HUD Awards $1.6 Billion in Grants to Fight Homelessness

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post HUD Awards $1.6 Billion in Grants to Fight Homelessness Tagged with: Homelessness HUD March 8, 2016 1,042 Views The Best Markets For Residential Property Investors 2 days ago Previous: Disparate Impact: The Uneven Compliance Burden on Small and Mid-Sized Servicers Next: DS News Webcast: Wednesday 3/9/2016 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. Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea While President Obama has been silent on housing policy in the waning months of his administration, the fight to end homelessness in the United States—a quest he has made a priority since taking office in 2009—continues with more than a billion and a half dollars in grants awarded by HUD, according to an announcement by HUD on Tuesday.HUD has announced the awarding of $1.6 billion in grants to distribute to local programs to end homelessness across the United States and its territories, including Puerto Rico, Guam, and the Virgin Islands.“A safe, stable home is the foundation for opportunity in all of our lives,” HUD Secretary Julián Castro said. “That’s why we’re continuing to challenge communities to deploy proven strategies to help people experiencing homelessness find a place to call home. Through unprecedented partnership among every level of government and private, non-profit and philanthropic organizations, we know this goal is not just aspirational—it’s achievable.”About 6,400 local homeless housing and service programs across the United States and its territories will receive the funding. The round of funding announced on Tuesday, which is being awarded in the form of Tier 1 Continuum of Care (CoC) grants, supports the Obama Adminstration’s efforts to end homelessness in the United States. HUD announced it will award $300 million in Tier 2 grants this spring to support hundreds more programs.“More than 20 communities and two entire states have leveraged the leadership of their continuums of care to build systems that have ended homelessness among our nation’s veterans,” said Matthew Doherty, executive director of the U.S. Interagency Council on Homelessness. “Working together with state and local leaders, CoCs continue to prove that a combination of the right strategies, enough resources, and urgent action can end homelessness in America for everyone.”“Through unprecedented partnership among every level of government and private, non-profit and philanthropic organizations, we know this goal is not just aspirational—it’s achievable.”HUD Secretary Julián CastroThe grants are being awarded in the most competitive environment that HUD has experienced yet in the Continuum of Care program, according to HUD. In order to compete for this year’s CoC grants, communities had to make challenging decisions, such as transferring funds from existing projects to new projects that will more substantially impact the homeless populations.In 2010, the Obama Administration and the U.S. Interagency Council on Homelessness, comprised of 19 federal agencies, launched the nation’s first comprehensive strategy to eliminate homelessness, known as the Opening Doors: Federal Strategic Plan to Prevent and End Homelessness  program.By 2015, HUD estimated that homelessness had been reduced by about 72,000 people in the previous five years since the program was launched—a decline of about 11 percent, down to an estimated 564,700 persons experiencing homelessness on any given night during 2015. HUD also states that veteran homelessness has dropped by 36 percent during that same period, and chronic homelessness has been reduced by about 22 percent in five years.HUD estimates that family homelessness has been reduced by about 19 percent in the five-year period, down to approximately 36,000 unaccompanied homeless youth and children. Last month, President Obama requested $11 billion for the Fiscal Year 2017 budget for HUD to put toward ending family homelessness.To view a complete list of all state and local homeless projects that will be receiving funding, click here. Subscribe The Best Markets For Residential Property Investors 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Home / Daily Dose / HUD Awards $1.6 Billion in Grants to Fight Homelessness in Daily Dose, Featured, Government, News Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Homelessness HUD 2016-03-08 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articleslast_img read more

Could Ben Carson be the Next HUD Secretary?

