Watt: Challenges Facing African American Homeownership

first_img Tagged with: FHFA Mel Watt Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Government, News August 3, 2017 1,665 Views Subscribe Home / Daily Dose / Watt: Challenges Facing African American Homeownership Share Save The Best Markets For Residential Property Investors 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago 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] Related Articles At the National Association of Real Estate Brokers’ 70th Annual Convention, Federal Housing and Finance Agency Director Mel Watt brought up issues facing African American Homeowners and what can be done to fill critical parts of the Real Estate Brokers’ mission—ensuring access to credit and ensuring sustainable homeownership for African Americans.According to Watt, the reasons African American home ownership has declined start with historical factors. Disproportionate African American unemployment and under-employment, low and stagnant wages, non-existent and depleted savings, and lower wealth in general. In addition to this, bad business practices such as subprime lending and predatory lending that targeted minorities with mortgages that were designed to fail, upon many other things.Secondly, the increase in people in general, but especially millennials, to want to be flexible and rent instead of buy has affected homeownership rates. Lastly, cultural and social change, such as the delay in marriage, has increased. Most couples after marriage buy houses, but with the delay, homeownership is being delayed, too.Though Watt acknowledged that homeownership isn’t right for everyone, he explained that everyone should be advocating for African Americans to diversify their investments beyond just their homes, as homeownership has been a great way for families to build wealth thus far.“Studies confirm that, even after accounting for the severe adverse impact of the housing crisis, homeownership continues to be a powerful tool for building wealth in our communities,” Watt said.The FHFA along with Fannie Mae and Freddie Mac who are in conservatorship, have taken steps to improve access to credit, which is one of the most challenging parts many African American’s face when obtaining a mortgage.“Our analysis showed that many borrowers were creditworthy and could sustain paying a mortgage, but they did not have the money to cover a large down payment and closing costs.  So we approved a limited program that allowed the Enterprises to purchase mortgages with only a three percent down payment.”Watt hopes to further the understanding of some of the challenges African Americans face in the housing market and how the FHFA and GSEs are contributing to find a solution to the problems.“More importantly, I hope my comments reaffirm our commitment to making progress as we seek to reach our common goals,” Watt said.To see the full speech, click here.center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 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 Demand Propels Home Prices Upward 2 days ago Previous: Secretary of Treasury: A History Next: All’s Not Fair With Gender Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brianna Gilpin Demand Propels Home Prices Upward 2 days ago Watt: Challenges Facing African American Homeownership FHFA Mel Watt 2017-08-03 Brianna Gilpinlast_img read more

Home Buying Goes High-tech

first_img Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago January 16, 2018 1,716 Views Previous: Navigating Safe Harbors and HOAs Next: Supreme Court Case Could Shift Future of CFPB Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Home Sellers Homebuyers Housing Market real estate smart home smart technology virtual tour Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Home Buying Goes High-tech Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Virtual reality (VR) and smart technology are here to stay, when it comes to buying or selling a home according to the Coldwell Banker Real Estate Smart Home Marketplace Survey, published by real estate brokerage firm Coldwell Banker.According to the online survey conducted by Harris Poll among 3,000 adults across the U.S., VR is poised to become the next big revolution in real estate with 77 percent of the respondents saying that they would like to take a VR house tour before actually visiting a prospective home. In fact, the desire for VR tours is almost on par with traditional video tours, with 84 percent agreeing that they would like to be able to see video footage of prospective homes before visiting.One of the uses for a virtual tour for 68 percent of homebuyers was being able to see how their current furniture would fit into a prospective home. And that’s not all. Even when it came to choosing a real estate sales associate, 62 percent said they would prefer someone who offered virtual house tour capabilities that could be available on computer and smartphone, as a service for their clients.If buyers are keen on virtual tours, sellers would like to get suggestions from their real estate agents on staging their homes with smart home products and technology to help them increase the value for their homes. Around 42 percent sellers agreed that they would look to their real estate agent to provide them with information about how smart technology or products could impact the sale of their homes while 32 percent agreed they would look to their real estate agent to provide them with information about smart home technology and how it would add value for buyers.Speaking of technology, smart thermostats were the most wanted piece of tech for buyers with 77 percent saying they would want smart thermostats pre-installed in a home, followed by 75 percent saying they would like smart fire detectors pre-installed. Smart carbon monoxide detectors, smart camera, smart lock and smart lighting systems were some other gadgets that buyers would like pre-installed in a prospective home. in Daily Dose, Featured, Market Studies, News 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 Home / Daily Dose / Home Buying Goes High-tech Demand Propels Home Prices Upward 2 days ago Home Sellers Homebuyers Housing Market real estate smart home smart technology virtual tour 2018-01-16 Staff Writer Subscribelast_img read more

