Despite Slight Downturn, Consumer Sentiment Still at Highest Level in 11 Years

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post in Daily Dose, Featured, Market Studies, News Conference Board Confidence Jobs Thomson Reuters University of Michigan 2015-01-30 Tory Barringer Data Provider Black Knight to Acquire Top of Mind 2 days ago Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Despite Slight Downturn, Consumer Sentiment Still at Highest Level in 11 Years Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Share Save January 30, 2015 1,034 Views The Best Markets For Residential Property Investors 2 days ago Consumer sentiment pulled back slightly from an earlier reading but still finished January at its highest level in more than a decade, according to a survey released Friday.The University of Michigan/Thomson Reuters Index of Consumer Sentiment came to 98.1 in its final January gauge, the group conducting the survey reported. While down slightly from a mid-month reading of 98.2, the index is still higher than it’s been in the last 11 years.January’s strong reading caps off a growth streak that started around mid-2014 as the job market picked up momentum.”Consumers expect the renewed economic strength to create more jobs, but the only boost to their discretionary incomes has been due to falling oil prices,” said Richard Curtin, chief economist for Surveys of Consumers and director of the survey. “Consumers have now turned to wages rather than jobs as the primary characteristic they used to judge the performance of the economy.”According to a report from the group, more consumers reported improvements in their finances in January than any other time in the past decade, and four in 10 cited income gains as the primary reason.Notably, more of those gains are being reported among households with incomes under $75,000, a group that has seen relatively little of the recovery so far.While consumers expect wage growth in the year ahead, the average estimate called for an increase of only 1.9 percent.Only younger and high-skilled workers expect gains that higher than the currently low inflation rate, Curtin said.”Without stronger growth, consumers will increasing[ly] condition their spending on price discounts, adding to disinflationary pressures. Moreover, renewed wage growth is needed to bolster credit usage amid rising interest rates,” he said.The survey’s measure of current conditions improved nearly five points to a reading of 109.3, the group reported. The gauge of future expectations also picked up nearly five points, rising to 91.0.The UMich/Thomson Reuters survey is the second index of consumer confidence to come out this week. The Conference Board’s monthly measure, released Tuesday, showed a month-over-month increase of nearly 10 points to 102.9. Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Conference Board Confidence Jobs Thomson Reuters University of Michigan Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Tory Barringer The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Despite Slight Downturn, Consumer Sentiment Still at Highest Level in 11 Years Demand Propels Home Prices Upward 2 days ago Previous: Economic Growth Slows as GDP Expansion for Q4 Falls Short of Economists’ Predictions Next: FHFA Proposes Minimum Financial Requirements for GSE Servicers, Sellers The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

