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New Report Critical of Fannie Mae and Freddie Mac Fee Collection

first_imgSubscribe Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. New Report Critical of Fannie Mae and Freddie Mac Fee Collection The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago A report released Wednesday by the Federal Housing Finance Agency (FHFA) Office of the Inspector General (OIG) was critical of Fannie Mae and Freddie Mac’s collection of late fees. The report criticized the two for poor management of late fee collection, noting fees were either not consistently collected or collected at all.Findings were outlined in FHFA Oversight of Enterprise Handling of Aged Repurchase Demands.The report notes that the FHFA ordered Fannie Mae and Freddie Mac to “develop consistent timelines and collection standards for fees and penalties and additional types of penalties and remedies.”The FHFA let each enterprise establish its own model for penalizing servicers and collecting late fees.As a result, Freddie Mac continued to employ its existing model for collecting late fees.”By inconsistently waiving, enforcing, and excepting late fees through 2012, the Enterprise missed assessing up to $284 million in late fees that are now unlikely to be collected–losses that taxpayers ultimately bore,” the report commented.Worse yet, Fannie Mae collected no late fees, citing a concern over the projected $5.4 million implementation cost to manage late fee collection. However, the OIG charges Fannie Mae did not consider the benefits—potentially $284 million from 2009 to 2012.The report also noted that Fannie Mae had a higher volume of unresolved repurchase demands than Freddie Mac, and could have potentially collected more than the estimated figure.Ultimately, the FHFAOIG recommended 3 suggestions going forward.First, quantify the benefit of implementing a repurchase late fee program at Fannie Mae to compare the cost versus benefits of the program.Second, direct Freddie Mac to develop a late fee report to be routinely sent to FHFA that expands on information related to late fees.Finally, direct Freddie Mac to provide FHFA with information on assessed but uncollected late fees associated with 2013 bulk settlements. The Inspector General wants the fees to be considered in the negotiations and documented in accordance with the Office of Conservatorship Operations (OCO)’s Settlement Policy.FHFA agreed with OIG’s recommendations. Share Save Home / Daily Dose / New Report Critical of Fannie Mae and Freddie Mac Fee Collection Tagged with: Fannie Mae FHFA Freddie Mac About Author: Colin Robins The Best Markets For Residential Property Investors 2 days ago Previous: Caliber Home Loans Welcomes New Regional VP Next: Housing Affordability Drops in California Sign up for DS News Daily center_img Related Articles in Daily Dose, Featured, Government, Headlines, News Fannie Mae FHFA Freddie Mac 2014-02-14 Colin Robins Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 14, 2014 663 Views The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

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Maryland Overtakes Florida for Nation’s Highest Foreclosure Rate

