31 May

National Community Stabilization Trust Welcomes New President

first_img  Print This Post The Best Markets For Residential Property Investors 2 days ago in Featured, Foreclosure, News Robert GrossingerWashington, D.C.-based non-profit National Community Stabilization Trust (NCST) announced in a press release that Robert Grossinger will be the new president of the organization, effective immediately.Grossinger will succeed Craig Nickerson, who joined NCST at its founding at amidst the 2008 housing crisis and served 45 years in the housing and community development arena, the company says. Grossinger’s priority in his new position will be to continue to move the organization’s established market-relevant housing strategies forward, while increasing its focus on markets that are still struggling to see a housing and economic recovery.”It’s truly been an honor to lead a dedicated team of professionals at NCST,” Nickerson said. “I could not be more pleased with the Board’s selection of Rob. In my opinion, there’s no better person to lead this organization forward.”Prior to accepting his new role at NCST, Grossinger was VP at Enterprise Community Partners, where he provided leadership and partnership responses to the foreclosure crisis as well as the health and housing area. Prior to his role at Enterprise, Grossinger served as SVP in the corporate social responsibility group at Bank of America, LaSalle Bank, Corporation for Supportive Housing, and the Illinois Housing Development Authority. Grossinger has also served as an active member of the NCST Steering Committee since 2010.”Rob’s depth of experience in the community development and financial industries will serve NCST well at this pivotal time,” said Ed Jacob, NCST board chair and past executive director, Neighborhood Housing Services of Chicago. “The work of NCST is not done; too many boarded up homes remain in our communities and Rob has the tenacity and vision to continue our path forward.”Grossinger will continue to work with industry partner such as, federal government policy makers, local community leaders, and high profile financial institutions that are dedicated to stabilize struggling markets.”I am thrilled to join the NCST team,” Grossinger said. “The foreclosure crisis may be winding down, but distressed real estate and lack of capital still hinder recovery in many markets. The NCST team, working closely with other national nonprofit organizations, must focus in these markets. We must offer even more holistic solutions, such as the purchase of non-performing mortgage notes, expanding the use of faster REO property solutions, and increasing access to development financing.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Completed Foreclosures Decline But Remain At Double Pre-Recession Levels Next: Potestivo & Associates Adds Two Associate Attorneys Subscribe Community Stabilization National Community Stabilization Trust Non-Profits 2015-06-09 Brian Honea 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. Tagged with: Community Stabilization National Community Stabilization Trust Non-Profits Is Rise in Forbearance Volume Cause for Concern? 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles About Author: Xhevrije Westcenter_img June 9, 2015 889 Views Demand Propels Home Prices Upward 2 days ago Home / Featured / National Community Stabilization Trust Welcomes New President The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago National Community Stabilization Trust Welcomes New President Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

31 May

Distressed Sales Fall to Eight-Year Low

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: CoreLogic Distressed Property Sales Foreclosed Properties REO sales Short Sales July 9, 2015 1,693 Views Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Distressed Sales Fall to Eight-Year Low 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 Sign up for DS News Daily About Author: Scott Morgan Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago CoreLogic Distressed Property Sales Foreclosed Properties REO sales Short Sales 2015-07-09 Scott Morgan Share Save in Daily Dose, Featured, Foreclosure, News Servicers Navigate the Post-Pandemic World 2 days ago Previous: Are First-Time Homebuyers a Bigger Risk? Yes and No Next: Lawmakers Debate ‘Too Big to Fail’ and Criteria for ‘Systemically Important’ Tag Home / Daily Dose / Distressed Sales Fall to Eight-Year Low  Print This Post Sales of distressed properties in April 2015 hit their lowest point since April 2007, according to a report released Thursday by CoreLogic.According to CoreLogic, distressed sales comprised 11 percent of home sales nationally in April. This is down 3 percentage points from last April and 1.5 percentage points from March. It is also far below the January 2009 peak in which distressed sales accounted for a third of U.S. home sales.Pre-crisis, distressed sales usually hovered around 2 percent, the report stated. CoreLogic expects the numbers to return to this mark by mid-2017, a claim bolstered by the ongoing shift away from REO sales. REO sales made up 7.4 percent of total distressed sales in April, while short sales made up 3.7 percent. This shift, CoreLogic wrote, is a driver of improving home prices.The national numbers, however, are quite a bit lower than those in the five states with the heftiest shares of distressed sales. In Michigan and Florida, 21.7 percent of April sales were distressed properties. Close behind were Maryland, Illinois, and Connecticut, which all had more than 19 percent distressed sales.Orlando, Miami, and Tampa had the highest metro-area numbers for the month. All reported that almost a quarter of their April sales were distressed properties. Chicago and Baltimore came a close second and third, each reporting distressed sales around 20 percent. On the flip side, Atlanta reported an 8.3 percent drop in distressed sales compared to April of 2014 ‒‒ from 23.5 percent to 15.2 percent.California, which saw distressed sales comprise two-thirds of its January, 2009, sales, finally fell below 10 percent in April. Distressed sales made up 9.7 percent of the state’s April sales. The Riverside-San Bernardino-Ontario metro, which in February, 2009, saw distressed sales comprise 76.3 percent of its sales, reported 12. 7 percent distressed sales in April.Nevada’s distressed property sales dropped by almost 8 percent in April. Meanwhile, North Dakota and the District of Columbia reported pre-crisis figures, each at around 1 percent.last_img read more

