Consumer Spending Rises for Second Straight Month

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Consumer spending indicators rose for a second straight month in September as the labor market showed signs of improvement.Deloitte released Thursday the results of its latest monthly Consumer Spending Index, which climbed in September to 4.21 from an August reading of 4.11.The index tracks consumer cash flow through a handful of measures—tax burden, initial unemployment claims, real wages, and new home prices—as an indicator of future consumer spending.Out of those four gauges, only one improved: Real hourly wages were up 0.5 percent from August to $8.86 in September, Deloitte reported.Among the other indicators, initial unemployment claims increased to 303,000 last month but remained 10.3 percent down from the same period last year. New home prices also deteriorated slightly, falling 1.4 percent month-over-month to a median $116,000.Finally, Deloitte’s tax burden measure was unchanged, with the tax rate increasing only marginally to 11.8 percent.”A rise in real wages boosted the Index this month,” said Daniel Bachman, Deloitte’s senior U.S. economist. “Although unemployment claims remain at the level of the previous month, seeing them continue to hover around the 300,000 mark is a positive sign for the labor market. The uptick in wages—although only of one month’s duration—is also consistent with the improving labor market.”If employment and wages continue this positive trajectory, consumers are likely to respond with more confidence and higher spending,” he finished. Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Consumer Spending Deloitte Employment Jobs New Home Prices 2014-10-10 Tory Barringer 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Study: Economy On More Solid Ground, Housing May Soon Follow Next: Virginia Man Sentenced for Hacking Fannie Mae-Run Website About Author: Tory Barringer in Daily Dose, Featured, Market Studies, News Home / Daily Dose / Consumer Spending Rises for Second Straight Month Related Articles Consumer Spending Rises for Second Straight Month Share Save The Best Markets For Residential Property Investors 2 days ago Tagged with: Consumer Spending Deloitte Employment Jobs New Home Prices October 10, 2014 1,013 Views Subscribe Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago tweet Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Fed Rules Eight Banks to be Held to Minimum Capital Holdings or Surcharges

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Fed Rules Eight Banks to be Held to Minimum Capital Holdings or Surcharges Banks Federal Reserve Minimum Capital Holdings Stiff Surcharges 2015-07-20 Scott Morgan Previous: Morgan Stanley’s Q2 Net Revenues Reach $9.7 Billion Next: JPMorgan Chase & MBS Investors Reach $388 Million Settlement in Lawsuit Related Articles Sign up for DS News Daily July 20, 2015 1,779 Views Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Share Save About Author: Scott Morgan Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Fed Rules Eight Banks to be Held to Minimum Capital Holdings or Surcharges Servicers Navigate the Post-Pandemic World 2 days ago Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. in Daily Dose, Featured, Government, News Tagged with: Banks Federal Reserve Minimum Capital Holdings Stiff Surcharges Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The nation’s top eight banks will be held to minimum capital holdings or face stiff surcharges, according to a decision made by the Federal Reserve on Monday.The ruling establishes minimum holdings among what the Fed dubs “global systemically important banks,” or GSIBs, the firms with the most risk-based endeavors. These are the elite banks, which the Fed does not want to have to rescue the way it did during the 2009 bailouts. Monday’s ruling is designed to reduce the risk of banking bloat by encouraging the elite eight to reduce their risk profile and size.The GSIBs, according to the Fed’s criteria are: Bank of America; Bank of New York Mellon; Citigroup; Goldman Sachs; JPMorgan Chase; Morgan Stanley; State Street; and Wells Fargo. JPMorgan Chase faces the largest potential surcharge of 4.5 percent of its risk-based capital. The remaining seven would face surcharges between 1 and 3.5 percent of each firm’s total risk-weighted assets.The GSIB surcharge will be phased in from January 1, 2016, until January 1, 2019, when it becomes fully effective.Federal Reserve Chair Janet Yellen said that the decision is designed to implement accountability among the largest banks themselves ‒‒ to “bear the costs that their failure would impose on others,” she said. GSIBs must “either hold substantially more capital, reducing the likelihood that they will fail, or else they must shrink their systemic footprint, reducing the harm that their failure would do to our financial system,” she said.Monday’s ruling has shades of the Fed’s ruling last December requiring two systematically sound ways of calculating surcharges and then using the higher of the two. This, according to the Fed, is aimed at reducing the reliance on short-term wholesale funding, which “left firms vulnerable to runs and fire sales” during the crisis, the report states.Reserve Board Governor Daniel Tarullo said the ruling is an important bolster to the financial framework the Obama administration has built-in the wake of the recession and that the new rules “reflect the relatively new, but very significant, principle that the stringency of prudential standards should vary with the systemic importance of regulated firms.” Subscribelast_img read more

