DS News Webcast: Monday 2/18/2013

first_img Previous: LPS Settles Federal Mortgage Fraud Inquiry for $35M Next: Barclays: Why Repeat Mods Have Been Making a Comeback Subscribe DS News Webcast: Monday 2/18/2013 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Featured, Media, Webcasts  Print This Post Share Save Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago February 18, 2013 519 Views center_img Is Rise in Forbearance Volume Cause for Concern? 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Coverage: – RE/MAX: Low Inventory Pushes Up January Prices – Ally Completes Consumer Relief Obligations Under Settlement />Visit www.DSNews.com for all of your relevant top Default Servicing news Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Featured / DS News Webcast: Monday 2/18/2013 The Best Markets For Residential Property Investors 2 days ago 2013-02-18 DSNews Sign up for DS News Daily About Author: DSNewslast_img read more

DS News Webcast: Wednesday 10/2/2013

first_img Demand Propels Home Prices Upward 2 days ago About Author: DSNews Home / Featured / DS News Webcast: Wednesday 10/2/2013 Share Save Previous: $100mm REIT raised for Distressed Impact Investing – Oct 02,2013 Next: FHFA and Zillow Talk HARP Sign up for DS News Daily DS News Webcast: Wednesday 10/2/2013 in Featured, Media, Webcasts Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post October 2, 2013 566 Views Subscribe The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago 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 Is Rise in Forbearance Volume Cause for Concern? 2 days ago 2013-10-02 DSNews Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Housing Market Cools Off as Inventory Slows

first_img in Daily Dose, Featured, News, Secondary Market October 20, 2014 1,267 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Former Alabama Bank Manager Sentenced for Fraud Next: Maryland Charter Bank Shuts Down Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post 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 About Author: Tory Barringer 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. Subscribe Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago California Demand Housing Market Housing Supply National Association of Realtors Realtor.com 2014-10-20 Tory Barringer Sign up for DS News Daily Housing Market Cools Off as Inventory Slows The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Housing Market Cools Off as Inventory Slows Housing indicators cooled off slightly in September, marking the annual start of what is typically a slower season for the market, according to a report from listings site Realtor.com.At the national level, Realtor.com reported the median age of September’s housing stock was 90 days, four days longer than August’s median age as home shoppers back off for the season. Compared to last year, however, September’s median inventory age was down three days, indicating demand is still there.The number of listings last month was approximately 1.87 million, down 2.7 percent annually and 7.9 percent monthly. The decline compares to Redfin’s latest analysis, which showed an unexpected bump in inventory from new listings. Redfin’s data measures a narrower list of markets nationwide.As other market indicators have seen steady improvement, inventory has remained a consistent problem, with shortages across the country limiting buyers’ options and pushing prices beyond affordability in some areas. According to the National Association of Realtors’ latest existing-home sales report, the nation’s housing stock sat at a 5.5-month supply in August, short of the six- to seven-month supply considered to be a balanced market. New homes were in even shorter supply at nearly five months.”To truly relieve the inventory shortage on a sustained basis, new home construction needs to rise by at least 50 percent from the current levels,” said Lawrence Yun, chief economist for the National Association of Realtors.Though the market’s pace has slowed nationally, Realtor.com found 12 major metros are still selling quickly, with each one seeing a median inventory age of less than two months. Those markets include a number of California metros—Oakland, San Jose, San Francisco, San Diego, and Los Angeles-Long Beach—as well as a handful of others around the country, including Denver, Seattle, Houston, Austin, Omaha, Melbourne, and Washington, D.C.Though largely spaced out geographically, those markets have a number of factors in common that are helping to drive their local housing markets: Notably, they feature the best opportunities for math and science professionals, and they’re home to large baby boomer populations.As Realtor.com explains in its report, the first group tends to pull in a higher median income and brings enhanced buying power, while the second group is rapidly coming to an age when they have to make retirement-related housing decisions.”When we see homes moving quickly in a particular market, we expect the trend to be supported by signs of local health like growth in economic production and employment,” said Jonathan Smoke, chief economist for Realtor.com. “This month, we also observed more out of the ordinary trends including high proportions of math and science professionals, as well as baby boomers in each of the fast moving markets. As the technology industry grows and aging baby boomers decide to make housing moves to support their retirement, we’ll continue to see strong housing demand associated with these factors.” Tagged with: California Demand Housing Market Housing Supply National Association of Realtors Realtor.com Share Savelast_img read more

