DS News Webcast: Tuesday 9/24/2013

first_img Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago DS News Webcast: Tuesday 9/24/2013 Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles About Author: DSNews Share Save Previous: Low Expectations Weigh Down Consumer Confidence Next: Distressed Inventory Index – Morningstar Credit Ratings  – Sep 25,2013 in Featured, Media, Webcasts September 24, 2013 517 Views center_img Demand Propels Home Prices Upward 2 days ago 2013-09-24 DSNews Demand Propels Home Prices Upward 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 / Featured / DS News Webcast: Tuesday 9/24/2013  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Subscribelast_img read more

Foreclosures Rise in Q3 Despite Falling to Eight-Year Low in September

first_imgHome / Daily Dose / Foreclosures Rise in Q3 Despite Falling to Eight-Year Low in September The Best Markets For Residential Property Investors 2 days ago Foreclosures Rise in Q3 Despite Falling to Eight-Year Low in September  Print This Post 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 Related Articles Demand Propels Home Prices Upward 2 days ago Subscribe in Daily Dose, Featured, Foreclosure, News Servicers Navigate the Post-Pandemic World 2 days ago Default Notices Foreclosures quarterly report RealtyTrac REO 2014-10-15 Brian Honea Demand Propels Home Prices Upward 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Default Notices Foreclosures quarterly report RealtyTrac REO Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Previous: DS News Webcast: Thursday 10/16/2014 Next: ACES Risk Management, Kroll Factual Data Announce Partnership October 15, 2014 923 Views Servicers Navigate the Post-Pandemic World 2 days ago Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, inched upward nationwide in Q3 despite dropping to their lowest level in eight years in September, according to RealtyTrac’s Q3 2014 U.S. Foreclosure Market Report released on Thursday.A total of 317,171 residential properties in the U.S. reported foreclosure filings in Q3, which is a decline of 16 percent from the same quarter in 2013 but an increase of 0.42 percent from Q2, according to RealtyTrac. It was the first quarter-over-quarter increase reported since the third quarter of 2011.RealtyTrac cited a 2 percent increase in default notices and a 7 percent jump in scheduled foreclosure auctions as the reasons for the quarterly increase in foreclosure filings. The number of bank repossessions (REOs) declined by 12 percent from Q2 to Q3.The number of foreclosure filings in September (106,866) was down 9 percent from August and down 19 percent from September 2013. September was the 48th consecutive month in which foreclosure filings declined on a year-over-year basis. With the recent decline, foreclosure filings nationwide are at their lowest level since July 2006, a total of 98 months.”September foreclosure activity was back to pre-housing bubble levels nationwide, in large part thanks to a continued slide in bank repossessions,” said Daren Blomquist, vice president at RealtyTrac. “However, a recent rise in scheduled foreclosure auctions in many markets across the country shows lenders are continuing to clean house of lingering delinquent loans. This rise in scheduled auctions foreshadows a corresponding rise in bank repossessions and auction sales to third party buyers in the coming months.”The five states with the highest foreclosure rate were Florida, Maryland, New Jersey, Nevada, and Illinois, according to RealtyTrac. The five metropolitan statistical areas with the highest foreclosure rates were Orlando, Florida; Atlantic City, New Jersey; Macon, Georgia; Ocala, Florida; and Palm Bay-Melbourne-Titusville, Florida.Meanwhile, RealtyTrac reported that the foreclosure process is taking longer nationwide. In Q3 of 2014, properties were in the foreclosure process for an average of 615 days, an increase of 7 percent from Q2 and 13 percent from Q3 2013. It is the longest average time for the foreclosure process since RealtyTrac began tracking the data in 2007. New Jersey had the longest average foreclosure time of any state at 1,064 days, according to RealtyTrac.The number of default notices nationwide in Q3 increased by 2 percent from the previous quarter but declined by 11 percent from the same quarter a year ago, according to RealtyTrac. It was the ninth straight quarter in which default notices declined year-over-year nationwide. Ten states saw a year-over-year increase in default notices in Q3, led by Indiana (up 59 percent), Oklahoma (up 49 percent), Massachusetts (up 38 percent), New Jersey (up 19 percent), and Iowa (up 12 percent).Scheduled foreclosure auctions in the U.S. totaled 139,721 for Q3, up 7 percent from Q2 but down by 1 percent from Q3 2013, marking the 15th straight quarter in which foreclosure auctions declined year-over-year. The number of scheduled foreclosure auctions rose on a year-over-year basis in 22 states, led by North Carolina and Oregon with an 85 percent increase each, New Jersey (66 percent), Oklahoma (58 percent), and New York (57 percent). Scheduled foreclosure auctions increased in 32 states quarter-over-quarter, led by Michigan with a 34 percent hike, followed by Maryland (up 30 percent) and California, Texas, and Arizona with a 25 percent increase each.REO activity is down nationwide; in the third quarter, lenders repossessed 74,271 residential properties in the U.S. in Q3, representing a decline of 12 percent from Q2 and a drop of 38 percent from Q3 2013. It was the 16th consecutive quarter in which REO activity declined year-over-year. Still, REO activity increased in Q3 from the same period a year ago in seven states, led by Maine (up 24 percent), Maryland (up 19 percent), Oregon (up 13 percent), Georgia (up 11 percent) and New Jersey (up 5 percent). About Author: Brian Honealast_img read more

