DS News Webcast: Friday 2/28/2014

first_imgHome / Featured / DS News Webcast: Friday 2/28/2014 RealtyTrac released its Residential & Foreclosure Sales Report for January, revealing institutional investors made up 5.2% of all residential property sales in January. Investor sales are down from 7.9% in December, and down 8.2% yearly. The January numbers represent a 22 month low. Short sales and foreclosure-related sales combined for 17.5% of all U.S. residential shares in January, according to the company’s report.Many metros experienced large drops in investor purchasing, including Memphis Tennessee, Tucson Arizona, and Tampa Florida. Counter to the national trend, 23 of the 101 metros analyzed in the report posted year-over-year gains in institutional investor share. Austin, Texas grew the largest with 162 percent. Cincinnati, Ohio was next with an 83 percent increase, Dallas, Texas rose 30 percent, and Denver, Colorado climbed 21 percent.Black Knight Financial Services issued their First Look Report of January mortgage performance data. Foreclosure inventory has hit a new post-crisis low of 2.35%, the lowest since November, 2008. The percentage of loans 90 days or more past due or in foreclosure is 4.92%, the lowest in over 5 years. Approximately 3.14 million properties were past due on mortgage payments for 30 days or more, and 1.2 million properties were delinquent for more than 90. DS News Webcast: Friday 2/28/2014 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Wells Fargo Cuts 700 Mortgage Jobs Next: Foreclosure Inventory Drops by One-Third, Still Elevated Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Demand Propels Home Prices Upward 2 days ago 2014-02-28 DSNews Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: DSNews Share Savecenter_img The Best Markets For Residential Property Investors 2 days ago February 28, 2014 504 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Featured, Media, Webcasts The Best Markets For Residential Property Investors 2 days ago Related Articles Sign up for DS News Daily Subscribelast_img read more

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GDP Advances; Housing Share Follows Suit

first_imgHome / Daily Dose / GDP Advances; Housing Share Follows Suit The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily June 28, 2016 1,361 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save GDP HOUSING Residential Fixed Investment U.S. Economy 2016-06-28 Brian Honea Tagged with: GDP HOUSING Residential Fixed Investment U.S. Economy Previous: Demand Retreats Despite Stronger Fundamental Drivers Next: Advocates Call for Changes to FHA’s Loan Sale Program Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Subscribe About Author: Brian Honea Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago GDP Advances; Housing Share Follows Suit The third and final estimate for Q1’s real Gross Domestic Product (GDP), released on Tuesday by the Bureau of Economic Analysis, improved to an annual rate of 1.1 percent, and housing’s share of the GDP went up right along with it.According to the National Association of Home Builders (NAHB), housing’s share of the GDP rose slightly in the third Q1 estimate up to 15.4 percent, while residential fixed investment (RFI), the home building and remodeling component of GDP, expanded to 3.4 percent.Post-crisis, the GDP has generally struggled in the first quarter; in the three estimates for Q1 2016, the GDP progressed from 0.5 to 0.8 to 1.1 percent. The increase in real GDP up to 1.1 percent reflected positive contributions in the categories of personal consumption expenditures (1.02 percent), government consumption expenditures (0.23 percent), residential fixed investment (3.4 percent), state and local government spending (0.3 percent), and exports (0.4 percent). These were partly offset by negative contributions from nonresidential fixed investment (-0.6 percent), private inventory investment (-0.2 percent), and federal government spending (-0.1 percent).“For the first quarter, RFI was 3.4 percent of the economy, reaching a $568 billion seasonally adjusted annual rate (SAAR) in inflation-adjusted 2009 dollars,” wrote David Logan, Director of Tax Policy Analysis with NAHB. “This is the highest quarterly rate for RFI in more than eight years. The first quarter growth for RFI added 0.5 points to the headline GDP growth rate (i.e. GDP would have only expanded 0.6 percent absent the RFI contribution), the largest contribution since 2012.”Housing services, which include gross rents (including utilities) paid by renters, utility payments, and owners’ imputed rent (estimate of the cost to rent owner-occupied units), totaled 12 percent for the final estimate of Q1 ($1.98 trillion). According to Logan, without this measure, increases to homeownership would cause the GDP to decline. These two numbers together (12 percent for housing services and 3.4 percent for RFI) made up housing’s 15.4 percent share of the GDP in Q1.The GDP for Q2 is expected to grow at a faster rate, as it typically has in the second quarter post-crisis. In 2015, the final estimate for Q2 GDP was 3.9 percent.“Looking ahead, economic forecasters expect faster GDP growth in the second quarter of 2016,” NAHB Senior Economist Michael Neal said. “Business investment, especially activity outside of the energy sector, is expected to rebound. In addition, early indications point to a stronger contribution of personal consumption expenditures to overall growth. However, though dissipating, downside risks from the international sector remain. The economic headwinds from the United Kingdom’s departure from the European Union could lower future growth prospects for the U.S. However, the economic effects from ‘Brexit’ are likely to be minor.”last_img read more

