Castro Confirmed as HUD Secretary

first_imgHome / Daily Dose / Castro Confirmed as HUD Secretary Confirmation HUD Julian Castro 2014-07-09 Derek Templeton Servicers Navigate the Post-Pandemic World 2 days ago July 9, 2014 917 Views Tagged with: Confirmation HUD Julian Castro The United States Senate voted 71-26 Wednesday to confirm former San Antonio, Texas Mayor Julian Castro as the next Secretary of the Department of Housing and Urban Development. Castro replaces outgoing Secretary Shaun Donovan who is leaving to serve as the Director of the White House Office of Management and Budget.”I applaud the bipartisan majority of Senators who today confirmed Julián Castro as our next Secretary of Housing and Urban Development,” said President Obama in a statement released to the press. “Julián has lived the American Dream in his own life, and I’m confident he will help Americans across our country seize their own piece of that dream for themselves and their children”.Castro has received praise for his work in San Antonio during his tenure as Mayor. San Antonio was named one of the U.S. Chamber of Commerce’s seven “Enterprising Cities” for 2013 and is the only city in America with a population of one million people or more to have a AAA bond rating from all three major rating agencies.He takes the helm of a department faced with numerous challenges while overseeing a housing recovery that, while increasingly steady, is still far from the norms seen before the economic downturn.For the most part, Castro has been noncommittal in what his approach will be to confronting the trials facing the housing market but he is on record recognizing issues with the current GSE conservatorship model as it stands.In his confirmation hearing before the Senate Committee on Banking, Housing, and Urban Affairs, Castro declined to lend his support to a bill offered by committee chairman Senator Tim Johnson (D-South Dakota) and ranking Republican Senator Mike Crappo (R-Idaho) that would wind down Fannie Mae and Freddie Mac and replace them with a federally backed private insurance system. “The devil is in the details,” Castro said, adding that “the current conservatorship of Fannie and Freddie is not sustainable for the long term.”Castro is seen by many as a future star in Democratic Party politics, often drawing comparisons to the early beginnings President Obama’s political career. In fact, he could be a dark horse Vice Presidential candidate for the 2016 Democratic Presidential ticket.However, he appeared to have hit a ceiling in Texas politics because it was extremely unlikely that he would ever win statewide office thanks to Texas’ strong preference for electing Republican candidates. Accepting a federal post for the final years of the Obama administration allows Mr. Castro to raise his profile. His brother Joaquin is a Democratic congressman for the San Antonio area.  Print This Post Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago About Author: Derek Templeton Demand Propels Home Prices Upward 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Headlines, News 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 Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Citigroup Nears $7 Billion Deal to Resolve Mortgage Probe Next: Market Changes Challenge Home Buyers, Sellers Derek Templeton is an attorney based in Dallas, Texas. He practices in the areas of real estate, financial services, and general corporate transactional law. His experience includes time as an Attorney Adviser for the U.S. Small Business Administration and as General Counsel for a nonprofit organization in Dallas. A self-avowed “policy junkie,” he has a keen interest in the effect that evolving federal policy has on the mortgage, default servicing, and greater housing industries. Castro Confirmed as HUD Secretarylast_img read more