House Dems Write in Defense of Cordray

first_img House Dems Write in Defense of Cordray Related Articles Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Tagged with: CFPB House Democrats A group of 21 Democrats in the U.S. House of Representatives has written a letter to President-elect Donald Trump asking him not to remove Richard Cordray as Director of the Consumer Financial Protection Bureau.In October, a three-judge panel in the Washington, D.C. Circuit Court gave the president power to remove the Bureau’s Director without cause. A retrial, requested by the CFPB, is pending. The CFPB’s supporters have expressed concern that the Trump Administration, which begins on January 20, will attempt to reform the Bureau or change its structure.Cordray, who has been the Bureau’s Director since its inception in July 2011, is in the middle of a term that expires in July 2018.“Any attempts to remove Director Cordray from his position are without historical precedent, and intended solely to distract the Director and the Bureau from its important work protecting servicemembers, students and other borrowers from financial predation,” the lawmakers wrote in the letter. “We caution you not to engage in partisan litigation, particularly since it is likely to be unsuccessful and will needlessly divert government resources away from other important priorities.”The letter’s top two signees were Rep. Maxine Waters (D-California), Ranking Member of the House Financial Services Committee and one of the Bureau’s staunchest supporters, and Carolyn Maloney (D-New York).“The CFPB, under the leadership of Director Cordray, has been invaluable for those in Congress who are the most passionate about promoting equitable lending and fair financial practices for all Americans,” said Congressman Al Green (D-Texas), one of the 21 Congress members to sign the letter. “I trust that for the rest of his term Director Cordray will remain at the forefront of the charge to educate consumers and protect them from invidious discrimination.”The Bureau has been a source of controversy, particularly in the mortgage industry, since it was launched five and a half years ago. The CFPB’s detractors claim it is an unaccountable agency that has overregulated the industry; its supporters point to the more than $27 billion it has returned to more than 12 million consumers the Bureau deems to have been financially harmed.“It’s clear to us that Director Cordray has made significant strides in upholding our nation’s consumer protection laws and managing the complicated issues of diversity and inclusion at his agency,” the House Democrats wrote in their letter. “He has done this despite repeated attempts by special interests to undermine, roll back, and limit his work and authority.”Click here to view the letter and a list of the signees.The Democrats’ letter was sent on the same day (January 9) as another letter, this one signed by U.S. Senators Mike Lee (R-Utah) and Ben Sasse (R-Nebraska) to Vice President-elect Mike Pence requesting that Cordray be removed.“It’s time to fire King Richard,” said Sasse, a member of the Senate Banking Committee. “Underneath the CFPB’s Orwellian acronym is an attack on the American idea that the people who write our laws are accountable to the American people. President-elect Trump has the authority to remove Mr. Cordray and that’s exactly what the American people deserve.”Lee stated, “The Constitution was written to protect the American people from unelected and unaccountable bureaucrats. Considering the damage CFPB has done to credit unions and community banks, President Trump should act quickly to remove the director.”Click here to view the full text of the Senators’ letter. Servicers Navigate the Post-Pandemic World 2 days ago CFPB House Democrats 2017-01-10 Brian Honea About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Previous: Confidence in the Economy is Surging Next: Will Housing Become Less Affordable? 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.  Print This Post The Best Markets For Residential Property Investors 2 days agocenter_img Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / House Dems Write in Defense of Cordray Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago January 10, 2017 1,221 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

