Month: May 2021

Grant Program Creates Opportunities for Homeownership in Cincinnati

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first_img Wells Fargo & Company is teaming with several housing organizations to announce the formation of the Cincinnati chapter of the Wells Fargo NeighborhoodLIFT program, an initiative designed to offer $5.2 million from Wells Fargo to improve Cincinnati neighborhoods and increase homeownership in the area.Wells Fargo, NeighborWorks America, The Home Ownership Center of Greater Cincinnati, Neighborhood Housing Services of Hamilton, and Cincinnati Mayer John Cranley joined together earlier this week to announce the formation of the new program, which will begin with a two-day free homebuyer event on November 21 and 22 at the Duke Energy Convention Center in Downtown Cincinnati.”Making homeownership more affordable and revitalizing our neighborhoods will help make Cincinnati a stronger community,” Cranley said. “This terrific public-private collaboration will make a tremendous difference for families and neighborhoods through sustainable homeownership.”Out of the $5.2 million Wells Fargo is committing to the program, about $4.2 million will go toward down payment assistance grants, which are available to eligible homebuyers designed to help them overcome the barrier of putting forth a sufficient down payment to own a home. To receive a $15,000 down payment assistance grant, a homebuyer must have an annual income that does not exceed 120 percent of the Cincinnati area median income (about $82,000 for a family of four).The prospective homeowner must also meet other criteria to receive the down payment assistance grant, including completing an eight-hour homebuyer education session with The Home Ownership Center of Greater Cincinnati or another approved agency. To receive the full amount of the LIFT program grant, the homeowner must commit to live in the home for five years and qualify for a first mortgage. Homeowners may also use the down payment assistance grant to purchase a home that needs improvement by utilizing a new mortgage purchase 203k renovation loan. The down payment assistance program may be combined with other down payment assistance programs.”This innovative collaboration between NeighborWorks America, our network member, The Home Ownership Center of Greater Cincinnati, Inc., and Wells Fargo will put more Cincinnati families and individuals on the path to homeownership,” said Corinne Cahill, senior relationship manager of the Midwest Region at NeighborWorks America. “The required housing counseling and education classes, provided by certified professionals, have been shown to help homebuyers achieve successful and sustainable homeownership.”In addition to the money Wells Fargo is putting up for the down payment assistance grants, the bank is offering $500,000 toward the stabilization and improvement of Cincinnati neighborhoods.”Like many communities, Cincinnati neighborhoods were significantly affected by the housing crisis,” said J.R. Huber, area manager with Wells Fargo Home Mortgage. “While mortgages are available at relatively low interest rates, many families are unable to buy a home because they struggle with making the down payment. The NeighborhoodLIFT program can help local mortgage-ready homebuyers realize their dreams of owning a home.”Wells Fargo has now committed a total of $220 million to 30 housing markets through its LIFT programs with the addition of Cincinnati’s Neighborhood LIFT program. LIFT programs have helped more than 7,850 homeowners purchase homes since February 2012. Cincinnati is the eight city to receive the program in 2014.”The Home Ownership Center is proud to help families qualify for the Wells Fargo NeighborhoodLIFT program down payment assistance grants,” said Rick Williams, president and chief executive officer of The Home Ownership Center of Greater Cincinnati. “This investment will help individuals and families become homeowners, and support our larger community. It’s a smart time for families to invest in homeownership and to be first in line to access the down payment grants, people can register to start working with The Home Ownership Center of Greater Cincinnati.” The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 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 / Grant Program Creates Opportunities for Homeownership in Cincinnati Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea Down Payment Assistance Home Ownership LIFT Program Ohio Wells Fargo 2014-10-29 Brian Honea Demand Propels Home Prices Upward 2 days ago  Print This Post Subscribe Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Grant Program Creates Opportunities for Homeownership in Cincinnati Data Provider Black Knight to Acquire Top of Mind 2 days ago October 29, 2014 874 Views 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. Previous: Completed Foreclosures, Inventory Way Down in September Next: Zombie Foreclosures Decline Quarterly, Annually Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Share Save Tagged with: Down Payment Assistance Home Ownership LIFT Program Ohio Wells Fargolast_img read more

