Ms. McFarland’s testimony is correct, then the reason given for the sweep was a falsehood since the Treasury was well aware that the company could pay its dividend.”Richard X. Bove, Rafferty Capital Markets“If Ms. McFarland’s testimony is correct, then the reason given for the sweep was a falsehood since the Treasury was well aware that the company could pay its dividend,” said Richard X. Bove, VP of Equity Research at Rafferty Capital Markets. “Apparently, the government was also aware that Fannie Mae did not have to pay the dividend in cash. In essence, even the reason that the sweep was necessary to save Fannie Mae’s cash position was incorrect and the Treasury knew it.”Another deposition released this week was from Mario Ugoletti, a former Treasury official and also a special adviser to the director of FHFA. Ugoletti signed an affidavit stating unequivocally that neither Treasury nor FHFA anticipated in the months prior to August 2012 that the GSEs’ deferred tax assets would be reversed and that such a move was “not intended to increase compensation to Treasury, according to the New York Times.The New York Times filed a motion with the Court of Federal Claims in July 2015 requesting that the government unseal depositions from key government officials related to the Fairholme suit, including that of Ugoletti.”The government would like to make people believe that the bailout of Fannie and Freddie was unique and unprecedented. It wasn’t,” said Tim Rood, chairman of business advisory firm the Collingwood Group. “The government’s ‘bailout playbook’ has been battle and market tested with the automakers and AIG. The government infuses the companies with capital in exchange for debt and stabilizes the businesses and allows them to rebuild capital. And once the businesses are sufficiently healthy and well capitalized the government converts its debt to equity and liquidates position. The GSEs inherited debt that they were contractually never able to repay under any circumstances. Government owned less than 80 percent of the companies yet swept 100 percent of their profits and reserve capital.” Related Articles Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily last_img read more


first_img 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 in Daily Dose, Featured, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribe Previous: Bank of America Receives High Marks from Fitch Ratings Next: Effectively Managing Vendor Networks November 28, 2016 1,102 Views Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles  Print This Post 2016-11-28 Kendall Baer Home / Daily Dose / Housing Market Health Exemplified by Low Foreclosures and Delinquencies Mortgage servicing professionals are looking at the lowest foreclosure numbers in more than a decade. Foreclosure starts from October 2016 have fallen to their lowest level since January 2005, according to the month-end mortgage performance report curated by Black Knight Financial Services, Inc.National mortgage numbers experienced a staggering change from September to October. According to Black Knight, there were approximately 56,500 foreclosure starts in October, the lowest one-month total in nearly 12 years. The low number of foreclosure starts represented an 8 percent decline from September and a 22 percent decline from the previous October.Ben Graboske, EVP of Data & Analytics at Black Knight, attributes the low number of foreclosure starts to home price appreciation and employment gains.“At a high level, the current low in foreclosure starts reflects the continuation of a trend of recovery from the great recession,” he said. “Both U.S. housing and the overall economy are very healthy. In particular, home price appreciation and employment strength are two of the largest contributors to this continued trend.”A large number of missed mortgage payments had a significant impact on October’s performance numbers. The report discusses loan delinquency,  or the number of mortgage loans payments that are 30 or more days past due, but not in foreclosure. Statistics show that the U.S. loan delinquency rate is at 4.35 percent, which is a 1.84 percent month-over-month increase from September. The national delinquency rate is still down 9 percent from October 2015. The five states with the highest percentage of loans 90 or more days delinquent are Mississippi (3.43), Louisiana (3.05), Alabama (2.37), Arkansas (2.06), and Tennessee (1.95).Graboske states that rising ARM lending rates, increasing interest rates, and the job market will play pivotal roles in the mortgage outlook for 2017.“Increasing interest rates tend to reduce the refinance share of the market, specifically in higher credit segments, which typically outperform their purchase mortgage counterparts,” Graboske said. “We also typically see a rise in ARM lending as rates rise, which could in turn have a dampening effect on mortgage performance. That being said, we would still expect the overall trend of declining delinquencies and reduction in foreclosure inventory to continue throughout 2017 barring some unforeseen macroeconomic impacts. Significant job losses could slow or reverse this healthy trend, and such a scenario would be further exacerbated should substantial home price depreciation set in. At this point, neither of those factors seem likely to occur in 2017.”To view the full report, click here. Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Mirasha Brown is a graduate of Florida A&M University and is pursuing a masters degree at Syracuse University. Born and raised in Florida, she has contributed to public relations and marketing campaigns for Rent The Runway and Billboard. She is a communications specialist with The Five Star and a contributing writer to DS News and the MReport. About Author: Mirasha Brown The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Housing Market Health Exemplified by Low Foreclosures and Delinquencieslast_img read more


first_img Court Clears Path for Mulvaney at CFPB  Print This Post Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago On Tuesday afternoon, a Washington U.S. District Court denied Leandra English’s request at a restraining order to stop President Trump’s appointment of Mick Mulvaney as Consumer Financial Protection Bureau (CFPB) Acting Director. English, on the other hand, was appointed by outgoing CFPB Director Richard Cordray after his mid-November announcement that he would be stepping down.In addition to his appointment as CFPB Acting Director, Mulvaney is also the current Federal Budget Director. U.S. District Judge Timothy Kelly, who presided over the case, said: “Denying the president’s authority to appoint Mr. Mulvaney raises significant constitutional questions . . . nothing in the statutes prevents Mr. Mulvaney from holding both of these positions.”This decision is in line with the opinion of the CFPB’s own General Counsel Mary McLeod wrote in a Saturday memo to the CFPB leadership team that “…it is my legal opinion that the President possesses the authority to designate an Acting Director for the Bureau.”White House Deputy Press Secretary Raj Shah said in a statement, “The administration applauds the Court’s decision. It’s time for the Democrats to stop enabling this brazen political stunt by a rogue employee and allow Acting Director Mulvaney to continue the Bureau’s smooth transition into an agency that truly serves to help consumers.”English’s lawyer, Deepak Gupta, said he would be consulting with English about what steps to take next. English’s options include seeking a preliminary injunction or requesting a ruling on a permanent injunction. “This court is not the final stop,” Gupta said. “This judge does not have the final word on what happens in this controversy, and I think he understands that.”During a Monday press conference, Mick Mulvaney announced a 30-day hiring and regulatory freeze amidst the legal challenges. However, he tried to downplay concerns that he was there to “blow up” the Bureau. “I’m not here to shut the place down, because the law doesn’t allow that,” Mulvaney said. “We need to figure out a way to both follow the law and protect citizens, but without choking off access to capital.”During the same press conference Mulvaney addressed known dislike of the Bureau, saying, “My opinion of the structure of the CFPB has not changed. It is still an awful example of an agency gone wrong. I’m just learning about the powers I have as acting director. They would probably frighten you.” 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 Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: David Wharton Subscribe Tagged with: CFPB cfpb acting director Consumer Financial Protection Bureau leandra english Mick Mulvaney restraining ordercenter_img in Daily Dose, Featured, Government, Journal, News Previous: Republican Tax Bill Passes Senate Budget Committee Next: Does the Internet Cut Costs for Out-of-Town Buyers? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Court Clears Path for Mulvaney at CFPB The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago November 28, 2017 1,353 Views Related Articles The Best Markets For Residential Property Investors 2 days ago CFPB cfpb acting director Consumer Financial Protection Bureau leandra english Mick Mulvaney restraining order 2017-11-28 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more


first_imgHome / Daily Dose / Fight Against Urban Blight Finds Unexpected Ally Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Ranking Reverse Mortgage-Backed Securities Issuance Next: As Jobs Grow, Home Listing Prices Follow Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Tagged with: Blight Blighted Homes Blighted Properties Columbia Law School Foreclosures law students Western New York Law Center zombie homes Zombie Properties in Daily Dose, Featured, Foreclosure, Journal, Market Studies, News, REO About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Related Articles 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 Blight Blighted Homes Blighted Properties Columbia Law School Foreclosures law students Western New York Law Center zombie homes Zombie Properties 2018-04-06 David Wharton Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago April 6, 2018 3,787 Views The topic of zombie homes comes up often here on DS News, ranging from fast-track foreclosure legislation to rules about clearboarding and plywood bans. In February, New York Governor Andrew Cuomo announced that the state was buying up distressed mortgages in high foreclosure areas, hoping to help keep homeowners in their homes and avoid the spread of more zombie properties. Now the fight against zombie homes has found an unexpected new ally: law students.The Erie County Clerk Mickey Kearns and the Western New York Law Center recently announced a new partnership with Columbia Law School to help municipalities within Erie County track and monitor zombie foreclosures. The partnership will enlist Columbia Law School students to lend their research skills to local municipalities in the fight against zombie homes, providing resources those cities and towns might not otherwise have.The partnership is the first of its kind, according to the announcement.Here’s how it will work: municipalities will be able to submit a request on a specific vacant property via a website established for this specific purpose. Columbia Law Students will then research that home’s foreclosure status and report back with their findings. The research time will also count toward Columbia’s mandatory 40-hour pro bono requirements for law students.“This new partnership with Columbia Law School is a substantial step towards riding communities of vacant and abandoned properties,” said Erie County Clerk Mickey Kearns. “There is a clear need for resources for our smaller municipalities, many of who want to take action on zombie properties, but don’t have the means to do it. Working with the bright students at Columbia Law School will give these municipal leaders the necessary information to track down banks and ensure these properties are being maintained.”“We are pleased to partner in this innovative initiative with Erie County Clerk Michael P. Kearns and the Western New York Law Center with Joseph Kelemen and Kate Lockhart,” said Conrad Johnson, Clinical Professor of Law at Columbia University. “Zombie properties are a blighting influence throughout New York. By participating in this program, students at Columbia Law School can make a positive difference while fulfilling their responsibilities to serve the public.””We applaud the efforts of Columbia University in extending their expertise to Erie County,” said Robert Klein, Founder and Chairman of SecureView and Community Blight Solutions. “We hope that they will use free services like Compliance Connections to aid in their quest to rid Western New York of these nightmare neighborhoods. These Columbia Law students join fellow CU alumnae like Adam Zaranko, President of the New York Land Bank Association, and our own staff here at Community Blight Solutions, in the fight against blight.”The New York towns of Boston and Evans are the first signed on to participate in the pilot program. Fight Against Urban Blight Finds Unexpected Ally Sign up for DS News Daily 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] Subscribelast_img read more


first_imgSign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Affordable Mortgage to Avoid Foreclosures Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago April 30, 2018 2,692 Views Share Save Tagged with: Auction Banks Boston Community Capital Foreclosure Homeowners Homes Lenders nonprofit Philadelphia Residents The Week Ahead: Nearing the Forbearance Exit 2 days ago A new source of relief has arrived for struggling Philadelphia homeowners. Boston Community Capital’s Stabilizing Urban Neighborhoods (SUN) Initiative announced Monday that it was coming to Philadelphia to help homeowners facing foreclosure to keep their homes. “We buy troubled homes and sell them back to the homeowners with a mortgage they can afford,” said Elyse Cherry, CEO of Boston Community Capital, a nonprofit community development financial firm founded in 1985. Partnering with nonprofits and private investors, the organization will purchase homes from lenders at distressed market values and then sell them back to their owner-occupants with a new 30-year mortgage loan featuring more favorable terms for the owners. Under this initiative, homeowners would pay around 31 percent less per month than they paid under their previous mortgage, while their principal would be reduced by 34 percent on average. “Communities of color, and low-income neighborhoods in cities like Philadelphia, continue to be hardest hit by foreclosures,” Cherry said. “Boston Community Capital’s SUN Initiative helps working class families stay in their homes and helps preserve the stability and vitality of their neighborhoods.””Foreclosures remain an issue in Pennsylvania, particularly among our most vulnerable populations,” said Michelle W. Lewis, President, and CEO, Northwest Counseling Service, Inc, a nonprofit that provides real estate and housing counseling services to Philadelphia area residents. “We are pleased to have another option to keep struggling homeowners in their properties. We have already identified a number of cases where these tools can be useful.” Pennsylvania was one of eight states to experience rising foreclosures in the first half of 2017 compared to the first half of 2016, according to Boston Community Capital.Philadelphia has a foreclosure rate that is currently almost double the national average, and auction foreclosures in the city have risen almost 13 percent over the past year, according to Boston Community Capital. The SUN Initiative has been largely successful since its initiation in 2009, according to Boston Community Capital, which stated that “nearly all” of its borrowers are current on their payments, and more than 148 of the 900 families helped through the program have already paid their loans in full. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Law Firms and Mortgage Servicers Promote Industry Growth Next: Ask the Economist: An Increasing Interest in Financial Services Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. center_img Home / Daily Dose / Affordable Mortgage to Avoid Foreclosures Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Auction Banks Boston Community Capital Foreclosure Homeowners Homes Lenders nonprofit Philadelphia Residents 2018-04-30 Krista Franks Brock About Author: Krista Franks Brock in Daily Dose, Featured, Foreclosure, News Demand Propels Home Prices Upward 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more


first_img About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago April 25, 2018 1,482 Views in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: HOA Homeownership Mortgages stress Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Sign up for DS News Daily Related Articlescenter_img Previous: Your Pre-Foreclosure Crash Course Next: Location, Location, Location: Best Cities for Real Estate Agents Is Homeownership Becoming Less Stressful? The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Homeownership is becoming less stressful for many owners, according to a report from NerdWallet, despite the financial and emotional costs of owning a home. NerdWallet Mortgage Expert Tim Manni states that many Americans still put homeownership as a top priority.“Despite homebuying being a long and often exhausting process, and homeownership being a time-consuming and frankly expensive venture, 75 percent of Americans say it’s a priority, according to NerdWallet’s 2018 Home Buyer Report,” Manni said. “If recessions, high prices, and stress can’t kill the American dream, I’m not sure anything will. The American desire to own a home is incredibly resilient.”One reason for the lower stress of homeownership is the falling costs of owning a home. On average, homeowners reported paying $1,443 each month on housing costs, which includes mortgage payments, insurance, property taxes, and HOA fees. NerdWallet states that just one in three homeowners called these costs expensive, meaning the majority of homeowners find their costs of ownership to be affordable. Since the 2008-2010 recession, homeowners have gone from spending 25 percent of their income on homeownership to 21.5 percent as of 2016.Still, according to Manni, many homeowners could be saving even more money if they were to look closely at their insurance premiums.“Homeowners should get into the habit of conducting a yearly audit of their mortgage costs,” Manni says. “For example, contact your insurer to see if there are ways to save on homeowners insurance. Repairs like a new roof could lower your yearly premium, for instance.”Still, home repairs can be the most stressful aspect of owning a home. NerdWallet states that around 65 percent of homeowners have experienced some sort of anxiety related to owning their home, and 75 percent of that anxiety was due to unexpected home repair costs.Manni suggests homeowners should put aside just 2 percent of their yearly home costs for repairs. Other stress factors include late payments and delinquency.Despite this, over half of homeowners reported feeling accomplished and proud of their home. The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Is Homeownership Becoming Less Stressful? HOA Homeownership Mortgages stress 2018-04-25 Seth Welborn Subscribe 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. last_img read more


first_img Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Senior Housing Wealth Hits $7.14T Next: Housing Costs Are Keeping Americans Awake at Night The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn Editor’s note: this piece originally appeared in the June issue of DS News.Dave Worrall leads a team of seasoned loan servicers to not only add value to their clients’ servicing needs but also help them turn bad situations with borrowers into good ones. Prior to joining LoanCare, Worrall was President of RoundPoint Mortgage Servicing Corporation. He has also held senior leadership roles in loan servicing at Citigroup, Fannie Mae, and GMAC-RFC. While at Fannie Mae, he worked directly with the Department of the Treasury on the Making Home Affordable programs. Worrall earned his Master of Business Administration