Firm Announces Class Action Suit Against Servicer Over Relationship With Ocwen

first_imgSign up for DS News Daily Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Home Loan Servicing Solutions Lawsuits Mortgage Servicers Ocwen Financial February 11, 2015 1,200 Views Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Firm Announces Class Action Suit Against Servicer Over Relationship With Ocwen Demand Propels Home Prices Upward 2 days ago Previous: Morgan Stanley Makes Bid to Have Two FHFA Suits Over RMBS Dismissed Next: Dallas Fed President Argues Against Politicization of Monetary Policy The Best Markets For Residential Property Investors 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. Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Tory Barringer Data Provider Black Knight to Acquire Top of Mind 2 days ago A Los Angeles law firm announced a new class action lawsuit against Home Loan Servicing Solutions (HLSS), making it the latest in a line of suits filed against the mortgage company over its relationship with Ocwen.Glancy Binkow & Goldberg LLP alerted HLSS shareholders on Tuesday about the suit, which targets HLSS for not being open about the company’s close relationship with Ocwen, which has suffered from wave after wave of regulatory setbacks in the last year.In its complaint, the firm alleges that HLSS, which deals in the acquisition of mortgage servicing assets, made misleading statements and failed to disclose to investors how much its own business depended on Ocwen’s and the extent of Ocwen’s troubles.The complaint comes after a year of investigations by New York’s top financial watchdog into Ocwen’s relationships with affiliated companies, which regulators say created conflicts of interest in the companies’ daily business.Late last year, Ocwen resolved the investigation with a $150 million settlement that also saw the resignation of William Erbey, Ocwen’s founder and executive chairman. Erbey had also served as non-executive chairman on HLSS’ board, a position he was forced to vacate. Shares of HLSS plummeted in the weeks following the announcement of Erbey’s resignation.The complaint also brings up a notice issued in late January by private investment firm BlueMountain Capital Management notifying both HLSS and Ocwen that regulatory sanctions against Ocwen constituted a breach of contract and default on certain notes serviced by HLSS.Glancy Binkow & Goldberg isn’t the only firm taking action against HLSS. New York firms Levi & Korsinsky and Pomerantz LLP have also made similar filings. Each class action comprises investors who purchased shares in HLSS from February 7, 2013 through January 23, 2015.On top of that, the company has fielded complaints in the last week from New York investor Mangrove Solutions, which has threatened to nominate a new slate of directors based on HLSS’ ongoing dealings with Ocwen.Update: As promised, Mangrove introduced on Thursday its list of nominations for HLSS’ board of directors, citing the “significant value destruction shareholders are facing” from the company’s relationship with Ocwen and the failure of HLSS’ current board to address the issue.”While we remain open to further discussion with the Board and are amenable to reaching a mutually agreeable resolution that benefits all shareholders, we remain firm in our position on this matter—HLSS must terminate its relationship with Ocwen. If this Board continues to refuse to take action, we look forward to presenting shareholders with what we believe will represent the far superior choice of leadership at the Company’s 2015 Annual Meeting,” said Mangrove founder and president Nathaniel August in a statement. Home / Daily Dose / Firm Announces Class Action Suit Against Servicer Over Relationship With Ocwen Home Loan Servicing Solutions Lawsuits Mortgage Servicers Ocwen Financial 2015-02-11 Tory Barringer The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

