Ocwen to Pay $3.7M to Massachusetts Homeowners

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Home / Daily Dose / Ocwen to Pay $3.7M to Massachusetts Homeowners Governmental Measures Target Expanded Access to Affordable Housing 2 days ago June 17, 2014 1,026 Views Subscribe Foreclosure Martha Coakley Massachussetts Ocwen Settlement 2014-06-17 Colin Robins Ocwen to Pay $3.7M to Massachusetts Homeowners Previous: Builder Confidence Jumps in June Next: HOPE NOW: Loan Mods Reach 7 Million Mark; 42k in April Tagged with: Foreclosure Martha Coakley Massachussetts Ocwen Settlement The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, Magazine, News, State Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Colin Robins Servicers Navigate the Post-Pandemic World 2 days ago Share Save Related Articles Sign up for DS News Daily Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Ocwen, the nation’s fourth largest mortgage servicer, has agreed to pay $3.7 million to resolve allegations that it failed to give notice to homeowners, and that the company unlawfully foreclosed on properties in Massachusetts. The announcement came from the state’s Attorney General Martha Coakley, who alleged the non-bank servicer failed to follow Massachusetts law when handling certain mortgage loans.The Massachusetts AG charged the company with failing to send state-mandated notices to homeowners in default, as well as failing to execute proper mortgage assignments. Furthermore, a company acquired by Ocwen, Litton Home Servicing Limited Partnership, allegedly initiated foreclosures when it did not hold the actual mortgages.The AG’s office alleged that Litton’s actions resulted in void foreclosure, which affected the marketability and insurability of the titles.”Massachusetts homeowners faced unnecessary challenges due to these companies failure to provide proper notices and by initiating illegal foreclosures,” Coakley said. “This agreement provides for direct relief for affected borrowers and requires that Ocwen undertake efforts to repair problem titles in the Commonwealth.”Ocwen will pay $3 million to Massachusetts homeowners, while $700,000 will go directly to the state.Additionally, the Office of the Attorney General noted, “Ocwen is required to properly execute documents filed in connection with foreclosure proceedings, and mail notices to residents that are in compliance with applicable statutes and regulations.Ocwen could not be reached for comment.last_img read more

American Mortgage Diversity Council Selects Key Leaders

first_imgHome / Daily Dose / American Mortgage Diversity Council Selects Key Leaders Tagged with: AMDC American Mortgage Diversity Council The Week Ahead: Nearing the Forbearance Exit 2 days ago November 15, 2016 1,873 Views Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Demand Propels Home Prices Upward 2 days ago AMDC American Mortgage Diversity Council 2016-11-15 Kendall Baer About Author: Kendall Baer Previous: Up For Bid: HUD Announces Vacancy Loan Pool Sale Next: GSEs Announce Their 2017 Credit Risk Transfer Calendars in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago Related Articles American Mortgage Diversity Council Selects Key Leaders Sign up for DS News Daily center_img Servicers Navigate the Post-Pandemic World 2 days ago Share Save 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 Demand Propels Home Prices Upward 2 days ago The American Mortgage Diversity Council (AMDC) has announced the appointment of a new nine-member Executive Council that includes representatives from government and the private sector who work in the mortgage industry.The AMDC was formed in June 2015 as an independent organization with the purpose of advancing the conversation of diversity and inclusion across the mortgage industry. The AMDC is focused on shaping the diversity agenda while advancing solutions that support a broad range of diversity initiatives.“We have been with the AMDC since its initial formation and have seen the growth and impact the organization has had across the industry. Having strong leaders who support what the AMDC stands for—creating an industry that is inclusive of all—is vital to the future of the industry we serve.” said AMDC Co-Chairs Michael Ruiz, Director of Supplier Diversity at Fannie Mae and Jay Inouye, Director of Vendor Diversity at Freddie Mac, in a joint statement.The AMDC’s Executive Council will establish bylaws and objectives as well as review proposals of interest and establish the organization’s course for leadership and objectives.Other roles of the Executive Council include leading the AMDC’s membership, providing structure for the upcoming year, and addressing pressing diversity issues.The AMDC’s Executive Council consists of the following members:Co-Chairman – Jay Inouye, Freddie MacCo-Chairman – Michael Ruiz, Fannie MaeCouncil Member – Ray Barbone, BankUnitedCouncil Member – Charmaine Brown, Fannie MaeCouncil Member – Dana Dillard, Nationstar MortgageCouncil Member – Lola Oyewole, Ocwen CorporationCouncil Member – Doris Raimundi, U.S. BankCouncil Member – Stephanie Roemer, Freddie MacCouncil Member – Steve Thomas, Federal Home Loan Bank of ChicagoBios for Executive Council members are available at MortgageDiversityCouncil.com. Roles are effective immediately.The seats on the Executive Council will have variable one- and two-year terms to allow for open elections; the first election cycle will begin in February 2018. Any member of the AMDC is eligible to run for election to the Executive Council.In October, the AMDC launched its mortgage industry Diversity & Inclusion Directory. The directory is a collection of company profiles that are minority, women, veteran, disabled, LGBT owned or operated, or diverse in other areas. The directory gives companies one central location to search diverse vendors locally or nationally for the services they need in many different categories, including legal, property preservation, valuations, title, loss mitigation, and more.Find out more about the AMDC at MortgageDiversityCouncil.com. Subscribe  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

