Massachusetts AG Urges FHFA to Make More Changes to Buyback Policy

first_img 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 in Daily Dose, Featured, News, REO Servicers Navigate the Post-Pandemic World 2 days ago The Federal Housing Finance Agency (FHFA) recently changed its policy regarding buyback of REO properties through Fannie Mae and Freddie Mac, but Massachusetts Attorney General Martha Coakley thinks the agency could do more.Coakley sued the GSEs in June, claiming their refusal to engage in foreclosure buyback programs was a violation of Massachusetts’ foreclosure prevention law. The suit was dismissed and Coakley is considering making an appeal; however, many viewed the recent FHFA policy changes as a partial victory for Coakley.In a letter to FHFA Director Mel Watt dated December 8, Coakley praised the changes announced by the agency that went into effect in late November allowing a former homeowner, or a third party representing that homeowner, to buy back his or her house following a foreclosure at fair market value instead of the entire amount on the mortgage. But Coakley also spelled out three ways in which she thought the agency could further improve its buyback policy.”We are pleased that FHFA now has agreed to reverse in part its position regarding buyback programs that were a major component of our lawsuit. We are considering this development as we weigh our options for appeal in that case,” Coakley wrote in her letter. “Because of this policy change, numerous families in Massachusetts will no longer face eviction at the hands of the GSEs, but will instead be able to repurchase their homes at the market rate. This policy change also makes financial sense for the GSEs, as they will recoup at least the property’s current market value, yet they will avoid the cost of owning, maintaining and marketing these REO properties, as well as the cost incurred by suing to evict families from their former homes. By any measure, this is an outcome that benefits all stakeholders: the GSEs, the affected families, and the communities in which they live. As encouraged as we are by this policy change, we believe it does not go far enough.”First, Coakley said the policy should cover a larger inventory of houses. The changes announced applied only to the GSEs’ existing inventory (as of November 25, 2014) of single-family REO properties, which currently totals about 121,000. The policy change does not apply to homes on which the foreclosure process began after November 25, 2014.Second, Coakley encouraged the FHFA to include pre-foreclosure sales, or short sales (sales in which the buyer pays less than the outstanding mortgage balance for the home) in its buyback policy.”There is no principled reason to limit the new policy to sales of REO properties,” Coakley wrote. “Instead, the opposite is true: in a short sale, the GSEs avoid the cost of foreclosure altogether, which is also an enormous benefit to the homeowner and surrounding community.”Third, Coakley urged the FHFA in her letter to re-evaluate its policies on principal reductions to mortgage loans, saying that this could be used as an effective anti-foreclosure tool.”A loan that is modified such that the borrower can afford to stay in the home and continue paying the modified loan is generally more financially advantageous for lenders and investors when compared to foreclosure,” Coakley wrote. “As such, the adoption of principal reduction represents a financial benefit to the GSEs, while also stabilizing families and neighborhoods.” Massachusetts AG Urges FHFA to Make More Changes to Buyback Policy Share Save 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. Previous: RoundPoint Upgrades Consumer Ombudsman Program Next: Amended Ohio Foreclosure Expedition Bill Dies in Senate Finance Committee December 10, 2014 1,437 Views Subscribe Home / Daily Dose / Massachusetts AG Urges FHFA to Make More Changes to Buyback Policy The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Fannie Mae FHFA Freddie Mack Massachusetts AG Martha Coakley REO properties 2014-12-10 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Fannie Mae FHFA Freddie Mack Massachusetts AG Martha Coakley REO properties About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago Related Articles Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days agolast_img read more

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Will 2016 Bring Unwelcome Surprises for the Housing Market?