first_img  Print This Post The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Foreclosure Filings Foreclosures Maryland RealtyTrac 2014-11-12 Brian Honea Share Save About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles 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 / Maryland Overtakes Florida for Nation’s Highest Foreclosure Rate Previous: President to Nominate Investment Banker for Treasury’s Senior Domestic Finance Position Next: Foreclosure Filings See Largest Monthly Increase In Four Yearscenter_img Tagged with: Foreclosure Filings Foreclosures Maryland RealtyTrac Servicers Navigate the Post-Pandemic World 2 days ago Maryland Overtakes Florida for Nation’s Highest Foreclosure Rate Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago A surge in foreclosure activity for Maryland in October pushed the state into the top spot among states with the highest foreclosure rate in the nation, according to RealtyTrac’s October 2014 U.S. Foreclosure Market Report released Thursday.Maryland overtook Florida, which had held the number one position for 12 consecutive months, according to RealtyTrac. Before October, the last time Florida did not have the nation’s highest foreclosure rate for a month was in September 2013, when Nevada held the top spot.Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions (REOs), totaled 5,943 for Maryland in October (one in every 400 residential housing units), an increase of 68 percent from September and 30 percent from October 2013. It was the highest number of foreclosure filings for the Old Line State for a single month since July 2010, a total of 51 months.All three phases of the foreclosure process jumped up year-over-year in Maryland in October: foreclosure starts rose by 4 percent, scheduled foreclosure auctions increased by 12 percent, and REOs skyrocketed by 190 percent, according to RealtyTrac.Foreclosure activity declined in Florida in October on a year-over-year basis for the 15th consecutive month, according to RealtyTrac. Month-over-month, foreclosure activity in the Sunshine State declined by 2 percent. One in every 444 residential properties in Florida had a foreclosure filing in October, giving it the second-highest rate among states.Nevada had the nation’s third-highest foreclosure rate in October with one for every 596 residential properties, according to RealtyTrac. Foreclosure activity in the Silver State was up 34 percent from September but down 31 percent from October 2013. In Ohio, foreclosure filings increased by 51 percent from September to October, ranking the Buckeye State fourth with one foreclosure filing for every 674 housing units. Even with the significant month-over-month increase, foreclosure activity in Ohio was down by 22 percent from October 2013.In Illinois, foreclosure filings increased by 11 percent from September to October but like Ohio, they declined by 22 percent year-over-year. The Prairie State’s foreclosure rate of one for every 712 housing units was the fifth highest rate in the U.S. for October, according to RealtyTrac.Rounding out the top 10 for the highest foreclosure rate among states in October, according to RealtyTrac, were Delaware (sixth, 1:752), Indiana (seventh, 1:762), South Carolina (eighth, 1:814), New Jersey (ninth, 1:878) and Georgia (10th, 1:899).Maryland’s spike in foreclosures can be attributed to the enormous year-over-year increases in October for two of the state’s largest metro areas. In Baltimore, foreclosure completions surged by 212 percent and in Hagerstown-Martinsburg, foreclosure completions saw a 178 increase, according to RealtyTrac. Baltimore had the fifth-highest foreclosure rate in the U.S. among metropolitan areas with a population of more than 200,000, with one foreclosure filing for every 435 housing units, according to RealtyTrac. The metro areas with the four highest foreclosure rates were all in Florida.Baltimore’s foreclosure rate of 1:435 was the third-highest among the nation’s top 20 most populated metro areas. The top two were Miami and Tampa. November 12, 2014 1,664 Views The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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Bank of America’s Q1 Earnings Take a Hit