Gap Between Potential and Actual Home Sales Narrows

first_img  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Existing Home Sales First American Home Sales Mark Fleming potential home sales Potential Home Sales model 2018-01-23 David Wharton The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Related Articles Share Save About Author: David Wharton January 23, 2018 1,619 Views The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Headlines, Journal, Market Studies, News Gap Between Potential and Actual Home Sales Narrows Servicers Navigate the Post-Pandemic World 2 days ago Previous: Senate Confirms Jerome Powell as Fed Chair Next: Lack of Affordable Homes Driving Nationwide Migration Trends Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Gap Between Potential and Actual Home Sales Narrows 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 Tagged with: Existing Home Sales First American Home Sales Mark Fleming potential home sales Potential Home Sales model Data Provider Black Knight to Acquire Top of Mind 2 days ago According to a new report by First American, while existing-home sales continued to underperform their potential in December 2017, the gap between actual sales and that potential has continued to narrow.First American’s proprietary Potential Home Sales model reports that potential existing-home sales decreased 0.2 month-over-month in December 2017, settling in at a 5.99 million seasonally adjusted annualized rate (SAAR). The market potential for existing-home sales is up 1.4 percent year-over-year, having gained 82,000 (SAAR) sales. According to First American, the December 2017 total of potential existing-home sales was 375,000 (SAAR), which puts it 6.3 percent below the pre-Recession peak that occurred in July 2005.The market for existing-home sales did underperform its potential in December 2017, however, by 2.0 percent or an estimated 122,000 (SAAR) sales, per First American. First American also reported a market potential dip of an estimated 1,000 (SAAR) sales between November and December 2017.Mark Fleming, Chief Economist at First American, said, “Faster economic growth, a healthy stock market, low unemployment, and low mortgage rates are fueling substantial home-buying demand. The pace of actual existing-home sales has surged in recent months and significantly narrowed the gap between actual market performance and market potential. Nonetheless, the market is still underperforming its potential. Existing-home sales have been restrained by an increasingly concerning shortage of properties for sale, which puts upward pressure on house prices. The shortage of homes for sale will likely continue in 2018 and continue to push prices higher.”First American predicts that homebuilding and sales listings will have difficulty keeping up with demand in 2018, especially from the growing demand among millennials eager to find a home. Tight inventory will also continue to cause problems, as Realtor.com reports that the supply of homes has actually fallen year-over-year, down by 9.0 percent. Moreover, homes are selling 7.0 percent faster than a year ago.All of these factors contributed to an 8.6 percent decrease in affordability in November 2017, according to the First American Real House Price Index, which tracks incomes, mortgage rates, and an unadjusted house price index.You can read more of First American’s insights into the state of housing in December 2017 by clicking here. Subscribelast_img read more

