Reports Project Positive Climate for Economic Growth

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Headlines, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Two reports issued by the Wells Fargo Economics Group both point towards a positive climate for economic growth, albeit for different reasons.The first report followed FDIC loan performance, noting cyclical improvement in loan performance and a trend favorable for credit quality.The second report commented on underwriting practices, noting, “The Comptroller’s Survey of Credit Underwriting Practices revealed that commercial and retail underwriting trends eased in 2013 compared to the earlier recovery period from 2009 to 2012. This is a plus for growth.”The Wells Fargo Economic Group found that post-2009, residential loan performance (as measured by loans that were 30-89 days overdue) dropped sharply, mirrored by falls in both GDP growth and jobs. The drop in price came as, “a sharp correction to the unusual strength and price appreciation of the housing market as well as the easing of credit standards, in the prior expansion.”However, since 2009, the group reported a gradual decline of loans overdue, falling to a five year low of 2.1 percent. The group attributes the fall in delinquent loans to, “[M]odest GDP/job growth and, most recently, the rise in home prices that has assisted some homeowners in selling their homes.”Underwriting standards also played a part in an economic climate poised for growth.The group found that commercial and retail underwriting trends eased in 2013 compared to 2009 to 2012. The eased standards are “a plus for growth,” according to the Wells Fargo Economics Group.”Competition and a better economic outlook were factors leading banks to ease credit standards,” the report said.Overall retail credit underwriting trends noted that credit standards were loosened on 22 percent  of products, unchanged in 68 percent, and were only tightened in 10 percent.Relaxed credit standards in 2013 was the third consecutive year since 2011 that the percentage of eased standards rose, according to the Economics Group report. FDIC Loan Performance Underwriting Wells Fargo Economics Group 2014-03-17 Colin Robins About Author: Colin Robins Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: FDIC Loan Performance Underwriting Wells Fargo Economics Group Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Previous: DSNews Webcast: Monday 3/17/2014 Next: Were Mortgages Lost from Tight Credit Restrictions? Related Articles  Print This Postcenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. Reports Project Positive Climate for Economic Growth Share Save March 17, 2014 775 Views Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Reports Project Positive Climate for Economic Growth Subscribelast_img read more

Winning Bidders in Fannie Mae Non-Performing Loan Sale

first_img Share Save Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago On Tuesday, Fannie Mae announced the winning bidders of its ninth non-performing loan sale. The sale of these loans is intended to reduce the number of seriously-delinquent loans owned by Fannie Mae and to help stabilize neighborhoods and to help meet the portfolio reduction targets required under the Senior Preferred Stock Purchase Agreement with the United States Treasury. Fannie Mae markets these loans in collaboration with Bank of America Merrill Lynch and The Williams Capital Group, L.P. The transaction is expected to close on April 25.The sale included approximately 9.400 loans totaling $1.68 billion in unpaid principal balance (UPB). The sale was divided into 4 pools as follows:Group 1 Pool: 1,465 loans with an aggregate unpaid principal balance of $246,748,844; average loan size $168,429; weighted average note rate 4.51%; weighted average delinquency 29 months; weighted average broker’s price opinion loan-to-value ratio of 78.75%.Group 2 Pool: 3,062 loans with an aggregate unpaid principal balance of $496,205,215; average loan size $162,053; weighted average note rate 5.05%; weighted average delinquency 38 months; weighted average broker’s price opinion loan-to-value ratio of 64.81%.Group 3 Pool: 2,457 loans with an aggregate unpaid principal balance of $429,254,601; average loan size $174,707; weighted average note rate 4.90%; weighted average delinquency 39 months; weighted average broker’s price opinion loan-to-value ratio of 79.61%.Group 4 Pool: 2,427 loans with an aggregate unpaid principal balance of $512,628,430; average loan size $211,219; weighted average  note rate 4.68%; weighted average delinquency 42 months; weighted average broker’s price opinion loan-to-value ratio of 129.55%.The winning bidders were Igloo Series II Trust (Balbec Capital LP) for pool 1 and MTGLQ Investors, L.P. Goldman Sachs (Goldman Sachs) for pools 2 through 4. The cover bid, the second highest bid, for Pool 1 is 73.2 percent of UPB, 88.5 percent for Pool 2, 73.2 percent for Pool 3, and 51.3 percent UPB for Pool 4. Bids for Fannie Mae’s sixth Community Impact Pool are due on March 21. Delinquency Fannie Mae loans 2017-03-14 Staff Writer  Print This Post The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Winning Bidders in Fannie Mae Non-Performing Loan Sale Tagged with: Delinquency Fannie Mae loans March 14, 2017 2,105 Views Related Articles About Author: Staff Writer Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: State Employment Rates Could Influence Fed Rate Hike Next: HSBC Pays Out $371M in Consumer Relief Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Winning Bidders in Fannie Mae Non-Performing Loan Sale Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

