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Borrower Outreach Events Proving Successful at Preventing Foreclosures

By on May 31, 2021

first_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Foreclosures have been continually on the decline nationwide for a few years. While much of the decline can be attributed to a recovering economy, another driver of the drop in foreclosures is increased borrower outreach efforts from various organizations.Borrower outreach events include HUD-approved housing counselors and mortgage servicers in order to give distressed borrowers a face-to-face meeting to work out a solution such as a permanent loan modification that will allow borrowers to remain in their homes. If a home retention solution cannot be worked out, often a non-foreclosure home forfeiture solution is offered such as a short sale or deed-in-lieu of foreclosure.Often, borrower outreach events include non-profits the servicers have partnered with or local civic leaders from the cities in which the events are held. On November 14, Ocwen Financial and the NAACP Maryland State Conference hosted a “Help & Hope for Homeowners” event in Upper Marlboro, Maryland; at that event, Ocwen Home Retention Agents and HUD-approved counselors met one-on-one with approximately 325 borrowers to help them avoid foreclosure and make their monthly mortgage payments more manageable.”It is important to recognize that while some have recovered from the housing crisis, many families, especially in low-income communities, are still struggling to keep their homes. Saturday’s turnout confirms that fact,” explained Edsel Brown, Jr., NAACP Maryland State Conference Economic Development Chair. “The NAACP is pleased that Ocwen is working with us on the local level to offer borrowers the opportunity to meet with their experienced home retention agents and HUD counselors face-to-face to explore modification options that can help save their homes.”The Maryland event was the fourth in a series hosted by Ocwen and the NAACP this year (the others were in Illinois, Florida, and Maryland). Ocwen and the NAACP have met with approximately 800 homeowners in the four events.”Both Ocwen and the NAACP are committed to helping borrowers have every opportunity to remain in their homes,” commented Jill Showell, Senior Vice President of Government and Community Relations at Ocwen. “Co-hosting these events with the NAACP, a trusted resource in the community, adds tremendous value and ensures higher participation rates. The numbers speak for themselves.””It is important to recognize that while some have recovered from the housing crisis, many families, especially in low-income communities, are still struggling to keep their homes.” Tagged with: Foreclosure Prevention HOPE NOW Loss Mitigation NAACP Ocwen About Author: Brian Honea Previous: Many Consumers Still Weighed Down by Mortgage Debt Next: Department of Justice May Seek Criminal Charges Against RBS, Chase Execs in Daily Dose, Featured, Loss Mitigation, News 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. Foreclosure Prevention HOPE NOW Loss Mitigation NAACP Ocwen 2015-11-17 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago “It is important to recognize that while some have recovered from the housing crisis, many families, especially in low-income communities, are still struggling to keep their homes.”Edsel BrownSince 2008, Ocwen has completed more than 520,000 loan modifications. Many of those modifications included a principal reduction for underwater borrowers or borrowers facing foreclosure.For example, HOPE NOW, a non-profit alliance between counselors, mortgage companies, investors, regulators and other mortgage market participants that facilitates foreclosure prevention solutions, has conducted borrower outreach events in seven cities this year—Oakland, San Bernardino, Chicago, St. Louis, Cleveland, Milwaukee, and La Mirada (in the Los Angeles area), with an event schedule for Fort Lauderdale on November 19 and Queens, New York, in December. In Fort Lauderdale, HOPE NOW is partnering with the Urban League of Broward County; in Queens, they are partnering with the Center for New York City Neighborhoods.“On the local level, government partners are focused on issues including abandoned properties, affordable housing and neighborhood stability,” HOPE NOW Executive Director Eric Selk said. “Two more roundtables are scheduled for South Florida in November and New York City in December. At face-to-face consumer events so far this year, HOPE NOW servicers are seeing a significant number of delinquent or imminent default customers—65 percent of attendees—as well as a large number of first time loan mod applicants, 38 percent of attendees. Of these homeowners, at least 45 percent are reviewed for HAMP mods and 12 percent are reviewed for proprietary programs.”A total of 1,636 homeowners have attended the seven HOPE NOW outreach events in 2015. The largest one was in La Mirada, which featured 319 attendees. HOPE NOW has scaled down its events from serving 1,000 attendees to between 300 and 400. An average of about 10 to 12 servicers and 12 to 15 housing counselors attend each event despite a drastic decline in serious delinquencies from their peak five years ago (from four million down to about 1.65 million). Also, the breadth of government and private solutions available has increased; therefore homeowners tend to spend a longer time one on one with their servicer.According to HOPE NOW, about 20 percent of attendees make same-day decisions about their homes, mostly because servicers need to collect the packages in their entirety before they are submitted to underwriting. Those who do not make same-day decisions, however, often leave with clear and concise next steps along with a single point of contact and a checklist. Borrower Outreach Events Proving Successful at Preventing Foreclosures  Print This Post Home / Daily Dose / Borrower Outreach Events Proving Successful at Preventing Foreclosures November 17, 2015 1,629 Views The Best Markets For Residential Property Investors 2 days ago 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 Subscribelast_img read more