Docutech’s Amy Brandt Appointed to CEO

first_img Share Save Servicers Navigate the Post-Pandemic World 2 days ago February 11, 2018 3,059 Views Demand Propels Home Prices Upward 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected]  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe About Author: Nicole Casperson Sign up for DS News Daily Docutech’s Amy Brandt Appointed to CEO Home / Daily Dose / Docutech’s Amy Brandt Appointed to CEOcenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Docutech, Idaho Falls, Idaho- and Scottsdale, Arizona-based provider of document, eSign, eClosing, and compliance technology for the mortgage, home equity and consumer lending industries, has named Amy Brandt as its new CEO. Brandt, formerly President and COO, will continue to serve as the company’s president and will assume the CEO role from Founder Ty Jenkins, now the company’s chairman.“I couldn’t be more pleased to announce the appointment of Amy Brandt as Docutech’s new CEO,” said Docutech’s Founder and Chairman Ty Jenkins. “Amy possesses the strategic vision, expertise, tenacity, and exemplary leadership qualities we were seeking for this role and it’s clear she has what it takes to lead Docutech in this exciting next chapter of growth and beyond.”Brandt’s appointment to CEO represents a key development in Docutech’s growth strategy. Recognizing the company’s long-standing document and compliance leadership position and potential for growth, Serent Capital, a San Francisco-based private equity firm, made an investment in Docutech in 2016.As part of a broader ownership structure, an Advisory Board was formed and collaborated in the selection of Brandt as the company’s new CEO. In taking Docutech to the next level, Brandt will drive the company’s strategic vision and lead its growth initiatives by adding new products, entering new market segments and seeking strategic acquisitions.Brandt is a mortgage industry veteran who brings more than 20 years of expertise to the new role. Prior to joining Docutech last spring, she most recently served as president of originations and corporate technology at New Penn Financial, where she oversaw all origination channels, including direct-to-consumer products, third-party originations, and retail.Prior to New Penn Financial, Brandt served as COO of Prospect Mortgage, where she enhanced day-to-day operations and transformed the lender’s technology infrastructure.“I’m thrilled to be at Docutech’s helm during such an exciting time in our industry and to continue to evolve our world-class technology and solutions to transform the way lenders do business and serve their customers,” said Brandt. “I am truly honored to be a part of such an outstanding team that is well poised for success.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Safeguard Properties Launches Next-Generation Multimedia Application Next: Study Says: Rising Rates to Marginally Affect Home Buying Data Provider Black Knight to Acquire Top of Mind 2 days ago DocuTech HOUSING mortgage Movers and Shakers 2018-02-11 Nicole Casperson The Best Markets For Residential Property Investors 2 days ago Tagged with: DocuTech HOUSING mortgage Movers and Shakers in Daily Dose, Featured, News, Technology Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