Blend to Further Digital Mortgage Process With Fannie Mae

first_img Tagged with: Blend Fannie Mae HOUSING mortgage Secondary Market Technology Previous: Arch Capital Reports Growth in Net Income in Q4 Next: Ellie Mae Announces New Executive Leadership About Author: Nicole Casperson Home / Daily Dose / Blend to Further Digital Mortgage Process With Fannie Mae February 18, 2018 2,436 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img  Print This Post in Daily Dose, Featured, News, Secondary Market, Technology Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Blend Fannie Mae HOUSING mortgage Secondary Market Technology 2018-02-18 Nicole Casperson Demand Propels Home Prices Upward 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Blend, a California-based technology company created to drive the consumer lending industry into the digital age, recently announced it’s the first end-to-end platform will be approved to provide asset verification reports for the Desktop Underwriter (DU) validation service, a component of Day 1 Certainty by Fannie Mae.Fannie Mae’s DU validation service is designed to provide customers with enhanced loan origination controls, improved processes, and certainty around the borrower’s assets, income, and employment information, in addition to relief from representations and warranties on validated loan components.Brian Martin, leader of Blend’s Business Development team said the company’s relationship with Fannie Mae allows Blend to offer lenders seamless integration with Day 1 Certainty right out of the box—there are no additional borrower or lender actions required to realize the benefits.”Everyone involved will benefit from reduced paperwork, significantly lower risk, and an accelerated mortgage process,” Martin said. “Our work with Fannie Mae will continue to target a more frictionless process that better serves borrowers.”The streamlined account connectivity in Blend’s consumer lending process means lenders, who already see up to 70 percent of their borrowers connecting directly to source data, now have their loans with validated components automatically eligible for Day 1 Certainty.”We’re excited to have a full solution in Blend with Day 1 Certainty embedded available for all our borrowers,” said SWBC Mortgage CEO Susan Stewart. “Blend and Fannie Mae have been incredible partners on our journey to transform the mortgage process, and we look forward to taking this next big step toward a truly digital mortgage together.” Blend to Further Digital Mortgage Process With Fannie Maelast_img read more