RES.NET Offers New Data Portal

first_imgSubscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: RES.NET RES.NET 2017-09-14 Brianna Gilpin Previous: AllyConnect Offers Free Compliance Documentation Management Next: HLP Announces Help for Those Affected by Harvey and Irma September 14, 2017 1,150 Views The Best Markets For Residential Property Investors 2 days ago About Author: Brianna Gilpin Sign up for DS News Daily RES.NET, a technology platform allowing mortgage banking companies, vendors, consumers, and other parties to communicate around a transaction, recently launched a component of its server suite. PropertyCure Data Portal, software that helps servicers in the more specialized divisions of the industry, addresses operational challenges associated with managing files for both investors and GSEs.According to RES.NET, the solution helps servicers to track a property preservation company’s progress, servicing errors, violations, utilities, bids, and property registration, as well as additional processes such as hazard insurance claims and inspections. The technology allows servicers to manage each of their preservation vendors in one place by using workflow tools that can be configured on a per portfolio basis. Additionally, direct vendor systems integrations with RES.NET allow servicers to access vendor updates directly within PropertyCure, eliminating the need to access multiple vendor sites.“Our products are created to work in concert with one another, helping our customers maximize efficiencies and in turn, control costs,” said Keith Guenther, CEO and co-founder of RES.NET, a subsidiary of USRES.RES.NET offers an all-encompassing servicer technology suite for servicers, investors, lenders and hedge funds. Integrating features such as tasking, messaging, reporting, and document sharing with flexible customization offerings enables the company to provide efficient, tailor-made solutions to its customer base.Guenther added, “We recognized that the specialized areas of servicing were having to rely on legacy or centralized platforms and their needs weren’t being met, forcing them to be reliant upon cumbersome, highly manual processes that often resulted in costly errors. We sought out to develop a solution that would be relevant, fill this void and round out our suite of servicer solutions to address all types of loan servicing challenges.  I’m pleased with the progress our team has made and the innovation we continue to carry through each of our products to benefit each of our customers.” Is Rise in Forbearance Volume Cause for Concern? 2 days agocenter_img Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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] Home / Featured / RES.NET Offers New Data Portal Servicers Navigate the Post-Pandemic World 2 days ago in Featured, News, Technology Share Save  Print This Post RES.NET Offers New Data Portallast_img read more

Ocwen Financial Corp Comments on 15 State Resolutions

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post September 29, 2017 1,421 Views Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Ocwen Financial Corp Comments on 15 State Resolutions Ocwen Financial 2017-09-29 Brianna Gilpin Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, Headlines, News Tagged with: Ocwen Financial After Illinois and Montana announced resolution agreements on Thursday, early Friday morning Ocwen Financial Corp announced it has entered into 10 agreements to resolve its pending regulatory actions made up of Georgia, Idaho, Illinois, Maine, Michigan, Mississippi, Montana, Rhode Island, South Carolina, and Wisconsin.In April 2017, more than 20 state business regulators issued regulatory enforcement orders to subsidiaries of Ocwen to address “mishandling of consumer escrow accounts and a deficient financial condition,” according to an April news release from the North Carolina Office of the Commissioner of Banks. The cease and desist orders were made after several years of examinations and monitoring.Prior to September 28, the September Ocwen release stated that state regulatory agencies in Indiana and Nevada either withdrew or allowed their respective cease and desist orders to expire.Under the agreements, terms include details such as Ocwen not acquiring any new residential mortgage servicing rights until April 30, 2018, developing plans to transition to a new servicing system, and not engaging an auditor to perform an escrow review of between 8,000 and 10,000 loans. However, the release also notes that Ocwen did not admit or deny liability in these settlements and none of the agreements contain any monetary fines or penalties.“Ocwen is pleased to have reached mutually-agreeable resolutions with 12 states to resolve regulatory actions brought against the Company in April 2017,” John Lovallo, Spokesperson for Ocwen, said. “We continue to work cooperatively with the remaining 19 state regulatory agencies and two state attorneys general, and are committed to seeking timely and acceptable resolutions with these states.”Montana Department of Administration, Division of Banking and Financial Institutions Commissioner Melanie Hall also voiced that she was pleased to reach an agreement with Ocwen. It now allows both the Division and the company to move forward with a focus on what concrete steps need to be taken to provide for customers accurately and with improved service.“We look forward to productive relationships with all regulatory bodies, and to continue our mission of helping homeowners, especially those struggling to remain in their homes,” Lovallo said.To see the full SEC 8K filing, click here. About Author: Brianna Gilpin 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] Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agocenter_img Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago UPDATE: Ocwen announced it has now made agreements with New Mexico, Virginia, and West Virginia on various state regulatory actions.“Ocwen is pleased to have reached resolutions with three additional states to resolve regulatory actions brought against the Company, bringing the total number of states where we have reached a resolution to 15,” said Lovallo. “We continue to work cooperatively with the remaining 16 state regulatory agencies and two state attorneys general to reach acceptable resolutions. In addition, we are pleased that the SEC has concluded both of the investigations we have previously disclosed.” Ocwen Financial Corp Comments on 15 State Resolutions The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Family Aiding in Homeownership Next: Delgado Warns of Potential Concerns in Housing Market Share Save The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Property Preservation: Gaining Proactivity