DocMagic Announces First Start to Finish Paperless Digital eClosing

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 2016-11-30 Kendall Baer Previous: NTC Study Examines Client Cost Savings Next: The Collingwood Group Names New Partner Sign up for DS News Daily Share Save in Featured, News, Technology Servicers Navigate the Post-Pandemic World 2 days ago DocMagic Announces First Start to Finish Paperless Digital eClosing Mirasha Brown is a graduate of Florida A&M University and is pursuing a masters degree at Syracuse University. Born and raised in Florida, she has contributed to public relations and marketing campaigns for Rent The Runway and Billboard. She is a communications specialist with The Five Star and a contributing writer to DS News and the MReport. November 30, 2016 1,144 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Mirasha Brown The Best Markets For Residential Property Investors 2 days ago Home / Featured / DocMagic Announces First Start to Finish Paperless Digital eClosing DocMagic, Inc., a national provider of loan document preparation and comprehensive eMortgage servicesheadquartered in Torrance, California, has announced the completion of the start to finish eClosing using its Total eClose solution system in Massachusetts.Total eClose’s all-encompassing system incorporates eSignature-enabled SMART Documents, World Wide Notary’s (WWN) eNotarization services to electronically notarize documents, MERS eRegistery access, a secure eVault, and Investor eDelivery to execute a seamless eClosing. The solution keeps track of progress by logging and storing all activity.Santander Bank played an integral role in the eClosing process by serving as the eWarehouse lender. Tim Anderson, Director of eServices at DocMagic, described the promptness of the eClosing process using Santander Bank. “We helped test and implement an eWarehouse process to eDeliver acceptance of the eNote to Santander Bank within seconds after the eClosing was completed. This is an industry-altering achievement.”DocMagic was selected as one of 12 participants in the Consumer Financial Protection Bureau’s eClosing pilot project in 2014, which helped explore the benefits of digital mortgage technology. After the pilot was deemed a success, DocMagic continued to further develop and perfect its eClosing solution.Dominic Iannitti, President and CEO of DocMagic, discussed the process of digital closings and what they mean for the mortgage industry. “There are a few mortgage technology vendors that have been working to deliver an eClosing for some time now, but they have all fallen short in various ways,” he said. “Most of these solutions are merely hybrids that require certain documents to be executed on paper and often force lenders to maintain numerous complex integrations. With Total eClose, however, you work with a single vendor, on a single platform, and clients need to only access DocMagic or the company’s SmartCLOSE system to seamlessly and compliantly fulfill paperless closing.” The Best Markets For Residential Property Investors 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Are HOAs Taking Advantage of Mortgage Servicers?