Mortgage Delinquencies Dip, Foreclosure Starts Spike

first_img Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: The Industry Pulse: Updates on Morningstar, CoreLogic, and More … Next: Can Online Lending Decrease Risk? Mortgage Delinquencies Dip, Foreclosure Starts Spike The Best Markets For Residential Property Investors 2 days ago Black Knight Delinquencies Delinquency Delinquency Rate Foreclosure Foreclosure Starts hurricane harvey Hurricane Irma Hurricane Maria hurricanes Mortgage delinquency Serious Delinquencies 2018-02-22 David Wharton Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Mortgage delinquencies dropped 8.6 percent between December and January, but remained up year-over-year, according to the latest First Look at January mortgage performance data from Black Knight, Inc.Black Knight cites calendar-related effects and a continued decrease in hurricane-related delinquencies for driving the number of past-due mortgages down in January 2018. As Black Knight’s data explains, December ended on a Sunday, meaning payments could not be processed on the final two days of the month. This helped artificially inflate the December delinquency rate, which explains in part why January saw such a sharp decline. When combined with the fact that there were fewer hurricane-related delinquencies, this drove a decrease of 210,000 past-due mortgages between December and January.Nevertheless, the delinquency rate was still elevated year-over-year—up 1.6 percent compared to January 2017. Moreover, while hurricane season’s impact on delinquencies continues to diminish, things certainly have not completely stabilized. Black Knight reports that there are still 146,000 loans in some stage of delinquency as a result of Hurricanes Harvey and Irma, 132,000 of which are now seriously delinquent.Black Knight also provided an early look at January data on the Puerto Rico mortgage market, which, like much of the island, was severely impacted by Hurricane Maria. According to Black Knight, 57,000 loans are still delinquent as a result of Maria, with 49,000 of them more than 90 days past due.Many of the delinquent homes in Puerto Rico were granted extra time in the form of widespread foreclosure moratoria. However, many of these moratoria are beginning to expire, resulting in a spike in January foreclosure starts as these loans reverted to foreclosure status. Foreclosure starts came in at 62,300 for the month of January, marking a 12-month high, although Black Knight points out that “this reflects that procedural shift and not the resuming of active foreclosure actions (though suggests that is a possible scenario when the moratoria do officially end).”The population of loans in active foreclosure increased by 6,000 from December to January. Also, the share of seriously delinquent/active foreclosure population that moved through to foreclosure sale (completion) in January climbed 42 percent from December, although Black Knight notes that December’s numbers were artificially low due to the annual holiday season moratorium on foreclosures.The top 5 states in terms of 90+ days delinquent percentage were Florida (3.96 percent), Mississippi (3.37 percent), Louisiana (2.68 percent), Texas (2.33 percent), and Alabama (2.13 percent).You can read Black Knight’s full January First Look at January mortgage performance data by clicking here. Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: David Wharton Related Articles Home / Daily Dose / Mortgage Delinquencies Dip, Foreclosure Starts Spike Tagged with: Black Knight Delinquencies Delinquency Delinquency Rate Foreclosure Foreclosure Starts hurricane harvey Hurricane Irma Hurricane Maria hurricanes Mortgage delinquency Serious Delinquencies in Daily Dose, Featured, Foreclosure, Headlines, Journal, News February 22, 2018 3,200 Views Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Fannie Offers Sixth Sale of Reperforming Loans

first_img Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Fannie Offers Sixth Sale of Reperforming Loans in Daily Dose, Featured, Government, Journal, News, Secondary Market March 13, 2018 5,582 Views On Tuesday, Fannie Mae announced its sixth sale of reperforming loans. Reperforming loans are mortgages that had become delinquent, but which have recovered thanks to borrowers either catching up on their payments or working to secure loan modifications.This sixth sale of reperforming loans is comprised of approximately 9,400 loans, encompassing a total unpaid principal balance of around $1.97 billion. The sale is available only to qualified bidders, and bids are due by April 4, 2018. The sale is being marketed by Fannie in collaboration with Citigroup Global Markets, Inc.Interested bidders should take note that there are some stipulations that accompany the sale, however. According to Fannie, buyers of the reperforming loans must “offer loss mitigation options designed to be sustainable to any borrower who may re-default within five years following the closing of the reperforming loan sale.” Buyers are also required to report any loss mitigation outcomes. Those requirements phase out “once a loan has been current for twelve consecutive months after the closing of the reperforming loan sale.”Fannie previously offered its fifth sale of reperforming loans in October 2017. That offering included around 9,900 loans with a total unpaid principal balance of approximately $2.2 billion. The fourth such sale was announced in August, with 10,700 loans and an unpaid principal balance of $2.43 billion.The sales of non-performing loans were enacted as a part of the Federal Housing Finance Agency’s 2015 Conservatorship Scorecard. Back in March of 2015, the Federal Housing Finance Agency (FHFA) announced guidelines for these sales to encourage broad buyer participation and provide safeguards for borrowers.You can find more information about Fannie’s latest offering of reperforming loans, including details about the specific pools available, by clicking here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Previous: Reverse Mortgage Securities Market Booming—for Now Next: Mortgage & LGBT Leaders Work Toward Diversity and Inclusion Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Fannie Offers Sixth Sale of Reperforming Loans Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Tagged with: Fannie Mae Loan Modifications Mortgage Delinquencies Nonperforming loans Reperforming Loans The Best Markets For Residential Property Investors 2 days ago About Author: David Wharton Fannie Mae Loan Modifications Mortgage Delinquencies Nonperforming loans Reperforming Loans 2018-03-13 David Wharton The Best Markets For Residential Property Investors 2 days ago  Print This Post Related Articles Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

