Millennials Leading Revival In Urban Areas, According to Home Value Forecast

first_img June 1, 2015 1,336 Views Related Articles Millennials Leading Revival In Urban Areas, According to Home Value Forecast The Best Markets For Residential Property Investors 2 days ago Tagged with: Home value Forecast Millennials ProTeck Valuation Services Urban Areas In an examination of whether millennials are helping inner cities experience a rebirth, the authors of ProTeck Valuation’s Home Value Forecast (HVF) for May determined that while some urban areas with populations dominated by millennials are thriving, urban recovery is still happening slowly nationwide, according to a press release from ProTeck on Monday.”While millennials’ impact can be seen, the rehabilitation of America’s inner cities does not happen with a broad brush,” said Tom O’Grady, CEO of Pro Teck Valuation Services.  “Change comes one building, then one neighborhood, then one ZIP code at a time.”In order to test the theory that millennials are causing a great migration back to the inner city, the HVF examined urban areas with millennial-dominated populations in two of the top 10 cities ranked by the American Institute for Economic Research (AIER) according to amenities important to millennials and job prospects (Minneapolis-St. Paul and Boston). What the HVF authors discovered was that the two urban areas examined to determine what impact millennials were having, the Lyn-Lake area of Minneapolis and South Boston, have withstood the housing bust and were at all-time highs.”The Lyn-Lake area of Minneapolis is a vibrant community that embarked on a strategic plan to further engage residents and businesses. South Boston also has seen a transformation over the last few years into a thriving live-play-work space,” the authors wrote. “As we discussed in our September, 2014 HVF update, Market Trends Across the U.S. – How Economic Restructuring Affects Housing Affordability, metros at differing points in their economic restructuring have different affordability. Smart companies are looking at affordability and moving to where there is a large percentage of the population with a bachelor’s degree or higher. Boston and Minneapolis are number 4 and number 7, respectively, on the list and look well poised for future housing appreciation.”In addition to Minneapolis-St. Paul and Boston, cities mentioned in the AIER research as the most highly educated metros were Austin, Denver, New York City, San Francisco, San Jose, Seattle, and Washington, D.C. Four of those cities, Denver, San Francisco, San Jose, and Seattle, were ranked among the top 10 metros in the latest HVF.”Educated millennials are gravitating to cities and we believe this is creating an urban revival in many key metros across the country,” O’Grady said.The May HVF update ranks the 10 best and worst performing metros according to market condition ranking model. The rankings, run monthly for single-family home markets in the top 200 core-based statistical areas (CBSAs), use leading real estate market indicators such as sales/listing activity and prices, months of remaining inventory, days on the market, sold-to-list price ratio, foreclosure percentage, and REO activity, according to ProTeck.The top CBSAs in April as reported in the May HVF were Seattle-Bellevue-Everett, Washington; Denver-Aurora-Lakewood, Colorado; San Jose-Sunnyvale-Santa Clara, California; Santa Cruz-Watsonville, California; Vallejo-Fairfield, California; Bellingham, Washington; Phoenix-Mesa-Scottsdale, Arizona; San Francisco-Redwood City-South San Francisco, California; Oakland-Hayward-Berkeley, California; and Reno, Nevada.The bottom CBSAs in April as reported in the May HVF were Baltimore-Columbia-Towson, Maryland; Deltona-Daytona Beach-Ormond Beach, Florida; Elgin, Illinois; Fort Lauderdale-Pompano Beach-Deerfield, Florida;Gary, Indiana; Kansas City, Missouri-Kansas; Lake County-Kenosha County, Illinois-Wisconsin; Lakeland-Winter Haven, Florida; Memphis, Tennessee-Mississippi-Arkansas; and Rockford, Illinois.”Seattle joins Bellingham, WA in the top ten this month,” O’Grady said. “Denver, Phoenix and Reno also are in the ranks of the top 10, which have been dominated by California metros such as San Jose, San Francisco, and Oakland-Hayward-Berkeley. All of the metro areas in the top 10 have less than five months of remaining inventory with San Francisco having less than two months. Also, the foreclosure percentage of sales is well below 10 percent in every market.” Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Share Save 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 Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img in Daily Dose, Featured, Market Studies, News Home value Forecast Millennials ProTeck Valuation Services Urban Areas 2015-06-01 Brian Honea About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Household Debt Outstanding Inches Upward While Delinquency Rates Are Improving Next: Nevada Senate Passes Bill to Amend ‘Super-Priority Lien’ Law Home / Daily Dose / Millennials Leading Revival In Urban Areas, According to Home Value Forecastlast_img read more

