Month: May 2021

  • Florida, Michigan Lead in Completed Foreclosures, But Other Numbers Do Not Correlate

    first_img in Daily Dose, Featured, Foreclosure, News Sign up for DS News Daily  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Two states hit hardest by the foreclosure crisis a few years ago were Florida and Michigan – in fact, in the January 2015 CoreLogic National Foreclosure Report released earlier this week, those two states accounted for 29 percent (162,000 out of 552,000) of the nation’s completed foreclosures in the 12-month period from February 1, 2014 to January 31, 2015.Despite both states having high numbers of completed foreclosures for the previous 12 months, other foreclosure-related statistics between the two states do not correlate. Florida’s foreclosure inventory rate of 3.5 percent for January (third among states behind New Jersey and New York) was more than double the national average for the month (1.4 percent), whereas Michigan’s foreclosure inventor was less than half that number (0.6 percent).”Michigan data include tax foreclosures, which can account for 20,000 to 30,000 per year,” CoreLogic Chief Economist Frank Nothaft said. “Michigan also has a relatively large housing stock, so the foreclosure rate may be less than the national average even though the number of foreclosed properties may appear large.”This disparity is also partly attributed to the fact that Florida is a judicial foreclosure state, meaning the process has to pass through the court system to be completed. Michigan is a non-judicial foreclosure state, meaning the process can be completed without the courts. Overall in January, the foreclosure inventory rate in judicial states (2.4 percent) was more than triple that of non-judicial (0.7 percent).”The foreclosure inventory will decline further in the coming year, although the pace may not be as rapid as last year,” Nothaft said. “The foreclosure rate will eventually return to a level that’s typical for a judicial foreclosure state, which is generally higher than for non-judicial states.  However, it will take at least a couple more years before that happens.”Michigan’s serious delinquency rate of 3.0 percent in January was a full percentage point less than the national average (4.0 percent), which was at its lowest level in almost seven years. Florida’s serious delinquency rate, on the other hand, was nearly double the national average at 7.7 percent – second among states only to New Jersey (8.9 percent).Florida’s 12-month sum of foreclosures in January (111,000) alone accounted for nearly one-fifth of the nation’s total, according to CoreLogic. In fact, with 17,000 completed foreclosures in the previous 12 months, the core-based statistical area (CBSA) of Tampa-St. Petersburg-Clearwater accounted for about 3 percent of the nation’s total for that period. Tampa had the highest serious delinquency rate (8.7 percent) and foreclosure inventory rate (4.5 percent) among all CBSAs. Orlando-Kissimmee-Sanford was third in 12 month sum of foreclosures with 15,000.Those are the only two Florida CBSAs in the top 15 in 12-month sum of completed foreclosures. The only Michigan CBSA in the top 15 was Warren-Troy-Farmington Hills, ranking 15th with 4,068.Still, much progress has been made in Florida. The Sunshine State’s foreclosure inventory dropped by 49 percent year-over-year in January (from 6.4 percent down to 3.5 percent), the second-largest decline only to Maine (49.5 percent). Previous: FHFA’s Actions Increase Emphasis on Removing GSEs’ Non-Performing Loans Next: Legislation in Montana Aimed at Reducing Banks’ Liability in Loss Mitigation CoreLogic Florida Foreclosures Michigan 2015-03-13 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Tagged with: CoreLogic Florida Foreclosures Michigan Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Home / Daily Dose / Florida, Michigan Lead in Completed Foreclosures, But Other Numbers Do Not Correlate Demand Propels Home Prices Upward 2 days ago March 13, 2015 982 Views Related Articles Servicers Navigate the Post-Pandemic World 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Florida, Michigan Lead in Completed Foreclosures, But Other Numbers Do Not Correlate Subscribelast_img read more