New York AG Asks Watt to Get Moving on Principal Reduction

first_img Share Save As the debate over whether or not to offer principal reduction to struggling homeowners has returned to the forefront of housing policy, New York Attorney General Eric Schneiderman has written a letter to FHFA Director Mel Watt asking the Director to “broadly and quickly” implement a plan offering principal reduction to homeowners facing foreclosure.Schneiderman, who during his time in office has been a fierce advocate of preventing foreclosures and foreclosure relief scams, said in his letter on Friday that offering principal reduction is “a policy that I have advocated strongly for, that I am pleased FHFA is now seriously evaluating, and that should be deployed broadly and quickly to homeowners in desperate need of this relief from the continuing damage caused by the housing crisis.”The principal reduction issue pre-dates Watt’s tenure as FHFA Director, which began in January 2014. In 2012, then-FHFA Director Ed DeMarco issued a statement after careful consideration that there would be no policy change with regard to principal reduction because “the anticipated benefits do not outweigh the costs and risks.”Watt re-opened the issue and ignited the hopes of housing advocates and at-risk homeowners when, on March 22 in a public speech, he said that he would make a decision in the next 30 days as to whether or not there would be a policy change to offer principal reduction. The calls for principal reduction reached a fever pitch in early April when Watt’s fireside chat-style event on housing policy at Harvard Law School was cut short due to unruly behavior of protesters demanding principal reduction.“(A principal reduction policy) should be deployed broadly and quickly to homeowners in desperate need of this relief from the continuing damage caused by the housing crisis.”New York AG Eric SchneidermanNow Schneiderman has joined the ranks of those urging Watt to offer principal reduction to homeowners facing foreclosure. Schneiderman pointed out in his letter that “virtually all of the large commercial single-family lenders now include principal reduction in their foreclosure mitigation options for struggling borrowers” and that Fannie Mae’s and Freddie Mac’s refusal to offer principal reduction is “causing countless numbers of families to remain at risk.”“I urge you to move swiftly to create a principal reduction loan modification program and to ensure that this relief is provided to as many homeowners as possible, as it is the surest way to help the tens and thousands of families, both in New York State and throughout the country, who desperately need this relief,” Scheiderman said.Click here to view Schneiderman’s letter. Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago New York AG Asks Watt to Get Moving on Principal Reduction FHFA Mel Watt Mortgage Relief New York Attorney General Principal Reduction 2016-04-11 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago April 11, 2016 1,708 Views Subscribe Related Articles Demand Propels Home Prices Upward 2 days ago Previous: TRID Could Mean Trouble for GSE Risk Transfers Next: PHH Cries Foul, Claims CFPB Abused Its Power The Best Markets For Residential Property Investors 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. About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: FHFA Mel Watt Mortgage Relief New York Attorney General Principal Reduction Demand Propels Home Prices Upward 2 days ago  Print This Post in Daily Dose, Featured, Loss Mitigation, News Home / Daily Dose / New York AG Asks Watt to Get Moving on Principal Reduction Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Member First Mortgage Offers Hybrid eClosings

first_img Member First Mortgage Offers Hybrid eClosings The Best Markets For Residential Property Investors 2 days ago in Featured, Media, News Tagged with: Carmen Sherman DS News eClosings First Mortgage Mark McElroy February 22, 2017 3,154 Views Share Save Previous: Home Depot Ends 2016 on Top Next: ValuAmerica Offers Closing Cost Quotes with ClosingCorp’s SmartCalc Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Krista Franks Brock Data Provider Black Knight to Acquire Top of Mind 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Home / Featured / Member First Mortgage Offers Hybrid eClosings Is Rise in Forbearance Volume Cause for Concern? 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles  Print This Post Sign up for DS News Daily Member First Mortgage, LLC, now offers hybrid eClosings with the help of Pavaso, Inc., a provider of digital process and collaboration solutions.Hybrid eClosings combine some paper documents with electronic documents. For example, the deed and note are often printed and signed by hand, but many of the other documents are eSigned and eNotarized.Ultimately, much of the closing is completed digitally.“Making the process digital is the ultimate way to serve our customers at the highest levels of transparency, efficiency and ease of experience,” said Carmen Sherman, COO of Member First Mortgage.“Our end goals include executing eNotes, with video notarization, and transferring to an eVault by the end of the year. In using the hybrid model now, the first step is easy for us and our investors, and the benefits to the consumer are tangible, Sherman added.Through Pavaso’s Digital Close, closings can be completed completely on paper, completely digitally, or something in between. Real estate agents, lenders, title and settlement agents, and borrowers are able to collaborate together through the system for a more efficient process.“We welcome the partnership with Member First and look forward to seeing them reap the benefits that our solutions can offer,” said Mark McElroy, President and CEO of Pavaso. “We commend their bold step towards the digital transformation of their organization and hope they inspire others to follow.” The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Carmen Sherman DS News eClosings First Mortgage Mark McElroy 2017-02-22 Krista Franks Brock Subscribelast_img read more