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Boom and Bust Cycles Federal Reserve Forecasts Housing Market Trulia 2015-12-04 Brian Honea Tagged with: Boom and Bust Cycles Federal Reserve Forecasts Housing Market Trulia The mortgage industry is practically holding its breath as 2015 comes to a close and 2016 is just a few weeks away. With it may come a number of welcome and unwelcome surprises, causing pessimism and uncertainty to invade the market.Next year’s housing market will be largely depended on location and housing cost, according to a recent report from Trulia.The last housing boom and bust cycle from 1989 to 2005 lasted almost double the usual seven to 10 years during other periods, the report found.So will 2016’s housing market boom and bust cycle return to historical levels or last longer than the most recent cycle?”For many, owning a home is making a comeback as an essential part of their personal American Dream,” Trulia stated. “At the same time there’s a growing sense that achieving that dream will be difficult in the year ahead.”Survey data from Trulia showed that consumers still believe in the American dream of homeownership, with the share of consumers that desire to own a home rising 1 point to 75 percent, and millennial belief grew 2 points to 80 percent.The expected interest rate hike from the Federal Reserve is also swaying the views of many consumers for the housing market next year. The report showed that 22 percent of Americans think getting a mortgage loan will be more difficult in 2016.”The Federal Reserve has expressed commitment to raising rates at the end of 2015 or early 2016, and consumers may be getting anxious about the prospect of increased mortgage rates…even though increased mortgage rates won’t effect the financial advantages of buying in most housing markets,” Trulia said.But 2016 is not expected to be all bad, in fact, 30 percent of American adults said that 2016 will be better than 2015 for selling a home.Trulia predicts that markets in the ‘Costly Coast,’ or in the West and Northeast regions in the country will decline in activity, while markets in the ‘Bargain Belt,’ or in the Southern and Midwestern.In many of these coastal metros, affordability has decreased, homes are staying on the market slightly longer, and saving for a down payment can take decades. Taken together, these factors suggest that household formation will wane in these metros 2016, which should help moderate price and rent growth. But due to a limited supply of new single-family homes in these metros, we don’t anticipate prices to fall anytime soon.In every category except getting a mortgage to buy a home, those in the combined region of the South and Midwest think 2016 will be better than worse. The largest differential was in selling a home, but those in the Bargain Belt also feel particularly optimistic about buying and renting a home.Buying will remain a better deal than renting nationally, even if mortgage rates increase. But in several California markets, renting might become cheaper than buying. Consumers are also starting to feel pessimistic about homes along the costly coasts.Trulia’s Markets to Watch in 2016:Grand Rapids–Wyoming, MichiganCharleston, South CarolinaAustin, TexasBaton Rouge, LouisianaSan Antonio, TexasColorado Springs, ColoradoColumbia, South CarolinaRiverside–San Bernardino, CarolinaLas Vegas, NevadaTacoma, WashingtonClick here to view the full report. Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News Share Save Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Sign up for DS News Daily Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articlescenter_img December 4, 2015 3,189 Views Home / Daily Dose / Will 2016 Bring Unwelcome Surprises for the Housing Market? The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Treasury: Comprehensive Housing Finance Reform Must Be Built on Core Principles Next: Lawmakers Urge FHFA Director Watt to Consider More Risk Sharing Options About Author: Xhevrije West The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Will 2016 Bring Unwelcome Surprises for the Housing Market? Subscribelast_img read more

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Catching Up With HUD

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Share Save November 21, 2017 1,334 Views in Daily Dose, Featured, Government, News HOUSING Housing Opportunity Through Modernization Act HUD 2017-11-21 rachelwilliams Servicers Navigate the Post-Pandemic World 2 days ago Catching Up With HUD The Best Markets For Residential Property Investors 2 days ago Subscribe Sign up for DS News Daily Tagged with: HOUSING Housing Opportunity Through Modernization Act HUD Rachel Williams attended Texas Christian University (TCU), where she graduated with Magna Cum Laude with a dual Bachelor of Arts in English and History. Williams is a member of Phi Beta Kappa, widely recognized as the nation’s most prestigious honor society. Subsequent to graduating from TCU, Williams joined the Five Star Institute as an editorial intern, advancing to staff writer, associate editor and is currently the editor in chief and head of corporate communications. She has over a decade of editorial experience with a primary focus on the U.S. residential mortgage industry and financial markets. Williams resides in Dallas, Texas with her husband. She can be reached at [email protected] center_img Home / Daily Dose / Catching Up With HUD 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 Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Home Prices Outpace Salaries Next: Facebook Accused of Letting Discriminatory Housing Ads Slip Through Related Articles About Author: Rachel Williams The Week Ahead: Nearing the Forbearance Exit 2 days ago A new HUD webinar breaks down the agency’s Housing Opportunity Through Modernization Act. The 14 easy to follow videos break down the rules and best practices you need to know.last_img read more