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FOMC Convenes: What Could Happen to Mortgage Rates

first_imgSign 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 FOMC Interest rates Mortgage Rates 2017-06-13 Staff Writer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago FOMC Convenes: What Could Happen to Mortgage Rates Demand Propels Home Prices Upward 2 days ago June 13, 2017 2,030 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / FOMC Convenes: What Could Happen to Mortgage Rates Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Headlines, News Tagged with: FOMC Interest rates Mortgage Rates Previous: A Look at What Experts Are Saying About Regulation Next: U.S. v. Shapiro: When is a Lie OK?  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Staff Writer On Wednesday the Federal Open Market Committee (FOMC) is set to finish its June meeting, and it is widely expected that they will raise interest rates in order to stabilize the economy, despite inflation holding at around 2 percent. In May, when they last met, members of the board chose to keep interest rates at their current level. The Economist is predicting that the Fed will raise the benchmark interest rate a quarter of a percentage point, and is also reporting that FedWatch, a monetary policy forecast estimation tool, is putting the probability of an increase at 91 percent. While unemployment numbers are the lowest its been since early 2000s—4.3 percent—there are other factors that The Economist says point to a hike in rates. Wage growth has slowed, even though it should be rising with low unemployment numbers. In that regard, inflation should be going up as well, but it is not. If the Fed decides to raise interest rates, what does that mean for the housing market and mortgage rates? Mark Fleming, Chief Economist, at First American believes nothing will happen. “The truth is,” he writes, “changes to short-term interest rates, like the Federal Funds rate, tend to have very little influence on mortgage rates. That’s because mortgage rates, particularly the very popular 30-year, fixed-rate mortgage, are benchmarked to the 10-year Treasury bond.” For something as small as a quarter of a percentage point, he estimates the yield curve will flatten rather than spike. There are some that see a possibility that FOMC will keep interest levels at their current level. Bryan Rich, CEO of Logic Fund Management and staff writer at Forbes, thinks oil prices, which are hovering above $50 a barrel, and show no sign of dropping below that, will be a contributing factor to the Fed’s decision. Combined with falling yields, Rich sees a recipe for a big surprise when Janet Yellen holds her press conference and reveals the FOMC’s decision. Subscribelast_img read more

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Mr. Cooper Supporting Customers Affected by Harvey and Irma