Moody’s Grants Provisional Rating to J.P. Morgan Prime RMBS

first_imgSubscribe Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Moody’s Investors Service announced that they have assigned provisional ratings to 19 classes of residential mortgage-backed securities (RMBS) issued by J.P. Morgan Mortgage Trust 2017-6 (JPMMT 2017-6).JPMMT 2017-6 is J.P. Morgan Acquisition Corporation’s sixth prime jumbo transaction of 2017, according to Moody’s. Ratings for the J.P. Morgan RMBS range from (P)Aaa (sf) to (P)B3 (sf).The certificates are backed by nearly 1,500 30-year fixed rate mortgage loans, totaling a balance of $883,819,918 as of December 1, 2017. Moody’s report states, “Similar to prior JPMMT transactions, JPMMT 2017-6 includes conforming fixed-rate mortgage loans originated by JPMorgan Chase Bank, N. A. (Chase) and LoanDepot, and underwritten to the government sponsored enterprises (GSE) guidelines in addition to prime jumbo non-conforming mortgages purchased by JPMMAC from various originators and aggregators.”Moody’s said that the transaction’s strengths included high income levels for the prime jumbo borrowers, and the fact that the conforming loans adhere to underwriting guidelines set by the GSEs. On the other hand, weaknesses “include high geographic concentrations and higher percentage of loans with LTVs greater than 80.0 percent compared to JPMMT 2017-4,” explained Moody’s.JPMorgan Chase Bank, N.A. and LoanDepot will be servicing the loans originated by JPMorgan Chase and LoanDepot, respectively. The prime jumbo loans will be serviced by Shellpoint Mortgage Servicing, LoanDepot, USAA, Guaranteed Rate, PHH Mortgage, First Republic Bank, TIAA, FSB, and Johnson Bank. Wells Fargo Bank, N.A. will be the master servicer and securities administrator, U.S. Bank National Association will serve as trustee, and Pentalpha Surveillance LLC will be the representations and warranties breach reviewer, according to Moody’s.Moody’s said they expect cumulative net loss on the aggregate pool of RMBS to be “0.45 percent in a base scenario” and to reach 5.35 percent “at a stress level consistent with the Aaa ratings.”“We calculated losses on the pool using our US Moody’s Individual Loan Analysis (MILAN) model based on the loan-level collateral information as of the cut-off date,” explained Moody’s report. “Loan-level adjustments to the model results included adjustments to probability of default for higher and lower borrower debt-to-income ratios (DTIs), for borrowers with multiple mortgaged properties, self-employed borrowers, and for the default risk of Homeownership association (HOA) properties in super lien states. Our final loss estimates also incorporate adjustments for originator assessments and the financial strength of Representation & Warranty (R&W) providers.Moody’s added that they also base their provisional ratings on “the certificates on the credit quality of the mortgage loans, the structural features of the transaction, our assessments of the aggregators, originators and servicers, the strength of the third-party due diligence and the representations and warranties (R&W) framework of the transaction.”You can read the full Moody’s report by clicking here. About Author: David Wharton The Best Markets For Residential Property Investors 2 days ago Share Save Tagged with: JPMorgan Chase Moody’s Moody’s Investor Service prime jumbo loans Residential Mortgage-backed securities RMBS Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Moody’s Grants Provisional Rating to J.P. Morgan Prime RMBS Moody’s Grants Provisional Rating to J.P. Morgan Prime RMBS The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Yellen: Tax Reform Will Likely Provide ‘Some Lift’ to Economy Next: Single Family Rental Boom Leads to Less Affordable Inventory  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] Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago JPMorgan Chase Moody’s Moody’s Investor Service prime jumbo loans Residential Mortgage-backed securities RMBS 2017-12-13 David Wharton in Daily Dose, Featured, Journal, News, Secondary Market December 13, 2017 2,300 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

The Week Ahead: Examining the State of the Housing Market

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Examining the State of the Housing Market Subscribe Share Save Home / Daily Dose / The Week Ahead: Examining the State of the Housing Market Carrington Carrington Mortgage Holdings the week ahead Webinar 2018-04-08 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago April 8, 2018 2,381 Views Demand Propels Home Prices Upward 2 days ago About Author: David Wharton Sign up for DS News Daily On Tuesday, April 10, at 1 p.m. EST, Carrington Mortgage Holdings, LLC, will present a new webinar about “The State of the U.S. Housing Market.” Rick Sharga, EVP, Carrington Mortgage Holdings, will host the webinar. During the hour-long presentation, Sharga will discuss topics including U.S. economic performance, home sales trends, mortgage industry trends, tax reform, the impact of immigration policy on the market, and the outlook for the real estate market for the balance of 2018.Carrington is a holding company whose primary businesses include asset management, mortgages, real estate transactions, and real estate logistics. Prior to joining Carrington, Sharga was the CMO at Ten-X, which operates Auction.com, the largest online real estate marketplace for REO and foreclosure properties.Click here to register for Carrington’s complimentary State of the U.S. Housing Market webinar.Here’s what else is happening in The Week Ahead.MBA Mortgage Applications, Wednesday, 7 a.m. ETFOMC Minutes, Wednesday, 2 p.m. ETTreasury Budget, Wednesday, 2 p.m. ETJobless Claims, Thursday, 8:30 a.m. ETFed Balance Sheet, Thursday, 4:30 p.m. ET The Best Markets For Residential Property Investors 2 days ago Tagged with: Carrington Carrington Mortgage Holdings the week ahead Webinarcenter_img in Daily Dose, Featured, News, Servicing The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 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. 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] 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Previous: The Debt Dilemma Next: MGIC Partners With Down Payment Resource  Print This Postlast_img read more