  • Fraud Watch

    first_img Related Articles in Daily Dose, Featured, Market Studies, Media, News, Story Crawl Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Home / Daily Dose / Fraud Watch Mortgage Fraud 2017-07-21 Brianna Gilpin About Author: Brianna Gilpin Tagged with: Mortgage Fraud Previous: Looking out for the Rural Communities Next: Government-Sponsored Rental-Prise? Like a tornado watch, CoreLogic’s National Fraud Risk Index showing new highs doesn’t necessarily mean there is more fraud, however it does mean the conditions are right for fraud to grow. Take a look at what the new fraud schemes are and what old scheme is returning in the Video Spotlight. To learn more on the fraud scheme, including how to detect them, click here. Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Fraud Watch 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] July 21, 2017 1,727 Views The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 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 The Best Markets For Residential Property Investors 2 days ago Share Save Subscribe Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

  • Wells Fargo and BofA: Q3 2017 Results Revealed

    first_imgSubscribe Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Bank of America HOUSING mortgage Wells Fargo 2017-10-13 Nicole Casperson The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago October 13, 2017 1,700 Views Demand Propels Home Prices Upward 2 days ago Share Save Sign up for DS News Daily Home / Daily Dose / Wells Fargo and BofA: Q3 2017 Results Revealed Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Related Articles Previous: Ocwen Resolutions Rise to 17, Exiting Wholesale Forward Lending Next: Mortgages More Difficult to Acquirecenter_img  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago On Friday, Wells Fargo and Bank of America released Q3 2017 financial results.Wells Fargo’s revenue dropped 2 percent—to $21.9 billion—compared to third quarter 2016. The bank noted that Q3 2017 included a discrete litigation cost of $1 billion for “previously disclosed mortgage-related regulatory investigations.”Noninterest income was $9.5 billion, compared with $9.7 billion in Q2 2017, which reflected lower mortgage banking and other income, partially offset by “higher market-sensitive revenue.”Additionally, mortgage banking noninterest income declined to $1 billion, compared with $1.1 billion in Q2 2017. Residential mortgage loan originations were $59 billion, representing an increase from Q2 2017. The bank noted, “the production margin on residential held-for-sale mortgage loan originations was 1.24 percent, consistent with the second quarter.” While mortgage servicing income was $309 million in Q3, down from $400 million in Q2, primarily due to “higher unreimbursed servicing costs.”Overall net income results are down as well, with the bank’s net income for Q3 2017 at $4.6 billion, or $0.84 per diluted common share, compared with $5.6 billion, or $1.03 per share, for Q3 2016, and $5.8 billion, or $1.07 per share, for Q2 2017.According to John Shrewsberry, Chief Financial Officer of Wells Fargo, despite the decline in net income, the bank continued to see good credit performance and its liquidity and capital remained strong.“During the quarter, first under our 2017 Capital Plan, we returned $4 billion to shareholders through common stock dividends and net share repurchases, up from $3.4 billion in the second quarter,” Shrewsberry said. “We remain committed to our target of $2 billion of expense reductions by the end of 2018 which will be reinvested in the business and an additional $2 billion by the end of 2019 intended to go to the bottom line.”Chief Executive Officer Tim Sloan commented, saying that over the past year Wells Fargo has made fundamental changes to transform as part of the bank’s efforts to rebuild trust and build a better bank.“While our financial performance in the third quarter included the impact of a litigation accrual for previously disclosed, pre-crisis mortgage-related regulatory investigations, I am proud of the commitment of our 268,000 team members who put our customers first,” Sloan said.Bank of America also reported Q3 earnings on Friday. According to the results, net income increased 13 percent to $5.6 billion, and diluted earnings per share (EPS) increased 17 percent to $0.48, while year-to-date net income increased 19 percent to 15.7 billion.However, noninterest income decreased $756 million, or 7 percent, to $10.7 billion, driven primarily by lower mortgage banking income and lower sales and trading revenue, partially offset by higher asset management fees, which the bank noted is “partially offset by higher card income and service charges.”Additionally, the results found that average loans and leases grew $11.1 billion, or 8 percent, driven by mortgage and structured lending.”Our focus on responsible growth and improving the way we serve customers and clients produced another quarter of strong results,” said Bank of America CEO Brian Moynihan. “Revenue across our four lines of business grew 4 percent, even with a challenging comparable quarter for trading.”Moynihan continued to explain that the bank delivered positive operating leverage year-over-year for the eleventh consecutive quarter while continuing to invest in improved capabilities.According to Paul M. Donofrio, Chief Financial Officer at BofA, year-over-year the bank grew average deposits by $45 billion, or 4 percent, and increased average loan balances in business segments by $46 billion, or 6 percent.“It’s worth noting that we grew loans while remaining within our customer and risk frameworks, as evidenced by our low loss rates,” Donofrio said. “Our balance sheet remained strong, which enabled us to repurchase nearly $3 billion in common stock and pay $1.3 billion in common stock dividends in the quarter.”To view Wells Fargo’s full Q3 2017 results, click here.To view Bank of America’s full Q3 2017 results, click here. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Bank of America HOUSING mortgage Wells Fargo About Author: Nicole Casperson Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Wells Fargo and BofA: Q3 2017 Results Revealed in Daily Dose, Featured, Headlines Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

