DSNews Webcast: Wednesday 2/19/2014

first_img About Author: DSNews in Featured, Media, Webcasts Sign up for DS News Daily Is Rise in Forbearance Volume Cause for Concern? 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The National Association of Home Builders released their Housing Market Index Tuesday, reflecting a 10 point decline to 46. The index measures builder confidence in newly built, single family homes based on current home sales. It was the first time since May of 2013 that the index measured below 50, the neutral point between a market that is viewed as either good or bad. Observed traffic of prospective home buyers fared even worse over the month, falling 9 points to 31.All four regions measured by NAHB reported declines in confidence. Losses ranged from 7 points down to 46 in the South, and a 14 point loss to 57 in the West. Poor weather, combined with existing credit and labor concerns, were all factors in bringing homebuilder confidence down this month to its lowest level in the better part of a year.HomeSteps, the real estate sales division of Freddie Mac, announced it is offering cash incentives to real estate agents who list or sell HomeSteps homes in 23 states. Real estate agents will receive a $1,000 incentive and listing agents a $500 bonus when they complete sales of HomeSteps homes. The promotion extends to homebuyers, offering $500 that can be used towards condominium association dues, flood insurance premiums, or a home warranty. 2014-02-19 DSNews Related Articles Subscribe Demand Propels Home Prices Upward 2 days ago  Print This Post Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Previous: Zillow Marks Upward Trend in Mortgage Rates Next: Potestivo & Associates Welcomes New Attorney The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago February 19, 2014 413 Views Home / Featured / DSNews Webcast: Wednesday 2/19/2014 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago DSNews Webcast: Wednesday 2/19/2014 Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Opportunity in Housing Lies with 55+ Population

first_img Previous: First Mortgages Spike Credit Unions to Record High Next: DS News Webcast: Friday 8/12/2016 Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago 55+ Homeowners Baby Boomers Freddie Mac 2016-08-11 Kendall Baer Related Articles The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago August 11, 2016 1,310 Views Home / Daily Dose / Opportunity in Housing Lies with 55+ Population Sign up for DS News Daily 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: 55+ Homeowners Baby Boomers Freddie Mac Subscribe The 55 and over population is not behaving the way it used to. Whereas the 55+ population in previous generations was retiring (or close to retirement) and moving t0 senior living communities, the 55+ population of today (the baby boomer generation) are living longer, retiring at later age, and are on the move.Dave Lowman, EVP of Single-Family Business at Freddie Mac, called the 55+ age group “your next business opportunity.” What has grown to be the second-largest generation in history (approximately 67 million, currently) accounts for one-fourth of the population, but holds about two-thirds of the country’s housing wealth. Lowman said the decisions this age group makes “will have a significant impact on the demand for housing and mortgage credit.”“Their numbers and their housing wealth guarantee that the housing decisions of older homeowners will play an outsized role in shaping the housing opportunities available to the generations that follow them—gen X and the massive millennial generation,” said Sean Becketti, Chief Economist with Freddie Mac. “And the influence of the 55+ population will last a long time (Exhibit 2). Today’s 65-year-old can expect to live until age 84 on average. In contrast, the life expectancy of the Greatest Generation—those born between 1900 and 1924—was 47 years. With a longer life span and ample wealth, many older homeowners may buy and sell several more homes before they’re done.”[youtube http://www.youtube.com/watch?v=8pgVUzIjoWw]Population data combined with results from a survey by GfK commissioned by Freddie Mac about the plans of 55+ homeowners revealed three things about that population: a large percentage of them plan to move, millions will be looking for financing options, and 55+ consumers are a financially confident generation.Nearly 25 million of 55+ homeowners expect to move one more time, 9 million of them plan to move in the next four years, and 6.5 million of them plan to buy a house, according to Freddie Mac. The survey also showed that 20 million 55+ homeowners plan to either buy a house or finance age-in-renovations, which creates a significant market opportunity, Lowman said.Many 55+ homeowners are still paying for their home and will be for some time—the survey found that out of 55+ homeowners who are retired, 36 percent of them have a mortgage. Out of those still working, 57 percent have a mortgage. According to Freddie Mac, a majority of those homeowners have 10 years or more left to pay. In addition, this generation has $8 trillion in housing equity and 51 million of them out of the 67 million (slightly more than three-quarters) say they are confident they will be financially comfortable in retirement.“The bottom line: This is a sizable market,” Lowman said. “Even a relatively modest increase in lending to 55+ homeowners could add trillions of dollars in new originations in a relatively short time.” Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News Opportunity in Housing Lies with 55+ Population Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honealast_img read more