The Industry Pulse: Updates on FDIC, Altisource, and More

first_img in Daily Dose, Featured, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago 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] Company News The Industry Pulse 2018-05-01 David Wharton The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / The Industry Pulse: Updates on FDIC, Altisource, and More Previous: Housing Inventory Shortages Hitting This Sector Hard Next: A Firm Hand May 1, 2018 2,591 Views Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily center_img  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago From rewards and recognition to new appointments and initiatives,get the buzz on the industry’s latest news in this weekly update.Vice Chairman and a Member of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) Thomas M. Hoenig has announced that he is stepping down on April 30, 2018. Hoenig joined the Board in April 2012, and has served a full six-year term. Prior to joining the FDIC Board, Hoenig was the President of the Federal Reserve Bank of Kansas City and a Member of the Federal Open Market Committee (FOMC) from 1991-2011.”It has been an honor and a privilege to serve the public and be a part of the FDIC and its mission during these past six years,” Hoenig said.”I would like to thank Vice Chairman Hoenig for his extraordinary career of public service at both the FDIC and the Federal Reserve Bank of Kansas City,” FDIC Chairman Martin Gruenberg said. “Tom has been a forceful advocate for strong, independent financial regulation and has contributed enormously to the mission of the FDIC during his time as Vice Chairman. The FDIC was fortunate to benefit from his service.”________________________________________________________________________________Luxembourg-based Altisource Portfolio Solutions S.A. has appointed Patrick McClain as SVP, Hubzu Auction Services. McClain will report to Joseph A. Davila, President, Service Solutions.In this role, McClain will be responsible for driving the growth of Hubzu’s residential online marketing and auction business. Leveraging Hubzu’s scale, rich data resources, and fully integrated end-to-end services, McClain will oversee product innovation for the Company’s Online Auction, Live Auction, Short-Sale, Claims Without Conveyance of Title (CWCOT) and National Brokerage Services businesses along with Hubzu’s client management program and business development strategy.“Patrick has deep and highly-relevant product expertise and a broad industry network,” said Davila. “Hubzu is one of the largest online real estate auction services platforms in the country. We welcome Patrick’s entrepreneurial approach, significant industry experience and demonstrated operational expertise as we look to substantially grow Hubzu and stay at the forefront of this market.”________________________________________________________________________________Pennsylvania-based provider of real-estate lending support services, SBS, has announced the addition of Veros Real Estate Solutions’ VeroPRECISION product to their suite of valuation and appraisal management services.VeroPRECISION gives users the ability to determine if an automated valuation model (AVM) is an appropriate tool for a specific property. While other AVMs are typically applied at broad geographic levels, VeroPRECISION can be applied to an individual property, first determining if it is a good candidate for an AVM and then determining which evaluation tool will provide the most accurate and appropriate data.SBS offers a full suite of valuation and appraisal management services that can be tailored to meet unique specifications.The company provides real property appraisals and AVMs for banks, credit unions, mortgage lenders, and mortgage servicers.________________________________________________________________________________Pennsylvania-headquartered national mortgage services company, ServiceLink, has announced the appointment of Terri Hunter who has joined the company as a national sales executive of default services. Hunter joins the ServiceLink team with a wealth of knowledge and expertise from her many years in the industry.She most recently worked for Chronos Solutions as SVP of asset management and portfolio, where part of her responsibilities was overseeing all asset management contracts, both private and government, along with the profitability of that operation.Prior to Chronos Solutions, she was with OneWest Bank where she was responsible for property collateral management and liquidation strategies of defaulted assets for the bank. She also spent time with Ocwen Financial Corporation and Indymac Bank.________________________________________________________________________________Richard M. Squire & Associates, a Jenkintown, Pennsylvania based end-to-end mortgage default services law firm, announced its expansion into New Jersey. The firm, which brands itself as “smaller than some but second to none”, holds key business values such as “integrity, client satisfaction, and results.” The statement expressed the company’s excitement to now have a multi-state footprint with operations throughout Pennsylvania and New Jersey.“We are thrilled to be able to provide client-focused representation in the State of New Jersey to our present and prospective clients,” the statement said. “Our services will be available state-wide and will adhere to our existing Pennsylvania standards of excellence.” Related Articles The Industry Pulse: Updates on FDIC, Altisource, and More Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Company News The Industry Pulse Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Subscribelast_img read more

The State of Homebuyer Regret

first_img Americans are constantly being pressured to overspend, including on homes, according to a new survey. The recent Bankrate “peer pressure” survey found that around 12% of Americans believe they felt pressured to overspend on their home.Much of this desire to overspend comes from friends and family, with Bankrate reporting that 37% of respondents felt that pressure from their friends were the biggest cause of overspending, next to pressure from spouses or significant others (30%) and extended family (25%)Bankrate’s survey covered more than homes. According to the survey, many Americans have also felt pressure to overspend on material items and social activities, more than on homes. However, Bankrate notes that the risk of debt is a big enough reason to keep many people from overspending. The survey found that 25% of respondents admit to charging something to a credit card that they couldn’t afford in order to look successful to others, while 75% have not.Millennials, the report states, are the most likely to overspend, over older generations, (64% versus 40%), and are more influenced by pressure from friends.Millennial and Generation Z homeowners reportedly have more homebuyer regrets than older homebuyers as well, according to a recent survey from Freedom Debt Relief. The survey found that 58% of millennial homeowners say their mortgage payment is too high, compared to 52% for Generation X homeowners.The survey examined just how much homebuyers regretted how much they spent or are spending on their home. Of the 1,028 homeownerssurveyed, 26% said the cost of owning a home is a burden and they’d rather rent. However, 59% of homeowners still feel that owning a home is part of the American dream.Additionally, 12% of those surveyed have buyers remorse, 12% have missed a mortgage payment is the last decade, and just 28% felt financially secure after purchasing a home.Respondents also said that emergency fixes (57%) and maintenance costs (51%) were the biggest hidden costs of homeownership. Fifty-four percent of millennial said they don’t know how much they spend on their house annually.  Print This Post About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Liquidity’s Impact on Default Rates Next: Fighting Foreclosures on the Hill The State of Homebuyer Regret credit Homebuyers Money Overspending 2019-07-29 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 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. Demand Propels Home Prices Upward 2 days ago Tagged with: credit Homebuyers Money Overspendingcenter_img Servicers Navigate the Post-Pandemic World 2 days ago July 29, 2019 1,181 Views Related Articles The Best Markets For Residential Property Investors 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, Market Studies, News Share Save Home / Daily Dose / The State of Homebuyer Regret Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Reforming the National Flood Insurance Program