Lawmakers Lobby for CFPB to Exempt Credit Unions from Rulemakings

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first_img Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: CFPB Credit Unions Regulatory Burden Regulatory Oversight Servicers Navigate the Post-Pandemic World 2 days ago CFPB Credit Unions Regulatory Burden Regulatory Oversight 2016-03-15 Brian Honea March 15, 2016 1,385 Views Share Save  Print This Post Demand Propels Home Prices Upward 2 days ago A bipartisan group of 329 members of the U.S. House of Representatives wrote a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the director to use the CFPB’s authority granted by the Dodd-Frank Act to exempt credit unions from certain regulations set forth by the Bureau.The relationship between the regulator for credit unions, the Credit Union National Association (CUNA), and the CFPB has been a rocky one since the Bureau’s formation nearly five years ago, with CUNA claiming that credit unions should not fall under the CFPB’s oversight because they did not play a role in the 2008 financial crisis. Cordray may have fanned the flames in February when he defended the Bureau’s oversight of credit unions and several of the Bureau’s mortgage-related regulatory changes, namely the Qualified Mortgage rule and the new servicing rules, in a public speech at CUNA.Reps. Adam Schiff (D-California) and Steve Stivers (R-Ohio) led the bipartisan group of House members in writing the letter, which praised credit unions and community banks for the “safe and sound” lending opportunities they provide for their customers. The lawmakers also noted in their letter that the CFPB routinely does not distinguish credit unions and community banks from the largest lenders for which their regulations were intended.The CFPB “may unintentionally burden community-based financial institutions and limit the choice and availability of consumer credit,” according to the letter.“(The CFPB) may unintentionally burden community-based financial institutions and limit the choice and availability of consumer credit.”The letter cited a recent report by the Government Accountability Office on the regulatory impact of some of the provisions set forth by Dodd-Frank, and “the study found that there are a number of cases where financial services have been limited or discontinued by community-based financial institutions due to new requirements.”The lawmakers pointed out that Section 1022(b)(3)(a) of the Dodd-Frank Act gives the CFPB authority to exempt “any class” of entity from its rulemakings and regulations.“As you undertake rulemakings, we urge you to consider the benefits credit unions and community banks provide and ensure that regulations do not have the unintended consequence of limiting services or increasing costs for credit union members or community bank customers,” the House members wrote.The National Association of Federal Credit Unions (NAFCU) praised the lawmakers’ efforts.“We thank Representatives Schiff and Stivers for their leadership on this issue, as well as all of the members of Congress that signed the letter for their recognition of the overwhelming regulatory burden facing today’s credit unions,” NAFCU Vice President of Legislative Affairs Brad Thaler said.Click here to view the entire letter. in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 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. About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Subscribe Data Provider Black Knight to Acquire Top of Mind 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 The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Previous: What is Keeping Consumer Credit Default Rates Low? Next: The Pros and the Cons of Closing with TRID The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Lawmakers Lobby for CFPB to Exempt Credit Unions from Rulemakings Related Articles Lawmakers Lobby for CFPB to Exempt Credit Unions from Rulemakings Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Rising House Prices Trail Pre-Housing Bubble Levels