First American Mortgage Solutions Acquires Forsythe Appraisals

Servicers Navigate the Post-Pandemic World 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Acquisitions First American Mortgage Solutions Forsythe Appraisals 2016-04-05 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. First American Mortgage Solutions, LLC, a subsidiary of First American Financial Corporation, announced its acquisition of Forsythe Appraisals, LLC.Forsythe Appraisals is an independent residential appraisal company in the U.S, offering comprehensive real estate valuation solutions with nationwide coverage.The acquisition enhances First American Mortgage Solutions’ existing valuation capabilities, providing lender customers with extensive valuation options aimed at quality, efficiency, and compliance.“We are delighted to have Forsythe Appraisals join the First American family,” said Kevin Wall, President of First American Mortgage Solutions. “With more than 75 years of appraisal expertise and a loyal, blue-chip client base, the addition of Forsythe Appraisals accelerates our efforts to help lenders and appraisers deliver a defect-free mortgage, while providing a superior consumer experience,”According to First American Mortgage Solutions’ announcement, the company can now offer lenders an integrated valuation solution that provides access to staff appraisers nationwide through Forsythe Appraisals and top-quality panel appraisers. This new valuation offering includes software solutions from ACI, fraud detection, loan quality, and compliance analytics supported by First American’s position in real property data coverage. The expanded valuation capabilities broaden First American Mortgage Solutions’ end-to-end offerings and support its commitment to the pursuit of certainty in lending.Forsythe’s management team, including President and CEO John Forsythe, Senior Director of Customer Development Tim Forsythe, and Chief Appraiser Alan Hummel, will continue to lead those operations.“Joining the First American family strengthens our ability to provide our customers with continually improving valuation products and services in today’s changing business and regulatory landscape. The Forsythe team will now have access to First American’s industry-leading property data, as well, further enhancing the quality, accuracy and speed of our appraisals,” said John Forsythe. “Our employees will also benefit by being part of a company recognized in 2016 by Fortune magazine as one of the 100 best companies to work for in America.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Xhevrije West April 5, 2016 1,626 Views Tagged with: Acquisitions First American Mortgage Solutions Forsythe Appraisals Home / Featured / First American Mortgage Solutions Acquires Forsythe Appraisals Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago First American Mortgage Solutions Acquires Forsythe Appraisals Related Articles Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago in Featured, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Previous: Interest Rate Hikes Could be Closer Than You Think Next: Martin Leigh PC Adds Senior Attorney Subscribe read more

Incentives Remain for Private Investors in Housing

first_imgSubscribe Related Articles April 12, 2016 1,310 Views As housing is inches closer to fair value due to rising home prices and distressed properties for sale continue to decline, private investors are finding it harder to find bargains in the market.A U.S. housing market update from Capital Economics by Property Economist, Matthew Pointon, showed that although there are a few roadblocks on their path, private investor demand is not likely to dry up anytime soon.”With returns on other types of assets looking low and/or risky, expectations for further gains in house prices suggest Americans will continue to see housing as a good place to store wealth,” Pointon wrote.In the midst of tight supply, heightened competition for buyers, and unpredictable financial markets, U.S. home prices continued to rise in the fourth quarter.The Federal Housing Finance Agency’s (FHFA) House Price Index (HPI) shows that home prices rose 5.8 percent year-over-year in the fourth quarter of 2015. Prices increased 1.4 percent from the third quarter of 2015, marking the 18 consecutive quarterly price increase in the purchase-only, seasonally adjusted index. Home prices were up 0.4 percent month-over-month for December.“Instability in financial markets did not seem to put much of a drag on home prices in the fourth quarter,” said Andrew Leventis, FHFA Supervisory Economist. The 1.4 percent rise in home prices “was in line with the extremely steady—but historically elevated— appreciation rates we have been observing for several years now.”Capital Economics posed the question if the continued rise in prices will cause investors to withdraw from the market, potentially leading to a drop in housing demand if others—like first-time buyers—do not take up the slack. However, Pointon stated, “Private investors have proved a stable source of housing demand over in recent years.””Private investors are typically on the look-out for bargains they can buy with cash. But with housing now at fair value, good deals are becoming harder to find. In particular, the rise in house prices, low mortgage rates and improving labor market have all helped to bring mortgage delinquencies down to pre-crisis levels,” Pointon said. “As such, the share of homes bought for investment and vacation purposes that were distressed dropped in 2015 compared to 2014.”Capital Economics said that it not likely that the lack of distressed properties will fend off investors. “While bargains may be harder to find, the fact remains that house prices are expected to keep on rising. Even if the home is not rented out, buyers will be expecting a decent capital gain,” the report said.”We don’t see a collapse in private investor demand as a significant risk for the housing market. Rather, a slow recovery in first-time buyer numbers will complement second home buyers, and ensure that housing demand weathers the coming gradual rise in mortgage rates,” Pointon concluded. About Author: Xhevrije West Incentives Remain for Private Investors in Housing Data Provider Black Knight to Acquire Top of Mind 2 days ago Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Previous: Is Government’s Defense in Fairholme Suit Valid? Next: DS News Webcast: Wednesday 4/13/2016 Tagged with: Capital Economics Housing Market Private Investors  Print This Post Share Save in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Capital Economics Housing Market Private Investors 2016-04-12 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Incentives Remain for Private Investors in Housing Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Ocwen Acquiring PHH Corporation for $360 Million