first_imgHome / Daily Dose / Reforming the National Flood Insurance Program  Print This Post 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. July 23, 2019 1,433 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Why Did Mortgage Delinquencies Rise? Next: Home Price Growth Analyzed Share 1Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily FEMA flooding nfip 2019-07-23 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn Reforming the National Flood Insurance Program in Daily Dose, Featured, Government, Loss Mitigation, News Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Tagged with: FEMA flooding nfip Subscribe Senator Cindy Hyde-Smith is proposing an update to the National Flood Insurance Program (NFIP). Hyde-Smith’s proposal aims to address the multiple extensions the NFIP has undergone with a long-term extension plan. Hyde-Smith is a lead cosponsor of the National Flood Insurance Program Reauthorization and Reform Act or NFIP-RE Act“We’re trying to flip the script on mitigation projects, from being reactionary to being proactive.  This is the first bill that provides a significant amount of real money for pre-disaster mitigation, which would give taxpayers a better return on investment.  It is far more expensive to rebuild after a disaster than it is to do everything you can to protect yourself beforehand,” Hyde-Smith said in a statement.In her letter to Senate Banking Committee Chairman Michael Crapo and Ranking Member Sherrod Brown, Hyde-Smith puts forth several options to address affordability issues among low and middle-income policy holders and debt issues within the NFIP. Through the NFIP-RE Act, Hyde-Smith suggests a new community mapping appeals process regarding flood maps created by the Federal Emergency Management Agency (FEMA) for states, local governments, or property owners, as well as a direction to FEMA to factor nonfederal flood control structures, like levees, when determining flood risk zone designations.Additionally, the bill would increase NFIP participation among homeowners and small businesses by capping the premium rate increases to 9%.  Under the current system, rates can rise up to 25% annually in perpetuity. “Runaway premium hikes under the current system undermine and weaken the flood insurance program, which increases the burden on taxpayers to pay for federal disaster assistance to cover uninsured losses,” Hyde-Smith said.  “There’s no point in having flood insurance if nobody can afford it. This bill would help meet the equally important goals of solvency and affordability.”The bill also includes reforms to tackle agency mismanagement, unsustainable debt service costs and contractor profiteering.Hyde-Smith’s letter to the Senate Banking Committee can be found here. The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Industry Responds as Coronavirus Declared a Pandemic