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first_img First American Great Recession Housing Bubble housing prices inventory shortage real home price index 2017-11-30 David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Rising House Prices Trail Pre-Housing Bubble Levels Share Save Home / Daily Dose / Rising House Prices Trail Pre-Housing Bubble Levels According to the latest First American Real Home Price Index, slightly lower interest rates and higher wages helped increase consumer home-buying power between August and September 2017. Supply shortages continue to ensure that demand is outpacing supply, driving up prices as many existing homeowners remain reluctant to sell for fear of not being able to find a new house. In spite of that, however, home prices continue to be well below their pre-Recession, pre-housing bubble levels.The First American Real House Price Index (RHPI) “measures the price changes of single-family properties throughout the U.S. adjusted for the impact of income and interest rate changes on consumer house-buying power over time and across the United States.” It uses income levels and interest rates to adjust the home prices “in order to better reflect consumers’ purchasing power and capture the true cost of housing.” It then assigns an RHPI rating using January 2000’s numbers as a baseline value of 100. For September 2017, the RHPI nationwide was 82. This places it 8 percent higher than the same time last year, but down 0.9 percent from the previous month.According to the report, real house prices are 38.9 percent below their housing boom peak in July 2006. That disparity is to be expected given the unsustainable price surges of the bubble, but real prices are also 17.9 percent below the level of real prices in January 2000. Without the RHPI’s adjustments, house prices increased by 5.7 percent in September 2017 year-over-year, and were 4.7 percent above the housing boom peak in 2007.The RHPI paints a very different picture of home prices than is revealed at first glance. Housing prices unsurprisingly dropped significantly after the housing bubble burst, but many markets have since seen those prices continue to increase. However, the RHPI reveals that, even with those increases, prices still lag well below even their pre-bubble totals.To demonstrate this, RHPI’s new report compares house prices in both San Francisco, California, and Detroit, Michigan—ostensibly, two very different markets. However, both showed home price drops of approximately 60 percent over three years after their peak in the middle of the previous decade. Since then, the recovery of real home prices has been shallow when compared to the unadjusted numbers.“The common perception is that San Francisco, the shining example of the new economy, and Detroit, the tarnished example of the old economy, couldn’t be more different cities when it comes to housing costs,” says First American’s report. “Yet, after adjusting for income growth and mortgage rates and their influence on house-buying power, real house prices in both cities remain well below the pre-recession peak.” in Daily Dose, Featured, Journal, Market Studies, News About Author: David Wharton  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Sign up for DS News Daily center_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: First American Great Recession Housing Bubble housing prices inventory shortage real home price index Demand Propels Home Prices Upward 2 days ago Previous: HUD Relief Coming to Florida and Texas, But When? Next: Title Insurers Look Forward to Strong 2018 November 30, 2017 1,738 Views Servicers Navigate the Post-Pandemic World 2 days ago 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] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe 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 agolast_img read more

Windy City Targets Zombie Homes

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first_imgSign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Windy City Targets Zombie Homes Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Share Save About Author: David Wharton Previous: And the Best-Run City in America Is … Next: Why Homeowners are Losing Sleep Over Rising Debt The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Foreclosure Vacant and Abandoned Homes zombie homes 2018-07-09 David Wharton Related Articles Tagged with: Foreclosure Vacant and Abandoned Homes zombie homescenter_img in Daily Dose, Featured, Foreclosure, Government, Journal, News Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Windy City Targets Zombie Homes The Best Markets For Residential Property Investors 2 days ago Like many communities, Chicago came out of the 2008 financial crisis with a zombie problem. So-called “zombie homes”—abandoned properties caught in the midst of the foreclosure process, but which are not yet under the control of the servicer or noteholder—lingered in many neighborhoods, driving down property values and attracting crime and urban blight. Now a new story by U.S. News & World Report has examined how the Windy City has been combating its zombie infestation in recent years.When it comes to fighting zombies, the best approach is to take things block-by-block—at least, that’s the Chicago way. As reported by U.S. News, Chicago spent nearly $170 million fighting the problem in the aftermath of the financial crisis, courtesy of HUD’s Neighborhood Stabilization Program. In 2011, Chicago city government launched an initiative called the Micro Market Recovery Program (MMRP). The MMRP narrowed its focus to specific blocks that had high concentrations of these abandoned foreclosure properties, then set out trying to figure out ways to rehab them into affordable homes for rental or purchase.David Reifman, Commissioner of the Chicago Department of Planning and Development, told U.S. News, “We wanted to focus our limited resources on key areas to bring back whole blocks at a time.”The MMRP united the efforts of the Chicago Department of Planning and Development with local community groups such as Local Initiatives Support Corporation Chicago, working together to try and attract the interest of investors and families who could help bring Chicago’s zombie homes back to life.Between 2011 and December 2018, a combination of city budget, grants from nonprofits, and other sources will have invested nearly $13 million in MMRP. The Illinois Attorney General’s office also chipped in approximately $3 million, courtesy of a settlement with banks accused of unscrupulous lending practices leading up to the financial crisis.Nor are the results obvious purely from a financial standpoint. U.S. News reports that foreclosure filings in the targeted areas decreased by “double digits” between 2011 and 2016. The northern targeted region saw the strongest results with a 67.6 percent decrease, followed closely by the middle region of the city with a 66.1 percent decrease. Foreclosure filings decreased by 69.4 percent citywide during that same time period, according to U.S. News.”As long as the demand and the need are there, we will continue,” said Reifman. “Right now, our recovery is steady but not complete.” Demand Propels Home Prices Upward 2 days ago 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] July 9, 2018 2,407 Views last_img read more