Top 3 Housing Trends

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Top 3 Housing Trends The Best Markets For Residential Property Investors 2 days ago Subscribe  Print This Post Related Articles A new down payment program by Freddie Mac, the efforts of the Government Sponsored Enterprises (GSEs), especially Fannie Mae, on making financing for condos easier, and how virtual e-closing expanding across the country are some of the latest trends that are shaping the housing market this month.Matt Ishbia, President, and CEO of United Wholesale Mortgage (UWM) gives an industry view on these trends and how they’re likely to impact the housing market in the near term. In this video, Ishbia points to the Freddie Mac Home One program that’s launching on July 29. This is a 3 percent down conventional program for homebuyers regardless of income and geography, according to Ishbia and though it is a bit more expensive than a similar program by Fannie Mae, it’s still a “better option than FHA.”He also gives an update on condos and the announcements by the GSEs as well as FHA on making the financing process for these properties easier and more accessible. Some of the changes include Fannie and Freddie’s initiatives to treat detached condos as SFR as well as FHA’s list of approved condos. “Condos are going to become easier for all of us in the industry,” said Ishbia.Additionally, e-closing has now extended to 20 states across the country including the District of Columbia. According to Ishbia, “e-closing has really grown right now and is expected to expand.”<span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span> About Author: Radhika Ojha Tagged with: e-closing Fannie Mae Freddie Mac mortgage UWM The Best Markets For Residential Property Investors 2 days ago e-closing Fannie Mae Freddie Mac mortgage UWM 2018-07-05 Radhika Ojha July 5, 2018 2,451 Views center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 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 / Top 3 Housing Trends Share Save Previous: Investment and Vacation Homebuyers Next: PACE Financing Risks—A Fresh Look Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Court Approves $13.8M Wells Fargo Settlement

