Fannie Mae Offers Largest Delinquent Loan Sale to Date

first_img The Best Markets For Residential Property Investors 2 days ago January 12, 2016 3,967 Views Fannie Mae Offers Largest Delinquent Loan Sale to Date The Best Markets For Residential Property Investors 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 Bids are due for the four larger pools on February 3, while bids are due for the Community Impact Pool on February 18. Qualified bidders must meet FHFA’s guidelines, which include offering a “waterfall” of resolution tactics to the delinquent borrowers and exhausting all loss mitigation possibilities before proceeding with foreclosure. The loans offered in Fannie Mae’s NPL auctions are deeply delinquent, sometimes by as many as one, two, or three years, meaning many of them are either in some stage of loss mitigation or are in foreclosure.Fannie Mae’s previous three bulk NPL auctions, all executed in 2015, have resulted in the sale of approximately 13,900 deeply delinquent, non-performing loans totaling approximately $2.73 billion in UPB. In April 2015 when Fannie Mae made the announcement that it would be conducting bulk NPL auctions, Cianci said, “These transactions are intended to reduce the number of seriously delinquent loans that Fannie Mae owns, to help stabilize neighborhoods, and to offer borrowers access to additional foreclosure prevention options. Our goal is to market these loans to a diverse range of buyers.”The most recent Fannie Mae NPL sale was completed in November and included 7,000 loans sold in three pools, totaling $1.24 billion in UPB.  Fortress (New Residential Investment Corp.) was the winner for two of the pools and Goldman Sachs (MTGLQ Investors, L.P.) was the winner of the other.For a fact sheet about Fannie Mae’s NPL sale announced Tuesday, click here. For more information about Fannie Mae’s NPL sales, click here. “These transactions are intended to reduce the number of seriously delinquent loans that Fannie Mae owns, to help stabilize neighborhoods, and to offer borrowers access to additional foreclosure prevention options.”Joy Cianci, Fannie Mae Previous: Foreclosure Inventory Down to One-Third of its Peak Next: Home Purchase Loans Are Becoming Less Risky Share Save 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 Tagged with: Deeply Delinquent Loans Fannie Mae Non-Performing Loans NPL Sales Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Home / Daily Dose / Fannie Mae Offers Largest Delinquent Loan Sale to Date Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post in Daily Dose, Featured, Loss Mitigation, News 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 Deeply Delinquent Loans Fannie Mae Non-Performing Loans NPL Sales 2016-01-12 Brian Honea Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago As part of the Federal Housing Finance Agency’s directive to excise non-performing loans (NPLs) and deeply delinquent loans from its residential mortgage portfolio, Fannie Mae announced on Tuesday its first bulk NPL sale by auction of 2016 and fourth overall.The NPL offering announced Tuesday (FNMA 2016-NPL1) includes 6,700 loans totaling $1.35 billion in aggregate unpaid principal balance (UPB), making it the largest Fannie Mae NPL sale of the four in terms of UPB. The previous largest was $1.24 billion in November 2015.Fannie Mae’s most recent offering includes four larger pools and a Community Impact Pool (FNMA 2016-CIP1), a geographically-focused, high occupancy pool that is marketed to encourage participation from smaller investors, non-profits, and minority- and women-owned businesses in the bidding. The Community Impact pool is focused in Miami and includes 60 loans totaling $14.5 million in UPB. It will be Fannie Mae’s second sale of a Community Impact Pool; the first occurred in August 2015, when non-profit New Jersey Community Capital purchased a pool of 75 loans for $11 million.“We are pleased to be offering our second Community Impact Pool sale, which will provide these borrowers with additional options to avoid foreclosure, while reducing the number of seriously delinquent loans that we own,” said Joy Cianci, Fannie Mae’s SVP for Credit Portfolio Management. “We will continue to structure pool sales to encourage participation by non-profits and minority- and women-owned businesses.”last_img read more

