Month: May 2021

U.S. Supreme Court Agrees to Hear Bank’s Appeal in ‘Stripping Off’ Mortgage Cases

first_img in Daily Dose, Featured, Government, News Bank of America Chapter 7 bankruptcy Florida second mortgages stripping off mortgages U.S. Supreme Court 2014-11-18 Brian Honea U.S. Supreme Court Agrees to Hear Bank’s Appeal in ‘Stripping Off’ Mortgage Cases Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago 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.  Print This Post Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Lawmakers Ask Financial Firms for Information on Data Breaches Next: Analysts Predict Continued Improvement for Housing as Economy Strengthens in 2015 Servicers Navigate the Post-Pandemic World 2 days ago Bank of America’s case against two underwater Florida homeowners who filed for Chapter 7 bankruptcy in order to eliminate the liability on their second mortgages – a practice known as “stripping off” – has made it to the highest court in the nation.The U.S. Supreme Court agreed earlier this week that it would hear the cases of Bank of America v. Caulkett and Bank of America v. Toledo-Cardona following the bank’s appeal in both cases, which were both decided in favor of the homeowners by the 11th Circuit U.S. Court of Appeals back in May. The Supreme Court said in granting the petition on Monday that it would consolidate the two cases and allot one hour for oral arguments.In the cases of the Florida homeowners in Melbourne and Tampa, each had second mortgages on their homes originated by Bank of America. When the homeowners could no longer pay their debts following the housing market crash of 2008, they both filed for Chapter 7 bankruptcy and asked the bankruptcy judge to extinguish their second mortgages based on the fact that they were underwater – or in other words, they owed more than the properties were worth. The judge erased both of the Bank of America mortgages, hence “stripping off” the mortgages, and the decision was upheld in the 11th Circuit Court of Appeals.The bank argued that the practice of stripping off mortgages should be banned, just as “stripping down” mortgages were  outlawed in a case the Supreme Court decided in 1992. In that decision, the court made it illegal for underwater homeowners to escape a claim from a creditor on a mortgage by “stripping down” the mortgage to its current market value.Bank of America’s representatives said in the court filing that this is a critical area of bankruptcy law that will affect many Chaper 7 bankruptcy filings. Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea Home / Daily Dose / U.S. Supreme Court Agrees to Hear Bank’s Appeal in ‘Stripping Off’ Mortgage Cases Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Bank of America Chapter 7 bankruptcy Florida second mortgages stripping off mortgages U.S. Supreme Court Sign up for DS News Daily November 18, 2014 1,885 Views last_img read more

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Housing Market Continues Slow Climb Toward Stable Levels

