Obama Commends Financial Regulators For Reform Efforts

first_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News Home / Daily Dose / Obama Commends Financial Regulators For Reform Efforts Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Obama Commends Financial Regulators For Reform Efforts Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles President Barack Obama “commended” financial regulators for progress made since the Dodd-Frank Act became law in 2010 at a meeting on Monday with the nation’s top financial regulators and top White House officials in the Roosevelt Room, the White House announced.According to the White House, the president praised the regulators for “efforts to further strengthen the financial system by continuing to implement the Wall Street Reform and Consumer Protection Act, which includes the most sweeping set of financial regulatory reforms since the Great Depression and the strongest consumer protections in history that have afforded millions of hard-working Americans new rights and protections within the financial sector.”Attendees at the meeting, according to the White House, included Janet Yellen, chairwoman of the Federal Reserve; Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB); Jack Lew, Treaury secretary; Sarah Bloom Raskin, Treasury deputy secretary; Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC); Mel Watt, director of the Federal Housing Finance Agency (FHFA); Thomas Curry, comptroller of the currency (OCC); and Mary Jo White, chairwoman of the Securities and Exchange Commission (SEC).The president exhorted the regulators and participants in the meeting to “consider additional ways to prevent excessive risk-taking across the financial system,” according to the White House. Participants discussed the importance of mitigating risks to the financial system and identifying and addressing gaps in oversight or areas of overlap by continued coordination through the Financial Stability Oversight Council, of which many of the meeting’s participants were members.While the president was complimentary of the progress the regulators have made toward Wall Street reform in the last four years, not every government official was convinced.”Dodd-Frank is every bit as far-reaching in its harmful consequences for struggling Americans as Obamacare,” House Financial Services Committee Chairman Jeb Hensarling said on Monday in statement responding to the meeting. “Thanks to Dodd-Frank, it is harder for low-and moderate-income Americans to buy a home and there are fewer community banks serving the needs of families and small businesses.” Tagged with: Consumer Protection Dodd-Frank Reform Act Financial Regulators President Barack Obama Wall Street Reform White House  Print This Post Sign up for DS News Daily Consumer Protection Dodd-Frank Reform Act Financial Regulators President Barack Obama Wall Street Reform White House 2014-10-07 Brian Honeacenter_img October 7, 2014 1,086 Views 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 Governmental Measures Target Expanded Access to Affordable Housing 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 Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Colorado Men Sentenced for Role in TARP Fraud Next: Two Hutchens Law Firm Partners Listed Among 2015 Best Lawyers About Author: Brian Honea Subscribelast_img read more

