Month: May 2021


first_img 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. in Daily Dose, Featured, Market Studies, News Housing Market Rhode Island Single-family home sales 2014-12-08 Brian Honea The Best Markets For Residential Property Investors 2 days ago December 8, 2014 845 Views Share Save Previous: HUD, VA Work Together to End Veteran Homelessness Next: Green River Capital Announces Employee Appointments About Author: Brian Honea Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Home Sales Increase in Rhode Island for October Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Tagged with: Housing Market Rhode Island Single-family home sales Servicers Navigate the Post-Pandemic World 2 days ago Sales of single-family homes in Rhode Island increased by 3.2 percent in October from the previous year, the fifth time in 2014 single-family home sales have increased year-over-year in the state, according to a report released Monday by the Warren Group.October’s sales for the Ocean State totaled 721, up from 699 in October 2013 and the highest total for the state in any October since 2009, when 808 single-family homes were sold, according to the Warren Group.Year-to-date through the end of October, a total of 6,370 single-family homes have sold in Rhode Island, down slightly from the total of 6,393 sold during the first 10 months of 2013, the Warren Group reported.Median prices for single-family homes jumped by 4.2 percent year-over-year in October, from $215,000 up to $224,000, according to the Warrant Group. Year-to-date, prices have increased by 1.8 percent year-over-year ($218,825 for the first 10 months of 2014 compared to $215,000 for the same time period last year).”The increase in single-family home sales in October is a good sign that the real estate market in Rhode Island is slowing moving upwards,” Timothy M. Warren Jr. of the Warren Group said. “Median prices of homes increased modestly, confirming the good market trend.”Condominium sales increased slightly year-over-year to 118 in October, inching upward from 116 in October 2013. Year-to-date, however, condo sales were down by nearly 9 percent (1,176 through the end of October this year compared to 1,071 for the first 10 months of last year), according to the Warren Group. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Home Sales Increase in Rhode Island for October Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more


first_img New York Attorney General Eric Schneiderman has introduced an expanded version of the Abandoned Property Neighborhood Relief Act which he introduced last year in order to cut down on the number of “zombie properties” – vacant homes not maintained during the long foreclosure process – in the state.The modified bill is intended to expedite the foreclosure process on vacant properties and direct money collected for noncompliance of the law into a fund used to enforce the law, according to Schneiderman’s announcement.”New York will never be able to fully recover from the devastation of the financial crisis until we seriously reckon with the crisis of zombies,” Schneiderman said. “The Abandoned Property Neighborhood Relief Act, which enjoys the support of local elected officials, law enforcement, and fair housing advocates all across New York, will equip our local communities with the resources they need to halt the spread of abandoned and vacant homes. Albany can finally alleviate the burden that these blighted properties impose on our towns and cities by passing the Abandoned Property Neighborhood Relief Act during this legislative session.”The expanded bill requires mortgagees to provide homeowners with early notice that they are legally entitled to remain in their homes until the foreclosure process is complete (until a court orders them to leave), since many homeowners are unaware that they do not have to leave the house immediately when the foreclosure process begins. The bill also makes it illegal for a mortgagee to enter an occupied property and intimidate, harass, coerce, or otherwise induce the occupant to leave, which would render the property vacant.The bill requires mortgagees to take responsibility for maintenance of vacant properties soon after they are vacated, and not at the end of the foreclosure process, as called for by the current law. Mortgagees would be required to identify, secure, and maintain vacant and abandoned properties in addition to paying for the upkeep of those properties. Also, the new bill would require mortgages and loan servicing agencies to periodically inspect properties with delinquent mortgages to determine if they are still occupied.Also as part of the bill, mortgagees and their agents are required to electronically register zombie properties in a newly-created statewide database, the Vacant and Abandoned Property Registry, that will be established and maintained by Schneiderman’s office. Community residents can use a toll-free hotline to report suspected vacant properties, which can identify the mortgagee responsible for maintaining them. Responsible parties that fail to register abandoned properties will be subject to a civil penalty, according to Schneiderman’s announcement.Among the new provisions of the bill are a call to expedite the currently lengthy foreclosure process in New York and to direct penalties received for noncompliance with the law into a fund which local