first_img In the aftermath of a natural disaster, the dream of homeownership is shaken as people face the challenge of rebuilding their homes and their lives. The devastation of Hurricanes Harvey and Irma has certainly tested this dream for so many people.As one of the nation’s largest mortgage servicers, Mr. Cooper is focused on doing all we can to help our customers impacted by the recent hurricanes. At this time, Mr. Cooper is automatically waiving or refunding late fees for mortgage payments of affected customers and holding negative reporting to credit bureaus. We’re also staffing on-site teams through a series of events to help customers through the insurance and loss mitigation process. In addition, many of our customers are enrolling in forbearance modifications to allow for immediate relief as mortgage payments are delayed.We’re also proud of the generosity and compassion Mr. Cooper team members have shown for the people affected by the hurricanes. In addition to donating items to our drive and volunteering their time to lend a helping hand to our local non-profits, team members have also donated more than $110,000 to our American Red Cross campaign – of which Mr. Cooper will match dollar for dollar without limit.We’re focused on doing what we can to provide support, but the road to recovery for these communities won’t be easy. It is critical that our entire industry work together to help those affected. Mr. Cooper is committed to finding better solutions for our customers and will continue to work side-by-side with our industry partners to explore new ways to support those impacted. Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, Loss Mitigation, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: hurricane harvey Hurricane Irma Mr. Cooper September 19, 2017 3,053 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Five Star Conference: Where Business Gets Done Next: FHA Loans Could Lead to Portfolio Growth for Servicers The Best Markets For Residential Property Investors 2 days ago Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Related Articles Demand Propels Home Prices Upward 2 days agocenter_img hurricane harvey Hurricane Irma Mr. Cooper 2017-09-19 Joey Pizzolato Share Save The Best Markets For Residential Property Investors 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Mr. Cooper Supporting Customers Affected by Harvey and Irma Sign up for DS News Daily About Author: Joey Pizzolato Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Mr. Cooper Supporting Customers Affected by Harvey and Irmalast_img read more

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Cold Weather Means Rental Market Bargains for Investors

first_img HomeUnion rental investments Rentals Single-Family Rentals 2018-01-09 David Wharton Demand Propels Home Prices Upward 2 days ago For investors looking to find bargains in the single-family rental (SFR) market, winter is here … and that’s a good thing. According to a study by HomeUnion, an online real estate investment and management firm, the off-peak winter period can be one of the best times of year to acquire single-family rental homes. HomeUnion reports that investors paid 6.6 percent less per square foot during the winter months of 2018 than they did during summer 2017, when the buying market is in full swing.Steve Hovland, Director of Research for HomeUnion, says, “For the second year in a row, our study found that the wintertime is the best season to acquire rentals. Median home prices drop substantially during the colder months, while rent losses remain marginal for landlords. On average, investors can acquire higher-yielding properties in cold-weather markets like Omaha, Nebraska; Chicago, Illinois; and Hartford, Connecticut.HomeUnion ranked the 40 best metro areas to buy rental property during the wintertime, with Omaha, Nebraska topping the list. HomeUnion found the average wintertime price for Omaha to be $78,100, down 32.1 percent from the summertime average of $115,000. Here are the list’s top 10 entries, along with the price decrease between summer and winter months.Omaha, Nebraska: -32.1 percentChicago, Illinois: -26.0 percentHartford, Connecticut: -25.5 percentColumbus, Ohio: -25.1 percentSeattle, Washington: -24.7 percentWashington, D.C.: -24.3 percentNew York, New York: -23.8 percentCincinnati, Ohio: -22.4 percentGrand Rapids, Michigan: -21.4 percentMinneapolis, Minnesota: -20.1 percentYou can see the rest of HomeUnion’s rankings by clicking here.Investors interested in the single-family rental market should take note of Five Star’s 2018 Single-Family Rental Summit, set to unfold March 19-21, 2018, at the Renaissance Nashville Hotel in Nashville, Tennessee. The three-day Summit will feature top subject matter experts and skilled SFR practitioners leading discussion panels and training sessions related to property acquisition and management, financing, strategies for small, mid-cap, and large investors, and new developments related to technology and professional services. You can find more information by clicking here. Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Cold Weather Means Rental Market Bargains for Investors The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Journal, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago Previous: Mortgage Delinquencies Begin to Recover from Hurricane Season Next: First-Time Homebuyers Could Face Increased Default Risks in 2018 Share Save January 9, 2018 1,982 Views  Print This Post Demand Propels Home Prices Upward 2 days ago Tagged with: HomeUnion rental investments Rentals Single-Family Rentals Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 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 Home / Daily Dose / Cold Weather Means Rental Market Bargains for Investors About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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Collingwood’s Tim Rood: Moving Mortgage Forward