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Valuations Are a FORCE to be Reckoned With

first_imgHome / Daily Dose / Valuations Are a FORCE to be Reckoned With Previous: Ohio Courts Could Change Course for Chapter 13 Bankruptcy Next: Affordable Housing Crisis Receiving New Attention in Daily Dose, Events, Featured, Headlines, News, REO The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Subscribe January 29, 2018 4,986 Views Appraisals BPO Broker Price Opinions Federation of REO Certified Experts FORCE FORCE webinar Nancy Braun Showcase Realty Webinar 2018-01-29 David Wharton Valuations Are a FORCE to be Reckoned With About Author: David Wharton Demand Propels Home Prices Upward 2 days ago  Print This Post Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Tagged with: Appraisals BPO Broker Price Opinions Federation of REO Certified Experts FORCE FORCE webinar Nancy Braun Showcase Realty Webinar The Best Markets For Residential Property Investors 2 days ago On Tuesday, January 30, the The Federation of REO Certified Experts (FORCE) presents a brand new webinar spotlighting the true value of broker price opinions, and how to use them to gain more business. The “Value of Valuations” webinar runs from 3 – 4 p.m. CST, and will feature a live Q&A session from Council Chairperson Nancy Braun, Broker and Owner of Showcase Realty. Click here to register for the webinar.For a broker price opinion, or BPO, a bank will hire a real estate agent or broker to prepare a valuation of a property, comparing it to other similar, recently sold properties. The “Value of Valuations” webinar will offer insights on how to build your business by becoming an expert in learning costs and evaluating properties. The webinar will also cover topics such as how to accurately estimate how much REO properties will sell for and communicate this information to asset managers in the form of BPOs and comparative market analyses. Braun will also provide information on how to use BPOs as a “foot in the door” technique to gaining listing assignments.“The Value of Valuations” is just the latest in FORCE’s series of webinar. Other recent such programs include “Channeling New Marketing Strategies in Real Estate” and “State of the FORCE with Five Star President and CEO Ed Delgado.” You can see a full listing of the webinars on the FORCE website.The Federation of REO Certified Experts is the Five Star Institute’s REO member organization comprised of pre-screened, certified, and experienced REO agents. Focused on the improvement of REO agent performance through lender- and servicer-driven education, the FORCE acts as a conduit of communication between the REO agent/broker community and the servicing shops they serve.last_img read more

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The Week Ahead: An Update on Delinquency Levels