The Week Ahead: A Look at Delinquency Rates

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first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: A Look at Delinquency Rates  Print This Post in Daily Dose, Featured, Headlines Previous: Innovating Title Operations for the Future Next: Senator Calls for Action on Zombie Properties About Author: Kristina Brewer 2018-08-12 Kristina Brewer Data Provider Black Knight to Acquire Top of Mind 2 days ago Serious delinquencies in Texas and Florida increased significantly, according to the Loan Performance Insights report released by CoreLogic in July. The report, which looks at foreclosure and delinquency activity, will be updated again this week covering the month of May on Tuesday, 9 a.m. ET.For April, the report found that the percent of loans 90 days or more delinquent or in foreclosure in these Hurricane-affected states more than doubled, compared with where they were in the Fall of 2017 when the hurricanes struck. The 90-day-plus delinquent or in-foreclosure rate had also quadrupled in Puerto Rico.At a national level, however, the share of home loans transitioning from current to 30 days past due was the lowest for April since 2000. CoreLogic said that early-stage delinquencies were declined to 1.8 percent in compared with 2.2 percent last year. The April report revealed that the foreclosure inventory rate was 0.6 percent, down a percentage point from 0.7 percent in April 2017. This compares with the lowest level of foreclosure inventory in June 2007.The report will be covering statistics from May 2018.Here’s what else you can expect in The Week Ahead:NAHB Housing Market Index, Wednesday, 10 a.m. ETMetrostudy Housing Webcast – 3Q18, Wednesday, 2 p.m. ETHousing Starts Survey, Thursday, 8.30 a.m. ETFed Balance Sheet, Thursday, 4.30 p.m. ETFreddie Mac Primary Mortgage Market Survey, Thursday, 9 a.m. ETValueInsured Summer 2018 Modern Homebuyer Survey Sign up for DS News Daily Subscribe Kristina Brewer is the Editorial Assistant of Publications for the Five Star Institute, including DS News and MReport magazine. She is a graduate of the University of North Texas (UNT), where she received her Bachelor of Arts in English with a concentration in rhetoric and writing and a minor in global marketing. During this time, she served as Director of Philanthropy in the national women’s fraternity Zeta Tau Alpha, of which she is an alumna. Her passion for philanthropy continued after university when she was an intern at Keep Denton Beautiful, a local partner of Keep America Beautiful, where she drove membership, organized events, and led social media campaigns. Brewer honed her writing at the North Texas Daily, UNT’s student-run newspaper where she wrote about faculty, mentorship, and student life. Brewer also previously worked at Optimus Business Plans where she helped start-ups create funding proposals, risk assessments, and management plans. August 12, 2018 1,519 Views 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 Home / Daily Dose / The Week Ahead: A Look at Delinquency Rates 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 Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share 1Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articleslast_img read more