first_img About Author: David Wharton Demand Propels Home Prices Upward 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Tim Rood is the Co-Founder and Chairman of the Collingwood Group, a Washington, D.C.-based advocacy group for the housing and mortgage industries. Collingwood works to identify and secure business opportunities with the federal government and the GSEs; helps financial services companies comply with, interpret, and operate within the ever-changing regulatory environment; and works directly with CEOs and boards of directors to help increase market share and profitability.Rood brings more than two decades of mortgage industry and entrepreneurial experience to the Collingwood Group. Rood recently spoke to DS News about his day-to-day role with Collingwood, how the industry is evolving, and where both he and the market are headed in the future.DS News: What do you see as Collingwood’s role in the market right now?Rood: We’re evolving just as the market is evolving. Collingwood, through the Obama administration, was laser-focused on advisory services related to risk management, compliance, and advocacy in certain circumstances to give lenders, service providers, and technology companies the best chance for commercial success in Washington, and that’s given us a solid foundation and customer base from which to work.In a situation where you’ve got razor-thin margins, lenders and servicers are having to evaluate where to make investments today. It’s historically been a binary choice. Do I invest more in compliance and risk management, or do I invest more in operational efficiencies, taking friction out of the process, and delighting my customers? Technology has caught up to that business problem and can solve the compliance and risk management problem while solving for the efficiency and delighting the customers.When Collingwood was acquired by Situs, that put us in a fortunate situation where we could rely on the infrastructure and capital of a much larger parent company in adjacent industries, multi-family, and commercial, and then repurpose some of those tools and leverage that infrastructure so that we became a higher-value business partner to our clients as it relates to transaction services across the continuum—origination, servicing, claims, professional services. We can get into business process engineering and help folks advance from strictly a compliance, risk management culture and then focus on how we can wring efficiencies out of the process while achieving all of the compliance and risk management objectives.DS News: What does your role with Collingwood look like on a day-to-day basis?Rood: One of the great things about this company is, it’s so dynamic. We find ourselves advising lenders, servicers, technology companies, outsourcers—anything that has to do with some intersection with Washington. The variety of topics that we are involved in, and the people that we interface with, never ceases to amaze me and excites me every day, just because you find yourself in the pocket of such mission-critical issues for the industry.We only take on causes that are about enlightened self-interest for the industry. If the cause we’re taking on is good for the industry—housing, mortgage, the economy—then we should get involved. However, the opposite is also true. We don’t take up causes that promote the self-interest of companies or individuals if it’s at the expense of the industry.The work is dynamic and fulfilling. Our days involve advising the executives of these organizations, getting a roadmap to achieving their objectives in and around Washington. We then leverage all of the tools and resources available to us to make sure that we’re part of not just the advice but the solution as it relates to how to operationalize things that they’re trying to accomplish, whether that be compliance, risk management, operational efficiencies, outsourcing, resource management. For a long time, we’ve been bootstrapping this business and had some hard-won success building a brand and our reputation in the industry. It’s empowering now to have a trunk full of tools at your disposal, and a well-funded parent company to underwrite our growth into these transactional business services and professional services.DS News: What are the challenges you’re preparing for in 2018 and beyond?Rood: You’re at what some would argue is a cyclical and secular crossroad here for the industry. Many companies need to reinvent themselves, particularly companies that don’t have a mortgage servicing rights (MSR) portfolio. Then they’re focused on obviously how to feed the beast on the origination side. We’re reaching an inflection point for some companies that are not properly capitalized, where they’re going to have to rationalize how they do business and explore partnerships with larger, well-capitalized companies that have more diversified business models.We’re alert to that and are looking at the industry regarding what role we play in that. Whether it be on advisory services or matchmaking, we are working with companies to make sure that they’re taking advantage of every opportunity to lower their costs and enter into a variable-cost business model to make sure that they’ve reached the elusive equilibrium between production capacity and product demand. That has been the bane of the existence of mortgage lenders for as long as I can remember.DS News: What are you seeing happening with home equity conversion mortgages (HECMs)?Rood: All the things that I’m hearing about the HECM program coming out of the administration and out of HUD are positive, well-intentioned, and earnest conversations. There’s alignment that the program needs to be sustainable. HUD needs to find ways to make the program less volatile, and they need to ensure that it is commercially marketable to enough seniors to make the juice worth the squeeze.I’m encouraged by all the things that I’m seeing. I was anxious that the new administration might not value the HECM program, despite some of the demographic realities in our country in terms of baby boomers aging, their desire to age in place, and the sad reality that too many of them are living in poverty yet are house-rich. That creates an opportunity. One of the things I’ve liked about this administration is, while fairness is still important and you’ve got to take care of people who need help, which there’s also a calculus that says, “It’s not just about fairness.” There’s a macroeconomic calculus to helping people achieve homeownership, to helping people tap the equity