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Cash and Distressed Sale Rates Zero-in on Pre-Crisis Levels Next: Are More Declines in Homeownership to Come? Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Tagged with: Ben Carson HUD Secretary Trump Share Save The Best Markets For Residential Property Investors 2 days ago Ben Carson HUD Secretary Trump 2016-11-22 Kendall Baer in Daily Dose, Featured, News Dr. Ben CarsonPresident-elect Donald Trump tweeted on Tuesday that he is “seriously considering” retired neurosurgeon and former Republican presidential candidate Dr. Ben Carson to be the next HUD Secretary.In an interview with Fox News’s Neil Cavuto on Tuesday, Carson confirmed that he had been offered the job, saying that the position of HUD Secretary “was one of the offers that’s on the table.”Carson, who was raised in the inner city of Detroit, told Cavuto that the inner cities are in “terrible shape” and need “real attention.””You know, there have been so many promises made over the last several decades, and nothing has been done,” Carson said. “So it certainly is something that has been a long-term interest of mine. And I’ll be thinking and praying about it seriously.”[email protected]: “[HUD position] was one of the offers that’s on the table.” pic.twitter.com/Z7cC5YhiUV— Fox News (@FoxNews) November 22, 2016Trump’s announcement that he was considering Carson to lead HUD came as a surprise to many because Carson reportedly said on November 15 that he does not want to serve in the Trump Administration.Carson ally Armstrong Williams told The Hill last week, “Dr. Carson feels he has no government experience, he’s never run a federal agency. The last thing he would want to do was take a position that could cripple the presidency.”I am seriously considering Dr. Ben Carson as the head of HUD. I’ve gotten to know him well–he’s a greatly talented person who loves people!— Donald J. Trump (@realDonaldTrump) November 22, 2016On November 21, however, Carson told Fox News that he would give “very serious consideration” if he were offered a cabinet position in the Trump Administration. He explained his position via Facebook later that same day, saying, “There is no reversal of my position in terms of working with the Trump administration. I have always made it clear that I preferred to work outside of the government as an advisor, but if called upon, I would serve inside of the government. I believe it is important to have voices that are outside of the administration combating media bias and the divisiveness that has infected our country.”While Carson does not have any experience with housing policy or with serving in government, he has previously spoken out about housing policy. In 2015, Carson wrote an editorial for the Washington Times criticizing an Obama Administration triumph, HUD’s Affirmatively Furthering Fair Housing (AFFH) rule, which Carson said was “designed to ‘desegregate’ housing by withholding funds from communities that fail to demonstrate their projects ‘affirmatively further’ fair housing.”Carson pointed out that mandated busing following the landmark Brown v. The Board of Education decision failed to make any progress toward integrating schools, and he does not believe the AFFH will fare any better.“These government-engineered attempts to legislate racial equality create consequences that often make matters worse,” Carson wrote in the Washington Times. “There are reasonable ways to use housing policy to enhance the opportunities available to lower-income citizens, but based on the history of failed socialist experiments in this country, entrusting the government to get it right can prove downright dangerous.”[email protected] would give ‘very serious consideration’ to Cabinet post https://t.co/[email protected]/LcFY7DkQhg— Fox News (@FoxNews) November 21, 2016 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. Sign up for DS News Daily center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Could Ben Carson be the Next HUD Secretary? About Author: Brian Honea Related Articles Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago November 22, 2016 1,495 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Could Ben Carson be the Next HUD Secretary?last_img read more