first_img  Print This Post Bank of America Banks Earnings Profits 2016-04-14 Brian Honea Subscribe Share Save Demand Propels Home Prices Upward 2 days ago Bank of America’s Q1 Earnings Take a Hit 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. It was a tough first quarter for Bank of America, as the bank experienced a year-over-year decline of 13 percent in net income down to $2.7 billion, or earnings per diluted share of $0.21, according to the bank’s Q1 earnings statement released Thursday.The bank’s net income was also down by $0.6 billion over-the-quarter from Q4’s net income of $3.3 billion, according to Bank of America.Consumer performed well for Bank of American in Q1, with consumer banking’s net income jumping by 22 percent up to $1.8 billion as positive operating leverage was created by higher revenue from increased customer activity combined with lower expenses. The bank’s sales and trading revenue were down by 16 percent in Q1, however.”This quarter, we benefited from good consumer and commercial banking activity,” said Brian Moynihan, CEO. “Our business segments earned $4.5 billion, up 16 percent from the year-ago quarter. This was partially offset by valuation adjustments from lower long-term interest rates and annual compensation expenses. Despite volatile markets, our Global Markets business produced solid earnings. As always, we are focused on loan and deposit growth and managing expenses. By doing that, we continue to improve on what we do best: helping consumers live their financial lives and helping businesses grow and employ more people.”Bank of America’s Legacy Assets and Servicing revenue was down by $235 million, from $914 million down to $669 million due to a decline in net interest income on lower loan balances and a drop in non-interest income. The bank’s mortgage banking income declined due to lower servicing fees and mortgage servicing rights net of hedge results. The factors causing the decline were partially offset by gains on certain loan sales, according to the earnings statement. The number of residential loans serviced by Bank of America that were 60-plus days delinquent declined over-the-year by 42 percent, down to 88,000, during Q1.Non-interest expense declined by $1 billion down to $14.8 billion.Click here to view Bank of America’s complete Q1 earnings statement.Wells Fargo’s Profits Fold Under PressureWith intense pressure stemming from falling oil prices, historically low interest rates, and volatile financial markets profits at San Francisco-based Wells Fargo did not come in strong for the first quarter of 2016.Wells Fargo & Company reported in its earnings statement released Thursday, net income at the bank reached $5.5 billion, or $0.99 per diluted common share, for first quarter of 2016. Last year, during this time, the bank reported a net income of $5.8 billion, or $1.04 per share and in the fourth quarter of 2015 it reported $5.6 billion in income, or $1.00 per share.Chairman and CEO of Wells Fargo, John Stumpf, said, “Wells Fargo’s first quarter results reflected the benefit of our diversified business model as we managed challenges presented by a volatile operating environment for our industry. We again generated solid growth in the fundamental drivers of long-term value creation: loans, deposits and capital. We also completed two important acquisitions from GE Capital, which are great additions to our company and demonstrate the benefit of our strong financial position. We remain focused on meeting the financial needs of our consumer and business customers, and I believe we are well positioned for the future.”The statement showed that net interest income in first quarter of 2016 rose $79 million from fourth quarter 2015 to $11.7 billion. The bank attributes this increase to “earning asset growth, including a partial quarter impact from the assets acquired from GE Capital, the benefit of the fourth quarter increase in the federal funds rate and disciplined deposit pricing.” However, the net interest income increase was partially offset by reduced income from variable sources (periodic dividends and loans fees) and one less day in the quarter.Wells Fargo reported that mortgage banking noninterest income was $1.6 billion in the first quarter of 2016, down $62 million from fourth quarter 2015. This decline was “primarily driven by a decrease in mortgage originations and production margins in the first quarter, partially offset by higher servicing income.” Residential mortgage loan originations decreased down $3 billion to $44 billion in the first quarter, and the production margin on residential held-for-sale mortgage loan originations was 1.68 percent, compared with 1.83 percent in fourth quarter.Servicing income, however, experienced an increase, rising from $730 million in fourth quarter to 850 million in the first quarter. Total loans were $947.3 billion at March 31, 2016, up $30.7 billion, or 3 percent, from December 31, 2015, the report stated. This total includes $24.9 billion from the GE Capital acquisitions. Total average loans were $927.2 billion in the first quarter, up $14.9 billion from the prior quarter, and included an $8.8 billion impact from the GE Capital acquisitions.“Our first quarter results demonstrated an ability to produce consistent revenue and net income across economic and interest rate cycles. While challenges in the energy industry and persistent low rates impacted our bottom line, our diversified business model was again beneficial to our results. We were disciplined in deploying liquidity into investment securities in the quarter, with gross purchases well below recent quarters,” said CFO of Wells Fargo John Shrewsberry. “This was partially responsible for the $30 billion increase in our federal funds and short-term investment balances compared with the prior quarter. Our capital remained very strong with Common Equity Tier 1 (fully phased-in) of $142.7 billion. Our net payout ratio was 60 percent in the quarter, as we returned $3.0 billion to shareholders through common stock dividends and net share repurchases.”Click here to view Wells Fargo’s First Quarter 2016 Earnings Statement. Tagged with: Bank of America Banks Earnings Profits Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News Previous: Legal League 100 Servicer Summit: The Times Are Changing Next: Mortgage Banking Sector Suffers at PNCcenter_img About Author: Brian Honea Home / Daily Dose / Bank of America’s Q1 Earnings Take a Hit Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago April 14, 2016 1,194 Views 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 Related Articles Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days agolast_img read more

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Federal Reserve: What’s the Status of the Economy?