from Texas A&M University and was a Ford Distinguished Scholar while he attended. He also holds a bachelor’s degree in English from Florida State University. Worrall spoke with DS News on his learnings from his time in the industry during the housing crisis as well as how the servicing landscape has changed over the past decade.You were VP in the National Servicing Organization at Fannie Mae just as the housing crisis began. How was your experience serving in that role during one of the most chaotic times in our industry? The experience was both exciting and horrifying. Mortgage servicing became front page news and was suspected as an accomplice for the worldwide financial crisis. The servicing industry was unprepared for mortgage delinquency levels that just years before seemed an impossibility. Fannie Mae’s leadership became a critical factor in delivering assistance to borrowers. It was exciting to be a part of an all-star team passionately committed to helping borrowers and redeeming the reputation of mortgage servicing. It is a comfort that many from this team have grown into leadership roles in the industry and taken with them the lessons learned at Fannie Mae during the crisis.How have loss mitigation processes changed over the years, especially in the wake of recent natural disasters?The only way to effectively deal with the rapid escalation of mortgage delinquency during the crisis was through assistance programs. These programs, like the Home Affordable Modification Program, transformed loss mitigation into a functional area that applies a waterfall of solutions to a distressed mortgage. A programmatic approach benefits the industry when natural disasters appear. Disasters usually surprise and these programs give servicers off-the-shelf solutions that they can swiftly apply to relieve the suffering of borrowers affected by events like floods, hurricanes, and fires.How can servicers cut through language and cultural barriers to effectively serve borrowers? Web, mobile and virtual assistants solve this problem. These communication platforms give us a limitless opportunity to cheaply build services that meet the needs of every flavor of borrowers. In the next decade, servicers will rush to understand the profiles of the individuals they provide services to and also help them differentiate with customized services and features, which engage borrowers from the start and make working through situations like mortgage delinquency a much easier process.What are some of the most important industry trends servicers should focus on this year? Borrowers often think social media is the path of least resistance to address any issue with a servicer.  Generally, these platforms do little curation of complaints and therefore often make it difficult for us to effectively address a real problem. Online reputations weigh heavily into a borrower’s trust of a servicer and willingness to cooperate if something goes wrong, so we all need to focus on becoming more sophisticated on social media. The industry also needs more partnership with social media platforms so we can encourage a communications process that always gives servicers a chance to satisfy a borrower. You have spoken about doing more with less through automation. What kind of innovations are in the pipeline for servicers in the coming years?Virtual assistants, such as Amazon’s Alexa, will revolutionize servicing in the next decade. Servicers are positioned to benefit from the growing ubiquity of this technology because we have been doing business for years through automated phone systems that force us to continuously refine how we provide service through voice interactions. Virtual assistants allow us to deploy the same functionality to people’s living rooms, mobile phones, and kitchen counters, but with a flexibility that allows us to offer new features that were impossible to think of just a few years ago.  What do you love most about your role at LoanCare and what parallels have you drawn from your previous experiences?  Our sole business at LoanCare is subservicing mortgages. Our job is to add value to our clients’ brands through our service. They depend on us to convert bad situations with borrowers into good ones. This pure purpose makes decisions about our culture, technology, and people easier. I can always test a project, hire, or partner by evaluating how it helps the brands of our clients. In other roles I have held, servicing has been one of many functions that had to compete for attention and resources. That’s just not the case at LoanCare. Servicing is what matters. It comes first. Tagged with: LoanCare Servicing June 26, 2019 3,599 Views The Best Markets For Residential Property Investors 2 days ago 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. in Daily Dose, Featured, Government, Market Studies, News, Print Features Subscribe Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Five Minutes With: LoanCare’s Dave Worrall LoanCare Servicing 2019-06-26 Seth Welborn Sign up for DS News Daily Home / Daily Dose / Five Minutes With: LoanCare’s Dave Worralllast_img read more