first_img Previous: JK Huey Appointed to Aspen Grove Solutions’ Advisory Board Next: Could Fannie and Freddie Be Eliminated Without Legislation? Demand Propels Home Prices Upward 2 days ago Ocwen Acquiring PHH Corporation for $360 Million Servicers Navigate the Post-Pandemic World 2 days ago February 27, 2018 3,044 Views Ocwen Financial Corporation, an Atlanta-based financial services holding company, today announced a definitive agreement under which Ocwen will acquire all of the outstanding shares of PHH Corporation, a mortgage platform with established servicing and origination recapture capabilities, for approximately $360 million in cash. The purchase price represents a 35 percent discount to PHH’s GAAP book equity at December 31, 2017.On a combined basis, as of December 31, 2017, the company would service 1.9 million loans with an unpaid principal balance of $328 billion and originate over $3 billion of residential mortgage loans, including reverse mortgages, annually. Ocwen projects that the increased size and scale of the combined company should create various strategic and financial benefits, including:Accelerating Ocwen’s transition to an industry-leading servicing platform,Improving servicing and origination margins through improved economies of scale,Reducing fixed costs (on a combined basis) by eliminating redundant corporate overhead and public company-related costs, andProviding a superior foundation to eventually enable the combined servicing platform to resume new business and growth activities to offset portfolio runoff.It is anticipated that at closing, which is expected to occur during the second half of 2018 following various required approvals, there will be sufficient available cash on PHH’s balance sheet to enable $260 million of the $360 million purchase price to be funded out of PHH’s available cash, while providing for sufficient additional liquidity to fund its operations going forward. Ocwen will also assume $119 million of PHH’s outstanding corporate debt.Ron Faris, President and CEO of Ocwen, said, “We are very pleased to announce the proposed acquisition of PHH, a leading non-bank servicer. PHH is a high-quality servicer with complementary capabilities and business lines to Ocwen, making it a great strategic match for us. In addition to providing significant scale benefits, this transaction gives us the opportunity to migrate to their existing BlackKnight LoanSphere MSP servicing platform more quickly and with less risk than had we just implemented the system ourselves. We are also excited by the opportunity to welcome the PHH employees to the Ocwen family and by the opportunity to bring our industry-leading and innovative loss mitigation capabilities to existing PHH servicing customers currently struggling with their mortgage payments.”Robert B. Crowl, President and CEO of PHH, said, “We are pleased to have reached an agreement with Ocwen, and we look forward to working with them to bring this transaction to a successful close. We are excited by the opportunity to build a stronger combined company for our servicing and subservicing clients, our borrowers, and our employees.”The acquisition is subject to various closing conditions, including PHH shareholder approval and regulatory and other approvals, and is targeted to close in the second half of 2018.Ocwen will host a webcast and conference call on Wednesday, February 28, 2018, at 8:30 a.m. EST to discuss the transaction during the company’s Q4 2017 and year-end 2017 financial results call. The conference call will be webcast live over the internet from the company’s website. To access the call, click on the “Shareholder Relations” section. A replay of the conference call will be available via the website approximately two hours after the conclusion of the call and will remain available for approximately 30 days. Subscribe Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: David Wharton  Print This Post Company News mergers and acquisitions Ocwen Ocwen Financial Corporation PHH Corporation 2018-02-27 David Wharton Related Articles Home / Featured / Ocwen Acquiring PHH Corporation for $360 Million The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Featured, Headlines, Journal, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Tagged with: Company News mergers and acquisitions Ocwen Ocwen Financial Corporation PHH Corporation Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Kraninger Nom Advances to Senate Vote

