Wells Fargo Settles With HUD Over Maternity Leave Discrimination Complaints

first_img Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Wells Fargo Settles With HUD Over Maternity Leave Discrimination Complaints Discrimination Fair Housing Act HUD Maternity Leave Settlement Wells Fargo 2014-10-09 Brian Honea  Print This Post Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: DS News Webcast: Thursday 10/9/2014 Next: Investor Appeals Judge’s Dismissal of GSE Profits Lawsuit About Author: Brian Honea October 9, 2014 1,657 Views Related Articles The Best Markets For Residential Property Investors 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Wells Fargo Settles With HUD Over Maternity Leave Discrimination Complaints Servicers Navigate the Post-Pandemic World 2 days ago 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago The U.S. Department of Housing and Urban Development (HUD) has reached a $5 million settlement with Wells Fargo Home Mortgage, the largest provider of residential mortgage loans in the nation, to resolve allegations that Wells Fargo discriminated against women who were either pregnant or on maternity leave, HUD announced Thursday.HUD reported that 190 discrimination complaints related to maternity leave have been filed since 2010, which had resulted in 40 settlements for a combined total of about $1.5 million prior to Thursday’s settlement. The complainants say their respective lenders are in violation of the Fair Housing Act, which makes it illegal to discriminate based on race, color, national origin, religion, sex, disability, or familial status for any real estate transaction.The complaints covered in Thursday’s settlement were filed by six families from five states (Nevada, Nebraska, Texas, Arizona, and California). As part of the settlement, Wells Fargo agreed to distribute $165,000 to the six families and create a fund with at least $3.5 million to compensate other Wells Fargo applicants who claim to have experienced maternity leave-related discrimination at the time they applied for a loan. Wells Fargo also agreed to pay up to 175 claimants $20,000 each; if there are more than 175 claimants, Wells Fargo will replenish the fund with $1.5 million and pay the next 75 claimants $20,000 each. If there are more than 250 claimants, claimants after 250 will receive a pro-rated share of the $5 million.”The settlement is significant for the six families who had the courage to file complaints, and for countless other families who will no longer fear losing out on a home simply because they are expecting a baby,” said HUD Secretary Julián Castro said. “I’m committed to leveling the playing field for all families when it comes to mortgage lending.  These types of settlements get us closer to ensuring that no qualified family will be singled out for discrimination.”Wells Fargo will also change its underwriting policies to ensure they are not discriminatory as part of the settlement. The lender agreed to implement new Temporary Leave Guidelines and issue instructions to their staff on how to implement them. Also as part of the settlement, Wells Fargo did not admit to any violation of the Fair Housing Act.The six complaints allege that Wells Fargo made loans unavailable to families based on familial status, forced women to give up their maternity leave and return to work before their loans closed, and made discriminatory statements toward women applicants who were either pregnant or had recently given birth.”We resolved these claims to avoid a lengthy legal dispute so we can continue to serve the needs of our customers,” Wells Fargo spokesman Tom Goyda said. “Our underwriting is consistent with longstanding fair and responsible lending practices and our policies do not require that applicants on temporary leave return to work before being approved.  HUD found no violation of the Fair Housing Act or any other law by Wells Fargo. The agreement resolves claims related to only five loan applications from a period when Wells Fargo processed a total of approximately 3 million applications from female customers.”Several lenders have settled with HUD over maternity leave-based discrimination complaints since 2010. In November 2013, Bank of America settled with HUD for $45,000 to resolve such complaints, and Cornerstone Bank settled for $750,000 in 2011, according to HUD. Tagged with: Discrimination Fair Housing Act HUD Maternity Leave Settlement Wells Fargo 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 ago in Daily Dose, Featured, Government, Newslast_img read more