Walking the Tightrope of GSE Reform

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first_img April 8, 2019 2,093 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Recently, President Donald J. Trump signed a memorandum tasking the Treasury Department and Department of Housing and Urban Development (HUD) with preparing a reform plan for Fannie Mae and Freddie Mac. The White House memo directed that this plan be delivered “as soon as possible.” In an opinion piece published by the Wall Street Journal, American Enterprise Institute fellows Peter J. Wallison and Edward J. Pinto discussed the feasibility of the Presidential memo and its proposed reforms.According to Wallison and Pinto, the memo’s direction to the Treasury will lead to government housing-finance system that roughly replicates what existed before 2008, notably “government backing for the obligations of the government-sponsored enterprises Fannie Mae and Freddie Mac , and affordable-housing mandates requiring the GSEs to encourage and engage in risky mortgage lending.”“These elements will be retained, but the problems they caused in 2008 are supposed to be mitigated by better regulation, more capital for the GSEs, and compensation to taxpayers for the risks they’ll assume when the government guarantees the GSEs’ obligations,” Pinto and Wallison’s op-ed states. “The housing lobby misled the public before on the efficacy of these protections.”According to Wallison and Pinto, the FHFA should shrink their footprint as conservator of Fannie and Freddie over a period of five to 10 years. They suggest reducing the size and types of the mortgages that GSEs could buy and opening larger portions of the housing-finance market to the private sector, improving competition.“Most of the U.S. economy is open to the innovation and competition of the private sector,” said Wallison and Pinto. “Yet for no discernible reason, the housing market—one-sixth of the U.S. economy—is and has been controlled by the government to a far greater extent than in any other developed country.”The Presidential memo states that “in the decade since the financial crisis, there has been no comprehensive reform of the housing finance system despite the need for it, leaving taxpayers exposed to future bailouts.” The memo went on to claim that “the Department of Housing and Urban Development’s (HUD) housing programs are exposed to high levels of risk and rely on outdated business processes and systems.”You can read the full memo here. You can also read more about proposed GSE and housing finance reforms in our April DS News cover story, available online. Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Warren Buffett Talks Wells Fargo Next: Understanding Drops in Mortgage Delinquency Demand Propels Home Prices Upward 2 days ago Tagged with: AEI Fannie Mae FHFA Freddie Mac GSE Housing Crisis Share Save Walking the Tightrope of GSE Reform Sign up for DS News Daily Home / Daily Dose / Walking the Tightrope of GSE Reform Servicers Navigate the Post-Pandemic World 2 days ago Related Articles AEI Fannie Mae FHFA Freddie Mac GSE Housing Crisis 2019-04-08 Seth Welborncenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 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. The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News, Secondary Market  Print This Post Subscribelast_img read more