GDP Contracts in Final Q1 Estimate, But Majority of Lenders Remain Optimistic

first_img Fannie Mae National Housing Survey GDP U.S. Economy 2015-06-26 Brian Honea Home / Daily Dose / GDP Contracts in Final Q1 Estimate, But Majority of Lenders Remain Optimistic Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Key Takeaways From CFPB Whistleblower Hearing in House Subcommittee Next: DSNews Webcast: Monday 6/29/15 Related Articles Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago 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 Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago GDP Contracts in Final Q1 Estimate, But Majority of Lenders Remain Optimistic Tagged with: Fannie Mae National Housing Survey GDP U.S. Economy Sign up for DS News Daily  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago June 26, 2015 1,294 Views The nation’s real gross domestic product (GDP) declined at the annual rate of 0.2 percent for Q1, according to the Bureau of Economic Analysis (BEA)’s third and final estimate for the quarter released this week.While the economy contracted in the final estimate, which is based on more complete source data than were available for the first two estimates, it was still an improvement over the second estimate of minus 0.7 percent released in May. In the third estimate for Q1, exports decreased less than previously estimated while personal consumptions and expenditures increased more than previously estimated, according to the BEA. In the fourth quarter last year, real GDP increased at an annual rate of 2.2 percent.”The decrease in real GDP in the first quarter primarily reflected negative contributions from exports, nonresidential fixed investment, and state and local government spending that were partly offset by positive contributions from PCE, private inventory investment, and residential fixed investment,” the BEA said in its report.According to Fannie Mae’s National Housing Survey for May 2015 released earlier this week, the majority of mortgage lenders (61 percent) believe that the economy is on the right track, while 29 percent said they believed it was on the wrong track.”This sanguine view of the economy is held by mortgage lenders of all sizes, larger institutions, mid-sized institutions, and smaller institutions,” said Michael Neal, senior economist with the National Home Builders’ Association (NAHB).While more than half of lenders said they thought the economy is on the right track, Neal said, “However, a greater proportion of mid-sized lenders reported this kind of optimism. Furthermore, while still holding optimistic views, a greater percentage of larger institutions than smaller institutions believe that the U.S. economy is on the ‘wrong track.’ Smaller lenders were more likely to be unsure of current economic conditions.”Many consumers did not share the same sentiment regarding the economy as mortgage lenders – only 38 percent of consumers said they believe the U.S. economy is on the right track, compared with 52 percent who said they believe it is on the wrong track, according to Fannie Mae’s survey. But according to Neal, “Improving labor market conditions and income growth should help improve consumer moods.” About Author: Brian Honealast_img read more

Morgan Stanley is the Latest Firm to Settle RMBS Claims

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save in Daily Dose, Featured, News Less than three weeks after Morgan Stanley announced a substantially higher over-the-year profit in 2015 due to reduced legal costs brought on by mortgage-backed securities settlements, the Federal Deposit Insurance Corporation (FDIC) announced on Tuesday that the investment banking firm has agreed to pay $62.95 million to settle claims of selling toxic mortgage-backed securities to three FDIC-insured banks that later failed.According to the FDIC, the amount of the settlement will be distributed between the receiverships for the three failed banks, which are:Security Savings Bank of Henderson, Nevada (failed in February 2009)Colonial Bank of Montgomery, Alabama (failed in August 2009)United Western Bank of Denver, Colorado (failed in February 2011)The FDIC, as receiver for the failed banks, filed four lawsuits against Morgan Stanley and other defendants from February 2012 to January 2014 claiming violations of state and federal laws in connection with the sales of residential mortgage-backed securities to the three failed banks. FDIC alleges there were misrepresentations in the offering documents for 14 securities that Morgan Stanley sold to the three failed banks. The FDIC has now filed 19 RMBS lawsuits on behalf of eight institutions seeking damages for violations of federal and state securities laws; this total includes the four filed against Morgan Stanley.The $62.95 million settlement with the FDIC brings total RBMS claim settlements by the FDIC with Morgan Stanley to $86.95 million, including the $24 million settlement last year of RMBS claims related to Franklin Bank, S.S.B., of Houston, Texas (which failed in November 2008).A spokesman for Morgan Stanley declined to comment on the most recent settlement with the FDIC when reached by email.In February 2015, Morgan Stanley entered into a settlement with the Justice Department for $2.6 billion to resolve claims that the investment firm packaged and sold toxic MBS in the run-up to the crisis. With litigation costs of $3.1 billion reported for 2014 as a result of the settlement, the firm’s earnings for that year took a significant hit. With legal costs significantly lowered for 2015, Morgan Stanley’s net income rose from $3.5 billion in 2015 up to $6.1 billion in 2015. Home / Daily Dose / Morgan Stanley is the Latest Firm to Settle RMBS Claims Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles FDIC Morgan Stanley RMBS Settlements 2016-02-02 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea Previous: Counsel’s Corner: HOA Super-Priority Lien Issue Not as Clear After Court Opinion Next: Kansas City Fed: Market Volatility Should Not Prevent Rate Hikes Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Tagged with: FDIC Morgan Stanley RMBS Settlements Servicers Navigate the Post-Pandemic World 2 days ago 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. Morgan Stanley is the Latest Firm to Settle RMBS Claims The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 2, 2016 1,082 Views last_img read more

