DS News Webcast: Tuesday 5/28/2013

first_imgSubscribe in Featured, Media, Webcasts Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Featured / DS News Webcast: Tuesday 5/28/2013 Previous: LPS: Home Prices Climb 2.9% from January to March Next: NAR Reveals Forecast for Commercial Sector The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago May 28, 2013 538 Views center_img Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: DSNews DS News Webcast: Tuesday 5/28/2013 Sign up for DS News Daily 2013-05-28 DSNewslast_img read more

HUD Secretary Castro to Testify Before Congress Thursday, June 11

first_img Previous: Freddie Mac Lists Steps To Help Distressed Borrowers Avoid Foreclosure Relief Scams Next: DS News Webcast: Tuesday 6/9/2015 Data Provider Black Knight to Acquire Top of Mind 2 days ago U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro is scheduled to testify before the full House Financial Services Committee on Thursday, June 11, for the second time since becoming the nation’s top housing official in July 2014.The purpose of Thursday’s hearing, titled “The Future of Housing in America: The Oversight of the Department of Housing and Urban Development,” is “to examine HUD and its programs,” according to a memorandum from the Committee.”Two flexible block grant programs—HOME and Community Development Block Grants (CDBG)—are intended to help communities finance a variety of housing and community development activities serving low income families,” the memorandum said. “Other more specialized grant programs are intended to help communities meet the needs of homeless persons, including those with AIDS. HUD’s Federal Housing Administration insures mortgages made by lenders to home buyers with low down-payments and to developers of multifamily rental buildings containing relatively affordable units.”The Committee is also expected to ask Castro about three government rental assistance programs that account for most of HUD’s non-emergency funding – which made up more than three-quarters of HUD’s total appropriations in FY2015.In several public appearances early this year, Castro touted 2015 as a “year of housing opportunity.” In his first time to testify before the full House Financial Services Committee in February, the Secretary faced some tough questioning from Republicans such as Committee Chairman Jeb Hensarling (R-Texas) on the FHA’s lowering of the mortgage insurance premiums by 50 basis points down to 0.85 percent and about HUD’s MMI fund standing at 0.41 percent, well below the 2 percent threshold it is required to maintain.Castro defended his actions to the Committee in the hearing, saying the FHA had taken aggressive actions to improve underwriting standards, introduced a credit score floor requiring a higher down payment from sub-580 FICO borrowers, and imposing higher minimum net worth requirements for lenders, all of which have contributed to FHA being “back in the black,” and putting the agency in a “strong” position to lower the mortgage insurance premiums. He also boldly predicted, and subsequently stuck to that prediction, that the MMI Fund would rise above the 2 percent ratio in the next two years.Click here to access a video stream of the hearing, which begins at 10 a.m. Eastern time on Thursday, June 11. The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / HUD Secretary Castro to Testify Before Congress Thursday, June 11 About Author: Brian Honea 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.  Print This Post The Best Markets For Residential Property Investors 2 days ago Tagged with: House Financial Services Committee HUD Julian Castro June 8, 2015 1,357 Views Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago HUD Secretary Castro to Testify Before Congress Thursday, June 11 Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago House Financial Services Committee HUD Julian Castro 2015-06-08 Brian Honea Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Pending Settlements Over Faulty RMBS Sales Bring Total Recovered by NCUA to $2.2 Billion