Guaranteed Rate Adopts Automated Asset Verification from AccountChek

first_imgSubscribe Sign up for DS News Daily Home / Featured / Guaranteed Rate Adopts Automated Asset Verification from AccountChek The Best Markets For Residential Property Investors 2 days ago in Featured, News  Print This Post Guaranteed Rate Adopts Automated Asset Verification from AccountChek Tagged with: AccountChek FormFree Guaranteed Rate July 5, 2017 2,089 Views Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email joseph.pizzol[email protected] Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img About Author: Joey Pizzolato 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 Related Articles Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Diversity: Communicating with the Future Market Next: Simplifile Adds 21 Southern Jurisdictions to E-Recording Network AccountChek FormFree Guaranteed Rate 2017-07-05 Joey Pizzolato The Week Ahead: Nearing the Forbearance Exit 2 days ago FormFree recently announced that Guaranteed Rate, Inc. has selected AccountChek by FormFree for automated asset verification.In using AccountChek, loan officers at Guaranteed Rate will be able to offer their clients a faster, safer, and more accurate alternative to scanning and uploading asset statements. AccountChek’s app lets borrowers securely link to their banking, retirement, and investment accounts and share the asset and deposit data needed to qualify for a loan.“AccountChek saves borrowers the extra 20 minutes it takes to collect and upload paper statements, but it also does much more than that—it streamlines the entire loan process,” said Nikolaos Athanasiou, COO at Guaranteed Rate.“No matter what financial institutions a borrower uses, we receive one standardized asset report in the GSE-required format. This speeds up our underwriting review and gives us greater confidence in our ability to sell the loan,” Athanasiou continued. “As a result, we’re moving borrowers from application to closing on average five to 10 days faster.”“AccountChek helps lenders achieve reps and warrants relief from Fannie Mae while delivering a more modern lending experience to borrowers,” said FormFree Founder and President Brent Chandler. “We’re seeing outstanding results like those Guaranteed Rate has attained—up to a 10-day reduction in time-to-close—across our customer base and corroborated by Fannie’s Day 1 Certainty team.”AccountChek was the first asset verification provider approved for participation in Fannie Mae’s Day 1 Certainty initiative, which gives lenders who use the Desktop Underwriter Validation Service reps and warrants relief for validated loan components. Is Rise in Forbearance Volume Cause for Concern? 2 days agolast_img read more

The Week Ahead

first_img October 22, 2017 1,319 Views  Print This Post The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured Previous: Ellie Mae Releases New Update to Mortgage Management Solution Next: First American Introduces New Valuation for Appraisal Process Tagged with: Week Ahead Week Ahead 2017-10-22 Dean Terrell Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / The Week Ahead Demand Propels Home Prices Upward 2 days ago This week the New Home Sales and Construction Price Indexes is set to release, which measures the number of newly constructed homes with a committed sale during the month. In August, sales of new single-family homes were at a seasonally adjusted rate of 560,000, according to the Census Bureau’s monthly new residential sales report released in late September. The seasonally-adjusted estimate of new houses for sale at the end of August 2017 was 284,000, representing a supply of 6.1 months at the current sales rate. The Index is scheduled to releases on Wednesday at 10 a.m EST.  Also to be released this week:The Fed’s Balance Sheet is scheduled to release Thursday at 4:30 p.m. ESTThe Bloomberg Consumer Comfort Index is scheduled to release Thursday at 9:45 a.m. EST The FHFA House Price Index is scheduled to release Wednesday at 10:00 a.m. EST Sign up for DS News Daily The Week Ahead Share Save About Author: Dean Terrell Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 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 Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Winner Announced: Fannie Mae’s Non-Performing Loan Sale