  • Mortgage & LGBT Leaders Collaborate for Diversity in Chicago

    first_imgSign up for DS News Daily Related Articles Mortgage & LGBT Leaders Collaborate for Diversity in Chicago Share Save  Print This Post In spite of many advances made, LGBT individuals continue to face discrimination in many sectors of modern life, and that includes the worlds of finance and housing. LGBT youth continue to make up an abnormally high percentage of the United States’ homeless population, and local housing assistance services don’t always have systems in place to help combat that trend. LGBT individuals also sometimes face discrimination or limitations on access to financial services. How can the mortgage industry adapt and evolve to meet the needs of this segment of the population? The American Mortgage Diversity Council is working to try and answer that question.On Wednesday, March 14, 2018, The American Mortgage Diversity Council (AMDC), in partnership with Federal Home Loan Bank (FHLB) of Chicago, will host a town hall discussion with leaders from the Chicago LGBT community. The meeting is the second in a series of town halls to be convened by the AMDC with LGBT community leaders from major cities across the nation.John Rieger, Executive Director for the American Mortgage Diversity Council, said, “The American Mortgage Diversity Council is a membership-driven organization of companies in the financial services industry working collaboratively to advance the conversations around diversity and inclusion by focusing on challenges faced by minority- and women-owned businesses, creating solutions through advocacy, education, and training.”The first AMDC town hall occurred in Dallas, Texas, in December 2017, including representatives from US Bank, MSI, Accumatch, Bank of America, Mr. Cooper, and the Five Star Institute, as well as community leaders from local LGBT organizations and charities. Topics discussed included housing protections for LGBT individuals, federal programs that encourage LGBT homeownership, workplace inclusiveness and discrimination protections, and unconscious bias training.Five Star President and CEO Ed Delgado said, “Five Star and the American Mortgage Diversity Council are proud to continue uniting mortgage industry and LGBT leaders with this series of town hall discussions. The promotion of diversity and inclusion is crucial for all sectors of society and business.”For more information, click here to view the AMDC’s website. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago January 17, 2018 1,656 Views AMDC American Mortgage Diversity Council Chicago Diversity Federal Home Loan Bank of Chicago LGBT LGBT Town Hall 2018-01-17 David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: AMDC American Mortgage Diversity Council Chicago Diversity Federal Home Loan Bank of Chicago LGBT LGBT Town Hall 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 Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Housing Market Gets a Vote of Confidence from Builders Next: Refinance Volumes Increased in November 2017 About Author: David Wharton Demand Propels Home Prices Upward 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Events, Featured, Journal, News Home / Daily Dose / Mortgage & LGBT Leaders Collaborate for Diversity in Chicago Subscribelast_img read more