31 May

Treasury Issues First Guidance on Termination of Making Home Affordable Program

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Treasury Issues First Guidance on Termination of Making Home Affordable Program Related Articles Subscribe 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 Best Markets For Residential Property Investors 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 Previous: They’ve Come a Long Way: FHFA Details Progress of Non-Performing Loan Sales Next: Wage Growth Lags Amid Positives in February Employment Summary Tagged with: avoiding foreclosure Making Home Affordable Treasury Demand Propels Home Prices Upward 2 days ago Treasury Issues First Guidance on Termination of Making Home Affordable Program Servicers Navigate the Post-Pandemic World 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 government’s Making Home Affordable (MHA) program was launched by the Obama Administration in February 2009 as a way to stabilize the housing market and help struggling homeowners avoid foreclosure.Now, more than seven years after the crisis hit, with the economy having significantly improved from 2008 and many housing fundamentals having returned to their pre-crisis levels, the government is turning its attention toward winding down the MHA program, which is scheduled to end on December 31, 2016. The Department of Treasury on Thursday issued its first set of guidelines to servicers for MHA program termination in the form of Supplemental Directive (SD) 16-02.Included in the SD are guidelines for servicers on such topics as policies and procedures to accommodate deadlines; evidence of borrower transmissions and servicer transmissions; the Home Affordable Modification Program (HAMP), Home Affordable Foreclosure Alternatives (HAFA), the Unemployment Program (UP), Second Lien Modification Program (2LMP ), and Treasury FHA-HAMP and RD (Rural Development) HAMP.The SD also provides guidance as to the eligibility of certain GSE HAMP loans to receive pay-for-performance incentives through the government’s Troubled Asset Relief Program (TARP).Servicers must either establish or update their policies and procedures to ensure that all relevant documents and information are processed in accordance with the requirements of version 5.0 of the Making Home Affordable Program Handbook for Servicers of Non-GSE Mortgages (Handbook), issued by Treasury on January 6, 2016. The policies and procedures should be designed to reasonably ensure that trial period plans, extinguishment, short sales and deeds-in-lieu of foreclosure can be converted into a permanent modification by December 1, 2007.Servicers should design such policies and procedures to reasonably ensure that trial period plans, extinguishments, short sales and deeds-in-lieu (DIL) of foreclosure under MHA can be converted to a permanent modification, effected or closed, as applicable, by December 1, 2017. Click here to view a complete list of the updated requirements and a description of each one.Click here to view the entire Supplemental Directive issued by Treasury on Thursday.  Print This Post March 3, 2016 3,731 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago avoiding foreclosure Making Home Affordable Treasury 2016-03-03 Brian Honea Sign up for DS News Daily last_img read more