first_img  Print This Post 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] Demand Propels Home Prices Upward 2 days ago Related Articles December 4, 2017 1,788 Views DS News sits down with Julie Lindley from REO Management Solutions, LLC to discuss the latest challenges regarding property preservation. Lindley provides her insight on how to make properties great again, and how to be proactive while remaining compassionate in markets that have been impacted by disasters. Lindley says when it comes to finding resolutions, “The dollars aren’t always the bottom line.” Tagged with: HOUSING mortgage Property Preservation REO Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Nicole Casperson Home / Daily Dose / Property Preservation: Gaining Proactivity Governmental Measures Target Expanded Access to Affordable Housing 2 days ago HOUSING mortgage Property Preservation REO 2017-12-04 Nicole Caspersoncenter_img Servicers Navigate the Post-Pandemic World 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 Previous: FHFA: House Prices Remain on the Rise Next: Senate Banking Committee Approves Jerome Powell as Fed Chair Property Preservation: Gaining Proactivity The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News, REO Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Fannie Mae Leaders Named in “Most Powerful” List

first_imgHome / Featured / Fannie Mae Leaders Named in “Most Powerful” List Sign up for DS News Daily About Author: Nicole Casperson Fannie Mae HOUSING jeffery hayward kimberly johnson mortgage 2017-12-10 Nicole Casperson Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Fannie Mae Leaders Named in “Most Powerful” List Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago December 10, 2017 1,656 Views Tagged with: Fannie Mae HOUSING jeffery hayward kimberly johnson mortgage The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Roostify to Integrate with Black Knight’s Origination System Next: CoreVest Announces Inaugural Deal with Freddie Mac Demand Propels Home Prices Upward 2 days ago Fannie Mae’s Jeffery Hayward, EVP and Head of Multifamily, and Kimberly Johnson, EVP and Chief Risk Officer, have been listed among Black Enterprise’s “Most Powerful Executives in Corporate America” for 2017.The annual list identifies 300 prominent African-American executives from the nation’s largest publicly traded companies, and 100 international companies, who have had significant influence in leading their companies and the industry.Throughout his 30-year career, Hayward has held various senior roles within Fannie Mae. In recent years, he has focused on solving America’s affordable housing crisis as the head of Fannie Mae Multifamily, the leading source of financing and securitization for quality rental housing in the United States.Johnson joined Fannie Mae in 2006 and is responsible for Enterprise Risk Management, which involves overseeing the company’s governance and strategy for global risk management. Among Johnson’s recent honors, she was recognized as one of MReport’s top Women in Housing.In addition, Black Enterprise named Fannie Mae one of the “50 Best Companies for Diversity.” Fannie Mae also received a perfect score on the Human Rights Campaign Foundation’s Corporate Equality Index (CEI) for the fourth consecutive year.To learn more about Fannie Mae’s recent awards and achievements, visit FannieMae.com/portal/about-fm/awards-achievements.html Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago in Featured, News, Secondary Market 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] Subscribelast_img read more