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Homeownership Rate Below Peak Levels Across All Ages

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Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Homeownership Rate Below Peak Levels Across All Ages Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save April 4, 2016 2,085 Views The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Homeownership Rate Below Peak Levels Across All Ages Demand Propels Home Prices Upward 2 days ago Related Articles Tagged with: Homeownership Rate Renter-Occupied Housing Wells Fargo The homeownership rate in the United States has been on a steady decline since reaching a peak of 69.2 percent in 2004. The rate fell to a 48-year low of 63.4 percent in the second quarter of 2015 before clawing its way back up to 63.8 percent by the end of the year.While the homeownership rate is inching its way back upward, it is still below its peak across all age groups—particularly among consumers ages 44 and younger, according to the Wells Fargo 2016 Housing Market Outlook.For consumers between the ages of 35 and 44, the homeowership rate at the end of 2015 (59 percent) was about 11 percentage points off of its peak of 70 percent from 10 years earlier. For consumers under the age of 35, the homeownership rate at the end of 2015 was about 9 percentage points lower than its peak from 10 years earlier (34 percent compared to 43 percent).The age group with a homeownership rate at the end of 2015 that was closest to its peak was the 65 and older group, which had a rate of 80 percent at the end of 2015 compared to slightly below 78 percent at the end of 2005.The dramatic decline in the homeownership rate has coincided with an equally dramatic rise in the number of renter-occupied households over the last 10 to 12 years, according to Wells Fargo.The number of renter-occupied units, meanwhile, bottomed out at below 34 million in 2004 but has increased every year since. By the end of 2015, there were 42.6 million renter-occupied units in the United States. These two phenomena are unrelated, however, according to Wells Fargo.“The number of renters would have increased even if the homeownership rate had not declined so sharply and will continue to increase even as the homeownership rate recovers,” the report stated.Click here to see the complete Wells Fargo 2016 Housing Market Outlook. The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: HUD to Utilize Housing Trust Fund Allocation Next: DS News Webcast: Tuesday 4/5/2016 Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Homeownership Rate Renter-Occupied Housing Wells Fargo 2016-04-04 Brian Honea The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago read more

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SEC Drops Case Against Former Thornburg Execs

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first_img SEC Drops Case Against Former Thornburg Execs Tagged with: SEC Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago February 6, 2017 1,107 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Headlines, News Share Save Subscribe  Print This Post Phil Banker began his career in journalism after graduating from the University of North Texas. He has covered a number of communities across Texas and southern Oklahoma, writing news and sports for publications including the Ardmoreite, Ennis Daily News and the Plano Star-Courier. He is currently a contributor to DS News and The MReport. About Author: Phil Banker Previous: Homeowners Use Tax Refunds as Lifeline Next: Mortgage Law Expert: CFPB ‘Hangs in the Balance’center_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / SEC Drops Case Against Former Thornburg Execs Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago SEC 2017-02-06 Phil Banker Related Articles The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily The U.S. Securities and Exchange Commission dropped its case against two former executives of now-shuttered Thornburg Mortgage on Friday, ending a lawsuit brought in the aftermath of the recession.In papers filed in federal court in Albuquerque, New Mexico, the SEC said it would no longer pursue its civil case against former Thornburg CEO Larry Goldstone and former CFO Clarence Simmons, which had been set for a re-trial on February 21.The SEC’s lawsuit, filed in 2012, accused Goldstone, Simmons and former Thornburg Chief Accounting Officer Jane Starrett of hiding the company’s fast-deteriorating financial condition at the onset of the financial crisis.The SEC at that time claimed that Goldstone and Simmons defrauded investors by overstating Thornburg’s income by more than $400 million and falsely reporting a profit rather than a loss for the fourth quarter in its 2007 annual report.That claim, though, was dropped by the SEC in September following the initial trial.A jury returned a mixed verdict last July in the initial trial, and the decision to drop the case represents a setback for the agency’s efforts to hold executives accountable in connection with the U.S. housing meltdown and financial crisis.The jury found Goldstone and Simmons not liable on five of 10 counts while deadlocking on the other claims. The SEC later in September dropped three remaining claims and said it would no longer pursue what the defense called its central allegation.Randall Lee, a lawyer for Goldstone and Simmons, said his clients were “thrilled” to have been cleared of the charges.”We always believed that the evidence in this case demonstrated that our clients had acted in good faith in attempting to navigate through the early stages of the financial crisis,” Lee said in a statement.Thornburg, which specialized in making “jumbo” home loans larger than $417,000 to borrowers with good credit, filed for bankruptcy in May 2009 amid the U.S. financial crisis.Goldstone continued to face a claim based on statements he made after Thornburg’s annual report was filed. Both Goldstone and Simmons also faced a claim that they misrepresented or omitted facts to the company’s auditors. They denied wrongdoing.Starrett agreed in May to pay $25,000 to settle the lawsuit without admitting or denying the allegations. The Best Markets For Residential Property Investors 2 days agolast_img read more