The State of the Housing Industry

first_imgSubscribe  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 The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago January 30, 2018 2,097 Views Share Save in Daily Dose, Featured, Government, News Related Articles Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / The State of the Housing Industry Previous: Affordable Housing Crisis Receiving New Attention Next: The Southwest Offers Opportunities for Single-Family Rental Investorscenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The State of the Housing Industry 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 CFPB Existing Home Sales FHA GSE GSE Reform Home Prices Home Sales House Prices HOUSING Housing Reform HUD Immigration Reform industry market Prices state of housing State of the Union State of the Union Address 2018-01-30 Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: CFPB Existing Home Sales FHA GSE GSE Reform Home Prices Home Sales House Prices HOUSING Housing Reform HUD Immigration Reform industry market Prices state of housing State of the Union State of the Union Address Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily As President Trump will present his State of the Union address to the Senate this evening, what is the State of the Housing Industry? With home prices that show no signs of decreasing, changes in leadership at the Consumer Finance Protection Bureau (CFPB), continued reforms in the GSE sector, and new initiatives at the Bureau of Housing and Urban Development (HUD), 2017 was an eventful year. Here’s an overview of the opportunities and challenges faced by the industry during the past year.Industry Reform in the Cards?Despite regulation expanding with the new HDMA guidelines that took effect in January 2018, the trend seems to be veering away from “regulation through enforcement,” making lenders more hopeful of a positive dialogue with CFPB, according to a report by analytics firm STRATMOR. The industry is closely following the latest changes in leadership at the CFPB and the nominations for the Federal Housing Administration (FHA) to gauge the administration’s stance on easing regulations.Meanwhile, the GSEs have shown growth, with first-time homebuyer share of GSE purchase loans recording the highest level in recent history at 48.1 percent in April and 46.4 percent in October 2017, according to a report by the Urban Institute. The FHA has continued its focus on first-time homebuyers, with its first-time homebuyer share at 81.9 percent in October 2017.Robust Growth of the Housing Market:The S&P CoreLogic Case-Shiller Indices showed year-over-year increases of 5 percent or more for 16 straight months. This trend was also reflected on many other indices, including the First American Real House Price Index analyzing the November 2017 data, which showed that homes were 5 percent more expensive compared to the same period a year before.Existing home sales increased 1.1 percent to 5.51 million sales, surpassing the 5.45 million recorded in 2016. This market the highest existing home sales since 2006, according to a report published by the National Association of Realtors (NAR).Impact of Changes in Immigration Law on Housing:Changes in the immigration law, a key area of interest for all those who will be watching the State of the Union address on Tuesday, is likely to also affect the housing industry. According to a study by WalletHub on the economic impact of foreign-born populations on the 50 states and the District of Columbia, New York would be most impacted by the administration’s proposed changes, followed by California and New Jersey—all of which have a sizeable immigrant population. The overall economic impact is likely to affect housing too.last_img read more