Braving the Storm, Bettering the Industry

first_img 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 October 7, 2016 1,364 Views Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Kendall Baer Fannie Mae hurricane matthew ZVN Properties 2016-10-07 Kendall Baer The Best Markets For Residential Property Investors 2 days ago Share Save in Daily Dose, Featured, News Tagged with: Fannie Mae hurricane matthew ZVN Properties The ZVN Properties team hauls mobile kitchens to affected areas.As Hurricane Matthew hits the shores of Florida, Georgia, and South Carolina causing more than 500,000 residents to be without power, the housing industry is stepping up to the plate and helping with relief for consumers impacted by the disaster.“We understand that many families and communities are hurting as they deal with the damage caused by Hurricane Matthew. Fannie Mae and our servicers stand with homeowners who have been impacted by these extremely challenging conditions,” said Malloy Evans, Vice President of Servicing at Fannie Mae. “We are working with our servicers to ensure assistance is offered to borrowers and communities in need. Our thoughts are with all of those who have been impacted.”But the industry is also providing immediate relief for the more practical needs of those hardest hit by the storm. For example, ZVN Properties partnered with MercyChefs, a faith-based, non-profit disaster relief organization, to help feed first responders and rescue workers as well as some of the residents impacted by the hurricane.“We are in a position where we can help these people that are effected and we decided that this was the right thing to do,” said Bryan Lysikowski, Co-founder and CEO of ZVN Properties. “We chose them as a partner and are currently sending staff to their headquarters to help drive vehicles down to the affected areas.”Lysikowski says that it is important for the industry to be a source of hope for its customers, especially in difficult times. Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Related Articles Home / Daily Dose / Braving the Storm, Bettering the Industry Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago “We are in a position where we can help these people that are effected and we decided that this was the right thing to do”- Bryan Lysikowski, Co-founder and CEO of ZVN Properties Subscribe  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Why Homeownership Rate Can’t Keep Pace with Increase in Income Levels Next: Counsel’s Corner: Compliance, Concerns, and Critical Thinking Demand Propels Home Prices Upward 2 days ago “Our industry is often viewed as a dark horse or dark industry, but I think this is an opportunity to give back and place it in a positive light,” says Lyskowski. “We always talk about blighted communities and the effect that they have and that’s good. But when you can give back and actually help people that are impacted by catastrophe in a tangible way, it creates more good will.” Sign up for DS News Daily Braving the Storm, Bettering the Industrylast_img read more