municipalities can use for enforcement of the law in the municipality where the violation occurred.”The foreclosure crisis left neighborhoods scarred by vacant and abandoned properties. The introduction of the Abandoned Property Neighborhood Relief Act brings New York State a step closer to curing the blight these properties bring to neighborhoods by holding banks accountable for their upkeep,” said New York State Senator Jeff Klein, Senate Coalition Co-Chair and sponsor of the new bill, S.4781. “We expect banks to maintain properties and we will keep a list of empty homes. We want to support towns and counties who have been dealing with the blight of zombie properties for too long. With the support of Attorney General Eric Schneiderman, my colleagues in the Senate and the Assembly, I hope we can pass this crucial package of legislation for New Yorkers.”Click here to see a video of Schneiderman discussing the new bill. April 20, 2015 1,422 Views New York AG Officially Introduces Expanded Bill to Fight ‘Zombie’ Foreclosures Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Subscribe Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago Previous: Gap Between Foreclosure Completions and Alternatives Widens Further Next: DS News Webcast: Tuesday 04/21/2015 The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Foreclosures New York Attorney General. Eric Schneiderman Zombie Properties 2015-04-20 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Share Save About Author: Brian Honea Tagged with: Foreclosures New York Attorney General. Eric Schneiderman Zombie Properties Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / New York AG Officially Introduces Expanded Bill to Fight ‘Zombie’ Foreclosures Demand Propels Home Prices Upward 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Foreclosure, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more


first_img In April 2017, more than 20 state business regulators issued regulatory enforcement orders to subsidiaries of Ocwen Financial Corp to address “mishandling of consumer escrow accounts and a deficient financial condition,” according to an April news release from the North Carolina Office of the Commissioner of Banks.Since September 28, Ocwen has announced reaching resolutions with a number of states, but Thursday morning the company added two more, bringing Ocwen to a total of 17 resolutions.Additionally, Ocwen announced under the “Wholesale Forward Lending” section of the 8K filing that they have decided to exit the wholesale forward lending business, agreeing to sell certain assets related to the business to an undisclosed buyer.  Print This Post Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago “The buyer is expected to assume a facilities lease and to offer positions to certain Ocwen employees in the business,” the filing said. “Ocwen estimates that it will recognize a loss of approximately $7 million related to the divestiture in its third quarter 2017 results.”According to the filing, This loss is primarily due to the company writing off the capitalized balance of internally developed software for the wholesale forward lending business and the company expects an additional $1 to $2 million of severance expense following the closing of the transaction, expected to occur next quarter. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Ocwen Resolutions Rise to 17, Exiting Wholesale Forward Lending Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Ocwen Demand Propels Home Prices Upward 2 days ago Ocwen 2017-10-13 Brianna Gilpin Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] center_img in Daily Dose, Featured, Foreclosure, Headlines, News Data Provider Black Knight to Acquire Top of Mind 2 days ago October 13, 2017 1,659 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Freddie Mac Announces Small-Pool Pilot With EarnUp Next: Wells Fargo and BofA: Q3 2017 Results Revealed Home / Daily Dose / Ocwen Resolutions Rise to 17, Exiting Wholesale Forward Lending Thus far, Ocwen has settled with Georgia, Idaho, Illinois, Maine, Michigan, Mississippi, Montana, Rhode Island, South Carolina, Wisconsin, New Mexico, Virginia, and West Virginia, with Thursday’s addition of Alabama and Minnesota. State regulatory agencies in Indiana and Nevada either withdrew or allowed their respective cease and desist orders to expire.“Ocwen is pleased to have reached resolutions with two additional states, Alabama and Minnesota, to resolve regulatory actions brought against the Company, bringing the total number of states where we have reached a resolution to 17,” said John Lovallo, Spokesperson for Ocwen.As previously reported, the agreements terms include details such as Ocwen not acquiring any new residential mortgage servicing rights until April 30, 2018, developing plans to transition to a new servicing system, and not engaging an auditor to perform an escrow review of between 8,000 and 10,000 loans. However, the release also notes that Ocwen did not admit or deny liability in these settlements and none of the agreements contain any monetary fines or penalties.If the company successfully enters into agreements with the remaining states, they may contain some or all of the terms mentioned above—but there is no assurance that will happen.“We continue to work cooperatively with the remaining 14 state regulatory agencies and two state attorneys general to reach acceptable resolutions,” Lovallo said.To read the 8K filing, click here. About Author: Brianna Gilpin Subscribelast_img read more