  • Artificial Intelligence, Real World Results

    first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Tomasz Serafinski is Head of the AI/ ML business unit at Aspen Grove Solutions, where he drives innovation and, specifically, the application of AI/ML technologies within the Aspen Property Servicing Platform. Serafinski is key to Aspen’s drive to bring visionary and transformational technologies to the mortgage servicing industry. Related Articles Data Provider Black Knight to Acquire Top of Mind 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  Print This Post AI default Delinquencies Foreclosures Machine Learning Technology 2019-03-05 Radhika Ojha Demand Propels Home Prices Upward 2 days ago About Author: Tomasz Serafinski Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Artificial Intelligence, Real World Resultscenter_img Share Save Servicers Navigate the Post-Pandemic World 2 days ago Artificial Intelligence, Real World Results Governmental Measures Target Expanded Access to Affordable Housing 2 days ago March 5, 2019 6,452 Views Previous: The Ups and Downs of Home Prices Next: The Hurdles Ahead for Real Estate Professionals Editor’s note: This feature originally appeared in the March issue of DS News, out now.There are countless ways artificial intelligence (AI) and machine learning (ML) have the potential to transform default servicing—but here are just a few.Predicting the value of an assetAutomated underwriting processesQuality controlVendor scoringLoan performance assessmentRisk analysisProperty disposition recommendationsSound’s great, right? But how can you make these benefits a reality, and what should you be thinking about in order to maximize the value of AI and ML to your business?TALK TO THE EXPERTSFind a technology partner who can help you to normalize the data (ensuring that the data is available in a consistent and standardized format) and to implement data models that can feed into the AI/ML tools. Advanced propertyservicing platforms are extending their Application Program Interface(API)/Integration capabilities to map out all the key data points across the life of the asset to create a property’s digital twin. This establishes API endpoints for each key process associated with the property that then become subsets of the entire property API, and create dashboards for oversight.AI and ML bring a new dynamic to property management, using the concept that systems can learn from data to identify patterns, help make decisions, and identify anomalies to enable management by exception—thus cutting cost and increasing efficiency.These solutions can not only drive down the cost of operations but also create new opportunities and provide insights that were not available to mortgage industry professionals before.Having access to the full scope of data points collected across the industry can drive implementation of ML models powering intelligent dashboards for the property servicing sector. Fed by these ML models, such dashboards can provide significant business intelligence relating to how a business is operating and where losses are happening. Even better, they allow companies to be proactive, so steps can be taken to avoid losses before they occur.Using integration platforms and their associated APIs to access data available outside the company can cut the time required to implement an AI solution, making it the obvious solution for any business seeking to reap game-changing advantages.How did AI and ML evolve to their current potential, and what are the ways in which ML solutions can be applied to business problems? ML solutions offer numerous specific advantages for the default servicing industry, but it’s critical that these default servicing solutions incorporate diverse collections of data sources. Using integration platforms and their associated APIs to leverage data from outside the organization is key to the swift and successful implementation of AI solutions.THE BIRTH OF AI & MLThe concept of AI was introduced in the 1950s with the development of such important ideas as neural networks, but a failure to meet its initial promise meant funding for AI dried up in the 1970s. AI underwent a series of booms and winters in the intervening years, but unrealistic expectations and the rise of desktop computers meant it did not make a genuine comeback until the early 1990s when the obstacle of insufficient computing power was overcome and AI began to enter various disciplines. The emergence of big data in the first decade of the 21st century opened the floodgates for AI development. Today, AI— especially the subset called machine learning—is being adopted rapidly across many industries. The rate of adoption is accelerating alongside the complexity of business problems being tackled by AI.ML is particularly relevant for businesses, and, indeed, most headline-catching AI solutions are based on ML. It is based on the concept that a computer system can train itself to perform certain tasks faster and better than engineers could program it. The ability to access and process large data sets—better known as big data—made it possible to implement the concept. Once