Foreclosure Inventory Plummets Year-Over-Year in August

first_img Tagged with: CoreLogic foreclosure completions Foreclosure Inventory Foreclosures Serious Delinquency Rate Seriously Delinquent Mortgages The Best Markets For Residential Property Investors 2 days ago Foreclosure Inventory Plummets Year-Over-Year in August About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago October 2, 2014 902 Views in Daily Dose, Featured, Foreclosure, News Home / Daily Dose / Foreclosure Inventory Plummets Year-Over-Year in August Demand Propels Home Prices Upward 2 days ago Share Save Previous: DSNews Webcast: Thursday 10/2/2014 Next: Five States Account for Nearly Half of Completed Foreclosures in Last 12 Months Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily CoreLogic foreclosure completions Foreclosure Inventory Foreclosures Serious Delinquency Rate Seriously Delinquent Mortgages 2014-10-02 Brian Honea August saw a 32.8 percent decline in foreclosure inventory from August 2013, marking the 34th consecutive month with a year-over-year decrease, according to CoreLogic’s August National Foreclosure Report released on Thursday.According to CoreLogic, 1.6 percent of all residential mortgages, a total of approximately 629,000 homes, were in some phase of the foreclosure process in August. These numbers represent a significant downturn from the same month a year ago, when CoreLogic reported that 936,000 homes were in some stage of foreclosure, comprising 2.4 percent of all residential mortgages nationwide.”Clearly there has been a large improvement in the market in the last few years, but five years into the economic expansion the foreclosure inventory remains at nearly three times the normal level,” said Sam Khater, deputy chief economist at CoreLogic. “Since homeownership rates peaked in the second quarter of 2004, there have been seven million completed foreclosures, which account for 15 percent of all mortgages.”CoreLogic reported 45,000 completed foreclosures in August nationwide, down 22.2 percent from the 58,000 that were reported in August 2013. The report noted that prior to the decline of the housing market in 2007, completed foreclosures averaged 21,000 per month.The rate at which mortgage loans were seriously delinquent (90 days or more past due or in some stage of foreclosure) was reported at 4.3 percent for August, according to CoreLogic. In all, 1,646 loans were seriously delinquent in August, a decline of 1.7 percent from July and 21.8 percent from August 2013.Foreclosure inventory declined by 2.6 percent from July to August, according to CoreLogic. Completed foreclosures dropped by 1.1 percent month-over-month.In August, the 12-month sum of completed foreclosures for the period ending in August 2014 was at 576,000, its lowest point since December 2007. Like foreclosure inventory, the 12-month sum of completed foreclosures has declined for 34 months in a row, according to CoreLogic.  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. The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

Judge Dismisses New York AG’s Claims That Servicer Failed to Comply With Settlement

first_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Judge Dismisses New York AG’s Claims That Servicer Failed to Comply With Settlement  Print This Post Tagged with: Eric Schneiderman Mortgage Servicers National Mortgage Settlement Wells Fargo Previous: Bank of America Loses Bid to Overturn Verdict in ‘Hustle’ Case Next: President Increases HUD Budget By $4 Billion for FY 2016 Eric Schneiderman Mortgage Servicers National Mortgage Settlement Wells Fargo 2015-02-03 Tory Barringer About Author: Tory Barringer Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Share Save Related Articles The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago A federal judge dismissed on Monday allegations from New York’s Attorney General that Wells Fargo failed to live up to its end of a historic $25 billion mortgage servicing settlement struck in 2012.In an opinion released Monday, U.S. District Judge Rosemary Collyer said New York Attorney General Eric Schneiderman didn’t present substantial evidence that Wells Fargo—one of five major servicers that originally entered into the deal with 49 state attorneys general—neglected its servicing obligations under the terms of the settlement.Schneiderman had specifically accused Wells of not meeting timeline requirements for loan modifications requested by struggling New York homeowners.”Although we are disappointed the Court did not grant specific relief to consumers, it did find that States can sue to enforce the terms of the 2012 mortgage settlement—a key tool for law enforcement that Wells attempted to dismantle,” New York AG spokesman Matt Mittenthal said. “We will continue to hold financial institutions accountable for the harm caused by the collapse of the housing market and ensure that they honor their promises to New York families.”The allegations cover 97 of the roughly 450,000 mortgages Wells Fargo services in New York alone—or about 0.022 percent, Collyer noted in her judgment.”Despite this small number, NYAG alleges that Wells Fargo repeatedly failed to comply with these Loan Modification Timeline Requirements, subjecting numerous New York homeowners to ‘Kafkaesque delays and obstructions in the loan modification process,'” she wrote.She goes on to remind Schneiderman that the 2012 settlement established independent monitors for all of the firms involved—and that Wells Fargo has only once had issues meeting some of the timeline requirements, a matter that was quickly resolved to the monitor’s satisfaction.”The [settlement] does not require absolute perfection in loan servicing,” Collyer concluded in her judgment, adding, “To permit NYAG to enforce failures to comply with the Servicing Standards that are so insubstantial would open the floodgates to lawsuits, running afoul of the core purpose of the Consent Judgment—to resolve problems in the mortgage industry with monitoring and compliance and without litigation.” Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Judge Dismisses New York AG’s Claims That Servicer Failed to Comply With Settlement February 3, 2015 1,043 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