Revisiting California’s Camp Wildfire: The Long-Term Housing Impact

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first_img Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Sign up for DS News Daily May 16, 2019 1,136 Views Demand Propels Home Prices Upward 2 days ago Revisiting California’s Camp Wildfire: The Long-Term Housing Impact Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles 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. About Author: Seth Welborn Home / Daily Dose / Revisiting California’s Camp Wildfire: The Long-Term Housing Impact Tagged with: California Damage Insurance wildfire The Best Markets For Residential Property Investors 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Previous: Leadership Changes Announced at Ginnie Mae Next: The Industry Pulse: Updates on Ginnie Mae, MQMR, and More Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago California Damage Insurance wildfire 2019-05-16 Seth Welborn Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, Loss Mitigation, News The source of California’s Camp Fire, which burned more than 150,000 acres and killed 85 people, has been identified as electrical transmission lines owned and operated by utility giant Pacific Gas and Electric (PG&E). The fire in Northern California’s Butte County burned more than 150,000 acres and killed 85 people.”After a very meticulous and thorough investigation, CAL FIRE has determined that the Camp Fire was caused by electrical transmission lines owned and operated by Pacific Gas and Electricity (PG&E) located in the Pulga area” of Butte County, California fire officials said in a statement.According to analysis by CoreLogic, the Camp and Woolsey fires left behind a trail of losses between $15 billion and $19 billion after being contained in late November 2018. The report contains the updated residential and commercial loss estimates from the wildfires based on the latest post-containment perimeter of both the Camp and Woolsey Fires.The analysis recorded a total loss in the range of $11 billion and $13 billion from the Camp Fire, the most destructive wildfire in the state’s history. Additionally, estimated losses from Woolsey Fire in Southern California are estimated to be between $4 billion to $6 billion. Residential and commercial properties account for building, content, and additional living expenses. The estimated losses include damage caused by fire, smoke, demand surge and debris removal.The residential loss from the Camp fire alone is between $8 billion to $9 billion. Woolsey fires ravaged infrastructure worth $3.5 to $5.5 billion in the residential space and $0.5 billion in commercial losses.Since fire is covered under a standard homeowners’ policy, the majority of homeowners were likely to have some protection from the financial challenges surrounding recovery, the analysis indicated. As part of FEMA’s federal aid program to help those affected by the fire, a loan of up to $2 million was made available for business property losses not fully compensated by insurance.The number of acres burned the past year is the eighth highest in U.S. history as reported through November 30, 2018. Per a CoreLogic report, a total of 11 western states in the U.S. had at least one wildfire that exceeded 50,000 burned acres; the leading states being California and Oregon.Learn more about how to prepare for natural disasters at the 2019 inaugural Five Star Disaster Preparedness Symposium, at the Hotel Monteleone in New Orleans. The Symposium provides an opportunity for national leaders and executives to engage in critical conversations on diligence and preparedness, so the next time a natural disaster strikes, the industry will be ready to lend the proper support. Register for the Symposium here. Subscribelast_img read more

HLP CEO Discusses the Company’s Closure

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first_imgHome / Daily Dose / HLP CEO Discusses the Company’s Closure Demand Propels Home Prices Upward 2 days ago HLP CEO Discusses the Company’s Closure in Daily Dose, Featured, Loss Mitigation, News, Technology The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Poised for Growth: Advantages of Property Preservation Outsourcing Next: Freddie Mac Transfers $2.5B in Credit Risk Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago HLP has announced that it will close its operations effective on December 31, 2019, following a decision by the board of directors last month. After this date, HLP will permanently stop providing all services and any agreements HLP has with servicers or other organizations will end. HLP made the announcement this morning via an email and newsletter from HLP President and CEO Mark Cole.Founded in 2009, HLP collaborated alongside “the key stakeholders who work with families on homeownership—nonprofit counselors, advocates, lenders, servicers, investors, attorneys, and government.”According to Cole, part of the reason for HLP’s closure is the growing economy, and the resultant trend toward historically low rates of mortgage delinquencies.”I believe we should view HLP’s closing as ‘mission accomplished,'” Cole said in a statement. “We were created during the financial crisis to solve a specific problem that was crushing the housing industry. Diverse groups worked together and created a unique technology that served as a bridge to the mortgage industry for hundreds of thousands of homeowners facing foreclosure. But times have changed and now most servicers have built their own customer portals to serve at-risk homeowners. A decade later, we can take pride that we help the industry make this transition and move on to other challenges.”Cole went on to discuss HLP’s role since the financial crisis.”In the past decade, we’ve helped more than 750,000 families seeking help,” Cole said. “That work has had a profound and lasting impact on individual families, neighborhoods, cities, and our nation. We also demonstrated that collaborating across sectors produced quicker, better solutions. Finally, we applied lessons learned from the mortgage crisis into a broad range of other programs and services—like pre-purchase platforms, post-purchase support, state mediation programs, MyLoanHelp, and HLPGuru—that improved homeownership sustainability.”Earlier this year, HLP was selected by the National Foundation for Credit Counseling (NFCC) to power its national initiative to increase homeownership among people receiving financial counseling from nonprofit counseling organizations nationwide.In 2018, HLP, alongside Soldier On and Citibank, worked to provide eligible veterans and their families with rehabilitated, single-family homes and providing the financial education needed to maintain successful, independent permanent housing as part of the “Homes for Veterans” program.”It’s been an amazing ride and I feel very fortunate to have been a part of this work,” Cole concluded. “It’s tough to say goodbye but I am confident that we have made the right decision. We owe a debt of gratitude to many people and hope they take equal pride in the difference made in the lives of families and communities across the nation through our collective work.” The Best Markets For Residential Property Investors 2 days ago Related Articles About Author: Seth Welborncenter_img HLP 2019-11-06 Seth Welborn Subscribe  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago November 6, 2019 1,285 Views Tagged with: HLP Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 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. Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