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Distressed Homeowners Still Turning to Permanent Loan Modifications

first_img About Author: Brian Honea  Print This Post Home / Daily Dose / Distressed Homeowners Still Turning to Permanent Loan Modifications 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 March 21, 2016 1,728 Views Tagged with: HOPE NOW Non-foreclosure solutions Permanent Loan Modifications Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Gap Between First-Time Buyer and Repeat Buyer Risk Continues to Widen Next: FHFA: Debt Reduction is ‘Still Under Consideration’ Subscribe Distressed Homeowners Still Turning to Permanent Loan Modifications in Daily Dose, Featured, Loss Mitigation, News Share Savecenter_img 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. Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Foreclosures are way down and many housing fundamentals are at pre-crisis levels. But for those borrowers still facing foreclosure or at risk of defaulting, permanent loan modification remains a popular option.According to data released on Monday by HOPE NOW, a private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, another 26,000 homeowners received permanent loan modifications during the month of January. That number includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP), which is set to expire at the end of this year.The total number of non-foreclosure solutions—which includes permanent loan modifications, short sales, deeds-in-lieu of foreclosure, and other workout plans—totaled approximately 102,000 for the month of January, according to HOPE NOW. This number was slightly more than three times the number of foreclosure sales completed during the month (33,000). Foreclosure sales, which typically see a seasonal decline in December due to holiday moratoriums, jumped by 35 percent over-the-month in January from 24,000 up to 33,000.Serious delinquencies were also up over-the-month in January, from 1.62 million to 1.84 million (an increase of 14 percent), according to HOPE NOW. Foreclosure starts also jumped over-the-month by 6 percent, from 54,000 to 58,000.“HOPE NOW members remain dedicated to helping those homeowners who are still in need of mortgage assistance,” said Eric Selk, Executive Director of HOPE NOW. “Our data indicates that the housing market is taking the necessary steps towards recovery. Although the foreclosure starts, sales and serious delinquency numbers increased in January, we usually see this trend in our historical data. Despite these jumps, over 102,000 homeowners received a home retention or non-foreclosure solution—a 4 percent increase from December. And although permanent modifications decreased in January, servicers continue to utilize other solutions such as repayment or retention plans to aid at-risk homeowners.”Out of the permanent loan modifications completed in January, about 19,000 were completed through proprietary programs and 7,616 were completed through HAMP, according to HOPE NOW. Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago HOPE NOW Non-foreclosure solutions Permanent Loan Modifications 2016-03-21 Brian Honea Related Articleslast_img read more

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Just How Far Has the Economy Fallen in a Month?

first_img 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Economy Federal Funds Target Rate Federal Reserve 2016-05-13 Brian Honea May 13, 2016 1,241 Views 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Just How Far Has the Economy Fallen in a Month? About Author: Brian Honea Related Articles  Print This Postcenter_img Servicers Navigate the Post-Pandemic World 2 days ago If the May Wall Street Journal economist survey is any indication, the economy is a lot worse off than it was as recently as a month ago.In the last three surveys conducted by the Journal in which economists are asked when they think the Federal Reserve will next raise the federal funds target rate, the consensus answer has been June. In April’s survey, three-quarters of economists surveyed said they believe that a rate hike by the Fed will be announced at the next FOMC meeting on June 14 and 15.May’s survey told a different story, however. Less than a third (31 percent) out of the 70 economists surveyed said they believe the rate hike will take place in June; 21 percent said they believe it will take place in July. The same percentage of economists who believe that a June rate hike will take place (31 percent) said they think it will take place in September.What happened to the economy in the last month? A couple of setbacks—first, in late April, the Bureau of Economic Analysis announced GDP growth for the first quarter was a mere 0.5 percent (in their advance estimate). Then, last week, the Bureau of Labor Statistics reported that labor market gains fell short of expectations with just 160,000 jobs added during April.Following the April FOMC meeting, the Committee announced that it would “closely monitor inflation indicators and global economic and financial developments,” to determine when would be the appropriate time to raise the federal funds target rate from its current range of 0.25 percent to 0.5 percent. The minutes from the FOMC meeting will be released on Wednesday, May 18.Even before the economic turbulence experienced April, Fed Chair Janet Yellen suggested in late March that the Fed was in no hurry to raise rates further after the historic rate hike in December.“Reflecting global economic and financial developments since December, however, the pace of rate increases is now expected to be somewhat slower.”Fed Chair Janet Yellen“A key factor underlying such modest revisions is a judgment that monetary policy remains accommodative and will be adjusted at an appropriately gradual pace to achieve and maintain our dual objectives of maximum employment and 2 percent inflation,” Yellen said. “Reflecting global economic and financial developments since December, however, the pace of rate increases is now expected to be somewhat slower.”Yellen also noted at that time that “the housing market continues its gradual recovery, and fiscal policy at all levels of government is now modestly boosting economic activity after exerting a considerable drag in recent years.”Also, in mid-April, Fannie Mae announced it had downwardly revised its forecast and was now expecting only one rate hike by the Fed for the rest of 2016 instead of two.The Journal noted that it is rare for economists to be divided as to when the Fed would raise rates, with Capital Economics North American Chief Economist Paul Ashworth stating that a June rate hike by the Fed would require “stronger incoming data and no renewed market turmoil.” There will be one more employment situation released by the BLS before the next FOMC meeting.Minneapolis Fed President Neel Kashkari said in a speech earlier this week that financial markets’ focus is in the wrong place if they are concentrating on what the Fed does with the short-term interest rates.“Given all the attention market participants pay to every FOMC statement, one would think the Fed could control a lot,” Kashkari said. “But the truth is that central banks can’t influence many of the things that really matter to the long-term well-being of a society. We can’t influence trend productivity growth. We can’t influence competitiveness. We can’t influence educational performance.” in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Just How Far Has the Economy Fallen in a Month? Tagged with: Economy Federal Funds Target Rate Federal Reserve Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Fannie Mae’s Portfolio Gets a Little Less Delinquent Next: PEMCO Limited Appoints New President and CEO Subscribelast_img read more