Settlement Monitor: All Servicers Made the Grade

first_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. Tagged with: Big Banks Compliance Independent Monitor Joseph Smith National Mortgage Settlement Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Big Banks Compliance Independent Monitor Joseph Smith National Mortgage Settlement 2015-12-17 Brian Honea Home / Daily Dose / Settlement Monitor: All Servicers Made the Grade Demand Propels Home Prices Upward 2 days ago Share Save Previous: DS News Webcast: Thursday 12/17/2015 Next: Director Watt: GSEs Must Focus on Liquidity, Credit Access and Common Securitization in 2016 The Best Markets For Residential Property Investors 2 days ago Settlement Monitor: All Servicers Made the Grade Sign up for DS News Daily  Print This Post in Daily Dose, Featured, Foreclosure, Newscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago December 17, 2015 1,366 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles In his summary of six reports filed with the U.S. District Court for the District of Columbia released on Thursday, Independent Settlement Monitor Joseph A. Smith, Jr. and his team revealed no failed metrics among the servicers that were party to the National Mortgage Settlement in 2012.Smith’s summary, titled Update on Compliance, includes results for Bank of America, Chase, Citi, Ditech, SunTrust, and Wells Fargo. The compliance test includes a total of 33 metrics—29 originally set forth by the NMS and four more set forth by the Monitor in 2013. Thursday’s report covers the first half of 2015.“My tests show that servicers are adhering to the NMS’s servicing rules, which aim to give borrowers better experiences,” Smith said. “Among six servicers and over six months, my professionals and I uncovered no fails.”Thursday’s report does not include the results of compliance tests for Ocwen Financial for the first half of 2015. Smith said he was still currently testing Ocwen and he would release the results to the public when he is confident they are complete. Smith released his last update on Ocwen’s compliance with the terms of the NMS in October, at which time he revealed that the Atlanta-based servicer failed four metrics during the second half of 2014.Click here to see Smith’s complete summary released Thursday, Update on Compliance. Thursday’s report was the sixth for Bank of America, Chase, Citi, and Wells Fargo. It was the fourth for Ditech and the first for SunTrust.The NMS was originally finalized in April 2012 between 49 states and the District of Columbia, the federal government, and five banks and/or mortgage servicers (Bank of America, Citi, JPMorgan Chase, Ally/GMAC, and Wells Fargo). As part of the agreement, the five servicers were required to provide $20 billion in consumer relief and $5 billion in other payments. Ocwen falls under Smith’s supervision due to the servicer’s acquisition of mortgage servicing rights from a unit of Ally Financial, one of the original banks included in the settlement.SunTrust became party to the NMS in June 2014 when it settled with the DOJ for $968 million to resolve claims that the Atlanta-based bank engaged in improper mortgage origination practices as well as servicing and foreclosure abuses.Ocwen entered into a new consent judgment with the Consumer Financial Protection Bureau (CFPB) in February 2014 that requires the servicer to provide $2.1 billion in consumer relief and to comply with the servicing standards set forth by the NMS. Subscribelast_img read more