31 May

FHFA Offers Insight Into GSE Foreclosure Prevention

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save September 28, 2016 1,418 Views Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: SingleSource Property Solutions Expands into Texas Next: Hearing to Address Fed’s Oversight Splits House The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Kendall Baer FHFA Offers Insight Into GSE Foreclosure Prevention Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / FHFA Offers Insight Into GSE Foreclosure Prevention Related Articles The Federal Housing Finance Agency (FHFA) released its second quarter Foreclosure Prevention Report which shows that Fannie Mae and Freddie Mac completed 48,438 foreclosure prevention actions in the second quarter of 2016, bringing the total number of foreclosure prevention actions to more than 3.7 million since the start of the conservatorships in September 2008.The report also shows that the serious delinquency rates of Fannie Mae and Freddie Mac loans declined to their lowest levels since 2008. This compared with 4.4 percent for Federal Housing Administration (FHA) loans, 2.5 percent for Veterans Affairs (VA) loans, and 3.1 percent for all loans (Industry average). Of these actions, 3,087,014 have helped troubled homeowners stay in their homes including 1,962,599 permanent loan modifications.Broken down further, Home Retention Actions totaled 83,847 year-to-date, with the repayment plans totaling 16,033 and forbearance plans numbering 3,520. Charge-offs-in-lieu totaled 521. On the Nonforeclosure-Home Forfeiture Actions side, the total year-to-date was 14,202, with short sales coming out to 9,554 and deeds-in-lieu totaling 4,648.Modifications with extend-term only accounted for 47 percent of all loan modifications in the first quarter due to improved house prices and a declining HAMP eligible population. As of June 30, 2016, approximately 20 percent of loans modified in the second quarter of 2015 had missed two or more payments, one year after modification.A total of 1,078,719 troubled homeowners have been offered a HAMP trial modification since the program started in April 2009 and 653,893 of these homeowners have been granted permanent modifications through HAMP. A total of 2,961 homeowners were in a HAMP trial modification period at the end of the second quarter, but this number is a reflection of 1,078,719 modifications started in Q2 minus the number of trials disqualified (78,719) and the number of trials cancelled (343,146). This number also reflects the subtraction of those trials turned into permanent modifications that numbered 653,893.Non-HAMP modifications accounted for 93 percent of all permanent loan modifications in the second quarter. A total of 29,668 homeowners received permanent loan modifications through the Enterprises’ proprietary modification programs in the second quarter, bringing the total number of non-HAMP permanent modifications to 1,212,208 since April 2009. 2016-09-28 Kendall Baer in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily 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. Subscribelast_img read more

31 May

Director Cordray Testifies Before the Financial Services Committee

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: CFPB Hearing  Print This Post April 5, 2017 1,204 Views Sign up for DS News Daily Previous: Cordray Stands Up for CFPB in House Hearing Next: A Drop in Foreclosure Activity Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Related Articles On Wednesday, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the Financial Services Committee in a hearing titled “The 2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection.”In his opening statement, Financial Services Committee Charmin Jeb Hensarling (R-Texas) expressed surprise at Cordray’s appearance at the hearing, citing the president’s ability to remove the Director at will and reports that Cordray was to pursue an Ohio gubernatorial bid.“There is no greater form of consumer protection than fostering competitive, innovative, and transparent markets, and then vigorously policing them for fraud, theft and deception,” said Hensarling. “In policing our markets, under Mr. Cordray’s leadership, the CFPB’s success record is anything but clear.”According to Hensarling, the CFPB has shown an “utter disregard for protecting our markets and has made credit more expensive and less available.” Rather than acting as a “cop on the beat,” Hensarling called the Bureau the “Judge, Jury, and prosecutor all rolled up into one.”Ranking Committee Member Maxine Waters (D-California) shared her support of the Bureau.“Republicans have been clamoring to destroy the Consumer Financial Protection Bureau since its inception,” said Water. “There are constituents in every state who have been ripped off by financial institutions. Why aren’t Republicans fighting for them or their financial security?”“I will continue to stand up for the hardworking consumers, whom the Consumer Financial Protection Bureau stands up for every day,” Waters continued.In his prepared remarks, Cordray defended the role of the CFPB, especially given the current debate surrounding the Bureau.“Years of uneven federal oversight on behalf of consumers allowed a lot of bad behavior to go unchecked,” Cordray’s remarks state. “As the independent consumer watchdog, we are solely focused on the job Congress gave us of assuring that these markets are fair, transparent, and competitive and consumers have access to sound financial products and services. Today, I want to highlight some areas where people remain vulnerable without the Consumer Bureau to stand up for them.”More on this story as it breaks. Watch the hearing here.center_img Home / Daily Dose / Director Cordray Testifies Before the Financial Services Committee Director Cordray Testifies Before the Financial Services Committee The Best Markets For Residential Property Investors 2 days ago Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer. CFPB Hearing 2017-04-05 Seth Welborn Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, Newslast_img read more