A Universal Solution to a Universal Problem

first_img Banks Foreclosures legal audits Lenders Procedures Servicers Vendors 2018-03-12 Radhika Ojha 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  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago March 12, 2018 2,531 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Sign up for DS News Daily Tagged with: Banks Foreclosures legal audits Lenders Procedures Servicers Vendors The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Rental Markets vs. Buyer Markets Next: The Long Road to Recovery for Ohio and Foreclosures 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 Share Save Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / A Universal Solution to a Universal Problem A Universal Solution to a Universal Problem Editor’s note: this feature originally appeared in the March issue of DS News, out now. In the past decade, decreasing volumes on both the servicer and attorney side have forced companies to tighten their belts to remain profitable. One area of particular concern for both parties is the attorney audit. Law firm audits cost servicers millions of dollars annually while the firms spend tens of thousands of dollars per audit in employee time. On top of this, attorneys spend numerous hours filling out audit questionnaires, while managers are taken from their daily duties to sit in on each individual audit. The irony is that the bulk of the information requested is the same, so why hasn’t the industry been able to come up with a universal solution? It turns out the answer is already here.The Universal ProblemWhen the Consumer Financial Protection Bureau (CFPB) was created, the Bureau instituted the audit, in part, to resolve the issue of potential attorney malfeasance. Issues such as robo-signing, impossibly shortened timelines, and a failure to comply with federal statutes, such as the Servicemembers Civil Relief Act, indicated that some borrowers were being foreclosed upon in inappropriate ways. Since the work was being done on behalf of the default servicing community, servicers were called upon to provide the oversight of third-party vendors.Immediately, companies scrambled to come up with new protocols to ensure their counsel were utilizing entirely compliant processes.While talk immediately began of a universal protocol, in order to move quickly, each servicer began establishing its own requirements, as well as establishing staff that would perform onsite audits.With no prior guide, auditors and compliance staff undertook developing questionnaires and audit protocol based upon their individual interpretation of the rules. Accordingly, there were discrepancies from servicer to servicer. Further, the fact that audit and compliance teams needed to be established, created a situation where management-level staff had to be taken away from their primary tasks, leaving particular duties unfulfilled.“Often times, a different set of standards based not on need but on preference cause confusion for creditors, servicers, vendors, and anyone else involved in the practice of default services,” said Jim Bonner, Senior Partner at Brock & Scott PLLC.While profitability has been shrinking for most, the nonrecoverable expense of attorney audits has only heightened this situation. The cost per attorney audit averages between $8,000 and $12,000, causing many servicers to look for new ways to save money. On the law-firm end, costs can range between $10,000 and $40,000 in productivity per audit.To mitigate this, the use of larger, multistate law firms has become the norm, even where such firms have longer timelines or diminished customer service. When the GSEs began requiring servicers to use at least two approved firms per state, the thought was that work would be spread around, giving smaller firms an opportunity to compete. It also helped alleviate the risk of “putting all of your eggs in one basket.” Sadly for the industry, the opposite has happened. Numerous small firms have closed, left the industry, or been bought for pennies on the dollar. Small firms frequently cannot afford to absorb the cost of audits, or the extreme level of associated compliance, without sufficient volume to help defray the costs.Consolidation of default work into fewer mega firms carries its own unwanted risk. The abrupt closing of Butler & Hosch P.A. and Zucker, Goldberg and Ackerman LLC sent shock waves through the industry. That is on top of the mid-crisis closing of numerous firms caught robo-signing (or other alleged misdeeds), resulting in over 100,000 files being transferred to other firms at tremendous expense to servicers and the GSEs alike, which in turn spun off the rules regarding the use of multiple firms. The recent mega firm closings appear to be more management-oriented, but the financial risk is still very real. This is not to say that such firms need to be avoided, or that smaller firms are always preferable, but such issues should be considered. How then should the industry balance such risk against exorbitant costs? The simple answer: consolidating audit and compliance oversight into a common, “universal” platform.Streamlining ProceduresA potential solution to some of the most common problems involves creating a uniform standard as to what is measured during an audit. Identification of core requirements will promote efficiency, decrease costs, and help identify the root cause of problems facing vendors and servicers alike. Similar to the information technology industry standards like ISO 27001 or a SSAE18, standardizing the scope of audits will streamline the focus on what issues they are facing while also allowing servicers to focus on requirements required by various investors.