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Housing Market Continues Slow Climb Toward Stable Levels February 25, 2015 1,266 Views Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Freddie Mac Housing Market Multi-Indicator Market Index 2015-02-25 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Previous: Increased Litigation Expenses Cut Into Q4 Earnings for FDIC-Insured Institutions Next: Survey: Delinquency, Foreclosure Inventory Rates Fall to Lowest Levels Since 2007 About Author: Brian Honea  Print This Post 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Freddie Mac Housing Market Multi-Indicator Market Index Demand Propels Home Prices Upward 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, 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 Housing Market Continues Slow Climb Toward Stable Levels The latest Multi-Indicator Market Index (MiMi) from Freddie Mac, released Wednesday, showed that the U.S. housing market showed continued stabilization for the fourth straight month in December.According to the latest MiMi, 38 states plus the District of Columbia and 40 out of 50 metros showed an improving three-month trend in December. The metro areas of Buffalo, Boston, and Nashville, all entered their “benchmark stable” ranges of housing activity.While Freddie Mac said the latest MiMi value indicated a weak housing market, it has been showing improvement. The national MiMi value for December was reported at 74.9, which is a year-over-year increase of 4.41 percent and a slight uptick of 0.37 percent from November to December. The all-time high for the national MiMi is 121.7, set in April 2006 prior to the recession. The all-time low for the national MiMi was 57.2, set in October 2010 at the height of the foreclosure crisis. The housing market has rebounded by 31 percent since hitting that all-time low nearly four and a half years ago.”Housing markets are getting back on track,” said Len Kiefer, Deputy Chief Economist for Freddie Mac. “The national MiMi improved for the fourth consecutive month. Nearly 80 percent of the state and metro housing markets MiMi tracks are improving or in their stable range of activity. We’ve even seen the MiMi purchase application indicator increase 0.07 percent on a year-over-year basis. Low mortgage rates and moderating house price growth are helping to keep payment-to-income ratios favorable for the typical family in most of the country. In fact, Los Angeles is the only metro market with an elevated MiMi payment-to-income indicator whereas most other markets remain quite affordable. And of course, labor markets are generally improving.”According to Freddie Mac, 16 states plus the District of Columbia and 11 out of 50 metro areas have MiMi values in the stable range for December. District of Columbia was tops with 97.6, followed closely by North Dakota (97.2) and Montana (91.1). Of Metro areas, Los Angeles had the highest MiMi value for the month at 86.4, followed by Austin (86.3) and San Jose (83.9).While 38 states and 40 out of 50 metro areas showed an improving three-month trend in MiMi value for December, those numbers are down from December 2013. For that month, 47 states plus the District of Columbia and 47 of 50 metro areas showed an improving three-month trend.Three out of the four indicators in the December MiMi increased month-over-month and year-over-year: the purchase applications indicator  reported a MiMi value in December of 63.4, an increase of 0.41 from November and 0.07 percent from December 2013); the current on mortgage indicator reported a December MiMi value of 67.2, which is an increase of 0.48 percent month-over-month and 7.97 percent year-over-year; and the employment indicator’s December MiMi value of 99.1 was a jump of 2.01 percent from November and 13.52 percent from December 2013. The only indicator out of the four that declined was payment-to-income, which in December fell by 1.97 percent month-over-month and 5.59 percent year-over-year to its reported value of 70.0.”As we mentioned last month, we’re keeping an eye on markets with deep ties to energy,” Kiefer said. “We’ve seen some deterioration on a month-over-month basis in some of these energy markets. For example, Louisiana has seen its state employment situation deteriorate over the last several months. A declining employment indicator has caused its MiMi score to move from 86.7 in April down to 80.2.” Demand Propels Home Prices Upward 2 days agolast_img read more

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Agency First-Time Buyer Risk Index Reaches Series High