in their homes so that they can maintain a reasonable quality of life. There’s plenty of work to be done, but I like the direction in which we’re heading.DS News: Do you see any other challenges as far as this huge group of seniors or near-seniors who are aging up?Rood: We’re in this enigma wrapped in a riddle around the whole inventory problem and the affordability problem. There does not seem to be an easy solution there. The inventory that boomers occupy, if their bias is to age in place, then you break the housing ladder in half, where entry-level owners can’t move up. There’s just not enough inventory. At the entry level, you’re seeing demand stymied because builders can’t make the economic calculus work for building entry-level homes when regulatory costs can be $80,000 or more just to build a house. You’ve got record-high raw material costs. You’ve got the supply-chain issues in terms of finding qualified labor to build. We’re stuck here. Americans still have a bias towards living indoors, so something has got to break. We’ve got to find a way to remove some of the cost burdens to incentivize builders to build at the entry level, and we need to give seniors options other than aging in place.DS News: As I’m sure you know, the Mortgage Bankers Association (MBA) is going to lose its leader later this year with the retirement of David Stevens. How do you think that that transition into a new head of the MBA could potentially affect advocacy within the industry?Rood: There is only one Dave Stevens, so trying to find a mini Dave would be a fool’s errand. He was the perfect guy for the times. The challenge for the MBA as it goes forward is that a lot is going on in the industry, and there seems to be some separation between what the large financial institutions have as their agenda versus the agenda of independent mortgage companies. How you keep those companies aligned with a common set of objectives is one of the biggest things for the MBA and the industry to wrap their heads around.Advocacy for the MBA during the housing crisis was about trying to keep the administration and regulators from over-correcting and killing the industry in an attempt to save it. Now you’re dealing with a completely different environment, where the bias for the industry is to deregulate, and to be more transparent, and to be better business partners with the industry. So, it’s going to be a different set of issues. They need to contribute to whatever the solution is for the inventory problem. The MBA needs to contribute to the ongoing progress made from a regulatory and enforcement standpoint, to make the government and the private sector more aligned and less adversarial. They need to make sure that there is adequate and affordable access to credit.The housing finance industry still probably would benefit from a makeover. There’s still probably a negative and largely false narrative that exists in the administration and with lawmakers that needs to be addressed. I’ve spent my entire professional career in housing finance, and I know that the housing finance system and the actors in the system are, by and large, well-intentioned and good business partners for the government, and certainly are critical to the vibrancy of the economy and the housing market. The MBA will be an important voice for the housing finance industry as it looks to ensure the right people in the right places have the right impression of our industry.You can’t dismiss the fact that housing, in a normal year, can contribute upwards of 20 percent of the economy. Regulators need to be sensitive to the fact that patriotism doesn’t compel mortgage lenders to make mortgage loans. Capitalism does. If the lenders don’t have the confidence, if they can’t quantify the risks that they’re taking and an ability to mitigate those risks, sooner or later they’re just going to stop taking those risks. There’s going to be cataclysmic fallout to the economy if that happens. There’s probably a benefit to an advocacy campaign, making sure that people see all the value that this industry brings to the economy and that any cautionary tale from the past belongs where it is, which is in the past.DS News: What are some of the qualities you think will be necessary for whoever takes over as head of the MBA?Rood: It’s going to have somebody who still has Dave’s passion because it’s going to be a body blow to the MBA membership when Dave leaves. The person who takes over is going to have to instill confidence and energy in its membership base at a time where they’re going through a tough market. Anybody in the industry has got some anxiety over how 2018 will shape up, so it has to be somebody who understands the issues and energizes the membership base. Somebody who has a clear and compelling understanding of how Washington works, and the ability to pull the right levers at the right time to achieve the best outcome for their members. This is not a “learn on the job” point in time. That’s critical. At the same time, it has to be somebody that the industry is excited about, can relate to, and trust to represent their interests going forward.DS News: You sound like you might be a good candidate for the role yourself. If that opportunity came your way, is that something you would consider?Rood: That’s a good question. It would be an honor to be considered for something like that, but I’m thrilled with the job that I have, and I’ve never been more invigorated for the work and the opportunities that are in front of us. Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: California Gubernatorial Candidates on the State’s Housing Crunch Next: Courts Weigh in on Affordable Housing Struggle in Daily Dose, Featured, Headlines, Journal, News, Servicing The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago 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 Share Save Tagged with: Collingwood Group Compliance David Stevens HECMs Home Equity Conversion Mortgages MBA Mortgage Bankers Association mortgage servicing mortgage servicing rights Regulations Tim Rood Collingwood’s Tim Rood: Moving Mortgage Forward March 13, 2018 2,402 Views Home / Daily Dose / Collingwood’s Tim Rood: Moving Mortgage Forward Collingwood Group Compliance David Stevens HECMs Home Equity Conversion Mortgages MBA Mortgage Bankers Association mortgage servicing mortgage servicing rights Regulations Tim Rood 2018-03-13 David Wharton Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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What Fannie Forecasts for Housing in 2019