“If a vendor receives 10 scorecards from 10 clients and each scorecard reports something different, then the vendor is required to implement 10 versions of processing a file. This will decrease the efficiency of the employees within the vendor, cause potential risks from processing a file incorrectly, and ultimately increase the cost of processing the files. However, if vendors were graded only on a uniform set of standards, then efficiency increases, audit results will likely be more positive, and identifying weaknesses (or strengths) of the vendor is streamlined. Additionally, with uniform standards, the back-and-forth and argumentative approach to non-uniform metrics are eliminated. Rather, a vendor and servicer will know exactly what is expected,” said Bonner.While an extensive debate has been going on for many years regarding what should or should not be included in all attorney audits, the benefits are obvious.In the two years that I have been working on this subject, several things have become clear. The first is that the use of outside CPA/auditors is somewhat counterproductive because they have no knowledge of the foreclosure process. This is especially true because each of the 50states is unique, leaving an outsider with no specific knowledge of what they are auditing. The second is the fear by some servicing staff that the use of outside companies may cost them their job. Certainly, at the manager level, that could never be true since the Office of the Comptroller of the Currency (OCC) and CFPB specifically require servicer oversight of its thirdparty vendors. In other words, managers will always be protected as their role in monitoring the data and making firm-by-firm decisions still lies solely with them.The third issue comes from my direct observations while establishing the first universal audit prototype for U.S. Default Management. When comparing the questionnaires of three different servicers, I noted that 90 percent of the audit questions used by each were the same, even if they used different words. The remaining 10 percent were unique questions to each individual servicer. While my original thought was to use one base questionnaire and have the answers mapped to an individual servicer’s version, I realized that each servicer was better off with all of the information in their possession. Imagine a CFPB auditor asking for information that other servicers have, but you do not. A company would look very silly when they are the only one lacking that particular set of data. Why not just include everything that everyone wants? That is exactly what U.S Default Management has done, not just with the questionnaire, but also with the entire audit process. Granted, if a client is adamant about excluding certain information, we can certainly set that up in the system, but do you want to be the executive that makes that decision?For those who are concerned about the use of a standardized audit, or the use of third-party audit providers, the OCC  issued a frequently asked questions (FAQ) communication on June 7, 2017, which has a very positive impact for the success and implementation of law firm standardization. This FAQ is a supplement to OCC Bulletin 2013-29, “Third-Party Relationships: Risk Management Guidance,” that was issued on Oct. 30, 2013. The FAQ covers 14 questions of which three specifically address standardization, the outsourcing of audits and collaboration in those audits. In summary, the OCC has conveyed three critical clarifications of their third-party service provider oversight requirements relating to attorney audits:Banks may take advantage of various tools designed to help them evaluate the controls of third-party service providers. In general, these types of tools offer standardized approaches to perform due diligence and ongoing monitoring of third-party service providers by having participating third parties complete common security, privacy and business resiliency control assessment questionnaires.Banks may outsource some or all aspects of their compliance management systems to third parties, so long as banks monitor and ensure that third parties comply with current and subsequent changes to consumer laws and regulations.When multiple banks use the same third-party service providers they can collaborate to meet expectations for managing third-party relationships.As it turns out, there are companies that have been aiding the servicing side for the past few years. Some perform audits, on a client-by-client basis, and others, such as Decision Ready Solutions and Vendor Risk, provide technology that aid servicers in performing and maintaining audit-related data. While such services do not appear to include a universal audit, they do help consolidate and standardize the data that has been accumulated from each law firm, based on an individual servicers needs.U.S. Default Management has taken a different approach. “Instead of hoping everyone would agree on a common questionnaire, we simply combined all of them and created our own ‘universal audit,’” says Dawn Alli, VP of Operations. “We have spent a lot of time developing cutting edge technology, which provides complete transparency for both servicers and attorney firms. We can add questions or processes within 24 hours, which also allows us to slash the cost of the entire process. The more servicers that jump on board with us, the more affordable the process can become because we can spread the overall costs amongst all of our clients.”While the direction of the CFPB may be wavering, attorney audits will remain a mandatory facet of default servicing. Backing off such oversight leaves companies incredibly vulnerable in the event of future attorney misconduct or financial misstep. Maintaining oversight of both process and financial conditions of default attorney firms is the only way to shield a servicer from public, governmental, and legal exposure down the road. Even if the CFPB backs off its rules, competent servicers will not back off of third-party vendor oversight. With greater efficiencies at our fingertips, it is time to implement a standardized initiative. Whether one utilizes an out-sourcing company to cut costs or keeps the operation in-house, the “universal audit” is an undertaking that should be performed by every default servicer. in Daily Dose, Featured, Print Features Subscribelast_img read more