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Kraninger Nom Advances to Senate Vote Kathleen Kraninger took a step towards becoming the next Director of the Bureau of Consumer Financial Protection after a 50-49 procedural vote by the Senate advanced her nomination towards a full Senate vote. She will succeed Acting Director Mick Mulvaney at the bureau if her nomination passes the Senate vote next week.Kraninger’s nomination was passed by the Senate Banking Committee in August. During that hearing, Sen. Mike Crapo had said, “It is my hope that, if confirmed, Ms. Kraninger will be more accountable to senators on this Committee than Director Cordray was.”During her testimony, Kraninger hinted at pursuing a similar path as the current Acting Director Mick Mulvaney. She said that she had four initial priorities for the Bureau if confirmed as Director The first priority she said would be to make the Bureau “fair and transparent.”Secondly, Kraninger intends for BCFP to work closely with other financial regulators and the States on supervision and enforcement. Third, she said, “The Bureau must recognize its profound duty to the American people to protect sensitive information in its possession.”And lastly, she said that she would look at making the Bureau “accountable to the American people for its actions, including its expenditure of resources.”Kraninger is likely to follow the path set by Acting Director Mulvaney during his time at the BCFP. Mulvaney’s entry into the Bureau in November 2017 was a controversial one and has been in the news this year as much for the changes he’s brought to the Bureau as the controversies around them. From requesting $0 for the Bureau’s budget in Q2, and recommending four key changes to make the BCFP “more transparent and accountable,” to the more recent change of name from the Consumer Financial Protection Bureau to the Bureau of Consumer Financial Protection, the Acting Director is expected to leave his mark before he hands over the reins to his successor. Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Kraninger Nom Advances to Senate Vote BCFP CFPB Kathy Kraninger Mike Crapo Sherrod Brown U.S. Senate 2018-11-29 Radhika Ojha The Best Markets For Residential Property Investors 2 days ago Tagged with: BCFP CFPB Kathy Kraninger Mike Crapo Sherrod Brown U.S. Senate in Daily Dose, Featured, Government, News November 29, 2018 2,906 Views Servicers Navigate the Post-Pandemic World 2 days ago Related Articlescenter_img About Author: Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Judicial Foreclosure vs. Lender Behavior Next: Is Homeownership A Deferred Dream? Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 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. Subscribelast_img read more

Freddie Mac Announces $2.3B Loan Sale

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Freddie Mac NPL RPL Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago November 18, 2019 1,831 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Navigating Loss Mitigation in a Low-Default Landscape Next: Mortgage Servicing: A “People Business” Servicers Navigate the Post-Pandemic World 2 days ago Freddie Mac NPL RPL 2019-11-18 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Freddie Mac Announces $2.3B Loan Sale Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. About Author: Seth Welborn in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Freddie Mac Announces $2.3B Loan Sale Related Articles Freddie Mac announced pricing of the fourth Seasoned Credit Risk Transfer Trust (SCRT) offering of 2019—a rated securitization of approximately $2.3 billion including both guaranteed senior and unguaranteed subordinate securities backed by a pool of seasoned re-performing loans (RPLs).Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4 includes approximately $2.1 billion in guaranteed senior certificates and approximately $229 million in unguaranteed mezzanine and subordinate certificates. The transaction is expected to settle on November 14, 2019. The underlying collateral consists of 12,347 fixed- and step-rate, seasoned RPLs which were modified to assist borrowers who were at risk of foreclosure to help them keep their homes. As of the cutoff date, all of the mortgage loans have been performing for at least 12 months.The loans are serviced by Select Portfolio Servicing, Inc. and will be serviced in accordance with requirements pdf that prioritize borrower retention options in the event of default and promote neighborhood stability.Advisors to this transaction are Wells Fargo Securities, LLC and Citigroup Global Markets Inc. as co-lead managers and joint bookrunners, and BofA Securities, Inc., Nomura Securities International, Inc., J.P. Morgan Securities LLC, and Samuel A. Ramirez & Company, Inc. (a minority-owned business) as the co-managers.To date, Freddie Mac has sold $8 billion of Non-Performing Loans (NPLs) and securitized approximately $57 billion of RPLs consisting of $29 billion of fully guaranteed PCs, $23 billion of SCRT senior/sub securitizations, and $6 billion of Seasoned Loans Structured Transaction (SLST) offerings. The GSE’s previous NPL transaction included 2,243 NPLs from its mortgage-related investments portfolio. The loans, with a balance of approximately $369 million, are currently serviced by Specialized Loan Servicing LLC.  The transaction is expected to settle in January 2020. The sale is part of Freddie Mac’s Standard Pool Offerings.Winning bidders of this sale were InSolve Global Credit Fund IV, L.P. for Pool 1, VRMTG ACQ, LLC for Pools 2 and 3, Truman 2016 SC6, LLC for Pool 4. Subscribe Share Save Sign up for DS News Daily last_img read more

