Legislation in New Jersey, Ohio Aimed at Expediting Lengthy Foreclosure Process

first_img About Author: Brian Honea May 11, 2015 1,121 Views The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, News  Print This Post Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Legislation in New Jersey, Ohio Aimed at Expediting Lengthy Foreclosure Process Tagged with: Blight Elimination Foreclosures New Jersey 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. Home / Daily Dose / Legislation in New Jersey, Ohio Aimed at Expediting Lengthy Foreclosure Process Blight Elimination Foreclosures New Jersey 2015-05-11 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The state governments in both New Jersey and Ohio are taking aim at shortening the long, drawn out residential foreclosure process in their respective states.Legislation in the New Jersey General Assembly aimed at significantly reducing the lengthy time it takes to complete a foreclosure on a residential property has been advanced by an Assembly panel, according to a press release.The foreclosure process currently takes about three years on average in New Jersey from the time the notice of intention is filed until the sheriff’s sale. The sponsor of the bill, Democrat Bob Andrzejczak, says the bill will reduce that time period down to about five months.”South Jersey’s depressed housing market is just one consequence of lengthy foreclosure proceedings that have left some properties in disrepair,” Andrzejczak said. “This legislation will help move the region toward increased home sales and an overall improved economic outlook.”Andrzejczak’s bill (A-4075) is intended to supplement New Jersey’s “Fair Foreclosure Act,” and would allow residential properties to proceed to public auction when the foreclosure is uncontested.States with lengthy foreclosure processes are looking to cut those timelines down in order to reduce the amount of blight that can arise when residential homes sit vacant for extended periods. Blight in residential neighborhoods can often lead to lower property values, vandalism, and even violent crime. A similar bill was re-introduced in the Ohio State House of Representatives last month by Cheryl Grossman, a Republican, and Michael Curtin, a Democrat.Among other provisions, Ohio HB 134 allows the mortgagee to bring a summary foreclosure action against a vacant and abandoned residential property. The bill is intended to expedite the foreclosure process in Ohio, where the average time to complete a foreclosure is two to three years, and therefore reduce the amount of blight. The bill is currently in Committee in the Ohio House of Representatives.”I believe that these types of properties are a problem throughout our country with what we just went through with the economy,” Grossman said earlier this year. “Rather than it being such a lengthy and drawn-out process, I feel very strongly we should do whatever we can do to expedite the process.”Grossman and Curtin introduced a similar bill in June 2013 that passed by a unanimous vote (93-0) in the Ohio House on April 2, and was introduced into the Ohio Senate five days later. Another eight months later, in December, the bill was killed suddenly just as the last general assembly was about to end a few days before Christmas. Related Articles Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Previous: Report: Senator Drafting Proposal to Reform Federal Reserve Next: DS News Webcast: Tuesday 5/12/2015 The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Holding the Line

first_imgHome / Daily Dose / Holding the Line Tagged with: Delinquencies Share Save in Daily Dose, Featured, Foreclosure, News Though far from their peak highs, delinquency rates around this time of year still experience typical summer upticks. However, according to the June 2017 First Look at Mortgage Data report released by Black Knight on Thursday, current delinquency rates are bucking these patterns and are instead holding steady month-over-month.According to the experts at Black Knight, total U.S. loan delinquency rates (which accounts for loans 30 or more days past due but not in foreclosure) are at 3.8 percent, which is 56,500 in total U.S. foreclosure starts. This is a minimal change over May (0.12 percent) that Black Knight noted as unusual for this time of year in the face of seasonal pressures.Breaking down the data for a closer, state-by-state look, Mississippi led the nation in the number of loans that are both past due in general, as well as more than 90+ days delinquent (coming in at 10.13 percent and 3.05 percent respectively). Though the Magnolia State ranks highest in comparison to the rest of the U.S., delinquency rates are still far below what Mississippians experienced in May of 2000 when the total past due rate hit 23.4 percent, while loans 90+ days past due hit 10.18 percent.Colorado had the best ranking in delinquencies with only 2.14 percent of borrowers noncurrent. This is a -17.78 percent change year-over-year. Following Colorado in ascending order, North Dakota was at a rate of 2.23 percent, Minnesota at 2.47 percent, Oregon at 2.62 percent, and Montana at 2.64 percent.In it’s report, Black Knight also called out the states that experienced the most improvement over the last six months, with the Garden State showing up all the rest. During this period, the number of noncurrent loans in New Jersey dropped 17.39 percent. Close on its wake was Florida (-17.33 percent), Arizona (-16.81 percent), West Virginia (-16.69 percent), and Nevada (-16.51 percent).Unfortunately, the following states received the dubious honor of seeing their rates of noncurrent loans deteriorate the most over the same time period: Alaska at (7.10 percent), Vermont (-9.55 percent), South Dakota (-9.82 percent), Montana (-10.49 percent), and Alabama (-10.61 percent).To view the full report findings, click here. Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] Delinquencies 2017-07-20 Brianna Gilpin Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily July 20, 2017 1,423 Views Holding the Line Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Is Real Estate America’s Favorite Form of Investment? Next: Previous Ginnie Mae President to Join PennyMac Board The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Brianna Gilpin  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Related Articles Demand Propels Home Prices Upward 2 days agolast_img read more