In Memoriam: President George H.W. Bush

first_img The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago On Wednesday, the country will observe a national day of mourning on the passing of George H.W. Bush, 41st President of the United States. While he is best remembered for his impact on America’s foreign policy, President Bush also played an important role in the passing of some key housing legislation that hasf left a lasting impact on the industry.As a young Congressman from Texas in 1968, he voted for the passage of the Fair Housing Act in a reversal on his earlier position on the Civil Rights Act, which he had famously opposed at that time.In an article that touched upon the event, Carlos Lozada, The Washington Post’s nonfiction book critic wrote, “He suffered through boos at a rally back home but insisted that “a man should not have a door slammed in his face because he is a Negro or speaks with a Latin American accent.” At the end of the event, he received a standing ovation, and nearly two decades later, he wrote that nothing else he’d experienced in public life matched the feeling from that evening.”After taking over the reins as President, Bush signed the Financial Institutions Reforms Act of 1989, which aimed to reform, recapitalize, and consolidate the Federal Deposit Insurance system, to enhance the regulatory and enforcement powers of federal financial institutions and regulatory agencies.His efforts for the housing industry also included the creation of an advisory commission under the U.S. Department of Housing and Urban Development (HUD) for affordable housing to reduce regulations and red tape that added to the cost of housing, as well as privatization proposals for the public housing sector.President Bush and his son, President George W. Bush, 43rd President of the United States, are the second father-son pair to serve as president, following John Adams and John Quincy Adams.All federal agencies will be closed on Wednesday to observe it as a national day of mourning in remembrance of the 41st President.”The President has issued an Executive order to close Federal offices and excuse all Federal employees from duty for the scheduled workday on Wednesday, December 5, 2018, except those who, in the judgment of the head of the agency, cannot be excused for reasons of national security, defense, or other essential public business,” a statement by the U.S. Office of Personnel said.  Print This Post Previous: Gauging the GSEs’ NPL Performance Next: A Closer Look at Hispanic Homeownership The Week Ahead: Nearing the Forbearance Exit 2 days ago Affordable Housing George Bush HOUSING HUD 2018-12-04 Radhika Ojha Demand Propels Home Prices Upward 2 days ago Share Save In Memoriam: President George H.W. Bush Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News Home / Daily Dose / In Memoriam: President George H.W. Bush About Author: Radhika Ojha Tagged with: Affordable Housing George Bush HOUSING HUD 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. December 4, 2018 2,017 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

Beth Davis Joins SingleSource Property Solutions

first_img Tagged with: Beth Davis Ed Austin Fresenius Kidney Care SingleSource Property Solutions The Llewellin Group ThirdRiver Partners Sign up for DS News Daily Subscribe in Featured, Headlines, News Beth Davis Ed Austin Fresenius Kidney Care SingleSource Property Solutions The Llewellin Group ThirdRiver Partners 2018-12-13 Donna Joseph The Week Ahead: Nearing the Forbearance Exit 2 days ago December 13, 2018 1,846 Views Beth Davis Joins SingleSource Property Solutions Home / Featured / Beth Davis Joins SingleSource Property Solutions SingleSource Property Solutions, a national provider of valuation, REO, title, and property preservation services, has added Beth Davis to its executive team as Vice President of People Development.“We are excited to welcome Beth to our SingleSource team,” says Ed Austin, COO at SingleSource. “Her experience across a wide range of industries gives her the skills to help our company grow in new directions. As we continue to expand our presence as one of the fastest growing companies in Pittsburgh, we are always focused on our most important asset – our people.”Over the past two quarters, SingleSource has hired 40 employees. Ms. Davis’s diverse experience in the field of people development provides SingleSource with the ability to implement processes which support employee development, cultivate leaders at all levels of the organization, and strengthen the company’s values.Davis stated that she was immediately drawn to the company’s values. “My goal is to work with everyone across the company to align business strategy with people practices and create a culture that supports the SingleSource mission, vision, and business objectives, as well as enables high performance and engagement for all of our team members,”  she said.Before joining SingleSource, Davis founded The Llewellin Group, where she and her colleagues worked with clients to adopt best practices related to human resources. She also served as a Senior Engagement Consultant at ThirdRiver Partners, where she facilitated leadership development experiences for culture transformation within organizations, including Fresenius Kidney Care.Davis has also led human resources and talent development efforts at UPMC, PNC, SCIO Health Analytics, The Shaw Group, and FreeMarkets/Ariba, Inc. She is a graduate of Westminster College and holds certifications as a Professional Scrum Master (PSM), and Senior Professional in Human Resources (SPHR).SingleSource provides valuation, REO asset management, property preservation, document management, title, and settlement services. The company manages a network of independent real estate agents, brokers, appraisers, property preservation field contractors, closing agents, title abstractors and attorneys nationwide and in Puerto Rico, the U.S Virgin Islands and Guam. SingleSource clients include loan servicing and origination organizations, banks, credit unions, investment banks, and hedge funds. The company was established in 2000 and is headquartered in Canonsburg, Pennsylvania, near Pittsburgh. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Industry Pulse: Updates on The Mortgage Law Firm, Fabrizio & Brook, and More … Next: Gateway Mortgage Group Hires Steven Patrick About Author: Donna Joseph Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected]  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days agolast_img read more