first_imgHome / Daily Dose / Winner Announced: Fannie Mae’s Non-Performing Loan Sale Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Winner Announced: Fannie Mae’s Non-Performing Loan Sale About Author: Nicole Casperson Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Fannie Mae HOUSING mortgage 2017-11-10 Nicole Casperson Tagged with: Fannie Mae HOUSING mortgage The Best Markets For Residential Property Investors 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 Fannie Mae recently announced the results of its 11th non-performing loan sale—and the winning bidder is MTGLQ Investors, L.P. a subsidiary of Goldman Sachs.According to the enterprise, this deal includes an estimated 7,500 loans totaling $1.23 billion in unpaid principal balance (UPB), divided among four pools. The transaction is expected to finalize by December 21, 2017.In the report, Fannie Mae broke down the numbers by group.The group 1 pool contains 756 loans with an aggregate unpaid principal balance of $133,922,761. In addition, the average loan size is $177,147, with a weighted average note rate 4.3 percent, a weighted average delinquency of 28 months, and a weighted average broker’s price opinion (BPO) loan-to-value ratio of 86 percent.As for the group 2 pool, there are 1460 loans with an aggregate unpaid principal balance of $241,360,082, average loan size of $165,315, weighted average note rate at 4.48 percent. Additionally, this pool had a weighted average delinquency of 22 months; and a weighted average BPO loan-to-value ratio of 69 percent.The group 3 pool contains 3,381 loans with an aggregate unpaid principal balance of $475,718,218, average loan size of $140,703, and a weighted average note rate at 4.89 percent. The reported weighted average delinquency is 26 months and the weighted average BPO loan-to-value ratio is 55 percent.Group pool 4 resulted in 1,879 loans with an aggregate unpaid principal balance of $376,985,499, an average loan size of $200,631, and a weighted average note rate 4.25 percent. Along with a weighted average delinquency of 26 months and a weighted average BPO loan-to-value ratio of 115 percent.According to Fannie Mae, the cover bid represents the second highest bid at 78.16 percent of UPB for the total of the four pools—which were purchased on an all-or-none basis.In conjunction with Bank of America Merrill Lynch and First Financial Network, Inc., Fannie Mae first started marketing these loans to potential bidders in October 2017.Bids are due on Fannie Mae’s 9th and 10th Community Impact Pools on November 15, 2017.Potential buyers can acquire more information by clicking here.center_img November 10, 2017 1,790 Views Servicers Navigate the Post-Pandemic World 2 days ago Previous: FDIC Continues a Complaint Against Banks’ RMBS Practices Next: The Week Ahead: Delving Into Economic Opportunity The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Headlines, News, Secondary Market Data Provider Black Knight to Acquire Top of Mind 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] Related Articles Sign up for DS News Daily Subscribelast_img read more

Massachusetts Supreme Court Ruling Clarifies Foreclosure Rights

first_imgSign up for DS News Daily  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, Journal, News Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Massachusetts Supreme Court Ruling Clarifies Foreclosure Rights A recent opinion in the Massachusetts Supreme Judicial Court clarified a sticking point regarding a mortgagee’s right to foreclose, in spite of some unclear wording in the original mortgage paperwork.The case was brought against James B. Nutter Company by three reverse mortgage borrowers, all of whom had secured home equity conversion mortgages (reverse mortgages) in 2007 and 2008. Two of the borrowers had passed away and one had been forced to move out after becoming too ill to remain in the home. When the Nutter Company moved to foreclose on the properties, the mortgage holders or their estates attempted to prove that Nutter did not have the right to do so.J.B. Nutter’s original reverse mortgage paperwork stated that the company could “invoke the power of sale and other remedies permitted by applicable law … At this sale, Lender or another person may acquire the Property. This is known as ‘foreclosure and sale.’ In any lawsuit for foreclosure and sale, Lender will have the right to collect all costs allowed by law.” However, since the paperwork didn’t specifically address the lender’s “statutory power of sale,” the dispute claimed that J.B. Nutter did not have the power to foreclose on the properties following the original borrowers’ deaths or departures.The Massachusetts Supreme Judicial Court disagreed. In the Court’s January opinion, it wrote,“It matters that this is a contract for a reverse mortgage, rather than a traditional mortgage, where the borrower makes no monthly payments of principal or interest, where the lender cannot hold the borrower personally liable for the debt, and where the lender’s only recourse on default is to obtain repayment through a foreclosure sale.”Julie Moran, Esq., Senior Executive Counsel for the law firm of Orlans PC, a Legal League 100 member, handled the case for the plaintiff. Moran told DS News, “The Supreme Judicial Court reminded the parties that contractual language is deemed ambiguous and therefore construed against the drafter if it is susceptible of multiple meanings and the circumstances surrounding it don’t indicate its intended meaning. However, here the Court concluded that under Massachusetts foreclosure law there is no power of sale except the statutory power and no reasonable borrower would have expected a lender to enter into a reverse mortgage without retaining this right. We are very pleased with this outcome, which we believe will have applicability to other types of mortgages containing similar language.” Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Foreclosure Home Equity Conversion Mortgages Massachusetts Massachusetts Supreme Judicial Court Reverse Mortgages 2018-01-30 David Whartoncenter_img January 30, 2018 2,627 Views The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Massachusetts Supreme Court Ruling Clarifies Foreclosure Rights Related Articles Demand Propels Home Prices Upward 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 The Best Markets For Residential Property Investors 2 days ago Subscribe Previous: Appeals Court Expands Ohio Statute of Limitations Decision Next: Is the State of Housing Strong? Tagged with: Foreclosure Home Equity Conversion Mortgages Massachusetts Massachusetts Supreme Judicial Court Reverse Mortgageslast_img read more