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State Employment Rates Could Influence Fed Rate Hike

first_img Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago State Employment Rates Could Influence Fed Rate Hike Related Articles The Best Markets For Residential Property Investors 2 days ago Tagged with: Employment Fed Rate Unemployment Employment Fed Rate Unemployment 2017-03-14 Staff Writer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago The State Employment and Unemployment Summary for January 2017 was released on Monday by the Bureau of Labor Statistics, and data from the release shows that five states experienced lower unemployment rates, while the other 45 states and D.C. remained stable. Twenty-eight states had significant year-over-year increases in non-farm payroll employment in February. The top three states were California, Florida, and Texas, which grew by 330,400; 227,900; and 225,300 respectively.The rising employment could make the possible fed rate hike to be announced on Wednesday an even stronger possibility. Though the potential rate hike seems imminent, experts from NerdWallet state that mortgage rates have already risen solely in anticipation.“For consumers currently shopping for a mortgage to purchase a property or refinance an existing loan, the possibility of the Fed’s decision to raise rates this week shouldn’t feel like a real shock to the system since the rate move has already been ‘baked’ into the market,” said NerdWallet mortgage expert Tim Manni. “Mortgage rates have been on the rise recently in anticipation of the Fed’s move. While 30-year mortgage rates set new 2017 highs within the past week, shorter-term home loans, like 5/1 ARMs which are more directly impacted by an increase to the Fed Funds Rates, have also risen within the past week and will likely move even higher following this latest meeting.”A previous Bloomberg survey had predicted that 200,000 jobs would be added in February, but last week’s U.S. Census Bureau National Employment Summary showed better-than-expected numbers, as 235,000 jobs were added that month. In response, Mark Fleming, Chief Economist for the National Association of Federally-Insured Credit Unions, had said, “[T]he odds of a Fed rate increase at the meeting next week was already over 90 percent. This employment situation report only gives more reason for the Fed to move sooner than later.” Previous: Homeowners Expect Higher Appraisals Next: Winning Bidders in Fannie Mae Non-Performing Loan Sale 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 March 14, 2017 1,469 Views in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Staff Writer Subscribe Home / Daily Dose / State Employment Rates Could Influence Fed Rate Hikelast_img read more

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What’s Happening With Single-Family Rentals?