first_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago June 22, 2015 1,469 Views The May 2015 First-Time Buyer Mortgage Risk Index (FBMRI) for agency loans reached a series record of 15.66 in May, an increase of half a percentage point from the previous three months and 1.1 percentage points from May 2014, according to data released Monday by the American Enterprise Institute (AEI)’s International Center on Housing Risk.The FBMRI, which is an estimate of the share of first-time buyer mortgages that would default if they faced economic stress comparable to what was experienced in the 2007-08 financial crisis, is now 6.75 percentage points higher than the risk index for repeat homebuyers, according to AEI – and the gap has been widening.Risk layering has largely been the cause of the higher risk on first-time buyer mortgages, according to AEI. About 71 percent of first-time buyer mortgages had a combined loan-to-value ratio of 95 percent or more, and 97 percent of first-time mortgage buyers had a term of 30 years.”Given the combination of little money down and slow amortization, these buyers will have very little home equity for a number of years unless their house appreciates substantially,” the report said. “In addition, more than one-fifth of first-time buyers taking out mortgages had a FICO score below 660, the traditional definition of subprime mortgages, and one-quarter had total debt-to-income ratios above 43 percent, the limit set by the Qualified Mortgage rule.”Repeat buyer mortgages are less risky than those taken out by first-time buyers due to the fact that a much smaller share of repeat buyer mortgages have a combined loan-to-value ratio higher than 95 percent, and a much smaller share of repeat buyers had FICO scores below 660.The risk profile for first-time buyers suggests that access to mortgage credit is not as tight as some have suggested, according to AEI. In May, first-time buyers with an agency mortgage averaged a downpayment of about 3 percent, or $7,000, and a median FICO score of 706, which is below the median score of 713 for all mortgage buyers in the United States. The median FICO score for first-time buyers with FHA-backed loans drops to 673.“Credit standards for first-time buyers are not tight,” said Edward Pinto, codirector of AEI’s International Center on Housing Risk.  “The widening risk gap between first-time and repeat buyers is reflective of a market reliant on first-time buyers who are themselves reliant on increasing leverage.”Also according to the May report, first-time buyers made up 58.5 percent of primary owner-occupied government-guaranteed home purchase mortgages, a year-over-year increase of nearly 2 percentage points from 56.8 percent. The combined First-Time Buyer Mortgage Share Index (FBMSI), which measures the share of first-time buyers for both government-guaranteed and private sector mortgages, increased year-over-year from 51.2 percent in May 2014 to 52.7 percent in May 2015.Meanwhile, the number of primary owner-occupied purchase mortgages that went to first-time buyers during the six-month period from December 1, 2014, to May 31, 2015, jumped by 12.5 percent over the previous six-month period, from 516,000 to 582,000, according to AEI.“The Spring homebuying season is off to a strong start, buoyed by strong first-time buyer volume driven by increasing leverage and a strengthening job market,” said Pinto said.“The data we publish are based on millions of loans,” said Stephen Oliner, codirector of AEI’s International Center on Housing Risk.  “We have no doubt that these results paint an accurate picture of first-time buyers.”To see the full May 2015 report from the AEI International Center on Housing Risk, click here. Sign up for DS News Daily 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 Demand Propels Home Prices Upward 2 days ago Previous: The Five Pillars of Risk Management Next: House Subcommittee to Examine New Allegations of Discrimination and Retaliation at CFPB The Best Markets For Residential Property Investors 2 days ago Related Articles Share Savecenter_img in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: AEI’s International Center on Housing Risk Agency Loans First-Time Mortgage Buyers About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Agency First-Time Buyer Risk Index Reaches Series High AEI’s International Center on Housing Risk Agency Loans First-Time Mortgage Buyers 2015-06-22 Brian Honea Home / Daily Dose / Agency First-Time Buyer Risk Index Reaches Series High  Print This Post 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. Subscribelast_img read more

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Kansas City Fed: Market Volatility Should Not Prevent Rate Hikes

first_img Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, News Esther George Federal Funds Target Rate Federal Reserve Kansas City Fed U.S. Economy 2016-02-02 Brian Honea “My own view is that a pickup in economic growth, steady job gains and modestly higher core rates of inflation will warrant further increases.”Kansas City Fed President and CEO Esther George  Print This Post Data Provider Black Knight to Acquire Top of Mind 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 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 February 2, 2016 1,060 Views Kansas City Fed: Market Volatility Should Not Prevent Rate Hikes Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago The U.S. economy is currently facing several headwinds along with volatility in financial markets, but this should not prevent rate hikes from occurring down the road, according to Kansas City Fed President and CEO Esther George in a speech delivered in Kansas City on Tuesday.“While taking a signal from such volatility is warranted, monetary policy cannot respond to every blip in financial markets,” George said. “Instead, a focus on economic fundamentals, such as labor markets and inflation, can help guard against monetary policy over- or underreacting to swings in financial conditions.”Despite those headwinds, which include low oil prices, which benefit consumers but weigh on oil producers; lower orders from abroad for many exporters in the U.S. due to the rise in the foreign exchange value of the U.S. dollar; and slower foreign demand for U.S. goods, George said she believes the U.S. economy “remains on track due to strong job gains,” which picked up in the last three months of 2015.In addition to job growth, there are more positives for the economy among all the headwinds.“Low gasoline prices and signs of faster wage growth should also add to consumers’ ability to increase spending,” George said. “And although financial markets have been volatile, household wealth remains at a high level, and house prices have been rising over the past four years. Certainly, the gains in jobs, wages and wealth have not been equally shared across households during the recovery, but overall, the general health of households’ financial situations is much improved since the financial crisis.”center_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea Home / Daily Dose / Kansas City Fed: Market Volatility Should Not Prevent Rate Hikes Related Articles Demand Propels Home Prices Upward 2 days ago Subscribe George’s speech came one day after Fed Vice Chairman Stanley Fischer told an audience in New York that “the federal funds rate is likely to remain, for some time, below the levels that we expect to prevail in the longer run.” In her speech, George echoed Fischer’s sentiments that “monetary policy remains accommodative,” noting that “real interest rates continue to be negative and the Federal Reserve’s large portfolio of Treasury and mortgage-backed securities keeps downward pressure on longer-term rates.”On the topic of future rate increases, George said, “In communicating its intentions for further rate increases, the Committee has noted that it expects economic conditions will warrant only gradual increases in the fed funds rate, although adjustments ultimately depend on the incoming data. My own view is that a pickup in economic growth, steady job gains and modestly higher core rates of inflation will warrant further increases.”She added, “The exact timing of each move, however, is subject to the economic environment.”Click here to view the entire text of George’s speech. Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Previous: Morgan Stanley is the Latest Firm to Settle RMBS Claims Next: DS News Webcast: Wednesday 2/3/2016 Tagged with: Esther George Federal Funds Target Rate Federal Reserve Kansas City Fed U.S. Economylast_img read more