first_img Delinquency HOUSING mortgage TransUnion 2018-02-18 Nicole Casperson Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: An Update on Delinquency Levels  Print This Post Home / Daily Dose / The Week Ahead: An Update on Delinquency Levels Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Delinquency HOUSING mortgage TransUnion Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribecenter_img Previous: Brian Grow Appointed as President of Morningstar Credit Ratings Next: Arch Capital Reports Growth in Net Income in Q4 Sign up for DS News Daily About Author: Nicole Casperson Related Articles 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] Share Save February 18, 2018 1,440 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago On Tuesday morning, TransUnion is set to release its Q4 2017 Insights report—which provides analysis of the consumer credit market including home loans.The study is scheduled to reveal the most significant factors that are impacting the economy and housing market. In TransUnion’s Q3 Insights report, credit access was at an all-time high, with 195.9 million consumers having access to revolving credit, including bank-issued and private label credit cards, auto loans, personal loans—and of course mortgages. This number marked the highest level of credit measured by TransUnion.In terms of delinquency levels, the report mentioned that the national serious mortgage borrower delinquency rate, defined as the mortgage payments that are 60 or more days past due, were down approximately 16 percent on an annual basis to 1.91 percent at the end of Q3.The report also found that while delinquency rates were at their lowest point since the Great Recession, the total number of mortgages outstanding increased by almost 1 percent in the last year, marking a tally of 52.7 million.“Serious mortgage delinquency rates continue to drop to new post-recession lows, indicating there may be opportunities to responsibly expand access,” said Joe Mellman, SVP and Mortgage Business Leader at TransUnion.Here’s what else is scheduled for the week ahead:National Association of Realtors Existing Home Sales Report, Wednesday, 10 a.m. ESTMBA Mortgage Applications Survey, Wednesday, 7 a.m. ESTLeading Economic Indicators Index, Thursday, 10 a.m. ESTFed Balance Sheet, Thursday, 4:30 p.m. EST Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

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Rising Rates to Impact Homebuyers

first_img Basis points Bps Federal Reserve FOMC Home HOUSING Interest rates Jerome Powell mortgage Mortgage Rates 2018-03-21 Radhika Ojha The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: New Bill Amends Stress Test Rule of Nonbanks Next: Housing and Technology Converge for Five Star Fintech Summit Tagged with: Basis points Bps Federal Reserve FOMC Home HOUSING Interest rates Jerome Powell mortgage Mortgage Rates Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Rising Rates to Impact Homebuyers in Daily Dose, Featured, Government, Journal, News Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas.  Print This Post Home / Daily Dose / Rising Rates to Impact Homebuyers The Best Markets For Residential Property Investors 2 days ago About Author: Radhika Ojha On Wednesday, after Jerome Powell’s first Federal Open Market Committee (FOMC) meeting as Fed Chair, the Federal Reserve announced that it had increased the Fed funds rate by a quarter point at a target of 1.5 percent to 1.75 percent. Powell had provided an upbeat assessment of the economy and inflationary trends during his Congressional testimony in the run-up to the meeting and the statement released by the Fed shortly after the meeting reflected the central bank’s positive stance on the economy.”In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1-1/2 to 1-3/4 percent. The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2 percent inflation,” the bank said in its statement.These rate hikes impact the housing market as mortgage rates, which have been rising steadily since the beginning of the year are expected to surge further on the back of this hike. The Fed has also been missing on its targets for mortgage holdings which could be another blow for mortgage rates.“The Fed has been meeting its target on the treasuries but missing on the mortgage holdings,” said Tendayi Kapfidze, Chief Economist at LendingTree. “Treasuries are down $41.2 billion since October but mortgages are actually up $2.0 billion. Thus the Fed has actually been detrimental to mortgage rates on the one hand by reducing its holdings of treasuries, but providing some support given that its mortgage holdings are not declining.”“In today’s competitive housing market, rising rates are another hurdle for first-time buyers who don’t have a lot of cash to work with. To date, realtor.com has found the impact of higher home prices has so far dwarfed the impact of higher mortgage rates from a year ago. But with today’s announcement, it looks like this may be changing. As rates move higher, we expect to see their direct impact on buyers grow,” said Danielle Hale, Chief Economist at Realtor.com.According to Kapfidze, the Fed’s balance sheet normalization plan is set to have its second increase in April, which could raise the treasury security target to $18 billion a month and the MBS target to $12 billion a month. “Upward pressure on treasuries should increase and mortgage rates could see more upside in Q2 following the recent leveling off in rates. If the Fed begins to meet its MBS target, that would result in a further upward pressure,” he said. Related Articles Share Save March 21, 2018 2,404 Views Demand Propels Home Prices Upward 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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Last Line of Defense: Claims Management