The Week Ahead: Interest Rates Rising Again?

first_img The Best Markets For Residential Property Investors 2 days ago Tagged with: Federal Open Market Committee Federal Reserve FOMC FOMC meeting Interest rates the week ahead The Federal Open Market Committee (FOMC) and the Federal Reserve Board of Governors Board of Governors are set to convene on Tuesday at 9 a.m. EST, kicking off the latest two-day FOMC meeting. The Board of Governors meet eight times a year to determine the economic situation, assess interest rates, and discuss domestic financial market conditions. The Fed governors are widely expected to announce another interest rate hike at this meeting, following up on the previous hike in December 2017. Experts predict several more rate hikes in 2018.On Wednesday at 2:30 p.m. EST, Fed Chair Jerome Powell will host a press conference to discuss the findings and announcements of the FOMC meeting.Here’s what else is happening in The Week Ahead.MBA Mortgage Applications, Wednesday, 7 a.m. ESTAtlanta Fed Business Inflation Expectations, Wednesday, 10 a.m. ESTNAR Existing Home sales report, Wednesday, 10 a.m. ESTPhiladelphia Fed Business Outlook Survey, Thursday, 8:30 a.m. ESTFHFA House Price Index Thursday, 9 a.m. ESTFed Balance Sheet Thursday, 4:30 p.m. ESTU.S. Census Bureau Housing Starts Survey, Friday, 8:30 a.m. EST Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Federal Open Market Committee Federal Reserve FOMC FOMC meeting Interest rates the week ahead 2018-03-18 David Wharton Sign up for DS News Daily Related Articles Previous: Collaborating for a Sustainable Housing Industry Next: HouseCanary Wins $706.2 Mn Verdict Against AMROCK Inc. About Author: David Wharton Demand Propels Home Prices Upward 2 days ago  Print This Post 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Interest Rates Rising Again? March 18, 2018 2,319 Views Servicers Navigate the Post-Pandemic World 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / The Week Ahead: Interest Rates Rising Again? in Daily Dose, Featured, Headlines, Newslast_img read more