big data became widely available for businesses, either directly or through their technology partners, many ML-based systems were created and deployed.THE BUSINESS BENEFITSTo implement an ML solution for a business problem, the training data and data model must first be identified. The learning algorithm processes the training data and produces an ML model, which is used to make predictions based on new data. Simple problems such as clustering or anomaly detection do not require sophisticated algorithms. In those cases, so-called unsupervised machine learning can be used. This method facilitates simplified data pre-processing that requires no human input and generates satisfactory results based on small datasets. The results generated by unsupervised ML usually do require further human interpretation, however. This is because certain patterns or relations between data points may become evident, but a human brain is needed to determine what these patterns mean. For example, unsupervised ML can be used to group properties into neighborhoods or to segment borrowers into groups with similar demographics, but the technique has limited capabilities to solve more complex business problems.Supervised ML can be used to train ML models to provide insights into more sophisticated business applications, such as advanced classification or categorization. A borrower’s propensity for default or the probability that a loan will default is good examples of classification problems relevant to the default servicing industry. To train ML models to provide such insights, data is pre-processed and labeled by humans before the training process can begin. Borrowers who have defaulted, for example, would be clearly labeled for a learning algorithm. With this defined combination of inputs and outputs, an algorithm can train an ML model to recognize loans that are more likely to default or become delinquent.The challenge here is that substantial human input is required to link known results to historical data and to provide a sufficient quantity of high-quality data. Furthermore, human pre-processing of the training data the learning algorithm consumes usually represents around 80 percent of the time required to deploy an ML solution fully. The availability of relevant data is critical. Nonetheless, the benefits of being able to find the answers to far more complexproblems are worth the additional effort.DATA IS KEYThe levels of human input and sufficient quality data required are partially responsible for the slow adoption of ML systems throughout the default property servicing industry. This presents a huge opportunity for the first players who successfully implement ML-based solutions that disrupt the industry. This is already evident in other industries, where the first businesses to exploit AI are pulling ahead of their competitors.For example, Yelp uses ML for the picture classification technology it includes in reviews and Pinterest uses it for everything from content discovery to spam moderation. The advantages enjoyed by the companies who are leveraging ML is only accelerating because ML-based AI systems will self-improve as more data becomes available. As AI becomes more powerful, it can start modifying itself to make itself smarter. As it improves its capabilities, it gets better at making itself smarter, so its intelligence soon grows exponentially. Hence, those early adopters will become more difficult to catch than the early adopters of earlier technologies.As we have discussed, the availability of data and the data model are the keys to success when it comes to implementing ML solutions. Most businesses gather vast amounts of data, but processing and analysis to build ML models are not among their areas of competency. It may also be difficult to identify the data that is relevant to their business. In some cases, particularly within the default servicing industry, the most important data points might not even be collected. Data associated with activities and processes related to an asset lifecycle is dispersed through many specialized service providers. A loan on a property might be under the loss mitigation process, for example, but a servicer who carries out inspections on that property might not even have that information available in their system. As a result, they may carry out unnecessary or incorrect inspections.Thankfully, the gradual integration of the industry’s computer systems opens access to data points previously locked in specific verticals.Now that advancements in computer science have enabled AI—particularly ML—to enter the realm of real business applications, companies who want to remain competitive in today’s landscape must adopt and implement these technologies. As previously discussed the most expedient way to do this is to leverage the expertise that already exists in property servicing platforms/integration platforms that are focused on maximizing AI/ML value by reducing costs and preventing losses. Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News, Print Features Tagged with: AI default Delinquencies Foreclosures Machine Learning Technology Subscribelast_img read more