Ocwen Mortgage Mods Helped Thousands Avoid Foreclosure Last Year

first_imgHome / Daily Dose / Ocwen Mortgage Mods Helped Thousands Avoid Foreclosure Last Year  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Foreclosure, Journal, News, Servicing The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton Share Save Sign up for DS News Daily 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] Tagged with: debt forgiveness Foreclosures Forgiven Mortgage Debt Mortgage Modifications Ocwen Ocwen Financial Corporation Demand Propels Home Prices Upward 2 days agocenter_img Related Articles Previous: The Four U.S. Cities Where Paychecks are Stretching Furthest Next: California Housing Market Surging After Wildfires The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Ocwen Mortgage Mods Helped Thousands Avoid Foreclosure Last Year debt forgiveness Foreclosures Forgiven Mortgage Debt Mortgage Modifications Ocwen Ocwen Financial Corporation 2018-03-28 David Wharton March 28, 2018 5,024 Views Falling behind in payments doesn’t have to mean a borrower is doomed to lose their home. Lenders and servicers are often willing to work with the borrower to find options that allow the borrower to remain in their home while they try to catch up and climb out of their financial hole. On Wednesday, Ocwen put a concrete figure to that broader truism, announcing that during 2017 the company had helped approximately 45,650 families avoid foreclosure and remain in their homes.Ocwen said that, of these nearly 50,000 borrowers, some Ocwen worked with directly, while others sought mortgage modification assistance through various non-profit agencies. Ocwen reported forgiving approximately $857 million in mortgage debt during 2017. Beginning in 2008 and leading up to December 31, 2017, Ocwen granted approximately 765,200 loan modifications nationwide and forgave more than $18.5 billion in debt.This type of borrower assistance is crucial given the makeup of Ocwen’s portfolio, which the company as being “comprised in large part of non-conventional mortgages that have higher than average delinquency rates.” As of December 31, 2017, the delinquency rate on Ocwen’s mortgage portfolio was approximately 9.3 percent.“Ocwen leads the industry in offering innovative mortgage loan modifications, and is proud to help homeowners across the country find solutions that allow them to remain in their homes,” said Jay Williams, SVP, Servicing Financial Operations, at Ocwen. “Given the challenging nature of our portfolio, it is incumbent upon the company to design products and strategies that serve a diverse customer base. Our 2017 borrower assistance results show that we continue to make progress in our effort to be one of the nation’s leading mortgage servicers.”Ocwen also revealed the states where it had completed the highest number of loan modifications, with California leading the pack. During 2017, Ocwen reported 5,450 loan modifications in the Golden State and $91.6 million in mortgage debt forgiven. Florida came in second, with 4,300 loan mods and $107.7 million in debt forgiveness, followed by New York (3,950 mods and $156.2 million forgiveness), Texas (3,050 mods and $12.6 million forgiveness), and New Jersey (2,325 mods and $113.2 forgiveness), respectively.You can read further state-by-state breakdowns of Ocwen’s 2017 loan modification history by clicking here. Subscribelast_img read more

AI Foundry Names New VP of Customer Success

Data Provider Black Knight to Acquire Top of Mind 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] February 15, 2019 1,332 Views in Featured, Headlines Share Save The Best Markets For Residential Property Investors 2 days ago Home / Featured / AI Foundry Names New VP of Customer Success Demand Propels Home Prices Upward 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago AI Foundry Jeff Waldman mortgage solutions Steve Butler 2019-02-15 Donna Joseph Tagged with: AI Foundry Jeff Waldman mortgage solutions Steve Butler AI Foundry Names New VP of Customer Success Previous: FirstClose Announces Integration with Ellie Mae’s Encompass Next: Potestivo Selected for Prestigious Award AI Foundry, a Massachusetts-based provider of advanced artificial intelligence (AI) solutions that streamline and improve business processes announced the appointment of Jeff Waldman as VP of customer success.In this role, Waldman is responsible for creating and executing customer success programs for SaaS and on-premise solutions, driving positive customer outcomes, and creating a company-wide culture of customer success. Previously, Waldman served as Senior Director, professional services and customer success for mobile cloud services at Nuance Communications. In this role, he had worldwide responsibility for professional services for the company’s cloud-based Connected software-as-a-service platform, supporting customers that included the largest companies in the automotive, consumer electronics, mobile, and television industries.Prior to joining Nuance, Waldman served as VP of global professional services and operations at Carrier IQ, where he held P&L responsibility for worldwide pre-sales and post-sales consulting, customer support, hosting operations, internal IT, training, and services. He has also held senior positions in professional services at Siebel/Oracle and edocs. Waldman holds an MBA from Babson College and a BS in Information Systems from Syracuse University.“Jeff Waldman has a strong track record of developing customer success programs, and he will play a key role at AI Foundry moving forward,” said Steve Butler, Founder and General Manager at AI Foundry. “We are highly focused on our customers, and Jeff will lead important customer programs such as on-boarding, product and service delivery, support, adoption, advocacy, and retention.”AI Foundry develops AI and machine learning solutions to help banks and non-bank lenders to accelerate the mortgage origination process and further drive digital transformation in the mortgage industry. The company’s AI-driven automation capabilities significantly reduce labor-intensive processes associated with mortgage origination and allow lenders to automate and streamline parallel business processes. Demand Propels Home Prices Upward 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Donna Joseph  Print This Post read more

