231 Front Street, Lahaina, HI 96761 [email protected] 808.123.4567

Month: May 2021

Serving the Underserved

first_imgHome / Daily Dose / Serving the Underserved About Author: Joey Pizzolato Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Share Save The question of how the government-sponsored enterprises could serve underserved markets, such as very low-income, low-income, and moderate-income families could recently have come that much closer to finding an answer, according to a report by the Urban Institute.Next year, the GSEs will have to begin abiding by the new Duty of Serve (DTS) rule, which mandates that Fannie Mae and Freddie Mac improve their role in supporting low-income households, specifically in three areas: manufactured housing, affordable housing preservation, and rural housing. But how do the enterprises go about living up to that mandate? Certain stakeholders have been brainstorming.The first way Fannie and Freddie can serve the underserved is by providing standardization guidelines to lending for manufactured homes, which make up 9 percent of new single-family starts. Currently, legal, regulatory, and financial concerns make it difficult for GSEs to lend in this area, but standardization could lead to lower costs.The second way—particularly to rural demographics—is to bring existing loan programs, such as the Low-Income Housing Tax Credit and other loan programs from the U.S. Department of Agriculture to areas outside of an urban environment.Further, the GSEs could partner with nonprofit organizations and put more investment into community development financial institutions, which historically have a better understanding of the markets that Fannie and Freddie are trying to reach out to. The enterprises could help these organizations secure more capital to invest in their communities.The biggest thing the GSEs can do, however, once the DTS Rule kicks in is to collect data on the programs put in place so that researchers and policymakers can study its results and continue to brainstorm solutions in order to fill in the gaps. Without research and constant tinkering, the program could have trouble scaling or remaining sustainable.Other underserved communities that weren’t immediately addressed in the plan include assistance for farm workers, single-family rentals, and small-dollar loans. Servicers Navigate the Post-Pandemic World 2 days ago August 1, 2017 1,335 Views Fannie Mae Freddie Mac GSE 2017-08-01 Joey Pizzolato Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Tagged with: Fannie Mae Freddie Mac GSEcenter_img in Daily Dose, Featured, Government, Headlines, 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 Related Articles Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] The Best Markets For Residential Property Investors 2 days ago Serving the Underserved Subscribe The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: The Hurdles of Housing Inventory Next: NMSA Urges FCC to Clarify Definition of Robocallinglast_img read more

Permalink to

first_imgSign up for DS News Daily About Author: Nicole Casperson October 5, 2017 2,041 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Which companies are merging, and what professionals are moving? See some highlights in this update of the housing and mortgage industries.  First American Mortgage Solutions announced on Tuesday that it is one of only a few vendors that are approved to offer data verification for all three components of Fannie Mae’s Desktop Underwriter®(DU®) validation service and Day 1 Certainty™ through First American FraudGuard®. “Our comprehensive verification solution provides lenders with one source to get representation and warranty relief on validated loan components from Fannie Mae,” said Kevin Wall, President of First American Mortgage Solutions. “By accessing all three reports in a streamlined workflow, lenders will benefit from greater speed and efficiency, supporting their efforts to enhance the borrower experience.” _______________________________________________________________________________________Bank of America recently announced that former U.S. Secretary of State, John F. Kerry has joined as new chairman of its Global Advisory Council. The 14-member council was formed in 2013 to offer advice and insight, through senior bank executives, on the bank’s global strategy and operations. In addition, the council adds perspective on local market opportunities and trends and assists the bank with establishing relationships around the world. “Secretary Kerry’s insights into global affairs are of great value to our council as we focus on a rapidly changing world,” said Brian Moynihan CEO of Bank of America._______________________________________________________________________________________ ServiceLink announced this week its new branding that aligns more closely with its parent company, Fidelity National Financial. Last month, FNF announced the distribution of its equity interest in Black Knight. Therefore, ServiceLink is no longer a Black Knight company, but remains a member of the FNF family of companies. This change in branding will not affect the day-to-day operations of ServiceLink with the exception of the logo design, color palette and removal of any reference to Black Knight._______________________________________________________________________________________Ocwen Financial Corporation announced on Wednesday that Christopher Whalen, Chairman of Whalen Global Advisors LLC, will serve as the company’s new senior consultant and advisor. Whalen brings with him nearly three decades of financial experience, with a specific focus on the financial services, mortgage finance, and technology sectors. Ocwen expects to benefit from Mr. Whalen’s experience, knowledge, and insight of the mortgage finance sector, especially in areas such as strategy, risk management, and counterparty relations._______________________________________________________________________________________McCabe, Weisberg & Conway recently announced their membership in the state of Maryland in Five Star Institutes Legal League 100. The firm is an expanding regional firm which represents mortgage lenders, banks, mortgage servicers, and financial institutions in Pennsylvania, New York, New Jersey, Delaware, Maryland, Florida, Virginia, and the District of Columbia for over 40 years. The Best Markets For Residential Property Investors 2 days ago Share Save  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: HOUSING industry pulse mortgage Demand Propels Home Prices Upward 2 days ago Previous: Mortgage Free Baby Boomers? Next: Zillow Chief Economist Weighs in on GOP Tax Plan Home / Daily Dose / 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] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Headlines HOUSING industry pulse mortgage 2017-10-05 Nicole Casperson Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Industry Pros Shifting Focus Toward REO Restoration