A Snapshot of Single-Borrower SFR Securitizations

first_img Previous: Fannie Mae Responds to Hensarling Critiques Next: Study: Tax Savings to Benefit Housing Market Home / Daily Dose / A Snapshot of Single-Borrower SFR Securitizations About Author: David Wharton in Daily Dose, Featured, Investment, Journal, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Kroll Bond Rating Agency has released Single-Borrower SFR: Performance Snapshot, examining the performance of 25 outstanding single-borrower, single-family rental (SFR) securitizations, as of March 2018. The March Performance Snapshot reveals an average contractual rent rate increase of 7.2 percent since issuance among the SFR securitizations tracked by Kroll.Kroll reports that the tracked SFR securitizations had experienced, on average, 21 months’ worth of seasoning, ranging between a single month and 43 months. For comparison’s sake, CoreLogic Home Price Index (HPI) data shows that home prices have appreciated by 14.0 percent, on average, since the issuance of the respective SFR deals.Kroll reports that the vacancy rate across its tracked SFR portfolios ranged from 2.3 percent to 7.2 percent—averaging 4.4 percent.“As of March 2018, five SFR operators own more than 180,000 homes, of which 91,934 are included in the 25 securitizations covered in this report,” the Performance Snapshot states. “Loan-to-value (LTV) ratios across all transactions have continued to decline since the issuance average of 73.7 percent to a Current Implied LTV of 64.7 percent.”Atlanta, Georgia, is the market with the greatest number of homes represented in these securities at 14 percent, amounting to 12,786 homes. Dallas, Texas, is next at 6.8 percent and 6,243; followed by Phoenix, Arizona, at 6.8 percent and 6,215; Tampa, Florida, at 6.8 percent and 6,206; and Charlotte, North Carolina, at 6.7 percent and 6,193.CoreLogic recently examined SFR investment performance in its U.S. Economic Outlook for May 2018. In a video posted to the company’s official blog, CoreLogic Chief Economist Dr. Frank Nothaft reported that “one-family rental houses, either detached or attached, have grown from 11.3 million in 2006 to 15.3 million in 2016, or from 17 percent to 23 percent of the one-family occupied stock.” CoreLogic also compared single-family rental investment to other types of real estate investment, including industrial, retail, multifamily, office, and hotel. CoreLogic found that SFR annual total return averaged 9 percent, as compared to 13 percent for industrial and 8 percent for hotel. Kroll Bond Ratings Agency rental investments Single Family Rental 2018-05-20 David Wharton A Snapshot of Single-Borrower SFR Securitizations  Print This Post 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 Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Share Save 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] The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago May 20, 2018 2,568 Views Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Kroll Bond Ratings Agency rental investments Single Family Rental Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Home Price Pessimism on the Rise?

first_img 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. Share Save Sign up for DS News Daily Tagged with: Home Prices Homebuyers Homeowners Homes HOUSING housing costs Income Remorse valueinsured Demand Propels Home Prices Upward 2 days ago Homebuyer remorse is on the rise, according to the latest ValueInsured Modern Homebuyer Survey. In a market driven by low inventory and heavy competition that has steadily escalated home prices for a few years now, buyers are increasingly regretting how much they’ve paid for their new homes.“Home payments in some areas are swallowing up 45 percent of local median income,” ValueInsured wrote. In these areas, “expectation of buyer’s remorse is high.”According to the findings, two-thirds of homebuyers and almost 70 percent of homeowners expect to have buyer’s remorse within a year. A quarter of those said they expect to have the same level of remorse reported by buyers just prior to the crash in 2008.The second finding, at first glance, might seem counter-intuitive, given that these are homeowners who presumably would place a higher value on homeownership, ValueInsured wrote. “However, when layering this finding and other homeowner insights from the survey onto our current housing market, it makes sense.”Between 55 and 60 percent of buyers and owners said people who buy in their neighborhood now are overpaying; even more said that if they were to buy a home now, they would be buying high.Homeowners in California and Texas–“two of the most overheated housing states”–are the most pessimistic about the sustainability of home prices, according to ValueInsured. Eighty percent of owners in these two states (vs. 71 percent nationally) believe a housing correction will happen within two years. “In Texas, 44 percent of all existing homeowners believe a housing correction is already underway in their area,” ValueInsured said. This, the report stated, “reaffirms the astute sensibility of homeowners who seem to have foreshadowed the latest Case-Shiller Home Price Index report released this week showing Dallas-area home prices growing at the slowest pace in five years.”Among potential buyers, the sentiment is only slightly less pessimistic. Sixty-five percent of buyers said a housing correction will happen within the next two years.  (71 percent homeowners vs. 65 percent non-homeowners). Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home Prices Homebuyers Homeowners Homes HOUSING housing costs Income Remorse valueinsured 2018-07-05 Radhika Ojha in Daily Dose, Featured, Market Studies, News July 5, 2018 1,801 Views Home / Daily Dose / Home Price Pessimism on the Rise? Home Price Pessimism on the Rise? Previous: Court Extends TSA Program for Puerto Rico Evacuees Next: Investment and Vacation Homebuyerscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Scott Morgan Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Subscribelast_img read more