Freddie Mac: What’s Influencing Housing Affordability Now?

first_img Freddie Mac HOUSING mortgage 2017-10-03 Nicole Casperson Servicers Navigate the Post-Pandemic World 2 days ago Freddie Mac: What’s Influencing Housing Affordability Now?  Print This Post Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Share Save Tagged with: Freddie Mac HOUSING mortgage The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Freddie Mac: What’s Influencing Housing Affordability Now? Demand Propels Home Prices Upward 2 days ago Related Articles in Daily Dose, Featured, Headlinescenter_img In a recent report by Freddie Mac, the relative influence of regulatory and geographic constraints on housing affordability was examined, discovering that the restrictive land use of cities and metropolitan areas have reduced affordability.According to the GSE’s September Insights report, many cities geographic constraints have had a greater impact on housing costs. And while regulatory reform can help moderate housing costs, “geographic constraints are permanent and limit the impact of regulatory relief.”The insights also discovered that house prices are 2.4 times higher than in the non-geographically constrained group, and the house price to income ratio is twice as high. Meanwhile, increases in demand cannot produce more housing, “thus prices must adjust by a larger amount.”In addition, the homeownership rate in the geographically constrained group, which includes cities like San Francisco, New York, and Chicago, “is only 56 percent compared to 64 percent in both moderately constrained and non-geographically constrained areas.”Sean Becketti, Chief Economist, Freddie Mac said a thought experiment can illustrate the impact of regulatory relief and the limits on that relief in a city that also is constrained by geography.“Imagine that San Francisco’s land use regulations were relaxed significantly,” Becketti said. “The ensuing reduction in house values would encourage migration to San Francisco, but the city’s geographic constraints guarantee that housing would still be expensive despite the reduction in regulation.”“And, over time, existing homeowners would find it more and more in their economic interest to lobby for the restoration of stricter regulations,” Becketti added. Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Nicole Casperson Previous: Unraveling the Equifax Data Breach Next: Capitalizing on Housing Market Growth Sign up for DS News Daily 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 3, 2017 1,488 Views Subscribelast_img read more

Fiserv’s Latest Venture to Create Growth and Opportunity

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago bret leech charles sutherland Fiserv HOUSING mortgage warburg pincus 2018-02-07 Rachel Williams February 7, 2018 3,436 Views Tagged with: bret leech charles sutherland Fiserv HOUSING mortgage warburg pincus Previous: Northsight Management Finalizes Merger with Truly Noble Services Next: David Stevens Says Farewell About Author: Rachel Williams The Best Markets For Residential Property Investors 2 days ago Related Articles Rachel Williams attended Texas Christian University (TCU), where she graduated with Magna Cum Laude with a dual Bachelor of Arts in English and History. Williams is a member of Phi Beta Kappa, widely recognized as the nation’s most prestigious honor society. Subsequent to graduating from TCU, Williams joined the Five Star Institute as an editorial intern, advancing to staff writer, associate editor and is currently the editor in chief and head of corporate communications. She has over a decade of editorial experience with a primary focus on the U.S. residential mortgage industry and financial markets. Williams resides in Dallas, Texas with her husband. She can be reached at [email protected] 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 / Fiserv’s Latest Venture to Create Growth and Opportunity Bret Leech, President of Lending Solutions, FiservCharles Sutherland, VP Product Management & Strategy, Lending Solutions at FiservDS News sat down with Bret Leech, President of Fiserv Lending Solutions and Charles Sutherland, VP Product Management & Strategy, Lending Solutions at Fiserv during the National Mortgage Servicing Conference and Expo 2018 on Wednesday to discuss how the company is currently creating better growth opportunities for both clients and borrowers.Fiserv, Inc. is a global provider of financial services technology solutions, and the company announced on Wednesday a newly formed joint venture with Warburg Pincus, LLC, a global private equity firm focused on growth investing.Driven by Leech and Sutherland, the new venture is expected to create value for current and future clients by partnering closely with Fiserv for seamless delivery of account processing, integrated billing and payments and LoanComplete solutions, and through Warburg Pincus’ demonstrated expertise and track record in growing financial technology businesses of scale.According to the company’s announcement, the definitive agreement with Warburg Pincus is pursuant to which funds affiliated with Warburg Pincus will acquire a 55 percent share of the Lending Solutions business of Fiserv. Fiserv will receive approximately $395 million in net after-tax proceeds and retain a 45 percent equity interest in the business.The transaction, which is subject to customary closing conditions, is targeted to close in the Q1 2018.DS // What impact is Fiserv’s new venture going to have on the market? Leech // We think about it from our borrowers and clients perspective. For us, we’re pretty excited about the growth and opportunity that it means. We’re really taking the best of Fiserv and adding a great partner, Warburg Pincus, who has a terrific track record of really growing the markets they are involved with. Ultimately, we see that as an opportunity to do better by our clients and help them do best for their borrowers.DS // How did Fiserv and Warburg Pincus begin this partnership? Leech // Warburg Pincus is a global private equity firm, and we’ve known them for many years. About a year ago we started thinking, “Hey how can we accelerate what we’re doing in the marketplace?” We’re really honored to work with the clients we have, we have a great list of clients, but we wanted to make sure we were doing even more for them.So as we started to go out into the market and chat with different folks, we found Warburg Pincus as someone who aligned with the vision that we had and the growth opportunities that we saw in the market and decided to partner with them. Warburg Pincus has done this time and time again and has a history not only in the market broadly but also in the space that we operate in.DS // What else is on the horizon for Fiserv? Leech // As a firm, we are committed to the path we’ve laid out for our clients and excited to talk with them about new ways that we can grow that even faster. So for us, time with the clients is always number one, we are definitely client focus in how we approach the market, we believe that understanding their needs and ultimately the borrowers will set us all up well for success. The job for us is similar as it was the other day, just at a faster pace. Let’s get with our clients, continue to communicate with them and make sure we have great alignment when it comes to our roadmap, both with existing clients and some with the potential that we are chatting with. Demand Propels Home Prices Upward 2 days ago Subscribe in Daily Dose, Featured, News, Servicing, Technology Fiserv’s Latest Venture to Create Growth and Opportunity Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily last_img read more