Bringing Fintech to the Forefront

first_img  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago FinTech 2017-09-12 Brianna Gilpin The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: How Equifax Could Change Arbitration Next: Roadblocks Ahead for Credit Union Legislation About Author: Brianna Gilpin Related Articles Demand Propels Home Prices Upward 2 days ago Bringing Fintech to the Forefrontcenter_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 Subscribe Sign up for DS News Daily Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] Share Save Demand Propels Home Prices Upward 2 days ago Tagged with: FinTech The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled “Evaluating the Fintech Landscape” Tuesday where witnesses Lawrence Evans, Director of Financial Markets at the U.S. Government Accountability Office; Eric Turner, Research Analyst at S&P Global Market Intelligence; and Frank Pasquale, Professor of Law at the University of Maryland’s Francis King Carey School of Law examined one of the fastest growing industries in the U.S.Fintech, or financial technology, had close to $13 billion invested in it in 2016 from U.S. based companies alone. Turner said, in many ways, Fintech is a new name for old ideas, but is useful to define emerging subsectors of the industry that will provide the most benefits to consumers and the entirety of the financial sector.Despite the many advantages Fintech may have, there are uncertainties surrounding data and security that need to be addressed. In light of the recent Equifax data breach, regulation is one of the many ways that consumers and the financial system can be safeguarded, according to U.S. Senator Mike Crapo (R-Idaho).“Other governments are exploring options such as a regulatory sandbox approach that encourages innovation by allowing firms to test products and services in a supervised environment,” Crapo said.Fintech allows digital lenders to offer competitive rates due to automation and lack of physical offices. Turner and S&P Global Market Intelligence’s estimates show that 13 of the largest digital lenders in the U.S. originated $28.39 billion in loans last year and a cumulative $68.75 billion since their respective inceptions. However, in the approval process, the lack of human interaction causes some to be denied that otherwise wouldn’t.“We need regulation to help consumers recognize the perils of the new information landscape without being overwhelmed with data,” Pasquale said. “The right to be notified about the use of one’s data and the right to challenge and correct errors is fundamental.”To view the testimonies of the witnesses as well as watch the hearing, click here. Home / Daily Dose / Bringing Fintech to the Forefront September 12, 2017 1,204 Views The Best Markets For Residential Property Investors 2 days agolast_img read more

Freddie Mac Reports Portfolio Update

first_imgHome / Daily Dose / Freddie Mac Reports Portfolio Update Tagged with: Federal Housing Finance Agency Freddie Mac Volume Summary Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Freddie Mac Reports Portfolio Update Servicers Navigate the Post-Pandemic World 2 days ago Freddie Mac released its monthly volume summary for September 2017 Tuesday, showing information on Freddie Mac’s mortgage-related portfolios, securities issuance, risk management, delinquencies, debt activities, and other investments.In September, total mortgage portfolio increased at an annual rate of 2.0 percent and the total number of single-family loan modifications were 2,826 in September. The total amount of loans over the nine-month period landed at 34,495 and Freddie Mac’s year-to-date mortgage funding totaled approximately $299 billion. Mortgage-securities as well as other mortgage related guarantees related to Freddie Mac increased at an annualized rate of 5.1 percent in September and the ending balance of Freddie Mac’s mortgage investments portfolio was $267 billion. Single-family refinance-loan purchase and guarantee volume was $10.4 billion and represented 36 percent of total single-family mortgage portfolio purchases and issuances. Relief refinance mortgages comprised approximately 5 percent of total refinance volume in September 2017The aggregate unpaid principal balance of Freddie Mac’s mortgage-related investments portfolio decreased by about $4 billion. Their single-family seriously delinquent rate increased from 84 basis points in August to 86 basis points in September and their multifamily delinquency rate decreased from 3 basis points in August to 2 basis points in September.Freddie Mac’s measure of exposure to changes in portfolio market value averaged $18 million last month and their duration gap averaged zero months. Freddie Mac has been operating in conservatorship with the Federal Housing Finance Agency since 2008. The Best Markets For Residential Property Investors 2 days ago Related Articles Federal Housing Finance Agency Freddie Mac Volume Summary 2017-10-24 Staff Writer Demand Propels Home Prices Upward 2 days ago October 24, 2017 1,526 Views in Daily Dose, Featured, Government The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago About Author: Staff Writer Demand Propels Home Prices Upward 2 days ago Previous: TransUnion: HELOCS to Spike 30 Percent in 2017 Next: At Your Service Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