first_img The Best Markets For Residential Property Investors 2 days ago Subscribe Previous: The Times, They Are a’ Changin’: AI in Mortgage Servicing Next: FEMA Sending Additional $38M to Puerto Rico Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News About Author: Seth Welborn Coronavirus 2020-03-11 Seth Welborn Share Save Story updated 3:25 p.m. CDTThe CEOs of the nation’s largest banks met with President Donald Trump Wednesday, discussing the next steps and a plan of action to combat growing concerns surrounding COVID-19, according to CNBC.Bank of America CEO Brian Moynihan said the banks are in a “great position” with plenty of capital and liquidity. He added the banks are looking to help all Americans and offer relief to consumers, especially to those who have been forced to be out of work due to the disease.Moynihan added that people are still spending money in today’s economy.Citigroup CEO Michael Corbat opened his remarks by saying, “this is not a financial crisis.”Corbat added banks want to provide liquidity and there is a great deal of fear with recent talks of recession. He also said that the markets are currently in its “discovery phase” as it works to understand how the market is reacting to COVID-19.”We’re here to help,” Corbat said.Trump announced that he plans to make an announcement later Wednesday night and something will need to be done “as soon as possible.”_______In a joint statement from several federal financial and state regulators, financial institutions are being encouraged to meet the financial needs of customers and members affected by the coronavirus (COVID-19), which has now been classified by the World Health Organization (WHO) as a pandemic.The agencies named in the statement include:Board of Governors of the Federal Reserve SystemConsumer Financial Protection BureauFederal Deposit Insurance CorporationNational Credit Union AdministrationOffice of the Comptroller of the CurrencyConference of State Bank SupervisorsAccording to Mark Zandi, Chief Economist at Moody’s Analytics, there’s a 60% chance of the U.S. economy going into a recession this year. Zandi told Bloomberg that the economic disruption would batter the housing market, despite record-low mortgage rates.“Housing is being buffeted by two gale forces moving in opposite directions,” Zandi said. “The question is, what’s the end result of all that? In all likelihood, the recession will trump the lower rates.”Stocks fell significantly on Monday, earning it the name “Black Monday” as the Dow plunged 1,800 points and the S&P decline by 7%, spurred by the spread of coronavirus as well as Saudia Arabia launching an oil price war with Russia.The oil war was dwarfed by COVID-19, and the Federal Reserve already cuts rates a week prior.”This will be remembered as Black Monday,” said analyst Neil Wilson at trading site Markets.com on Yahoo Finance.With this in mind, regulators note that many financial institutions may face staffing challenges.In cases in which operational challenges persist, regulators announced that they will expedite, as appropriate, any request to provide more convenient availability of services in affected communities. The regulators also will work with affected financial institutions in scheduling examinations or inspections to minimize disruption and burden.On ABC News, Department of Housing and Urban Development Secretary and White House coronavirus-task-force member Dr. Ben Carson urged people to remain calm, but be smart.“It’s very important for people to remember that this virus is like other viruses. It should be treated the same way,” Carson told ABC News. “We have flu seasons that come up frequently, and there are certain precautions you take during that time.” March 11, 2020 1,873 Views Sign up for DS News Daily Industry Responds as Coronavirus Declared a Pandemic Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 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 Home / Daily Dose / Industry Responds as Coronavirus Declared a Pandemic  Print This Post Tagged with: Coronavirus Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days agolast_img read more