first_img Related Articles Servicers Navigate the Post-Pandemic World 2 days ago May 16, 2018 2,017 Views  Print This Post 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] in Daily Dose, Featured, Investment, Journal, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / What’s Happening With Single-Family Rentals? About Author: David Wharton The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago What’s Happening With Single-Family Rentals? Sign up for DS News Daily Subscribecenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Michael R. Bright Nominated to Head Ginnie Mae Next: Mulvaney: CFPB to Enforce, ‘Not Become the Law’ Demand Propels Home Prices Upward 2 days ago CoreLogic rental investments Single Family Rental Single-Family Rental Index 2018-05-16 David Wharton Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Tagged with: CoreLogic rental investments Single Family Rental Single-Family Rental Index Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Single-family rents have been climbing steadily since 2010, but the latest edition of the CoreLogic Single-Family Rental Index (SFRI) also shows year-over-year (YOY) rent growth also continuing to decelerate in February 2018. That slow deceleration has been the norm since single-family rents peaked at 4.2 percent in February 2016.”Single-family rents continued to increase in February, but the rate of increase slowed from a year ago, particularly for low-end rentals,” said Molly Boesel, Principal Economist for CoreLogic. “The slowdown in growth may signal that rents are beginning to stabilize on the low end.”According to CoreLogic’s SFRI, which “analyzes single-family rent price changes nationally and among 20 metropolitan areas,” national rents increased 2.8 percent in February 2018, compared to an increase of 2.5 percent in February 2017. “Low rental home inventory, relative to demand, fuels the growth of single-family rent prices,” CoreLogic reported.CoreLogic’s SFRI reports that high-end rentals (defined as properties with rent prices greater than 125 percent of a region’s median rent) increased 2.4 percent year-over-year, up from a gain of 1.4 percent in February 2017. On the low-price end of the spectrum (properties with rent prices less than 75 percent of the regional median), rent prices increased by 3.7 percent in February 2018, down from a gain of 4.5 percent in February 2017.Which of the top 20 metros featured the highest year-over-year rent growth for February? That would be Sin City—Las Vegas, Nevada—where single-family rents increased by 5.3 percent YOY. Next in line was Orlando, Florida, which featured a YAY SFR rent growth of 4.8 percent and then Phoenix, Arizona at 4.4 percent.Both Orlando and Phoenix benefited from employment growth during that period as well, featuring growth rates of 3.7 percent and 3.1 percent YOY, respectively. The national employment growth average was 1.4 percent, according to data from the United States Bureau of Labor Statistics.Honolulu, Hawaii, was the only metro to see a YOY decrease in rent prices, dropping by 0.5 percent since February 2017 and continuing a downward trend the metro has experienced for three months straight.CoreLogic also noted rent price increases in the Houston metro, which is still recovering from last year’s damaging hurricane season. Houston experienced 2.7 percent rent growth YOY in February, compared to 1.2 percent in October 2017. The Best Markets For Residential Property Investors 2 days agolast_img read more

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Where Home Prices Are Headed