first_img Share Save  Print This Post Federal Reserve: What’s the Status of the Economy? in Daily Dose, Featured, Headlines 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 Tagged with: Beige Book HOUSING mortgage Home / Daily Dose / Federal Reserve: What’s the Status of the Economy? Previous: Wells Fargo CEO: I Never Lied to Investors Next: ARMS Vs. FRMS—Which Loan Comes Out on Top? Beige Book HOUSING mortgage 2017-10-18 Nicole Casperson Servicers Navigate the Post-Pandemic World 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] The Federal Reserve District released its September 2017 Beige Book Wednesday, which reports the Fed’s economic outlook based on information collected before October 6, 2017.Overall, the Fed reports from all 12 Federal Reserve Districts that economic activity increased in September through early October—noting the pace of growth was “split between modest and moderate.”According to the report, although low home inventory levels continued to constrain residential sales in many areas, residential construction continued to increase. Meanwhile, growth in commercial construction was up slightly on balance. Additionally, nonresidential real estate activity increased slightly overall, and loan demand was generally stable to modestly higher.Employment growth was modest on balance, with most Districts reporting “flat to moderate increases.” In addition, labor markets were widely described as “tight.”Specifically, the report noted that many Districts struggled to find qualified workers particularly in construction—and these shortages were also restraining business growth. Firms in several districts reported that scarcity of labor, especially related to construction, would be exacerbated by hurricane recovery efforts.Despite widespread labor tightness, the majority of districts reported only “modest to moderate” wage pressures. However, some Districts reported stronger wage pressures in certain sectors, including transportation and construction. Growing use of sign-on bonuses, overtime, and other nonwage efforts to attract and retain workers was also reported.By enabling the comparison of economic conditions in different regions, the Federal Reserve District can create an outlook for the national economy, creating an opportunity to characterize dynamics and identify emerging trends that aren’t readily apparent.To view the full report, click here.center_img About Author: Nicole Casperson The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago October 18, 2017 1,072 Views Related Articles The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Subscribelast_img read more

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How Fire-Ready Are Americans?

first_img Tagged with: Baby Boomers fire extinguisher fire preparedness fire safety Gen-X Homeowners Millennials Porch.com ready.gove smoke detector  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Scott Morgan In 2016, there were around 352,000 home fires that cost U.S. homeowners more than 2,700 lives and almost $6 billion in damages, according to a study on homeowner safety and preparedness by Porch.com.A lot of the worst issues surrounding home fires, the report argues, are largely avoidable such as replacing the batteries in a smoke detector, having a fire extinguisher ready and easily accessible. But Porch wanted to know how many people don’t just already know that and actually take such steps to protect their lives and properties.When it comes to smoke detectors, not everyone practiced what is considered the most basic fire safety measure of refreshing batteries. A detector’s batteries are supposed to be changed every year and the entire device should be replaced once every 10 years.“While a vast majority of people were diligent enough to have replaced their batteries at least once within the last year,” the report stated, “we found younger generations may have missed the memo.”Porch reported that 7 percent of baby boomers, 15 percent of Gen Xers, and a quarter of Millennials admitted to never having swapped out the batteries in their smoke alarms.According to the survey, about 62 percent of Americans reported having a fire extinguisher at home and that they knew where it was. But 8 percent said they had one but had no idea where it was. Nearly a third of Americans reported having no fire extinguisher, which means about 40 percent would not have an extinguisher handy in the event of an emergency.Even among those who do know where their fire extinguisher is, Porch found that fewer than half of Gen Xers and Millennials know how to actually use it. About two-thirds of Boomers said they’re confident they could wield a fire extinguisher properly.Yet despite the trend towards less preparedness the younger the respondent, Porch found that having children had a big effect on fire safety preparation.“Compared to fewer than 59 percent of adults without kids, nearly 65 percent of people with children in their homes said they were equipped with a fire extinguisher and could find it when they needed it,” the report stated. “Perhaps even more importantly, people with kids were also more likely to feel confident in their ability to work their fire extinguishers (48 percent) than those who didn’t have children (43 percent)—though we still found 28 percent of parents were less than convinced they’d know what to do if a situation called for it.”Smoke detectors and fire extinguishers aside, Porch found most adults underprepared for emergencies. According to our survey, only 3 percent of people have every item recommended by Ready.gov in their emergency kits; a third have none of them.“Most common across all generations was a flashlight and first-aid kit, though often it was older generations and parents who were the most prepared compared to younger people,” the report stated. “Millennials, who were the least likely to be equipped with portable power banks for electronic equipment, non-perishable food, or local maps, earned the lowest grade overall on the readiness of their kits.” Previous: IPsoft Launches Conversational Banking with 1Bank Next: Rebuilding Paradise How Fire-Ready Are Americans? Home / Daily Dose / How Fire-Ready Are Americans? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily 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. Baby Boomers fire extinguisher fire preparedness fire safety Gen-X Homeowners Millennials Porch.com ready.gove smoke detector 2018-11-22 Scott Morgan November 22, 2018 4,764 Views center_img Share Save in Daily Dose, Featured, Market Studies, News Related Articles The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