First-Time Homebuyers Feeling the Affordability Gap

first_img First-Time Homebuyers Feeling the Affordability Gap The Best Markets For Residential Property Investors 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago November 8, 2017 1,703 Views Subscribe About Author: Rachel Williams Tagged with: homebuyer HOUSING Metrostudy mortgage Rick Sharga Ten-X Previous: Residential Construction Driving National Migration Patterns Next: Exploring the State of Property Preservation Home / Daily Dose / First-Time Homebuyers Feeling the Affordability Gap Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago homebuyer HOUSING Metrostudy mortgage Rick Sharga Ten-X 2017-11-08 rachelwilliamscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago New reports examining market conditions in three major metro areas show similar patterns unfolding in disparate corners of the country. In each of the three metro areas, house prices are soaring, while the supply of affordable houses is dwindling, forcing more new potential homebuyers to consider other options.Ten-X, an online real estate transaction marketplace, released a pair of reports today, turning the spotlight on a pair of coastal cities: San Diego, California, and Miami, Florida. The story is largely the same in both cities: homes are still moving at a brisk clip, but the lack of cheaper options is making life difficult for the first-time homebuyer. According to Ten-X’s Second Quarter 2017 Economic and Single-Family Housing Market Outlook Report for San Diego, the second quarter saw San Diego existing home sales were up 5.6 percent from a year ago, but housing inventory fell 35.7 percent.“Homes are moving even as prices continue to rise, but affordability is becoming a much larger concern—especially for people looking to buy their first home,” said Ten-X EVP Rick Sharga. “A growing number of residents are looking at renting as a better option than buying.”On the Miami front, Ten-X’s Second Quarter 2017 Economic and Single-Family Housing Market Outlook Report for Miami found first-time buyers also struggling in the Magic City. “The Miami housing market remains solid, but limited inventory of homes for sale and rising prices are giving first time home buyers fewer opportunities,” said Sharga. As in San Diego, more potential Miami buyers are considering the rental route because there simply isn’t enough available in their price range.Meanwhile, some things looked better in the middle of the country, but the same problems are still present. Metrostudy’s new Q3 survey of Dallas found the city holding fast as the number-one market for new home starts, but found homebuyers pushing back against rising home prices.Paige Shipp, Director of Metrostudy’s Dallas Fort Worth market, said:“During the third quarter, DFW homebuilders started only 264 homes priced below $200,000, which confirms the near extinction of the sub-$200k new home in DFW.” However, Dallas is seeing an uptick in closings between $200,000 and $300,000. Closings priced $200,000 to $250,000 rose 5.6 percent in Q3, and those between $250,000 to $300,000 rose 13.7 percent.“Starts outperforming closings from $200,000 to $300,000 indicates builders are delivering more affordable product in DFW,” said Shipp. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News 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] Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more