first_imgHome / Daily Dose / What Fannie Forecasts for Housing in 2019 Subscribe Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: David Wharton May 17, 2018 16,898 Views 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] Tagged with: Economic and Housing Outlook Fannie Mae Home Prices Home Sales Housing Starts Share Save Previous: Mortgage Diversity Group Elects New Advisory Council for 2018 Next: The Evolution of Housing Wealth Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Journal, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articlescenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago What Fannie Forecasts for Housing in 2019 Economic and Housing Outlook Fannie Mae Home Prices Home Sales Housing Starts 2018-05-17 David Wharton The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Fannie Mae Economic and Strategic Research Group’s May 2018 Economic and Housing Outlook predicts continued economic growth throughout the rest of 2018. As we enter 2019, however, the GSE forecasts a potential change in that momentum.According to Fannie’s May 2018 Economic and Housing Outlook, the GSE forecasts 2018’s full-year growth to hold steady at 2.7 percent. Fannie’s Outlook also predicts the Fed will institute two more interest rate hikes before year’s end.“We remain confident that, despite a first-quarter hiccup, economic growth will pick up through the rest of 2018,” said Fannie Mae Chief Economist Doug Duncan. “There are signs that consumer spending is poised to strengthen in the months ahead, and we believe recent fiscal policy actions are likely to contribute to growth this year.” But for 2019, the Outlook predicts a deceleration to 2.3 percent growth.“Come 2019 … we expect the fiscal boost to fade, and we adjusted our forecast lower accordingly,” Duncan said. “We also note mounting downside risks to our projections, including growth-constraining protectionist trade policies and rising oil prices, among others. Meanwhile, housing’s upward grind should continue, despite a lackluster first quarter. We expect home sales to post modest gains both this year and next, as prices rise and affordability declines amid low for-sale inventory.”Fannie forecasts 1.3 million housing starts by year’s end, compared to 1.2 million in 2017. Single-family housing starts are expected to experience 7.9 percent year-over-year (YOY) growth in 2018, as compared to 8.6 percent in 2017 and a predicted 5.4 percent in 2019.Fannie anticipates new single-family home sales to grow 11.8 percent in 2018. In 2017, that number was 9.3 percent, but the forecast 2019 number drops all the way to 3.8 percent year-over-year. Existing-home sales are expected to remain mostly steady, with a predicted 1.5 percent YOY change in 2018 and 2019 forecast to come in at 1.2 percent.Total home sales are anticipated to come in at 2.5 percent YOY for 2018, with 2019’s forecast slipping to 1.5 percent, slightly below 2017’s 1.9 percent growth.To read all of Fannie Mae’s Economic and Housing Outlook data for May 2018, click here. Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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When Does a Condo Owner’s Lien Liability End?