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Can Having Mortgage Debt be Good for You?

first_img Related Articles Demand Propels Home Prices Upward 2 days ago Can Having Mortgage Debt be Good for You? Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Is having debt a good thing?A new study by LendingTree found a correlation between mortgage debt and life expectancy, as higher debt relative to income is linked to higher life expectancy. “That trend reaffirms the idea that homeownership is ultimately a good thing—this is despite the fact that a mortgage is one of the biggest financial decisions and burdens a person will take on in their lifetime,” LendingTree states. Of the counties studied with the highest life expediencies, California’s Marin County had the highest average mortgage debt at $273,155, but the second-highest life expectancy at 83.17 years. Island living pays off, as Hawaii’s Kauai County has the highest life expectancy of the counties surveyed at 83.39 years. Homeowners in Kauai County  have an average of $93,019 of mortgage debt. Homeowners in Madison County, New York, have an average of $45,071 of mortgage debt and a life expectancy of 82.32 years. Counties that had the lowest life expediencies, mostly in the southern region of the house, had minimal mortgage debt. Walker County, Alabama, which had the lowest life expectancy of the counties studied, 71.41 years, had an average mortgage debt of $22,226.Three others Alabama counties—Talladega, Russell, and Etowah—had among the lowest life expectancies, but had mortgage debt of $32.627, $50,888, and $29,863, respectively. Texas’ Polk County had the lowest average mortgage debt at $19,645. Life expectancy in that county is 74.24 years—lower than the national average of 80 years. LendingTree states is analysis shows that those with higher incomes tend to take on less debt that those with lower incomes, with one exception. “The major exception is mortgages, which happens to be the only debt category which has the potential for value appreciation (though student loans can be used to increase income),” the report states. “The richest counties tended to have the highest mortgage-to-income ratios, while the poorest counties tended to have the overall highest debt-to-income ratios, excluding mortgages.” Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Mike Albanese Tagged with: Mortgage Debt in Daily Dose, Featured, Loss Mitigation, News  Print This Post Previous: How a Tariff Reversal Can Impact Housing Next: Gauging Millennial Homebuying Knowledge Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Mortgage Debt 2019-08-20 Mike Albanesecenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago August 20, 2019 962 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Home / Daily Dose / Can Having Mortgage Debt be Good for You? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

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Expanding Non-Bank Mortgage Institutions and REITs