Senate Addresses Robocalls: What Mortgage Servicers Need to Know

first_img April 18, 2018 2,082 Views Senate Addresses Robocalls: What Mortgage Servicers Need to Know Tagged with: consumers Financial Services providers Homeowners Robocalls Senate Servicers Home / Daily Dose / Senate Addresses Robocalls: What Mortgage Servicers Need to Know Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Although robocalls can be an important element of how the financial services industry communicates with those they are doing business with, robocalls are often seen in a bad light due to some fraudulent or abusive calls that are made without a participant’s consent. In order for the industry to use them properly, clarity is needed on issues such as what qualifies as a robocall, who is legally permitted to be contacted, and how a consumer can grant consent for the communication. A Senate hearing Wednesday tackled this topic head-on. “Not all of them are inherently negative,” said Sen. John Thune, Chairman of the Committee of Commerce, Science, and Transportation in his opening remarks at the Senate hearing on Wednesday. The hearing attempted to lay out steps the government and the industry can take to protect against scammers who take advantage of this technology.“Many important services are carried out via robocall where companies and call recipients have pre-established relationships and where the consumer has agreed to participate in these types of calls,” said Thune. For instance, robocalls may be used by the financial services industry to remind customers about pending payments or to communicate with homeowners in case of natural calamities.Recently, an Appeals court also weighed in to clarify the issues of robocalls and consent. The U.S. Court of Appeals for the District of Columbia Circuit issued a ruling in the case of ACA International v. FCC, clarifying several issues with regard to consumer and industry rights pertaining to robocalls and texts sent to consumers.ACA International had challenged the FCC’s interpretations of the TCPA, as laid out in a July 2015 Omnibus Declaratory Ruling and Order on three issues—the definition of an ‘automatic telephone dialing system,’ the identity of the ‘called party’ in the reassigned number context, and the means by which consent can be revoked.”Scott Delacourt, Partner, Wiley Rein LLP and a representative of the U.S. Chamber of Commerce who testified at the Senate hearing on Wednesday said: “Unfortunately, the Commission’s implementation of the Telephone Consumer Protection Act (TCPA) over many years has fostered a whirlwind of litigation,” said Delacourt. “Interpretations by courts and the FCC have strayed far from the statute’s text, Congressional intent, and common sense, turning the TCPA into a breeding ground for frivolous lawsuits brought by serial plaintiffs and their lawyers, who have made lucrative businesses out of targeting U.S. companies.”According to Delacourt, the number of TCPA case filings exploded to 4,860 in 2016, and TCPA litigation grew 31.8 percent between 2015 and 2016.However, fraudulent robocalls remain a persistent challenge for the Federal Trade Commission (FTC), Federal Communications Commission (FCC), and for the industry and lawmakers. In 2017, the Federal Trade Commission (FTC) received 7.1 million complaints from consumers against robocalls. Of these, 771,000 complaints were about fraudulent calls that allegedly helped consumers reduce debt. “Illegal robocalls remain a significant consumer protection problem because they repeatedly disturb consumers’ privacy and frequently use fraud and deception to pitch goods andservices, leading to significant economic harm,” said Lois Greisman, Associate Director, Marketing Practices Division, Bureau of Consumer Protection at the FTC. “Illegal robocalls are also frequently used by criminal impostors posing as trusted officials or companies.”Greisman, who was one of the witnesses testifying at the hearing, said that technological advances had permitted lawbreakers to make more robocalls for less money and with a greater ability to hide their identity. The Senate also heard a testimony from Rosemary Harold, Chief, Enforcement Bureau, at FCC who said that many fraudulent robocalls were designed to trick people out of significant amounts of money. “These schemes often are most effective in harming vulnerable populations, such as senior citizens,” said Harold. “Unwanted robocalls are the Commission’s number one source of consumer complaints. The recent Omnibus legislation will provide significant assistance in our enforcement efforts.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 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. Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Putting Abandoned Properties Under the Spotlight Next: The Industry Pulse: Updates on Altisource, DCHFA, Guild Mortgage, and More … Share Save Sign up for DS News Daily consumers Financial Services providers Homeowners Robocalls Senate Servicers 2018-04-18 Radhika Ojha  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Uneven Road to Recovery