Congress Continues Sparring Over Dodd-Frank and CFPB

first_imgSubscribe Previous: Stress Test? Not for JPMorgan Chase Next: Investors, Here are the Top Single-Family Housing Markets About Author: Brian Honea in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Financial reform under Dodd-Frank has taken some heat and even encountered a few setbacks lately, namely the removal of the Financial Stability Oversight Council’s “systemically important financial institution” (SIFI) from MetLife and the Consumer Financial Protection Bureau’s pending trial from PHH Corp.’s appeal of a $109 million penalty handed down last June.Three weeks after testifying before the House Financial Services Committee, CFPB Director Richard Cordray once again sat on the hot seat for the CFPB’s Semi-Annual Report to Congress on Thursday in the Senate Banking Committee, to defend what Dodd-Frank supporters consider to be one of the legislation’s greatest achievements—the agency he directs, the CFPB. Once again, Cordray touted the CFPB’s achievements in the last year, namely the publishing of complaint narratives in the Consumer Complaint Database starting in June 2015 and the publishing of the CFPB’s monthly market snapshot starting in July 2015.“Over the next six months, the Bureau will continue implementing the Dodd-Frank Act and using its regulatory authority to ensure that consumers have access to consumer financial markets that are fair, transparent, and competitive,” Cordray said in his testimony Thursday.Committee Chairman Richard Shelby (R-Alabama) wasn’t so sure, however. He commented on the PHH case, one in which the New Jersey-based mortgage lender is challenging a $109 million penalty handed down by Cordray in June 2015 for alleged violations of RESPA. With the handing down of the $109 million penalty, Cordray overturned an administrative judge’s original disgorgement order of $6.4 million, saying that penalty was too lenient. PHH claims the CFPB is abusing its power. PHH appealed the penalty, the first institution to challenge the CFPB in court, and the trial is set to begin next week.Richard Cordray“The only effective restraint available now resides in the courts,” Shelby told the Committee on Thursday. “Fortunately, this week a federal Court of Appeals has directed the CFPB to defend the Constitutionality of its structure. This particular case follows what is now becoming a string of court decisions criticizing or striking down this Administration’s implementation of Dodd-Frank provisions—including the FSOC’s so-called systemically-important designation of MetLife, the SEC’s cost-benefit analysis, and the SEC’s conflict minerals rule.”Committee Ranking Member Sherrod Brown (D-Ohio) answered the CFPB’s detractors who claim that the Bureau is unaccountable, a frequent criticism coming from Republican lawmakers.“The CFPB is subject to three separate annual audits and the banking agencies have unprecedented authority to veto CFPB rules that threaten safety and soundness or financial stability,” Brown said. “Yet the CFPB’s existence continues to be attacked with false arguments that it lacks accountability.”Shelby told the Committee he believes the judge’s decision to remove the SIFI tag from MetLife in late March is only the beginning of the Dodd-Frank rollback.“I believe that future legal challenges will lead to the invalidation of many parts of Dodd-Frank,” Shelby said. “This is what happens when a 2,300-page bill is forced through Congress without sufficient process, and before the lessons of the financial crisis were fully understood. Congress did not even wait for the Financial Crisis Inquiry Commission’s work to be completed or its report to be released before it passed Dodd-Frank and created the CFPB.”Richard ShelbyOn Tuesday, April 5, the Committee held a hearing to assess the effects of consumer finance regulations. In that hearing, three witnesses representing the financial industry testified that the CFPB was doing more harm than good to the very consumers it sets out to protect by making financial products either more expensive or less available. Brown wasn’t so sure about that, however.“Bipartisan polling shows that 3 in 4 voters support the agency,” Brown told the Committee on Thursday. “Just this morning, the Committee received petitions from hundreds of thousands of Americans supporting the CFPB.”Brown also pointed out the $11.2 billion that has been returned to approximately 25 million consumers who have been harmed by predatory practices in the financial industry.While Brown lamented the fact that in Tuesday’s hearing three witnesses represented the financial industry while only one witness represented consumers, Shelby lamented the fact that no member of the financial industry was consulted when Dodd-Frank was being drafted.“It still strikes me as stunning that this Committee approved this massive piece of a legislation without deposing a single market participant,” Shelby said. “The Committee didn’t subpoena a single document from a single person or financial institution. And, we are now starting to see the results of this partisan, uninformed effort.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Congress Continues Sparring Over Dodd-Frank and CFPB CFPB Consumer Financial Protection Bureau Richard Cordray Senate Banking Committee 2016-04-07 Brian Honea April 7, 2016 1,151 Views Related Articlescenter_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: CFPB Consumer Financial Protection Bureau Richard Cordray Senate Banking Committee Sign up for DS News Daily Home / Daily Dose / Congress Continues Sparring Over Dodd-Frank and CFPB read more