In Times of Emergency

first_img Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The current insurance system leaves too many homeowners vulnerable when disaster strikes even with private insurance policies playing a major role. According to a recent report by the Urban Institute, the number of flood insurance policies in force through the National Flood Insurance Program decreasing over the past decade further complicated the issue. In light of these factors, the recent stance by the Federal Emergency Management Agency (FEMA) on federal policies gained importance.FEMA’s StanceCongress had passed legislation that extended the National Flood Insurance Program to May 31, 2019, before the partial shutdown on the December 21. However, on December 26, in a stance that was contrary to the ones it had taken during past shutdowns, FEMA, said that insurers would not be allowed to issue and renew federal policies during the shutdown.Apart from National Association of Realtors (NAR), organizations such as the Property Casualty Insurers Association of America and the Independent Insurance Agents & Brokers of America and the Congress expressed their concerns urging the agency to reevaluate its decision. FEMA was quick to address the concerns and reverse its policy disallowing new or renewal flood insurance policies during the shutdown and announced a reversal of the unexpected ruling the agency released earlier, on December 28. Why This MattersNAR estimates that the FEMA ruling disallowing insurance could have affected home sales across America, as its research revealed the possibility of up to disruptions in 40,000 closings each month that the NFIP cannot issue flood insurance policies—making flood insurance imperative especially at a time when market disruption would be extremely hard-felt.A recent report by CoreLogic revealed that serious delinquencies have recorded an upward spike in disaster-affected areas. “The real estate and mortgage industries have been hard hit by the almost unprecedented wave of natural disasters across the country over the past few years. While no one has endured more than the homeowners whose properties were destroyed or badly damaged, there are definitely some significant implications for the industry going forward – and those implications go far beyond the inconvenience of short-term spikes in delinquencies. Lenders, for example, will need to carefully consider whether or not it even makes sense to continue offering mortgage loans in frequently-hit by natural disaster areas, and which may or may not be covered by the battered and bruised Federal Flood Insurance Program. Servicers will need to look closely at their potential losses, particularly when managing loans insured by government agencies. Property insurers will certainly adjust premiums to address increased levels of risk,” said Rick Sharga, EVP of Carrington Mortgage.  Carrington Mortgage FEMA government shutdown NAR Rick Sharga The Urban Institute 2019-01-03 Donna Joseph About Author: Donna Joseph Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] January 3, 2019 1,475 Views The Best Markets For Residential Property Investors 2 days ago Share Save Tagged with: Carrington Mortgage FEMA government shutdown NAR Rick Sharga The Urban Institute The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Analyzing Mortgage Delinquency Performance Next: California’s Role in the National Housing Recovery Related Articles In Times of Emergency  Print This Post Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Loss Mitigation, News The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / In Times of Emergency Subscribelast_img read more