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Fannie Mae Secures Second CIRT Transaction

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first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Secondary Market Demand Propels Home Prices Upward 2 days ago February 27, 2017 1,408 Views The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Fannie Mae Secures Second CIRT Transaction Previous: Demand for Homes Outpaces Current Supply Available Next: 2017 Market Primed for Rental Investments Tagged with: CIRT Credit Insurance Risk Transfer Fannie Mae Insurance loans mortgage About Author: Staff Writer CIRT Credit Insurance Risk Transfer Fannie Mae Insurance loans mortgage 2017-02-27 Staff Writer Sign up for DS News Daily Related Articles Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Fannie Mae Secures Second CIRT Transaction Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Fannie Mae announced recently that it has secured commitments for a second front-end Credit Insurance Risk Transfer (CIRT) transaction. The risk transfer will have been committed prior to Fannie Mae’s acquisition of the covered loans, and the insurance coverage will be effective as soon as the loans are acquired. Coverage and pricing are committed for 12 months, beginning with first quarter 2017 deliveries.The transaction will move a part of credit risk on pools of single-family loans with a combined unpaid principal balance of approximately $15 billion to a group of reinsurers. This will consist of 30-year fixed-rate loans with loan-to-loan value ratios greater than 60 percent and less than or equal to 80 percent.Fannie Mae will continue to offer its previous CIRT transactions.“With this transaction, Fannie Mae pioneers new ground by securing the longest and largest forward commitment ever transacted for a GSE risk transfer transaction, locking in our pricing for the full 2017 calendar year,” said Rob Schaefer, VP for Credit Enhancement Strategy & Management. “This deal also demonstrates our continued market leadership by providing a high level of transparency with respect to the deal pricing and structure.”Fannie Mae’s first Credit Insurance Risk Transfer took place in 2016. At that time, DS News took the opportunity to sit down with Schaefer, to get an insider’s perspective on what potential bidders can anticipate with these transactions in 2017. “Risk transfer now [is] part of Fannie Mae’s core strategy for how we manage our own risk, and how we protect against unexpected market stress cycles, and also protect tax payers by transferring risk away from Fannie Mae to private capital,” he said.Schaefer went on to discuss the unique transparency of CIRT transactions. “We have made available, for free, millions and millions of data records on our loans going all the way back to loans that we’ve acquired since 2000, which provides an enormous free database for anybody to go in and analyze the data, build models. It’s almost unprecedented in the world of insurance and reinsurance to have that much data to start off with to help understand the risk,” he said.For the first 50 basis points of loss, Fannie Mae will retain risk on a pool of loans of approximately $15 billion. Fannie Mae’s complete disclosure of last year’s CIRT program can be found here. Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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How Real Estate Pros Can Fight Fraud