  • The Impact of Delinquent Property Taxes

    first_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago April 12, 2019 4,839 Views Lori Eshoo is an innovator, entrepreneur, and leader who has an exemplary record of success in service to her customers, leadership in the mortgage lending and servicing industry, and inspiration for women in business. Eshoo’s business acumen, experience, and proven judgment has set the standard in commercial and residential property management, valuation, and tax compliance. She revolutionized tax servicing in 1997 when she founded National Tax Search, building the industry’s most comprehensive, full-service technology platform to automate complex tax management processes. Under Eshoo’s leadership, NTS has reduced risk and saved lenders and investors millions in potential loss. Subscribe Tagged with: Investment Property Taxes tax delinquencies The Best Markets For Residential Property Investors 2 days ago in Commentary, Daily Dose, Featured, Foreclosure, Government, Investment, Journal, News Servicers Navigate the Post-Pandemic World 2 days ago While property tax delinquencies have declined in the last few years, the United States is still faced with approximately $11.8 billion in unpaid property taxes. Each year, $3–5 billion in delinquent real estate taxes are offered for public sale. In a tax-sale state, delinquent taxes can be sold as quickly as within six months.Even in an upswing market, these are serious numbers, and investors must be vigilant to protect their assets. Delinquent and sold reporting is best monitored with real-time, accurate, and detailed information regarding delinquent and sold tax liabilities.First and foremost, you must have a firm grasp of the state-specific tax foreclosure and sale regulations. An investor must discern if the delinquent asset is facing a tax sale or a tax deed sale. In a tax-sale state, the asset can go to sale anywhere between six months to a year, and there is typically a redemption period for the owner before the loss of the property once taxes have been sold. A tax-deed state is a bit more generous and can take about three years, but they do not offer a redemption period once the property has been sold. Every state has its own specific rules, and the 50 states are comprised of over 26,000 taxing agencies. Risk is real but can be minimized with the expertise and knowledgeable assistance of a professional property tax service firm. It is imperative that any tax-service provider report the next critical date and actions that can be taken. There can be multiple payoff amounts, monthly penalty and interest charges, and loss-of-property dates. A strong and knowledgeable provider can assist with redemption and payments as well as third-party buyer negotiations.Strong portfolio management is also key to comprehending risk and exposure to unpaid taxes. Once again, seek guidance from the experts. With the right real estate tax provider, customer service and portfolio management will be of utmost importance. Find a company that will provide personalized and flexible service to fit your portfolio. Current as well as delinquent and sold taxes must be monitored daily. At a minimum, it is advisable to implement a tax-status update process and have comprehensive reporting available on a timely basis. Be certain that payment support is available at all levels to meet deadlines and deter additional penalties. Demand Propels Home Prices Upward 2 days agocenter_img Investment Property Taxes tax delinquencies 2019-04-12 David Wharton Home / Commentary / The Impact of Delinquent Property Taxes The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily  Print This Post The Impact of Delinquent Property Taxes Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Lori Eshoo Previous: The Homebuyer View on Home Prices Next: Best Homes Title Rolls Out New Website Data Provider Black Knight to Acquire Top of Mind 2 days ago Share 1Savelast_img read more

  • A Look at Mortgage-Backed Securities Trends

    first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post May 9, 2019 4,260 Views 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / A Look at Mortgage-Backed Securities Trends Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Share Save Servicers Navigate the Post-Pandemic World 2 days agocenter_img According to the Bloomberg Barclays U.S. MBS index, MBS Index duration, or the measure of a security’s price sensitivity to a change in interest rates, now sits at 4.15 years, down from a recent high of 4.47 on April 22. According to Bloomberg, the duration drop indicates returning refinancing concerns, as homeowners are expected to increasingly refinance into lower mortgage rates and pay off their previous loans.The Index also notes that prepayment speed has shown increases of more than 20% in the last two monthly reports. However, a renewed rally that has seen the U.S. 10-year yield drop to its lowest level since March 29, and the Freddie Mac 30-year mortgage rate fall for the first time in five weeks, may continue to spark refinancings if sustained. JPMorgan MBS analysts forecasts predict a 15% increase in prepayment speeds for May.Meanwhile, Freddie Mac is pushing MBS through its move to Uniform Mortgage Backed Security (UMBS).The joint Fannie Mae-Freddie Mac security, Uniform MBS, is set to roll out on June 3 and, according to analyst teams at Morgan Stanley and JPMorgan, may cause a rise in volatility. In an article published by Bloomberg, Morgan Stanley and JPMorgan analysts discuss their recommendations on the agency MBS sector following the recent widening of mortgage spreads.In the article, Morgan Stanley advised investors to “go long” the sector, citing a wider 30-year Fannie Mae current coupon Treasury option-adjusted spread as a positive.“The Fannie Mae current coupon spread over a blend of Treasury 5- and 10-year notes, a popular valuation method for mortgage investors, has widened 12 basis points to 85 since March 26, when it closed at its tightest level since January 31, 2018, according to data compiled by Bloomberg,” writes Bloomberg reporter Christopher Maloney. “Its average level last year was 82 basis points.”Freddie Mac’s IRCI updates will be effective beginning with the June 6, 2019, monthly factor/disclosure for all currently issued PCs. This initiative will also apply to the new Freddie Mac UMBS and MBS, which Freddie Mac expects it will begin issuing on June 3, 2019. Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Joseph Grimes Joines Blue Water Advisory Board Next: The Industry Pulse: Updates on WFG, ComplianceEase, and More Freddie Mac MBS Refinance UMBS 2019-05-09 Seth Welborn Tagged with: Freddie Mac MBS Refinance UMBS About Author: Seth Welborn in Daily Dose, Featured, News, Secondary Market The Best Markets For Residential Property Investors 2 days ago A Look at Mortgage-Backed Securities Trendslast_img read more

