GSEs Making Push to Clear NPLs From Portfolios, Help Borrowers With Loss Mitigation

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: avoiding foreclosure Fannie Mae Freddie Mac Loss Mitigation Non-Performing Mortgage Loans With Fannie Mae’s announcement on Thursday that it is going to begin selling pools of non-performing single-family mortgage loans, it is clear that the GSEs are making a strong push to rid themselves of the backlog of deeply delinquent loans on their books five years after the peak of the foreclosure wave.The Federal Housing Finance Agency (FHFA), which has been the conservator of Fannie Mae and Freddie Mac since September 2008, wants the two GSEs to clear out non-performing loans from their portfolios. Freddie Mac has conducted three sales of NPLs totaling $1.97 billion in unpaid principal balance in the last eight months, while Fannie Mae’s next such sale will be its first. It will likely not be the last, though; Fannie Mae’s SVP for Credit Portfolio Management, Joy Cianci, said the GSE is intent on “building these sales into a regular, programmatic offering to the market.”The two GSEs are not merely trying to excise these loans from their books, however – many of the loans are two years or even three years delinquent, meaning the borrowers who occupy the homes in those cases are in some stage of mitigation or are in foreclosure. The FHFA wants to help borrowers in these cases avoid foreclosure at all costs; in early March, FHFA issued enhanced requirements for the buyers and servicers of Agency non-performing loans that call for bidders to identify servicing partners at the time of qualification and complete a questionnaire to demonstrate a record of successful loan resolution through foreclosure alternatives.Also as part of the enhanced requirements, servicers who purchase non-performing Agency loans must apply a “waterfall of resolution tactics” before resorting to foreclosure and report loan resolution results and borrower outcomes to Fannie Mae and Freddie Mac for four years after the NPL sale.”These transactions are intended to reduce the number of seriously delinquent loans that Fannie Mae owns, to help stabilize neighborhoods, and to offer borrowers access to additional foreclosure prevention options,” Cianci said.According to the FHFA’s most recent foreclosure prevention report issued in late March, Fannie Mae and Freddie Mac completed 307,200 foreclosure prevention actions combined in 2014 and have completed 3.4 million such actions since the conservatorship began in September 2008. Foreclosure prevention actions include home retention actions such as permanent loan modifications, repayment plans, and forbearance plans as well as home forfeiture actions such as short sales and deeds-in-lieu of foreclosure.Freddie Mac’s most recent NPL sale occurred on March 25, when it sold 5,398 deeply delinquent loans in three pools with a combined $985 million in UPB. It was Freddie Mac’s largest NPL sale ever; the previous two sales were in February for $392 million and in August 2014 for $596 million. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago avoiding foreclosure Fannie Mae Freddie Mac Loss Mitigation Non-Performing Mortgage Loans 2015-04-06 Brian Honea GSEs Making Push to Clear NPLs From Portfolios, Help Borrowers With Loss Mitigation 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. The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / GSEs Making Push to Clear NPLs From Portfolios, Help Borrowers With Loss Mitigation April 6, 2015 1,714 Views Previous: DS News Webcast: Monday 4/6/2015 Next: Freddie Mac Announces STACR’s Inaugural Actual Loss Transaction Share Save in Daily Dose, Featured, News, Secondary Market Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe  Print This Post About Author: Brian Honea Demand Propels Home Prices Upward 2 days agolast_img read more