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Sign up for DS News Daily Subscribe Demand Propels Home Prices Upward 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 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] The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Czwartacki Makes Move from OMB to BCFP Next: Fannie Checks in With Homeowners May 7, 2018 14,175 Views Tagged with: Consumer Confidence Gallup Home Prices Survey The Best Markets For Residential Property Investors 2 days ago Consumer Confidence Gallup Home Prices Survey 2018-05-07 David Whartoncenter_img About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago Home prices continued to rise in April, with no signs of slowing down anytime soon. No real surprise, then, that a new Gallup survey finds most Americans anticipating that price climb to continue on its upward trajectory. But is that ongoing increase deterring those surveyed from shopping for a new home if they’re ready to do so?For a majority of respondents, that answer is no.Gallup’s annual Economy and Personal Finance poll, conducted April 2-11, found that most Americans surveyed were aware of this trend and expected it to continue. When asked, “Over the next year, do you think that the average price of houses in your area will increase, stay the same, or decrease,” 64 percent responded that they anticipated local home prices would continue increasing. That percentage is up nine percentage points over the past two years and now marks the highest percentage Gallup has measured since 2005.Twenty-six percent of those surveyed said they expected home prices to stay the same, and only 10 percent expected prices to go down.Sixty-five percent of those surveyed also said they believed now was a good time to purchase a home. This is down from 74 percent in 2014 but still well above the lows near 50 percent that were recorded between 2006 – 2008. Since Gallup began asking that question in 1978, the percentage of respondents saying it was a good time to purchase a house has never dropped below 50 percent. “To some degree, Americans may answer the question in terms of both housing market conditions and their views about buying a house as a long-term investment,” Gallup notes. In the 2005 survey, 70 percent of Americans said they expected home prices to rise over the following year. By April 2007, that percentage had dropped all the way to 52 percent. By 2008, expectations had flipped considerably, with Gallup reporting that 38 percent of those surveyed expected prices to decrease, as compared to 29 percent who expected an increase. By 2013, a majority (51 percent) once again tipped toward believing prices would increase, and that number has been on the rise ever since.The sentiment that prices will increase is strongest in the West at 79 percent—up 15 percentage points over the 2016 survey. The South recorded the next highest response, with 64 percent anticipating price increases (although this represented only a 3 percentage point increase over Southern sentiment from the 2016 survey). Next was the East (58 percent, up 10 percentage points over 2016) and the Midwest (56 percent, up 11 percentage points).“High demand and limited supply of homes are putting upward pressure on home prices, leading many real estate experts to urge prospective buyers to get into the market now, before rising prices and interest rates make homes too expensive to afford,” Gallup’s survey states. “Americans appear to be aware of housing market conditions, with their opinions of whether home prices will rise trending in the same direction as U.S. home prices. But they also may be aware that it is becoming more of a seller’s market than a buyer’s market. While they remain optimistic that it is a good time to purchase a home, they are less optimistic than they were four years ago, when houses were more affordable and interest rates were lower.” Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Journal, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Where Home Prices Are Headed Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Where Home Prices Are Headedlast_img read more

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Sun West Mortgage Partners with Cloudvirga

first_imgHome / Daily Dose / Sun West Mortgage Partners with Cloudvirga Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Gateway First Bank Appoints Communications Executive Next: What Wells Fargo’s New CEO Means for the Industry Demand Propels Home Prices Upward 2 days ago Sun West Mortgage Partners with Cloudvirga Tagged with: Cloudvirga Sun West The Best Markets For Residential Property Investors 2 days ago  Print This Post Cloudvirga Sun West 2019-09-27 Seth Welborn Share Save Related Articlescenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago 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. Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News, Technology Sun West Mortgage Company, a mortgage banker and national originator, recently announced its decision to license Cloudvirga, a digital mortgage point-of-sale software provider, and its suite of technology offerings to Sun West Mortgage loan officers and borrowers.Sun West will become the first Cloudvirga customer to utilize a pair of exclusive new technology offerings, DocCertainty and HomDNA, within its point-of-sale software, the Cloudvirga Digital Mortgage Platform.DocCertainty, a document classification and verification platform, assists borrowers with income and asset verification as they upload critical documents (like W2s, pay stubs and tax returns) during the home loan application process. Documents uploaded to the Cloudvirga Digital Mortgage Platform will be automatically separated into individual PDFs and scanned for accuracy and legibility – saving Sun West LOs valuable time and effort, maintaining compliance, and identifying mistakes that lead to closing delays.HomDNA, a document storage platform and post-closing consumer engagement app, helps Sun West loan officers develop lasting, lifetime relationships with their customers. Sun West LOs can offer the app to borrowers at the time of closing to store important documents (appraisal reports and recaps, home appliance warranties, floor plans and construction materials) in a secure, singular location. HomDNA also provides borrowers with monthly market valuations and a curated directory of local maintenance professionals.“Today’s loan officers expect their partners to bring the newest and most forward-thinking technologies to the table to help them win customers for life and build stronger relationships with consumers than ever before,” said Ty Kern, Senior Managing Director of National Production at Sun West Mortgage Company. “The Cloudvirga Digital Mortgage Platform, combined with the DocCertainty and HomDNA components, are representative of the platform’s best-in-class integrations. These new technology offerings will enhance loan officer productivity, improve speed to closing, and help our mortgage company continue attracting the best-in-class loan officer talent nationwide.”“Sun West is the perfect partner for these exciting enhancements to our core platform,” said Dan Sogorka, CEO of Cloudvirga. “DocCertainty and HomDNA will add significant functionality that will enable LOs to foster and maintain meaningful relationships with their customers. These components will also be generally available to our new and existing customers, including the Arive wholesale marketplace.” About Author: Seth Welborn September 27, 2019 1,418 Views Subscribelast_img read more