first_img According to a new survey by Altisource Portfolio Solutions S.A., restoration and improvement of REO properties is becoming an increasing priority for many industry professionals. Altisource today released additional results from its inaugural Default Servicing Survey, which revealed that 93 percent of the over 200 mortgage default servicing professionals surveyed said that their organization is making an investment to improve the REO properties under their management. That investment was described as “significant” by 62 percent of those surveyed.Min Alexander, SVP, Real Estate Services, Altisource, said in a press release:For many home buyers, access to conventional financing and move-in ready condition are requirements to purchase their next home. Distressed properties, including REO, have historically been marketed in as-is condition, at times limiting the potential buyer pool. Servicers are changing this by increasing investments to maintain or improve the condition of these properties, attracting more owner-occupant home buyers.With shortages among both housing inventory and recent dips in the housing labor force, moving REO inventory is an obvious opportunity for servicers. According to the Default Servicing Survey, 82 percent of surveyed servicing professionals ranked investing in improving the condition of their REO assets as “among their top three most effective ways for attracting traditionally minded consumers to the REO market.” Other important tactics listed include offering financing options (76 percent) and letting buyers work with a real estate agent (43 percent).Unsurprisingly, a focus on technological solutions also stood out in the Survey results. Ninety-five percent of those surveyed said access to easy-to-use resources such as online auctions, positively affected consumer participation in the default market. Making sure that those auction pages include things like local school stats and virtual tours is also key—61 percent of those surveyed listed those sorts of customer-friendly inclusions as “among their top three methods to attract consumers to the REO market.”Marcello Mastioni, President, Real Estate Marketplace, Altisource, said:The REO market offers both servicers and consumers a compelling opportunity to meet each other’s needs and solve for today’s supply-demand disconnect. Technological innovation, such as online real estate marketing platforms like Hubzu, can help savvy buyers discover a new pool of properties. Servicers’ investments in consumer-friendly features, along with improvements in property conditions, are broadening home buyers’ horizons and encouraging them to consider the REO market. The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily  Print This Post 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 Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Industry Pros Shifting Focus Toward REO Restoration Previous: Meritage, Operation Homefront Present Veteran Mortgage-Free Home Next: MCS to Acquire Carrington Home Solutions’ Field Services Division Industry Pros Shifting Focus Toward REO Restorationcenter_img Altisource Default Servicing default servicing survey REO 2017-11-20 David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Altisource Default Servicing default servicing survey REO Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: David Wharton in Daily Dose, Featured, Headlines, Journal, News November 20, 2017 2,187 Views Subscribelast_img read more