first_imgHome / Commentary / Are HOAs Taking Advantage of Mortgage Servicers? While Homeowner Association (HOA) liens for unpaid assessments typically have priority over second mortgages and other junior liens (because the HOA liens may “relate back to” the HOAs’ previously-recorded declarations), first mortgages receive special treatment in various states, such as Minnesota. Despite that special treatment, HOAs often demand payment of substantial bills by lenders foreclosing first mortgages. In addition to the regular monthly dues, the HOA bills may come riddled with line items for special assessments, attorneys’ fees, late charges, interest, and more that may not be the responsibility of the lender to pay. When the bills threaten to delay sale closings, lenders must quickly decide whether to pay the bills or delay matters, potentially losing sales, to challenge the HOA’s invoices. As an example, Minnesota law generally provides a clear outline of what charges must be paid by foreclosing lenders. The foreclosing lender for a first mortgage is only required to initially pay the “unpaid assessments for common expenses levied which ‘became due,’ without acceleration, during the six months immediately preceding the end of the owner’s period of redemption.” The lender is not responsible for late charges and attorneys’ fees assessed during or prior to this six-month look-back period, because the Minnesota HOA statute specifically omits these amounts in the list of allowed charges.Unfortunately, unscrupulous or ill-informed HOAs may add all of the unpaid association dues, late charges, and attorneys’ fees to bills regardless of their timing. Often, these unlawful charges are paid by lenders who are too busy to challenge every line item. When an HOA bill looks suspect, a lender should determine what assessments are legally allowable before making payment. It may be more cost effective for a lender to hire an attorney for an invoice review and challenge, than to repeatedly pay substantial sums that are avoidable.Of course, once the first mortgage holder completes foreclosure and that lender becomes the outright owner of the HOA property, that party must timely pay all HOA dues and assessments going forward. If those assessments become delinquent, the lender or its successor would become subject to collection costs, including attorneys’ fees, similar to any other unit owner, as well as foreclosure by the HOA. As soon as the redemption period expires in redemption states, or the lender becomes the outright owner of the property through other means, the lender should ensure the HOA is contacted and that the HOA account is kept current.Certain associations may also strategically time when they levy special assessments to try to get lenders on the hook for those expenses.  For example, consider the instance when an abandoned, mortgaged HOA unit has a fire in one year causing the HOA to incur costs for repairing that unit, but the lender does not foreclose its mortgage until the following year.  The HOA may delay levying the repair costs until after the mortgage foreclosure sale. Since the HOA lien statute may not define when those repair costs actually “became due,” it may be unclear without court intervention whether the lender is truly obligated to pay those assessments.A foreclosing lender who claims a first mortgage position should also ensure that property records are consistent with that senior lien claim as early as possible.  This is particularly true in non-judicial foreclosure states, where senior liens can potentially foreclose and wipe out junior liens without notice.  If an HOA forecloses its own lien and has a sheriff’s sale, all junior mortgage liens that fail to redeem from the HOA’s foreclosure, where applicable, will become wiped out.  If there is a previous mortgage that was paid off by the intended first mortgage, but not properly satisfied or released of record, the intended first mortgage could be deemed a second mortgage and wiped out by an HOA lien foreclosure. This same result could also occur when intended first and second mortgages are recorded in the wrong order. A Minnesota court recently decided that the priority order of liens may be set as soon as the HOA’s sheriff’s sale is completed, preventing the lender from establishing priority later through a judicial action.  Mortgage holders should record Request for Notice documents for prior lien foreclosures wherever applicable. In certain states such as Minnesota, these Request for Notice documents must be recorded separately from the mortgage. Importantly, mortgage holders should also diligently review any foreclosure notices immediately upon receipt—as well as related property records.  Lenders should never assume they hold first mortgages until after they have reviewed property records confirming that status.If a lender does successfully challenge an HOA through litigation, it is possible in certain jurisdictions that the lender can recover attorneys’ fees and litigation costs.  In various jurisdictions, a court may award reasonable attorneys’ fees and litigation costs to the “prevailing party.” Moreover, if the lender is able to establish that the HOA willfully failed to comply with the HOA statutes, the court may award punitive damages as well in certain jurisdictions, such as Minnesota.In sum, lenders need to be wary of HOA liens and their foreclosures, and act quickly to spot and resolve issues as soon as they arise. Otherwise, lenders may end up paying significant and unnecessary costs to HOAs, or worse, lose their liens entirely to HOA lien foreclosures. Kevin Dobie is a Partner and handles litigation and other matters for mortgage servicers at the firm. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: HOA Mortgage Servicers Brian Liebo is the Managing Partner of Minnesota Mortgage Default Services Law firm, Usset, Weingarden & Liebo PLLP and is an MSBA Board Certified Real Property Specialist. Are HOAs Taking Advantage of Mortgage Servicers? The Week Ahead: Nearing the Forbearance Exit 2 days ago HOA Mortgage Servicers 2017-04-07 Brian H. Liebo Related Articles About Author: Brian H. Liebo Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Share Save Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago in Commentary, Daily Dose, Featured Previous: Victory and Vindication for Castle Law Group in Landmark Decision Next: Most Improved Markets in Portland and Charlotte April 7, 2017 11,090 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Kevin Dobie The Best Markets For Residential Property Investors 2 days ago  Print This Post Subscribelast_img read more