Non-Prime Programs Make a Comeback

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily 2016-09-16 Scott Morgan 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 Home / Daily Dose / Non-Prime Programs Make a Comeback Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Scott Morgan Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago September 16, 2016 1,180 Views Share Save Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. The Week Ahead: Nearing the Forbearance Exit 2 days ago The private label securitization market and the industry’s response to crisis after 2008 failed, but “the tide appears to be turning quickly,” according to Kroll Bond Rating Agency. Kroll stated Friday that it has observed the re-emergence of more than a dozen non-prime mortgage origination programs that use securitization as a funding source as the U.S. economy wobbles back toward health.Kroll’s latest report, titled “Credit Evolution: Non-Prime Isn’t Yesterday’s Subprime” stated that today’s non-prime programs are “not a simple rebranding of pre-crisis subprime origination, nor do they signal a return to the documentation excesses associated with ‘liar loans.’” Rather, the asset class meant to serve those with not-pristine credit often has characteristics reminiscent of legacy Alt-A. The asset class is, Kroll said, expansive.“Underwriting practices have been heavily influenced by today’s consumer-focused regulatory environment and government-sponsored entity origination guidelines,” Kroll reported.Kroll’s evaluation of these new non-prime programs compelled the agency to recommend specific actions from market participants. First, loans originated under sound compliance with ability-to-repay rules should be outperforming 2005-2007 vintage loans with similar credit parameters. These include LTV and borrower FICO scores. The ability-to-repay rules have, Kroll said, strengthened underwriting, “which should bode well for originations across the MBS space. This is particularly true of non-prime loans, where differences in origination practices can have a greater influence on future loan performance.”Second, loans that fail to adhere to GSE guidelines for bankruptcy and foreclosure on a borrower’s credit history “should be viewed as having increased credit risk relative to those with similar credit profiles that lack recent disposition activity,” the report stated. Third, Kroll advocates viewing alternative documentation programs, particularly those that serve borrowers with sub-prime credit histories, with skepticism.“Although many programs will meet technical requirements for income verification,” the report stated, “it is also important to demonstrate good faith in determining a borrower’s ability-to-repay. Failure to do so may not only result in poor credit performance, but increased risk of assignee liability.”Lastly, Kroll warned that investor programs that rely on anticipated rental income and limited documentation may be riskier than fully documented investor loans for which the borrower’s income and debt profile are considered.We believe that non-prime securitizations can achieve high investment grade ratings,” the report stated. “The analysis will, however, entail the careful consideration of product-specific risks that can impact future loan performance, and the presence of any mitigating factors.”Click here to view the entire KBRA report. Servicers Navigate the Post-Pandemic World 2 days ago Non-Prime Programs Make a Comeback Related Articles in Daily Dose, Featured, News Previous: Income Growth Outpacing Home Prices In Poorer Cities Next: The Week Ahead: A Tale of Two Housing Markets Subscribelast_img read more