HUD Receives Technology Innovation Award

first_imgHome / Daily Dose / HUD Receives Technology Innovation Award Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles About Author: Seth Welborn Share Save HUD Receives Technology Innovation Award Tagged with: FinTech HUD Technology in Daily Dose, Featured, Government, News  Print This Post May 17, 2019 2,878 Views Previous: CoreLogic Updates Collateral Valuation System Next: The Week Ahead: Charting Economic Activity Subscribe Demand Propels Home Prices Upward 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 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 On Thursday, the Department of Housing and Urban Development (HUD) received the 019 Federal Information Technology Innovation Award from Microstrategy. HUD received the award for its Office of Community Planning and Development’s (CPD) modernized Grants Dashboard.Steven W. Rawlinson, the Deputy Assistant Secretary for Economic Development for CPD, and Maribel Gatica, Advisor to the Assistant Secretary for CPD, received the award on behalf of HUD at MicroStrategy’s Federal IT Summit in Washington, D.C.“It is a great honor to receive MicroStrategy’s 2019 Federal IT Innovation Award. We have made it a priority to modernize our systems to improve the way HUD does business,” said Secretary Ben Carson. “We still have work to do until all of HUD’s systems are up to date, but this award shows that our efforts are paying dividends and the results have made HUD a stronger, more nimble agency.”CPD’s Dashboard provides funding information for each city and state that receives CPD program funds, in a place-based format. The Dashboard details the size of each grant received over the past several years, as well as the total amount of funds currently available to be spent on affordable housing and community and economic development activities. HUD notes that before modernizing the Grants Dashboard, it relied on manual reports that could not efficiently drive critical decisions or provide oversight into all grant programs.“We are incredibly proud to recognize the U.S. Department of Housing and Urban Development with the 2019 Federal IT Innovation Award for their exemplary use of analytics to achieve significant ROI and operational efficiencies,” said Michael J. Saylor, CEO,  MicroStrategy Incorporated. “Their CPD Grants Dashboard showcases an innovative enterprise analytics solution while serving as a blueprint for digital transformation initiatives across the federal government.”Secretary Carson discussed technology development in the housing industry at HUD’s “Innovative Housing Showcase,” co-hosted by the National Association of Home Builders (NAHB). “It’s important we highlight these new building technologies that are answering the call for more affordable, durable housing options for families across America,” said Secretary Carson. 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago FinTech HUD Technology 2019-05-17 Seth Welborn Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Sign up for DS News Daily last_img read more

Over $2T Worth of Homes at Risk of Wildfire Destruction

first_img Servicers Navigate the Post-Pandemic World 2 days ago Previous: Industry Impact: American Employment and Wages Rise Next: The Week Ahead: The State of Property Preservation  Print This Post Over $2T Worth of Homes at Risk of Wildfire Destruction 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 Sign up for DS News Daily Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Damage Disaster wildfirecenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Loss Mitigation, News 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. About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Over $2T Worth of Homes at Risk of Wildfire Destruction Subscribe California has faced a significant number of wildfires this year, and according to Redfin, Los Angeles, Orange & Santa Clara Counties are at risk of losing over $2 Trillion worth of housing due to these fires.Many of these homes are concentrated in Los Angeles County. This county holds 1,499,576 households, values at $1.2 trillion with an estimated median home value of $625,200, and is one of the regions most susceptible to wildfires in the U.S. Behind Los Angeles County is Orange County, with $502.6 billion in total housing value and a median home value of $709,800. Close behind Orange County is Santa Clara County ($488.5 billion) and San Diego County ($417.6 billion). The median home value in Santa Clara County is the highest of these areas, at $1,110,600.According to CoreLogic, California and Texas lead the United States in the number of residences and RCV in the high- and extreme-risk categories, but California cannot be topped when it comes to wildfire devastation over the past two years. In 2017, California’s wildfires, including the Tubbs Fire and the Thomas Fire dwarfed previous records for both the size of the fires and the amount of destruction. In 2018, new records were set again for both categories, along with the number of deaths for a single wildfire event, the Camp Fire.“Homes in places like Malibu, the hills around Los Angeles and wine country in Northern California have historically been desirable because the natural beauty of the surroundings has outweighed the risk of natural disaster,” said Redfin Chief Economist Daryl Fairweather. “But with homebuyers and sellers in fire-prone parts of California really starting to feel how environmental risk factors are impacting both the safety and value of their homes, long-term demand will change, though California overall is unlikely to lose its luster. Demand and prices for homes in fire-prone areas will go down, but as a result they’ll increase in safer parts of the state. California is in the midst of a housing shortage, and the state should take wildfire risk into account when deciding where to focus its building efforts.” Servicers Navigate the Post-Pandemic World 2 days ago Damage Disaster wildfire 2019-11-01 Seth Welborn November 1, 2019 1,996 Views last_img read more