first_imgHome / Daily Dose / Pending Settlements Over Faulty RMBS Sales Bring Total Recovered by NCUA to $2.2 Billion Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: OCC Outlines Proposals Aimed at Eliminating Regulatory Burden for Small Banks Next: Ask the Economist: Consumers, Labor Market Improvements Have Built Momentum in Housing Share Save  Print This Post in Daily Dose, Featured, Government, News October 20, 2015 1,234 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The total amount recovered from litigation against banks that sold toxic residential mortgage-backed securities (RMBS) to corporate credit unions has now reached $2.2 billion with two recently announced pending settlements, according to an announcement from the National Credit Union Association (NCUA), a chief regulator for credit unions in the United States.Wachovia, based in Charlotte, North Carolina, and British financial firm Barclays agreed to pay $53 million and $325 million, respectively, to resolve claims from the NCUA of losses suffered by corporate credit unions stemming from the purchase of the faulty securities.“NCUA’s litigation efforts are helping minimize the costs of the corporate crisis to the credit union system, and those efforts will continue,” NCUA Board Chairman Debbie Matz said. “The agency has a statutory obligation to protect credit unions from those costs, and we will pursue the available legal remedies in order to hold the institutions that sold the faulty securities accountable for their actions.”According to the announcement from the NCUA, the net proceeds from the settlements are used by the Association to reduce Temporary Corporate Credit Union Stabilization Fund assessments charged to federally insured credit unions in order to pay for the losses caused by the failure of five corporate credit unions.NCUA sued Wachovia, which was acquired by Wells Fargo in 2008, in 2011. The Association filed suit against Barclays, the U.S. subsidiary of the British financial services firm, in 2012. Once the settlements are completed, NCUA will dismiss pending suits against both firms in federal district courts in California, New York and Kansas. As part of the settlement, neither Wachovia nor Barclays do not admit any fault.Neither Barclays nor Wells Fargo could immediately be reached for comment on the settlements.“The agency has a statutory obligation to protect credit unions from those costs, and we will pursue the available legal remedies in order to hold the institutions that sold the faulty securities accountable for their actions.”—Debbie MatzWhile the pending litigation against the firms will be dropped when the settlements are completed, however, NCUA is still pursuing suits in federal courts in New York, Kansas, and California against other large financial firms such as Goldman Sachs, Credit Suisse, UBS, and Morgan Stanley, over the sale of toxic RMBS that caused the failure of the five corporate credit unions.According to NCUA, the Association also has litigation pending against securities firms alleging manipulation of interest rates through the London Interbank Offer Rate (LIBOR) system, which is a violation of state and federal anti-trust law. The Association also has suits pending against other financial firms, accusing them of failing to perform their duties as trustees of RMBS trusts, according to NCUA.The agency has other litigation pending against securities firms alleging violations of state and federal anti-trust law by manipulation of interest rates through the London Interbank Offer Rate (LIBOR) system. NCUA also has pending suits against financial firms alleging their failure to perform their duties as trustees of residential mortgage-backed securities trusts. About Author: Brian Honea Tagged with: Barclays Corporate Credit Unions NCUA Residential Mortgage-backed securities Settlements Wachovia The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Barclays Corporate Credit Unions NCUA Residential Mortgage-backed securities Settlements Wachovia 2015-10-20 Brian Honea Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Related Articles The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Pending Settlements Over Faulty RMBS Sales Bring Total Recovered by NCUA to $2.2 Billion Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Why is the Gap for Risk Between First-Time and Repeat Homebuyers Widening?

first_img in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Tagged with: AEI’s International Center on Housing Risk Agency First-Time Buyer Risk Risk of Default Data Provider Black Knight to Acquire Top of Mind 2 days ago December 14, 2015 1,727 Views Why is the Gap for Risk Between First-Time and Repeat Homebuyers Widening? The gap between Agency indices measuring risk of default for first-time homebuyers compared to repeat buyers is widening, according to data released by the American Enterprise Institute (AEI)’s International Center on Housing Risk on Monday.The AEI’s Agency First-Time Buyer Mortgage Risk Index (FBMRI), which estimates the share of first-time buyer mortgages that would default if the U.S. economy experienced economic stress or a downturn similar to conditions in 2007 and 2008, found that the Agency FBMRI for first-time buyers is currently 6 percentage points higher than the risk index for repeat homebuyers and the gap has been growing.What is the reason for the widening gap? According to AEI, it is largely driven by risk layering. As of the end of November 2015, about 70 percent of first-time buyer mortgages had a combined loan-to-value ratio of higher than 95 percent. According to AEI, about 97 percent of those first-time buyers had a 30-year term mortgage.“Given the combination of little money down and slow amortization, these buyers will have very little home equity for a number of years unless their house appreciates substantially,” AEI stated in the report.In November 2015, the down payment for a median first-time homebuyer with an agency mortgage was only 3 percent, which calculates to about $7,200. That group also had a median FICO score of 706, which is 7 points lower than the national average of all individuals in the U.S. with a score, which was 713. For first-time buyers with FHA loans in November, the median FICO score was only 676—suggesting that mortgage credit access for first-time buyers may not be as tight as some news cycles have been suggesting.“The typical first-time buyer these days puts little money down and has a credit profile that is far from stellar,” said Stephen Oliner, codirector of AEI’s International Center on Housing Risk. “Those who assert that credit is tight are ignoring the facts.”According to AEI, About one-fifth of first-time buyers had a FICO score below 660 (the traditional definition of subprime mortgages), and more than one-quarter of them had total DTI ratios of higher than 43 percent, which is the limit set by the government’s qualified mortgage rule. Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Why is the Gap for Risk Between First-Time and Repeat Homebuyers Widening? Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. AEI’s International Center on Housing Risk Agency First-Time Buyer Risk Risk of Default 2015-12-14 Brian Honea The Best Markets For Residential Property Investors 2 days ago Previous: Bucking the Trend Next: DS News Webcast: Tuesday 12/15/2015last_img read more