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Home Price Appreciation Growth Rate Slows

first_imgSign up for DS News Daily Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Black Knight Financial Services released its July Home Price Index, which utilizes public records and data sets to determine the valuation of home prices on 90 percent of residential properties in the United States.According to the report, the national HPI rose to $281,000, an increase of 5.9 percent since the beginning of the year. It also marked a slight increase of 0.5 percent month-over-month and a year-over-year increase of 6.2 percent. Appreciation rates, however, have continued to slow since March, when they peaked at 1.3 percent.On a regional scale, New York home prices experienced the highest rate of appreciation, at 1.8 percent since last month. San Jose, California has grown 11.1 percent since the beginning of the year, and the average home price is now over $1 million.Conversely, Virginia was the only state of the 20 largest states that had a month-over-month decline, although the drop was nominal at 0.2 percent. Delaware also showed negative appreciation, at 0.1 percent.  On a smaller metro level, Virginia Beach, Virginia; Los Angeles, California; and Washington D.C. experienced small declines in appreciation, at 0.3 percent, 0.2 percent, and 0.1 respectively.The top five states that showed the highest appreciation rate—all over 1 percent—aside from previously mentioned New York were Rhode Island, Montana, Utah, and Nevada. West Virginia and North Carolina were unmoved month-over-month.In the top 40 metros, half hit new peaks in July, including hot markets which the industry has kept a watchful eye on, including Dallas, Texas, Austin, Texas, and Denver, Colorado.To read the full report, follow this link. Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Joey Pizzolato Home Price Appreciation Growth Rate Slows 2017-09-25 Joey Pizzolato  Print This Post Related Articles September 25, 2017 1,500 Views Home / Daily Dose / Home Price Appreciation Growth Rate Slows Demand Propels Home Prices Upward 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] Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Week Ahead: Case-Shiller Home Price Index Next: JPMorgan Chase: Assisting in 4 Economic Growth Areas Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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Experian: Credit Outlook Bright for 2018