The Housing Market’s New Normal?

first_img Tagged with: Days on the Market Home Home Prices Homebuyers Homeowners HOUSING Inventory Listing Price Reduction Realtor.com Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The housing market continued to cool down in December with properties staying on the market for a longer time, especially in the large markets and 15 percent of listings seeing price reductions, according to a report by Realtor.com.The report indicated that while inventory increased by 5 percent across the nation, it rose by 10 percent in the larger markets in December. While homes sold at a pace of 80 days in December, three days faster than December 2017, the pace at which they’re selling is decelerating. “December 2017 saw homes sell six days faster compared to the previous year,” the report said.Nineteen of the top 45 metros saw properties spend more time on the market compared to December 2017 and included real estate in the hot housing markets of San Jose, California; Seattle, Washington; and Nashville, Tennessee. Homes in these markets spent 14, 10 and six more days on the markets respectively. In comparison, properties in Birmingham, Alabama; Milwaukee, Wisconsin; and Richmond, Virginia sold at the fastest pace at 12, 11, and 10 days respectively.Even as the median listing price grew 7 percent year-over-year to $289,000 in December, it was lower than the 8 percent listing price seen in December 2017. Despite the lower pricing, listings that saw price reductions increased to 15 percent in December compared with 13 percent in 2017 as home sellers adjusted their strategies in “slowing, pricey markets with growing availability of homes for sale.”The report found that some of the largest housing markets in the nation were driving these price reductions with 38 of the 45 top metros seeing an increase in such discounts. Charlotte, North Carolina, topped the list with the share of price reductions growing by 10 percent, from 14 percent in 2017 to 24 percent in December. It was followed by San Jose that saw an increase of 10 percent, Tampa (+9 percent), Phoenix (+9 percent), and Seattle (+8 percent).The steepest declines in median listing prices were seen in San Jose and San Francisco where listing prices declined by $130,000 and $33,000.Click here to read the full report. in Daily Dose, Featured, Market Studies, News Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save 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 / The Housing Market’s New Normal?  Print This Post Previous: The Impact of Government Shutdown on U.S. Housing Market Next: Analyzing Mortgage Delinquency Performance About Author: Radhika Ojha Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Days on the Market Home Home Prices Homebuyers Homeowners HOUSING Inventory Listing Price Reduction Realtor.com 2019-01-03 Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago The Housing Market’s New Normal? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago January 3, 2019 2,274 Views The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