Eight of the Top 10 Hottest New Home Sales Markets Are in the South

first_imgHome / Daily Dose / Eight of the Top 10 Hottest New Home Sales Markets Are in the South Previous: DS News Webcast: Tuesday 5/26/2015 Next: Temporary Factors Slowed Economic Growth in Q1, Analyst Says Eight of the Top 10 Hottest New Home Sales Markets Are in the South Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago CoreLogic Housing Market New Home Sales 2015-05-25 Brian Honea 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 Subscribe  Print This Post May 25, 2015 955 Views center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Using two both new home sales figures and new home sales share, CoreLogic determined that eight out of the 10 hottest markets for new home sales are located in the South, let by Nashville, Tennessee, at 17 percent year-over-year growth.In CoreLogic’s recently-released May 2015 MarketPulse, Chief Economist Sam Khater noted that Nashville is one of only five markets nationwide which has had a greater number of home sales in 2015 than it had in the pre-crisis years of the early 2000s.Khater said his report that while Census Bureau data reports 441,000 in new home sales nationwide for the 12-month period ending in January 2015 is still more than 200,000 below the national average of 660,000 for the last 50 years, this data does not tell the whole story since it masks areas where new home sales are thriving. Of the 50 metropolitan areas measured, 17 of them experienced year-over-year growth in new home sales.According to CoreLogic, San Jose, California, was the metro area with the second-highest year-over-year home sales growth with 14 percent. San Jose was one of only two of the top 10 markets for highest year-over-year new home sales growth; the other was Portland, Oregon, which was eighth. Atlanta, Georgia, ranked third at 10 percent.“Atlanta’s new home market strength is particularly remarkable given that distressed sales still account for 16 percent of all sales – by far the highest of the (top) three markets,” Khater said. “As distressed sales continue to fall in Atlanta, that will give additional marginal lift to new sales.”Filling out the top 10 for hottest new home sales growth were Jacksonville, Florida (fourth); Greenville, South Carolina (fifth), Sarasota-Bradenton, Florida (sixth); Fort Worth, Texas (seventh); San Antonio, Texas (ninth); and Miami, Florida (10th). Houston and Dallas ranked at No. 12 and 13, respectively, giving Texas four of the top 13 markets for new home sales growth.Seven of the top 10 markets for new home sales share as of January 2015, according to CoreLogic, were located either in Texas or the Carolinas. The top market was El Paso, where 22 percent of all home sales were new home sales (the national average for new home sales share was 8 percent). Raleigh, North Carolina, was second a 21 percent despite a downward trend in new home sales in 2014 due to home price appreciation and high rates, according to Khater.“The good news is that Raleigh’s permits have strengthened in the first three months of 2015 and are running slightly ahead of 2014,” Khater said.Charleston, South Carolina, ranked third at 20 percent, followed by Houston, San Antonio, and Austin at fourth through sixth, and Charlotte, North Carolina, at seventh. Charleston has had a steadily improving home sales market and is one of those five markets in the top 50 where new home sales are at higher levels than they were in the early 2000s, despite a $60,000 new home price appreciation in the last two years, Khater said.“Looking forward, southern markets with strong demographic growth will exhibit robust new home sales activity,” Khater said. “In many of the remaining metros with solid job growth, the reality of very low inventory of unsold new homes, declining vacancies, and rapid price appreciation will lead to more construction in the next few years that will lift many more markets above their current new home sales trajectory.” About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: CoreLogic Housing Market New Home Sales Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Market Studies, Newslast_img read more