first_img Servicers Navigate the Post-Pandemic World 2 days ago TransUnion released its HELOC study today, which explores why consumers open HELOCs and estimates the percentage of HELOCs opened under specific motivations. The company projects 1.4 million new HELOC borrowers in 2017 and 1.6 million in 2018; a 30 percent increase from the previous two-year period of 2015-2016, which was 1.1 million and 1.2 million projected new borrowers respectively. They also project 10 million consumers to originate a HELOC between 2018 and 2022, which would be more than double the 4.8 million HELOCs originated in the previous five-year period of 2012-2016. The study is designed to help analysts understand why people want to pursue this specific form of credit and evaluate the recent dynamics of the HELOC industry. TransUnion studied 60 million consumers who were eligible for a HELOC and the observation period for consumer credit traits took place between June 2015 and May 2016. Consumers were identified as HELOC-eligible in May 2016 and the observation period for opening a new HELOC occurred between June 2016 and January 2017.“With aggregate home equity surpassing that of the housing boom in the mid 2000s, TransUnion is projecting between nine and 11 million consumers will originate HELOCs over the next five years,” said Joe Mellman, senior vice president and mortgage line of business leader at TransUnion. Mellman believes the 10 million approximated to originate HELOCs will do so primarily due to continued home equity growth and a relatively robust economy. There were 4.9 million HELOCs originations in 2005; back then home equity amounted to $13.3 trillion. In 2011, originations dropped to 600,000 and home equity declined to $6.3 trillion. Home equity didn’t rise back to $13.3 trillion until 2016, but HELOC originations stayed at 1.2 million, according to TransUnion.   The study finds that rising home prices and, as a result, increasing equity, is sparking interest in HELOCs. “While HELOC originations often track with home equity, which is correlated to rising home prices, we found that the rebound in HELOCs diverged from the recovery in home values following this past recession,” Mellman said. To lenders, borrowers opening HELOCs may be of particular interest because they show more positive credit characteristics compared to non-borrowers. According to the study, consumers who open a HELOC tend to be more credit-active, carry higher levels of credit card and non-revolving debt, and demonstrate more credit responsible behavior via lower delinquency.To download the full report from TransUnion, click here. Home / Daily Dose / TransUnion: HELOCS to Spike 30 Percent in 2017 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 Subscribe About Author: Dean Terrell in Daily Dose, Featured, Journal, Market Studies  Print This Post Tagged with: HELOCs Home Equity Line of Credit Joe Mellman TransUnion Previous: Paradatec Announces One-Day Blind Test for Mortgage Files Next: Freddie Mac Reports Portfolio Update Sign up for DS News Daily Share Save Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago HELOCs Home Equity Line of Credit Joe Mellman TransUnion 2017-10-24 Dean Terrell The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago TransUnion: HELOCS to Spike 30 Percent in 2017 Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 24, 2017 1,816 Views Related Articleslast_img read more


first_img The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Journal, Market Studies, News December 19, 2017 3,173 Views Tagged with: closed home sales prices Home Sales Home Sales Prices most expensive zip codes propertyshark Survey Previous: Remapping the DNA Next: Tax Reform Bill Headed Back to House for Revote Move Over New York, California Has the Priciest ZIP Code  Print This Post Demand Propels Home Prices Upward 2 days ago Share Save Home / Daily Dose / Move Over New York, California Has the Priciest ZIP Code closed home sales prices Home Sales Home Sales Prices most expensive zip codes propertyshark Survey 2017-12-19 Staff Writer The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Related Articles The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Move over Sagaponack New York. With a median closed home sales price of $4.9 million, the most expensive ZIP code in the country in 2017 is 94027, in Atherton, San Mateo County, California. That’s according to PropertyShark’s annual Top Most Expensive Zip Codes in the U.S. survey released on Tuesday. The list is derived by looking at residential transactions closed in 2017 and analyzing closed home sales prices. It takes into account condominiums, co-ops, and both single- and two-family homes.California has claimed the highest number of ZIP codes in the Top 100 list with 77 ZIP codes on the list. New York is close behind with 19 ZIP Codes. The ZIP code 11962 in Sagaponack, New York—which was ranked No. 1 last year—slipped to 15 in this year’s ranking. It was replaced by 94027—Atherton, San Mateo, in California, which was ranked number two in last year’s survey. The steep drop for the exclusive Hamptons community was mainly due to more sales recorded at lower price points, which slashed its median price in half. In 2017, Sagaponack’s median sale price