Filling More Vacancies

first_imgHome / Daily Dose / Filling More Vacancies Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save HUD 2017-08-10 Joey Pizzolato Filling More Vacancies Tagged with: HUD Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Department of Housing and Urban Development (HUD) announced Thursday that the new Assistant Secretary for Fair Housing and Equal Opportunity, Anna Maria Farías, was sworn into her new position by HUD Secretary Ben Carson.“We’re thrilled to welcome Anna Maria back home to HUD,” said Secretary Carson.  “As she has in the past, Anna Maria will provide steady leadership and will advance HUD’s mission as a manifestation of our nation’s fair housing and civil rights laws.”Farías was confirmed last week by the U.S. Senate and is a Texas native. Her office is charged with working to eliminate housing discrimination, promote economic opportunity, and foster diverse and inclusive communities across the country.Her past tenure at HUD was under the George W. Bush administration, where she held senior roles as Deputy Assistant Secretary for Grant Programs in the Office of Community Planning and Development, and as Director of HUD’s Center for Faith-based and Community Initiatives. In 2005, she managed over $16 billion in grants in order to provide relief to states and municipalities affected by hurricanes.Farías has also served on the Board of Regents at Texas Women’s University as both Board Chair and Presiding Officer.“It is a singular honor to be asked by the President and the Secretary to return to an agency I love,” said Farías. “I’m looking forward to rolling up my sleeves and getting down to work on behalf of the American people.”According to the HUD, the Office of Fair Housing and Equal opportunity enforces and educates the public on fair housing policy and laws, including the Fair Housing Act of 1968. About Author: Joey Pizzolato Previous: Want to Buy Some Reperforming Loans? Next: Next Postcenter_img Sign up for DS News Daily in Daily Dose, Featured, Government, Headlines, News The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago August 10, 2017 1,556 Views Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Millennial Homeowners: Living With Regret

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Millennial Homeowners: Living With Regret in Daily Dose, Featured, News Subscribe The Best Markets For Residential Property Investors 2 days ago Tagged with: Bankrate buyers remorse Down Payment Home Homebuyers Homeowners House HOUSING Maintenance Millennials mortgage Bankrate buyers remorse Down Payment Home Homebuyers Homeowners House HOUSING Maintenance Millennials mortgage 2019-02-28 Radhika Ojha February 28, 2019 13,412 Views Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles 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 Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Home / Daily Dose / Millennial Homeowners: Living With Regret Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Previous: Will Entry-Level Homes Catch a Cold This Spring? Next: A Turning Point for Home Price Growth? The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Radhika Ojha First, it took them more time to buy a home and now that they have a place to call their own, do millennials suffer from homebuyers’ remorse? According to a Bankrate.com survey, nearly two-thirds of millennial homeowners have regrets about their home purchase—and most of it stems from difficulties with maintaining the home they bought.Millennials also form the largest share of any generation who regret their home purchase. The survey which was carried out between January 30 and February 1, covered 2,668 adults across age-groups.When looked across age-groups though, the survey found that overall 44 percent of homeowners had regrets about their home purchase while 56 percent were happy with their home. The most common factor that caused homeowners to regret their purchase was unexpected maintenance or hidden costs. While 18 percent of all respondents cited this as their key factors, a quarter of these respondents were millennial homeowners.“Repairs and maintenance costs are something all homeowners face.  Consumers should expect to set aside 1 percent of their home’s purchase price each year to keep in a savings account to cover these expenses,” said Deborah Kearns, Analyst at Bankrate.com. “Budgeting early on can prevent dipping into emergency savings or going into debt to handle these added expenses.”Some of the other factors that made homeowners suffer from buyers remorse included, buying a house that was too small (12 percent), buying a house that was in a bad area (8 percent); making a poor investment (7 percent); having a high monthly mortgage payment (7 percent); not getting the best mortgage rate (6 percent); and buying a house that was too big (6 percent).The survey also revealed that 79 percent of Americans believed that owning a home was “a hallmark of achieving the American dream.” However, income proved to be the biggest hindrance to achieving their goal of homeownership with 51 percent of survey respondents who didn’t own a home citing this as the key reason for not having their own home yet. Forty-one percent of respondents who don’t own a home also said that they didn’t buy because they couldn’t afford a down payment and closing costs related to buying a home.Click here to read the full report. Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Technology’s Role in Dealing with Disasters