FHFA Director Calabria Testifies About Pandemic Response

first_img The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago FHFA Director Calabria Testifies About Pandemic Response Share Save Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago 2020-09-16 Christina Hughes Babb Sign up for DS News Daily The House Financial Services Committee (FSC) heard testimony Wednesday from FHFA Director Mark Calabria on his agency’s response to the pandemic.In advance of the hearing, which was entitled “Prioritizing Fannie’s and Freddie’s Capital Over America’s Homeowners and Renters? A Review of the Federal Housing Finance Agency’s Response to the COVID-19 Pandemic,” the FHFA published Calabria’s statement.The (FHFA), Calabria said, “has acted swiftly and prudently to respond to COVID-19. Thanks in part to our efforts, the housing market has largely been a bright spot in the pandemic economic data. We continue to update our policies as the challenges facing renters, borrowers, and market participants evolve.”He began his testimony by outlining the agency’s first response to the pandemic, which was transitioning its own staff to a virtual environment.He went on to highlight the significant amount of data on trends in the housing and mortgage markets collected by the FHFA. Said data “enables the Agency to respond appropriately to market developments, promote market efficiency and stability, and disseminate information to improve the public’s understanding of housing finance markets,” Calabria said. “Economic research and data analytics are core competencies of effective safety and soundness supervision, which is essential to preparing the Agency and the Enterprises to responsibly exit and operate safely outside of conservatorship. That is why, from the beginning of my term, one of my top priorities has been to strengthen FHFA’s research and data analysis capabilities.”Congresswoman Maxine Waters (D-California), FSC Chairwoman, also provided a statement in which she noted that, “short of a vaccine, our homes and the ability to shelter in place are the greatest protection we currently have against COVID-19.” The hearing, she said, was important, for reasons including, that “the U.S. Census Pulse Survey recently found that 8.4 million homeowners and 8.2 million renters are behind on their rent and mortgage payments.” (Her full statement is available here).Calabria said the FHFA’s top priorities have included “to support renters and homeowners struggling to pay for housing because of COVID-19.”To do this, Calabria said the Agency has directed the GSEs to put in place certain protections. “The Enterprises own or guarantee approximately $6.0 trillion in mortgages. That includes about 43% of multifamily units, about 8.6 million households, and more than half of single-family mortgages.  FHFA’s policies apply to all single-family homeowners and multifamily property owners with an Enterprise-backed mortgage. FHFA’s policies also help to set workable standards for the entire market.”The FHFA he said has protected more than 28 million homeowners and enabled roughly 200,000 families facing foreclosure pre-COVID to stay in their homes.”As a staffer on the Senate Banking Committee during the 2008 financial crisis,” he said. “I saw firsthand the importance of resisting the pressure to “act first, analyze later” that arises in a period of financial stress. In a crisis, panic can lead to ill-conceived policy responses and send confounding signals to the market. It is imperative to remain calm and make decisions based on careful, thoughtful analysis of the most up-to-date data available.”The published statement includes charts, data, and further analysis. It can be accessed here. Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Hurricane Sally Brings ‘Extensive’ Damages to Gulf Coast Next: Another Issuance of ‘Green’ Mortgage-Backed Securities  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago September 16, 2020 1,285 Views Subscribe Home / Daily Dose / FHFA Director Calabria Testifies About Pandemic Response The Best Markets For Residential Property Investors 2 days ago About Author: Christina Hughes Babb 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. last_img read more

FHA Proposes Private Flood Insurance for Single-Family Mortgages

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / FHA Proposes Private Flood Insurance for Single-Family Mortgages Servicers Navigate the Post-Pandemic World 2 days ago The Federal Housing Administration (FHA) today published a proposed rule on its website that would allow a private flood insurance option instead of insurance through the National Flood Insurance Program (NFIP), when flood insurance is required by FHA.In September, the White House signed a resolution that included an extension for the NFIP until September 30, 2021.The changes, proposed Tuesday, would allow lenders to begin accepting private flood insurance policies for single-family insured loans for homes located in Federal Emergency Management Agency-designated Special Flood Hazard Areas (SFHAs), consistent with similar provisions in use by other industry participants.“Our proposal would expand the options for obtaining flood insurance, rather than continuing to lock in borrowers to one federal option without any ability to comparison shop,” said Assistant Secretary for Housing and Federal Housing Commissioner Dana Wade. “We are also proposing important safeguards that will help protect borrowers, so their homes will have flood insurance coverage at a level at or above the level available through the National Flood Insurance Program.”The FHA also is seeking public comment on a proposal to institute a compliance aid for private flood insurance policies. According to an FHA press release, this would allow lenders to rely on the compliance aid to determine if a private flood insurance policy meets FHA’s requirements.The FHA said it anticipates between 3-5% of FHA borrowers could obtain a private flood insurance policy for their FHA-insured mortgage if this option becomes available.”This proposal will remove yet another unnecessary regulatory barrier to doing business with FHA and can also reduce costs to the federal government—costs that are ultimately born by the taxpayer,” said Deputy Assistant Secretary for Single Family Housing Joe Gormley. “Allowing participation by private insurers should generate the competition needed to ultimately reduce costs for consumers.”The proposed rule will be published in the Federal Register in the coming days and will allow a 60-day public comment period following such publication. Comments should be submitted to FHA only through the methods specified in the notice to be published in the Federal Register.The FHA added that this is only a proposal; “current flood insurance policies remain unchanged at this time, including the requirement that minimum flood insurance be obtained through the NFIP.” Previous: Health Crisis Makes Digital Readiness a Priority Next: Affordable Housing Impact: Proposed Property Tax Struck Down Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago November 10, 2020 1,015 Views FHA Proposes Private Flood Insurance for Single-Family Mortgages Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, Headlines, News About Author: Christina Hughes Babb 2020-11-10 Christina Hughes Babb Demand Propels Home Prices Upward 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. Subscribelast_img read more