FHA’s New Loan Limits

first_imgHome / Daily Dose / FHA’s New Loan Limits The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News, Secondary Market December 14, 2018 4,562 Views Demand Propels Home Prices Upward 2 days ago FHA’s New Loan Limits Subscribe Tagged with: areas FHA FHFA forward mortgages HECMs HERA HOUSING HUD loans mortgage Reverse Mortgage Previous: Expectations for the Housing Market Next: The Week Ahead: HUD Reports on U.S. Homelessness Come January 1, 2019, the Federal Housing Administration’s (FHA’s) loan limits are set to increase across most areas in the country. The U.S. Department of Housing and Urban Development (HUD) announced that FHA loan limits would be increasing in more than 3,000 counties, with the loan limit ceiling increasing to $726,525 from $679,650 in high-cost areas of the country.HUD announced the FHA would also increase its floor to $314,827 from $294,515 in 2019. The limit would also increase for FHA-insured Home Equity Conversion Mortgages (HECMs)  to $726,525 from $679,650.  Clarifying this increase, HUD said, “FHA’s current regulations implementing the National Housing Act’s HECM limits do not allow loan limits for reverse mortgages to vary by MSA or county; instead, the single limit applies to all mortgages regardless of where the property is located.”These changes in FHA’s floor and ceiling caps mean that the maximum loan limits for FHA forward mortgages would rise in 3,053 counties and remain unchanged in 181 counties. The rise in forward mortgages in the over 3,000 counties would also be due to the robust increases in median housing prices and the required changes to FHA’s floor and ceiling limits that are tied to the Federal Housing Finance Agency’s (FHFA’s) increase in the conventional mortgage loan limit for 2019.Giving the definition of what is considered a high-cost area, HUD said that the National Housing Act required FHA to establish its floor and ceiling loan limits based on the loan limit set by the FHFA for conventional mortgages owned or guaranteed by Fannie Mae and Freddie Mac. Giving a breakdown, FHA’s 2019 minimum national loan limit, or floor, of $314,827 is set at 65 percent of the national conforming loan limit of $484,350. This floor applies to those areas where 115 percent of the median home price is less than the floor limit.As a result of this calculation, “Any areas where the loan limit exceeds this ‘floor’ is considered a high-cost area, and HERA requires FHA to set its maximum loan limit ‘ceiling’ for high-cost areas at 150 percent ($726,525) of the national conforming limit,” HUD said. 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. About Author: Radhika Ojha Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago areas FHA FHFA forward mortgages HECMs HERA HOUSING HUD loans mortgage Reverse Mortgage 2018-12-14 Radhika Ojha The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily  Print This Post Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Fannie Mae: Fed’s Dovish Stance Could Help Housing

Demand Propels Home Prices Upward 2 days ago About Author: Radhika Ojha Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Market Studies, News Home / Daily Dose / Fannie Mae: Fed’s Dovish Stance Could Help Housing 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. The Federal Reserve’s (the Fed’s) pause on rate hikes is likely to help the housing market as well as the broader economy according to Fannie Mae’s February forecast update by its Economic and Research Group.While the report maintained its previous projection for a 2.2 percent full-year growth in GDP in 2019, it said that the slowing global economic growth and trade uncertainty remained downside risks. However, the report indicated that the Fed’s “patience” on raising rates “has led to easing financial conditions, while the expanding labor pool suggests minimal wage pressures, which together server as potential growth offsets to the opposite direction.”The Fed’s current stand also supported the report’s projection of a single mid-year hike in 2019.Looking at the housing market, in particular, Fannie Mae projected the calls for total home sales to remain flat in 2019. The decline in sales that the market saw last year, the report said, was likely to be eased by decelerating house price appreciation as well as a slowdown in interest rate increases. However, the report indicated fewer mortgage originations in 2019.”On housing, a reduction in our forecast of existing home sales has our team projecting fewer 2019 purchase mortgage originations,” said Doug Duncan, Chief Economist at Fannie Mae. “However falling–or at least not rising–interest rates, strong employment, continued wage growth, and a deceleration in home price appreciation should support more favorable homebuying conditions heading into the spring, with improved affordability.”For the broader economy, Duncan said that while Fannie Mae’s projections for the first quarter were reduced slightly the forecast for the full year’s economic growth remained unchanged due to a strong labor market, modest rise in wages and the expectation of just one rate hike in the year. “Uncertainty regarding terms of trade remain a downside risk, as does slowing global economic growth,” Duncan said.Click here to read the forecast. The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Related Articles  Print This Post Share Save Fannie Mae: Fed’s Dovish Stance Could Help Housing Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: The State of Default Servicing in a Low-Volume Environment Next: Another Recession Around the Corner? February 21, 2019 1,501 Views Doug Duncan Economic and Research Group Economy Fannie Mae Federal Reserve Forecast GDP Home Sales HOUSING Interest rates mortgage origination 2019-02-21 Radhika Ojha Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Doug Duncan Economic and Research Group Economy Fannie Mae Federal Reserve Forecast GDP Home Sales HOUSING Interest rates mortgage origination Subscribe read more