first_img The Best Markets For Residential Property Investors 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Expanding Non-Bank Mortgage Institutions and REITs Tagged with: Bank Finance Non-Bank REIT February 4, 2020 1,796 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles About Author: Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img in Daily Dose, Featured, News, Secondary Market As the role of non-bank lenders has shifted in the past few years, regulators are considered allowing further growth for these mortgage institutions and real-estate investment trusts (REIT), Wall Street Journal reports.“It’s time to make the system reflect the market that it serves,” said Pete Mills, SVP of residential policy at the Mortgage Bankers Association on WSJ.While some have questioned if nonbanks like REITs should have access to taxpayer-subsidized funding, according to John von Seggern, President of the Council of Federal Home Loan Banks, having big clients gives the system the financial clout it needs to support smaller banks.“We have access to world-wide markets because the big banks give us a lot of volume,” he told WSJ. “We’re able to then take that favorable funding that we get and we’re able to lend it to all of our members, big and small, at the same rate.”Some suggest that REITs make up an optimal backbone for the mortgage market, leveraging less risk than before the financial crisis and able to quickly raise and deploy money when they see an opportunity.“Real estate is protected from volatility by factors like location, scarcity, and plot size,” NuWire states. “But unlike tangible property, which is expensive to buy and tough to sell, REITs can be traded on many investing apps. Because they come in single shares, even low-budget investors can diversify their REIT holdings.”According to WSJ, the proposed expansion of home-loan banks and REITs would run counter to the plan to privatize Fannie Mae and Freddie Mac.“While Fannie and Freddie buy mortgage loans and package them into securities, the Federal Home Loan Banks play a different role in housing finance: channeling money from global bond markets to thousands of institutions across the U.S.,” said WSJ. Previous: FEMA Funding $2M Wildfire Mitigation Program in California Next: Housing Market Could Stave Off Potential Recession The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Expanding Non-Bank Mortgage Institutions and REITs Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Bank Finance Non-Bank REIT 2020-02-04 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Subscribelast_img read more

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FHFA Issues Guidance on Refinances, Purchases While in Forbearance

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News Servicers Navigate the Post-Pandemic World 2 days ago About Author: Mike Albanese Tagged with: FHFA Forbearance Foreclosure Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Sign up for DS News Daily FHFA Issues Guidance on Refinances, Purchases While in Forbearance Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. FHFA Forbearance Foreclosure 2020-05-19 Mike Albanese Share Save May 19, 2020 2,903 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / FHFA Issues Guidance on Refinances, Purchases While in Forbearance The Federal Housing Financing Agency (FHFA) announced Tuesday that Fannie Mae and Freddie Mac have issued temporary guidance regarding the eligibility of borrowers in forbearance, or recently ended their forbearance, looking to refinance and purchase a home. Borrowers are eligible to refinance or buy a new home if they are current on their mortgage—or in forbearance but continued to make payments or reinstated their mortgage. They are also eligible to refinance or buy a new home three months after their forbearance ends and they have made three consecutive payments under their repayment plan, deferral option, loan modification. “Homeowners who are in COVID-19 forbearance but continue to make their mortgage payment will not be penalized,” said FHFA Director Mark A. Calabria. “Today’s action allows homeowners to access record low mortgage rates and keeps the mortgage market functioning as efficiently as possible.”The FHFA recently announced it is extending the GSE’s previously announced ability to purchase single-family mortgages in forbearance. Fannie Mae and Freddie Mac are now able to buy loans in forbearance, with note dates on or before June 30, as long as they are delivered by August 31 and have missed just one mortgage payment. The previous policy was set to expire on May 31. The agency also announced that foreclosure and eviction moratoriums backed by Fannie Mae and Freddie Mac were extended to June 30. Deadlines for that moratorium were set to expire on May 17. “During this national health emergency, no one should be forced from their home,” Calabria said. “Extending the foreclosure and eviction moratoriums protects homeowners and renters with an Enterprise-backed mortgage and provides certainty for families.”The FHA announced that it would halt all new foreclosure actions and suspend all foreclosure actions currently in process, excluding legally vacant or abandoned properties. Also, the Administration will cease all evictions of persons from FHA-insured Single Family properties, excluding actions to evict occupants of legally vacant or abandoned properties.“We made it clear at the beginning of this pandemic that no American should have to worry about losing their home amidst a crisis. Today’s announcement ensures that commitment,” said U.S. Department of Housing and Urban Development Secretary Dr. Benjamin Carson. “While we have made great strides in fighting this virus, the fact remains that many Americans are still struggling as we work diligently to get our economy back on sound footing, which I have full confidence we will do through the leadership of the President.” Previous: Fannie Mae Taking Steps Toward Ending Conservatorship Next: Investment Update: Low-Tier Rents Outpacing High-Tier Homes Demand Propels Home Prices Upward 2 days agolast_img read more