U.S. Supreme Court Weighs in on Ticking FDCPA Timer

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first_imgHome / Daily Dose / U.S. Supreme Court Weighs in on Ticking FDCPA Timer Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News, REO January 8, 2020 2,406 Views Share Save Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago U.S. Supreme Court Weighs in on Ticking FDCPA Timer Tagged with: Collection debt FDCPA Collection debt FDCPA 2020-01-08 Seth Welborn In Rotkiske v. Klemm, 2019 U.S. LEXIS 7521, the United States Supreme Court resolved a dispute between the federal appellate circuits regarding when the statute of limitations begins to run under the Fair Debt Collection Practices Act (FDCPA or Act).A statute of limitations is the amount of time permitted to bring a particular court action—in other words, it’s the ticking timer. Typically, once that countdown ends, or in legal terms, the limitations period expires, the right to sue expires along with it.The FDCPA, which is a federal Act designed to keep debt collectors in-check, permits suits “within one year from the date on which the violation occurs.” 15 U.S.C. §1692k(d). Although this language appears to be rather clear-cut, in law, shadows can often be created out of seemingly transparent passages.In Mangum v. Action Collection Serv, Inc., 575 F.3d 925 (9th Cir., 2009), the Ninth Circuit Court of Appeals held that all federal statutes of limitation, including the FDCPA’s, begin to run “when the plaintiff knows or had reason to know of the injury.” Id. at 940.  This rule, otherwise known as the discovery rule, sets the clock to begin ticking only upon the detection, rather than the occurrence of the violation, despite the contradicting language of the FDCPA itself, thereby greatly expanding the timeframe to litigate for many possible suits.However, in a later case, the Third Circuit Court of Appeals declined to follow this path, reiterating that the FDCPA statute of limitations runs from “the date on which the violation occurs.” Rotkiske v.  Klemm, 890 F.3d 422 (3rd Cir., 2018.) In doing so, the Court directly rejected the Ninth Circuit’s approach and refused to apply a broad discovery rule to all federal limitations periods.To silence its squabbling children, the U.S. Supreme Court agreed to weigh-in—legally phrased as granting certiorari to resolve an appellate conflict—and deemed the Third Circuit the victor. The Court held that “[t]he FDCPA limitations period begins to run on the date the alleged FDCPA violation actually happened. We must presume that Congress ‘says in a statute what it means and means in a statute what it says…’” Rotkiske v. Klemm, 2019 U.S. LEXIS 7521, *8. In appearing to chastise the Ninth Circuit, the High Court went on to state that “[i]t is not our role to second-guess Congress’ decision to include a ‘violation occurs’ provision, rather than a discovery provision…[w]e simply enforce the value judgments made by Congress.” Id. at *10.However, a door to widening the limitations period was left distinctly ajar, as the Supreme Court carefully stated that it was not deciding whether the application of “equitable doctrines” would be permissible. According to the Court, this issue wasn’t properly presented, and therefore wouldn’t be determined. Nonetheless, the Court distinctly acknowledged the existence of something known as the “fraud discovery rule.” Id. at *11.The fraud discovery rule, a close cousin to the similarly worded ‘discovery rule,’ states that “where a plaintiff has been injured by fraud and remains in ignorance of it without any fault or want of diligence or care on his part, the bar of the statute [of limitations] does not begin to run until the fraud is discovered.” Id. at *13-14. More simply stated, under the fraud discovery rule, a delayed clock start time is permitted when fraud exists.In dissent, Justice Ginsburg, although agreeing with the Supreme Court’s disallowance of the general discovery rule, argued that the fraud discovery rule was properly presented and should have been ruled upon. Moreover, she stated that she would have held that “the [fraud discovery] rule governs if either the conduct giving rise to the claim is fraudulent, or if fraud infects the manner in which the claim is presented.”  Of course, fraud allegations must typically be pled with particularity, so specific facts regarding the fraud would still be needed.Regardless, absent allegations of fraud, it’s now clear that the ticking timer for FDCPA suits really does begin on the date of the violation, just as the FDCPA dictates, which finally brings long-awaited certainty to the interpretation of already definitive language.center_img Lauren Riddick handles contested foreclosure matters as a member of the Codilis & Associates, P.C.’s Contested Litigation Unit and also assists with title matters. She joined the firm in August 2013. Prior to joining the firm, she was an Adjunct Professor of Law with several colleges and a Securities Attorney for a large broker-dealer in Florida. Riddick is a member of the Illinois and Florida Bar Associations. She received her Juris Doctor in 2001 from the University of Florida Levin College of Law, and her Bachelor of Science in 1998 from the University of Florida. Previous: Navigating Opportunity Zones Investment Regulation Next: Wells Fargo Names New Risk Officer 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 Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Lauren Riddick The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