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago bankruptcy courts compensation foreclose House Financial Services Committee Judge Robert J. Conrad Jr. Law360 Lawsuit Tim Sloan Wells Fargo 2019-03-18 Staff Writer in Featured, Foreclosure, Government, Headlines, Loss Mitigation, News March 18, 2019 7,261 Views The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Share 1Save Demand Propels Home Prices Upward 2 days ago Court Approves $13.8M Wells Fargo Settlement About Author: Stephanie Bacot As reported by Law360, a class-action lawsuit between nearly 6,000 mortgage holders and Wells Fargo has arrived at an agreement. A proposed $13.8 million deal has been granted the final go-ahead in a North Carolina federal court, stemming from allegations that the bank imposed a trial loan modification program on borrowers without their consent. The program allegedly led to many unwitting defaults on payments.According to Law360, the terms of the agreement stipulate that “Wells Fargo will pay $13,460,000 into a settlement fund for nearly 6,000 class members, and provide another $366,376.39 for account remediation for 393 of those borrowers, for a total settlement of $13,826,376.” U.S. District Judge Robert J. Conrad Jr. also appointed four class representatives and awarded attorneys’ fees of $4.56 million to class counsel. Counsel will also receive $54,466 in litigation costs and the class representatives will receive $10,000 each.The settlement fund will provide relief for the borrowers on 5,975 mortgage loan accounts who were subjected to the no-application modification program. According to the terms of the agreement, some borrowers will receive cash payments of $2,300 or $3,800. Furthermore, all class members will receive a minimum of $100 in cash. The class filing the suit stated that “Wells Fargo used the post-petition contractual delinquencies it created by applying for payments in the reduced amount of its unsolicited trial modification payments as a basis for filing motions for relief from the automatic stay with the bankruptcy courts to foreclose on affected borrowers’ homes.”So far, neither side has released any official media statements regarding the settlement agreement and plan.Wells Fargo had previously reported a software error that occurred between April 2010 and October 2015, which allegedly caused a total of 870 customers to be incorrectly denied a loan modification or repayment plan in cases where they would have otherwise been qualified. The bank reported that, in approximately 545 of these instances, after the loan modification was denied or the customer was deemed ineligible to be offered a loan modification or repayment plan, a foreclosure was then completed. A group of the affected borrowers sued Wells Fargo in June 2017 for soliciting Chapter 13 debtors for pre-approved “trial” loan modifications of their existing mortgage loans, which the bank called “no-application modifications.”In a hearing last week, Wells Fargo CEO Tim Sloan appeared before the House Financial Services Committee to address the bank’s progress in providing reparations related to past scandals and how the bank is working to improve its culture and better serve its customers. Sloan acknowledged the bank had had improperly foreclosed on 500 homes after incorrectly denying mortgage modifications. He said that full restitution has been made and that each of the affected customers “received $15K compensation,” but did not have an answer when asked about additional harm such as devastating credit scores and other residual damages caused by the error.Addressing the plight of a collective 3.5M customers who were defrauded, Sloan was questioned as to why the bank perceivers customers not worthy of the same justice that was meted out to investors. To which Sloan responded, “We went back 15 years, looked back 165M accounts and we feel we captured all customers harmed, addressed and made things right. They have all been taken care of, restitution has been made. We’ve settled customer suits, and resolved them but we’ve enforced our arbitration rights.” Sign up for DS News Daily Tagged with: bankruptcy courts compensation foreclose House Financial Services Committee Judge Robert J. Conrad Jr. Law360 Lawsuit Tim Sloan Wells Fargocenter_img  Print This Post Home / Featured / Court Approves $13.8M Wells Fargo Settlement Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: The Ups and Downs of New Construction Next: Why Reverse Mortgages Keep Moving Forward Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Stephanie Bacot is an experienced multimedia writer having created content for print, web, television, and more. She is the past producer of BIZTV, a national television network for businesses and entrepreneurs that reached more than 200,000 professionals. She has more than 15 years’ experience in healthcare marketing and was an advertising exec for Healthcare Journal of Baton Rouge, a trade publication focused on the healthcare industry, as well as the marketing director for a $5 million surgery center. Bacot is a graduate of Louisiana State University with a degree in Marketing and Communications. She resides in Dallas when she’s not pursuing her love of travel. The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles 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 Subscribelast_img read more

Industry Reaction: Fannie and Freddie’s Adverse Market Fee

first_imgHome / Daily Dose / Industry Reaction: Fannie and Freddie’s Adverse Market Fee Previous: HUD’s Carson Provides Opportunity Zone Updates Next: HUD Grants State, Local Officials Receive More Fund-Spending Flexibility The Best Markets For Residential Property Investors 2 days ago Related Articles August 14, 2020 2,102 Views  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News About Author: Christina Hughes Babb 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. Fannie Mae FHFA Freddie Mac Refinance 2020-08-14 Christina Hughes Babb Demand Propels Home Prices Upward 2 days agocenter_img 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Tagged with: Fannie Mae FHFA Freddie Mac Refinance GSEs Fannie Mae and Freddie Mac announced last week that they are raising fees for lenders on all mortgage refinances by 0.5%, an effort, the enterprises say, to protect themselves from losses on their refinanced mortgages given today’s pandemic-related low interest rates.The adjustment comes “as a result of risk management and loss forecasting precipitated by COVID-19 related economic and market uncertainty,” read a statement from Freddie Mac.The change, effective September 1, will apply to all refinances that aren’t already in process. The move could raise monthly mortgage rates for borrowers to the tune of $1,400 for the average consumer, according to the Mortgage Bankers Association (MBA), which added in its statement that “thousands of borrowers who did not lock in their rates could face unanticipated cost increases just days from closing.”While reaction from many housing advocates, mortgage experts, and lending professionals has been negative, others said claims by the “housing lobby” that the adjustment is unfair are unfounded.The fee, intended to offset risk on refinance loans, is not only prudent, said Edward J. Pinto, Director, AEI Housing Center, “but also it would have been a dereliction of regulatory oversight not to have taken [this] action.”He added, “To put the new 1/2 point upfront fee in perspective, mortgage rates on refinance loans have dropped nearly 100 basis points since early January 2020. The new 1/2 point fee is equal to about 13 basis points in rate, a minor impact compared to the massive drop in rates just since early January.”Still, Maxine Waters, Congresswoman (D-California) and House Financial Services Committee Chairwoman, said in a statement that she is “urging the FHFA to reverse course immediately and allow homeowners a fighting chance.”Bankrate.com’s Chief Financial Analyst Greg McBride provided his thoughts as well, stating, “The FHFA should rescind this announcement and not be a roadblock to homeowners reducing their monthly mortgage payments.”“Make no mistake,” he continued. “The consumer is going to end up paying this fee. Diluting the benefit of refinancing and discouraging homeowners from doing so during the worst economic downturn in 90 years doesn’t make sense.” The Independent Community Bankers of America (ICBA) also issued a statement suggesting the decision will “unnecessarily raise the cost of mortgage credit for community banking customers and will negatively impact the sectors of the U.S. economy that have thus far weathered the steepest economic downturn in modern history. This decision is contrary to recent legislative, regulatory, and administrative actions of Congress, the Administration, the Federal Reserve and the U.S Treasury to support consumers, and the economy.”A message left with the FHFA’s media liaison requesting further response had not been answered at time of publication. Industry Reaction: Fannie and Freddie’s Adverse Market Fee Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