first_img natural disaster Technology 2019-09-23 Mike Albanese About Author: Mike Albanese Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Foreclosures Levels Continue to Drop Next: A New Alternative to Affordable Housing? The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Technology’s Role in Dealing with Disasters Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Tagged with: natural disaster Technology in Daily Dose, Featured, Loss Mitigation, News, Technology Chad MosleyChad Mosley is Chief Relationship Officer for Mortgage Contracting Services (MCS), a nationwide provider of property inspections, property preservation, REO property maintenance, HOA and utility services, property registrations, steel security products and other mortgage-related services.Mosley joined MCS in summer 2008 as AVP of business development, where he was responsible for creating and growing both new and existing business relationships. He later took on additional responsibilities as VP of Operations, including the oversight of inspections and REO operations. In 2012, Mosley was promoted to SVP as he oversaw new business development efforts, industry relations initiatives and corporate expansion.Mosley now oversees the company’s customer-facing functions including, the management of all MCS client teams as well as business development and marketing.Mosley recently spoke to DS News on how technology has impacted disaster preparedness, storm response, and the biggest mistakes companies make when using technology.How has technology changed how companies track and monitor natural disasters?The main thing technology has done here in recent years has allowed us at MCS and the industry as a whole, to be more proactive, either preparing for a natural disaster or for being more prepared to manage that storm or that disaster right after it happens. Before new technology, the industry was more reactive when a storm or a disaster hit, and then we would have to wait until we could get boots on the ground in those areas to assess the damage. We would require our vendor network in those areas to get in and report back on what the condition of those properties were.Some of the technology tools that are available really allow us to monitor the storm tracks. Whether it’s in preparation or whether it’s post the event, the tools allow us to be able to look at those storm tracks, and then really be able to combine that data and those analytics with the portfolios of our mortgage servicing clients to really be able to identify where the risk is at. With one of the storms that came through the central Midwest this past spring, we were able to use the technology that very specifically tracks the storm, to track the tornado. We were then able to overlay the storm track with the portfolio of properties for any one of our clients. With this data, we were able to separate what were the occupied properties and what were the vacant properties.This allowed us to start to strategize on prioritization of which properties should be inspected, the ones that definitely had a good chance of being in the storm track with a high probability of damage; versus which ones were probably not in the storm track. Even with this new technology, we still have to utilize our vendors to have boots on the ground inspecting these properties, but utilizing new technology allows us to plan and prepare and to prioritize how we react.What is the biggest mistake that some companies make when using technology?The absolute biggest mistake is that you can’t solely rely on the technology in inspecting a property. There are some high tech tools that are being used in the industry right now. There’s satellite imagery, where companies will fly airplanes and have high definition photography of areas from a very high altitude.These things are great and there are different tools that can be used as part of the management process, but it does not replace having boots on the ground and having an actual professional property inspector visit a property, especially a vacant property. You can see from the air using planes, drones or satellite imagery to see large areas. From the air, you can see things like where there has been flooding, where there are damages and you can see roofs very well. However, having the human element to actually be able to stand in front of that property and walk into that property can often times be more accurate, it has to be a combination of both.A good example is Superstorm Sandy that hit the Northeast Coast and the amount of storm surge that was pushed into those communities in the Jersey Shore area, and even up into New York City. You could look at the roof of a property, or you could look at a property visually from a bird’s eye view, and it looks like there’s no damage. But as we had boots on the ground, both representatives from MCS and our vendor contractors in the area, you could walk down a street and one property would have no damage; it escaped the storm, there was no water or wind damage. But then as you approached the property right next door you could immediately see the damage from the amount of water that hit that property. We had entire structures that were pushed six to 12 inches off the foundation, to where that property became uninhabitable and that’s something that you can’t see from 30,000 feet. That type of damage is something that you have to have boots on the ground, you have to have an actual human element of somebody going in and visually inspecting those properties.It goes back to only relying on the technology and not including those local property inspectors actually going into those vacant properties. It’s a combination of using all the tools that are available, which is really what creates and what results in the best strategy.How can technology be used in the response efforts and the reaction efforts following a storm?From a default mortgage servicing perspective, it allows us along with our clients to prioritize based on where the risk is at. Vacant properties are going to carry a higher risk than an occupied property that has a homeowner living in the property. Those consumers and those customers are the utmost value and the utmost concern.But a property that’s been vacant or abandoned, there’s nobody there, there’s nobody looking after it. There’s nobody there that may be boarding up the windows or may be putting the sandbags in front of the house. From a default perspective, it allows us to analyze the storm track, overlay that with where the vacant properties are at, and make sure that we’re getting boots on the ground to inspect those vacant properties.The other piece of that, of where technology can really aid in the response to a disaster is also on the performing side of the house. With all of our mortgage servicer clients on their performing book of business, most of those servicers are doing call campaigns to all of their customers that potentially could have been in the storm track.What we’re able to do is take a portfolio for a customer of their performing loans and overlay those properties into our technology tool to look at the storm tracks and where the actual wind damage was, where the precipitation was or maybe where the flooding was. By looking at elevations, we’re able to prioritize and we’re able to give feedback to our clients to know that they could have thousands of customers that were impacted by a storm.Think of Hurricane Irma in Florida that struck in the Keys, went inland on the Gulf Coast and then traveled straight up through the middle of Florida, all the way up through the state. You had thousands and thousands of customers that were impacted.We’re now able to use our storm tracking technology to provide a tool to our clients. They can prioritize by being able to see, these are the customers we need to start contacting first, here are the ones that probably have less risk that we can contact second and then here’s the bucket of customers that we can contact towards the end of the call campaign, because there’s a good probability that they didn’t suffer any damage.How important is it that people or industry professionals attend events such as the Disaster Preparedness Symposium?The Disaster Preparedness Symposium was really a nice range of different experts from all over different sectors of the industry. There were many good perspectives there, where we’re able to have dialogue to brainstorm and discuss best practices, both preparing for a storm and reacting to a storm.It’s all about preparedness, you’re not going to be able to solve everything and there’s always going to be new things that come up and new obstacles and new challenges that we’ve never experienced before. Attending these types of events is very important in navigating through these obstacles and challenges.Hurricane Harvey that hit the Texas coast and the Houston area was unprecedented in that a storm of that size made landfall, and then basically stalled and spent two or three days dumping record amounts of rainfall in a very isolated area that had never seen that before. That’s something that was different than every other land falling hurricane that we’ve ever seen in recent history and really changed the conversation of natural disasters during that time.You can’t plan for everything, but the preparedness is hugely important to try and come up with what you’re going to do, have the playbook updated and prepare as much as you can. So at the time when there is a storm or natural disaster, those conversations have been had before. As a service provider, we’ve had conversations with our mortgage servicing clients, discussing what are we going to do in this situation and how are we going to handle these types of properties so we aren’t trying to figure all that out on the fly when something happens. Technology’s Role in Dealing with Disasters 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save September 23, 2019 1,408 Views Sign up for DS News Daily last_img read more