Affordable Housing Crisis Receiving New Attention

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago January 29, 2018 2,088 Views Affordable Housing Crisis Receiving New Attention Related Articles Home / Daily Dose / Affordable Housing Crisis Receiving New Attention The Best Markets For Residential Property Investors 2 days ago Affordable Housing Crisis HOUSING HUD mortgage 2018-01-29 Nicole Casperson In a recent announcement, a co-sponsored statewide poll of Latino registered voters conducted by the Latino Community Foundation and the San Francisco Foundation discovered that affordable housing issues could serve as a significant voting influencer for the Latino community.The poll surveyed 900 Latino adults between January 6-14, 2018. Interviews were collected via landline, cell phone, and web. The results found that 88 percent of voters agreed that policymakers in California should take steps to, “expand development of affordable housing” including 62 percent who strongly agreed—representing the highest mark of any policy issues assessed on the survey.According to Matt Barreto, Co-Founder of Latino Decisions who oversaw the poll, Latinos in California expects a well-functioning and progressive state government that helps create opportunities for people to succeed.“With housing prices skyrocketing, Latino voters are telling the state to do something serious and do something now,” said Barreto. “Homeownership is the backbone of economic stability and the American Dream and Latinos expect the state to level the playing field.”Specifically, a desire for additional affordable housing initiatives was highest in the Bay Area at 91 percent of voters agreeing, and the Los Angeles metro area at 90 percent, both represent the two largest urban areas in the state.In addition, the survey found that Latino voters said affordable housing is an issue that could influence their support for or against a candidate—with 81 percent of Latinos responding they would be more likely to support the candidate who endorsed and campaigned in favor of the $4 billion state bond for affordable housing.”Addressing the housing crisis in the San Francisco Bay Area is central to our region’s economic prosperity,” said Fred Blackwell, CEO of The San Francisco Foundation. “It is encouraging to see that 81 percent of Latino voters who participated in the survey are much more—and somewhat more—likely to support the 2018 California gubernatorial candidate that supports state measures to produce, preserve, and protect affordable housing.”In a separate announcement in response to affordable housing issues, a group of U.S. mayors representing 13 million Americans joined with diverse businesses to launch a new coalition initiated by late Mayor of San Francisco, Ed Lee.The group is called the Mayors & CEOs for U.S. Housing Investment, which consists of local government and business leaders that have come together to collaborate and advance public and private partnerships in an effort to combat the affordable housing and homelessness crisis. One step towards progress is the investment in John and Jill Ker Conway Residence, a 14-story high-rise, located in Washington, D.C., just blocks from the Capitol that offers affordable housing.”We recognize that by investing in affordable housing, we are investing in safer, stronger communities and building new pathways to the middle class for our most vulnerable residents,” said Muriel Bowser, Washington, D.C. Mayor.The U.S. Department of Housing and Urban Development estimates that more than half-a-million Americans experienced homelessness on a given night in 2017, the Residence currently offers new and permanent housing for 60 formerly-homeless veterans and 64 low-and moderate-income Washington, D.C. residents. Share Save Demand Propels Home Prices Upward 2 days ago About Author: Nicole Casperson The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Valuations Are a FORCE to be Reckoned With Next: The State of the Housing Industry Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily  Print This Post Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Tagged with: Affordable Housing Crisis HOUSING HUD mortgage Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Home Bidding Sight-Unseen?

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago February 26, 2018 1,981 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: For 2018 Forecast, Freddie Mac Looks to the Past Next: Industry Veteran Rick Sharga Returns to Carrington Related Articles An increasing number of homebuyers are making offers for homes without first seeing them in person, according to an analysis by online brokers Redfin.The study, which surveyed 1503 respondents who purchased a home in the last one year in November and December 2017, found that 35 percent of people who bought a house last year made an offer without seeing it in person, showing an increase from 33 percent in May 2017 and 19 percent in June 2016.It found that millennials were even more likely to make an offer on a home sight-unseen with 45 percent of millennials surveyed saying that they had made an offer on the home before seeing it, reflecting their comfort on relying on online information about homes for sales and neighborhoods.In fact, the study found that many buyers who can’t get to tour a home right away because they are busy or relocating rely on online tools such as virtual tours, online maps, housing apps, statistics, and online reviews to understand the subtler aspects of the neighborhood where they plan to live.Regionally, homebuyers in Los Angeles were most likely to bid on a home before seeing it, the survey indicated, with more than half (57 percent) of the respondents in this area saying that they had successfully made an offer on a home they had not seen in person.Los Angeles’ neighbors, San Diego and San Francisco with 46 percent and 44 percent respectively were other hot Californian markets where homebuyers put a bid before actually seeing the home. The study found that the prevalence of foreign investors in Los Angeles might have played a role in the popularity of sight-unseen offers.Apart from the competitive California markets, this trend was also prevalent in Chicago, Austin, Denver, Washington, D.C., Phoenix, Portland, and Sacramento. Demand Propels Home Prices Upward 2 days ago Home Bidding Sight-Unseen?center_img Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Home Bidding Sight-Unseen?  Print This Post The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Buyers Homebuyers Homes HOUSING Millennials Neighborhoods Purchase sight-unseen 2018-02-26 Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News Tagged with: Buyers Homebuyers Homes HOUSING Millennials Neighborhoods Purchase sight-unseen Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Fintech Vs. Traditional Lending Risks