Fannie Mae: Consumer Confidence Increasing?

first_img About Author: Nicole Casperson The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Fannie Mae: Consumer Confidence Increasing? in Daily Dose, Featured, Headlines Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save October 9, 2017 1,346 Views Fannie Mae HOUSING mortgage 2017-10-09 Nicole Casperson Fannie Mae: Consumer Confidence Increasing? 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] Related Articles The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe On Monday, Fannie Mae’s Home Purchase Sentiment Index (HPSI), which highlights consumers’ current views and forward-looking expectations of housing market conditions, was released. The index revealed an increase in September by 0.3 points to 88.3—up 5.5 points compared to last year.According to the enterprise, this rise in homebuying optimism can be attributed to increases in the index’s “good time to buy” component, which rose the most month-over-month, with the net share increasing 10 percentage points compared to August. In addition, the net share who reported that now is a “good time to sell” a home rose 2 percentage points in September and is now up 23 percentage points compared to last year.Fannie Mae’s index also notes that the net share of respondents that said home prices will go up in the next 12 months fell 8 percentage points. However, respondents continued to cite “high home prices as the most important reason behind the bad time to buy and good time to sell indicators.”Americans also revealed an increased sense of job security as the net share responded, “they are not concerned about losing their job” increased by 1 percent. Additionally, the net share of consumers who reported that their income is higher than it was 12 months ago fell by 1 percentage point.According to SVP and Chief Economist at Fannie Mae, Doug Duncan, the biggest driver for the increase in the HPSI is the rebound in the good time to buy sentiment, which outweighed the largest drag—a sizable reduction in the net share of consumers expecting home prices to rise over the next year.“Details in the survey showed a meaningful pickup in the good time to buy component, especially from the renter respondents,” Duncan said. “Additionally, perceptions of easing inventory helped boost the net share saying that now is a good time to buy, which is consistent with less bullish home price appreciation sentiment during the month.”Duncan explained that overall, Fannie Mae believes that the devastating impacts of the hurricanes will likely weigh on home sales in coming months, posing downside risks for its forecast, which already calls for only a modest gain in home sales this year.Learn more by clicking here. Servicers Navigate the Post-Pandemic World 2 days ago Previous: Cyprexx Expands InvisiBoard Offerings Next: Getting Involved and Staying Relevant in the Mortgage Industry Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Fannie Mae HOUSING mortgage Demand Propels Home Prices Upward 2 days agolast_img read more