31 May

Economic Disrupt: Harvey’s Impact

first_img 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 Best Markets For Residential Property Investors 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Economic Disrupt: Harvey’s Impact The Federal Reserve’s Beige Book published Wednesday, and according to the report’s national summary, economic activity increased at a “modest to moderate pace” across all 12 districts in July and August.However, the Fed’s report added a special note to address the impact of Hurricane Harvey on the economy. Prior to the natural disaster, activity in the energy and natural resources sector was generally positive. While it is too soon to determine the full impact of Harvey, the Fed reported that the natural disaster has, “created broad disruptions to economic activity along the Gulf Coast in the Dallas and Atlanta Districts.”These disruptions include a noteworthy effect on the fuel and petrochemical production that caused 15 refineries in the regions to shut down. As some areas in the region experienced gasoline shortages, “supply was expected to remain tight in the Southeastern United States because of pipeline disruptions,” according to the Fed.Despite Harvey, prices rose modestly overall across the country as input and materials costs generally increased, “most notably for freight, lumber, and steel.” Along with increases in input prices exceeding gains in selling prices, “home prices moved up overall, as low inventories put upward pressure on prices in many regions.“The report noted that residential and commercial construction slightly increased, however, the low inventory of homes for sale has, “continued to weigh on residential real estate activity across the country, while commercial real estate activity increased slightly.”Philadelphia’s district reported modest growth in new home construction, while the Chicago district experienced increases in construction and real estate activity as well. In the Richmond district, real estate and construction were not as consistently positive. However, the district’s economy continued to expand modestly.The Boston district residential real estate markets were affected by the inventory low. While the New York district housing markets strengthened, but commercial real estate markets were steady. In Atlanta district, home sales increased and prices continued to rise modestly. Related Articles The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Nicole Caspersoncenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Beige Book Federal Reserve HOUSING mortgage Sign up for DS News Daily 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] Previous: Top 3 States for ROI Next: Immigration Reform’s Effect on Housing Demand Propels Home Prices Upward 2 days ago Beige Book Federal Reserve HOUSING mortgage 2017-09-06 Nicole Casperson Home / Daily Dose / Economic Disrupt: Harvey’s Impact in Daily Dose, Featured, News September 6, 2017 1,311 Views Subscribelast_img read more

31 May

Search for New York Fed Replacement Intensifies

first_imgSubscribe Tagged with: background CNBC Diversity Federal Reserve New York Fed president replacement As the announcement of William Dudley, the current New York Fed president’s retirement in 2018 circulates the industry, determining his successor brings to light the necessary characteristics the next president should have—and who might already possess them. The announcement made last week comes considerably before the end of his 10-year term, which is January 2019. The sudden and imminent departure of what some consider the second-most important job in the Federal Reserve system will bring with it a search that experts estimate will take six to nine months, according to a recent report published Monday by CNBC.There are some names being discussed throughout the industry by Fed observers and financial market experts. Some of these names include, Peter Blair Henry, the youngest dean appointed to the New York University’s (NYU) Stern School of Business, Peter Fisher, former Treasury Undersecretary for Domestic Finance during the Bush administration, Sandie O’Connor, JPMorgan Chief of Regulatory Affairs, and Seth Carpenter, Chief Economist for UBS. The President of the New York Fed is first among the 12 regional bank presidents. While he was New York Fed president, Dudley formed a triumvirate with Fed Chair Janet Yellen and former Vice Chairman Stanley Fischer. These three were in charge of Fed policymaking. The NY Fed president also serves as the vice chairman of the Federal Open Market Committee.These duties make prior experience a key factor in the search for Dudley’s replacement. One of the biggest ongoing debates is whether or not the NY Fed president should be an economist. CNBC also said that the NY Fed is a job that requires a Ph.D. in economics. Dudley held the latter and was the former. Finally, many are wary of a candidate with a background in banking due to the fact that Dudley’s retirement comes at a time when the Trump administration is likely to ease up on the Dodd-Frank Act. A candidate with a banking background also has the potential to be seen as beholden to financial institutions.The soon-to-be vacant NY Fed president position also comes at a time when the Fed is under pressure to appoint more diverse presidents. According to a Brookings Institution statistic cited by CNBC, six out of 135 regional bank presidents have been women, and three have been nonwhites. Additionally, 11 of the regional banks have always had white presidents, and eight of those have never been led by a woman.Additional names being mentioned include, Brian Sack, Chief Economist of Shaw, Robert Kaplan, Dallas Fed President, Lael Brainard, current Fed Governor, Simon Potter, current Head of Open Market Operations at the New York Fed, and Krishna Guha, Vice Chairman of Evercore ISI, and former EVP of the New York Fed. Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Journal, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Search for New York Fed Replacement Intensifies Home / Daily Dose / Search for New York Fed Replacement Intensifies background CNBC Diversity Federal Reserve New York Fed president replacement 2017-11-13 Nicole Casperson About Author: Nicole Casperson Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily November 13, 2017 1,296 Views Previous: NCS Approved by Fannie Mae And Announces New Leadership Next: Regulatory Relief Bill Created to Spur Economic Growthlast_img read more