first_imgEditor’s Note: This feature originally appeared in the August issue of DS News.The teams that oversee the various aspects of pre- and post-foreclosure sale claim production strive toward a single ultimate end goal—to maximize the retrieval of all eligible claim proceeds. They coordinate to secure qualified principal balance deficiencies and default-related servicer advances while maintaining adherence with investor/insurer guidelines. The layered and complex task of claims management relies on continuous oversight, tight production monitoring across numerous functional areas, and reliable quality-assurance measurements. Cross-functional coordination and continuous efficiency are critical to the success of this last line of defense.Navigating the Field: It Takes a TeamClaims management requires more than just one-star player. It does not fall under the scope of one particular position or team. Instead, the expansive activities that directly impact the claims environment generally include property maintenance and preservation, vendor management, eviction, claim preparation, quality assurance, loss analysis, inventory pipeline monitoring, exposure projecting, and corporate advance reconciliation, which includes all post-default recoverable and non-recoverable servicer advances.In order to maximize returns, servicers are charged with successfully navigating dozens of discrete claims-related activities and processes across numerous teams. Failing to do so can lead to diminished qualified claims proceeds and an increased potential for claim-filing inaccuracies. The ultimate payment of reimbursable investor/ insurer claims truly does represent the last line of defense from a financial perspective, so it is imperative that the mechanics of milestone activity oversight, intermittent activity coordination, and inventory pipeline monitoring are tightly managed. Once the claims process runs its course, loans are liquidated and resultant losses or gains are booked.Focusing on the GoalThe migration of the loan cycle, from the time of initial default through the final claim filing stage, can span several months or even years. Even when there are no upstream delays or intervening circumstances, corporate servicer advances—in connection with various attorney/ legal services, routine property inspections, and property securing and maintenance—are inherently part of the claims world even if the underlying activities occur outside of the typical realm of claims. If ‘advance ownership’ falls outside of claims, line-item allowable-claim thresholds, which vary depending on the investor or insurer, should be accurately captured at the time of service to ensure the team can reliably estimate upstream line-item advance recoverability through the downstream claims process. The continuous monitoring of line-item allowable-claim threshold rules, reconciliation of per-advance invoices, and the timely recording of trends in areas of monitoring opportunities will result in reliable financial-position estimates long before ultimate loan liquidation.In addition to corporate servicer advance reconciliation, maintaining timely default oversight actions, including foreclosure initiation, default reporting, and post-default inspections, reduces the potential for delayed claim submissions and mitigates missed claims opportunities.The Offense: The Importance of AnticipationAdditional processes can be implemented to maximize claim-proceeds retrieval and decrease operational inefficiencies and pressures. One process strategy is to take an offensive stance on claims preparation by preparing claims prior to applicable the foreclosure or third-party sale. In general, these termination events represent claim-submission deadline-trigger dates, so the sooner claims can be built for submission, the better. Completing claim preparations before expected claim-termination events both minimizes the likelihood of missing claim-filing deadlines and reduces downstream production pressure given wider preparation timelines.Another strategy is competitive foreclosure/ post-foreclosure sale efforts, which can reduce operational claims-monitoring costs, decrease claim-submission volumes, mitigate financial exposure and holding risks, and accelerate the retrieval of expected claim proceeds.Full Speed AheadIn the post-foreclosure sale/post-termination event world, time is of the essence when it comes to asset liquidation and claim submission. Delays in property conveyances for FHA loans and reimbursable expense-claim submissions heighten potential downstream operational and financial risks. Property-preservation expenses relative to FHA-insured assets, for example, cannot be claimed from HUD if the expenses are incurred more than 30 days after foreclosure sale dates (or dates of possession, extended milestones). Moreover, delayed property liquidations present supplemental risk factors, such as code-violation assessments, hazard-claim damages, and various title impediments—none of which are reimbursable.Aside from the potential inability to claim certain expense types due to unapproved upstream activity delays, debenture interest on FHA-insured assets may not be fully earned. While unearned debenture interest can’t always be avoided due to uncontrollable delays that do not qualify for insurer approval, the severity of lost debenture interest can be mitigated. Effective oversight of various pre-claim events, including first legal, foreclosure due diligence, default reporting, evictions, conveyance, and claim submission, will decrease missed reimbursement opportunities and increase levels of earned debenture interest.Bolstering the Defense LineThe unknown can be very expensive. Investor and insurer reimbursement levels vary relative to extended lapses and uncontrollable events. Servicers can take several steps to maximize reimbursable-claim opportunities and decrease operational and financial risks for general FHA insured assets:Accurately identify property damages at the time of vacancy, separating those repairs that are covered through hazard policies from those that are reimbursable from the insurer.Request and receive repair bids in a timely manner.File hazard insurance claims for those damages not covered by the insurer.Submit and monitor over-allowable and extension requests as necessary.  