first_img in Daily Dose, Featured, Foreclosure, News Subscribe Home / Daily Dose / When Does a Condo Owner’s Lien Liability End? When Does a Condo Owner’s Lien Liability End? Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Roy Diaz Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Roy A. Diaz is the Managing Shareholder of Diaz, Anselmo Lindberg, P.A. The firm provides representation in Florida, Illinois, Ohio, Indiana, Kentucky, Wisconsin and Michigan. Diaz has been a member of the Florida Bar since 1988. He has concentrated his practice in the areas of real estate, litigation, and bankruptcy. He has represented lenders, servicers of both conventional and GSE loans, private investors, and real estate developers throughout his career with an emphasis on the mortgage servicing industry for over 25 years. The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Previous: The Booming Built-For-Rent Industry Next: The Ups and Downs of Home Prices August 6, 2019 1,506 Views 2019-08-06 Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Editor’s Note: This article originally appeared in the SHD Legal Group’s Florida Legal Update. It is reprinted with permission.The First DCA rendered an opinion this month wherein it certified conflict with the Third DCA over a condominium unit owner’s liability for association assessments and liens pursuant to § 718.116(1)(a), Fla. Stat., which pertains to a. Coastal Creek Condo. Ass’n, Inc. v. Fla Tr. Services LLC, 1D18-1457, 2019 WL 3114229, at *1 (Fla. 1st DCA July 16, 2019). In Coastal Creek, the mortgagors defaulted on their loan, the bank foreclosed and Homes HQ, LLC purchased the property at the foreclosure sale. Homes HQ transferred the property to FLA Trust Services LLC. Thereafter, Coastal Creek Condominium Association (“the Association”) recorded a lien against the property for unpaid “assessments and related expenses” and filed a lawsuit against FLA Trust and the tenants of the property seeking to foreclose its lien for delinquent assessments due since August 15, 2015.FLA Trust Services, LLC responded to the claims and filed a counterclaim. The counterclaim sought a declaration as to which party was responsible for assessments and expenses incurred from July 2007, a time period which included the original mortgagors’ ownership. Both FLA Trust and the Association moved for summary judgment. The disputed issue was whether § 718.116(1)(a) limited FLA Trust’s liability solely to “assessments that came due during Homes HQ’s ownership” or also assessments that came due during the original mortgagor’s ownership. The pertinent portion of §718.116 reads as follows:“A unit owner…is liable for all assessments which come due while he or she is the unit owner. Additionally, a unit owner is jointly and severally liable with the previous owner for all unpaid assessments that came due up to the time of transfer of title …”The trial court analyzed prior cases which interpreted § 718.116(1)(a) and surmised under those cases the court was required to find § 718.116(1)(a) limited FLA Trust’s joint and several liability to assessments that came due during the Homes HQ’s ownership and did not include assessments that came due during the original owners’ ownership. The Association appealed that ruling to the First DCA.On appeal, the First DCA discussed amendments to § 718.116(1)(a) which were made shortly after several Third DCA cases, imposed limitations to the present owner’s liability under its interpretation of the statute. The First DCA explained that reference to “the previous owner” in § 718.116(1)(a) did not pertain to the period of ownership during which the present owner is liable, as suggested by the Third DCA and FLA Trust; rather, the phrase identified the person with whom the present owner has joint and several liability. The Court explained the phrase “all unpaid assessments that came due up to the time of transfer of title” was key and supported an interpretation that the present owner’s liability for unpaid assessments was not limited to that of only the previous owner under § 718.116(1)(a).The First DCA concluded the amendments to the statute and its unambiguous language made it clear the legislature intended the present owner would be “…liable with the previous owner for unpaid assessments that came due during the ownership of both the previous owner (unless it was the association) and the original owner.” In so ruling, the First DCA reversed judgment for FLA Trust, entered judgment in favor of the Association and certified conflict with the Third DCA to the extent that Court held § 718.116(1)(a) limited a current owner’s liability “to unpaid assessments that came due during the ownership of the immediate prior owner, and not the original owner.”last_img read more