House Bill Would Streamline Volcker Rule

first_img Related Articles  Print This Post The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Congress Dodd-Frank Federal Reserve House of Representatives Regulatory Reform Volcker Rule Sign up for DS News Daily The push to streamline reforms put in place after the financial crisis continues as the House of Representatives has passed a new bill that would streamline the Volcker Rule. Implemented as part of the larger Dodd-Frank Wall Street Reform and Consumer Protection Act, the Volcker Rule limits the types of speculative investments banks can participate in, as a way to try and prevent some of the factors that contributed to the 2008 financial crisis. This new House bill, passed with a vote of 300-104 on Friday, would make the Federal Reserve the sole regulator for Volcker Rule compliance.This change would streamline the current system, in which five different governmental entities are involved in Volcker regulation: the Federal Reserve, the Office of the Comptroller of the Currency, the Commodity Futures Trading Commission, the SEC, and the FDIC. Critics of the current system have decried it as inefficient and burdensome at best. Critics argue that this has contributed to decreased liquidity in some markets.“Regardless of how you stand on a particular rule or regulation, it at least ought to be clear, and there ought to be one interpretation and one enforcer of the rule,” said Rep. Jeb Hensarling (R-Texas), the head of the House Financial Services Committee.Revisiting and revising the content of the Volcker Rule itself is also a priority for critics, but doing so will currently require all five involved regulatory agencies to agree to the changes. Some proponents of Volcker reform are now calling for this latest House bill to be rolled into the larger Dodd-Frank reform bill passed by the Senate earlier this year, and currently back in the House to undergo further discussion and potential changes.In March, the Senate voted to advance S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, after several weeks of debate, amendments, and negotiation. The bill enacts numerous reforms and changes regulations pertaining to lenders. One of the primary changes is increasing the threshold for enhanced regulatory standards from $50 billion to $250 billion, a change designed to exempt some smaller and mid-sized banks from regulations that would still apply to the larger banking entities. The affected regulations pertain to capital and liquidity rules, risk management standards, and stress testing requirements, among other things. The Best Markets For Residential Property Investors 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Previous: The Best Cities for America’s Top Expanding Professions Next: Connecting Homebuyers to REO Properties House Bill Would Streamline Volcker Rule The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / House Bill Would Streamline Volcker Rule Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, Journal, News Congress Dodd-Frank Federal Reserve House of Representatives Regulatory Reform Volcker Rule 2018-04-16 David Wharton Share Save April 16, 2018 2,266 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

How Are Mortgages Performing in 2018?

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Previous: Fighting ‘Unconstitutional Foreclosures’ in Motor City Next: Pennsylvania Passes Key Bills to Combat Urban Blight The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post June 19, 2018 2,582 Views Data Provider Black Knight to Acquire Top of Mind 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, Foreclosure, Government, Journal, Market Studies, News, Servicing About Author: David Wharton Home / Daily Dose / How Are Mortgages Performing in 2018? Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago How Are Mortgages Performing in 2018? 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 David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Sign up for DS News Daily The Office of the Comptroller of the Currency (OCC) has released its latest OCC Mortgage Metrics Report, covering mortgage performance data up through Q1 2018. The report “collects data on first-lien residential mortgage loans serviced by seven national banks with large mortgage-servicing portfolios.” As of the end of 2018’s first quarter, 95.6 percent of mortgages were current and performing, holding steady year-over-year.The seven banks tracked by the OCC serviced approximately “17.8 million first-lien mortgage loans with $3.30 trillion in unpaid principal balances,” per the report. This total represents around 33 percent of all outstanding residential mortgage debt within the United States.The report states that servicers initiated 37,300 new foreclosures during Q1, up 8.1 percent over Q4 2017. However, that number is actually down 21.5 percent year-over-year. Home forfeiture actions during Q1—including completed foreclosure sales, short sales, and deed-in-lieu-of-foreclosure actions—were down 32.5 percent year-over-year, hitting a total of 19,360 actions.Servicers also completed 23,427 mortgage modifications during Q1, an increase of 7.1 percent over Q4 2017’s total of 21,866 such actions. Of those, 20,604 (87.9 percent) were so-called “combination modifications,” which the OCC report defines as “modifications that included multiple actions affecting affordability and sustainability of the loan, such as an interest rate reduction and a term extension.” Within this subset of combo modifications, “94.5 percent included capitalization of delinquent interest and fees, 63.0 percent included an interest rate reduction or freeze, 94.6 percent included a term extension, 1.8 percent included principal reduction, and 13.9 percent included principal deferral,” according to the report.Of the remaining 2,823 modifications, 2,763 of them received only a single modification action. The 60 that were left were not assigned a modification type, according to the report. Pre-modification monthly payments were reduced in 78.5 percent of the modifications for the quarter.To read the OCC’s full Mortgage Metrics Report for Q1 2018, click here. Tagged with: foreclosure avoidance Foreclosures Loan Modifications OCC Office of the Comptroller of the Currency Share Save foreclosure avoidance Foreclosures Loan Modifications OCC Office of the Comptroller of the Currency 2018-06-19 David Wharton Subscribelast_img read more