was $2,819,000, while the barrier for entry in the top 10 is $3 million.The top three positions in the survey this year were claimed by ZIP codes from three different states—California, New York, and Florida—and feature very different housing markets. While Atherton’s 94027 has some of the richest people in Silicon Valley within its precincts, New York’s 10013, with a median price range of $4.1 million, covers the TriBeCa area with its luxury condo developments. Fisher Island, Florida (33109)—with a median price of $4 million—is a small, secluded island community.Eight other states managed to break into the top 100 list as well, with Washington, Massachusetts, Connecticut, and New Jersey featuring two ZIP codes each and Colorado, Nevada, Maryland, and Hawaii ranking with one ZIP code each.In terms of cities, San Francisco leads the way with nine ZIP codes in the list, while Los Angeles county (18 ZIP codes) ranks highest at county level, followed by Santa Clara (15 ZIP codes).To view the complete rankings click here. Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more


first_imgHome / Daily Dose / Why Prepayment Activities Have Declined Related Articles The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Subscribe The Best Markets For Residential Property Investors 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Prepayment speeds declined to a decade-low in November driven by shrinking refinance activity and a seasonal slow down in home sales, according to Black Knight’s First Look report that gave insights into the market’s mortgage performance.The report revealed that prepays, which are now primarily driven by home sales fell 14 percent on a month-over-month basis and by 29 percent from the same period a year ago. According to Black Knight, prepayments had reached these levels during the financial crisis when interest rates were well above 6 percent and purchase lending had fallen by 50 percent over 24 months.The report which also focuses on delinquency data found a slight increase in national delinquency rates. Serious delinquency rates also saw a slight uptick, even though they remained “significantly below the rates seen during the same period last year.”  Foreclosure starts fell 11 percent from October with around 45,200 starts recorded in November.”A slight uptick in foreclosure inventory was offset by a month-over-month increase in the number of outstanding mortgages, resulting in a net decline in the national foreclosure rate,” the report said.Giving insights into properties that were past due but not in foreclosure, the report revealed that in November, homes that were 30 or more days past due increase by 41,000 to approximately 1.9 million. However, they remained well below the properties past-due last year. The number of properties that were 90 or more days past due were 156,000 below the same period last year but saw an uptick by 11,000 on a month-over-month basis. The presale inventory for properties in foreclosure also rose slightly over October but remained 69,000 below the same period in 2017.Breaking down states on the basis of non-current totals, which combine foreclosures and delinquencies as a percent of active loans in that state, the report found that Mississippi was among the top five states by non-current percentage in November, followed by Louisiana, Alabama, Arkansas, and Virginia. The five states with the least non-current percentage included Idaho, California, Washington, Oregon, and Colorado. in Daily Dose, Featured, Foreclosure, News Why Prepayment Activities Have Declined Demand Propels Home Prices Upward 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Previous: To BFCP or Not To BFCP: That Is the Question Next: Why Single-Source Vendors Could be the Future Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Radhika Ojha Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Black Knight Delinquency Foreclosure loans Past due Prepayment Properties Refinance 2018-12-20 Radhika Ojha Tagged with: Black Knight Delinquency Foreclosure loans Past due Prepayment Properties Refinance Governmental Measures Target Expanded Access to Affordable Housing 2 days ago December 20, 2018 1,469 Views last_img read more


first_img Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn in Daily Dose, Featured, Foreclosure, Government, Market Studies, News Previous: Analyzing Mortgage Customer Retention and Delinquency Rates Next: Taxes, Disasters Among Factors Impacting Homebuyer Migration Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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 Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / How the Great Recession’s Foreclosures Impacted Voter Turnout How the Great Recession’s Foreclosures Impacted Voter Turnout Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Share Save Following the Recession, many foreclosure-affected homeowners may have not been able to participate in the 2012 election, according to a study conducted by researchers at UW-Milwaukee and Marquette University. The study found that homeowners who lost their home following the Great Recession or homeowners facing crisis-related foreclosure were less likely to head to the polls.According to the study, voting not only declined by individual homeowners, but entire neighborhoods hit by foreclosure may be affected.