Mid America Adds to Servicing Department

first_img Previous: Regulators Push Community Reinvestment Act Comment Deadline Next: The Industry Pulse: Stern & Eisenberg Adds New Attorney February 20, 2020 1,203 Views Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Share Save Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Mid America Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Mid America Adds to Servicing Departmentcenter_img About Author: Seth Welborn in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Mid America 2020-02-20 Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Mid America Mortgage, Inc. (Mid America) announced that it has added John Bargas, Donnell Mitchell and Wendy Strawn to its servicing department. Bargas will lead the department as Executive Managing Director of Servicing and the combined experience and expertise of all three hires will make an immediate impact.“Since bringing our servicing in-house in late 2019, we’ve worked continuously to strengthen the department,” said Mid America Owner and CEO Jeff Bode. “Bargas and his team bring invaluable knowledge and capability to Mid America, elevating our servicing department to new heights.”Bargas is a seasoned mortgage servicing professional with over 20 years of experience in financial services. Most recently, he served as Director of Mortgage Servicing at Texas Capital Bank and has also held multiple leadership roles in mortgage banking, including at Saxon Mortgage, Capital One and Newbold Advisors. He brings a wealth of experience in servicing, mortgage banking, accounting and managing servicing quality control programs.Bargas shaped his career by working directly in various areas of residential servicing. He is a subject matter expert in GSE/Regulatory compliance and optimizing servicing technology. Bargas is skilled in leading servicing organizations by focusing on optimizing servicing performance and enhancing the customer experience.Mitchell comes to Mid America from Rushmore Loan Servicing, where he held a leadership position in servicing operations for two years. With nearly 20 years of experience in loan servicing, Mitchell has a diverse background spanning operational management, technical understanding and service delivery. Additionally, Mitchell has managed servicing operations at Capital One and Pacific Union Financial.Strawn has over 25 years of experience in customer service and cash operations, including 12 years at Saxon Mortgage where she first crossed paths with both Bargas and Mitchell. Strawn has proven success in process cost reduction, payment processing and configuration, customer service and financial reporting.  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Mid America Adds to Servicing Departmentlast_img read more