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first_img  Print This Post Previous: RMBS Issuance Dips, But Still Outpaces 2016 Next: What Lies Ahead? The transition from paper to digital—as a means to modernize business processes, improve operational efficiencies, and meet consumer demands—is becoming increasingly prevalent in the real estate industry. However, paper will continue to play a key role as we move into 2018, which means that businesses will need to reevaluate both their physical and digital approaches to information security in order to fend against fraud.When asked to rate their understanding of the legal requirements for storing, keeping, or disposing of confidential information, only 19 percent of respondents in the real estate industry said they have “some understanding of the requirements and somewhat adhere to them, but not on a daily basis.” This is troubling, as companies lose an estimated 5 percent of their revenue annually due to fraud, and 49 percent of occupational fraud victims never recover their losses.While digital devices are convenient for our increasingly remote workforce, the fact is that they raise the risk for fraud. When it comes to the proper handling of sensitive information on digital devices, only a quarter (26 percent) of respondents in the real estate industry say no policy exists for storing and disposing of confidential information on electronic devices.As agencies continue to add digital components to the services they offer, while maintaining a robust level of paper documents to conduct business, it is critical that they implement safe and secure data destruction processes to mitigate the risk of fraud. Real estate agencies and individual agents put themselves, their clients, and their company at risk unless they take proactive steps to improve their fraud prevention and information security.Here are some ways for leaders in the real estate industry to begin taking initiative to strengthen their information security and fend against fraud:Develop a Culture of Information SecurityBoosting information security starts with providing employees with the tools they need to identify internal risk (i.e., noticing if confidential papers are left around the office printer), monitor for human error, and quickly voice concerns when and if your business’s data is compromised. One easy strategy is to establish an anonymous tip line, so that employees are empowered to speak up without rebuttal or ramification.Modernize Security Procedures for Your Digital-first WorkforceHolding regular training will help in-office and remote employees understand the consequences of improper data management on their personal devices. For instance, a well-understood information security policy—that includes remote working and bring-your-own-device (BYOD) requirements—will help agencies to address the added risks associated with mobile working by ensuring that their information security protocol extends beyond company walls. Additionally, businesses can reduce the risk of fraud by requiring that company-issued electronic devices are signed out and securely destroyed when they reach the end of their use.Call in the ExpertsInvesting in secure paper shredding and hard drive destruction services could be monumental in turning around your company’s approach to protecting data. Third-party experts will help you identify weak points in your office—like messy desks—and develop procedures to correct them. A Shred-it All policy, for instance, eliminates the guesswork from the process and ensures that employees don’t accidentally leave confidential information in insecure locations. Plus, shredded material is recycled when using a third-party provider, equally bolstering your business’s efforts toward sustainability and security.From external breaches to insider threats, the opportunities for those looking to cause harm is there, unless real estate agents and leaders take actionable steps to prevent fraud in their workplace. The introduction of just a few, small changes in your information security strategy can help to start protecting your business today. How Real Estate Pros Can Fight Fraud December 1, 2017 1,228 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Cybersecurity Fraud fraud prevention kevin pollack shred-it Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / How Real Estate Pros Can Fight Fraud Sign up for DS News Daily Related Articles Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Journal, News, Technologycenter_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Cybersecurity Fraud fraud prevention kevin pollack shred-it 2017-12-01 Staff Writer Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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Is A ‘Generational Housing Bubble’ Taking Shape?