Big Four U.S. Banks Report Widespread Loan Deferral

first_img Bank of America Borrowers Chase Citigroup Forebearance Wells Fargo 2020-08-06 Christina Hughes Babb Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Christina Hughes Babb Share Save Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: How to Streamline Mortgage Servicing Next: Demographic Impacts on Housing, Economic Security Sign up for DS News Daily in Daily Dose, Featured, News Home / Daily Dose / Big Four U.S. Banks Report Widespread Loan Deferralcenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Big Four U.S. Banks Report Widespread Loan Deferral As homeowners and other borrowers seek debt relief during the coronavirus pandemic, America’s four largest banks report at least $151.5 billion in loans with payments in deferral at midyear, Bloomberg L.P. reported.JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., and Wells Fargo & Co. disclosed deferral details within their second-quarter filings with the U.S. Securities Exchange Commission.“Uncertainty over the length of the pandemic and resulting economic crisis have made it difficult for banks to determine how many loans are likely to sour,” noted Stephen Lubbers for Bloomberg L.P. “JPMorgan, Bank of America, Citigroup, and Wells Fargo set aside more than $32 billion for loan losses in the second quarter, close to a record, signaling that relief programs may not be enough to stave off a flood of bad debt.”Deferral programs differ among account types and banks. JPMorgan Chase & Co., for example, has offered clients rolling, three-month deferrals for up to a year on residential mortgages.The four biggest U.S. banks vary on how they report payment deferrals and loan modifications, and the total balance of financing with deferred payments is likely higher than the aforementioned $151.5 billion.Deferrals on residential mortgages and home-equity loans were a common theme for all four banks. The majority of Wells Fargo’s consumer deferrals were on a combined $35 billion of first and second mortgages, representing 12% and 10% of each loan type, respectively. Almost 9% of JPMorgan’s residential real estate portfolio was subject to payment deferrals, representing nearly three-quarters of the total $28.3 billion of consumer loans in deferral.Wells Fargo reported $44.2 billion of consumer loans in deferral at midyear. The bank reported only that it modified $38.2 billion of commercial loans without disclosing the amount remaining in deferral by June 30.Citigroup modified about $20 billion of consumer loans globally as of June 30. Bank of America, which provided figures as of July 23, was deferring payments on $7.7 billion in commercial loans and $28.5 billion in consumer and small-business debt.Last spring, reportedly, millions of households narrowly avoided financial devastation thanks to the banks’ rapidly rolled-out forbearance programs, part of an effort to avert a massive wave of defaults by borrowers who began losing income when states locked down commerce to slow the virus. August 6, 2020 1,862 Views Related Articles Tagged with: Bank of America Borrowers Chase Citigroup Forebearance Wells Fargolast_img read more