Court of Appeals Addresses Debt Collector License Requirements

first_imgHome / Daily Dose / Court of Appeals Addresses Debt Collector License Requirements Data Provider Black Knight to Acquire Top of Mind 2 days ago Last year, the Maryland real estate industry was rocked by a trial court decision that found that the state’s debt collector statutes also applied to investors and statutory trusts that held mortgages. On Thursday, a Maryland Court of Appeals finally issued their decision, overruling the lower court and providing new guidance into the application of the Maryland Collection Agency Licensing Act (MCALA).The Maryland Court of Appeals issued a 64-page decision with two dissents in the consolidated cases of Blackstone v. Sharma, Shanahan v. Marvastian, O’Sullivan v. Altenburg, and Goldberg v. Neviaser. A statement from Legal League 100 member firm Stern & Eisenberg explained that the Court of Appeals’ decision “held that the legislative intent and history of the statute did not intend to force registration on foreign statutory trusts.”Prior to the lower court’s decision, servicers operating in Maryland were licensed, as it was clear that the law applied to them, but investors and trusts had not been.“By analogy, it was like saying, ‘You’re engaged in the unlawful practice of law because you filed a lawsuit,’ even though you used a lawyer,” said Kevin Hildebeidel, Regional Managing Attorney, Stern & Eisenberg.Moreover, there were questions as to whether they feasibly could acquire a license. While the online registration process only requires a $750 fee, it calls for information that might not actually exist for a foreign statutory trust, such as a direct physical address or residence.“The way mortgage origination works today, with loans bought and sold on the open market, means that having to have a debt collection license to foreclose would have been a large hindrance on the state’s mortgage industry,” said Diane Rosenberg, Managing Partner, Rosenberg & Associates, LLC.“The shock that went through the industry was, ‘My God, we’ve been doing this for ten years, and there’s at least a three-year statute of limitations in Maryland. Are we looking at three years of foreclosures statewide in Maryland possibly being challenged?’ That could be catastrophic.”While waiting for the Court of Appeals’ decision, “a lot of the industry ground to a halt in Maryland,” Hildebeidel said.Now, that wait is over. “The majority decision held that the legislative intent was never to apply to the mortgage industry or to the statutory trusts,” Hildebeidel told DS News. Instead, the legislation was specifically targeted at “about 40 debt collection agencies whose primary business was buying defaulted consumer debt and being compensated on a percentage of the recovery,” according to Stern & Eisenberg’s statement.The Court of Appeals decision reads, in part: “The legislative history persuades this Court that the General Assembly did not intend to regulate or license the mortgage industry actors, including foreign statutory trusts serving as a repository for mortgage loans, as collection agencies due to the specific exemptions and the limited scope of MCALA.”“It’s a big win for the lenders at this point,” Hildebeidel said.Nor is there any immediate appellate path for the decision.“The court found that the Debt Collection Licensing Act was not meant to apply to the mortgage industry,” said Mark Meyer, Partner, Rosenberg & Associates. “That reasoning would seem to me to apply to any other entity, whether it’s an LLC, a securitized trust, or any other kind of entity servicing, holding, or foreclosing a mortgage. There are certainly ways to argue that the court didn’t specifically rule on those other entities, but the argument against it is the underlying reasoning of the opinion that it doesn’t apply to the mortgage industry at all.”“Pending cases should now be reviewed to determine whether they should resume or be reinstated in compliance with the statute,” Stern & Eisenberg’s statement explains. “As a reminder, the statute still contains a number of exceptions to the licensing requirement which may include non-resident borrowers, debt which was not in default at the time of acquisition, property for which relief from stay was obtained in a bankruptcy proceeding, certain deceased borrowers, and vacant or abandoned properties. Such situations should be reviewed by a licensed Maryland attorney familiar with both real property and debt collection requirements before proceeding.” Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: David Wharton Previous: Fannie Mae Earnings Increase in Q2 Next: Freddie Mac On Track to Single Security August 2, 2018 4,284 Views Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Foreclosure, Government, Journal, News Share Save Court of Appeals Addresses Debt Collector License Requirements Related Articles 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] Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Tagged with: Debt Collection Licensing Maryland Collection Agency Licensing Act MCALA stern & Eisenberg Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Debt Collection Licensing Maryland Collection Agency Licensing Act MCALA stern & Eisenberg 2018-08-02 David Wharton  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