President Donald Trump Meets With FEMA

first_img Disaster Hurricane Hurricane Dorian 2019-09-03 Seth Welborn Demand Propels Home Prices Upward 2 days ago Hurricane Dorian may spare Florida a direct hit, making landfall in South Carolina on Wednesday or Thursday, and in response President Donald Trump cancelled a visit to Poland to meet with FEMA officials at Camp David to discuss the response to Hurricane Dorian, CBS News reports. Hurricane Dorian has been downgraded to a Category 4 hurricane and has been ravaging the Bahamas for hours, The New York Times is reporting as of Tuesday.Reports state that the hurricane is moving west at just 1 mph and is 105 miles from the coast of Florida, as one 12:00 p.m. EST. “Tonight and tomorrow morning, we’ll start to see the pull to the north that we’ve all been anxiously awaiting, because we really need to get this thing off of the Bahamas and moving northward,” Ken Graham, the director of the National Hurricane Center, said in a Facebook video.The storm ripped through the Bahamas late Sunday and early Monday, with sustained winds of over 160 moph and storm surges that raised water levels 20 feet above normal. CBS News states that acting Department of Homeland Security Chief Kevin McAleenan said Sunday that the storm could cause major issues with with winds and rain even if it stays off the U.S. mainland. CoreLogic reports that 668,052 single-family homes could be impacted along the eastern coast of the state, with a reconstruction cost value (RCV) of nearly $144.6 billion. Florida officials declared a state of emergency on Thursday as the storm barreled through the Atlantic. Early projections showed for the storm to strike Puerto Rico, which is still recovering from the devastating Hurricane Maria. The Five Star Institute recently held its Disaster Preparedness Symposium on July 31 in New Orleans, Louisiana. Tim Carpenter, Fannie Mae’s Director, Disaster Response & Rebuild, Housing Access, gave an update on Puerto Rico’s rebuild two years after Hurricane Maria at the event. He said working with the Commonwealth and FEMA was helpful, and there has been progress on homes with mortgages, but there continues to be a struggle in non-traditional housing. “No clear title, no permits, no code—you combine these issues and it becomes much more difficult to get a mortgage to repair or sell that home,” Carpenter said.  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. September 3, 2019 1,110 Views President Donald Trump Meets With FEMA Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Tagged with: Disaster Hurricane Hurricane Dorian  Print This Post Home / Daily Dose / President Donald Trump Meets With FEMA Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Savecenter_img About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Addressing Affordability in California Next: Leveling the Playing Field for SFR Investors and Homebuyers The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles in Daily Dose, Featured, Loss Mitigation, Newslast_img read more

Identifying Delinquency Hotspots

first_img Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago September 10, 2019 1,537 Views Share Save Home / Daily Dose / Identifying Delinquency Hotspots Demand Propels Home Prices Upward 2 days ago Tagged with: Delinquency Rates Foreclosure Mortgage Rates natural disaster in Daily Dose, Featured, Foreclosure, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Delinquency Rates Foreclosure Mortgage Rates natural disaster 2019-09-10 Seth Welborn Previous: Spotlight on Housing Reform Next: FHA Loans to be Focus of Next Webinarcenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Data Provider Black Knight to Acquire Top of Mind 2 days ago Identifying Delinquency Hotspots Servicers Navigate the Post-Pandemic World 2 days ago Mortgage foreclosures have been shrinking, according to CoreLogic. The 30 days or more delinquency rate for June 2019 was 4%, while 4% of mortgages were delinquent by at least 30 days or more including those in foreclosure.”A strong economy and eight-plus years of home price growth have made mortgage foreclosure an infrequent event,” said CoreLogic Chief Economist Frank Nothaft. “This backdrop will help the mortgage market limit delinquencies in most of the country whenever a downturn should start.”Despite delinquency rates sitting at their lowest levels since 1999, several states and metropolitan areas posted small annual increases in June. The highest gains were in Vermont (+0.7%), New Hampshire (+0.3%), Nebraska (+0.2%) and Minnesota (0.2%), while the other four states–Michigan, Iowa, Wisconsin and Connecticut–experienced a nominal gain of just 0.1%.”While the nation continues to post near-record-low mortgage delinquency rates, we are seeing signs of emerging stress in some states,” said CoreLogic President and CEO Frank Martell. “We saw rates jump in states such as Vermont, New Hampshire, Nebraska and Minnesota that weren’t tied to a natural disaster.”CoreLogic identified these states as “delinquency hotspots.” City-level hotspots with delinquency increases included Janesville-Beloit, Wisconsin, with a 2.5 percentage point increase, as well as Pine Bluff, Arkansas; Panama City, Florida; Altoona, Pennsylvania; and Kokomo, Indiana.Each state saw serious delinquency rates decrease in June 2019 except for Minnesota, Nebraska, North Dakota and Virginia, which stayed the same. Serious delinquencies increased in 20 metropolitan areas, while 48 metropolitan areas saw their serious delinquency rate stay the same.Despite the decreases in foreclosures overall, the transition rate increase year-over-year in June. The share of mortgages that transitioned from current to 30-days past due was 1.1% in June 2019, up from 0.9% in June 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2% and peaked in November 2008 at 2%.Find the full report from CoreLogic here. Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Is Housing Stock Meeting Demand?