Was Watt’s Speech the Beginning of the End for the Conservatorship?

first_imgHome / Daily Dose / Was Watt’s Speech the Beginning of the End for the Conservatorship? Conservatorships Fannie Mae FHFA Freddie Mac Mel Watt 2016-02-24 Brian Honea Subscribe Last week’s speech by FHFA Director Mel Watt at the Bipartisan Center sounded an alarm within the mortgage industry when he stated that there were certain risks the GSEs were facing that were “certain to escalate” the longer the conservatorship continues.The chief risk, Watt said, was the lack of capital reserves held by Fannie Mae and Freddie Mac, which are required to be reduced to zero by the start of 2018—at which point the GSEs may need another taxpayer-funded bailout similar to the one they received in 2008.Was Watt’s speech enough to convince the government to end the FHFA’s conservatorship of Fannie Mae and Freddie Mac, which is now in its eighth year, despite insistence from top government officials (namely Treasury Secretary Jack Lew) that the conservatorship will not end during the Obama Administration?Ralph Axel, rates strategist for Bank of America, thinks so. In a research note, Axel called Watt’s speech “unusual” and said the bank believes that the speech “opens the door to FHFA pursuing a recapitalization plan, eventually leading to the end of the conservatorships,” according to a report from Reuters.The GSEs required a combined $187.5 billion bailout in 2008, at which time they were taken into conservatorship by the federal government. They returned to profitability in 2012, though an amendment to the bailout agreement requires all GSE profits to be paid to Treasury—which has prompted several lawsuits from Fannie Mae and Freddie Mac investors.According to the GSEs’ Q4 and full year 2015 earnings statements released last week, Fannie Mae and Freddie Mac have paid a combined $246 billion into Treasury, about $58.5 billion more than they received in the bailout. Axel wrote in his research note, “Now that the FHFA has made the decision to tackle the undercapitalization issue at Fannie/Freddie, we think FHFA will continue to push in this direction and cite its statutory obligation as the driver.”Watt stated in his speech last week that the GSEs will have no capital buffer by January 1, 2018, and that “a disruption in the housing market or a period of economic distress could also lead to credit-related losses and trigger a draw (on Treasury, i.e. another bailout).”There are substantial challenges and risks associated with the conservatorship, Watt said, and “these challenges are certainly not going away, and some of them are almost certain to escalate the longer the Enterprises remain in conservatorship.” About Author: Brian Honea Related Articles Share Save The Best Markets For Residential Property Investors 2 days ago Tagged with: Conservatorships Fannie Mae FHFA Freddie Mac Mel Watt Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Banks’ Profits Rose in Q4 on Drop in Litigation Expenses Next: Freddie Mac’s Mortgage Portfolio Experiences More Expansion to Start 2016center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago February 24, 2016 2,206 Views Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Was Watt’s Speech the Beginning of the End for the Conservatorship? The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Tech Taking Center Stage