Working in the Clouds

first_img About Author: Steve Comer  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Steve Comer is the Director of the Financial Services sales team at Hyland, a leading provider of content services solutions to better manage content, processes and cases. Comer has spent the past 12 years working with financial services customers to develop strategic plans to improve their operational efficiencies through the use of OnBase, an enterprise-class solution for capture, workflow, business process management, and case management capabilities. Previous: Shedding Light on Reconstruction Costs Next: Consolidated Analytics Acquires Carrington Property Services Tagged with: Cost Savings Servicers Technology The Best Markets For Residential Property Investors 2 days ago Cost Savings Servicers Technology 2019-02-06 Donna Joseph Editor’s note: This feature originally appeared in the February issue of DS News, out now.It’s a cliché, now, to say, “We’re going to the cloud.” The technology, nearly two decades old, is ubiquitous in 2019. It fuels the economy, connecting clients with companies in an immediate way that demands trust and honesty. Look no further than the smartphone in your pocket to see how the cloud is enveloping consumers on a daily basis. Updates to apps, including social platforms and communication portals, are pushed out via the cloud, saving users the hassle of loading and reloading software on every device they own on a regular basis. It also fuels the work of financial institutions. Embracing the cloud often translates into significant cost savings and operating efficiencies for traditional banks and credit unions, wealth firms, and other financial services providers. In today’s market, the technology is more vital than ever, as loan-servicing consolidation continues and more financial institutions are taking on larger portfolios—and, as a result, more risk. As the industry heats up, originators and servicers are looking to technology to help minimize risk and maximize reward. The cloud can help. The cloud makes access to information via various devices quick and convenient. Users no longer have to access a dedicated machine to get work done.A simple way to see this impact is through cloud-based office programs that allow employees to access document creation tools via web browser or app. Companies discover cost savings when outsourcing the management of these applications and systems to a dedicated and trustworthy cloud vendor. For financial institutions that want to make sure loan servicing files are complete, ensure the quality of their loans, and access data from certain documents within those loan file packages, hosting in a purpose-built cloud solution can be an ideal way to send and share information. But even financial institutions that are hesitant to embrace the full breadth and depth of the cloud can benefit from it. Cloud-based file-sharing applications offer a way for default services departments to safely and swiftly share and manage information with clients and third party vendors.SAFETY AND SECURITYThe right cloud-based file sharing platform will allow you to securely share loan-related documents with clients and third parties such as investors and title companies without the need for your IT department to get involved. File-sharing solutions that use a purpose built cloud as a foundation provide some of the best security available. Unlike on public file-sharing sites, financial institutions maintain ownership and control. Documents are securely stored in the privately managed cloud and accessed by approved users. In short, the solution provides:Role-based security: You control who shares content, what content they can share, and with whom it is shared.Revocation of access: When an employee changes roles or leaves the company, you can easily lock the account to ensure that person can no longer access private customer information.Simple transfer of ownership: As employees change roles or move to different departments, a system administrator can immediately change viewing and sharing privileges. This ensures employees have access and sharing rights to the information they need to do their jobs.Access permissions are easily managed and an audit trail is created for easy review. Users can track any interactions that are happening and reach out to approved users to better understand decisions.PEACE OF MINDIn the past, organizations have fought the concept of cloud technology because control is vital to their success. Control of the processes, control of the infrastructure, control of documents and data. However, there will always be the possibility for things to happen that outside of their control, and when those things happen, the downtime leads to lost productivity, revenue, and brand reputation. The mortgage industry ebbs and flows based on volume and loan quality, all of which can be impacted by technology. Cloud-based technologies allow