“This means that elected officials were not hearing from constituents most directly affected by the foreclosure crisis, effectively quashing a very real issue for most voters,” said Paru Shah, UWM Associate Professor of Political Science.“Rather than being a mobilizing force, the study’s results pointed to this idea that people facing insecurities didn’t have the efficacy to go to the polls,” said Amber Wichowsky, an Associate Professor at Marquette.Additionally, the study found that foreclosures impacted political turnout regardless of race or income level, and was unrelated to affected homeowners’ likelihood of voting in previous elections.A similar study from the University of California Riverside’s Vanesa Estrada-Correa and Martin Johnson, revealed a similar result for the 2008 presidential election: foreclosure rates and foreclosure crisis are associated with reduced political involvement.“There’s been a lot of research on the positive side of the relationship, but not a lot of research on the negative side, on what happens when people are dislocated.” Johnson said.According to the study, neighborhoods with very low foreclosure rates saw about a 0.2% drop in turnout below what was expected, and those with high foreclosure rates saw a decrease of around 1%. The study also notes found that homeowners are not just individually affected: communities with high rates of foreclosure saw overall drops in voter turnout in 2008.“Given the relationship between the foreclosure crisis and political participation, this research suggests the need for further investigation,” the study says. “We are especially interested in the potential that housing foreclosure further exacerbates ethnic and economic inequality due to the preponderance of subprime loans, distressed mortgages, and foreclosures in communities of color and lower socioeconomic status.” Demand Propels Home Prices Upward 2 days ago Tagged with: default Foreclosure Milwaukee Voting Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago default Foreclosure Milwaukee Voting 2019-05-06 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe May 6, 2019 1,645 Views Related Articleslast_img read more


first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News New-Home Sales go in the Wrong Direction in July The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago August 23, 2019 967 Views About Author: Mike Albanese New Home Sales US Census Bureau Data 2019-08-23 Mike Albanese Share Save Home / Daily Dose / New-Home Sales go in the Wrong Direction in Julycenter_img Demand Propels Home Prices Upward 2 days ago Previous: Simplifile Powers E-Recording in Westerly Next: What to Make of the QM Patch Moving Forward 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 Related Articles Sales of new, single-family homes fell month-over-month by 12.8% in July, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. The report states that an estimated 635,000 homes were sold for the month, far below the estimated total for June of 728,000. New home sales, though, represent a year-over-year increase of 4.3%. “As summer temperatures rose homebuyers moved to cooler vacation spots for some respite. Even with mortgage rates below 4%, new home sales declined in July, to a pace of 635,000 units, down 12.8% from June … While consumer optimism remained upbeat and resulted in higher retail spending, the prospect of continuing low mortgage rates has removed the sense of urgency for buyers of new homes,” said George Ratiu, Senior Economist at realtor.com. Ratiu said the drop in sales was accentuated by double-digit declines in all major regions, except the northeast.  The regions hit the hardest were the south and the west, which saw sales of new homes fall 16.1% and 14.2%, respectively. Both regions reported increases when compared to July 2018. The report states that the price of new houses sold for the month was $312,800. The average sales price was $388,000. The number of homes for sale in July 337,000, which represents a 6.4-month supply—a month-to-month increase of 16.4%.According to the report, the median-sales price for June was $306,000 with just a 5-months supply of housing. Although new homes sales fell, sales of existing homes increased 2.5% in July, according to the National Association of Realtors (NAR). “Falling mortgage rates are improving housing affordability and nudging buyers into the market,” said Lawrence Yun, NAR’s Chief Economist. Yun, however, noted that the inventory for affordable housing is “severely low,” and that shortage has caused home prices to rise.Housing inventory for the month fell to 1.89 million from 1.92 in June, and a year-over-year drop of 1.6%. Unsold inventory is currently at a 4.2-months supply, a slight decline from June’s supply of 4.4 months.  Print This Post Tagged with: New Home Sales US Census Bureau Data Subscribe 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. last_img read more