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily  Print This Post Home / Daily Dose / Experian: Credit Outlook Bright for 2018 Consumer credit reporting agency Experian has released its eighth annual State of Credit report, showing a positive state of affairs that includes average credit scores trending upward and inching closer to pre-Recession totals.Experian’s data reveals that the national average credit score has ticked upwards by two points in the past year, rising from 673 to 675. Furthermore, that new total puts it only four points shy of the pre-Recession 2007 average of 679. Experian’s report also shows that consumer confidence is actually higher than in 2007—it’s up 16 percent compared to the same time in that year. Consumer confidence is also up 25 percent year over year.Experian also found that the average mortgage debt in 2017 was $201,811.Michele Raneri, VP of Analytics and New Business Development at Experian, said, “The trend line that we are seeing is quite promising. With employment and consumer confidence on the rise, we’ve made great progress as a country since the recession. The economy is expected to expand at a healthy pace this year supported by access to affordable consumer credit and we believe that credit will continue to rebound. All of the factors point towards a good year for credit in 2018.”Experian also rated cities around the country as part of its annual State of Credit report. Which city led the pack with the highest average credit score in 2017? It was Minneapolis, Minnesota, boasting an average credit score of 709, which was two points higher than its 2016 average score of 707. Minnesota must be doing something right, because two other Minnesota cities top the list right behind Minneapolis: Rochester and Mankato, both with an average credit score of 708.Rounding out Experian’s top 10 are Wausau, Wisconsin (average credit score 706); Green Bay, Wisconsin (705); Duluth, Minnesota (704); Sioux Falls, South Dakota (704); San Francisco, California (703); La Crosse, Wisconsin (703); and Madison, Wisconsin (703).Southern states dominate the other end of the average credit spectrum, with Texas occupying four of the 10 cities with the lowest average credit ratings for 2017. The bottom 10 cities include Greenwood, Mississippi (624); Albany, Georgia (626); Harlingen, Texas (631); Laredo, Texas (635); Riverside, California (636); Corpus Christi, Texas (638); Odessa, Texas (640); Monroe, Louisiana (640); Montgomery, Alabama (640); and Shreveport, Louisiana (640).Experian also analyzed credit differences along generational divides. Here’s what they found:Generation Z (born 1996 and later) is building credit through different methods than the generations before them, with heavier student loan debts and fewer credit cards and department store cards. And they are keeping debts low and managing them well.Generation Y/Millennials (born 1977–1995) have seen their scores climb four points over the past year. They’ve also decreased their overall average debt by nearly eight percent, but have added six percent in mortgage debt.Generation X (born 1965–1976) has a credit score of 658, the highest mortgage debt of all generations, and a high instance of late payments compared to the national average. Their scores have improved, so they are managing their debts better than in the past.Baby Boomers (born 1946–1964) continue to carry quite a bit of mortgage debt, and have the lowest late payment instances of all the generations.The Silent Generation (born 1945 and before) has quite a bit of mortgage debt, but are keeping other debts low and making payments on time. At 729, they have the best credit score of all generations and the fewest late payments of any generation.You can peruse Experian’s full State of Credit report for 2017 by clicking here. Previous: Freddie Mac Marks Single-Family Rental Milestone Next: TD Bank Appoints Rick Bechtel and Scott Lindner in Daily Dose, Featured, Journal, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Experian: Credit Outlook Bright for 2018 Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img 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 Subscribe Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save credit ratings Experian Mortgage Debt State of Credit report 2018-01-12 David Wharton Tagged with: credit ratings Experian Mortgage Debt State of Credit report January 12, 2018 2,087 Views The Best Markets For Residential Property Investors 2 days agolast_img read more

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Why the Pennsylvania Anti-Blight Bills Make Good Sense