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Stocks Fall, Yield Curve Inverts as Recession Fears Grow

first_imgSubscribe Demand Propels Home Prices Upward 2 days ago August 14, 2019 2,293 Views in Daily Dose, Featured, Government, Market Studies, News Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Recession U.S. Stock Market 2019-08-14 Mike Albanese Stocks Fall, Yield Curve Inverts as Recession Fears Grow 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  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Editor’s note: This is a breaking story. Please check back for updates.Recession fears filled Wall Street on Wednesday as the Dow Jones crashed, falling more than 800 points and the 10-year treasury yield briefly broke the two-year rate for the first time since 2005—an economic marker that has often proved a forerunner of recessions in times past. CNBC reports that there have been five inversions of the 2-year and 10-year yields since 1978. A recession followed each inversion. However, data shows that those recessions began on average 22 months after the initial inversion. “Historically, an inverted yield curve is a significant sign that points to the development of an economic slowdown in the near to medium term,” said Five Star Global President & CEO Ed Delgado. “This latest development is another in a series of economic markers that support the possibility of a future recessionary cycle.”The numbers out of Wall Street were dire: the Dow Jones Industrial Average dropped 800.49 points, S&P 500 fell 2.9%, and the Nasdaq declined 3%. President Donald Trump, who sent a series of tweets Wednesday, said the following on the economy: “Spread is way too much as other countries say THANK YOU to clueless Jay Powell and the Federal Reserve. Germany, and many others, are playing the game! CRAZY INVERTED YIELD CURVE! We should easily be reaping big Rewards & Gains, but the Fed is holding us back. We will Win!”China—the world’s second-largest economy—reported its weakest growth in 17 years, as its industrial output slowed to 4.8% in July. Germany’s GDP shrank by 0.1% between April and June, and the Euro zone GDP grew by just 0.2% from the prior quarter. Trump, however, announced plans to delay tariffs on Chinese goods, reversing plans to enact a 10% tariff on $300 million worth of Chinese goods. Tariffs were expected to begin September 1. Gerry Frigon, president and chief investment officer at Taylor Frigon Capital Management, said that research suggests that investors make the most mistakes after down turns, which is “akin to jumping off a ship in the middle of a hurricane.” “If, however, investors base their strategies not on timing cycles but on the real source of most of the great wealth created for families in this country for the past hundred years, the ownership of shares in successful businesses for a period of years or even decades, then they should both expect interim volatility and be prepared to weather it,” Frigon said. He added that there will always be ebbs and flows within the economy, and they shouldn’t influence business decisions. “In the short run, powerful forces can move stocks around the way hurricane winds toss debris,” Frigon said.  Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Previous: Homeowners Bracing for Climate Change Next: Capitalizing on the Single-Family Investment Market The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Tagged with: Recession U.S. Stock Market Home / Daily Dose / Stocks Fall, Yield Curve Inverts as Recession Fears Growlast_img read more

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Putting $331M Toward Affordable Housing and Foreclosure

first_img in Daily Dose, Featured, Foreclosure, News Affordability HOUSING Sales 2019-08-19 Seth Welborn As California faces a housing crisis, California Governor Gavin Newsom is planning on spending $331 million from a settlement with mortgage lenders on legal aid for homeowners and renters, The Orange County Register reports. However, courts have stated that the money must be spent on housing assistance and consumer protection programs.“The middle class, and those that aspire to get in it, are being slammed because we have been unable to produce enough housing, to prevent evictions and foreclosures,” Newsom said.Newsom’s plan is to give the money to nonprofits that help Californians facing foreclosure or evictions, keeping in line with the court’s decision.Despite being less affordable than its long term norms, a report from Black Knight earlier this year revealed that California affordability has improved significantly. It now requires 34% of the median income to purchase the average home in California, down from 38% in November. Black Knight notes that California went from having one of the top five home price growth rates of any state (8.6%) one year ago to second-to-last as of June 2019, at 1.3%.To combat the ongoing 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. 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.  Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago August 19, 2019 1,355 Views Subscribe Share Save The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Putting $331M Toward Affordable Housing and Foreclosure Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Tagged with: Affordability HOUSING Salescenter_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Putting $331M Toward Affordable Housing and Foreclosure 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn Previous: When Will the Next Recession Hit? Next: Update on Built-for-Rent Housinglast_img read more

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