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Financial Stress and Foreclosure Activity

first_imgSign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Consumer confidence appears to be easing, according to a new report from LegalShield. LegalShield’s Consumer Confidence Index fell nearly 10 points to 121.5 in June and is down 2.7 points compared to last quarter. While consumer optimism remains elevated, confidence in the U.S. economy has declined over the last six to nine months. Consumer spending grew in Q1 at its second weakest pace since Q2 2013. However, the combination of historically low unemployment, rising household net worth, and record-high stock prices should keep consumers on good footing as the economic expansion enters its 11th year.“Though the LegalShield Consumer Financial Stress Index increased in the second quarter, consumers remain on good footing despite some recent dips in confidence,” said Scott Grissom, SVPt and Chief Product Officer, LegalShield. “With this being said, we wouldn’t be surprised to see a slow build in consumer financial stress in the coming months, reflecting weak growth in real disposable income, falling demand for credit card loans, and a softening global outlook.”LegalShield’s Foreclosure Index increased by 2.1 points in Q2 2019, and despite headwinds, consumer financial stress is low as foreclosure activity remains muted. Additionally, the share of all delinquent mortgages at least one payment past due is down 21 basis points year over year.According to CoreLogic’s July Loan Performance Insight Report, 3.8% of home mortgages were in some stage of delinquencies—down from 4.1% last July and the lowest July figure in more than 20 years.Housing starts improved in Q2, but LegalShield notes that the data does not point to a resurgence in building starts. LegalShield’s housing index increased 2.4 points year over year, to the highest point in three years. Homebuyers are weighed down mostly by affordability issues, as the National Association of Realtor’s Housing Affordability Index recorded its lowest level of the year in May. Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Why Investors are Buying into Single-Family Rental Next: Ginnie Mae Hits $32B in Platinum Securities About Author: Seth Welborn in Daily Dose, Featured, Foreclosure, Market Studies, News October 15, 2019 1,110 Views Share Savecenter_img  Print This Post Data Provider Black Knight to Acquire Top of Mind 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. Servicers Navigate the Post-Pandemic World 2 days ago Consumer Confidence Economy Foreclosure 2019-10-15 Seth Welborn Tagged with: Consumer Confidence Economy Foreclosure Related Articles The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Financial Stress and Foreclosure Activity Home / Daily Dose / Financial Stress and Foreclosure Activity Subscribelast_img read more

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The Week Ahead: Tracking Economic Housing Impacts

first_imgHome / Daily Dose / The Week Ahead: Tracking Economic Housing Impacts  Print This Post Subscribe Demand Propels Home Prices Upward 2 days ago December 20, 2019 1,966 Views Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Share Save Demand Propels Home Prices Upward 2 days ago The Week Ahead: Tracking Economic Housing Impacts 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 Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Fitch Ratings: SALT Deductions Stalling Growth and RMBS Next: Analysis Says ‘Of Course’ Recession Will Occur Tagged with: Economy HOUSING Economy HOUSING 2019-12-20 Seth Welborn The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn This week, the Chicago Fed will release its latest National Activity Index (CFNAI), an overview of economic growth. The last Index’s 3-month moving average (CFNAI-MA3) fell to –0.31 in October from –0.21 in September.Forecasts ranged from a low of -0.50 to a high of 0.05. The consensus forecast was -0.20.Economic growth, though slow, was propped up largely by housing, according to the Fannie Mae Economic and Strategic Research (ESR) Group. The Group notes that housing should also continue to function as a positive contributor to growth in the near term, as indicated by both new and existing single-family home sales advancing in Q3, as well as pending home sales, permits, and starts. However, persistent supply and affordability constraints continue to hold back household formation, inhibiting housing market activity.“Even as global uncertainties mount, we continue to expect the domestic economy to produce solid, if not spectacular, growth,” said Fannie Mae SVP and Chief Economist Doug Duncan. “A stronger-than-expected Q3 contributed to the downward revision to our Q4 forecast, as some of the previously expected weakness in trade and inventories appears likely to have been pushed back into this quarter. Still, consumer spending is likely to continue driving the expansion forward, and with the passage of the budget act and a reprieve in trade tensions we’ve revised upward our forecast for full-year 2020 growth. We also continue to expect the Fed to cut interest rates only one more time in the foreseeable future, in early 2020, as a hedge against the sizeable downside risks and to counteract muted inflation.”Meanwhile, international trade tensions are acting as a negative influence on U.S. economic conditions, based on the Federal Reserve’s October meeting minutes.Notably, in the Fed’s minutes of the Oct. 29-30 policy meeting, officials states that “the stance of policy, after a 25 basis point reduction at this meeting, would be well calibrated to support the outlook of moderate growth “well calibrated to support the outlook for moderate growth,” however, they “judged that the risks to the forecast for real GDP growth were tilted to the downside, with a corresponding skew to the upside for the unemployment rate.”Here’s what else is happening in The Week Ahead.Census Bureau New Home Sales (December 23) Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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Millennial Purchases Pick Up in March