31 May

Women Less Confident About the State of Housing

first_imgSubscribe The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Confidence First-Time Homebuyers Gender Gap Homebuyers homesellers housing confidence Millennial Homebuyers Modern Homebuyer Survey valueinsured women homebuyers 2018-03-29 David Wharton 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: Confidence First-Time Homebuyers Gender Gap Homebuyers homesellers housing confidence Millennial Homebuyers Modern Homebuyer Survey valueinsured women homebuyers Previous: Talking About Housing With Paul Bishop Next: Perry Hilzendeger to Lead Wells Fargo’s Home Lending Servicing March 29, 2018 2,700 Views Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Journal, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Women Less Confident About the State of Housing The latest installment of the ValueInsured Modern Homebuyer Survey finds strong disparities between men and women when it comes to their levels of confidence in the state of the housing market.According to the report, only 44 percent of all women believe the housing market is heading in a good direction “for people like me.” That percentage is based on “all interested homebuyers including homeowners who plan to sell and buy another home.” For comparison’s sake, male homebuyers reported a much higher confidence at 59 percent. When it comes to non-homeowners interested in buying, only 32 percent of women expressed confidence in the direction of the housing market.While the housing market is currently strong, women surveyed for the ValueInsured report are less confidence that that trend will last. Only 54 percent of women said they were confidence that a home they buy now would be worth more by the end of next year, as compared to 67 percent of male respondents. Similarly, only 52 percent of women surveyed said that now is a good time to purchase a home, whereas men came in at 68 percent.Forty-four percent of men surveyed said they were confident that they would not see another housing crisis within their lifetimes. That’s not a great percentage to begin with, but it’s much worse on the other side of the gender gap, with the percentage of confidence dropping to 28 percent among women.Nor does this pessimism about the state of housing affairs diminish among women who already own homes. ValueInsured reports that 41 percent of women believe the American housing market is currently “unhealthy,” with 20 percent of men believing the same. The numbers are better when it comes to belief that now is a good time to sell a home (72 percent of female homeowners and 84 percent of male homeowners agree), but both surveyed women and men expressed concerns that they would end up “buying high” after a successful sale. Seventy-one percent of female potential sellers and 66 percent of male potential sellers said they were worried about how much they would have to spend to land a new home.Among first-time millennial homebuyers, 38 percent of women believe buying a home today would be a “secure and smart financial decision,” whereas 52 percent of millennial men agree with that statement. Women Less Confident About the State of Housing Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: David Wharton Demand Propels Home Prices Upward 2 days ago Related Articles Share Save Sign up for DS News Daily last_img read more