Most Fed Districts Report Positive Residential Real Estate and Economic Activity

first_img Tagged with: Beige Book Federal Reserve Housing Market Residential Real Estate U.S. Economy Share Save Home / Daily Dose / Most Fed Districts Report Positive Residential Real Estate and Economic Activity The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Most Fed Districts Report Positive Residential Real Estate and Economic Activity Beige Book Federal Reserve Housing Market Residential Real Estate U.S. Economy 2015-09-02 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Previous: Fannie Mae’s First Community Impact NPL Pool Goes to New Jersey Non-Profit Next: MERS Granted Motion for Summary Judgment in Texas Court; Lien Reinstated Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News For the reporting period of July through mid-August, the Federal Reserve reported in its August 2015 Beige Book released Wednesday that economic activity continued to expand across most regions and sectors, while the majority of reports on residential real estate markets across the 12 Fed districts were positive.Six districts reported moderate economic growth since the previous Beige Book was issued in mid-July, five districts (New York, Philadelphia, Kansas City, Atlanta, and Dallas) reported modest growth, and one district (Cleveland) reported only slight growth, according to the Fed.The reporting period for the latest Beige Book found widely improved existing home sales and residential leasing, while most areas saw an increase in home prices. The Fed found improved residential real estate activity across all districts; home sales and prices increased in every district. In Richmond and Kansas City, sales of lower- and medium-priced homes outpaced sales of higher-priced homes, while the demand for multi-family homes was more robust in Cleveland, Richmond, and San Francisco.Robust demand and declining inventory were the driving factors behind the increase in home prices, according to contacts in most Fed districts. Inventories in nearly all districts declined or stayed flat, except for Kansas City, where they slightly increased. Contacts in Boston, New York, and Richmond reported bidding wards among buyers due to low inventory.”Overall, the residential outlook was positive, with the majority of Districts expecting this increased activity to continue.””New York and Dallas both indicated that prices have climbed for low- to medium-priced homes but price pressures are softer for higher-priced properties,” the Fed said in the report. “Rental markets remained strong nationwide. Overall, the residential outlook was positive, with the majority of Districts expecting this increased activity to continue.”Reports of residential construction activity were mixed; it increased for some districts but was moderate or flat in Boston, Philadelphia, Richmond, Minneapolis, and Dallas. In Cleveland, contacts attributed the increased construction activity to an expected rise in interest rates later in the year, improved labor conditions, and higher consumer confidence, according to the Fed. At the same time, the Cleveland contacts reported supply-side constraints and difficulty obtaining financing for construction, with similar reports coming from the Boston district.Click here to view the entire Beige Book that covers the period from July to mid-August. September 2, 2015 1,234 Views About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago  Print This Postlast_img read more

Housing Shows Strength in Numbers

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago If you’ve ever wondered how much every home in America is worth combined, the latest Real Estate Analytics report by Zillow will do the math for you. According to the report, the total value of every home in the United States was expected to reach more than $29.6 trillion in 2016, which is a record high and a 5.7 percent increase from 2015. If that isn’t enough to boggle your mind, the combined value of all homes in the nation is more than the GDP of the United States and China put together.“So it’s safe to say the United States housing market is pretty darn valuable—worth more than the entire 2015 market capitalization of every U.S. public company combined (roughly $25 trillion),” Zillow Chief Economist Svenja Gudell said, noting that “the national housing market is really just a collection of smaller, local markets. And on their own, the total value of housing in some of America’s priciest places is eye-popping.”One West Coast city topped the list for its lavish homes. Los Angeles homes, which include celebrity-populated suburbs like Beverly Hills and Malibu, hold the title as America’s most valuable housing market and have a combined total value of more than $2.5 trillion, which is more than double the combined wealth of America’s 50 richest citizens. The Big Apple came in at a close second at less than $2.4 trillion, and is arguably more or less than the GDP of France. The San Francisco Bay area rounds out the top three spots, with a combined housing value of almost $1.3 trillion. The rest of the top ten most valuable metro markets in the U.S. are Washington, D.C., Miami, Chicago, Boston, San Jose, San Diego, and Philadelphia, according to Zillow. On the renters’ side of the market, Americans spent $479 billion on rental properties, which was $18 billion more than they spent in 2015 and $97 billion more than in 2011 during the recession, Zillow reported. Not surprisingly, New Yorkers paid the biggest chunk of change by spending $54.6 billion in rent last year, which was $2.4 billion more than they paid in 2015, according to Zillow. Following New York City were residents of Los Angeles and San Francisco, who spent $38.6 billion and $15.8 billion respectively on rent in 2016.Markets that accumulated more than $10 billion in rent were Chicago ($14.9 billion); Washington, D.C. ($14.4 billion); Miami ($12.3 billion); Dallas ($11.1 billion); Houston ($10.5 billion); and Boston ($10.3 billion). Housing Shows Strength in Numbers Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 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. The Week Ahead: Nearing the Forbearance Exit 2 days ago January 4, 2017 1,638 Views Previous: The Ever-Growing World of Performing Mortgages Next: Banks’ Credit Exposure is Much Less Risky These Days Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Share Savecenter_img The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Housing Market Los Angeles New York Rent Top Markets Zillow Subscribe Home / Featured / Housing Shows Strength in Numbers  Print This Post Demand Propels Home Prices Upward 2 days ago in Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Mirasha Brown Related Articles Housing Market Los Angeles New York Rent Top Markets Zillow 2017-01-04 Kendall Baerlast_img read more