Improving Efficiencies in Mortgage Servicing

first_img Investments in real estate-focused startups have surged. According to an estimate by Forbes, the total investment in real estate technology was approximately $33 million in 2010. Within seven years, that number rose to more than $5 billion. For the default servicing industry especially, these numbers mean investing in technology and updating to systems that can help it improve operational efficiencies. And that’s exactly what the industry is doing. According to an article in the April issue of DS News, technology, modernization, and digital transformation were among the top reasons banks, credit unions, lenders, and servicers were investing in updating their systems. And those investments are starting to pay off.“We invested heavily in both out of the box and proprietary technology to allow us to streamline our interactions with our borrowers, attorneys, REO brokers, and other partners,” said DeAnn O’Donovan, President & CEO of AHP Servicing, a specialty servicer of past due loans. “This allows all parties to have real-time access to information they need to provide prompt responses and make informed decisions.” And emerging technologies like chatbots and machine learning are helping default servicers streamline, automate, and integrate their operations.“We’re starting to see a surge of technological innovations that are specifically designed to increase work efficiency across all types of sectors,” said David Karandish, CEO, and Founder of Jane.ai, an artificial intelligence platform for the mortgage industry. Giving an example Karandish said that chatbots could act as AI personal assistants to help streamline administrative work, freeing up employee time for more productive work. “Off-loading noncritical tasks allows default servicers more time to focus on what really matters – addressing the needs of homeowners and investors. It’s a win-win all around,” he said.O’Donovan agreed saying that investing in technology had helped her firm reach fast, consensual solutions with homeowners struggling to pay their mortgages. “We view this as giving our borrowers and our business partners more tools in the toolbox to interact in a way that is comfortable and convenient for them,” she said.Technology has also provided advantages for lenders and servicers to standardize the coordination, packaging, and delivery of loan files for processing. That’s saying a lot in an industry that has historically relied heavily on paper files. Now, technology like blockchain is likely to give it a new direction. “In the past, title companies worked to collect and verify property documents, but blockchain’s value as an immutable ledger could upend the entire industry,” Karandish said.Read more about how technology is changing the default servicing industry:Implementing Blockchain Into Real EstateBreaking Down the Blockchain Movement in MortgageInvesting in the Future of Default ServicingField Services Technology: Directing Traffic, Driving Progress Improving Efficiencies in Mortgage Servicing in Daily Dose, Featured, News, Technology blockchain Borrowers default Homeowners Lending Servicing Technology 2018-08-27 Radhika Ojha August 27, 2018 3,583 Views The Best Markets For Residential Property Investors 2 days ago About Author: Radhika Ojha Related Articles Tagged with: blockchain Borrowers default Homeowners Lending Servicing Technology Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Demand Propels Home Prices Upward 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. Demand Propels Home Prices Upward 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Previous: New Risk Transfer Programs Offer Alternative to MI Next: Negative Equity and Serious Delinquencies Slide The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Improving Efficiencies in Mortgage Servicinglast_img read more

Ellie Mae Acquires Capsilon

first_imgSubscribe  Print This Post Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Ellie Mae, has announced that it has signed a definitive agreement to acquire Capsilon, a provider of AI-powered mortgage automation software for mortgage lenders, investors and servicers. Share Save Home / Daily Dose / Ellie Mae Acquires Capsilon About Author: Seth Welborn October 28, 2019 1,719 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago “The team at Capsilon has built the leading AI-powered platform that is changing the economics of the industry by enabling mortgage lenders and servicers to significantly increase profitability on each loan,” said Sanjeev Malaney, CEO and Founder of Capsilon. “By joining forces with Ellie Mae, we are excited to extend our capabilities and deliver unprecedented functionality through deep integrations with the Encompass Digital Lending Platform. This will help lenders leverage automation from consumer engagement through investor delivery and servicing. We believe this combination will offer value to all of our customers and integration partners, regardless of LOS or servicing platform.”Additionally, Ellie Mae has partnered with Genworth Mortgage Insurance to include the ability to order Genworth mortgage insurance through their Total Quality Loan program.“We are proud to partner with Ellie Mae to help streamline the MI ordering process for our customers,” said Genworth Mortgage Insurance Senior Vice President of Customer Solutions Kevin McMahon. “Lenders are always seeking new ways to increase efficiency and quality through automation. Our integration with the Encompass MI Service within Ellie Mae TQL is another element of the overall value we deliver to customers as they work to put more borrowers into homes.” Jonathan Corr, President and CEO of Ellie Mae, and Sanjeev Malaney, founder and CEO of Capsilon discussed additional details about the acquisition and its significance at the press conference.“With the delivery of our next generation lending platform, we are accelerating our mission to automate everything automatable for the residential mortgage market. This includes making strategic acquisitions of best-in-class solutions to bring more value to the platform and the ecosystem faster,” said Corr,. “This is a significant day for the mortgage industry, as with the acquisition of Capsilon we are bringing together two market-leading companies and adding to our platform the pioneer of AI-powered intelligent automation leveraged by some of the largest lenders and servicers in the industry. As lenders and servicers continue to shift toward data-driven automation, we are excited to provide automated document recognition, classification and data extraction to further drive down costs and time of loan origination, acquisition and servicing.”According to Ellie Mae, this acquisition is another step toward a fully-digital mortgage, by combining Ellie Mae’s Encompass Digital Lending Platform with Capsilon’s AI-powered solutions. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articlescenter_img Tagged with: Ellie Mae Technology Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Ellie Mae Acquires Capsilon Previous: Stock Market Rallies as Housing Beats Expectations Next: FHFA Gives Update on Conservatorship and GSE Reform Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News, Technology 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. The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Ellie Mae Technology 2019-10-28 Seth Welbornlast_img read more