first_imgHome / Daily Dose / Uneven Road to Recovery  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Race for HQ2 Tightens Next: Working Towards a Common Goal Share Save Tagged with: Aaron Terrazas Foreclosure Great Recession HOUSING mortgage Zillow Aaron Terrazas Foreclosure Great Recession HOUSING mortgage Zillow 2018-11-07 Donna Joseph Though the median U.S. home is worth 9.8 percent more today than its pre-recession peak, the path to regaining home value has been uneven for the less-financially sound households even today. Median home values have recovered at a much faster pace in the country’s national market as opposed to nearby areas of the same markets, that faced a higher rate of foreclosures, according to an analysis by Zillow. In the aftermath of the housing crisis, numerous homes in several ZIP codes are still burdened. Zillow’s analysis titled, Uneven Recovery: Many High-Foreclosure ZIP Codes Haven’t Bounced Back’, points to ZIP codes with homes that suffered the highest foreclosure rates during the pre-recession period recovered at a much lower rate than homes in nearby ZIP codes with fewer foreclosures. Across the nation’s largest 35 metros, 54.3 percent of homes in areas with the fewest foreclosures have fully recovered, compared to on 39.1 percent of homes in areas with the most foreclosures.Commenting on the crisis, Aaron Terrazas, Senior Economist at Zillow, said, “The Great Recession is far in the rear-view mirror, but economists are beginning to ask how long the current economic expansion can run on. Communities that experienced the sharpest downturns a decade ago could find themselves confronting the next economic downturn–when it does eventually arrive–having not yet fully recovered from the last one.”Recovery overall has been slow in places like Riverside, California, compared to divergent metros in neighboring metros such as San Francisco, San Jose, Los Angeles, and San Diego, leading to wealth disparities. The analysis found that nearly half of the homes foreclosed across the country were in the bottom third in terms of value. In sharp contrast, high-foreclosure areas in Chicago and Miami recovered at a slightly higher rate.Twelve out of 19 cities with a disparity in recovery rates are perceived to have recovered from recession losses. In Atlanta, the median home value has increased by 13.6 percent compared to its largest pre-recession value. However, only 39.4 percent of homes in Atlanta’s high-foreclosure ZIP codes have recovered their pre-recession peak values, compared to 77.6 percent of homes in low foreclosure ZIPs. Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, Market Studies, Newscenter_img Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago 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 November 7, 2018 1,623 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Uneven Road to Recovery About Author: Donna Joseph Subscribelast_img read more

What Matters Most to the World’s Elite?