Will GDP Impact Fed’s Decision to Cut Interest Rates?

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Sign up for DS News Daily Home / Daily Dose / Will GDP Impact Fed’s Decision to Cut Interest Rates? Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save The Fed will meet at the end of the month to determine whether to slash interest rates for the first time in nearly a decade. Its decision, though, could be impacted by Friday’s GDP report, according to the New York Post. The report states the Fed is expected to cut interest rates by one quarter of 1%.  Wall Street economists are expecting growth of around 2% for Q2 2019, which would be lower than the 3.1% growth during Q1 2019. Two-percent growth would be in line with the 2.2% growth for Q4 2018—a period of time the Fed was deciding to raise rates. The Post added that if Friday’s GDP report exceeds expectations, the financial markets are going to have some “pretty nervous days” until the Fed makes its decision on July 31. The Fed has said it will only cut rates to boost a slowing economy. On Monday, President Donald Trump signaled to the Fed that he believes now is the best time to cut interest rates.“Very inexpensive, in fact productive, to move now,” the President tweeted. “The Fed raised & tightened far too much & too fast.”Bloomberg reports that Fed Chairman Jerome Powell is looking to ease interest rates by around a quarter of a percentage point at the July meeting. Earlier this year, Powell stated that though the economy remained strong, “crosscurrents, such as trade tensions and concerns about global growth, have been weighing on economic activity and the outlook.”In a meeting of the Federal Open Market Committee (FOMC), Powell said that while jobs, wage growth, and consumer spending remained strong in the second quarter of 2019, growth in business investment “seems to have slowed notably, and overall growth in the second quarter appears to have moderated.”Additionally, two Federal Reserve Chiefs stated interest rates are unlikely to be cut in July. Federal Reserve Bank of Atlanta President Raphael Bostic told Bloomberg that he is “not seeing the storm clouds generating a storm yet,” while Thomas Barkin from the Richmond Fed said that with unemployment low and consumer spending, it’s “hard to make a case for stepping on the gas.’’ Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago July 25, 2019 1,338 Views Servicers Navigate the Post-Pandemic World 2 days agocenter_img Related Articles Subscribe in Daily Dose, Featured, Government, News Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. The Best Markets For Residential Property Investors 2 days ago Tagged with: Fed GDP Interest rates Data Provider Black Knight to Acquire Top of Mind 2 days ago Fed GDP Interest rates 2019-07-25 Mike Albanese About Author: Mike Albanese The Best Markets For Residential Property Investors 2 days ago Will GDP Impact Fed’s Decision to Cut Interest Rates? Previous: Title Companies Announce Merger Next: Is a Recession on the Way?last_img read more