Rent vs. Buy: The Regions with Most Renters

first_imgHome / Daily Dose / Rent vs. Buy: The Regions with Most Renters Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago A recent study by the National Association of Home Builders (NAHB) indicated that renting was more popular in some cities than others. The study, which examined the type of rental structures people live in and their spatial distribution said that the number of renters expanded to reach 34% of the population between 2007 and 2017. The share was at 30% in 2007.The reasons, the NAHB study said was the disruption of home construction during the Great Recession and the more recent declining affordability to own homes. In fact, single-family rentals or detached rentals accounted for 40% of all the rental stock between 2007 and 2017 more than any other structure type. The Southeast and the West, the study indicated, had the highest concentration of renters, especially for single-family homes according to data from the 2017 American Community Survey.Merced (59.7%), Visalia-Porterville (53.8%), Modesto (53.2%), Stockton-Lodi (52.4%) and Bakersfield (51.7%), all in California, had the highest concentration of homes for rent according to the study. In fact, these cities also had the highest number of foreclosures during the Great Recession. The study revealed that these numbers indicated “an association between areas with high foreclosure rates and detached rental units.”The study also revealed that areas with higher rentals also indicated low-income communities “who cannot afford to buy a home, but are looking for more space than what a typical rental apartment would typically provide.”Looking at townhomes, the study found that these housing units accounted for 10% of rental stock growth between 2007 and 2017. However, the NAHB said that these type of homes made up the largest share of new construction rental segment or single-family built-for-rent homes. These type of rentals, the study said were mostly found in Lebanon, Pennsylvania (28.4%), Philadelphia (27.7%), and Baltimore (27.1%). The southeast coastal areas and the west coast have moderate concentrations of attached rental units, it revealed.Additionally, the study indicated that these homes were most common in areas with space constraints. “Research also shows that millennials want to live in medium-density, walkable developments. Going forward, areas with higher shares of millennials may see growth in this structure type,” the NAHB study said.Click here to read the full study. Buyers HOUSING NAHB Rent Renters SFR Single-Family Rentals Townhomes 2019-09-25 Radhika Ojha 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. Share Save Tagged with: Buyers HOUSING NAHB Rent Renters SFR Single-Family Rentals Townhomes Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Radhika Ojha The Best Markets For Residential Property Investors 2 days ago September 25, 2019 1,527 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily  Print This Post Previous: Keys for Life Concert Celebrates Industry, Vets Next: Where Bad Credit Can Be Repaired Rent vs. Buy: The Regions with Most Renters in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Post-Moratorium Planning Begins Now