first_imgHome / Daily Dose / What Matters Most to the World’s Elite? The Best Markets For Residential Property Investors 2 days ago What Matters Most to the World’s Elite? November 9, 2018 1,434 Views Owning real estate is an obvious symbol of wealth for most people. And the wealthiest certainly agree, according to the latest report from Luxury Portfolio International. That report, “Luxury Real Estate: What Matters Most To Today’s Global Elite,” finds that 35 percent of high-net-worth individuals, or HNWIs, view real estate as the most obvious indicator of wealth.Wealthy Europeans in particular are fond of real estate in a status sense. The report finds 44 percent of wealthy Europeans view high-end real estate as a valuable symbol of their global standing. Thirty-eight percent of wealthy Middle Easterners also show a strong association between wealth and real estate. And a 38 percent of the HNWIs overall say they are looking to buy luxury real estate within the next three years.But the report finds that luxury real estate means more than pure investment and capitalism to wealthy individuals. In fact, 37 percent, of HNWIs say they have a real, strong emotional connection with their luxury homes, and 40 percent of luxury home buyers say the main reason they bought or want to buy a personal residence is to improve their quality of life, not for status. More than three-quarters of those surveyed said their residence is a home—a place with emotional ties, rather than just a house.Luxury buyers around the world also tend to prefer cities, according to the report. Overall, 59 percent of luxury buyers prefer urban locations. North American HNWIs were the only ones to prefer suburban locations more. In both the Middle East and Asia, potential buyers overwhelmingly seek out urban locations for their next home.Still, real estate is an investment, meaning it’s still business for investors.“Despite this emotional connection, 85 percent of wealthy buyers consider the purchase of real estate a rational choice,” said Stephanie Anton, president of Luxury Portfolio International.At 23 percent, the interest in selling within the next three years is smaller, “pointing to a continuation of a seller’s market in the high-end, with fewer sellers than buyers expected and potential for inventory challenges to grow or persist in places already struggling with having enough homes to meet interest and demand,” the report states.Luxury Home International finds that the difference between buying and selling is most dramatic in Asia, where just 18 percent of luxury consumers are looking to sell and 68 percent are looking to buy.“We are pleased to see that as we watch wealth grow among the top 10 percent of consumers globally, so too do we see continued interest in, and appetite for, luxury real estate both as a financial as well as an emotional investment,” stated Anton. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: The Industry Pulse Next: AHP Servicing Unveils New $50 Million Regulation A Offering The Best Markets For Residential Property Investors 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago About Author: Scott Morgan Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: high net worth individuals high-end real estate HOUSING luxury market Luxury Portfolio International Stephanie Anton Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily  Print This Post Related Articles in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago high net worth individuals high-end real estate HOUSING luxury market Luxury Portfolio International Stephanie Anton 2018-11-09 Scott Morgan The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. last_img read more

Housing in the Slowing Economy

first_img Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Housing in the Slowing Economy Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Housing in the Slowing Economy Economy Fannie Mae HOUSING 2019-07-16 Seth Welborn Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 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. Despite expectations that the Federal Reserve will significantly ease monetary policy through the end of the year, the Fannie Mae Economic and Strategic Research (ESR) Group expects 2019 and 2020 real GDP growth to slow to 2.1% and 1.6%, respectively. This prediction has been driven by an inverted yield curve, weak business investment, waning consumer and business sentiment, and ongoing trade and global growth concerns. The ESR Group also predicted that the Fed will cut interest rates by 25 basis points in July, followed by another 25 basis points in December. “As the current U.S. expansion celebrates its tenth anniversary, it does so under an economic backdrop of growing domestic and global uncertainty – and slowing growth,” said Fannie Mae SVP and Chief Economist Doug Duncan. “The heightened uncertainty, stemming in part from the seemingly intractable trade dispute between the U.S. and China, appears to have reduced business’ investment incentive, which is now poised to be a material drag on growth over the forecast period. With consumer spending the principal remaining GDP growth driver, in addition to the recent re-inversion of the yield curve suggesting that market participants expect economic activity to slow further, we believe that the Fed will take a more accommodative posture beginning with a rate cut at the July meeting of the FOMC.”The ESR Group notes that housing continues to benefit from the lower mortgage rate environment. Total origination volume is expected to improve 7% in 2019 on the back of a surge in refinances and moderate house price growth. Refinance activity is expected to represent 32% of originations in 2019, up from 29% in 2018 and more than 2%age points higher than was forecast last month.“Housing remains a net positive to the economy, as the industry anticipates growth fueled by strong household balance sheets, low mortgage rates, and a surge in refinance activity,” Duncan continued. “However, the housing industry still doesn’t have an answer for the related problems of low supply and affordability. While home price appreciation has largely moderated – particularly compared to the recent past – and demand for modestly priced homes has proven strong and resilient, the lack of affordable inventory continues to cap sales and limit the potential pool of would-be homeowners.” The Best Markets For Residential Property Investors 2 days agocenter_img Sign up for DS News Daily Tagged with: Economy Fannie Mae HOUSING The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn July 16, 2019 1,060 Views Previous: What is Causing the Decline in Single-Family Authorizations? Next: Fintech Startup Announces Expansion in Daily Dose, Featured, Government, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Subscribelast_img read more