New Bankruptcies Hit 1-Year High in March

first_img in Daily Dose, Featured, Government, Market Studies, News 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  Print This Post March experienced the highest monthly increase in new bankruptcy filings across all chapters— 43,425 of them— in 12 months, according to a press release from Epiq, a tech-enabled provider of intel to the legal services industry and corporations, which this week released its March 2021 bankruptcy filing statistics from its AACER bankruptcy information services business. Representatives from Equip say the increase is driven by 41,150 new non-commercial consumer filings, a 41% monthly increase as well as the largest individual month of new filing activity since the onset of the pandemic in March 2020.Chris Kruse, SVP of Epiq AACER said bankruptcy filings in March saw large increases over February due to promising developments related to the coronavirus.”The vaccination roll-out and corresponding economic recovery are gaining momentum that will accelerate the return to pre-pandemic new bankruptcy filings levels,” Kruse said. “We approach the second quarter of 2021 cautiously anticipating the bankruptcy backlog that emerged during the pandemic may be peaking.”There were 106,958 total new bankruptcy filings across all chapters for the first quarter of 2021, down from 177,245 in the same period in 2020. The two largest increases in March were in non-commercial consumer filings with 30,802 new Chapter 7 cases and 10,265 new Chapter 13 cases, increases of 9,939 and 1,945 over February 2021, respectively. Commercial Chapter 11 filings were down 9% over February with 384 new filings in March.A study following the Great Recession found that higher numbers of bankruptcies could slow the foreclosure process for struggling homeowners, “modestly.””Filing for bankruptcy adds a little more than a year to a normal foreclosure process,” according to the study.The study went on to reveal how lenders also are affected by borrowers in bankruptcy.”Although foreclosure sale price, in nominal terms, exceeds a filer’s own estimates at filing, about 65 percent of lenders still lost money, and the average loss amounted to 28% of what was owed to the mortgage lender.”Of course, today’s foreclosures process is initially halted by COVID-19 related forbearance programs.Recent reports show the number of new forbearances declining, but many remain in extensions.After last month’s report, Kruse said he and his colleagues continue to expect new filings will “grow substantially in the second half of 2021, notwithstanding any likely short-term stimulus.”Epiq’s AACER bankruptcy information services platform is built with advanced data, technology to create insight and mitigate risk for businesses impacted by bankruptcies.The company offers complimentary bankruptcy statistics and monthly email updates for both commercial and non-commercial (consumer) bankruptcy filings for Chapter 7, Chapter 11, and Chapter 13 cases.Registration for these free resources is available on its Bankruptcy Statistics and Trends page. Demand Propels Home Prices Upward 2 days ago Share Save 2021-04-06 Christina Hughes Babb Subscribe 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 / New Bankruptcies Hit 1-Year High in March Data Provider Black Knight to Acquire Top of Mind 2 days ago April 6, 2021 1,180 Views New Bankruptcies Hit 1-Year High in March Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Previous: Housing Market Competition Heats Up Next: Pandemic Forces Shifts in Migration 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Christina Hughes Babblast_img read more