first_imgEditor’s Note: This feature originally appeared in the August issue of DS News.Since the beginning of this year, I’ve had the opportunity to attend several industry conferences—something that has allowed me to discover the latest news and industry developments, as well as attend networking events and meet other industry experts. Typically, these events are great opportunities to connect with other financial service professionals and discuss the challenges they are facing and potential solutions. Through a number of discussions with industry professionals, one of my biggest takeaways was that while many financial organizations are discussing technology modernization plans and digitization strategies, not many have yet taken steps to implement those strategies. Additionally, there seems to be some confusion around what digital transformation actually means. In my discussions, I found that transforming through technology means very different things for different individuals. Early on, it meant incorporating digital touchpoints for customers and the outside world. Today, servicing experts have realized that you can’t be fully digital to the outside world until you embrace digital processes internally within your organization. Many financial institutions are determined to replace legacy technology systems to remain competitive and keep up with consumer expectations. They realize the potential threat that new entrants pose but before they can be fully digital in their processes and interactions with customers, they need to embrace digitization within their own four walls. To achieve this—and the ultimate goal of digital transformation—I believe the lenders are going to need to invest in and embrace technologies that do the following. CAPTURE AND EXTRACT DATA As the cost of loan production and acquisition continues to rise, one of the biggest potential cost savings lies in the reduction of human touchpoints in the lending process. Capture technology has continued to advance by leaps and bounds, and it should be considered one of the foundational elements in transforming the lending process. Borrowers’ expectations have changed dramatically in recent years, and more and more often, they expect faster response times and an overall end-to-end digital loan experience.With this higher demand to interact digitally, more lenders are seeking ways to reduce manual processes and implement solutions that improve accuracy, efficiency, and security. With intelligent-capture solutions, lending processes are digital from the very start, because these applications accurately extract data and classify documents for them to be used downstream. This promotes a more-efficient way to process all incoming information—regardless of the format, it comes in. Intelligent capture and optical character recognition (OCR) tools drastically reduce the need to manually classify documents and hand-key data from even the most complex, diverse document types, including bank statements, tax returns, closing disclosure forms, HUD-1 documents, and more. This template-free extraction solution accurately captures borrower data from both structured and unstructured documents. With greater accuracy, lenders have more confidence that the information being captured is consistent throughout the process. Organizations also gain greater transparency and accountability in their processes to ensure tasks are completed on time. Exceptions and missing information are addressed almost immediately because the solution catches those errors and notifies the right people to address the issue before it moves into the next step of the process. AUTOMATE PROCESSESOnce information is accurately captured, lenders want better ways to move documents, data, and information to the appropriate people and keep the process moving. Workflow management/business-process automation technology automates processes and allows employees to share work more efficiently. By matching work tasks with the appropriate employees, organizations can ensure work goes to the right person, thus minimizing the reliance on paper shift throughout the lending cycle.These solutions can be set up to route work based on business rules, workload, specialization, or a number of other factors to keep processes moving consistently. Additionally, any supporting documents needed to make a decision are linked and quickly accessible, eliminating the need to search for information and take time away from the task at hand.Some of the benefits servicers are seeing with an automated workflow toolset include higher efficiency, faster speed to resolution, greater consistency in processes, and cost reduction. This is extremely relevant for the industry because the cost to produce a single loan is higher than ever before due to increases in regulations and the fees associated with loan processes. The best way to counter these added costs is to invest in technology that streamlines back-end processes and reduces human touchpoints.Additionally, many process automation applications include reporting dashboards that allow lenders to gain greater insight into processes, determine if they are completed in a timely manner, and if they’re not, hone in on any bottlenecks holding things back. These real-time insights into the status of processes, completeness of records, and health of your systems allow managers and executives to take action when and where needed. In addition to increased visibility, these systems have auditing capabilities that let you easily view information, missing documents, or aging/expiring information, thereby supporting compliance initiatives and identifying the existence and accuracy of information.IMPROVE THE CUSTOMER EXPERIENCEA majority of the technology investment for the servicing industry is in applications that provide better methods of customer interaction. Because of customers’ preferences to keep processes as digital as possible, the industry has seen an increase in applications and originations initiated through online and mobile channels. This same mindset extends to the servicing side as well. Customers demand real-time information and want this information available through a number of different channels.Digitizing the lending process is more important than ever to connect line-of-business applications to ensure they can pass information back and forth, as well as bring greater visibility and accuracy to data. Solutions like content services platforms can act as an information hub or as a point of integration to connect disjointed systems and share data easily. This allows systems—and employees—to access or share information without searching multiple applications, thus reducing overall servicing costs, increasing margins, and providing the customer service necessary to keep loans performing at a high rate.BETTER INTEGRATE WITH OTHER TOOLS AND APPSToday’s loan-servicing platforms are big, powerful applications that are the core of a servicer’s business. Although key to an organization’s success, the size and power of these applications come at a cost. Typically, that cost is their ability (or lack thereof) to rapidly change and update their platforms to better accommodate technologies like those listed above. As a result, core vendors, as well as their customers are looking for ways to integrate these technologies that aren’t native to the core application. And those integrations need to happen faster and easier than they have in the past.One of the major issues many financial institutions face is siloed information, which makes it difficult for employees to locate, interact, or report on data when they cannot find information quickly. By integrating line-of-business applications—like origination systems— with a content-services platform, lenders are better able to connect people, processes, and data and eliminate the need to switch between multiple software applications. While digital transformation and technology modernization goals have pushed many lenders to update loanservicing systems, many aren’t ready to take the full leap yet. Content-services platforms can act as a bridge to modernization until lenders are fully prepared and can continue to deliver enhanced value after core replacement projects are completed.Origination, as well as servicing platforms, are also moving toward better integration models, utilizing restful APIs and other modern technologies that will be more commonplace from one application to the next. This will allow things like content-services applications to act as information hubs, sharing between the core systems and those third-party technologies that will be required to recognize the full breadth of digital transformation. WHERE MORTGAGE TECH IS HEADED The increasingly strict regulatory environment for loan servicing has many servicers looking fortechnology that will provide greater transparency and automation. Although the technology space is evolving and changing quickly, I see capture, workflow, and content services platforms as some of the key functionality currently shaping and transforming the financial services industry. These help lessen the burden of regulatory compliance, reduce the growing origination and servicing costs, and enable greater customer experience on the whole.To achieve the fully digital vision that many organizations desire and to meet the expectations of their customers, today’s servicers need to embrace core technology tools that will propel them on this journey of transformation. It’s important to select tools that will not only make information digital from the beginning but also keep it digital throughout the process. There’s nothing more annoying for borrowers than a hybrid digital-and-paper process that only gives them visibility to part of the process. The solutions above–intelligent capture, business process automation, more channels to improve customer experience, and better integration tools—will help servicers become faster and more consistent and will improve the overall experience for their customers along the way. Be part of continuing the tech discussion at the upcoming Five Star Conference and Expo, September 16-18 in Dallas, Texas. To learn more, visit FiveStarConference.com.  Print This Post 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 Tech Taking Center Stage About Author: Steve Comer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Tech Taking Center Stage Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save August 5, 2018 1,999 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles in Daily Dose, Featured, Headlines, Print Features 2018-08-05 Kristina Brewer Data Provider Black Knight to Acquire Top of Mind 2 days ago Steve Comer is the Director of the Financial Services sales team at Hyland, a leading provider of content services solutions to better manage content, processes and cases. Comer has spent the past 12 years working with financial services customers to develop strategic plans to improve their operational efficiencies through the use of OnBase, an enterprise-class solution for capture, workflow, business process management, and case management capabilities. Previous: The Favored Option for Vacant Property Security Is … Next: The Week Ahead: Victories Toward Progress Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Bankruptcy & Housing: Into the Labyrinth