a servicer to stop thinking about preventing all possible disasters and focus more on how quickly you can recover. Cloud based services provide quick data recovery for emergency scenarios ranging from natural disasters to data breaches to simple power outages.AUTOMATED PROCESSESBy combining cloud-based file sharing with a content-services platform that provides, for example, intelligent-capture technology coupled with a sophisticated workflow engine, you can create a fully automated program that extends the reach of your content services platform to employees, clients, and partners. Allowing work processes to be triggered by specific events or the introduction of documents/data to the system decreases the potential for errors upstream. For example, after documents are captured into the system for a particular loan or request, the solution can use information like loan number and contract level automatically to create file-sharing folders populated with specified documents for external sharing. Actions like loan approvals, rejections, or modifications can trigger the real-time creation of cloud-based folders, making all associated documents immediately available to the appropriate employees and third-party contacts. You’ve now eliminated the need to manually mine documents for certain criteria, determine who should have access to which information, and export that information for publishing.SO LONG, SHADOW FILESBefore the implementation of cloud-based technology, employees would often be forced to mine and pull documents, then burn them onto a CD or thumb drive. This practice made version control a nightmare, as files (and copies of files) were often saved to local drives or shared in several locations. Email is another culprit for what many call “shadow files.” These are document versions that are regularly referred to by employees and customers, but which are no longer up-to-date or contain missing information. There could also be a host of documents tied to one loan but stored in multiple places, creating a time-consuming and manual search-and-confirm project for employees. It is still not uncommon to see companies that have dedicated departments of anywhere from five–25 full-time employees who are dedicated to nothing but research. The cost of human capital alone is worth reevaluating these technologies. Cloud-based file sharing solutions provide more consistency and control over the documents and data that are required to navigate the lending process effectively.SUPERIOR CUSTOMER EXPERIENCEAs with any technology consideration, hard costs (and associated ROI’s) tend to be the driving factor. In today’s competitive landscape, though, those organizations that provide the best customer experience are leading the charge while the rest fall behind. When a servicer can eliminate the work of managing servers and storage devices, they have greater flexibility to focus more on customer experience. Delivering customer delight by easily tracking missing documents, assembling complete loan packages, and making those packages accessible may provide the best ROI of all. Today’s client expects faster response times since their digital experience in other venues and with other servicers provides this immediate response. That means everyone involved in the process must remain connected, even if they reside outside the financial institution’s four walls as vendors or remote employees. Cloudbased tools like file-sharing solutions can provide the groundwork for that end-to-end experience.Finally, one last best practice is to ensure the vendor you choose for cloud-based file sharing has the experience necessary to deliver a safe and secure platform. To ensure the security of your information, make sure the vendor hosts your solution in a cloud where your data is not comingled with other companies’ and is protected with an encryption key unique to your organization. Also, ask where your data will be stored and backed up. If you’re one of the 65 percent of organizations (according to Association for Information and Image Management research) that still don’t have some level of sanctioned, cloud-based sharing standards in place, this is the year to re-examine your content-sharing strategy. Maintaining ownership over your information might seem like an insurmountable feat, but it is achievable. You can control and secure your information. You can protect your organization and you can empower your employees to safely share, as it is an inherent element of modern business. The Best Markets For Residential Property Investors 2 days ago February 6, 2019 2,566 Views center_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 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 Demand Propels Home Prices Upward 2 days ago Working in the Clouds Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News, Print Features Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Working in the Cloudslast_img read more