first_img  Print This Post Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News, Print Features Previous: Ginnie Mae To Begin Accepting Digital Collateral Next: The Week Ahead: Webinar on Homeownership Among Stressed Communities Home / Daily Dose / Post-Moratorium Planning Begins Now About Author: Allen Price What Servicers Need to DoRight now, servicers should be preparing for ongoing uncertainty in a post-moratorium world, where the only certainty is that call volumes will increase substantially. That’s why, from a policy and operations standpoint, the first thing servicers should be doing is ensuring they have maximized all possible communication channels borrowers are likely to use.This includes providing assistance through the servicer’s website and providing borrowers with access to their accounts regardless of their preferred method of communication. For example, while providing borrowers with self-service help on a servicer’s website is important, so is a well-defined inbound call strategy. Many older borrowers do not prefer using the internet to get assistance on their mortgage, while other borrowers may find themselves without internet access for any period of time because of their financial challenges. This means servicers should have an inbound call strategy that limits the amount of time borrowers spend on hold before speaking with someone. It may also mean leveraging interactive voice response (IVR) technology that is able to gather information from borrowers when a representative isn’t available.Another tool servicers should consider are mobile apps, which have proven to be incredibly valuable during recent natural disasters. Such apps are able to push out notifications to borrowers and remind them to reach out if they are having trouble making payments. They can also be useful for sharing important information about the pandemic and other emergency resources that may be available to those in need. One of the more inexpensive channels for helping borrowers—and also one of the most overlooked—is social media, which also played a crucial role in staying engaged with borrowers during previous crises. Social media can be a powerful aid for letting borrowers know about all the options that exist that may keep them in their homes, such as payment moratoriums, mortgage forbearance, and financial assistance being provided through the federal government or housing agencies.Internally, there are plenty servicers can do to improve their behind-the-scenes operations while minimizing costs. For example, AI, machine-learning tools, and automation can help detect borrowers who may be experiencing trouble making payments before they contact the servicer to help. By automatically tracking anomalies in a borrower’s payments, servicers with the right system in place can proactively reach out to the borrower and help keep them in their homes. Automation and similar tools are equally useful at accelerating the process of determining which options to offer individual borrowers.After the moratoriums end, if a borrower’s finances are still strained and they are in danger of missing payments, time will be of the essence. In some cases, automated servicing technologies have been shown to double a company’s decision-making speed, allowing them to help borrowers save precious time when choosing the best path forward. Subscribe Demand Propels Home Prices Upward 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago 2020-07-17 Mike Albanese July 17, 2020 1,841 Views Why it’s Important to Act NowWhile the moratorium gives borrowers a breather from making payments, it will not solve their financial issues if they are unable to work for an extended period of time long after the pandemic ends. That’s why it’s crucial for servicers to start preparing now for the wave of delinquencies and defaults that are surely to come over the next year. The good news is that some of the same technologies I mentioned earlier can also be leveraged to control costs and more efficiently deploy teams on borrowers who need assistance the most. At the same time, however, many servicers aren’t able to build such systems themselves, or they must rely on their servicing technology vendors for help.And many legacy servicing platforms have not updated their systems for years and are unable to scale to meet the type of volume increases servicers will likely see in the months ahead. For servicers that find themselves lacking the tools and resources they’ll need to handle future volume, the best bet may be partnering with a specialty servicer that has experience in disaster planning and also continues to invest in its technology to help servicers achieve better performance. Such a partner can offer servicers almost complete scalability while enabling them to act nimbly and flexibly to meet changing conditions. The best specialty servicers are those that have the technology in place to anticipate potential delinquencies before they happen. They are also capable of managing assets from cradle to grave. Ideally, however, a servicing partner should also be able to “decouple” its services and provide certain services on an a la carte basis. This gives servicers and investors the freedom to manage loans at certain stages of delinquency themselves, should they need to do so.To be sure, there are certainly lessons which can be drawn from recent natural disasters. But the servicing industry has never faced a crisis of this breadth and magnitude before, nor has it dealt with the shutting down of normal day-to-day life on the scale that is happening today. Hopefully, by the time this article is published, the U.S. will have flattened the curve on the deadly coronavirus and the economy will be on the road to recovery. However, it’s vitally important for servicers to view the foreclosure moratorium as an opportunity to work with borrowers in helping them manage through an unprecedented and critical time, and with the ultimate goal to keep homeowners in their homes.center_img Allen Price is an SVP at BSI Financial, a provider of mortgage servicing and special servicing, loan quality control, REO and asset management services, and life-of-loan performance reporting using advanced data analytics tools. Price has 20 years’ mortgage servicing and capital markets experience and has held executive positions at RoundPoint Financial Group, ServiceLink, NationStar Mortgage, and Bank of America. Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 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 Taking InventoryOn March 18, the federal government ordered a moratorium on foreclosures and evictions and put out the word to borrowers to contact their servicers about forbearance options on their loans. The FHA, HUD, the USDA, and Fannie Mae and Freddie Mac also announced similar freezes. Some banks have also announced their payment moratoriums, some as long as 120 days, while others have suspended payments for certain borrowers.These steps are necessary to ensure millions of Americans who are facing job layoffs as a result of the pandemic are able to stay in their homes. At some point, however, the relief will end, and it will most likely end before many borrowers have fully recovered financially. When that happens, servicers will need to be ready to handle a surge in requests from borrowers needing help. Increased call volumes should last for some time, too.According to a February 2020 CoreLogic report, mortgage delinquencies caused by the wave of catastrophic weather events that took place in 2019 are not expected to return to normal for 12 months or more. In the case of a much longer, sustained disaster like the pandemic, the impact on borrowers could last much longer as well. Over the coming months and years, the spotlight will be pointed at mortgage servicers. Questions will be asked about how prepared they were to help delinquent borrowers, as well as how well they performed in their objectives. The reality is that many weren’t prepared. While it’s fair to say that no one was prepared for a disaster of this magnitude, many servicers were ill-prepared to handle volumes brought on by near-term natural disasters, which now seem minor in comparison to the pandemic.Over the past several years, Mother Nature has exposed weaknesses among servicers and their capacity for managing large waves of borrowers in crisis. This happened despite the fact that servicers had plenty of opportunities to invest in technology and improve the customer experience in prior years. But there is always an opportunity to do better, even amid today’s crisis. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Post-Moratorium Planning Begins Now This story originally appeared in the July edition of DS News.For mortgage servicers, the challenges never seem to end. After several years of wildfires, tornados, hurricanes, floods, and other natural disasters, a new disaster has come along to top them all. And the worst part is that no one knows with certainty when the pandemic or its impact on the economy will end. What we do know is that a wave of delinquencies and defaults is almost certainly on its way.While there are multiple foreclosure moratoriums in place to prevent Americans from losing their homes during the crisis, it’s likely that many will continue to struggle financially when they end. Which means servicers should be preparing now for what happens when the smoke clears.last_img read more