  • Investing in Built-for-Rent Homes

    first_img Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago May 17, 2019 1,272 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Angel Oak Mortgage Solutions Expands Lending Unit Next: The Mortgage Market: 10 Years, 10 Big Changes About Author: Seth Welborn Demand Propels Home Prices Upward 2 days ago Investing in Built-for-Rent Homes Sign up for DS News Daily Home / Daily Dose / Investing in Built-for-Rent Homes Tagged with: HOUSING Rentals SIngle-family Related Articles HOUSING Rentals SIngle-family 2019-05-17 Seth Welborncenter_img The Best Markets For Residential Property Investors 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago The number of single-family homes built-for-rent declined at the start of 2019, according to the latest data from the National Association of Homebuilders (NAHB) and the Census Bureau. The Census Bureau’s Quarterly Starts and Completions by Purpose and Design report indicates that there were 5,000 single-family built-for-rent starts for the first quarter of 2019, below the 6,000 estimated for the start of 2018. Over the last four quarters, 42,000 such homes began construction.The NAHB notes that these quarter-to-quarter fluctuations were not statistically significant. The current four-quarter moving average of market share (4.8%) remains higher than the recent historical average of 2.7% (1992-2012) but is down from the 5.8% reading registered at the start of 2013. Though built-for-rent single-family rentals have been on the decline, the overall single-family rental market has been on the rise. The market for single-family rental (SFR) securitizations continued to grow month over month. It increased to 4.7% in March from 4.2%, according to the latest Morningstar Credit Ratings report on the SFR market.The report indicated that the average vacancy rate had declined overall to 4% in March—the lowest since May 2018.The average retention rate for expiring leases also dropped to 78.9% in February, the latest month available, from 80.4% in January.Looking at single borrower performance, the report found that lease expirations had increased to 6.6% in March, up from 6% in February. Among the securitizations analyzed by Morningstar, AH4R 2015-SFR1 had the highest lease expirations at 8.3%, up from 7.6% in February. On the other hand, PRD 2018-SFR1 had the lowest percentage of lease expirations at 2.7% followed by PRD 2015-SFR3 at 4.4%.Among the securitized properties, the report said that rent gains from securitized properties in March trailed rent gains for three-bedroom properties. Additionally, the rent change for three-bedroom properties declined slightly to 5.6% from 6% in February. The rent for four-bedroom properties remained unchanged during the period.Rent growth for vacant-to-occupied properties increased to 3.9% from 2.5%, the report indicated. The Week Ahead: Nearing the Forbearance Exit 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Investment, Market Studies, Newslast_img read more