first_img in Daily Dose, Featured, Market Studies, News Sign up for DS News Daily Subscribe The Best Markets For Residential Property Investors 2 days ago October 26, 2020 14,542 Views Home / Daily Dose / Fintech Vs. Traditional Lending Risks Share Save Tagged with: FinTech Lending Risk Underwriting 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 Previous: 10 Cities with the Most Financial Distress from COVID-19 Next: Minority Households Disproportionately Feel Recession-Related Pain Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Related Articles  Print This Post About Author: Christina Hughes Babb Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago FinTech Lending Risk Underwriting 2020-10-26 Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago Fintech reportedly is allowing lenders to close on mortgage loans faster than in the past, and, especially as the market shifts increasingly digital, all signs point to its growth in mortgage lending. Researchers have found fintech lenders tend to take on certain risks that traditional lenders do not—though, for a few reasons, this is counterintuitive—leaving fintech loans more likely to default.Conventional wisdom suggests that fintech lenders gather better-rounded, deeper insight into applicants banks might reject following a standard credit check, wrote Harvard Business School’s Rachel Layne. She continues, “Fintech lenders claim to consult additional metrics like utility bills or rent payments to identify creditworthy individuals that are overlooked by traditional lenders.” She sourced a research paper by Harvard’s Marco Di Maggio, Associate Professor of Business Administration, and Georgia State’s Vincent Yao, in which the authors compared unique individual-level data covering fintech and traditional lenders.Di Maggio expounded, “If you put [our] results into the context that most of the fintech companies assertion that they use alternative data, it’s very surprising that their borrowers are more likely to default.” Still, as Layne sums it up on Harvard’s Working Knowledge blog, data in the “Fintech Borrowers” study show that “consumers who turn to fintech lenders are more likely to spend beyond their means, sink further into debt, and ultimately default more often than people with similar credit profiles borrowing from traditional banks.”While researchers focused heavily on the personal credit market, they studied all types of loans; the authors cited mortgage market studies while, overall, tracking 3.79 million loans for 1.88 million borrowers.The researchers added a potential upside for fintech lenders: “Their borrowers tend to be loyal, take out more loans over time, and are apt to get additional credit when they need it most, such as after a job loss.”Beyond paperwork, and possibly the number of factors underwriters observe, what other differences in these two types of lending affect risk?Fintech lenders might be able to operate where the banks do not find it profitable, Di Maggio and Yao reported, citing a 2014 Chase annual report wherein the CEO told investors, “There are hundreds of startups with a lot of brains and money working on various alternatives to traditional banking. The ones you read about most are in the lending business, whereby the firms can lend to individuals and small businesses very quickly and—these entities believe—effectively by using Big Data to enhance credit underwriting. They are very good at reducing the pain points in that they can make loans in minutes, which might take banks weeks.”Researchers turned to their main results and examined whether fintech loans exhibit different performance than loans granted by traditional institutions in the 15 months following origination.”We find that fintech loans are significantly more likely to be in default…The results are also economically meaningful, they wrote. “In fact, we find that the fintech loans exhibit a 1.1% higher default probability, which is large compared to the sample mean of 1.4%. In addition, the relative underperformance persists for our entire time window starting in month five after origination.”The researchers presented data that they say backs up the idea that borrowers turning to fintech might be disposed to consume or spend more than they can afford (which leads to increased debt and ultimately, default).”The evidence points out that the increased ease and speed with which borrowers can have access to credit is particularly appealing to certain households who tend to use these funds, in conjunction with other forms of credit, to sustain their consumption, which ultimately makes them more financially vulnerable,” the authors said. “These results might also inform the debate about the need to provide clearer guidelines and regulatory scrutiny for those new institutions operating in this market. In the same way in which the Dodd-Frank Act induced banks to be more concerned about the borrowers’ ability to repay, a similar intervention in this unsecured lending market might reduce the negative consequences of granting loans to borrowers who are bound to default…”The researchers look further at history and policy to anticipate problems their findings would present and possible solutions.They added that one significant challenge for policy makers is that, “Curbing the credit provided by fintech lenders could negatively impact the most credit-constrained borrowers.”However, they continue, “in the same spirit as regulators introduced the ‘ability to repay’ rules for mortgage products in the aftermath of the subprime crisis, one dimension of interest for regulators might be the need for fintech lenders to more closely monitor the borrowers’ ability to service their unsecured debt and the way these additional funds are actually used by the borrowers.”The 27-page paper published in September can be found here, or visit Harvard’s Working Knowledge blog here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Fintech Vs. Traditional Lending Riskslast_img read more