Print This Post Last Line of Defense: Claims Management Servicers Navigate the Post-Pandemic World 2 days ago Keeping an Eye on the BallSuccessfully managing a pipeline of hundreds or thousands of accounts pending ultimate retrieval of claim proceeds requires continual routine inventory-reporting methods. To fully understand operational impacts and projected financial losses and gains, fluid claim-eligibility volume and account aging should be fully transparent. The ability to report holistic and segmented views of various claim phases across all claim types allows servicers to understand short- and long-term staff scaling needs and anticipated financial impacts.Tight pipeline reporting also identifies production-efficiency opportunities around those pre-claim stages where delays may exist. The various processes within the claims environment—including property maintenance and preservation, vendor management, eviction, corporate advance and invoice reconciliation, third-party sales coordination, claim preparation, quality assurance, loss analysis, and future loss projection activities—often run concurrently at some level. However, active-volume levels within each of the claims oversight and production teams tend to fluctuate. As a result, effective and continuous progress may require cross-functional training to ensure the ability to scale up or down across more than one functional process.Knowing When to Pass the BallServicers with internal structures that are not built for internal scale may be better suited to outsource certain task-driven, highly specialized, analytical, and/or quality-assurance components. Since the claims process represents the end of the line, the last line of defense, financially, it makes a lot of sense to facilitate independent performance and structural reviews across key functional activities. On a related note, from a regulatory perspective, claim errors, including claiming unallowable expenses, overclaiming allowable expenses, and providing inadequate support of claimable expenses, can result in potential sanctions and/or significant monetary fines as investors and insurers often extrapolate audit findings across full production populations through the production timeline audit scope.Accuracy, Efficiency, and Transparency in the Last Line of DefenseFinally, robust quality-assurance measures developed to manage performance levels/SLAs of third-party vendor partners and internal processing activities promote the ultimate retrieval of qualified reimbursable claim proceeds. Quality assurance and throughput measurements quickly isolate corrective action targets across key functional segments.The full scope of claims management, including various encompassing cross-functional areas, can be a challenging space for servicers to navigate given the breadth and overlapping nature of various claims-related operational and oversight activities. Therefore, the methods used to routinely monitor overall performance at all operational levels are key to maintaining accuracy, operational efficiency, and financial exposure transparency. Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Home / Daily Dose / Last Line of Defense: Claims Management Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News, Print Features Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: The West Coast Housing Market Over a Decade Next: Fast-Track Foreclosures and Fighting Urban Blight Kelly Conley is Founder and Principal of KAC Advisory, providing de-risking strategies and process-optimization solutions to mortgageservicing partners within the distressed-property disposition and investor claims spaces. Conley has nearly 20 years’ combined leadership, credit risk, repurchase mitigation, property preservation, and alternative asset-disposition expertise across the mortgage lending and servicing sectors. Prior to launching KAC Advisory, Conley was FVP of Investor Claims for Flagstar Bank, an $18 billion community bank with a servicing/subservicing platform of $104 billion. About Author: Kelly Conley The Week Ahead: Nearing the Forbearance Exit 2 days ago Develop a transparent partnership with property-preservation firms.Board properties that are not impacted by surchargeable damages or mortgagee neglect, nor subject to insurer indemnification for competitive-auction efforts.Manage to dual conveyance and third-party sale outcomes:Conduct financial analysis around corporate contributions.Submit and monitor extension requests as necessary. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Conduct quality-assurance reviews prior to claim submissions.Trend and report missed claim opportunities and third-party losses. August 20, 2018 2,474 Views Tagged with: Claims Delays Filing Investors loans mortgage post-default inspection servicer Claims Delays Filing Investors loans mortgage post-default inspection servicer 2018-08-20 Radhika Ojha Share 1Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