When Mortgage Fraud Hits Home

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Foreclosures Fraud Mortgage Fraud 2019-10-21 Mike Albanese The Best Markets For Residential Property Investors 2 days ago Tagged with: Foreclosures Fraud Mortgage Fraud Previous: Auction.com Appoints Mikhail Gaushkin as CMO Next: The Cost of Trade Wars on Housing About Author: Mike Albanese Share Save Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Loss Mitigation, News Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. When Mortgage Fraud Hits Home The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / When Mortgage Fraud Hits Home Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 21, 2019 1,510 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles A Sacramento grand jury charged three people connected to a mortgage fraud scheme that allegedly stole more than $7 million from homeowners facing foreclosure across the state, according to The Mercury-News.Steve Rogers, Robert Sedlar, and Audrey Gan, who allegedly operated a company called Grand View Financial, told homeowners that if they transferred their home and paid money to their company that Grand View would eliminate mortgage liens and transfer the home back to them. The Mercury-News reported that from 2019-2019 the company allegedly stole more than $7 million from homeowners in Alameda, Contra Costa, San Mateo, San Francisco, San Joaquin, Solano, Placer, Mendocino, El Dorado, San Diego, and Sacramento counties, according to a release from California Attorney General Xavier Becerra. The alleged have been charged by a grand jury with conspiracy, grand theft, elder abuse, filing false or forged documents in a public office, and other felony charges related to the charges. According to The Mercury-News, the arrests were the result of a joint investigation by Becerra’s office, the United States Office of Inspector General, Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the U.S. Trustee Program, U.S. Marshals Service and El Dorado County District Attorney. A report by CoreLogic from September found that mortgage application fraud risk decreased significantly in Q2 2019 from Q1 2019, according to the latest Mortgage Fraud Risk Index from CoreLogic. The Index fell from 152 to 132 quarter-over-quarter.According to the report, New York, Florida, and New Jersey remained the top states for fraud risk. The top five states for fraud risk increases were Idaho, Alabama, Mississippi, New York, and Delaware. According to Bridget Berg, Mortgage Fraud Solutions Principal at CoreLogic, the decrease in fraud risk may be temporary, based on unexpected interest rate drops and an influx of low-risk refinance transactions.“The absolute number of risky loans did not decrease but is part of a larger mortgage market for now,” Berg said. The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

The Week Ahead: A New Deputy Secretary for HUD?

first_imgHome / Daily Dose / The Week Ahead: A New Deputy Secretary for HUD?  Print This Post 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 The Week Ahead: A New Deputy Secretary for HUD? On Tuesday, the Senate Committee on Banking, Housing and Urban Affairs will hold a hearing to discuss the nomination of Brian Montgomery as Deputy Secretary of the Department of Housing and Urban Affairs.Under this role, Montgomery, who also serves as HUD’s Assistant Secretary for Housing and Federal Housing Commissioner, would manage the day-to-day operations of the agency and assist the Secretary in leading the department’s nearly 8,000 employees.“Once again, I am tremendously honored to be called upon by President Trump and Secretary Carson to serve this Department and the American people,” Montgomery said. “Service to our fellow Americans is the cornerstone of our Department and I look forward to continuing to help fulfill HUD’s critical role.”A release from HUD states that Montgomery was nominated for these roles in September 2017 and he is the first person to serve as the head of the Federal Housing Administration twice and under three different Administrations.“Brian brings tremendous experience to our team and has been a strong voice in the effort to reform the Nation’s housing finance system,” said HUD Secretary Dr. Benjamin Carson. “As Federal Housing Commissioner, Brian made certain FHA remains a stable and reliable resource for first-time and minority homebuyers, and other underserved borrowers while protecting the interests of taxpayers. Brian is a key member of our team and I look forward to having him confirmed as our Deputy Secretary.”Tuesday’s hearing will include several other nominations, including Mitchell A. Silk to be an Assistant Secretary of the Treasury, and David Carey Woll, Jr., of Connecticut, and John Bobbitt, of Texas, both to be an Assistant Secretary of HUD.Here’s what else is happening in The Week AheadFreddie Mac Primary Mortgage Market Survey—December 12CFPB WorkShop With Federal Trade Commission—December 10Fed Rate Announcement—December 11 Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Carson FHA HUD Montgomery Senate The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Seth Welborn Previous: Mortgage Servicing: Keeping Up With the Consumer Next: Home-Equity Wealth Forecasted to Grow in 2020 The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Subscribe December 6, 2019 2,322 Views Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Carson FHA HUD Montgomery Senate 2019-12-06 Seth Welborn Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