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first_img age Baby Boomers Fannie Mae Home Homebuyers Homeowners HOUSING Housing Bubble Millennials retention 2018-07-16 Krista Franks Brock Demand Propels Home Prices Upward 2 days ago Is A ‘Generational Housing Bubble’ Taking Shape? July 16, 2018 3,859 Views Baby boomers have long accounted for a significant portion of the housing market, so how will the market be impacted by the aging of this large generation? Are we heading toward a “generational housing bubble?”Fannie Mae’s Economic and Strategic Research Group teamed up with the University of Southern California to answer this question in a new Housing Insights report, titled, “The Coming Exodus of Older Homeowners.”Currently, baby boomers, those born between 1946 and 1964, live in 46 million owner-occupied homes with a total combined value of $13.5 trillion, according to the research. As baby boomers enter their 70s, the report said, “we can expect many to leave the housing market for rentals, senior care facilities, or even death.” “With the oldest boomers now in their early 70s, the beginning of a mass homeownership exodus looms on the horizon, fueling fears of a ‘generational housing bubble’ in which homeownership demand from the younger generations is insufficient to fill the void left by multitudes of departing older owners,” stated Dowell Myers of the University of Southern California and Patrick Simmons of Fannie Mae in their report that was published on the Fannie Mae blog. Examining historical and recent homeownership trends among older Americans, the researchers sought to predict how many older homeowners would leave the market over the next two decades. Between 2006 and 2016, 9.2 million Americans who reached age 65 or older during the decade transitioned out of homeownership, the report indicated. Over the next 10 years, from 2016 to 2026, the researchers anticipate another 10.5 million to 11.9 million homeowners exiting their homes. Over the following decade, between 13.1 million and 14.6 million older Americans will exit the housing market. “The number of older homeowners ‘at risk’ of attrition due to advancing age will balloon as the large baby boomer generation moves full-force into the 65-and-older age group where homeowner retention rates drop substantially,” Myers and Simmons explained. The researchers pointed out some possible ways to “ease the market impacts of the coming wave of older homeowner departures,” such as offering home improvement financing and social services for those who wish to age in their homes instead of moving. Another way to ease the impact is by helping the millennial generation to replace some of the boomers as they exit the market by ensuring “sustainable” financing options for first-time buyers.  The report pointed out that “immigration policy will also likely play a role in determining the adequacy of replacement demand for the homes vacated by boomers” because “immigrants contribute substantially to homeownership demand.” “Fostering a smooth intergenerational handoff of housing assets will likely require approaches that span the age spectrum and that seek to forge a bond of mutual housing market interests between old and young,” Myers and Simmons said. Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News Share 3Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Is A ‘Generational Housing Bubble’ Taking Shape?  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. 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 Tagged with: age Baby Boomers Fannie Mae Home Homebuyers Homeowners HOUSING Housing Bubble Millennials retention Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Optimal Blue’s Resitrader Acquisition Creates Largest Industry Platform Next: Top Cities for First-time Homebuyers The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Krista Franks Brock Sign up for DS News Daily Subscribelast_img read more

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Will Texas Adopt Flood Insurance Disclosure Laws?

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first_img Previous: Former Ginnie Mae COO’s New Role Next: The Broad Impacts of Falling Home Prices Governmental Measures Target Expanded Access to Affordable Housing 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. Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Tagged with: Disclosure FEMA Flood Insurance Law Property Texas Department of Insurance The Week Ahead: Nearing the Forbearance Exit 2 days ago The Texas Department of Insurance (TDI) has recommended adopting laws requiring that property insurance policies include a disclosure that the policy does not cover flood damage. The agency proposed this step in its biennial report to the state legislature.The issue at the core of this proposal is the rule that property within the Federal Emergency Management Agency (FEMA) 100-year flood plain must have flood insurance to get a federally backed mortgage. TDI, in its report, said that during Hurricane Harvey, more than half the homes that were flooded were outside of these designated flood zones and most of those didn’t have flood insurance.Another issue was the awareness among homeowners on this rule. TDI noted that some homeowners outside the flood zones and even renters in the flood zones were not aware that they might need flood insurance. The need for such a rule, TDI stated became even more important in the light of the fact that the state was “particularly prone to floods and almost every major city in Texas had areas that were at high risk of flooding.” Additionally, since development could change an area’s flood risk, it was difficult to keep the flood maps developed by FEMA up to date.As a result, TDI has recommended amending the state’s Insurance Code to require property policies to include a prominent disclosure if the property does not cover flood damage. TDI recommended two alternatives to achieve this:Requiring TDI to adopt rules for such disclosure; orProviding specific language in the statute for the disclosureCurrently, six states have a similar law in place. They include Florida, Louisiana, Minnesota, New Hampshire, New York, and Washington.Floods after Hurricane Harvey not only impacted properties but also homeowners’ ability to pay. In a case study conducted in the aftermath of Hurricane Harvey in Texas, CoreLogic found that FEMA designated counties following Hurricane Harvey saw a significant increase in 90-plus day delinquency when compared to delinquency rates just six months prior. In these counties, properties estimated to be damaged saw a 205 percent increase in 90-plus day delinquency, and undamaged properties saw a 167 percent increase in 90-plus day delinquency. January 10, 2019 2,338 Views Home / Daily Dose / Will Texas Adopt Flood Insurance Disclosure Laws? The Best Markets For Residential Property Investors 2 days ago  Print This Postcenter_img Sign up for DS News Daily in Daily Dose, Featured, Loss Mitigation, News Disclosure FEMA Flood Insurance Law Property Texas Department of Insurance 2019-01-10 Radhika Ojha Demand Propels Home Prices Upward 2 days ago Share Save Will Texas Adopt Flood Insurance Disclosure Laws? About Author: Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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Fannie Mae Surveys Market Sentiment