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California Moving Forward With State-Level CFPB

first_img  Print This Post Subscribe Sign up for DS News Daily About Author: Christina Hughes Babb Data Provider Black Knight to Acquire Top of Mind 2 days ago California Moving Forward With State-Level CFPB Previous: Fannie Mae Economist: When Will Economy Bounce Back? Next: ‘Clouds on the Horizon’ for Mortgage Delinquencies The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / California Moving Forward With State-Level CFPB Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save 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. California legislators are pushing for the formation of a new watchdog agency to protect consumers from bad loans by “predatory lenders.” California Assembly member Monique Limón told National Public Radio (NPR) that since the COVID outbreak, consumer complaints about financial wrongdoing in her state are up 40 percent.  A number of those complaints, she said, are directed at mortgage companies, as well as personal lenders, and even some companies promising to help people get out of debt. Along with Gov. Gavin Newsom, Limón aims to create the Californian watchdog agency, which would be called the Department of Financial Protection and Innovation. They hope it would lead the way for other states to create similar protections, they said. But a legislative deadline means they need to do it by August 31. “Consumer protections are an area where California wants to show that we care,” Limon told NPR. “As the fifth-largest economy in the world we think that it is very important and it’s the right thing to do.” The new agency would give the state broader power and ability to police aggressive debt collectors, credit repair schemes, predatory lenders and other unethical financial practices. Limón proposed this agency even before the pandemic (which she says has exacerbated problems with lenders) because the Trump administration has relaxed oversight, she and other lawmakers believe, leaving it up to states to protect borrowers.   One national study last year found that the federal Consumer Financial Protection Bureau’s enforcement activity dropped 80% from 2015. And money returned to consumers dropped by 96%. A long list of fair lending and consumer protection groups back the proposal.At a recent legislative hearing, small business groups said they also want the new agency to protect them from predatory financial practices. A bankers-association representative told the station that, while everyone should face the same regulations, most big banks and financial institutions already are very heavily regulated at both the state and federal level. The financial firms have some lawmakers’ attention when it comes to potentially evading any new mandatory regulations.One group of moderate Democrats is pushing to allow for large carve-outs for many financial firms, a “source close to the negotiations over the proposal” told NPR.  If created, the new agency would be made by restructuring and expanding the size and authority of an existing agency called the Department of Business Oversight.  The Best Markets For Residential Property Investors 2 days agocenter_img in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Predatory Lending Data Provider Black Knight to Acquire Top of Mind 2 days ago Predatory Lending 2020-08-18 Christina Hughes Babb August 18, 2020 1,084 Views Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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Value of St Patrick’s Day trips to be questioned in county council chamber

first_img Twitter Facebook Three factors driving Donegal housing market – Robinson Twitter Help sought in search for missing 27 year old in Letterkenny Google+ RELATED ARTICLESMORE FROM AUTHOR By News Highland – February 17, 2010 Guidelines for reopening of hospitality sector published Value of St Patrick’s Day trips to be questioned in county council chamber Facebook Google+center_img Newsx Adverts 448 new cases of Covid 19 reported today Donegal County Council will next week hear calls for a full review of the council’s annual expenditure on overseas trips to see if it represent value for money for the county.On Monday councillors will be asked to sign off on St Patrick’s day trips which Sinn Fein claims normally cost in the region of fifteen thousand euro.Councillor McLoughlain says his party will not support the trips until a review determines if they are of any benefit to Donegal.He says such money should not be wasted given the amount of people who have lost jobs with the council: Pinterest Previous articleLetterkenny to highlight twinning arrangement with Elizabethtown PANext articleBoy killed in Letterkenny tragedy named News Highland Calls for maternity restrictions to be lifted at LUH NPHET ‘positive’ on easing restrictions – Donnelly Pinterest WhatsApp WhatsApplast_img read more