Seeking the Right Balance

first_imgSubscribe  Print This Post Related Articles Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Ben Carson Borrowers Brian Montgomery FHA forward mortgage HECM HUD MMI Fund Purchase Loans Reverse Mortgage in Daily Dose, Featured, Government, News Share Save Servicers Navigate the Post-Pandemic World 2 days ago Previous: Rise and Fall Next: Fannie Mae’s “Action Plan” to Help Homeowners Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Seeking the Right Balance The Federal Housing Administration (FHA) released its 2018 Annual Report to Congress on Thursday. The report, which highlights the economic condition of the agency’s Mutual Mortgage Insurance Fund (MMI Fund) indicated that the fund had a total economic net worth of $34.8 billion, an increase of $8 billion over the previous year, and a capital reserve ratio that remained above the statutory minimum of 2 percent for the fourth straight year.The report said that its economic net worth comprised of total capital resources of $49.24 billion and a negative cash flow net present value (NPV) of -$14.38 billion.”The financial health of FHA’s single-family insurance fund is sound,” said U.S. Housing and Urban Development Secretary Ben Carson. “FHA is in good hands, guarding against excessive risks, protecting the American taxpayer, and remaining true to our core mission to facilitate safe and affordable mortgage options for qualified borrowers.”The MMI Fund supports FHA’s single-family mortgage insurance programs and includes all forward mortgage purchase as well as its Home Equity Conversion Mortgage (HECM) and reverse mortgage program.FHA indicated in its report that while its forward mortgages had seen an increase during the year, its reverse mortgage portfolio “continues to decline, representing a continuing economic drain on the MMI Fund from books of business in 2018 and earlier.””As we look to the future, FHA must continue to seek the right balance between facilitating access to mortgage credit and managing risk,” said FHA Commissioner Brian Montgomery. “Our number one mission is to make certain FHA remains a stable and reliable resource for first-time and minority homebuyers and other underserved borrowers.”Indicating the need for balance, the report revealed that the MMI Fund’s forward mortgage portfolio’s stand-alone capital ratio was 3.93 percent and had an economic net worth of $46.81 billion. By contrast, the HECM portfolio had a stand-alone capital ratio of negative 18.83 percent and an economic net worth of negative $13.63 billion.”We need to continue addressing the volatility and financial performance of the HECM portfolio,” Montgomery said.Additionally, the report indicated that FHA endorsed over one million forward mortgages in 2018 which included 776,824 purchase loans. Of these, 641,921 borrowers were first-time homebuyers. Minority homebuyers accounted for 33.8 percent of all FHA forward purchase loans.The report found that HECM endorsements had declined 12.6 percent since last year with 48, 327 mortgages endorsed. Total capital resources in the HECM portfolio totaled $2.11 billion in 2018 which was offset by a negative $15.75 billion in cash flow NPVLooking ahead, Montgomery said that while the forward portfolio was performing well, certain risk trends had to be monitored and addressed, “including the exponential rise in cash-out refinance transactions, a continuing increase in the average FHA-insured borrower’s debt-to-income ratio, and declining average credit scores throughout our book.”In 2018, the report indicated that the average borrower’s credit score declined slightly to 670 from 676 in 2017.Click here to read the full report. Seeking the Right Balancecenter_img Ben Carson Borrowers Brian Montgomery FHA forward mortgage HECM HUD MMI Fund Purchase Loans Reverse Mortgage 2018-11-15 Radhika Ojha The Week Ahead: Nearing the Forbearance Exit 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily About Author: Radhika Ojha The Best Markets For Residential Property Investors 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago November 15, 2018 1,162 Views last_img read more

Location, Location, Location…

first_img Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] 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 About Author: Donna Joseph in Daily Dose, Featured, Market Studies, News Sign up for DS News Daily Home / Daily Dose / Location, Location, Location… Servicers Navigate the Post-Pandemic World 2 days ago Previous: What’s Driving the MSR and RMBS Markets? Next: Tony Meola Joins Veptas Board Demand Propels Home Prices Upward 2 days ago Affordability Homeowners HOUSING LendingTree 2018-11-19 Donna Joseph  Print This Post Location, Location, Location…center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Tagged with: Affordability Homeowners HOUSING LendingTree Servicers Navigate the Post-Pandemic World 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago November 19, 2018 1,065 Views In an attempt to find the average age of homeowners across 100 largest metros in the country, LendingTree has curated data using the U.S. Census Bureau’s American Community Survey, which studied occupied households from 2012 to 2016. The report ranked metropolitan areas by the average age of homeowners, based off surveys that explored over 300 metropolitan areas and compared average age across the following categories: average age, occupied housing units; average age, renter-occupied housing units; average age, owner-occupied housing units; and average age by MSA.The average age of a homeowner varies by location. People of different age groups have been flocking to different parts of the country based on personal preferences. For example, Florida is a hot favorite among retirees dominating the ‘old’ end of the list. Seven out of the top 10 metropolitan areas with the highest average homeowner age were in Florida. San Francisco, California and Austin Texas, are largely being opted by millennials over the past few years. The key findings of the report revealed that the average age of a homeowner across the 100 largest metropolitan areas in the United States is 54. Only two metros according to the report—Provo and Ogden, Utah—have an average homeowner age below 50. In fact, cities in Utah have the youngest homeowners in the country. Out of the 10 metropolitan areas with the lowest average age for homeowners, areas in Utah—Provo, Ogden, and Salt Lake City—held the top three spots, the report revealed. Among the top 5 cities in Florida out of the 100 metros surveyed, North Port topped the 100 metro areas list with the highest average homeowner age at 63.3 years followed by Cape Coral at 61.5, Deltona at 55.8, Palm Bay at 55.3, and Lake Land at 53.5 years of age. Demand Propels Home Prices Upward 2 days agolast_img read more