How Housing is “Standing Firm”

first_img The housing market is expected to “continue to stand firm” as home sales rise to 6.0 million for 2019 before increasing to 6.1 million for 2020 according to Freddie Mac’s November Forecast.“The economy has seen increased volatility in November as hopes for a favorable resolution to the trade dispute have recently waned,” said Sam Khater, Freddie Mac’s Chief Economist. “However, given low interest rates, modest inflation and a solid labor market, the U.S. housing market continues to stand firm, and our forecast is for the housing market to maintain momentum over the next two years.”Economic growth, though slow, has been propped up largely by housing, according to the Fannie Mae Economic and Strategic Research (ESR) Group. The Group notes that housing should also continue to function as a positive contributor to growth in the near term, as indicated by both new and existing single-family home sales advancing in Q3, as well as pending home sales, permits, and starts. However, persistent supply and affordability constraints continue to hold back household formation, inhibiting housing market activity.According to Freddie Mac, the average 30-year fixed-rate mortgage rate is forecasted to be 4.0% for the remainder of 2019 and to decrease slightly to 3.8% in 2020. The house price forecast is expected to be 3.2 percent in 2019 and 2.9 percent in 2020. Modest increases in home sales and house prices should boost purchase mortgage originations to $1,255 billion and $1,299 billion in 2019 and 2020, respectively.Freddie Mac adds that the surge in refinance activity will carry over into next year, with a projected $846 billion and $834 billion in single-family refinance mortgage originations in 2019 and 2020, respectively. Overall, annual mortgage origination levels are expected to hit $2.1 trillion in 2019 and 2020. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News November 27, 2019 1,169 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 2019-11-27 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Home / Daily Dose / How Housing is “Standing Firm” Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborncenter_img Previous: Q3 Built-for-Rent Volumes Slip Next: Housing Growth Ticks Up How Housing is “Standing Firm” Related Articles Share Save Subscribe Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Ginnie Mae Issues $63.81B in MBS

first_imgHome / Daily Dose / Ginnie Mae Issues $63.81B in MBS in Daily Dose, Featured, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago Ginnie Mae announced that issuance of its mortgage-backed securities (MBS) totaled $63.81 billion in April, an all-time record, providing financing for more than 246,000 homeowners and renters.A breakdown of April issuance includes $61.04 billion of Ginnie Mae II MBS and $2.78 billion of Ginnie Mae I MBS, which includes $2.48 billion of loans for multifamily housing.Ginnie Mae’s total outstanding principal balance of $2.149 trillion is an increase from $2.062 trillion in April 2019.“The Ginnie Mae MBS program produced nearly $64 billion in securities last month that financed housing for more than 246,000 families, illustrating the commitment of our staff and the flexibility of our program,” said Ginnie Mae Principal Executive Vice President Seth Appleton. “Housing finance is a key component of the nation’s economic well-being and Ginnie Mae is steadfast in our mission to ensure that money flows safely and consistently to communities across the United States, while minimizing risks to taxpayers.”The FHFA is also instructing the GSEs to main loans in COVID-19 forbearance plans in MBS pools for at least the duration of the forbearance plan.Mortgages that are delinquent for more than four months, historically, were purchased out of MBS pools by the GSEs. Loans with COVID-19 payment forbearance shall be treated “like a natural disaster event” and will remain in the MBS pool.In addition, both Republican and Democratic lawmakers have been pressuring the federal government in recent weeks to assist mortgage servicers.Maxine Waters, Chair of the House Finance Services Committee, sent a letter to Mnuchin and Federal Reserve Chair Jerome Powell requesting funds for servicers.“The Fed and Treasury should use powers given to them under recent stimulus measures to provide liquidity to servicers facing shortfalls,” House Financial Services Chairwoman Maxine Waters and Sherrod Brown, the top Democrat on the Senate Banking Committee, said in the letter. The Week Ahead: Nearing the Forbearance Exit 2 days ago May 11, 2020 2,254 Views Tagged with: Ginnie Mae MBS Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Previous: 130M Americans Receive Coronavirus Relief Payments Next: OCC Addresses Liquidity and Forbearance Issues Ginnie Mae MBS 2020-05-11 Seth Welborn About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Sign up for DS News Daily Ginnie Mae Issues $63.81B in MBS Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days agolast_img read more