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post 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 Two key bills, HB 653 and 667, amending Title 68 (Real and Personal Property) of the Pennsylvania Consolidated Statutes were recently signed into law by Gov. Tom Wolf. The bills are aimed at combating urban blight and expediting foreclosure processes for vacant and abandoned properties.“These bills are important to help local communities more swiftly address blight and I commend the bipartisan Blight Task Force for its continued dedication to this important cause,” Wolf said after signing these bills.Both these bills are an important piece of legislation and make Pennsylvania the third state after Ohio and Maryland to implement fast-track foreclosure laws, something the industry has been asking the government to implement for a long time.HB 653 provides for an accelerated foreclosure process for vacant and abandoned property. The current foreclosure process in Pennsylvania can take anywhere from 300 to 540 days. The new legislation aims to reduce this timeframe by 240 days by providing “a process to have a property certified as vacant and abandoned, either by a municipal code officer or through judicial certification, before an expedited foreclosure may commence.” The legislation also specifies the process a lender must follow when using expedited foreclosure on these properties.In an interview with DS News in November 2017, the late Robert Klein, Founder, and Chairman of Community Blight Solutions and Safeguard Properties had said that a house became a liability once it was abandoned. “Fast-tracking enables the mortgage servicer to get possession of the property before it deteriorates. This directly leads to on-time conveyance and faster rehab and sale,” said Klein, who had championed the cause of fighting urban blight in Pennsylvania.HB 667, which was introduced in the House by Sen. Patrick J. Stefano grants redevelopment authorities with the same powers currently allotted to land banks through the Pennsylvania Land Bank Act. “This proposal will in no way eliminate the ability of a community to create a land bank or affect existing land banks in any way,” the bill states.”The Bicameral Urban Blight Task Force has worked for many years to see these urban blight bills become law in Pennsylvania,” said Gene G. Veno, President of Gene G. Veno & Associates. “I was honored to represent Robert Klein, who advocated for passage of urban blight laws to help communities with the growing problems blight was causing in Pennsylvania and communities nationwide. Klein would have been so pleased to see both Pennsylvania Urban Blight Bills enacted. His passion and advocacy made a difference, not only in Pennsylvania but in state houses all across America.”Rick Sharga, EVP, Carrington Mortgage Holdings, told DS News, “Vacant and abandoned properties—so-called ‘zombie foreclosures’—have become an unfortunate byproduct of well-intended regulatory and legislative actions that have extended foreclosure proceedings in judicial states to several hundred or even over 1,000 days. This new Pennsylvania law will help lenders and servicers prevent blight or expedite the restoration of deteriorated properties, getting them back in condition to sell or rent, and eliminating the safety hazard that these vacant properties often represent. Accelerating foreclosure proceedings on vacant and abandoned properties is a win for all parties involved: neighborhoods, communities, and local governments, in addition to lenders and servicers.””This new bipartisan legislation is a significant improvement to the fight against blight, as well as serving to eliminate the accompanying delayed and costly foreclosure process that came with vacant or abandoned properties,” said Stephen Hladik, Partner at Hladik, Onorato, and Federman. “Cities throughout the Commonwealth carried a significant cost—as well as a budgetary depletion—in having to maintain vacant properties. The new procedures put in place by this law gives servicers and lenders the opportunities to fast-track foreclosures of vacant properties, and quicken the pace lenders can restore these homes to the tax producing rolls.”To learn more about how these laws help combat the problem of urban blight and zombie homes, as well as insights and best practices from experts, register for our complimentary webinar on “Zombie Homes—Challenges and Guidance,” presented by Altisource on Thursday, June 21, at 2 p.m. CT. Related Articles The Best Markets For Residential Property Investors 2 days ago Tagged with: Bills Foreclosure Homeowners HOUSING Land Bank Legislation Pennsylvania Process Rehab sale in Daily Dose, Featured, Government, News Previous: Homes Here are Selling Quick and Fast … Next: Mortgage Servicing Industry Braces for Next Disaster Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agocenter_img Home / Daily Dose / Why the Pennsylvania Anti-Blight Bills Make Good Sense Share Save Subscribe Bills Foreclosure Homeowners HOUSING Land Bank Legislation Pennsylvania Process Rehab sale 2018-06-19 Radhika Ojha Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. About Author: Radhika Ojha The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago June 19, 2018 8,540 Views Why the Pennsylvania Anti-Blight Bills Make Good Sense Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

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Which Cities are the Most and Least Affordable?