The Week Ahead: COVID-19 Impact on Compliance Concerns

first_img Demand Propels Home Prices Upward 1 day ago Previous: Forbearance Activity Drops as Plans Expire Next: Increased Migration Leads to Shrinking Supply and More Competition 2021-02-05 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago On Tuesday, February 9, at 1 p.m. CST, SitusAMC will present a complimentary webinar entitled, “How COVID-19 has Impacted Mortgage Borrower Behavior and Lender Compliance.”The pandemic has reshaped the mortgage borrower journey from origination through servicing, note the event’s organizers.”It has accelerated the adoption of digital technology, creating new compliance challenges for lenders,” they say.Experts Sonya McCumber and Sheila Meagher of ComplianceEase, a SitusAMC Company, and Teresa Blake, Principal, KPMG are set to lead the 55-minute webinar on mortgage borrowing in the coming year.According to her bio, Blake, a mortgage banker, believes in humanizing digital products and focusing on simplifying the complex mortgage process by combining the right technology at the right time, with the right scale.”Blake has spent the last five years implementing loan origination systems to help lenders modernize and simplify the lending process. She will share her predictions for consumer borrowing behavior in 2021 and the implications for lenders and compliance,” the organizers say.The webinar is complimentary with registration at gotowebinar.com.Here’s what else is happening in The Week Ahead:Thursday, National Association of Realtors (NAR) publishes its Q4 Metro Home Prices report.Tuesday at 2 p.m. ET Meyers Research presents Winter Frame: Local market trends from industry experts Ali Wolf and Danielle Leach. in Daily Dose, Featured, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 5, 2021 878 Views Sign up for DS News Daily The Week Ahead: COVID-19 Impact on Compliance Concerns Share Save Servicers Navigate the Post-Pandemic World 1 day ago Data Provider Black Knight to Acquire Top of Mind 1 day agocenter_img  Print This Post Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Home / Daily Dose / The Week Ahead: COVID-19 Impact on Compliance Concerns Servicers Navigate the Post-Pandemic World 1 day ago Demand Propels Home Prices Upward 1 day ago Related Articles The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 1 day ago About Author: Christina Hughes Babb Subscribelast_img read more

Man cleared of sexually assaulting 6 year old in Derry

first_img LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Twitter By News Highland – April 7, 2011 News Pinterest Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Google+ RELATED ARTICLESMORE FROM AUTHOR Man cleared of sexually assaulting 6 year old in Derry Facebook Google+ Previous articleDUP and Sinn Fein to blame for radiotherapy postponement – McGimpseyNext articlePSNI intensify Omagh murder investigation News Highland center_img WhatsApp Facebook WhatsApp Pinterest Twitter Three factors driving Donegal housing market – Robinson Calls for maternity restrictions to be lifted at LUH Guidelines for reopening of hospitality sector published A 42-year-old man has been found not guilty by a jury in Derry of  a series of sex offences against a girl including rape which were alleged to have begun when the girl was aged six.The man had been on trial in Derry Crown Court since last Thursday facing a total of 18 charges dating from 1995 through to 2004.Today the jury of five women and seven men after deliberating for more than four hours returned majority not guilty verdicts on all charges.When the verdict was read out the woman who had made the allegations left the court room in tears.Friends and relations of the accused also wept.The man was released. Almost 10,000 appointments cancelled in Saolta Hospital Group this week last_img read more