Sinn Fein lead the way in Midlands Northwest EU election poll

first_img A new opinion poll for the European elections has found Sinn Fein’s Matt Carthy leading the way in the Midlands Northwest constituency.500 voters were polled in each of the the constituency on Tuesday and Wednesday of last week.In the Midlands North-West, the poll shows that Fianna Fáil could lose out to two independents.Sinn Fein’s Matt Carthy is on 19 per cent, followed by independent Luke Ming Flanagan on 15. Fine Gael’s Mairead McGuinness has 13%, while the sitting independent Marian Harkin follows on 12.Fianna Fáil’s Pat ‘the Cope’ Gallagher is on 10%, with his running mate Thomas Byrne on 9. Previous articleArrest ordered of former Bundoran Town Council worker over YouTube videosNext articleHarps unlucky not to have secured a win. News Highland Pinterest Twitter Twitter NPHET ‘positive’ on easing restrictions – Donnelly RELATED ARTICLESMORE FROM AUTHOR Help sought in search for missing 27 year old in Letterkenny News Three factors driving Donegal housing market – Robinson WhatsApp Facebookcenter_img WhatsApp 448 new cases of Covid 19 reported today Calls for maternity restrictions to be lifted at LUH Pinterest Facebook By News Highland – May 17, 2014 Google+ Sinn Fein lead the way in Midlands Northwest EU election poll Google+ Guidelines for reopening of hospitality sector publishedlast_img read more

Pringle will not support Norris if he seeks to re-enter presidential race

first_imgNews Twitter NPHET ‘positive’ on easing restrictions – Donnelly WhatsApp Pinterest Facebook WhatsApp Google+ Three factors driving Donegal housing market – Robinson Facebook 448 new cases of Covid 19 reported today Twittercenter_img Pinterest Help sought in search for missing 27 year old in Letterkenny The Deputy leader of Fianna Fáil says the Parliamentary Party will have to decide whether to back David Norris or anyone else in the race for the Aras.There’s intense speculation that should Senator Norris decide he wants to return to the Presidential election, some within Fianna Fail would be willing to support him.And it’s understood Dana Rosemary Scallon was also contacting Fianna Fáil Oireachtas members over the weekend.The issue is expected to be discussed at a gathering of TDs, Senators and MEPs in Dublin today and tomorrow.Meanwhile, a number of TDs have also pledged to stand by Senator Norris should he decide to re-enter the race  – including Luke Ming Flanagan, Maureen O’Sullivan, Richard Boyd Barrett, Joe Higgins and Clare Daly.However, one person who won’t be signing nomination papers for David Norris is Donegal South West Deputy Thomas Pringle.He says he’s sticking with his decision to withdraw his support in light of the letter written by the senator in support of his fornmer partner in Israel………..[podcast]http://www.highlandradio.com/wp-content/uploads/2011/09/prin10.mp3[/podcast] RELATED ARTICLESMORE FROM AUTHOR Previous articleTeens threatened by armed gang in StrabaneNext articleStorm update: Power returned to 5,000 Donegal homes -1,000 still effected News Highland Calls for maternity restrictions to be lifted at LUH By News Highland – September 12, 2011 Google+ Guidelines for reopening of hospitality sector published Pringle will not support Norris if he seeks to re-enter presidential racelast_img read more