Forbearance Survey: Certain Borrowers ‘Disproportionately Impacted’

first_imgAverage speed to answer decreased from 2.8 minutes to 2.2 minutes.Abandonment rates decreased from 5.7% to 4.9%.Average call length increased from 7.2 minutes to 7.7 minutes.Loans in forbearance as a share of servicing portfolio volume (#) as of August 23, 2020:Total: 7.20% (previous week: 7.20%)IMBs: 7.41% (previous week: 7.43%)Depositories: 7.49% (previous week: 7.48%) Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Fannie Mae’s Head of Multifamily, Jeffery Hayward, Promoted Next: CFPB Report: Effects of COVID-19 on Mortgage Loans, Other Debt Share Save Home / Daily Dose / Forbearance Survey: Certain Borrowers ‘Disproportionately Impacted’ Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Forbearance Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Fannie Mae and Freddie Mac loans in forbearance dropped while private loans and those owned by Ginnie Mae experienced an increase, according to the Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey.The total number of loans now in forbearance remained unchanged relative to the prior week at 7.20% as of August 23. According to MBA’s estimate, 3.6 million homeowners are in active-forbearance plans.The share of Fannie Mae and Freddie Mac loans in forbearance dropped for the 12th week in a row to 4.88% – a 5-basis-point improvement. Ginnie Mae loans in forbearance increased by 4 basis points to 9.58%, while the forbearance share for portfolio loans and private-label securities (PLS) increased by 7 basis points to 10.44%. The percentage of loans in forbearance for depository servicers increased to 7.49%, and the percentage of loans in forbearance for independent mortgage bank (IMB) servicers decreased to 7.41%.”The share of loans in forbearance was unchanged, as the decline in the share of GSE loans was offset by increases for Ginnie Mae, and portfolio and PLS loans. The pace of new forbearance requests has been relatively flat across investor types, but for those with GSE loans, the rate of exits from forbearance regularly exceeds the rate of new requests,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “The exception in these trends are borrowers with Ginnie Mae loans. The loss of enhanced unemployment insurance benefits, coupled with a consistently high rate of layoffs and uncertainty about the job market, are having a disproportionate impact on FHA and VA borrowers.”MBA’s latest Forbearance and Call Volume Survey represents 75% of the first-mortgage servicing market (37.3 million loans). More detailed findings of  MBA’s Forbearance and Call Volume Survey, August 17 to August 23, are as follows:Total loans in forbearance remained unchanged relative to the prior week at 7.20%.By investor type, the share of Ginnie Mae loans in forbearance increased relative to the prior week: from 9.54% to 9.58%.The share of Fannie Mae and Freddie Mac loans in forbearance decreased relative to the prior week: from 4.93% to 4.88%.The share of other loans (e.g., portfolio and PLS loans) in forbearance increased relative to the prior week: from 10.37% to 10.44%.By stage, 36.71% of total loans in forbearance are in the initial forbearance plan stage, while 62.43% are in a forbearance extension. The remaining 0.86% are forbearance re-entries.Total weekly forbearance requests as a percent of servicing portfolio volume (#) remained unchanged relative to the prior week at 0.10%.The report also detailed weekly servicer call center volume, which showed:As a percent of servicing portfolio volume (#), calls decreased from 8.7% to 7.2%. September 1, 2020 1,497 Views The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Christina Hughes Babb Demand Propels Home Prices Upward 2 days ago Related Articles Forbearance 2020-09-01 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Market Studies, News  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Forbearance Survey: Certain Borrowers ‘Disproportionately Impacted’last_img read more