Eviction Actions Halted Amid Coronavirus Emergency

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago As more and more people are isolated to contain the spread of the novel coronavirus, Miami and San Jose, California have temporarily stopped all evictions, while other cities are considering doing the same. New York State halted evictions on Sunday, and in a memo, New York Judge Lawrence Malks specified that courts other than the Supreme Court will remain open for civil matters, for “essential applications as the courts allow.”North Carolina has stopped eviction and foreclosure hearings for the next 30 days, and in California, the San Jose City Council approved a proposal preventing evictions amid the coronavirus emergency while San Francisco officials are putting forward similar legislation.“We must avoid the creation of a greater public health emergency that would result from subjecting thousands more families to homelessness, and we must protect our residents from the fear of potential eviction resulting from economic dislocation,” San Jose Mayor Sam Liccardo said when proposing the city’s temporary moratorium on evictions.In other cities, mayors have declared states of emergency that bar evictions from moving forward, including Miami-Dade County, Florida and Baltimore. In Boston, Mayor Martin Walsh stated he had asked the Massachusetts court system “to offer leniency to those facing non-essential evictions” as consumer advocates called for a ban on the practice during the infectious disease pandemic.Denver, Seattle, Portland, and San Antonio have all announced a suspension in evictions during the outbreak, The Hill reports. Most orders have a 30-day limit as of now, CNN noted, but San Antonio’s suspension says it will continue “until further notice” and Boston’s is set in place to continue for 90 days, with reviews every 30 days.In Seattle, Mayor Jenny Durkan  said a moratorium would be placed on residential evictions last week.“We have entered an unprecedented era for our City,” she said in a statement. “Too many families are already struggling, and COVID-19 virus has disproportionately affected the communities who can least afford it.” March 17, 2020 2,592 Views Sign up for DS News Daily Related Articles Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Tagged with: Eviction Foreclosure The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Eviction Actions Halted Amid Coronavirus Emergency The Best Markets For Residential Property Investors 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. Subscribecenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Eviction Foreclosure 2020-03-17 Seth Welborn  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Eviction Actions Halted Amid Coronavirus Emergency Servicers Navigate the Post-Pandemic World 2 days ago Previous: Legal Challenges: Education is Key Next: Fed Official: More Monetary Policies Available in Daily Dose, Featured, Foreclosure, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn Demand Propels Home Prices Upward 2 days agolast_img read more