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first_imgSign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Fannie Mae mortgage lender Survey in Daily Dose, Featured, Government, News June 12, 2019 1,633 Views About Author: Mike Albanese The Best Markets For Residential Property Investors 2 days ago Related Articles  Print This Post 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 Fannie Mae Surveys Market Sentiment Fannie Mae reported that the net profit margin outlook for mortgage lenders was positive for the first time in almost three years, primarily due to strong demand expectations for both purchase and refinance mortgages, according to the Q2 2019 Mortgage Lender Sentiment Survey. “Lenders are signaling strong demand-driven mortgage market dynamics, with optimism for both their consumer demand and profitability outlooks reaching multi-year highs,” said Doug Duncan, SVP and Chief Economist at Fannie Mae. “Lender sentiment regarding both recent and expected purchase mortgage demand growth across all loan types was the most upbeat in at least three years.”Of the lenders surveyed, consumer demand (64%) and operational efficiency and technology (32%) were the two main reasons cited for an increased positive outlook.According to the report, 29% of lenders surveyed in Q2 2019 were positive on the market’s outlook, as compared to 8% who had a negative outlook in Q1 2019.This is the first positive survey result since Q3 2016, and the second most positive reading in the survey’s six-year history. The last time the survey showed a positive result was Q2 and Q3 of 2016, when the readings were 12% and 11%, respectively.Lenders who had a negative outlook had gone as high as 34% in Q4 2018.Purchase mortgage demands increased across the board over the past three months, and are expected to do so over the next three months. GSE eligible mortgage demands reported a net increase of 39%, non-GSE eligible mortgages demands grew 48% and government mortgage demands increased 31% during Q1 2019.Those looking into refinancing due to low mortgage rates also saw big increases in Q1 2019. GSE eligible refinance demand grew 24%, non-GSE eligible refinance demand increased 13%, and Government refinance demand saw a 15% increase.According to a report by CNBC, the volume of mortgage applications rose 1.5% earlier this month, mostly due to those looking to refinance. The average interest rate for 30-year fixed rate mortgages was 4.23% earlier this month.  Black Knight report found declining mortgages have resulted in 5.9 million refinance candidates in April. center_img Home / Daily Dose / Fannie Mae Surveys Market Sentiment Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save 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. Servicers Navigate the Post-Pandemic World 2 days ago Fannie Mae mortgage lender Survey 2019-06-12 Mike Albanese Data Provider Black Knight to Acquire Top of Mind 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 Previous: Rent Increases Spur Regulation Next: Fannie Mae Announces NPL Sale Winners Subscribelast_img read more

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Repositioning Skills in a Changing REO Environment