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Share Save Previous: The Mortgage Industry’s Biggest Challenges in 2018 Next: Coastal Home Insurance and a Hurricane Forecast If you make $35,000 a year, your best bet for an affordable place to live is Ohio; your worst is California. That’s according to the Realtor.com and National Association of Realtors’ Affordability Distribution Curve and Score report for June. Ohio and California were also the bookends last month for people who earn $75,000. In the overall breakdowns, Ohio placed four of the five most affordable markets in the country—Youngstown, Dayton,  Toledo, and Akron. The lone non-Ohio city in the top five was Syracuse, but that city was replaced by Cleveland when looking at the best markets for people earning $35,000 a year.For those earning $75,000, the same Ohio towns made up the top four places; the fifth was Scranton.At the other end of the country, California claimed all five top spots for the lowest affordability—Los Angeles, San Diego, San Jose, Oxnard, and San Francisco. These same cities were, in slightly mixed order, the five least affordable cities for those earning $75,000. In the $35,000 range, all cities but San Diego made the top five; it was replaced by Austin.However, Austin was one of a handful of cities that actually became more affordable overall in June, along with Honolulu, Portland, Sacramento, and Nashville.Metro markets with the biggest gains in affordability over the last year were the generally pricier areas in the West. All the California cities listed as the least affordable also became less affordable in June. So did Boise, Spokane, Indianapolis, and Columbia, S.C.These numbers are, of course, a snapshot, though they do mirror recent trends.“Affordability conditions aren’t static and change as incomes in a market change or as home inventory increases or decreases at certain price points,” the report stated.According to the report, areas that became less affordable are “markets seeing spillover demand from hot West coast tech markets or increasing second home and retiree interest. In addition, some historically more affordable markets in the Midwest and South saw a decrease in the percentage of inventory available to lower and middle-incomes decreasing at a faster rate than the country overall. in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Affordability Affordable Markets Cities Homes HOUSING NAR Realtor.com 2018-07-11 Radhika Ojha July 11, 2018 1,832 Views Which Cities are the Most and Least Affordable? Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Tagged with: Affordability Affordable Markets Cities Homes HOUSING NAR Realtor.com About Author: Scott Morgan Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Which Cities are the Most and Least Affordable? 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. The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more

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Fannie Economist Addresses Jobs Report Impact on Housing

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The February 2019 Employment Situation released by the Bureau of Labor Statistics (BLS) on Friday showed that hiring slowed sharply for the month with only 20,000 new jobs, compared to the 181,000 jobs that economists expected to be added in February. That is the fewest job gains since September 2017, when major hurricanes affected employment, and a sharp decline from December’s gains of 227,000, and January with 311,000.According to the Labor Department, the unemployment rate fell to 3.8 percent from 4 percent, The partial government shutdown added fuel to the jobless rate in January because many federal government employees were unemployed or on temporary leave, but an offsetting drop was expected as those workers returned. Economists were looking for a slowdown in payroll growth last month after gains in January that were inflated by unusually mild weather, meanwhile, above-average snowfall in mid-February was set to reduce total employment by an estimated 40,000.  Employment in construction declined by 31,000 in February, partially offsetting an increase of 53,000 in January. But over the year, construction has added 223,000 jobs. Regardless of the plummet in February, economists expect a rebound in the April-June quarter, and there are already signs due to the rise in consumer confidence. More Americans signed contracts to buy homes in January, propelled by lower mortgage rates, and analysts have forecast that annual growth will top 2 percent next quarter.Weighing in on the report, Doug Duncan, Chief Economist at Fannie Mae, said “We expect the Fed to raise rates only once more this year, in June, before pausing. Meanwhile, in the residential construction sector, a weather-sensitive industry, the number of jobs fell in February. However, the sharp increase in housing starts and continued improvements in builder sentiment suggest that this month’s decline does not signal a continuation of weakness in the industry.” U.S. Secretary of Labor Alexander Acosta issued a statement saying “At 3.4% year-over-year, wage gains hit their highest mark since April 2009.  The year-over-year average hourly earnings growth surpassing 3.0% for the seventh straight month is good news for America’s workers. Further, Duncan stated, “Although the labor force participation rate held steady in February, the rate for those aged between 16 and 64 rose to its highest level since May 2010. Amid mixed signals from the labor market, well-contained inflation, and the dovish shift by the ECB, we believe the Fed is likely to remain patient.” Read the full report here. Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Paying the Price for Housing Next: Elderly Homeowner Protections to Remain in Maine Demand Propels Home Prices Upward 2 days ago Alexander Acosta Bureau of Labor Statistics Construction Doug Duncan Economy job market Unemployment 2019-03-08 Staff Writer Share Save Tagged with: Alexander Acosta Bureau of Labor Statistics Construction Doug Duncan Economy job market Unemployment Demand Propels Home Prices Upward 2 days ago March 8, 2019 1,926 Views Stephanie Bacot is an experienced multimedia writer having created content for print, web, television, and more. She is the past producer of BIZTV, a national television network for businesses and entrepreneurs that reached more than 200,000 professionals. She has more than 15 years’ experience in healthcare marketing and was an advertising exec for Healthcare Journal of Baton Rouge, a trade publication focused on the healthcare industry, as well as the marketing director for a $5 million surgery center. Bacot is a graduate of Louisiana State University with a degree in Marketing and Communications. She resides in Dallas when she’s not pursuing her love of travel. Fannie Economist Addresses Jobs Report Impact on Housing Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 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 / Fannie Economist Addresses Jobs Report Impact on Housing About Author: Stephanie Bacot The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post 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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The Industry Pulse: Updates on Optimal Blue, LenderClose, and More