Hurricane Laura Damage Estimates in the Billions

first_img Hurricane Laura Damage Estimates in the Billions Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save August 28, 2020 1,121 Views 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. Previous: Tracking Hurricane Laura’s Impact on Homeowners Next: COVID-19 Drives Suburban Migration The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News Related Articlescenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Hurricane Laura 2020-08-28 Christina Hughes Babb Hurricane Laura, which made landfall last Wednesday, was the most intense storm to hit the northwestern Gulf Coast since 1856. According to a report from CoreLogic, storm-related damage “brings threat of further economic uncertainty to the region.”Said report included residential and commercial wind and storm surge loss estimates for Laura.According to this new data analysis, insured wind and storm surge losses for residential and commercial properties in Louisiana and Texas are estimated to be between $8 billion and $12 billion, with insured storm surge losses estimated to contribute less than $0.5 billion to this total. In addition to property damages, the ability to make loan payments can become compromised following a hurricane. Overall home mortgage delinquency rates (30 or more days past due, including those in foreclosure) in the Beaumont, Texas (9.3%) and Lake Charles, Louisiana (9.5%) metropolitan areas were already above the national rate (7.3%) based on the May 2020 CoreLogic Loan Performance Insights report. CoreLogic data has shown “natural disasters cause a spike in mortgage delinquencies, which suggests Hurricane Laura will add to the economic hardship families are already experiencing during the pandemic.” As Laura struck land, the storm center reportedly missed some of Texas and Louisiana’s more heavily populated cities, instead striking sparsely inhabited areas. “There is never a good place for a hurricane to make landfall. But this was the best possible outcome because it spared the major population centers of Houston and New Orleans,” said Curtis McDonald, Meteorologist and Senior Product Manager of CoreLogic. The CoreLogic post-landfall estimates have been updated based on the August 27, 11 a.m. Eastern Standard Time National Hurricane Center (NHC) advisory of the storm. As of last Friday, the storm was not expected to pose an extreme flood risk as it moves east across the country. Wind and storm surge are likely to be the primary causes of property loss initially while tornado activity could occur as the storm progresses. The analysis includes residential homes and commercial properties, including contents and business interruption and does not include broader economic loss from the storm. Hurricane Laura weakened as it moved over land, which safeguarded some metropolitan areas from the full impact of a landfalling Category 4 hurricane. This is represented in the “Hurricane Laura Total Residential Properties Affected by Wind and/or Storm Surge by Saffir-Simpson Hurricane Wind Scale Category” table above as zero values. Certain metropolitan areas will experience multiple categories of storm intensities as properties closer to the coast are likely to experience stronger winds relative to the more inland properties. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Hurricane Laura About Author: Christina Hughes Babb Home / Daily Dose / Hurricane Laura Damage Estimates in the Billions The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

10 Places Most Affected By Delinquencies

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago August 27, 2020 3,003 Views Demand Propels Home Prices Upward 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago A number of metros in seven states are under enhanced siege by a percolating number of FHA delinquencies, jeopardizing homeowners and neighborhoods, according the AEI.org.A cocktail of factors place them at pronounced risk. They include, a large FHA portfolio containing a high percentage of delinquent loans (>17%) or seriously delinquent loans (>10%); these percentages include loans in forbearance; and an FHA share of all purchase loans in 2019 >15%.There reportedly were 1,363,753 delinquent loans. Among FHA foreclosure rates for top 169 metro areas, the 10 most profoundly threatened by a mounting number of FHA delinquencies were Atlanta-Sandy Springs-Alpharetta, Georgia, leading the way with 52,865. Following were Houston-The Woodlands-Sugar Land, TX, 46.025; Riverside-San Bernardino-Ontario, CA, 22,788; Baltimore-Columbia-Towson, MD, 21,078; San Antonio-New Braunfels, TX, 16,764; Orlando-Kissimmee-Sanford, FL, 16,643; and Tampa-St. Petersburg-Clearwater, FL, 16,153.Over time, those delinquency percentages are expected to climb and, at some point, a significant chunk of the then delinquent loans, it’s also anticipated, would be placed on the market by owners facing distressed conditions or convert into foreclosures prior to hitting the market. Then, buyers’ markets would be expected to develop in zip codes particularly vulnerable to FHA and other high-risk lending mixed with high levels of delinquencies. Mostly low income; zips will be at about 50-90% of area median income) and contain high percentages of households of color will be among homeowners in these zip codesIn July, 17% of FHA’s approximately eight million loans were delinquent, the FHA Neighborhood Watch, which consists of loans in forbearance, reported. Furthermore, also during the month, 10.5% of FHA’s approximately eight million loans were seriously delinquent.In April, not only did the share of loans that became delinquent outpaced anything experienced during the Great Recession, it’s the highest rate on record in 21 years, according to CoreLogic’s data, as previously reported.During the month, 3.4% of mortgages went from current to 30 days past due–outpacing the 2% high recorded in late 2008.Despite the scale and suddenness of the pandemic, mortgage delinquency has yet to emerge as a major issue, thanks to government COVID-19 relief programs and other housing finance industry efforts, said Frank Martell, President and CEO of CoreLogic. “As the true impact of the economic shutdown during the second quarter of 2020 becomes clearer, we can expect to see a rise in delinquencies in the next 12-18 months—especially as forbearance periods under the CARES Act come to a close.” Share Save in Daily Dose, Featured, Foreclosure, News Tagged with: Delinquencies About Author: Chuck Green Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Subscribe The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / 10 Places Most Affected By Delinquencies Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Chuck Green has contributed to the Wall Street Journal, Washington Post, Los Angeles Times, San Francisco Chronicle, Chicago Tribune and others covering various industries, including real estate, business and banking, technology, and sports. Servicers Navigate the Post-Pandemic World 2 days ago 10 Places Most Affected By Delinquencies Delinquencies 2020-08-27 Christina Hughes Babb Previous: Fannie Mae Offers Assistance to Disaster-Impacted Servicers Next: Competition Heats Up Amid Diminishing Inventory Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Is COVID-19 Really Causing Migration to Suburbs?