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Bankruptcy & Housing: Into the Labyrinth 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 Bankruptcy Foreclosures HOUSING Legal League 2018-10-17 Radhika Ojha Related Articles The Best Markets For Residential Property Investors 2 days ago Previous: Hard Times in Bay Area for Low-Income Housing Next: The Key to Easing Mortgage Defaults About Author: Staff Writer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, Newscenter_img On Wednesday, an expert panel gave the audience an update on the latest rules and regulations in bankruptcy that impacted housing at a complimentary Legal League 100 webinar.The panel consisting of Rose Marie Brook, Founding Partner, Fabrizio & Brook P.C., Dennis Joss, Senior Attorney Gross Polowy, and Leslie Mann, Partner, Mackie Wolf Zientz & Mann P.C. discussed current case law issues, new bankruptcy rules, and the implementation of a national Chapter 13 Plan through an in-depth study of specific court cases for the benefit of all working professionals in the mortgage servicing industry. Among the topics discussed was Rule 3015.1, form 113, and opt-out options for local forms. topic navigated the variance in local plans, including what requirements were necessary if one planned to adopt a local form instead of the official form 113. Giving an example of a case where this plan was used, Mann said, “In re Parkman, No. 18-50032, 2018 Bankr. LEXIS 2642 (Bankr. S.D. Miss. Aug. 13, 2018), the plan included 23 nonstandard provisions. When the trustee objected to the plan and joined the other trustees in another district who had a similar objection, the court denied the confirmation and required the plan to be amended.”The webinar also explored Section 363, specifically focusing on the dangers of sub-section 363(f) for the sale of real property. It also explored the protective steps that can be taken in case of a prospective 363(f) motion. These included availing section 363 (e) to seek adequate protection. “Typically, the debtor or the trustee makes a motion to sell under 363 of the Bankruptcy Code and notices said motion on all relevant parties,” Joss said while introducing this section.Through examples, the speakers explored whether direct pay claims were included in payments under the section §1328(a) plan.Direct pay was not part of the plan, they said because the payment status is unknown; there are inconsistent rulings on this aspect; continuing claims are not discharged; there’s no harm to direct pay creditors, and an MFR option was available.To conclude, Brook gave insights into issues pertaining to post-petition direct pay mortgage claims in Chapter 13 filings, including rule 3002.1— both its purpose and the requirements it entails.”Trustee must file Notice of Final Cure within 30 days after debtor completes payments under the plan. So Does this create inconsistent treatment with similarly situated debtors?” Brooks asked before giving examples of various cases on this rule.To view the webinar, click here. The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Sign up for DS News Daily Home / Daily Dose / Bankruptcy & Housing: Into the Labyrinth Subscribe October 17, 2018 1,677 Views The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Bankruptcy Foreclosures HOUSING Legal Leaguelast_img read more