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The Industry Pulse: Updates on ClosingCorp, Nationwide, and More

first_img Servicers Navigate the Post-Pandemic World 2 days ago Previous: NFIP Has Paid over $1B in Florida since Irma Next: Hurricane Barry Property Damage Hits $500M The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago ClosingCorp, a provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, recently announced that it will provide Natural Disaster Alerts to SmartFees users.In the event of a natural disaster, such as a hurricane, tornado or wildfire, lenders using SmartFees, will receive an alert listing all properties in the affected area with mortgage applications pending. The alert will also provide a score of “Low,” “Moderate,” or “Severe” based on proximity to the disaster to help lenders understand a property’s potential risk and the need for additional quality control reviews, such as a new inspection or appraisal, before the loan can be approved and closed. Early warning of potential problems will prevent significant delays or deals from falling through._____________________________________________________________________John Carter has been named as the President and COO-elect of Nationwide’s financial services business lines, effective immediately.Carter succeeds Kirt Walker, who will become Nationwide’s next CEO, in October. Reporting to Walker, Carter will oversee the company’s retirement plans, life insurance (individual, business and corporate-owned), annuities, and mutual funds business operations.”John brings more than 30 years of financial services industry experience to this role,” Walker said. “Throughout his career, he has demonstrated outstanding leadership, both in terms of results and people. John is a strong advocate for the retirement security of America’s workers—helping them prepare for and live in retirement. We look forward to achieving continued success under his guidance.”_____________________________________________________________________Black Knight, Inc., a provider of integrated software, data, and analytics to the mortgage and real estate industries, announced the completion of an independent analysis of the real-world impact of the company’s artificial intelligence (AI) solution, AIVA.Using actual findings from the operations of a top 50 lender in Q4 2018, MarketWise Advisors, LLC—a management consulting firm focused on technology in the financial services industry—found that using AIVA can significantly drive down the cost of mortgage originations.The study identified a savings of up to $437 per originated loan, with the cost impact continuing to grow significantly as AIVA’s machine learning and unique pattern recognition capabilities mature to include more skills.“Through the independent analysis of an unbiased third party, we have been able to show that lenders can expect to see significant savings by incorporating AIVA into their origination process,” said Anthony Jabbour, CEO of Florida-based Black Knight. “Leveraging AIVA results in significant cost savings, provides the ability to redirect tens of thousands of man hours to items more focused on satisfying customers and produces a return on investment nearing 500%.” 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. Disaster industry pulse Tech 2019-07-18 Seth Welborn in Daily Dose, Featured, Market Studies, News From new features and key hires to updated technology, click through to learn the latest industry buzz. July 18, 2019 1,100 Views  Print This Post Share Save Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Industry Pulse: Updates on ClosingCorp, Nationwide, and More The Best Markets For Residential Property Investors 2 days ago 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Tagged with: Disaster industry pulse Tech Home / Daily Dose / The Industry Pulse: Updates on ClosingCorp, Nationwide, and More Subscribelast_img read more

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Fed to Release Economic Update