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Andy Beth Miller is an experienced freelance editor and writer. Her main focus is travel writing, and when she is not typing away from her computer at her home in the Hawaiian Islands, she is regularly roaming the world as a digital nomad, and loving every minute of it. She has been published in myriad online and print magazines, is a fan of all things outdoors, and finds life (and all of its business, technological, and cultural facets) fascinating in their constant evolution. She is excited to spectate as the world changes, and have a job that allows her to bring a detailed account of those constant shifts to her readers at home and abroad. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 2020-10-16 Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Reports that COVID-19 is causing a migration from urban centers to suburbs abound, but are those stories entirely accurate?First American Chief Economist Mark Fleming recently revealed his insights regarding those rumors about pandemic-driven migration in America. Specifically, Fleming weighed in on whether or not the COVID-19 pandemic has really driven an acceleration in residents moving from the cities to the suburbs in droves.  According to recent media reports, the pandemic has sparked a mass migration from urban areas to the suburbs. While it is a fact that many Americans may indeed be feeling cramped in cities and wanting the increased space that the suburbs offers (especially for those who have now been relegated to working from home due to COVID-related safety measures), Fleming believes that this is not the sole catalyst for the shift toward the suburbs that we are currently experiencing.  In fact, data shows that this shift has been happening for awhile, but has perhaps just been made more pronounced in light of the pandemic. Other factors that have led Americans to literally make a move has been lifestyle considerations that cause the suburbs to be far more attractive than cities, such as having a greater chance at being able to actually purchase a home in these lesser expensive areas. This is especially true among the millennial set. But FirstAm consulted their data to see if it in any way confirmed that the pandemic has possibly accelerated this trend. Fleming summarizes their findings: “While our analysis may not yet confirm the widely discussed pandemic-driven sprint to the burbs, faint signals of a jog are picking up pace.” While FirstAm’s study did not 100% prove that suburban housing markets have strengthened at a disproportionally faster rate when compared with urban markets directly as a result of the pandemic, the increasing house price appreciation in suburban zip codes does seem to reveal that demand is increasing (and is indeed higher than supply) in the suburbs. FirstAM aims to further delve into the nuances of this study and topic on its next episode of its podcast, REconomy.  The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles October 16, 2020 1,363 Views Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post About Author: Andy Beth Miller in Daily Dose, Featured, News Home / Daily Dose / Is COVID-19 Really Causing Migration to Suburbs? The Best Markets For Residential Property Investors 2 days ago Previous: FHFA Releases Mortgage Relief Data for July Next: Tracking the Week’s Forbearance Activity Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Is COVID-19 Really Causing Migration to Suburbs? Share Save Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more