New York Lawmakers: Mortgage Forbearance Is Not Enough

first_img April 23, 2020 1,161 Views Forbearance 2020-04-23 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago New York Lawmakers: Mortgage Forbearance Is Not Enough Previous: VP Mike Pence Addresses Industry Stakeholders on COVID-19 Response Next: Measuring Homeowner Financial Strain Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share 1Save A few New York lawmakers are proposing additional relief for homeowners who are struggling financially amid the COVID-19 pandemic. They say the mortgage loan forbearance measures already in place through the federal and state governments are simply not enough.On Monday, State Senator Todd Kaminsky and State Senate Housing Chair Brian Kavanagh proposed a measure now endorsed by Congresswoman Kathleen Rise to essentially prolong the life of mortgage loans, adding missed payments on to the end of the loan life.Under the federal Coronavirus Aid Relief and Economic Security (CARES) Act, homeowners are offered three months of forbearance on federally-backed mortgage loans. New York Governor Cuomo also signed an executive order giving all homeowners in the state forbearance for 90 days.However, at the end of these 90 days or 180 days—depending on the loan type—homeowners are expected to pay all missed payments in a lump sum at their next due date.“I’m hearing from people that are dreading it,” Kaminsky said, according to an article published on WCBS 880 News Radio. “They’re saying, ‘I don’t know how this is possible if I don’t have the money now to make payments, how am I going to suddenly come up with the money when this emergency period ends and have three months’ worth of money just sitting around.’ I mean it’s ridiculous.”Instead, the proposed legislation would simply add the missing payments onto the end of the loan, extending the loan life by three months.“I’ve heard from countless homeowners who are struggling to make mortgage payments due to the COVID-19 pandemic,” Rice said in a press release earlier this week. “During this unprecedented crisis, Long Islanders should be solely focused on keeping their families safe and healthy, not worried about losing their homes.”The three New York lawmakers wrote in an article on Newsday, “Our goal as policymakers should be to offer homeowners as many flexible options as possible to suit each individual family’s needs.”They continued, “This [proposal] allows homeowners to catch up on their payments at their convenience, without fear of foreclosure actions or damage to their credit. For many, it could be the difference between losing their homes and keeping them.”While the state senate is currently not in session, state lawmakers are pushing to vote on this and other bills aimed at helping New Yorkers weather the current crisis.Another state senator, David Carlucci, is promoting a bill aimed at preventing individuals from having to turn over their federal stimulus payments to creditors, according to a recent article from Spectrum News. The Best Markets For Residential Property Investors 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 Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News About Author: Krista F. Brock Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / New York Lawmakers: Mortgage Forbearance Is Not Enough Tagged with: Forbearance Demand Propels Home Prices Upward 2 days ago  Print This Post 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. last_img read more