FHFA: PACE Loans a Threat to GSEs?

first_imgSubscribe Share Save Fannie Mae FHFA Freddie Mac PACE 2020-01-16 Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily The Federal Housing Finance Agency (FHFA) is requesting input on residential energy retrofitting programs financed through special state legislation enabling a “super-priority lien” over existing and subsequent first mortgages. The FHFA is particularly interested in input on potential changes to its policies for its regulated entities based on safety and soundness concerns, also known as Property Assessed Clean Energy (PACE).PACE programs, allow municipalities to provide financing for energy-efficient retrofitting through property tax assessment, which gives the liens so-called super-priority over the first-lien mortgage holder, assuring priority status over any first lien mortgage at any tax sale or foreclosure sale.The FHFA is asking for input on potential changes to its policies for the GSEs based on safety and soundness concerns, as PACE programs “present a threat to the quality and stability of large amounts of Enterprise loans.”“One of the bedrock principles in this process is that the mortgages supported by Fannie Mae and Freddie Mac must remain in first-lien position, meaning that they have first priority in receiving the proceeds from selling a house in foreclosure,” the FHFA said. “As a result, any lien from a loan added after origination should not be able to jump in line ahead of a Fannie Mae or Freddie Mac mortgage to collect the proceeds of the sale of a foreclosed property.”Additionally, the FHFA wants to know if it should direct the GSEs to decrease loan-to-value ratios for all new loan purchases in states or in communities where PACE loans are available, and by how much. The FHFA is asking respondents if servicers of mortgage loans for Fannie Mae and Freddie Mac should provide an annual or more frequent notice to existing borrowers in PACE-eligible communities informing them that, under the terms of their mortgage, PACE liens are not permitted.The FHFA also asked for input on other actions regarding standards for the Federal Home Loan Banks accepting eligible advance collateral mortgage loans in communities where PACE loans are available, and how these standards best address the increased risk of such collateral.Written responses to the FHFA must be received by March 16, 2020. The complete Request for Input, including instructions on how to respond, can be found here. Tagged with: Fannie Mae FHFA Freddie Mac PACE  Print This Post Home / Daily Dose / FHFA: PACE Loans a Threat to GSEs? in Daily Dose, Featured, Government, News, Secondary Market 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. About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago January 16, 2020 2,187 Views The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Foreclosure Trends, State by State Next: Maxine Waters Voices Concerns With Community Reinvestment Act FHFA: PACE Loans a Threat to GSEs? Demand Propels Home Prices Upward 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 Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Black Monday: COVID-19’s Economic Strike