COVID-19 Vaccine Could Help Boost Urban Real Estate

first_img Related Articles COVID-19 Vaccine Could Help Boost Urban Real Estate  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 Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Andy Beth Miller 2020-11-19 Cristin Espinosa Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / COVID-19 Vaccine Could Help Boost Urban Real Estate Servicers Navigate the Post-Pandemic World 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago CNN Business recently posted a report covering the possibilities of how a COVID-19 vaccine could directly affect the real estate market. According to real estate and economy experts, the arrival of a vaccine could really begin to turn the market around.Currently, the pandemic and historically low mortgage rates and home inventory have driven up home prices to where we are now seeing record high price tags throughout the nation. However,  studies show that the most costly areas (urban cities, like New York and San Fransisco) are among the few locales that are experiencing the opposite, as people move away to the suburbs, driving rent and home price tags lower.According to the experts, the promise of a vaccine could turn the tide for these urban areas, bringing real estate demand back to the cities. Jonathan Miller, president of Miller Samuel and a real estate appraiser and consultant in New York City, commented on this possibility and how it would come about: “It’s not going to be a light switch, but the news is starting to get people to be hopeful and think about returning to the city. Because right now, without a vaccine, it is status quo.”Even though an approved and ready-to-go vaccine is still a ways away, people are beginning to cautiously become more hopeful and optimistic about real estate market recovery, especially in the hard-hit cities. Also according to Miller, after the arrival and usage of the vaccine becomes more and more widespread—and life begins to be and feel more normal—that city real estate markets will likewise be on the mend (more and more).”Once the vaccine is out and the population begins seeing schools reliably open and the big companies bringing people back in, that’s where it snowballs,” Miller said. “Then people can make plans around it.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News November 19, 2020 1,268 Views Previous: How Mortgage Servicers Can Turn COVID’s Biggest Challenges into Customer Retention Next: a360inc Further Expands Real Estate Settlement Services Andy Beth Miller is an experienced freelance editor and writer. Her main focus is travel writing, and when she is not typing away from her computer at her home in the Hawaiian Islands, she is regularly roaming the world as a digital nomad, and loving every minute of it. She has been published in myriad online and print magazines, is a fan of all things outdoors, and finds life (and all of its business, technological, and cultural facets) fascinating in their constant evolution. She is excited to spectate as the world changes, and have a job that allows her to bring a detailed account of those constant shifts to her readers at home and abroad. Subscribelast_img read more