New Tool Tracks Property Flood-Risk Data

first_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago New Tool Tracks Property Flood-Risk Data Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save About Author: Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles  Print This Post For those considering purchasing a home, an understanding of flood risk is invaluable, market experts say. Real estate brokerage company Redfin recently announced a partnership with science and technology nonprofit First Street Foundation and the collaborative introduction of Flood Factor, a tool for tracking flood risk information for most homes on Redfin’s website in regions where data is available.Users can plug in a zip code and determine a particular property’s risk ranging from 1 (minimal) to 10 (extreme) over a 30-year period.”Buying a home is the biggest purchase most people will make in their lifetime,” Redfin Chief Product Officer Christian Taubman said. “By publishing the Flood Factor score, we’re making it easier to understand the risk each home faces of being damaged by flooding, meaning everyone can make better-informed decisions about buying and selling. Most homebuyers and sellers say that the frequency or intensity of natural disasters factors into their decision about where and whether to buy or sell a home, so this is information they can really use.”In tandem with the Flood Factor score, users can view the estimated Federal Emergency Management Agency (FEMA) zone, Redfin reported. Consumers can use the tool to learn more about Flood Factor, FEMA, and flood insurance, and they can visit FloodFactor.com for additional insights on a property’s flood risk, how to protect against flooding, and more.Matthew Eby, Founder and Executive Director of First Street Foundation said the organization’s goal in partnering with Redfin is to help current and future homeowners understand the extent of the flood risk facing a property, its severity, and how—with changes to the environment—risk is changing over time.”Integrating with Redfin significantly expands our ability to enable home shoppers and owners alike to understand otherwise complex, difficult-to-find information about flooding and the sources that contribute to and exacerbate it. By providing them with this data when preparing to buy or sell a home, Redfin is an invaluable partner in contributing to the public’s understanding of flood risk.”The flood-risk score is determined by hydrologists, researchers, and data scientists, and reviewed by some of the world’s leading research institutions, Redfin noted in a press release. “First Street Foundation’s flood model is the most comprehensive in the industry. It provides a climate-adjusted, property-parcel-level assessment of risk today and over the course of the standard 30-year mortgage.” 2021-02-17 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago 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. Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / New Tool Tracks Property Flood-Risk Data February 17, 2021 677 Views Previous: Loss Prevention Program for D.C. Homeowners Re-launches Next: Analysts Report Lowest Serious-Delinquency Rate Since June Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Donegal local election candidate to run for the Seanad