Hurricane Relief’s Overlooked Segment

first_img About Author: Seth Welborn  Print This Post Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Disaster Hurricane Recovery October 14, 2019 827 Views Related Articles Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Hurricane Relief’s Overlooked Segment Previous: Residential Real Estate on “Shaky Ground” Next: Counsel’s Corner: Assisting At-Risk Borrowers 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. in Daily Dose, Featured, Investment, Loss Mitigation, News Servicers Navigate the Post-Pandemic World 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Hurricane Relief’s Overlooked Segment The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Disaster Hurricane Recovery 2019-10-14 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily After $5 billion in recovery funds have been disbursed in Texas, to help repair homes, businesses and infrastructure following Hurricane Harvey, but renters are unlikely to see any of these funds, The New York Times reports.“We do see jurisdictions where it looks very clear that homeowners are getting preferential treatment,” said Marion Mollegen McFadden, who ran a disaster-recovery grant program at HUD during the Obama administration and who is now SVP for public policy at the nonprofit Enterprise Community Partners.“In some ways, it is a blind spot that the government has, except that it’s a blind spot that civil-rights advocates and others have brought a bright light to over the years in multiple recoveries,” McFadden adds.“Renters just don’t have the same access to recovery resources that homeowners do,” Rachel Zummo, a lawyer for Texas RioGrande Legal Aid, told NYT. “ They are still struggling to recover from the setbacks the disaster caused.”U.S. Reps. Randy Weber and Lizzie Fletcher introduced the Bipartisan Disaster Recovery Funding Act in May with support from 13 other co-sponsors from Texas, mostly from the Houston area, as well as supporters from other communities waiting on the funding, including Louisiana, South Carolina, Florida, and Puerto Rico.The Act directs federal agencies to release the $16 billion in disaster funds Congress approved in early 2018 following Hurricane Harvey to different states and territories—including more than $4 billion to Texas—within 60 days.“After Harvey hit, I fought alongside the Texas delegation to secure additional funds for Harvey survivors,” said U.S. Rep. Mike McCaul. “Unfortunately, the agencies tasked with distributing these funds did not respond with the same urgency.”In New Jersey, renters faced a similar challenge in 2013 following Hurricane Sandy. Civil rights groups reached a settlement in 2014 that required New Jersey to increase the resources available to low-income renters, including establishing a $15 million pool for immediate help to displaced tenants.last_img read more

OCC Testing Financial Institution Risk and Capital

first_img Servicers Navigate the Post-Pandemic World 2 days ago Related Articles About Author: Seth Welborn Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Office of the Comptroller of the Currency (OCC) released economic and financial market scenarios for use in the upcoming stress tests for covered institutions.The supervisory scenarios include baseline and severely adverse scenarios, as described in the OCC’s final rule that implements stress test requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.The Dodd-Frank Act requires certain financial companies, including certain national banks and federal savings associations, to conduct annual stress tests. The OCC’s stress test rule states that the OCC will provide scenarios to covered institutions by February 15 of each year.Covered institutions are required to use the scenarios to conduct annual stress tests. The results of the company-run stress tests provide the OCC with forward-looking information used in bank supervision and will assist the agency in assessing the company’s risk profile and capital adequacy.The supervisory scenarios include baseline and severely adverse scenarios, as described in the OCC’s final rule that implements stress test requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.Covered institutions are required to use the scenarios to conduct annual stress tests. The results of the company-run stress tests provide the OCC with forward-looking information used in bank supervision and will assist the agency in assessing the company’s risk profile and capital adequacy.”The results of the company-run stress tests provide the OCC with forward-looking information used in bank supervision and will assist the agency in assessing the company’s risk profile and capital adequacy,” the OCC said in a statement. “The objective of the annual company-run stress test is to ensure that institutions have robust, forward-looking capital planning processes that account for their unique risks, and to help ensure that institutions have sufficient capital to continue operations throughout times of economic and financial stress.”The 2020 scenario and background information can be found on the OCC’s stress test website. The final policy statement on the development and distribution of the scenarios was issued on October 28, 2013, in the Federal Register. Previous: Big Apple Tax Changes Could Impact Investors Next: The Week Ahead: Measuring Housing Debt February 7, 2020 1,044 Views Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago OCC Testing Financial Institution Risk and Capital Tagged with: Comptroller OCC Recession Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Postcenter_img Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Share Save Home / Daily Dose / OCC Testing Financial Institution Risk and Capital Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Comptroller OCC Recession 2020-02-07 Seth Welborn Sign up for DS News Daily Subscribelast_img read more