first_imgHome / Daily Dose / The Industry Pulse: Updates on Optimal Blue, LenderClose, and More in Daily Dose, Featured, News The Industry Pulse: Updates on Optimal Blue, LenderClose, and More The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Optimal Blue, a provider of secondary marketing automation and services in the mortgage industry, recently announced the release to augment and expand their support for Non-QM and Expanded Guidelines products. Earlier this year, the company decided to make a substantial investment to further enhance support for these unique mortgage loan products after observing significant growth in this area. Currently, Optimal Blue’s Expanded Guidelines monthly lock volume exceeds $1 billion, a threshold 2.5 times the volume experienced just 18 months earlier.“Sprout Mortgage congratulates Optimal Blue on the release of its new Non-QM product selection capabilities and thanks them for creating this industry leading technology,” said Mike Strauss, President of Sprout Mortgage. “While only requiring minimal user inputs and established data feeds from leading loan origination systems to automatically pre-populate additional values, Sprout has found Optimal Blue’s Non-QM filters to fully support its product line with complete accuracy.”_____________________________________________________________________Iowa-based fintech startup LenderClose has expanded its staff, adding three new employees. To meet demand from its growing client base of community lenders nationwide, LenderClose has increased its workforce by more than 15 employees in the first half of 2019.Joining the LenderClose team in July are sales representatives Troy Allen and Kathy Bell, and software developer Caleb Salt.“We’re building out our team to support steady growth, which continues to affirm our belief that we’re offering credit unions and community banks the best digital lending platform,” said LenderClose COO Ben Rempe. “We’re always evaluating the size and skills of our staff to maintain the best possible customer service experience, and to find new ways to enhance platform features and functionality.”_____________________________________________________________________Gateway First Bank announced it renewed its annual partnership with Folds of Honor. Since 2007, Folds of Honor has carried forth its mission to provide educational scholarships to spouses and children of America’s fallen and disabled service-members.Beginning in May of 2017, Gateway announced that for every mortgage loan closed through its mortgage centers nationwide, it would donate $5 to Folds of Honor. Gateway extended its partnership with the non-profit organization in May of 2019 for an additional year, whereby the company continues its pledge to support the families of those who have made the ultimate sacrifice for their country. Gateway is already on track to surpass its total donation of $76,635 in 2018, having donated over $44,000 to in the first half of 2019.“At Gateway, we strive to make a difference in the communities we serve and believe strongly in supporting our country’s military families who have made great sacrifices to protect the freedoms we enjoy today,” said Stephen Curry, CEO of Gateway. “Every time a new homeowner closes a loan, we make a donation to Folds of Honor, and thanks to our team members’ hard work, we expect to exceed our prior year’s donation to Folds of Honor. We look forward to another year of growth and giving back to our military.”  Print This Post Tagged with: industry pulse Military Tech Related Articles The Best Markets For Residential Property Investors 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago From new features and key hires to new partnerships, click through to learn the latest industry buzz. Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago industry pulse Military Tech 2019-07-25 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Previous: Update on National Vacancy Rates Next: Ask the Economist: First-Time Buyer Misconceptions and the Global Economy July 25, 2019 1,083 Views last_img read more

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