Ocwen Closes MSR Joint Venture

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Millennial Purchases Pick Up in March Next: Price, Competition, Speed of Sale Set Housing Market Records Ocwen Closes MSR Joint Venture in Daily Dose, Featured, Journal, News, Secondary Market The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Glen A. Messina mortgage servicing rights (MSRs) MSR Asset Vehicle LLC Ocwen Financial Corporation PHH Mortgage Corporation Texas Capital Bank 2021-05-07 Eric C. Peck Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Eric C. Peck Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Subscribecenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago 23 days ago 773 Views Ocwen Financial Corporation has announced the completion of a previously announced transaction with funds managed by Oaktree Capital Management LP to operate a mortgage servicing rights (MSR) investment joint venture, MSR Asset Vehicle LLC (MAV).Ocwen and Oaktree will invest up to $250 million of capital into MAV to acquire Fannie Mae and Freddie Mac MSRs. The parties will fund the investment on a pro rata basis equal to their respective ownership interest of 15% for Ocwen and 85% for Oaktree. MAV is currently approved to purchase Freddie Mac MSRs, and expects to receive approval to purchase Fannie Mae MSRs in the near future.“We are very pleased to complete the transaction and begin operating MAV with Oaktree,” said Glen A. Messina, President and CEO of Ocwen. “This is an important component of our growth strategy as it allows us to significantly expand our participation in the bulk market and grow servicing and subservicing on a capital efficient basis.”PHH Mortgage Corporation, a subsidiary of Ocwen, will act as the sole provider of subservicing, portfolio recapture services and certain other administrative services to MAV. The company expects MAV to add up to $60 billion of subservicing unpaid principal balance (UPB) for PHH.Ocwen recently reached multiple agreements with Texas Capital Bank to acquire the Bank’s Correspondent Lending business, which originated approximately $2.4 billion of volume in the fourth quarter of 2020. Ocwen also entered into an agreement with Texas Capital Bank to purchase, in bulk, MSRs attributable to a mortgage loan portfolio approximating $14 billion, with approximately 60,000 loans expected to transfer to the PHH Mortgage servicing platform in Q3 of 2021.“Our recently announced transaction with Texas Capital Bank to purchase $14 billion in bulk MSRs is expected to provide roughly 25% of the targeted servicing UPB for MAV, and we expect to accelerate funding in the third quarter,” said Messina. “We are excited about our alliance with Oaktree and look forward to working with them to reach the full potential of MAV.” Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Glen A. Messina mortgage servicing rights (MSRs) MSR Asset Vehicle LLC Ocwen Financial Corporation PHH Mortgage Corporation Texas Capital Bank Share Save The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Ocwen Closes MSR Joint Venture  Print This Postlast_img read more

Working group to make business easier to do in Donegal

first_imgNews Working group to make business easier to do in Donegal Facebook Facebook Twitter Google+ WhatsApp Google+ PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Further drop in people receiving PUP in Donegal RELATED ARTICLESMORE FROM AUTHOR Twittercenter_img 365 additional cases of Covid-19 in Republic WhatsApp Previous articleNCBI warn that sight loss is becoming a growing problem in DonegalNext articleRape charges dropped against Derry man in New York News Highland Pinterest Pinterest Man arrested on suspicion of drugs and criminal property offences in Derry By News Highland – September 28, 2011 Main Evening News, Sport and Obituaries Tuesday May 25th Donegal County Council is to establish a working group ahead of the 2012 budget to discuss ways of making it easier to do business in the county.The move is off the back of a motion from Councillor Barry O’Neill who wants more done to assist smaller business survive in these more challenging times.Councillor O’Neill says the amount of vacant business premises in towns and villages is a cause of concern…[podcast]http://www.highlandradio.com/wp-content/uploads/2011/09/oneillam.mp3[/podcast] 75 positive cases of Covid confirmed in Northlast_img read more