first_img Calls for maternity restrictions to be lifted at LUH Pinterest By News Highland – September 18, 2014 News Donegal local election candidate to run for the Seanad Google+ Pinterest RELATED ARTICLESMORE FROM AUTHOR Fine Gael’s John McNultyFine Gael is planning to appoint a losing Donegal local election candidate to the Seanad.The party’s candidate in the Seanad by-election is expected to be John McNulty, a 37-year-old businessman from Donegal.The vacancy arises as a result of the election of Fine Gael MEP Deirdre Clune to the European Parliament.Mr McNulty ran for Donegal County Council but was well beaten. In the six seat Donegal electoral area, he came tenth and got just over 800 votes, which was well under half a quota.Group Political Editor with the Independent, Fionnan Sheehan says his appointment to the Seanad will come as a huge surprise:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/09/fionn.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Twitter Twitter Google+center_img Previous articleFor the first time in 15 years Harps reach cup semi finalNext articlePeople with contaminated water could be in line for reductions News Highland WhatsApp WhatsApp Facebook Facebook Help sought in search for missing 27 year old in Letterkenny 448 new cases of Covid 19 reported today Three factors driving Donegal housing market – Robinson NPHET ‘positive’ on easing restrictions – Donnelly Guidelines for reopening of hospitality sector publishedlast_img read more

Tape recording of senior Anglo managers suggest they knew bailout figures were underestimate

first_img Tape recording of senior Anglo managers suggest they knew bailout figures were underestimate Guidelines for reopening of hospitality sector published Almost 10,000 appointments cancelled in Saolta Hospital Group this week Google+ Previous articleParents of Special Needs Children present petition to council for retention of pre-schoolsNext articleThree in row Ulster titles still on for Donegal News Highland Pinterest A series of tape recordings from Anglo Irish Bank’s own internal phone system reveal top executives knew the cost of bailing out the toxic bank would be higher than the figure they gave the government.The audio of discussions between senior managers John Bowe and Peter Fitzgerald around the time of the banking collapse in 2008 has been obtained by the Irish Independent.At the time Mr. Bowe was in talks with the Central Bank and in the recordings he speaks about requesting a 7 billion euro bailout for Anglo from the government even though negotiators knew it would not be enough.In one excerpt,  Mr. Bowe explains the bank’s strategy of giving the government the 7 billion figure as a means of “pulling them in”.”The strategy here is you pull them in, you get them to write a big cheque and they have to support their money, you know” Mr. Bowe said.”They’ve got to get in the game – that’s the key” Fitzgerald commented.”They have, and they’ve invested a lot” Bowe added. Twitter Calls for maternity restrictions to be lifted at LUH Three factors driving Donegal housing market – Robinson RELATED ARTICLESMORE FROM AUTHOR Google+center_img News Twitter Facebook By News Highland – June 24, 2013 WhatsApp WhatsApp Pinterest LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Facebook Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margeylast_img read more