A ‘Meaningful’ Change

first_img Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News November 27, 2018 1,068 Views A ‘Meaningful’ Change Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago 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. Previous: Dualities of the Housing Market Next: 10 Cities Where Homebuyers are Most Stretched Related Articles The Best Markets For Residential Property Investors 2 days ago About Author: Krista Franks Brock Tagged with: Home Values Housing Inventory Housing Marketcenter_img Share 1Save Home Values Housing Inventory Housing Market 2018-11-27 Krista Franks Brock 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Taking a respite from its stubborn downward trajectory for the past few years, housing inventory increased in October. However, the reversal was not enough to bring home prices down a notch.The 3 percent annual gain in housing inventory in October is the first “meaningful” increase in inventory since December 2014, Zillow said in its October 2018 Market Report. It is the first time inventory has increased by more than 1 percent in that time.Meanwhile, home prices appear unaffected, continuing their climb with a 7.7 percent increase over the year in October, matching September’s gain and remaining within the 7.5 percent to 8 percent range home price growth has maintained thus far for 2018, according to Zillow.Rents, on the other hand, experienced a very slight decline of 0.1 percent, taking the median national rent down by $1 to $1,442 for the month of October.While the October rise in inventory is notable, Zillow said, “The boost comes nowhere near making up for years of inventory declines.”In December 2014, the last time the market experienced a rise in inventory, national housing inventory totaled 1.96 million. In October, Zillow calculated 1.62 million homes for sale.With this in mind, perhaps it is no surprise that home values did not seem to note the change in inventory. “Possibly because inventory gains have a long way to go before they make up for years of declines, home values continue to grow steadily,” the Zillow report read.The market with the greatest increase in inventory was also the market that charted the greatest increase in home value over the year in October. Having claimed the national spotlight of late for high home values, that accolade goes to San Jose, California, where inventory increased a notable 93.1 percent over the year in October while home prices rose 17.9 percent. The median home value in San Jose is now $1.3 million. San Jose has ranked highest among large metros for home value gains for 13 straight months, according to Zillow.Inventory also grew in other hot California markets. Following San Jose, the second-greatest increase in inventory occurred in San Diego, where there were 43.5 percent more homes for sale than a year earlier, and San Francisco, where there were 41.6 percent more homes on the market.On the other hand, housing inventory decreased by 15.9 percent in Las Vegas, more than any other metro. Pittsburgh, Pennsylvania followed with a 10 percent decline, followed by Virginia Beach, Virginia, with a 9.4 percent decline.While ranking highest for falling inventory, Las Vegas claimed the second spot for home value gains with a 14.7 percent increase over the year in October. However, at just $276,200, its median home value remains well below that of San Jose. Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Home / Daily Dose / A ‘Meaningful’ Changelast_img read more