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first_imgHome / Daily Dose / Repositioning Skills in a Changing REO Environment Share Save Data Provider Black Knight to Acquire Top of Mind 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. August 2, 2019 1,713 Views Previous: Building Trust in Servicing Next: Optimal Blue’s Competitive Analytics to Help Lenders The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News, REO Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Tagged with: Agents Assets Brokers Five Star FORCE Properties real estate REO Skills  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Repositioning Skills in a Changing REO Environment Agents Assets Brokers Five Star FORCE Properties real estate REO Skills 2019-08-02 Radhika Ojha Subscribe Servicers Navigate the Post-Pandemic World 2 days ago A recent webinar by the Five Star FORCE addressed current challenges faced by REO agents and gave tips on how they can position themselves in the current distressed property environment. The webinar titled “Agents Helping Agents: Communicating Your Value to Prospective Clients” had members of the FORCE Advisory Council providing the audience with a “kick-start toolkit” to help brokers position themselves for the next upcoming distressed market while sharing personal journies about how they managed these transitions.During this hour-long webinar, industry experts discussed pertinent topics such as website creation and REO portal profiles, creating corporate files and resumes, social media presence, marketing systems, professionalism, and much more.Sharing her personal journey, Terry Rasner-Yacenda, Five Star FORCE Chairperson and Broker/Owner of Reno/Tahoe Realty Group LLC  said that her first REO assignment didn’t go as planned. “But I didn’t give up. I just kept searching and searching, until I found someone who would mentor me,” she said. “Today, as members of the FORCE, you have the Five Star Academy that you should utilize to start positioning yourself for when the distressed property market will start happening again.”Speaking on improving performance through exposure and branding initiatives and how brokers can improve their profiles and portals, Nancy Braun, FORCE Advisory Council Vice-Chair and Owner/Broker-In-Charge of Showcase and Carolina Property Management, LLC asked brokers to dedicate at least an hour a week to update their profiles and bios on various online sites. Braun explained that such updates to bios, profiles, web pages, and social media were necessary because, “When an asset manager is looking for you, they will do a google search and if you are not updated online, they’re going to think that you are not someone who’s performing to their maximum and move on to someone else,” she observed.Explaining the items that an agent must include in their online profiles and the importance of updating their business profiles on social media and REO portals, Braun said, “The basic thing you should think about is why should they pick you over all the other agents. If you don’t have this stuff you should work towards it and showcase your unique selling proposition.”Giving tips on how agents can tap potential clients Justine Jimenez Garcia, Licensed Real Estate Broker and Coach and Owner of Countrywide Properties Inc, said that networking played an important role in getting potential leads. “Perseverance is what you need to keep in mind while getting in with any company,” Garcia said while sharing her personal experience of how networking regularly helped her.Giving an overview of the current housing market and the economy, Jim Hastings, of Hastings Brokerage Ltd took the audience through the trends that are likely to impact the distressed property market going forward. “We are in the longest nonrecessionary period in the history of America,” he said. “But an economy is all about ups and downs.”Donato Ortini, the Owner/Broker at Stone Tower Realty LLC, discussed professionalism in this field. “Essentially being professional is about giving your best at all times,” Ortini said while giving 12 tips on why it was important to remain professional, in a rapidly changing environment. “Think about how your behavior will be perceived by others and make sure to understand and follow company codes of conduct where they exist.”Steven Pagano Associate Broker at Coldwell Banker explained the importance of understanding property preservation issues. “Understanding these issues is important to communicate the value you can offer as an REO broker to asset managers,” he said.Regina Shaw, Associate Broker at Intero Real Estate Services gave insights into how brokers could prepare for the upcoming distressed real estate assets market. She said that apart from REO/foreclosures, there were many aspects to the default/distressed market that can be a great source of income. Giving some examples such as working on BPOs and short sales, Shaw said, “If you were short sale certified before, I recommend you brush up because previously mandated laws have either gone away or changed drastically.”Click here to view the complete recording. The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

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The Next Steps for NFIP

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first_img in Daily Dose, Featured, Loss Mitigation, News After the National Flood Insurance Program’s (NFIP) short-term extension, the next steps will be reforming the program. In a report by Christa Nadler, EVP of Risk Placement Services, she dives into what problems the NFIP has faced, and what the future of the program looks like.According to Nadler, open-market flood coverage is becoming more and more vital, and “data is king.” With additional sources of data available, more carriers than the NFIP alone are looking at providing insurance.“In many instances, private flood actually offers broader coverage than the NFIP,” said Nadler.”The NFIP also limits coverage to $500,000 in building coverage and $500,000 in contents coverage for commercial occupancies,” Nadler adds. “Outside of small businesses, $500,000 in coverage is virtually nothing. In the private flood space, insureds can secure limits in excess of $100M, if necessary.”Part of the next steps for the NFIP involves private sector reinsurance. As part of the next steps for NFIP, the Federal Emergency Management Agency announced earlier this month that it has transferred an additional $1.33 billion of the NFIP’s financial risk to the private reinsurance market in its 2020 reinsurance placement for the program.Reinsurance is a financial risk management tool used by private insurance companies and public entities to protect themselves from large financial losses. This annual reinsurance agreement from FEMA is in effect from January 1, 2020, to January 1, 2021, with 27 private insurance companies.The newest reinsurance covers portions of NFIP losses above $4 billion from a single flood event. The Agency paid a total premium of $205 million for the coverage.The agreement is structured to cover:10.25 percent of losses between $4 billion and $6 billion,34.68 percent of losses between $6 billion and $8 billion, and21.80 percent of losses between $8 billion and $10 billion.Combing the $500 million allocated in August 2018 and the $300 million from April 2019, FEMA has transferred $2.13 billion of the NFIP’s flood risk for the 2020 hurricane season to the private sector. The Next Steps for NFIP Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: PACE Loan’s Default Challenges Next: Addressing Vacant Homes in LA Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 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. About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Disaster flood nfip 2020-01-28 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Disaster flood nfip Subscribe The Best Markets For Residential Property Investors 2 days ago January 28, 2020 1,386 Views Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / The Next Steps for NFIP Share Savelast_img read more

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