Fannie Mae Finalizes Reperforming Loan Sale

first_imgSign up for DS News Daily  Print This Post The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago July 19, 2019 3,176 Views Fannie Mae reperforming loan sale UPB 2019-07-19 Seth Welborn Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Earlier this year, Fannie Mae announced the winner of its fifteenth non-performing loan sale, which included 4,300 loans totaling $770.13 million in unpaid principal balance (UPB), divided among four pools. The winning bidders of the four pools for the transaction, expected to close on July 23, 2019, were Igloo Series IV Trust (Balbec Capital, LP) for Pool 1, MFRA Trust 2015-1 (MFA) for Pool 2, Elkhorn Depositor LLC (Roosevelt Mortgage Company, LLC) for Pool 3, and VRMTG ACQ, LLC (VWH Capital Management, LP) for Pool 4.Freddie Mac and Fannie Mae’s NPL sales are part of the FHFA’s three strategic goals as conservator of the Enterprises, including maintaining foreclosure prevention activities and credit availability, reducing taxpayer risk, and building a new single-family securitization infrastructure, the Unified Mortgage Backed Security.Fannie Mae and Freddie Mac marked the completion of their Single Security Initiative with the launch of the UMBS on June 3.“UMBS is the result of close collaboration with FHFA, Freddie Mac, Common Securitization Solutions, and hundreds of housing finance stakeholders and we congratulate all involved on this achievement,” said Renee Schultz, SVP, Capital Markets, Fannie Mae in a statement. “We remain focused on ensuring that all market participants continue to make a smooth transition to UMBS and maintaining a highly liquid housing finance market.” Home / Daily Dose / Fannie Mae Finalizes Reperforming Loan Sale Previous: Hurricane Barry Property Damage Hits $500M Next: The Week Ahead: Analyzing Vacancy Rates About Author: Seth Welborn Fannie Mae has announced the results of its twelfth reperforming loan sale transaction. The sale was originally announced on June 13 and included the sale of approximately 16,500 loans totaling $2.6 billion in unpaid principal balance (UPB), divided into four pools, marketed with Citigroup Global Markets Inc. as advisor.The winning bidders of the four pools for the transaction were DLJ Mortgage Capital, Inc. (Credit Suisse) for Pools 1 & 2, Goldman Sachs Mortgage Company (Goldman Sachs) for Pool 3, and 510 Model I, LLC (400 Capital Management) for Pool 4. The transaction is expected to close on August 27, 2019.The loan pools included were:Group 1 Pool: 2,161 loans with an aggregate unpaid principal balance of $446,429,087; average loan size $206,584; weighted average note rate 3.31%; weighted average broker’s price opinion (BPO) loan-to-value ratio of 75%.Group 2 Pool: 5,854 loans with an aggregate unpaid principal balance of $878,017,169; average loan size $149,986; weighted average note rate 4.51%; weighted BPO loan-to-value ratio of 76%.Group 3 Pool: 5,668 loans with an aggregate unpaid principal balance of $832,399,270; average loan size $146,859; weighted average note rate 4.38%; weighted average BPO loan-to-value ratio of 77%.Group 4 Pool: 2,818 loans with an aggregate unpaid principal balance of $445,307,819; average loan size $158,023; weighted average note rate 4.29%; weighted average BPO loan-to-value ratio of 76%. Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Fannie Mae Finalizes Reperforming Loan Sale Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News Related Articles Share Save Tagged with: Fannie Mae reperforming loan sale UPB Subscribelast_img read more