Proposed Arizona Bill Addresses HOA Foreclosure Timelines

first_img Tagged with: Arizona Foreclosure Homeowners Associations January 10, 2018 3,282 Views Proposed Arizona Bill Addresses HOA Foreclosure Timelines  Print This Post About Author: David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago A new bill proposed in the Arizona Senate this week could speed up the timeline for when homeowners associations (HOA) could foreclose on homeowners who become delinquent in their HOA payments.Senate Bill 1080, proposed by Sen. John Kavanagh (R-Fountain Hills) would allow for HOA foreclosures after a six-month period, with no minimum debt. Current Arizona law allows HOAs to foreclose on member homes if their dues fall more than a year behind or amount to more than $1,200. You can read the text of the proposed legislation by clicking here.As quoted by AZ Central, Sen. Kavanaugh said, “Tell a landlord that not paying him for six months isn’t a big deal. It is a big deal.”DS News reached out to attorney Robert W. Norman, Jr. of Houser & Allison, APC to get a legal perspective on the proposed bill. Norman told DS News:Speeding up the HOA judicial foreclosure process will presumably lead to more HOA foreclosures. This could negatively impact lenders and servicers through increased monitoring costs and more second-position liens being wiped out. Even though an HOA lien is subordinate to a ‘recorded first mortgage’ by statute, more HOA foreclosures could result in increased monitoring costs to ensure HOAs comply with the statute. This could mean, for example, entering an appearance in the HOA foreclosure action to ensure the judgment ultimately entered is consistent with the law. As for second-position lienholders, more HOA foreclosures will force lenders and servicers to redeem more often or let the foreclosure proceed knowing it will wipe out their security interest.Dennis Legere of the Arizona Homeowners Coalition is strongly opposed to the proposed bill, and has been fighting for homeowner protections against HOAs in the Arizona legislature for several years. He called the bill “dangerous” and told AZ Central that “(foreclosure) should be the absolute last resort, not the first.”Sen. Kavanaugh on Tuesday told the Arizona Republic that he will amend the bill so that it only applies to “smaller HOAs,” but did not specify what would constitute a “smaller” HOA. When asked about it, he posited an example of a HOA consisting of five homeowners. “If you’ve got five units and one stops paying, it creates a hardship for the other four,” Sen. Kavanaugh said.According to a 2017 Arizona Republic investigation, HOAs began foreclosure actions on more than 3,000 Phoenix-area homeowners since 2015. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, Journal, News The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: New York City Foreclosed Homes Hit 8-Year High Next: California Mudslides Claim 17 Lives, Destroy 100 Homes Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Arizona Foreclosure Homeowners Associations 2018-01-10 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Proposed Arizona Bill Addresses HOA Foreclosure Timelines Demand Propels Home Prices Upward 2 days ago Share Save Sign up for DS News Daily Subscribelast_img read more

Florida: The Only State to Post Increased Delinquencies

first_imgHome / Daily Dose / Florida: The Only State to Post Increased Delinquencies Data Provider Black Knight to Acquire Top of Mind 2 days ago CoreLogic Delinquencies Florida Foreclosures 2018-08-19 Alison Rich The Best Markets For Residential Property Investors 2 days ago Alison Rich has a long-time tenure in the writing and editing realm, touting an impressive body of work that has been featured in local and national consumer and trade publications spanning industries and audiences. She has worked for DS News and MReport magazines—both in print and online—since they launched. About Author: Alison Rich Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Tagged with: CoreLogic Delinquencies Florida Foreclosures Previous: Diversity and the Business Supply Chain in Mortgage Next: The Week Ahead: Focus on BCFP Director Nom Florida: The Only State to Post Increased Delinquencies Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Subscribe  Print This Post In terms of the overall mortgage delinquency rate, the data doesn’t appear too sunny in the Sunshine State, according to the latest CoreLogic Loan Performance Insights Report. Not only did it log the third-highest delinquency rate at 6.2 percent, but Florida’s rate also climbed by 1 percentage point from the previous year because of hurricanes in late summer 2017.Mississippi posted the nation’s highest delinquency rate in May at 7.9 percent. Florida had the third-highest delinquency rate at 6.2 percent, which was up 1-percentage point from a year earlier. Texas, which also inked an increase in the overall delinquency rate since Hurricane Harvey, showed no change in rates from May 2017.The state that lays claim to the lowest delinquency rate: Colorado at 1.8 percent.All told, the nation’s overall delinquency rate in May totaled 4.2 percent, meaning 4.2 percent of home mortgages were in some stage of delinquency. That figure dropped from 4.5 percent a year prior and was the lowest for the month of May since 2006 when it measured 4.1 percent, CoreLogic reports. The rate includes all home loans 30 days or more past due, including those in foreclosure. For the month of May, the share of delinquent mortgages stacked up the highest in May 2010 (11.4 percent). By contrast, the delinquent mortgage share averaged 4.7 percent during the pre-crisis period (2000 to 2006).Besides delinquency rates, CoreLogic also monitors the rate at which mortgages move from one stage of delinquency to the next. This May’s current- to 30-day rate amounted to 0.8 percent, unchanged from May 2017. The 30- to 60-day transition rate was 15.1 percent this May, up from 13.8 percent a year prior, while the 60- to 90-day transition rate was 24.3 percent this May, down from 24.9 percent in May 2017.The foreclosure inventory rate—i.e., the share of mortgages in some stage of foreclosure—totaled 0.5 percent this May, down from 0.7 percent a year earlier and the lowest since 2006. The foreclosure rate now sits below the average pre-crisis level of 0.6 percent, the report says.Additionally the share of mortgages that were 30 to 59 days past due—deemed “early-stage delinquencies”—was 1.8 percent this May, a drop-off from 1.9 percent in May 2017. The share of mortgages 60 to 89 days past due was 0.6 percent this May, same as May 2017. 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 Related Articles August 19, 2018 2,038 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Foreclosure, Newslast_img read more