More Americans Expect to Miss Mortgage Payments

first_img Previous: OCC Addresses Liquidity and Forbearance Issues Next: HUD, FHFA, CFPB Join Forces to Assist Homeowners Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 2020-05-12 Seth Welborn More Americans Expect to Miss Mortgage Payments The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn  Print This Post Share Save Home / Daily Dose / More Americans Expect to Miss Mortgage Payments May 12, 2020 1,552 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Related Articles in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Federal Reserve Bank of New York’s Center for Microeconomic Data released the April 2020 Survey of Consumer Expectations, which shows considerable deterioration in households’ expectations about most economic outcomes, including household debt. The perceived probability of losing one’s job reached a new series’ high for the second consecutive month.Median inflation expectations increased in April by 0.1 percentage point at the one-year horizon to 2.6% and by 0.2 percentage point at the three-year horizon to 2.6%. Respondents, however, increasingly disagree about the future path of inflation. The Fed’s measure of disagreement (the difference between the 75th and 25th percentiles of inflation expectations), increased for the second consecutive month at both horizons (from 5.1% and 4.4% in March to 6.0% and 4.7% in April for one-year and three-year ahead inflation, respectively). Disagreement about one-year ahead inflation reached a new series high in April.Median household income growth expectations dropped to 1.9% in April, reaching a new series low. The decrease was almost exclusively driven by respondents between the ages of 40 and 60. Additionally, 21.9% of respondents expect that their household income will decrease over the next year.The average perceived probability of missing a minimum debt payment over the next three months increased for the second consecutive month to 16.2% in April, well above its 12-month trailing average of 11.9%.Perceptions about households’ current financial situations compared to a year ago worsened for the second consecutive month, with 39.2% of respondents reporting to be worse off today than a year ago (versus 30.2% in March). Respondents are also increasingly pessimistic about their year-ahead financial situations with 31.6% of respondents expecting their households to be worse financially a year from now (versus 27.8% in March).Additionally, perceptions of credit access compared to a year ago deteriorated sharply in April, with 48.0% of respondents reporting access to credit being harder, as compared to 32.1% in March. Expectations for year-ahead credit availability also deteriorated in April, with 46.7% of respondents expecting that credit will become harder to access, as compared to 38.8% in March. Governmental Measures Target Expanded Access to Affordable Housing 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 Sign up for DS News Daily Subscribelast_img read more

Report Reflects a ‘Troubling Slowdown’ for Forbearance Improvement

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Christina Hughes Babb Previous: Migration, Low Rates Make Homeownership Attainable Next: The Week Ahead: Webinars on Mortgage-Servicing Rights, Home Appraisals Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 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  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago January 8, 2021 1,340 Views The percentage of mortgage loans in forbearance programs dipped by -3%, or 92,000 actual loans, for the week ending January 5, according to a weekly report from Black Knight. That is the largest weekly drop since early November, Black Knight researchers say, adding that the decline was driven by the large volume of quarterly forbearance plan expirations at the end of December, many of which were reaching the 9-month mark.Despite the decline, Black Knight reported, “this week’s numbers reflect a troubling slowdown in the rate of improvement.””The 3% decline in the first week of January fell starkly short of the 9% we saw at the start of July, during the first quarterly wave of expirations,” the researchers noted. “And it pales in comparison to the 18% reduction in the first week of October when plans began to reach 6-month expirations.”While the monthly rate of decline has varied over the past seven months due to fluctuations in scheduled expiration activity, the report showed the population improved by an average rate of -1% month-over-month over the past 30 days. That’s down from -7.5% monthly on average from June through November.December marked the last significant wave of quarterly expirations before the first plans begin to reach their 12-month points at the end of March.”As such, it’s likely we’ll see only modest improvement in overall forbearance volumes between now and then,” Black Knight reported.Overall, as of January 5, 5.2% of all mortgages (2.74 million) are in forbearance. Together, they represent $547 billion in unpaid principal.All investor classes showed some improvement—FHA/VA forbearances fell 33,000 (-2.8%), a 32,000 decline among GSE-backed loans, a 27,000, or -3.9%, reduction of private-label securities or banks’ portfolio loans.About 3.3% of all GSE-backed loans and 9.3% of all FHA/VA loans are in forbearance plans. An additional 5.2% of loans in private-label securities or banks’ portfolios are also in forbearance.Forbearance plan starts fell again this week, Black Knight reported, “with both new starts and total starts hitting their lowest levels since the early stages of the pandemic, and restarts at their lowest since early October.”The report showed the largest weekly volume of forbearance removals, 146,000, since early November.Still, just 35% of loans in expiring plans were removed from forbearance in the first week of January as compared to more than 60% on average in the first week of each of the previous three months.”This decline in removals appears to be the largest contributing factor to the slowing rate of improvement in active forbearance plans,” Black Knight reported. 2021-01-08 Christina Hughes Babb Home / Daily Dose / Report Reflects a ‘Troubling Slowdown’ for Forbearance Improvement in Daily Dose, Featured, Market Studies, News Related Articles Report Reflects a ‘Troubling Slowdown’ for Forbearance Improvement Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more