31 May

These States are Bucking Mortgage Delinquency Trends

first_img Delinquency Foreclosure mortgage 2019-09-19 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Tagged with: Delinquency Foreclosure mortgage Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / These States are Bucking Mortgage Delinquency Trends These States are Bucking Mortgage Delinquency Trends The Best Markets For Residential Property Investors 2 days ago As of June 2019, the 30 days or more delinquency rate was 4%, a 0.3% year-over-year decline from June 2018’s rate of 4.3% according to the latest Loan Performance Insights Report from CoreLogic. Overall delinquency rates are near the lowest level since at least 1999.”A strong economy and eight-plus years of home price growth have made mortgage foreclosure an infrequent event,” said Frank Nothaft, Chief Economist for CoreLogic. “This backdrop will help the mortgage market limit delinquencies in most of the country whenever a downturn should start.”Despite the record low delinquency rates, several states and metropolitan areas posted small annual increases in June. The highest gains were in Vermont (+0.7%), New Hampshire (+0.3%), Nebraska (+0.2%) and Minnesota (0.2%), while the other four states, Michigan, Iowa, Wisconsin and Connecticut, experienced a nominal gain of just 0.1%.”While the nation continues to post near-record-low mortgage delinquency rates, we are seeing signs of emerging stress in some states,” said Frank Martell, President and CEO of CoreLogic. “We saw rates jump in states such as Vermont, New Hampshire, Nebraska and Minnesota that weren’t tied to a natural disaster.”Additionally, the foreclosure inventory rate was 0.4% in June 2019, down 0.1% from June 2018, while serious delinquency rates declined in every state except Minnesota, Nebraska, North Dakota and Virginia, which stayed the same.By CBSA, there were 20 metropolitan areas where the serious delinquency rate increased, and 48 metropolitan areas where the serious delinquency rate remained the same. All the remaining metropolitan areas saw the serious delinquency rate decrease.The share of mortgages that transitioned from current to 30-days past due was 1.1% in June 2019, up from 0.9% in June 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2% and peaked in November 2008 at 2%. About Author: Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago September 19, 2019 2,096 Views center_img Previous: Knox Capital Invests in a360inc Next: How Interest Rates are Impacting Housing  Print This Post in Daily Dose, Featured, Foreclosure, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 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. Share Save Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

31 May

Cash-Strapped Consumers Putting Mortgages First

first_imgHome / Daily Dose / Cash-Strapped Consumers Putting Mortgages First Subscribe  Print This Post Tagged with: Credit Score Delinquencies HOUSING Matt Komos pandemic TransUnion About Author: Eric C. Peck in Daily Dose, Featured, Journal, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Credit Score Delinquencies HOUSING Matt Komos pandemic TransUnion 2021-04-14 Eric C. Peck Previous: Housing Supply to Rise in Second Half of 2021 Next: Challenges Facing Mortgage Loan Borrowers of Color April 14, 2021 5,881 Views Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articlescenter_img 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 Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago In times of financial duress, a new TransUnion study has found that consumers are prioritizing their mortgage loan payments over auto loans and credit cards.TransUnion conducted a payment hierarchy study focusing on the three most popular credit products in the country: mortgages, auto loans, and credit cards. Approximately 27.8 million consumers held all three loans as of Q3 2020, and mortgages were clearly prioritized over the other credit products.The pandemic has caused even greater prioritization of mortgages over the other credit products as remote work situations forced Americans to stay in place and work from home.For those consumers possessing auto loans, credit cards, and mortgages, the 30+ days past due delinquency rate at 12 months following observation was lowest for mortgages, at 0.75%, as of Q3 2020. Auto loans had the second lowest delinquency rate at 1.13%, followed by credit cards at 1.95%. This is very likely connected to the growth in home prices over the last several years, as housing markets across the country have remained strong, and consumers’ desire to protect the equity in their homes. As well, as lockdowns and the shift to work/school from home permeated during the pandemic, keeping current on home loan payments took on increased importance in 2020.“Mortgage is once again the clear priority for U.S. borrowers,” said Matt Komos, TransUnion’s Head of Research and Consulting in the U.S. “The mantra, ‘you can’t drive your home to work’ doesn’t have the same effect when millions of Americans are waking up, showering, eating breakfast, and taking only a few steps to their home office.”In addition to more people working from home and rising home values, mortgage loan performance is likely benefitting from thousands of mortgage borrowers entering accommodation programs soon after the onset of the pandemic. The study points to both subprime and near prime credit risk mortgage borrowers benefitting the most from these programs as they were able to delay payments and maintain their accounts.“TransUnion has tracked payment hierarchy dynamics for more than a decade, including how these patterns changed in the U.S. following the Great Recession and in many other countries when they have encountered localized financial challenges,” said Charlie Wise, head of global research and consulting at TransUnion. “This study is unique in that it highlights how and why payment dynamics changed in different countries as a result of the COVID-19 pandemic—a global crisis that has impacted consumers worldwide. These insights will better equip both financial institutions and consumers, fostering more trustworthy interactions between them as the world begins to normalize and recover from the pandemic.”According to the study, the negative implication of a missed payment to a credit score was understood most by credit card and personal loan holders, as approximately 68% of credit card holders and 65% of consumers with personal loans said a consequence of a missed payment would result in a lower credit score. Comparatively, consumers with auto loans (55%) and mortgages (57%) were not as aware of this consequence.Click here to read more about TransUnion’s Global Payment Hierarchy study. Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Cash-Strapped Consumers Putting Mortgages Firstlast_img read more