JPMorgan Reshapes Executive Team

first_img The Week Ahead: Nearing the Forbearance Exit 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. Tagged with: Jamie Dimon JPMorgan in Daily Dose, Featured, Investment, News Jamie Dimon JPMorgan 2019-04-18 Seth Welborn Previous: Taxing Issues in the World of Real Estate Investors Next: Deephaven Mortgage, LoanScorecard Expand Partnership Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe JPMorgan Reshapes Executive Team About Author: Seth Welborn  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Sign up for DS News Daily Home / Daily Dose / JPMorgan Reshapes Executive Team The Best Markets For Residential Property Investors 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 Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago JPMorgan has promoted two female executives within its executive team. The bank tapped Jennifer Piepszak, Head of the bank’s card services unit, as the new CFO, following the announcement that current CFO Marianne Lake will run the consumer lending business. Piepszak will assume her new role on May 1, at which time Lake will take over as CEO of the Consumer Lending Business.“I am bursting with pride over those two,” JPMorgan Chase CEO Jamie Dimon told FOX Business’ Maria Bartiromo Opens a New Window. on Thursday. “Marianne Lake is just an exceptional CFO.”In the internal announcement memo signed by Dimon, both women are described as “extraordinary executives and leaders who have been critical to our success.” CNBC reports that Lake has been considered as a top contender to take Dimon’s place following his retirement.In an interview last year, Dimon stated that he intends to stay at the company for five more years, and described Lake as an “extraordinarily talented executive.”“She has all of the qualities of a great leader,” said Dimon.“I want to be at this company 10 years from now and I will be quite open-minded about what the next step could look like,” Lake told Reuters last year. “I have told the board that I want to be here for the long-term.”“When you are a successful company,” she added, “you have to fight really hard to make sure you avoid complacency, arrogance, bureaucracy.”JPMorgan’s Q1 2019 financial results proved to be successful, exceeding expectations and reporting $9.2 billion in net income.“In the first quarter of 2019, we had record revenue and net income, strong performance across each of our major businesses and a more constructive environment,” said Dimon in a statement. “Even amid some global geopolitical uncertainty, the U.S. economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong.”JPMorgan Chase’s home lending net revenue was $1.3 billion, up from the previous quarter by down 11% year over year, driven by lower net servicing revenue.Who are the leading women who have left an indelible mark both on your career, and the mortgage and housing industry? honor their achievements, by nominating them for a 2019 Keystone Award—to be presented live on stage to the industry at the 2019 Five Star Conference and Expo this September.Nominate the deserving women you know here. April 18, 2019 1,754 Views last_img read more