first_imgHome / Daily Dose / Millennial Purchases Pick Up in March fixed-rate mortgage (FRM) Freddie Mac ICE Mortgage Technology Joe Tyrrell Millennials Sam Khater 2021-05-07 Eric C. Peck About Author: Eric C. Peck Previous: The Week Ahead: SFR Market Takes Center Stage Next: Ocwen Closes MSR Joint Venture The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post 23 days ago 644 Views Servicers Navigate the Post-Pandemic World 2 days ago The latest Millennial Tracker from ICE Mortgage Technology found that purchase activity among millennials increased in March 2021, even as interest rates rose for the first time since October 2020.According to the Tracker, purchase activity represented 51% of loans closed by millennials in March–an increase over February’s 46% purchase share, but on par with January’s activity of 53%. The rise in purchase activity occurred even as interest rates increased to 2.98%, up from 2.88% in February.The average age of borrowers in the millennial generation remained relatively high at 32.7 in March, down from 32.9 in February, and January’s record high of 33. Their average FICO scores also decreased across the board, averaging 739 in March, down from 742 in February.“Although rates are increasing, they are still hovering at record-low levels, and will likely continue to be favorable for millennials looking to purchase or refinance a home for a number of months to come,” said Joe Tyrrell, President of ICE Mortgage Technology. “As we enter the summer homebuying season, we are seeing a traditional increase in purchase activity; however, inventory remains extremely tight, so millennials may face steep competition when looking to make a purchase.”Prior to March, interest rates had been steadily decreasing since October 2020, when rates stood at 3.03%. However, both younger millennials (those born between 1991 and 1999) and older millennials (those born between 1980 and 1990) experienced a slight rate increase in March. On average, rates for younger millennials increased from 2.85% in February to 2.96% in March, while rates for older millennials increased from 2.89% in February to 2.99% in March.Earlier this week, Freddie Mac reported the 30-year fixed-rate mortgage (FRM) averaging 2.96%, down two basis points from the previous week’s average of 2.98%.“The combination of low and stable rates, coupled with an improving economy, is good for homebuyers,” said Sam Khater, Freddie Mac’s Chief Economist. “It’s also good for homeowners who may have missed prior opportunities to refinance and increase their monthly cash flow.”ICE recently reported that the time it took close all loans decreased in Q1 of 2021, from 58 days in January to 52 days in March. The time to close all purchase loans decreased over the quarter, from 57 days in January, to 53 days in February, and down to 51 days in March, as more and more lenders are utilizing electronic processes to close their loans.“We’re seeing a compelling reduction in the time to close a mortgage as we continue into 2021,” said Tyrrell. “Part of the reason is lenders are continuing to adopt digital mortgage tools to improve their loan origination process and serve homebuyers more efficiently, for example eClose, which makes for a more streamlined process that saves time, and that shift is showing up in the data.” Demand Propels Home Prices Upward 2 days ago Related Articles Tagged with: fixed-rate mortgage (FRM) Freddie Mac ICE Mortgage Technology Joe Tyrrell Millennials Sam Khatercenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Share 2Save Sign up for DS News Daily Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Journal, Market Studies, News Millennial Purchases Pick Up in March The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

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