first_imgHome / Daily Dose / Is Housing Stock Meeting Demand? Previous: Document Delivery System Integration Announced Next: Freddie Mac Passes $50B in Credit Risk Transfers Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Share Save September 18, 2019 1,449 Views About Author: Seth Welborn in Daily Dose, Featured, Market Studies, News Tagged with: Demand Houisng Inventory Demand Houisng Inventory 2019-09-18 Seth Welborn Is Housing Stock Meeting Demand?center_img Demand Propels Home Prices Upward 2 days ago 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  Print This Post The Best Markets For Residential Property Investors 2 days ago Housing completions increased by 2.4% month-over-month in August 2019, up to a seasonally adjusted annual rate of 1,294,000, 5% higher than the August 2018 rate of 1,232,000, according to the latest Residential Construction Report from the U.S. Census Bureau. First American Deputy Chief Economist Odeta Kushi notes that this increase represents new net supply added to the housing stock.“Further increases in housing construction may be on the way as well,” Kushi said in a statement. “Residential construction jobs increased 3.9 percent between August 2018 and August 2019. More people at work in residential construction signals that housing construction is likely to increase in the months ahead, reinforcing reports that builder confidence increased in September, even in the face of cost challenges.”Privately‐owned housing starts in August were at a seasonally adjusted annual rate of 1,364,000.  This is 12.3% above the revised July estimate of 1,215,000 and is 6.6% above the August 2018 rate of 1,279,000.  Single‐family housing starts in August were at a rate of 919,000; this is 4.4% above the revised July figure of 880,000. The August rate for units in buildings with five units or more was 424,000.“The total supply of existing homes for sale nationwide as a percentage of the occupied residential inventory, a metric known as inventory turnover, started the year at 1.7%, and has steadily increased to a level of 2% in July 2019,” Kushi continues. “In other words, only 200 homes in every 10,000 are for sale. While an improvement, this is well below the historical average of about 250 in every 10,000.”“The lack of existing homes for sale is supportive of new construction,” she adds. “The month-over-month surge in single-family housing starts to a pace of 919,000 SAAR is an improvement towards meeting this demand, but still falls short of the 1.2 million units that would be needed to meet the increased demand stemming from household formation.” 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Subscribelast_img read more

New York Gov. Signs Foreclosure Protection Bill

first_img January 3, 2020 3,508 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Foreclosure Law Legislation New York Gov. Signs Foreclosure Protection Bill Related Articles Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Previous: Investor Update: Home Value Data ‘Reassuring’ Next: New Tech Leader for Real Estate Tax Provider in Daily Dose, Featured, Foreclosure, News Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days agocenter_img About Author: Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago Foreclosure Law Legislation 2020-01-03 Seth Welborn Home / Daily Dose / New York Gov. Signs Foreclosure Protection Bill Servicers Navigate the Post-Pandemic World 2 days ago New York Governor Andrew Cuomo recently signed a bill intended to defendants in foreclosure court. The bill, sponsored by Assemblymember Helene Weinstein and State Sen. Brian Kavanagh, which amends Article 13 in Real Property Actions & Proceedings and allows defendants more leeway to bring up the defense of “standing” in foreclosure court, Kings County Politics reports.New York has some of the highest delinquency and foreclosure rates in the county, concentrated in New York City. According to data from LendingTree in November 2019, the New York-Newark-New Jersey metro had the highest serious delinquency rate of 2.6%. The metro also had the highest overall foreclosure rate at 1.3%.Additionally, New York has some of the longest foreclosure timelines in the country, at an average of 1,103 days.“More homeowners will rightfully keep their homes, now that the governor has signed my bill into law,” said Weinstein.According to Kings County Politics, the law previously stated that if a defendant didn’t know who actually owned their mortgage and wanted to challenge their plaintiff’s standing to sue to foreclosure, they could only do so within 30 days.“In reality, many homeowners do not even understand the suit papers served against them, and/or do not hire a lawyer until it is too late to raise lack of standing as a defense. The law was in need of a significant alteration to permit this defense to be raised at any time in the litigation,” Weinstein said.Alongside foreclosures, New York has also been searching for ways to reduce zombie properties in the state. In December, New York also took a stab at zombie properties when Gov. Cuomo signed legislation granting local cities more power in fighting against zombie properties, according to a news affiliate out of Albany, New York. The law will authorize local governments to compel mortgage lenders to “fast track” foreclosure properties or release the abandoned property to allow for resolution on a local level. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 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 Subscribelast_img read more