MReport Debuts Award for Fintech Innovators

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first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Subscribe January 8, 2020 986 Views The needs of the American homebuyer are changings. Consumers seek faster response times, efficient processes, and technology that makes the overall homebuying process easier. Highlighting companies leading a wave of change, MReport is proud to launch the inaugural Top 25 Fintech Innovators—companies leveraging technology in housing from property management, operations, lending, and more. The Top 25 Fintech Innovators will be chosen from companies nominated by industry professionals working daily to push the industry forward. Want to nominate a company? Submit your nomination here.Below are the categories for nominations: Lending/Loan Origination Loan Servicing Regulatory and Compliance Property/Asset Management Title/Insurance Operations The deadline to submit nominations for the Top 25 Fintech Innovators is 5 p.m. CST on Monday, February 3. The final Top 25 Fintech Innovators list will be released in the March 2020 issue of MReport.Jennifer McGuinness, Co-Founder and Managing Partner of Strategic Venture Partners, told MReport during an interview at the 2019 Five Star Conference that the lifecycle of origination needs to be optimized through technology. “The technology solutions that are going to bring the best benefit to the businesses are going to be those that manufacture things more efficiently, cut timelines, and risk-insulate process flows to optimize outcomes,” she said. “At the end of the day, it’ll actually save the companies a vast array of money and compliance issues.”McGuinness added that the more the industry digitizes the mortgage experience, the more fraud insulation there will be. She suggested that these changes will bring better underwriter outcomes and shorter timelines for lenders, which will in turn bring more closed loans and more revenue—a benefit for both the borrower and investor.Fannie Mae’s Mortgage Lender Sentiment Survey from November 2019 found that lenders want to see improvements on the front-end consumer experience. “Digitization is rapidly changing how organizations create value and compete. Through previous studies, we found that lenders have consistently shown a strong interest in leveraging technology to improve both the front-end consumer experience and back-end operational efficiency,” said the author of the piece, Kimberly Johnson, EVP, COO, Fannie Mae. The survey revealed that 44% want to see improvements of the front-end consumer experience, 18% say they feel back-end operational efficiencies are most important Thirty-six percent said that both are equally as important. Nominate a company here. Tagged with: FinTech Tech in Daily Dose, Featured, News, Technology FinTech Tech 2020-01-08 Mike Albanese 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 Servicers Navigate the Post-Pandemic World 2 days agocenter_img Previous: Wells Fargo Names New Risk Officer Next: Presidential Candidate Elizabeth Warren Proposes Bankruptcy Plan MReport Debuts Award for Fintech Innovators About Author: Mike Albanese Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post 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. Sign up for DS News Daily Home / Daily Dose / MReport Debuts Award for Fintech Innovators The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more