Lessons from Hurricane Season

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post June 24, 2018 2,096 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Ask the Economist Gunnar Blix Print Features 2018-06-24 David Wharton Share Save Is Rise in Forbearance Volume Cause for Concern? 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Lessons from Hurricane Season Servicers Navigate the Post-Pandemic World 2 days ago Previous: Fannie Mae Recognizes Innovative Ideas Next: The Week Ahead: Headed for Housing Bubble 2.0? Editor’s note: This story originally appeared in the June issue of DS News.Gunnar Blix spends his day analyzing consumer credit trends and the consumer economy, focused on the auto, banking, and mortgage verticals. Before assuming his role at Equifax, Blix led customer analytics for the company’s mortgage vertical and provided analytic support for capital markets. Before joining Equifax, Blix had extensive experience in property and mortgage analytics; creating models for lead generation, attrition, and scoring in many verticals including banking, auto, insurance, telecommunications, and travel industries.  He studied data science and machine learning at the University of Illinois and holds an M.S. degree in computer science from the Norwegian University of Science and Technology.DS // What does your day-to-day role look like as Deputy Chief Economist?I work closely with our Chief Economist, Amy Crews Cutts, and our daily activities involve collaborations with other people across the company, whether it’s in supporting roles for sales or on the front lines with external relations. Mortgage is our largest vertical. That covers credit, income, and employment verification, as well as property and collateral analytics.While Equifax is a business-to-business company, our main mission is to enable the consumer to get necessary credit to manage their finances. On a daily basis, we analyze consumer credit—where consumers might be seeing signs of stress and where there might be opportunities—and then help our lender clients understand how they can best meet the needs of their consumers, without taking on unnecessary risk or causing further stress for the consumer.We also work closely with marketing and public relations to share insights with clients, the media, consumers, and other industry stakeholders, such as regulators. For that purpose, we produce monthly reports, quarterly webinars, and also support our verticals in reaching out to clients, agencies, and regulators to advocate for industry best practices. Lastly, we distill economic news and forecasts from many other industry sources for our leadership and our finance department.DS // What is the most rewarding aspect of these tasks?When I started with Equifax, I worked in analytics roles that were revenue-driven; first, focused on helping capital markets clients analyze pre-payment and default rates on mortgage-backed securities, then expanding to broader client-driven mortgage analytics. The most rewarding aspect of my current role is that we are insights-driven, and that means we can take the time to explore a topic that we may believe is important to the consumer, or the industry, and then dig in to try to understand the underlying market dynamics.Recently, that involved going back and taking a look at the impacts of Hurricane Sandy to assess what effects we might see from Hurricanes Harvey, Irma, and Maria in the medium- to long-term future.DS // That’s fascinating, what have you uncovered?We saw that even though there was early mortgage distress, borrowers went out and found solutions to stay in their homes—such as living in a second floor while they were renovating the first floor. Eventually, homeowners tended to get up-to-date on their mortgage. On the auto side, we’d see rapid replacement of autos, much of which was insured. We take this to mean that while there was a lot of distress in the Harvey, and Irma, and Maria markets, much of that will resolve with a little bit of time.Surprisingly, we also saw that some of the things that the GSEs were doing around modifications and forbearances had an indirect negative impact because the credit scoring models did not distinguish that the interventions were not consumer-driven, but were disaster-driven. And so, it shouldn’t come back to hurt the consumer.DS // Continuing our conversation about consumers—you mentioned that examining credit trends among homebuyers has been a focus for you. What have you learned?We see a lot of positive trends right now, including mortgage delinquencies that have come down to the lowest levels we’ve seen in years, write-offs becoming fewer and far between, and consumers benefiting from mortgages locked in at low-interest rates.However, there are some troubling trends as well that require vigilance. We’ve seen prices rising in part due to tight inventories, particularly in that entry-level segment for new homeowners that are causing consumers to take on higher debt-to-income ratios. We are also seeing rising interest rates that’ll come into play. In 2017 we saw a decrease in first mortgages, which we think was largely because it was the year that we finally saw the long-anticipated rise in interest rates and this slowed down the refinance side. However, this also opens up opportunities on the HELOC and second mortgage side.HELOC originations have been on a steady rise since 2011, but with much tighter underwriting and much less generous terms than we used to see before The Great Recession. Many lenders have eliminated or shortened the interest-only periods, and insist on fully amortizing payments from the first draw. This reduces the risk of the payment shocks that we saw over the last four years. While subprime HELOCs are also on the rise, they still only make up less than 1-1/2 percent of the overall HELOC origination dollars, so it’s a small segment.DS // Speaking of subprime, how has this market evolved over the last few years?The subprime heyday that we saw before The Great Recession hasn’t come back, and that’s reassuring regarding the stability of the housing market. But on the other hand, it also means that there are otherwise credit-worthy borrowers that get shut out of homeownership. In 2017, 9 out of 10 mortgage borrowers who originated a new mortgage had a Vantage credit score 3.0 of 638 or above, which is well into the prime territory. In contrast, back in 2005, one in 10 of the new loans had a borrower credit score below 585. So we’ve seen the threshold for subprime borrowers to get into homeownership go up quite a bit, and that’s something we would like to see a change in a responsible manner. Tagged with: Ask the Economist Gunnar Blix Print Features 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] Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Featured, News, Print Features The Best Markets For Residential Property Investors 2 days ago Home / Featured / Lessons from Hurricane Season About Author: David Wharton Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