The Next Frontier in Home-Flipping Investment

first_img Home Flipping market Sales Tech 2019-05-23 Seth Welborn  Print This Post Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Demand Propels Home Prices Upward 2 days ago About Author: Seth Welborn The Next Frontier in Home-Flipping Investment May 23, 2019 2,634 Views Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / The Next Frontier in Home-Flipping Investment The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News, Technology Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Tagged with: Home Flipping market Sales Tech Governmental Measures Target Expanded Access to Affordable Housing 2 days ago House flipping is on the rise, according to a report from CoreLogic. Data from CoreLogic indicates the home-flipping rate has increased year-over-year for 12 consecutive quarters, and on a seasonally adjusted basis is now at the highest level since CoreLogic started keeping track in 2002, at 10.9% of home sales as of Q4 2018.A new player in the home-flipping game is the “iBuyer.” According to Sean Black, CEO & Co-Founder of Knock.com, writing for Forbes, iBuyers are companies who buy homes through instant offers, often spending only a few thousand on repairs and reselling for smaller profit than traditional home flippers.These iBuyers companies are expanding, selling more and more homes each quarter, but according to Zillow, who is expanding their own iBuyer segment, margins on these instant offer are “razor thin.” Meanwhile, returns for traditional flippers has risen.“In addition to flipping rates, we also estimate economic returns to flipping,” said CoreLogic Deputy Chief Economist Ralph McLaughlin. According to McLaughlin, returns for flippers have risen significantly, up to a median of around 40% after 2007. Additionally, he notes that flippers are shifting away from price speculation and toward adding value to properties.Returns are particularly high for older housing. CoreLogic found that returns are highest in Detroit, Philadelphia, and Pittsburgh with returns of 95.9%, 92.8%, and 75%, respectively, while areas with newer housing stock, such as Colorado, Arkansas, Missouri, Texas, Arizona, and Tennessee, Florida, and Nevada, have seen lower returns ranging between 8.4-10.8%.Still, iBuyers such as Zillow’s “Homes” have seen significant growth, even if they are not yet at the level of traditional flippers. Zillow’s “Homes” segment grew from $11 million to over $40 million from Q3 to Q4 2018, representing a 400% growth, with gross profit increasing from $700,000 in Q3 2018 and $2 million in Q4 2018, a small but significant margin, as Zillow admits that the actual goal is to sell mortgages. Related Articles Previous: HUD Secretary Carson Responds to REO Controversy Next: Five Minutes With: SunTrust’s Ken Meyer Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

‘Burdensome’ Laws, Regulations Impacting Housing Growth

first_img About Author: Mike Albanese Tagged with: Affordabiliy FHFA Inventory 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 Share Save Previous: FHA Announces New Deputy Assistant Secretary Next: The Week Ahead: Update on Economic Growth 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 in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago January 24, 2020 2,543 Views center_img Subscribe Demand Propels Home Prices Upward 2 days ago Affordabiliy FHFA Inventory 2020-01-24 Mike Albanese Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago FHFA Director Mark CalabriaFederal Housing Finance Agency (FHFA) Director Mark Calabria spoke Thursday at the National Association of Homebuilders International Builders’ Show and said housing reform is key to the growth of the industry. “Many of the same warning signs that were ignored in the lead-up to the 2008 financial crisis have been reappearing,” Calabria said. “Not only has risk been rising in recent years, but [Fannie Mae] and [Freddie Mac] have also been undercapitalized for too long.”He noted that the GSE’s own or guarantee $5.5 trillion in both single and multi-family mortgages—nearly half the market. Until recently, they were limited to just $6 billion in allowable capital reserves. =The U.S. Department of the Treasury and the FHFA allowed the GSEs to retain capital of up to $45 billion combined. “This point is absolutely critical: If Fannie and Freddie fail again, liquidity in the mortgage market will dry up. If families are unable to get a mortgage, they are unable to buy houses,” Calabria said. “And when fewer people are buying houses, new or old, it hurts America’s home builders.”While he touted the strength and growth of the economy, he said “there are reasons to believe the foundation is vulnerable.”One of housing’s main cruxes is its falling inventory and rising home prices. Calabria said in order to build more houses there needs to be more builders. Approximately 700,000 new construction jobs have been added across the nation over the past three years. Additionally, he said “burdensome” laws and regulations are restricting growth and affordability. “America’s home builders deal with this challenge every day. It is a national problem with local roots. Local governments are often the source of the most burdensome regulations—like zoning and land-use restrictions, building codes, and permitting requirements,” Calabria said.Calabria said the industry has come a long way since 2008 and the Great Recession but “that does not mean that all is well today.”“America’s home builders know better than anyone that there is still a lot of untapped potential in our nation’s housing markets,” he said.Calabria will join a gathering of industry experts speaking at the 2020 Five Star Government Forum, April 1, in Washington, D.C. Reserve your seat now to hear from officials, such as Calabria and the Brian Montgomery, Assistant Secretary for Housing-Federal Housing Commissioner, speak on regulatory matters that are impacting the housing industry. ‘Burdensome’ Laws, Regulations Impacting Housing Growth Home / Daily Dose / ‘Burdensome’ Laws, Regulations Impacting Housing Growth The Best Markets For Residential Property Investors 2 days ago Related Articles Sign up for DS News Daily 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