McCarthy & Holthus Responds to Supreme Court Foreclosure Ruling

first_img Previous: Ocwen, Wells Fargo Suit Not Over Yet Next: Fitch Addresses PHH, Ocwen Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The U.S. Supreme Court ruled on the case of Obduskey v. McCarthy & Holthus LLP Wednesday morning, finding that businesses engaged in nonjudicial foreclosure proceedings are not considered “debt collectors” under the Fair Debt Collection Practices Act.The Justices ruled 9-0 in the case, with Justice Stephen Breyer writing the opinion and Justice Sonia Sotomayor also penning a concurring opinion. You can read the full text of the opinion by clicking here.The court’s opinion called Obduskey’s counterarguments “unconvincing.” The opinion continued:First, he suggests that the limited-purpose definition is not superfluous because it was meant to cover ‘repo men’—a category of security-interest en-forcers who he says would not otherwise fall within the primary defi-nition of ‘debt collector.’ The limited-purpose definition, however, speaks broadly of ‘the enforcement of security interests,’ §1692a(6),not ‘the enforcement of security interests in personal property.’ Second, Obduskey claims that the Act’s venue provision, §1692i(a), which covers legal actions brought by ‘debt collectors’ to enforce in-terests in real property, only makes sense if those who enforce security interests in real property are debt collectors subject to all prohibi-tions and requirements that come with that designation. The venue provision, however, does nothing to alter the definition of a debt collector. Third, Obduskey argues that McCarthy engaged in more than security-interest enforcement by sending notices that any ordinary homeowner would understand as an attempt to collect a debt. Here, however, the notices sent by McCarthy were antecedent steps re-quired under state law to enforce a security interest, and the Act’s (partial) exclusion of ‘the enforcement of security interests’ must also exclude the legal means required to do so. Finally, Obduskey fears that this Court’s decision will permit creditors and their agents toengage in a host of abusive practices forbidden by the Act. But the Court must enforce the statute that Congress enacted, and Congress is free expand the FDCPA’s reach if it wishes.Responding to the court’s decision, Matthew Podmenik, Managing Partner, McCarthy & Holthus Law Firm said,  “I think the biggest takeaway of this case is what can happen when an industry like ours has everyone pulled together and had a common goal. This was a case of great importance and an undecided question for many years. We had the Legal League and 8 other organizations who filed amicus briefs. A total of 19 different parties joined us and all of us came together and this is a real team victory. So, I think that’s largely why this happened.”“As far as the ramifications of the court’s decision, I think this certainly helps not only our firm but everyone who practices in the industry and will dramatically cut down on the number and the cost of lawsuits, the cost of compliance. Had this decision gone a different direction, I think the cost to do business in this field would’ve skyrocketed. We are excited that the Supreme Court strongly agreed with a 9-0 decision,” he added. “The U.S. Supreme Court’s decision in Obduskey v. McCarthy & Holthus LLP was an important ruling,” said Seth Shapiro, Senior Regulatory Counsel, LoanCare. It resolved a circuit split among the U.S. Courts of Appeals, and it provided much needed guidance regarding the applicability of the federal Fair Debt Collection Practices Act to nonjudicial foreclosure activities. Resolving this uncertainty should help consumers and the industry reduce the costs and delays associated with litigating these issues.David Scheffel, Partner at Dorsey & Whitney and co-chair of the firm’s Consumer Financial Practices Group said, “This decision essentially gives law firms and lenders more protection in non-judicial foreclosure states. In these jurisdictions, homeowners and borrowers will no longer be able to file lawsuits under the FDCPA against law firms who are pursuing foreclosures. This essentially eliminates a heavily used practice by plaintiffs’ attorneys. Ultimately, this should have the effect of reducing the cost that lenders/servicers bear in terms of getting to a final foreclosure in these states as the FDCPA lawsuits delay this process significantly.”In 2007, Dennis Obduskey obtained a loan for $329,940 to buy a residential property in Bailey, Colorado, and defaulted in 2009. Later in 2014, Wells Fargo hired McCarthy & Holthus, to pursue a non-judicial foreclosure on the property. On 8/12/2015, petitioner filed suit against M&H and multiple Wells Fargo entities in the United States District Court for the District of Colorado. The firm and the Wells Fargo entities moved to dismiss the complaint, and on 7/19/16 the district court granted the motions and denied the Temporary Restraining Order.On the same day that the district court issued its order, Obduskey filed for Chapter 13 bankruptcy and appealed to the 10th Circuit and on 1/19/18 the court of appeals affirmed the lower court’s ruling, which sought to interpret the congressional intent in passing the FDCPA by analyzing the plain language of the statute and policy considerations. A total of nine Amicus briefs by 19 entities were filed in support of McCarthy & Holthus, LLP.In February, the Legal League 100 held a webinar that explored the potential outcomes of the Dennis Obduskey vs. McCarthy & Holthus Supreme Court case and the impact of these outcomes on both the mortgage industry and the legal professionals supporting it. The webinar was presented by Matthew Podmenik, Managing Partner, McCarthy & Holthus Law Firm.Earlier in November 2018, the amicus curiae brief filed by the Legal League in support of McCarthy & Holthus contended that law firms acting on behalf of their mortgage servicer clients by completing the non-judicial foreclosure process in states where permitted are not subject to regulation under the Fair Debt Collection Practices Act (FDCPA). The brief noted that such servicers are not collecting a debt as defined under the plain language of the statute. The brief also stated the possibility of states with carefully crafted foreclosure laws designed to protect borrowers and lenders being compelled to rewrite their laws in order to comply with the FDCPA. March 20, 2019 6,798 Views McCarthy & Holthus Responds to Supreme Court Foreclosure Ruling 2019-03-20 Donna Joseph in Daily Dose, Featured, Government, Journal, News Sign up for DS News Daily Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Share Save Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / McCarthy & Holthus Responds to Supreme Court Foreclosure Ruling Related Articles Subscribe 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 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. 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