The Challenges in Financial Services

first_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Bankruptcy Foreclosure HUD John Ansell III Legal League 100 Servicer Summit The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / The Challenges in Financial Services The Best Markets For Residential Property Investors 2 days ago November 28, 2018 1,658 Views Previous: Brushing up on Vacant Property Law Next: Why Have Luxury Home Prices Caught a Cold? Sign up for DS News Daily Related Articles Editor’s note: This feature originally appeared in the November issue of DS News.John Ansell III holds a Bachelor of Arts degree from the University of Maryland and a Juris Doctor from the University of Pittsburgh School of Law. Ansell’s practice focuses primarily in the areas of real estate law and litigation, settlements, foreclosure, bankruptcy, and default litigation legal services. He oversees the firm’s appellate practice and jointly oversees the firm’s REO practice.Ansell serves as a panelist at numerous default industry events, regularly provides educational training sessions to firm clients, and contributes articles for industry-related publications. Ansell is admitted to the state courts in Maryland, Virginia, and the District of Columbia, the United States District Court for Maryland, and the District of Columbia and the Eastern and Western Districts for the United States District Court for Virginia. He is a member of the Maryland State Bar, Virginia State Bar, and District of Columbia Bar Associations. Ansell spoke to DS News earlier this year during the Legal League 100 Servicer Summit, discussing the challenges facing the industry, how law firms can best work with servicers, and more.What is your main takeaway from the Legal League Summit events?Much of it is simply learning that we’re not alone in this. The challenges we face are nationwide. They’re not specific to judicial states or nonjudicial states—they exist across the board. Figuring out the common threads helps strengthen us as an industry. My firm operates in Maryland; Washington, D.C.; and Virginia, so we run the gamut of judicial, nonjudicial, and “quasi-judicial.” What judicial entails in D.C. is very different from the judicial process in New York. The nonjudicial process in Virginia is going to be very different from other states’ nonjudicial processes. But there are common threads and common challenges. Being able to share information and strategies among different firms and different geographic regions helps.Also, making connections and getting to know people on a personal level is critical. I can email someone 20 times, but I will never get the sense of knowing them that I can from sitting across from them for five, 10 minutes. Having dinner, having a drink, whatever the case may be. I couldn’t even tell you how many times I’ve met someone from a servicer at a conference, and then, lo and behold, a month later an issue arises with that servicer. Then I can pick up the phone and call that person. These summits facilitate communication and speed up that communication process.What are some of the biggest issues facing the industry right now?One universal theme right now in the industry is that volumes are down. When volumes were increasing, it was easy. It was an expanding pool, so everyone could get a share. With a decreasing pool of files, everyone has had to streamline their operations. You have to look at every discreet aspect of your operation to make it more efficient and eliminate any duplication of effort. The investors are squeezing the servicers, pushing for faster resolutions and greater returns at a lower cost. The servicers are doing the same to the law firms. Meeting those challenges in a way that still allows you to provide good service and operate a business is the challenge. We have an obligation to provide the best service we can provide for our clients.What recent legislation or cases do you think have the potential to impact the industry in a significant way?Virginia has made very few statutory changes to the process since I’ve been practicing law for the last 15 years. Maryland, on the other hand, adds new wrinkles every year, or every other year.It’s a challenge adapting to those changes, update our clients on the changes, adopt the processes, program our system, and so on. The addition of one line in a statute might require a large amount of programming that we need to do on our end, and we also need to advise the clients. Then they need to update their processes and procedures, and we need to do the same. Small statutory changes can produce enormous ripple effects across the firms and servicers. There is a bill pending in the U.S. House that would exempt attorneys in judicial states from the Fair Debt Collection Practices Act (FDCPA).We’re hopeful that it goes through. As attorneys, we have an ethical obligation to treat the borrowers with a certain level of professionalism, and our ethical responsibilities go to all parties. Unfortunately, while the FDCPA has good intent, all too often it’s used as a weapon to extract fees from us. Just about every firm in this industry has faced that at some point. Some of the class-action attorneys will try to take three words out of one letter and say, “This is deceptive,” and try to extract large fees as a result.Has a move toward more digital infrastructure and recordkeeping changed those problems at all, or is it still a matter where one wrong word on the page can create huge problems?As an attorney, every communication that you generate is still subject to all the same ethical requirements that they were 30 or 40 years ago. The difference is now those communications can be disseminated instantly to large numbers of people. If a law firm were to send out something that had confusing or deceptive language, someone could take that communication and instantly transmit it out into the world, where you instantly become a target. But I don’t think technology has fundamentally affected the nature of our communication as attorneys. We still strive to meet the requirements of every statute that we have to operate under. We still have ethical obligations to every court we practice in that our communications are truthful and correct.What are some of the ways that firms can best work with their servicer partners?The key is communication. When issues arise, we need to communicate effectively to the clients, and vice versa. When the client is aware of an issue, they need to communicate that to us, so that we can look out for that issue. We’ll review every file the same way, but if a client comes to us and says, “We’ve received communication from an attorney on this file, and they have an issue with X,” we’ll know that X is potentially an issue and we’ll give it extra attention. Communication is crucial when we know there’s an impending HUD-first legal deadline. We’ll have some clients who say, “We’re going to be referring a file to you in a couple of days. It’s got a first legal deadline at the end of next week.” Knowing that it’s out there helps. It works both ways. If we get a call from an irate borrower, whether it’s justified or not, we need to let the servicer know that there might be an issue and they need to reach out to that borrower. in Daily Dose, Featured, News, Print Features Demand Propels Home Prices Upward 2 days agocenter_img 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] Bankruptcy Foreclosure HUD John Ansell III Legal League 100 Servicer Summit 2018-11-28 David Wharton Share Save The Challenges in Financial Services Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Demand Propels Home Prices Upward 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 About Author: David Wharton Subscribelast_img read more