GSEs Release Secondary Market Updates

first_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 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. About Author: Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Fannie Mae Ginnie Mae MBS reperforming loan Secondary Securities The Best Markets For Residential Property Investors 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Fannie Mae has announced the results of its fifteenth reperforming loan sale transaction. The deal, included the sale of approximately 12,700 loans totaling $1.8 billion in unpaid principal balance (UPB), divided into three pools. The winning bidders of the three pools for the transaction were Towd Point Master Funding LLC (Cerberus) for Pools 1 and 2 and Goldman Sachs Mortgage Company (Goldman Sachs) for Pool 3. The transaction is expected to close on April 24, 2020.  The pools were marketed with Citigroup Global Markets Inc. as advisor.The loan pools awarded in this most recent transaction include:Group 1 Pool: 2,280 loans with an aggregate unpaid principal balance of $450,761,782; average loan size $197,703; weighted average note rate 3.407%; weighted average broker’s price opinion (BPO) loan-to-value ratio of 65%.Group 2 Pool: 7,021 loans with an aggregate unpaid principal balance of $898,440,711; average loan size $127,965; weighted average note rate 4.492%; weighted BPO loan-to-value ratio of 63%.Group 3 Pool: 3,384 loans with an aggregate unpaid principal balance of $443,517,633; average loan size $131,063; weighted average note rate 4.486%; weighted BPO loan-to-value ratio of 65%.Additionally, Ginnie Mae announced that issuance of its mortgage-backed securities (MBS) totaled $52.64 billion in February, providing financing for more than 210,000 homeowners and renters.A breakdown of February issuance includes $50.21 billion of Ginnie Mae II MBS and $2.43 billion of Ginnie Mae I MBS, which includes $1.46 billion of loans for multifamily housing.Ginnie Mae’s total outstanding principal balance of $2.137 trillion is an increase from $2.056 trillion in February 2019. Servicers Navigate the Post-Pandemic World 2 days agocenter_img Previous: Trump Administration Mulls Mortgage Moratorium Plan Next: Mortgage Servicing in an Election Year Sign up for DS News Daily  Print This Post Fannie Mae Ginnie Mae MBS reperforming loan Secondary Securities 2020-03-17 Seth Welborn GSEs Release Secondary Market Updates Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News, Secondary Market March 17, 2020 1,273 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / GSEs Release Secondary Market Updates Subscribelast_img read more

Police appeal after woman is assaulted in Derry

first_img Previous articleRetail body claims Derry City Council ‘dragging its heels’ over city plansNext articleNew builds in Donegal down but planning applications are up News Highland Facebook News By News Highland – August 7, 2012 Pinterest WhatsApp Need for issues with Mica redress scheme to be addressed raised in Seanad also WhatsApp Police are appealing for information following an indecent assault that occurred in Derry City Centre on Sunday morning last.Sometime between 2.30am and 3am, a 22 yr-old woman was walking along Magazine Street when she was grabbed by a male and assaulted.The woman managed to break free and run off.The male is described as being in his early to mid twenties, 6’2″ tall, muscular build with a fat face, tanned skin and dark hair, spiky on top, gelled down at front.He was wearing a blue coloured T-shirt and possibly blue jeans. He has a tribal style tattoo on his inner right forearm.He had a local Derry accent. Facebook Almost 10,000 appointments cancelled in Saolta Hospital Group this week Guidelines for reopening of hospitality sector published center_img Police appeal after woman is assaulted in Derry Google+ RELATED ARTICLESMORE FROM AUTHOR Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Calls for maternity restrictions to be lifted at LUH Google+ LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Twitter Pinterest Twitterlast_img read more