Financial Services Committee Discusses Implementation of CARES Act

first_img Servicers Navigate the Post-Pandemic World 2 days ago July 16, 2020 1,234 Views Financial Services Committee Discusses Implementation of CARES Act in Daily Dose, Featured, Government, News Subscribe Chuck Green has contributed to the Wall Street Journal, Washington Post, Los Angeles Times, San Francisco Chronicle, Chicago Tribune and others covering various industries, including real estate, business and banking, technology, and sports. Previous: Understanding Foreclosure Process on Digital Mortgages Next: Inability to Pay Mortgage Tops Consumer Complaints to CFPB Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles 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 About Author: Chuck Greencenter_img Sign up for DS News Daily Share Save Coronavirus Forbearance House Committee on Financial Services 2020-07-16 Mike Albanese  Print This Post Democratic Congressman Al Green of Texas believes something’s amiss when it comes to home foreclosures among those of color.In a Thursday morning virtual webcast hearing, Green, Chairman of the Subcommittee on Oversight and Investigation—Protecting Homeowners During the Pandemic: Oversight of Mortgage Servicers’ Implementation of the CARES Act, expressed “consternation” over the fact that, too often, borrowers with the 180-day forbearance set in the CARES Act instead received instead only 90 days. A number of borrowers are unaware of this discrepancy and many are “those of color. It seems like this, like many other things, is having a disproportionate impact on persons of color, which causes me a good deal of consternation,” said Green.The Congressman indicated he had evidence of this failure to comply stemming from a request by one of his constituents who brought it to the attention of his office.Another stickler: the forbearance agreement has been perceived by some to be an honors system; that is, it could be determined whether borrowers are afforded the full 180 days, initially with the opportunity to exempt another 180 days, said Green, who noted this was never intended. Instead, he explained, “it was my intent that the borrowers would acquire the 180 days and then could opt to have another 180 days,” otherwise compelling borrowers to consider filing a lawsuit; litigation, hire a lawyer, and taking the matter to court. “I’m very concerned about this,” said Green.Meantime, ranking member Andy Barr, a Democratic Congressman from Kentucky, said COVID-19’s sparked, among other things, a government-imposed shutdown of the economy; disrupted the lives and livelihoods of citizens across the country; compelled businesses to shutter; and precipitated skyrocketing unemployment. Furthermore, workers who remained employed face uncertain prospects for their long-term stability, putting families at risk of losing their homes.Barr said the CARES Act created forbearance options for struggling homeowners. “At the peak, approximately 4.7 million families were in forbearance and many more would have undoubtedly lost their homes or struggled to make payments.” The CARES Act made it easier for homeowners to pay their mortgages, for families to stay in their homes and for small businesses “to build a bridge to the other side of the crisis,” continued Barr.“We’ve seen the number of mortgages in forbearance decrease since the peak, declining a full 13% since May,” he added. “However, we’re not yet out of the woods; there still are millions of homeowners facing hardship and requiring additional assistance.”The CARES Act (Pub. L. No. 116-136; the “Act”) was enacted on March 27, 2020, to provide financial assistance and other types of relief as the negative economic impact of the COVID-19 pandemic set in across the country, according to DS News.Abetting the efforts of Americans struggling to make mortgage payments due to the economic slowdown caused by the pandemic are addressed in the consumer finance provisions under TITLE IV of the Act. Covered by these provisions are “Federally backed mortgage loans,” defined under the Act as any loan which is secured by a first or subordinate lien on residential real property designed principally for the occupancy of from one-to-four families that is:Insured by the Federal Housing Administration or under the National Housing Act;Guaranteed or insured by the Department of Veterans Affairs or the Department of Agriculture; orPurchased or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association.Under Title IV of the Act the consumer finance provisions directly address helping Americans struggling to make mortgage payments due to the economic slowdown caused by the pandemic.  helping Americans struggling to make mortgage payments due to the economic slowdown caused by the pandemic. Demand Propels Home Prices Upward 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 Tagged with: Coronavirus Forbearance House Committee on Financial Services The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Financial Services Committee Discusses Implementation of CARES Actlast_img read more

Gardai warn that dangerous driving will be dealt with severely over rally weekend

first_img Twitter Pinterest RELATED ARTICLESMORE FROM AUTHOR Google+ WhatsApp Homepage BannerNews Gardai warn that dangerous driving will be dealt with severely over rally weekend Calls for maternity restrictions to be lifted at LUH Almost 10,000 appointments cancelled in Saolta Hospital Group this week Twitter WhatsApp Gardai are warning that ‘boy-racers’ at the Joule Donegal International Rally will be dealt with severely this weekend.Inspector Michael Harrison said anyone coming into the county in modified cars and performing illegal manoeuvres will find themselves before the courts.But he is also stressing that the vast majority of those following the rally do not break the law.Inspector Harrison said that a small minority of spectators will do so and will be dealt with….Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/06/mharrrally.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.center_img Nine Til Noon Show – Listen back to Wednesday’s Programme Facebook Previous articleKielt leaves Derry as Donegal’s Boyle heads for BostonNext articleChampionship leader Donagh Kelly relaxed but confident ahead of Donegal Rally admin By admin – June 18, 2015 GAA decision not sitting well with Donegal – Mick McGrath Google+ LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Guidelines for reopening of hospitality sector published Pinterest Facebooklast_img read more