first_img 2020-03-09 Seth Welborn Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Demand Propels Home Prices Upward 2 days ago March 9, 2020 1,826 Views in Daily Dose, Featured, Investment, News Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Previous: CFPB Proposes Whistleblower Award Program Next: High-End Renters Are Changing the Market Black Monday: COVID-19’s Economic Strike 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 About Author: Seth Welborn Home / Daily Dose / Black Monday: COVID-19’s Economic Strike  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Stocks fell significantly on Monday, earning it the name “Black Monday” as the Dow plunged 1,800 points and the S&P decline by 7%, spurred by the spread of coronavirus as well as Saudia Arabia launching an oil price war with Russia.The oil war was dwarfed by the coronavirus (COVID-19), as stocks fall and the Federal Reserve cuts rates a week prior.”This will be remembered as Black Monday,” said analyst Neil Wilson at trading site Markets.com on Yahoo News.Housing is likely to be impacted as well, as supply chains are interrupted by economic volatility, but the impact on housing may not all be negative.Motley Fool notes that China, the epicenter of the outbreak and a major foreign housing investor, is likely to invest more in U.S. housing as the outbreak continues, signalling a boost for U.S. housing. China’s foreign investment in American real estate saw a decline, which many economists attribute to the lower inventory in the U.S., the U.S.-China trade war, and the strengthening dollar, but in the past month, Roofstock has seen a 450% increase in traffic from Asian countries.According to Eddie Shapiro, founder, President, and CEO, Nest Seeker International, one thing that the coronavirus could lead to is more investment from Chinese buyers in the American real estate market. Shapiro said Chinese investors have a lot of relationships within communities that draw investments near various “Chinatowns” in core cities.“There is a bit of a herd mentality that is mostly based on referrals and confidence within the community, so you have concentrations in New York, Los Angeles, and San Francisco, but also markets like Vancouver, British Columbia,” he said.The possible growth of Chinese investors into a housing market that is already starving for inventory may not all be ideal. The National Association of Realtors recently reported that total housing inventory, while up 2.2% in January 2020 from December 2019 to 1.42 million units, is the lowest inventory level recorded since 1999.Investors can take advantage of lowered interest rates, but only time will tell how the coronavirus will impact the real estate market. According to Motley Fool, there is no doubt the coronavirus will impact the American economy and real estate market in some form, but no one truly knows to what extent.“Many real estate markets in the United States have rebounded and recovered from the 2008 recession, but there is a large chance that the continued spread of the coronavirus could be the tipping point, putting the U.S. economy into a full-blown recession,” Motley Fool adds.On ABC News, Department of Housing and Urban Development Secretary and White House coronavirus-task-force member Dr. Ben Carson urged people to remain calm, but be smart.“It’s very important for people to remember that this virus is like other viruses. It should be treated the same way,” Carson told ABC News. “We have flu seasons that come up frequently, and there are certain precautions you take during that time.”For now, the market will remain relatively unchanged, but mortgage rates have still been impacted. A report by Markets Insider revealed the growing virus has caused mortgage rates to continue their downward slide. The report found the average rate for a 30-year fixed-rate mortgage hit 3.34% on Monday.Trade groups are responding by canceling events, on Friday, Five Star Global, the parent company of the Five Star Institute and the Alliance of Merger & Acquisition Advisors, announced the cancellation of its Spring conference schedule, including the Single-Family Rental Summit, the Government Forum, and the National Mortgage Servicing Association Spring meeting. Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Unemployment Hits Housing Industry

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post As of March 28, the U.S. Department of Labor reports that the insured unemployment rate is now 5.1%. The previous week’s level was revised up by 219,000 from 6,648,000 to 6,867,000. The 4-week moving average was 4,265,500, an increase of 1,598,750 from the previous week’s revised average. The previous week’s average was revised up by 54,750 from 2,612,000 to 2,666,750.Amidst the newsest unemployment data, Redfin has announced that it will cut 7% of its staff and furlough hundreds of agents due to decreased housing demand amid the COVID-19 crisis. Redfin CEO Glenn Kelman announced that a majority of its workforce will be furloughed until September 1.“We still have had to furlough people today because of a downturn, but it wasn’t because we didn’t try to trade growth for job security,” Kelman wrote. “Every year, we’ve hired about 25% fewer agents than could be supported by the demand from Redfin.com, so that even if demand fell 25%, our workforce would still be at 100% productivity. Now housing demand is down much more than that.”Doug Duncan, Chief Economist at Fannie Mae, commented on the impact of the latest employment data.“While individual state-level data for the current week should be considered preliminary estimates, Georgia showed the highest increase, rising 250,000 from the previous week. However, some large states that have been hit exceptionally hard by the outbreak, such as California and New York, showed declines, though still remain at extremely high levels,” Duncan noted.“As with the prior week, a few caveats make this week’s data difficult to interpret precisely. On one hand, UI eligibility rules have been relaxed recently, increasing the number of people who are able to apply,” Duncan continues. “This makes it difficult to estimate the uninsured unemployed share of the workforce. On the other hand, many states reported a significant backlog of UI applications due to a lack of processing capacity, indicating that this week’s release may understate the true extent of insured layoffs. The recently enacted CARES Act is intended to help mitigate some of the negative shock to the labor market.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News 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 Unemployment Hits Housing Industry The Best Markets For Residential Property Investors 2 days ago Tagged with: Employment Redfin Share Savecenter_img April 9, 2020 1,630 Views 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. Subscribe The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Unemployment Hits Housing Industry Sign up for DS News Daily Previous: Mortgage Industry Braces for Spike in Delinquencies Next: Maintaining REO Business During a Pandemic Employment Redfin 2020-04-09 Seth Welborn About Author: Seth Welborn Related Articles Servicers Navigate the Post-Pandemic World 2 days agolast_img read more