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily This week, the Federal Reserve will release its latest Beige Book, a Federal Reserve System publication about current economic conditions across the 12 Federal Reserve Districts. The Book is published eight times per year, and summarizes key economic conditions by each of the Fed districts.According to the last Book, eight of the 12 Federal Reserve Districts reported modest to moderate growth. The majority of Districts indicated that manufacturing expanded, but that growth had slowed, particularly in the auto and energy sectors. New home construction and existing home sales were little changed, with several Districts reporting that sales were limited by rising prices and low inventory. Commercial real estate activity was also little changed on balance. Most Districts reported modest to moderate growth in activity in the nonfinancial services sector, though a few Districts noted that growth there had slowed.According to the Book, residential real estate markets saw ongoing price increases and mixed sales results; contacts in a couple of markets cited greater “balance” as local shortages of housing inventory eased somewhat. While retailers (including an auto dealer) and manufacturers said sizable tariff increases would pose significant problems if they occurred and many respondents cited uncertainty, outlooks remained mostly positive.Closed single-family sales were up year-over-year from November 2017 to November 2018 in Rhode Island, Boston, and Maine, and down in Massachusetts and New Hampshire. Residential markets in Rhode Island and Boston became more balanced in recent months, with growing supplies of homes for sale and moderation in the pace of home price appreciation. Despite a seller’s market environment, contacts said real estate was a preferred investment choice, given the volatile U.S. stock market.Here’s what else is happening in The Week Ahead.S&P CoreLogic Case Shiller (Nov. 26)First American Real House Price Index (Nov. 25)FHFA House Price Index (Nov. 26)Census Bureau New Residential Sales Survey (Nov. 26)NAR Pending Home Sales Index (Nov. 27) 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. Fed to Release Economic Update Share Save Beige Book Economy Federal Reserve 2019-11-22 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Tagged with: Beige Book Economy Federal Reserve Home / Daily Dose / Fed to Release Economic Update Demand Propels Home Prices Upward 2 days agocenter_img  Print This Post The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn Subscribe November 22, 2019 1,238 Views Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: HUD Issues Funds to Rehabilitate Homes in Opportunity Zones Next: Optimism in the Housing Market Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, News Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

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HUD Offers Assistance For Oregon Wildfire Victims

first_imgHome / Daily Dose / HUD Offers Assistance For Oregon Wildfire Victims The Best Markets For Residential Property Investors 2 days ago The U.S. Department of Housing and Urban Development (HUD) recently announced federal disaster assistance for the State of Oregon to provide support to homeowners and low-income renters displaced from their homes in areas affected by wildfires and straight-line winds.President Donald Trump on September 15 issued a major disaster declaration for the following counties in Oregon: Clackamas, Douglas, Jackson, Klamath, Lane, Lincoln, Linn, and Marion.Said declaration allows HUD to offer foreclosure relief and other assistance to impacted families living in these counties. HUD said the department is offering the following:Providing immediate foreclosure relief–HUD’s automatic 90-day moratorium on foreclosures of Federal Housing Administration (FHA)-insured home mortgages commenced for the Oregon counties covered under the Presidential declaration on the date of the declaration. For assistance, call your loan servicer or FHA’s Resource Center at 1.800.CALL FHA (1.800.225.5342);Making mortgage insurance available–HUD’s Section 203(h) program provides FHA insurance to disaster victims whose homes were destroyed or damaged to such an extent that reconstruction or replacement is necessary and are facing the daunting task of rebuilding or buying another home. Section 203(h) borrowers are eligible for 100 percent financing, including closing costs;Making insurance available for both mortgages and home rehabilitation–HUD’s Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home. For a list of lenders in your area, call FHA’s Resource Center at 1-800-CALL FHA (1.800.225.5342); andMaking information on housing providers and HUD programs available–The Department will share information with the Federal Emergency Management Agency (FEMA) and the State on housing providers that may have available units in the impacted counties. This includes Public Housing Agencies and Multi-Family owners. The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers. Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post HUD Offers Assistance For Oregon Wildfire Victims Servicers Navigate the Post-Pandemic World 2 days ago 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News Sign up for DS News Daily Previous: Report Reveals Recent Mortgage Quality Control Trends Next: House Flips Down But Profits Rebound Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago September 17, 2020 1,270 Views About Author: Christina Hughes Babb Related Articles Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 2020-09-17 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Subscribelast_img read more

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