Fannie Mae Announces Credit Insurance Risk Transfer Transactions

first_imgHome / Daily Dose / Fannie Mae Announces Credit Insurance Risk Transfer Transactions  Print This Post Fannie Mae Announces Credit Insurance Risk Transfer Transactions Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago CIRT Fannie Mae Insurance 2019-07-11 Seth Welborn Previous: Protecting Businesses and Consumers from Fraud Next: Lisa Haynes Promoted to SVP 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. Sign up for DS News Daily 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 in Daily Dose, Featured, Government, News, Secondary Market The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Share Save The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Fannie Mae recently announced that it has secured commitments for two new front-end Credit Insurance Risk Transfer (CIRT) transactions of 2019.”Nineteen insurers and reinsurers participated on these two front-end CIRT transactions, providing Fannie Mae the certainty of forward coverage on loans that we will acquire over a 12-month period,” said Rob Schaefer, Vice President for Credit Enhancement Strategy & Management, Fannie Mae in a statement. “We are proud to be a leader in building and supporting the market for transferring single-family mortgage credit risk to private sources of capital.”The two front-end deals, CIRT FE 2019-1 and CIRT FE 2019-2, will together cover up to $14 billion of loans to be acquired by Fannie Mae between May 2019 through April 2020, and transfer up to $455 million of credit risk on those covered loans. Fannie Mae has committed to acquire about $9.3 billion of insurance coverage on $359 billion of single-family loans through the CIRT program to date.With CIRT FE 2019-1, Fannie Mae will retain risk for the first 50 basis points of loss on an approximately $8 billion pool of single-family loans with loan-to-value ratios greater than 60% and less than or equal to 80%. If the $40 million retention layer is exhausted, reinsurers will cover the next 325 basis points of loss on the pool, up to a maximum coverage of approximately $260 million. With CIRT FE 2019-2, Fannie Mae will retain risk for the first 50 basis points of loss on a $6 billion pool of single-family loans with loan-to-value ratios greater than 80% and less than or equal to 97%. The coverage and pricing of both deals are committed for 12 months, beginning with May 2019 deliveries.Fannie Mae states that the coverage for the deals will be provided based upon actual losses for a term of 10.5 years from the effective date of May 1, 2019. The coverage on each deal may be canceled by Fannie Mae at any time on or after the 66th month following the effective date by paying a cancellation fee.More information about Fannie Mae’s CIRT transactions can be found here. Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: CIRT Fannie Mae Insurance July 11, 2019 1,864 Views The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn Related Articles Subscribelast_img read more

Mortgage Servicing: A “People Business”