  • White Paper: COVID-19’s Long-Term Impact on Housing, Mortgage Industries

    first_img  Print This Post Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago A new white paper published by Altisource, “Navigating the Challenges of COVID-19, Now and in the Future,” discusses the future of the mortgage industry once the pandemic passes. “Mortgage companies began scrambling to operationalize in a rapidly evolving and unexpected environment that no one was fully prepared for,” Altisource said in the white paper. “As with the 2008 housing crisis, our industry was too tightly interconnected that it didn’t take long for a domino effect to ripple throughout the community and impact every corner of it.” In May, the housing and mortgage industries faced historic levels of unemployment claims—surpassing 30 million in June—falling home sales and interest rates, and forbearance plans that are impacting cash flow for mortgage servicers.  The analysis in this white paper stemmed from Altisource’s Mortgage Industry Pandemic Summit, in partnership with Five Star Global. Altisource’s CEO Bill Shepro said in the white paper that there was “no amount of preparation” that could have prepared the mortgage industry for COVID-19. Five Star Global’s President and CEO Ed Delgado said crises have always been present in the mortgage industry and will always have an influence on the industry manages operations, relate to clients, and protect homeownership.”We’ve learned a lot since the 2008 crisis, and we are already farther ahead now than we were then,” Delgado said.Experts within the session The Economist Magic 8 Ball: What to Expect in the Next Year, had a generally favorable view on the economy moving forward. “While we might not show positive growth for the calendar year, the experts anticipate a sizable rebound in Q4 or the first half of 2021 for many reasons,” the white paper said. “They expect to see a quick reversal of the recent massive rise in unemployment due to the fact that most of the jobs lost in the last few months were hourly workers, so many may return to work soon.” Of all attendees polled, 48% said the biggest challenge facing them was mortgage forbearance. This was followed by tightening credit standards (25%), operational challenges to closing loans (11%), utilizing and implementing new technology (11%), increased information security with remote working (5%). Additionally, 17% of attendees said the foreclosure rate will exceed the 4% rate of the Great Recession, while 50% said it would be between 2-3%.  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. Subscribe Previous: Future Home Price and Rent Issues “Unlikely” Next: Home Insurance Costs are Rising 2020-06-08 Mike Albanese Demand Propels Home Prices Upward 2 days ago June 8, 2020 2,134 Views White Paper: COVID-19’s Long-Term Impact on Housing, Mortgage Industries Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Foreclosure, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Mike Albanese Home / Daily Dose / White Paper: COVID-19’s Long-Term Impact on Housing, Mortgage Industries Sign up for DS News Daily last_img read more

  • Understanding the Causes of Mortgage Credit Tightening

    first_img Previous: A Lookback on Combined Loan-to-Value Ratios Next: Homeowners in Texas Hit Hardest by Natural Disasters 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. in Daily Dose, Featured, Government, Market Studies, News credit HOUSING mortgage 2020-06-16 Seth Welborn Subscribe The Best Markets For Residential Property Investors 2 days ago June 16, 2020 1,385 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Sign up for DS News Daily  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Understanding the Causes of Mortgage Credit Tightening The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Tagged with: credit HOUSING mortgage About Author: Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago As the economic impact of the pandemic continues, one of the biggest issues to emerge in housing finance is the availability of mortgages. In a new paper by former Freddie Mac CEO Don Layton, he discusses the implication that somehow much or even all of the tightening is illegitimate, a failure of government policy; that it should be largely if not completely avoidable with the right government actions; and that those actions should not require the kind of subsidies we are seeing for small business or specific industries, like the airlines.Layton’s new paper, “America’s Housing Finance System in the Pandemic: The Causes and Policy Implications of Credit Tightening,” examines how mortgages get made in 21st-century America, who sets the credit standards, why those standards are not fully immune to economic conditions.Layton reaches three conclusions:The mortgage credit tightening we are seeing is much less of an issue than encountered in the prior financial crisis.It is reasonable and appropriate that there should be tightening to a modest degree, even with the best possible government policy, as risks have gone up in the current economic environment.The tightening we are seeing is overwhelmingly a byproduct of the private sector, as it performs its major role in housing finance, behaving as one would expect in an economic downturn – and it would be even worse if government played a lesser role than it currently does.”However, also exacerbating the tightening, and probably in a significant way, is the unintended consequence of the generous mortgage forbearance program established by the CARES Act in late March,” said Layton. “This is because it applies not only to then-outstanding government-supported mortgage loans, for which the forbearance program was originally designed, but to newly-made ones as well. This is explored in some depth, and is the cause of significant friction between the mortgage industry and the government mortgage agencies of Freddie Mac, Fannie Mae, and the Federal Housing Administration.” Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Understanding the Causes of Mortgage Credit Tighteninglast_img read more