first_img in Daily Dose, Featured, Loss Mitigation, News, Print Features Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Helping Servicers Interact with Borrowers Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Fannie Mae Technology The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Editor’s note: This feature originally appeared in the May issue of DS News.Dave Worrall leads a team of seasoned loan servicers to not only add value to their clients’ servicing needs but also help them turn bad situations with borrowers into good ones. Prior to joining LoanCare, Worrall was President of RoundPoint Mortgage Servicing Corporation. He has also held senior leadership roles in loan servicing at Citigroup, Fannie Mae, and GMAC-RFC. While at Fannie Mae, he worked directly with the Department of the Treasury on the Making Home Affordable programs. Worrall earned his Master of Business Administration from Texas A&M University and was a Ford Distinguished Scholar while he attended. He also holds a bachelor’s degree in English from Florida State University.Worrall spoke with DS News on how he is applying his time at Fannie Mae to the current COVID-19 situation, and how to interact with struggling borrowers.You were a VP in a national servicing organization at Fannie Mae just as the housing crisis began. What lessons did you take away from that experience that can be applied to the current situation?I thought I’d seen it all back then, and what I realize now is that that was likely good practice for what we’re going through right now. It was very different back in 2006 and 2007 when things started to evolve into what became the crisis and the key difference was that there wasn’t a lot of infrastructure for dealing with issues like we’re experiencing now with the coronavirus.There were not established programs. There was little coordination between agencies, servicers, federal government authorities, and as things devolved, there was a little bit of a scramble for everybody to organize and deal with the crisis. What’s been very heartening this time around with the coronavirus is because of the crisis and the response that we all worked through then, and then you certainly have to think about what seems to be now an annual natural disaster that we all have to deal with, I think we’re all very practiced at responding to these kinds of events.We have established programs with the GSEs and as a result, the service and community is very ready to respond and offer assistance to customers, and probably as important to make sure that our partners, like the agencies and the government, are informed about what’s going on with the borrower community.The important lessons from back then are just coordination, communication, and everybody working together to respond quickly. It is much easier now, because of everything that was put in place back in 2008 and then again as we’ve gone through these cycles of natural disasters over the last few years.What policies and procedures should servicers be reexamining now in expectation of upcoming economic turmoil and possible increased default rates?I think what we’re going to find, and unfortunately, it’s likely going to be a hindsight issue, is that this is going to be a very different disaster. In contrast to what I just said, where there’s a little bit of comfort that we have the infrastructure in place and we can all lean on the tracks we’ve built to handle hurricanes, and even some of the things that are still in place from when we all dealt with the crisis. This is a problem of very different attributes. It’s national. There’s no clear beginning and end, at least at this point. It affects all industries. It’s a little different when you’re gauging, or trying to decide how you’re going to prove that somebody was affected. It’s a very different type of disaster. This isn’t one where you can get a picture of somebody’s house and evaluate the damage that’s been done.I think it’s really important as we enter into the early stages of the crisis to evaluate everything we do in light of just the differences in dealing with a pandemic. I think early on when we were as a servicer talking to our service providers, and asking them how they were going to deal with things, it was, “Well, we’ve got our disaster response plan and if things go wrong we’ll just move our operations to another location.”I think, again, as people began to understand more about the nature of this particular threat and the fact that we were going to have to do things like a shelter in place and move to work from home, every aspect of a servicers operation is going to have to be customized for this particular issue. So, it’s difficult to give anybody a punch list of what you need to do to get ready outside of just make your teams aware that this isn’t a hurricane, even though we’re using the same infrastructure that we’ve used to deal with other disasters. They have to really think about why it’s different and customize how things are done to address those differences.What are other key factors to consider when interacting with struggling borrowers in the midst of this crisis?I think the most important thing that we have seen so far, and again it’s really early in the process here for the coronavirus response, but it’s the level of panic, and just concern about what to do next, and what’s going to happen next, and the rapid pace of information that people are receiving.In dealing with customers, I think it’s most important to understand that when you have a disaster or an event that has a start and a finish, and people know what the impact is, and they know that, for example, their place of employment’s been lost because of a wind storm, and that they need to deal with that, and get through it and that their hardship is going to be a certain length as a result of it.That’s a different problem for a customer than not knowing how