Disaster Response: When the Dominoes Begin to Fall

first_img During the first week of March, a deadly tornado became our nation’s latest major natural disaster when it ripped through central Tennessee. Sadly, it was only the latest in a seemingly endless onslaught of fires, floods, and hurricanes that Americans have had to grapple with over the past several years. Today, we are all dealing with a new disaster that is bigger, scarier, and more deadly than them all. To be sure, the COVID-19 pandemic is a disaster of a different kind, yet its impact is even more catastrophic.Having spent the last few years managing natural disaster events, servicers may risk being overconfident, thinking that they have disaster preparedness down pat. In this environment, however, the obstacles for default servicing are mounting exponentially. Federal, state, and investor requirements continue to shift. With an evolving climate, an increasing number of natural disasters, and now the coronavirus, servicers need to quickly reevaluate how rigorous their processes truly are—and what they should do to improve them.The Challenges of a PandemicEven with the best of outcome scenarios, the coronavirus promises to ignite delinquency rates. As families across the U.S. prepare to deal with businesses shutting down for an undetermined time frame, news of economic distress and volatility is soaring. The potential ripple effect of this pandemic disaster is virtually unfathomable. Homeowners face income loss on multiple fronts, including layoffs, business closures, the inability to work due to absence of childcare, and, most importantly, loss of work due to contraction of the virus.Disaster relief options are beginning to take form. On March 10, Dr. Mark Calabria, Director of the Federal Housing Finance Agency (FHFA), reminded mortgage servicers that “hardship forbearance is an option for borrowers.” The Federal Housing Administration (FHA) provided similar guidance, prompting servicers to offer FHA loss mitigation solutions to distressed borrowers. As the breadth of impact escalated, both agencies quickly responded with the issuance of a two-month moratorium on evictions and foreclosures.The mortgage industry as a whole is proactively following guidance from the Centers for Disease Control and Prevention (CDC) in efforts to prepare for this pandemic disaster. However, the question of business continuity and access to liquidity will play an equally important role in addressing the relief effort.The Reality of Disaster Relief RequirementsA recently published Mortgage Bankers Association (MBA) white paper entitled “Improving Default Mortgage Servicing Processes, calls on the industry to improve both clarity—such as taking the chaos of exception processing and automating—and consistency in disaster relief policy. Asserting that the “industry needs a common playbook across all the federal agencies and guarantors as well as uniform standards of property preservation and hazard mitigation programs,” the proposal is timely, but may fall on deaf ears amidst pandemic fears.Overlooking this and similar important calls to action would be a mistake. Default servicing has struggled under tight margins and constrained human resources, while disaster events have soared conversely to record low delinquency and foreclosure. Adding to this dilemma is the fact that relief options and requirements have continued to change, which requires implementation and administration by already strained mortgage servicing operations.For example, this past summer, HUD strengthened FHA mortgage relief options by expanding their Disaster Standalone Partial Claim option to all borrowers living or working in a Federal Emergency Protection Act (FEMA) Presidentially Declared Disaster Area. With the looming coronavirus pandemic, nearly all U.S. states and territories have filed Emergency Declarations for COVID-19 disaster assistance, which also falls under FEMA in accordance with the Stafford Act. This means that default servicers now need to reassess relief options and requirements to effectively support homeowners impacted by the coronavirus.Likewise, Fannie Mae and Freddie Mac recently expanded their relief options to include 90 days to one year of suspended payments, depending on a borrower’s circumstances. This may sound small, but keeping up with previous and existing agency relief has been a challenge even before the onset of the coronavirus. In addition to other new disaster relief requirements, servicers must also provide accurate and timely relief amidst sunsetting programs, including the FHFA Home Affordable Refinance Program (HARP), the subsequent Freddie Mac Enhanced Relief Refinance (FMERR) program, and existing relief under Fannie Mae’s High-LTV Refinance Option (HIRO).The Pressure Is OnToday’s challenges are unique, but they are not new. Mortgage servicers have always had to protect themselves from excessive default risk brought on by natural disasters. In addition to ensuring disaster preparedness, mortgage servicers also need to “spread their wings” and prepare their teams for domino issues arising from the continuing occurrence of disaster events. The more disasters that happen, the more those dominos can pile up.For example, the cost to provide repair and relief for homeowners impacted by disasters of any kind is growing exponentially, and it’s hitting the insurance business hard. According to insurancejournal.com, the growing number of property claims has fueled an 18% rise in property insurance pricing in the U.S. in Q4 2019, compared to a global commercial average increase of 11%. These price increases not only impact homeowners in areas affected by disasters, but homeowners across the U.S. as well, who are absorbing these costs in their monthly housing expenses.Recent wildfires, floods, and hurricanes—and now the virus—have also created a serious underinsurance crisis. As property claims are submitted, repair assessments frequently overlook the true cost of reconstruction, which has been adversely impacted by the rising cost of materials, ongoing labor shortage, and tariffs on construction materials. This creates a gap in claim reimbursement and the actual repair cost burden on the homeowner. Many disaster-stricken families are facing severely strained finances as they juggle the cost of home displacement and potential loss of income during recovery timeframes.Underinsurance is also growing as new homebuyers purchase in areas where wildfires, flooding, and tornadoes have not previously occurred, at least not at the catastrophic level. If it’s not an investor requirement, homebuyers rarely opt to purchase insurance coverage that sufficiently covers a natural disaster, if it covers one at all. When a disaster occurs, the rising reconstruction expense and the underinsurance gap, coupled with increasing costs of homeowner’s insurance, can push even financially stable borrowers into default.