The State of Fannie Mae’s Portfolio

first_img Fannie Mae’s mortgage portfolio totaled $176 billion at the end of May 2019, according to its latest Monthly Summary, with the total of Fannie Mae mortgage-backed securities (MBS) and other guarantees reaching $3.172 trillion. The GSE completed $28 billion in mortgage purchases in May, and $24 billion in sales. Additionally, Fannie’s Conventional Single-Family Serious Delinquency Rate decreased to 0.70% in May while the Multifamily Serious Delinquency Rate increased to 0.07%. Fannie’s May summary also notes that it completed $52.9 billion in new business acquisitions. According tot he summary, Fannie Mae’s Book of Business increased at a compound annualized rate of 4.7% in May.  The summary notes that the Fannie Mae completed 4,589 loan modifications in May, and now has over $46.6 billion in MBS in its portfolio.Combined, Fannie Mae and Freddie Mac completed 38,968 foreclosure prevention actions in Q1 2019, bringing the total number of foreclosure prevention actions to 4,322,804 since September 2008, according to the latest Federal Housing Finance Agency (FHFA) Foreclosure Prevention Report.Of the over four million foreclosure prevention actions taken by the GSEs, the FHFA notes that actions, 3,629,411 have helped troubled homeowners stay in their homes, including 2,336,047 permanent loan modifications. Additionally, around 38% of loan modifications completed in Q1 reduced borrowers’ monthly payments by more than 20%.FHFA’s report also includes total numbers of home forfeiture actions. According to the report, Fannie Mae and Freddie Mac completed 1,542 short sales and deeds in lieu in the first quarter, bringing the total to 693,393 since conservatorship began.“The number of completed short sales and deeds in lieu decreased 13% in the first quarter compared with the fourth quarter of 2018,” the FHFA states. “These foreclosure alternatives help to reduce the severity of losses resulting from a borrower’s default and minimize the impact of foreclosures on borrowers, communities, and neighborhoods.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Fannie Mae MBS Mortgage Rates 2019-07-01 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Housing Market Snapshot: Delinquencies, Prepayments, and Refi Potential Next: Report: Investors Not Buying Into Housing Market Demand Propels Home Prices Upward 2 days ago The State of Fannie Mae’s Portfolio Tagged with: Fannie Mae MBS Mortgage Rates Home / Daily Dose / The State of Fannie Mae’s Portfolio About Author: Seth Welborn 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. July 1, 2019 1,670 Views  Print This Post The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 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 ago Share Save Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Investment, Market Studies, News Subscribelast_img read more

Vacancy Taxes: Pros and Cons

first_img July 24, 2019 3,905 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Vacancy Taxes: Pros and Cons Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: New Bill Encourages Homeownership Counseling Next: Title Companies Announce Merger 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.  Print This Post Abandoned Blight taxes Vacant 2019-07-24 Seth Welborn Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img About Author: Seth Welborn To combat affordability issues, some California cities are considering an “empty homes penalty,” also known as a vacancy tax. Voters in Oakland, California recently approved Measure W, a tax of as much as $6,000 per parcel and $3,000 per condo unit on properties occupied fewer than 50 days per year. The tax is expected to bring in around $10 million per year, which is intended to go toward homeless services and new affordable housing, Capital and Main reports. Additionally, San Francisco Supervisor Aaron Peskin wants to put a vacancy tax on the March 2020 election ballot, with a focus on empty storefront. Meanwhile, vacancy tax pushes in Los Angeles focus more on residential properties. Proponents of these vacancy taxes say that they will improve access to affordable housing by keeping speculators from sitting on them until they can rent them for a higher rate, or sell them at a greater profit when prices inevitably increase. Opponents say that the key to affordable housing isn’t taxes, but the revising of zoning to build more housing. According to the U.S. Census Bureau, national vacancy rates in the first quarter 2019 were 7.0% for rental housing and 1.4% for homeowner housing, and the homeownership rate of 64.2% was virtually unchanged from the rate in the first quarter 2018, but 0.6% points lower than the rate in the fourth quarter 2018. The homeownership rate was unchanged at 64.2%.The homeowner vacancy rates outside MSAs (1.6%) was higher than the rate in the suburbs (1.3%), but not statistically different from the rate in principal cities (1.4%). The rates in principal cities and in the suburbs were not statistically different from each other. The homeowner vacancy rate in principal cities was lower than the first quarter 2018 rate, while rates in the suburbs and outside MSAs were not statistically different from the first quarter 2018 rates. The Best Markets For Residential Property Investors 2 days ago Tagged with: Abandoned Blight taxes Vacant Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured Vacancy Taxes: Pros and Cons 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 Sign up for DS News Daily Subscribelast_img read more