Trott Law P.C. Announces Expansion Plans

first_imgHome / Featured / Trott Law P.C. Announces Expansion Plans Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Share Save Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Academy Law Group Bill Meagher Heide Myzak Jeanne Kivi Jeff Raff Jeff Weisserman John Kapitan Ken Kurel Marcy Ford Michelle Clark N. Kibongni (Kibong) Fondungallah Sam Coleman Trott Law P.C. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Michigan-based Trott Law P.C. has announced its expansion through a merger with Academy Law Group in Minnesota. Academy Law Group will now operate as Trott Law in Minnesota.Academy Law Group is a full service default law firm, handling both private investor and GSE/FHA/VA files. After successfully representing banks and servicers for many years, they are dedicated to earning and maintaining a strong reputation for meeting the highest level of quality and customer service. The merger signifies a step into the future for both firms as they bolster its service offerings for clients through a new multi-state presence.Marcy Ford, Jeff Raff and Jeff Weisserman will remain managing partners of Trott Law. P.C. N. Kibongni (Kibong) Fondungallah, the current managing partner of Academy Law Group, will serve as the managing partner of Trott Law in Minnesota. Fondungallah will be joined by current partner Sam Coleman. Trott Law partners Jeanne Kivi, Bill Meagher, Ken Kurel, John Kapitan, Heide Myzak and Michelle Clark will continue with their roles in managing the Michigan operation.Trott Law P.C. specializes in real estate finance legal work, including default servicing, bankruptcy, eviction and litigation. The firm represents mortgage servicers, banks, credit unions, investor groups, commercial and multi-family property owners, and individual entrepreneurs. Trott Law P.C. Announces Expansion Plans Previous: Dennis Forget Joins IndiSoft Next: MetaSource Accepted to S&P List Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img About Author: Donna Joseph Related Articles  Print This Post The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago 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] Academy Law Group Bill Meagher Heide Myzak Jeanne Kivi Jeff Raff Jeff Weisserman John Kapitan Ken Kurel Marcy Ford Michelle Clark N. Kibongni (Kibong) Fondungallah Sam Coleman Trott Law P.C. 2019-01-13 Donna Joseph Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago January 13, 2019 2,312 Views in Featured, Headlines, News Servicers Navigate the Post-Pandemic World 2 days agolast_img read more