“Relief” for Default Servicing?Mortgage servicers have been put to the test since the financial crisis, and they continue to show their strength and perseverance despite the barrage of industry challenges. However, with business continuity in question, and what may be a near total absence of manpower, default servicing is in for its greatest challenge yet.Default servicers need to help borrowers rebuild and recover. To do so, servicers will need to effectively bridge gaps in changing relief regulation, investor guidelines, and program offerings. The key to bridging these gaps is automation.The mortgage industry prides itself on embracing digital technology.  Yet, even with clearly defined strategies, areas within mortgage servicing can be left with significant gaps in innovation. That includes default servicing, which has not been much of a priority in recent years. During the financial crisis, an enormous amount of attention was given to delinquency, foreclosure, and bankruptcy. With today’s record low foreclosure rates, however, default servicing has thinned out with the exception of disaster relief.Yet, success in the mortgage servicing industry has always meant taking a responsive, flexible, cost-effective approach to business. Despite the forthcoming systemic stress on default servicing, the demands remain the same. Servicers must create operational efficiency, minimize costs, manage risk, and both innovate and improve the customer experience and retention.Servicing operations must commit to avoiding further breakdown in processes, uniformity, and efficiency. In other words, they must stop resorting to reactive approaches to issues, which typically leads to manual processes and spreadsheets. The smarter approach is for servicers to take what precious time and budget resources they have and invest them in automated workflows built on today’s technologies. By doing so, they will be able to create a sophisticated, flexible, and transparent approach to business processes and decisioning created for today’s digital framework.As manpower becomes stretched to capacity, automation allows services to place control in the hands of their operations team, who are the “boots on the ground” during disaster relief efforts. The operations team is best suited to understanding existing processes, rules, and decisioning, and best equipped to add another iteration of changing requirements and circumstances. They don’t have the time to wait for IT development to help them out, but existing automated workflow technology can help them immediately.The other crucial step for servicers is to identify a vendor partner that deeply understands the servicing business down to every detail and has a proven commitment to the industry. Equally as important, the vendor must have an established track record for rapid requirement development and deployment. Ideally, this will involve a SaaS application that stores complex rules and leverages dynamic decisioning and AI to understand data captured throughout the loan lifecycle.A servicer’s automated workflow application should be able to access data that supports subsequent processes and is able to make determinations, define exceptions, and create alerts. It should also be able to guide users through various tasks, scenarios, and decision paths to yield required results. Most importantly, it should enable customer self-service, so that borrowers who need help immediately are able to get it.If current disasters—including the coronavirus—have taught us anything, it’s that servicing needs can change drastically on a dime. That means technologies that servicers depend on must be flexible enough to handle rapid shifts in default servicing. At the end of the day, workflow automation and the help of an experienced business partner is really the only option for addressing today’s disaster relief challenges. We may never be able to prevent disasters, but we can always improve the ways we respond to them. Share Save Servicers Navigate the Post-Pandemic World 2 days ago Previous: DS5: The Mortgage Industry Work-Life Balance Next: American Homeowners Unprepared for Disaster Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Home / Daily Dose / Disaster Response: When the Dominoes Begin to Fall Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Coronavirus natural disaster Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Jane Mason is the Founder and CEO of Clarifire and the creator of the CLARIFIRE, a sophisticated, automated workflow engine that streamlines and integrates all of an organization’s business operations. Under Mason’s leadership, CLARIFIRE has won numerous awards over the years including one of Cloud’s Top 500 Applications Vendors for the past two consecutive years. She can be reached at [email protected] or on LinkedIn at LinkedIn.com/in/clarifire. in Daily Dose, Featured, Loss Mitigation, Market Studies, News, Print Features About Author: Jane Masoncenter_img Disaster Response: When the Dominoes Begin to Fall Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago May 26, 2020 1,520 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Coronavirus natural disaster 2020-05-26 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Subscribelast_img read more