Prepping Real Estate Investments Before the Storm

first_img Demand Propels Home Prices Upward 2 days ago climate change Hurricane Storms Urban Land Institute 2019-07-16 Seth Welborn Related Articles The Best Markets For Residential Property Investors 2 days ago Subscribe in Daily Dose, Featured, Investment, News  Print This Post About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Previous: Real Estate Marketing Company Announces Mobile App Next: Counsel’s Corner: Challenges and Changes in Servicing July 16, 2019 1,291 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Prepping Real Estate Investments Before the Storm Servicers Navigate the Post-Pandemic World 2 days agocenter_img Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: climate change Hurricane Storms Urban Land Institute Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Real estate professionals need to have climate change on their mind, according to Billy Grayson, Executive Director for the Urban Land Institute’s Center for Sustainability and Economic Performance. On Bloomberg Environment, Grayson discussed how rising sea levels and increased risk of damage from natural disasters.The Urban Land Institute’s recent report, titled Climate Risk and Real Estate Investment Decision-Making, states that “if investors, owners, and developers don’t act to mitigate the risks that climate change poses to their portfolios, they could suffer significant losses.” The report notes that investors are reviewing their assets before it’s too late rather than waiting to see where the next disaster strikes.“The report points out that insurance policies can cover some damages, but investors can’t rely solely on insurers for protection,” said Grayson. “Since insurers reprice annually, often using historical data to do so, premiums are not always an effective way to assess future risks.”Investors are learning that they need to protect their assets through more than insurance. This means smarter construction as well as partnerships with local officials to implement climate-proofing strategies on a larger scale. The Urban Land Institute offers several practices for investors, including analyzing climate risk in annual and quarterly reports, using big data to understand how weather changes will affect pricing and valuation, and working with insurers to learn how climate change will impact premiums and coverage. Additionally, investors should keep three important lessons in mind.“First, it makes good business sense to plan for resiliency. A severe weather event will occur sooner rather than later,” said Grayson. “Second, frame the least vulnerable places as the most attractive spots for investment and development. Cities are already doing so with zoning policiesφ and financial incentives. Third, the private sector plays a vital role in future-proofing our cities. Elected officials can’t do it alone and public-private partnerships are critical.”Find the complete report from the Urban Land Institute here. Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Prepping Real Estate Investments Before the Storm Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Savelast_img read more

Gardai and PSNI launch joint Road Safety Campaign on the Donegal/Derry border

first_img Gardai and the PSNI today launched their annual Joint Christmas Road Safety Campaign in Bridgend.Both forces say that any drink drivers who believe they can escape garda or police detection by crossing the border should think again, with communication and cooperation between the two forces stronger than ever.Donegal Traffic Branch Inspector Michael Harrison says this cooperation is an all year round reality, but a particular emphasis is put on it during the Christmas period……[podcast]http://www.highlandradio.com/wp-content/uploads/2011/12/mikeh1pm.mp3[/podcast] Twitter Pinterest Facebook Google+ Guidelines for reopening of hospitality sector published NPHET ‘positive’ on easing restrictions – Donnelly Newsx Adverts Previous articleCar parking, signage, lighting and drainage issues deferred for Christmas drinksNext articleMc Hugh seeks to raise awareness of Credit Review Office following ISME survey News Highland LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton WhatsApp Facebookcenter_img Gardai and PSNI launch joint Road Safety Campaign on the Donegal/Derry border Twitter Help sought in search for missing 27 year old in Letterkenny WhatsApp RELATED ARTICLESMORE FROM AUTHOR Google+ Pinterest Calls for maternity restrictions to be lifted at LUH Three factors driving Donegal housing market – Robinson By News Highland – December 12, 2011 last_img read more

Donegal looking to tap into sailing tourism market

first_img Previous articleInishowen to be only electoral area in county with no litter wardenNext articleMore than 100 killer whales spotted off coast of Tory Island News Highland Donegal looking to tap into sailing tourism market Facebook By News Highland – February 10, 2011 Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Google+ WhatsApp Twitter Pinterest Facebook It is hoped a new initiative will allow Donegal tap in to the lucrative sailing tourism market.Sail West is a multi million euro initiative which includes West Scotland and the north west of Ireland.750,000 euro has been allocated to help promote Donegal and the northwest as a sailing desrination and to help fund sailing events.50,000 euro has been allocated towards the Clipper Race to be held in Derry in 2012 while work is also ongoing to improve facilities and accessability for sailing vesels in Donegal.Leanne Doherty is involved with the project for Donegal County Council:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/02/leane1pm.mp3[/podcast] Pinterestcenter_img Google+ News RELATED ARTICLESMORE FROM AUTHOR Calls for maternity restrictions to be lifted at LUH LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Three factors driving Donegal housing market – Robinson Guidelines for reopening of hospitality sector published Twitter Almost 10,000 appointments cancelled in Saolta Hospital Group this week WhatsApplast_img read more