long this is going to last. There’s a different level of compassion that you have to have when dealing with a situation like that. It’s important to make sure your teams understand and that. Another angle on it, though, is that you have to understand your teams are going through it too.A really big difference between this and other events that we’ve been through is when you deal with a hurricane, you’re doing it from the safety of an office that’s not been impacted. In this situation, I don’t think there’s a community in the United States that isn’t going to be impacted in some way. You just have to understand that the same people on your team who are helping other people deal with it are potentially the ones being impacted themselves. This is going to be a real different one for us. It’s another challenge, though, that I’m sure our industry is going to overcome, and really shine in how we help the nation overcome it. 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first_img The Best Markets For Residential Property Investors 2 days ago Roy A. Diaz is the Managing Shareholder of Diaz, Anselmo Lindberg, P.A. The firm provides representation in Florida, Illinois, Ohio, Indiana, Kentucky, Wisconsin and Michigan. Diaz has been a member of the Florida Bar since 1988. He has concentrated his practice in the areas of real estate, litigation, and bankruptcy. He has represented lenders, servicers of both conventional and GSE loans, private investors, and real estate developers throughout his career with an emphasis on the mortgage servicing industry for over 25 years. Florida Foreclosure Van Tran v. Deutsche Bank 2020-09-14 David Wharton in Daily Dose, Featured, Foreclosure, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Florida Court Rules on Foreclosure Judgement, Deficiency With Complaint Subscribe Florida Court Rules on Foreclosure Judgement, Deficiency With Complaint Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Homespire Mortgage Adds VP Scott Valletti Next: Legal League 100 Summit: A Focus on Challenges, Forbearances September 14, 2020 1,189 Views Servicers Navigate the Post-Pandemic World 2 days ago Last month, the Third DCA affirmed the lower court’s order denying relief from a foreclosure judgment despite the borrower’s assertion that the judgment was void due to procedural deficiencies pertaining to Deutsche Bank’s substitution into the case as the plaintiff. Van Tran v. Deutsche Bank Nat’l Tr. Co. In Van Tran, the initial plaintiff, OneWest Bank, filed a foreclosure complaint against Van Tran and other defendants. Van Tran failed to respond to the complaint, which resulted in the Clerk of Court issuing a default against Van Tran.Thereafter, OneWest moved to substitute Deutsche Bank as the new plaintiff. The court entered an order granting the substitution and requiring “a corresponding amendment to the style of the case.” Months later the matter proceeded to a non-jury trial. The trial order reflected Deutsche Bank as the plaintiff. Van Tran failed to appear for trial and despite filing (via counsel) an emergency motion to continue trial, Van Tran failed to raise any procedural issues with the trial notice. The court denied Van Tran’s motion for continuance, the trial proceeded, and the court entered judgment for Deutsche Bank.“Some years later” Van Tran filed a motion for relief from the judgment under Florida Rule of Civil Procedure 1.540(b)(4), asserting it was void because “the complaint was never formally amended to reflect Deutsche Bank as the party plaintiff…” The lower court denied the requested relief and Van Tran appealed that order. The Third DCA affirmed the lower court on the basis that the judgment “at best” was voidable since there was no deprivation of due process. The Court noted that the amending the style of the case “to effect a substitution of the parties,” as ordered by the lower tribunal, “essentially” required amending the complaint. The Court went on to state “… the ensuing collateral attack was time-barred” since rule 1.540(b) motions must be brought within one year from entry of judgment.The Court explained that “errors, irregularities or wrongdoing in proceedings, short of illegal deprivation of opportunity to be heard…will not render the judgment void.” The Court further elaborated that Van Tran failed to object to OneWest’s motion to substitute, failed to raise a procedural objection upon receipt of the trial notice reflecting Deutsche Bank as the plaintiff and failed to defend the suit at trial. Although strictly speaking, an amendment to the complaint was required, “the identical result was obtained by the pretrial order which did substitute [Deutsche Bank] ….” as the party plaintiff. Further, the Court explained that Van Tran received a copy of the judgment which reflected Deutsche Bank as the plaintiff, but Van Tran still failed to seek timely relief based on the alleged procedural deficiency.The Court affirmed the judgment noting Florida’s “deep-rooted policy in favor of the repose of judgments…the interest in finality, and the concern in the stability of property titles.”  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Florida Foreclosure Van Tran v. Deutsche Bank The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Roy Diaz Share Save Related Articles Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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