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Mortgage Servicing: A “People Business” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Tagged with: Technology Technology 2019-11-18 Seth Welborncenter_img November 18, 2019 956 Views in Daily Dose, Featured, News, Technology About Author: Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago Mortgage Servicing: A “People Business” Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago At Bayview Loan Servicing, Michael Waldron is responsible for the Compliance and Oversight Department’s management, leadership, and direction, as well as the company’s overall compliance strategy. With more than 20 years’ experience spent serving the industry in a wide variety of legal and compliance-related functions, Waldron is known for his ability to navigate the regulatory landscape and build relationships that add value to those with whom he works.This past September, Waldron served as the Lab Director of the Servicing & Compliance Lab at the 2019 Five Star Conference & Expo. DS News recently spoke to Waldron about the current state of servicing and why conversations between different industry participants are so crucial to better serving the needs of homeowners.What are some of the top issues currently facing the industry?There’s a lot of good work being done in the servicing industry, and sometimes that’s lost on folks because of the path that we’ve been down. We’re continuing to focus on how to best utilize automation, how to empower the customer to self-service—which is what the customer wants—and how not to lose track of the customer experience throughout that. This is still a people business, so how do you focus on the quality of the process and the quality of people through automation? This is still a “people business.” How can we enhance the experience? One of the biggest challenges that the industry faces is in our constant push towards efficiency and automation is how to make certain that we don’t lose sight of the customer.Some of the most-discussed challenges right now are the impacts of natural disasters and the possibility of a recession on the horizon. How can servicers prepare for those possibilities in order to mitigate the potential impacts?Neither one of which can we control, but we can be proactive in our preparation. If you look at how far we’ve come on the natural disaster front, there was a time where I and many other leaders in the space felt we were still rewriting the playbook each time a natural disaster would come along. Everything from being on the ground, to playbooks that can be utilized, to how we handle outreach to our customers not only after the disaster but in advance, and getting ahead of folks evacuating and considering what their struggle would be. It’s about making ourselves available and further educating them that we are here for them, as an industry.On the recession side, it’s not dissimilar from the disaster experience, to the extent it would come to fruition. We’ve been through a crisis before, and so fully recognizing what worked and what didn’t in an effort to come out of that crisis is invaluable for any potential future events.How are new technical logical developments changing the way you do business?First and foremost, it is about staying true to your mission statement. It’s about not losing sight of what our core mission as an industry is. It’s understanding the place for automation, as well as its limitations. It’s committing and remaining committed to engaging and retaining talent. It is a process by which, recognizing that while efficiency and standardization is important, it’s not the only critical aspect of what we do.It’s about being thoughtful about assessing new technologies. It’s being disciplined about when the technologies are truly at a level where they can be implemented, versus when perhaps you should put the brakes on and allow it to develop to a point where it can be more effectively utilized and applied. This all comes back to understanding the customer experience and asking the critical question: is this additive to that customer experience or does it detract from it?You served as Lab Director of the Servicing and Compliance Lab at the annual Five Star Conference & Expo this year. Why are the conversations fostered by industry events such as that one so important?The intent is to empower servicing professionals with insight into compliance and regulatory issues, which is a significant undertaking. But with the right group of folks, representing the right mix of platforms, it’s something that is perfectly achievable. The goal here is to present information that can be executed upon, that’s operational. One of the disconnects within the space, historically, has been between the business and compliance and how advice is provided. In order to be truly effective, and to be a good partner to the business, one has to be able to provide advice in a way in which the business can operationalize it. The way in which we structured the Servicing & Compliance lab was to reach not only compliance and regulatory professionals, but also business leaders who have a history of being successful on their platforms.I’ve been a longtime supporter of Five Star. There’s a real value. The Five Star Conference in particular brings business leaders together with compliance and legal, which is invaluable. The manner in which the industry comes together for the various labs and forums is different from other conferences. It allows for a dialogue to occur, not simply amongst what I’ll call “like-minded professionals,” but also promotes a dialogue that allows you to expand your skill set and learn from those on other platforms that are navigating similar issues, just in different ways. Servicers Navigate the Post-Pandemic World 2 days ago Previous: Freddie Mac Announces $2.3B Loan Sale Next: A Major Factor Behind Mortgage Delinquencies 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. last_img read more