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Month: May 2021


Industry Modification Efforts Have Matured But Loans Are Harder To Get

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Paul Salfen is the editor at large for DS News. He holds a Bachelor of Arts from Penn State. He co-hosts two television shows and a radio show and is a frequent contributor to several notable publications. Home / Daily Dose / Industry Modification Efforts Have Matured But Loans Are Harder To Get Previous: DS News Webcast: Monday 4/7/2014 Next: TARP Bank Executive Indicted on Bank Fraud Conspiracy April 7, 2014 671 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Headlines, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Black Knight Financial Services credit default Foreclosures 2014-04-07 Paul Salfen About Author: Paul Salfen Industry Modification Efforts Have Matured But Loans Are Harder To Get The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Black Knight Financial Services credit default Foreclosures  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago In what seems to be an unfortunate standard in the industry as of late, a smattering of good news is dosed with a helping of bad news. While the report this morning that the U.S. economy added 192,000 jobs in March seems impressive, the nation’s unemployment rate is still sits flat at 6.7 percent.By the same token, Black Knight Financial Service’s Mortgage Monitor Report reports effective loan modification efforts have shown far fewer defaults, which helps those underwater already in homes. However, those looking to get a home that have had some trouble in the past may hit a brick wall, as only 30% of loans last year went to borrowers with credit scores below 720, which isn’t even close to the subprime score of 620.”Far few borrowers are experiencing re-defaults than in the early years post-crisis. Of course, more than 95 percent of the roughly 2.5 million interest rate reduction modifications still face rate resets,” said Herb Blecher, Black Knight’s SVP of their data analytics division.According to the CheckMyCreditScore blog, Quicken’s chief loan economist Bob Walters said, “Many potential homebuyers have the idea that they will need perfect credit to get a mortgage and therefore do not apply for a refinance or purchase loan. They fear being rejected.”Also in Black Knight’s report was an examination of the implementation of the Consumer Financial Protection Bureau’s new rules, which showed that foreclosures are taking longer to get started, much to the relief of those in distress. The CFPB rule states that foreclosure cannot begin until after the loan is 120 days delinquent, slowing down those that typically started at the 90-day point.In the report, New York, New Jersey and Florida had the highest rate of seriously delinquent loans, but Mississippi, Nevada, Rhode Island, Alabama and Louisiana had an alarming number of the same, which are those considered past 90 days late. This does not bode well for those looking to get a home loan in these states, as the banks have already overextended and despite any commentary on lending practices, the outlook is somewhat grim.”Credit standards have shown little signs of easing,” Blecher said, which only shows signs of promise for those who are on the other side of the coin in the situation. As he points out, there is “significant opportunity to expand mortgage origination activity … if risk appetites allow.”With any luck, there will be appetites for other activity as the market turns, which will hopefully show in the next report. Share Save Sign up for DS News Daily Subscribelast_img read more

DS News Webcast: Friday 4/25/2014

first_img  Print This Post 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 ago Demand Propels Home Prices Upward 2 days ago DS News Webcast: Friday 4/25/2014 Related Articles Previous: Oil and Gas Industry Help Fuel Loan Growth in South Next: Institutional Investor Held Real Estate Should Be Included In Shadow Inventory in Featured, Media, Webcasts Subscribe According to a report released this week by LendingTree, down payment percentages for 30-year fixed-rate purchase loans fell in the first quarter to a national average of 15.78 percent, down from just higher than 16 percent in the last quarter of 2013. LendingTree’s CEO and founder, Doug Lebda, said the change reflects an industry-wide movement to adapt lending guidelines and improve accessibility for homebuyers as the market improves and refinances decline.Out of the top states offering the lowest down payment percentages to borrowers, North Dakota reigned with an average of 12.3 percent. At the bottom of that top 10 range was Idaho at 13.8 percent. Meanwhile, the other end of the spectrum shows New Jersey, New York, California, Connecticut, and Hawaii, with down payments approaching 20 percent.While states with higher down payments might be more prohibitive to potential homebuyers, a report released last month by LendingTree shows they also tend to rank highest in borrower health, while the opposite is true for states with lower percentages.Despite soft housing news, mortgage rates experienced a moderate increase this week. In its weekly Primary Mortgage Market Survey, Freddie Mac recorded the average 30-year fixed rate at 4.33 percent, up six basis points from last week. The 15-year fixed rate also moved up, averaging 3.39 percent, while adjustable rates were unchanged for the week. With the Federal Open Market Committee set to convene next week to discuss the next round of tapering, commentators say further increases seem likely in the weeks ahead. Servicers Navigate the Post-Pandemic World 2 days ago Home / Featured / DS News Webcast: Friday 4/25/2014 About Author: DSNews Is Rise in Forbearance Volume Cause for Concern? 2 days ago April 25, 2014 468 Views Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save 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 2014-04-25 DSNewslast_img read more

Congress Urged to Pass Bill to Protect Taxpayers from Another Fannie Mae and Freddie Mac Bailout

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Congress Urged to Pass Bill to Protect Taxpayers from Another Fannie Mae and Freddie Mac Bailout The Competitive Enterprise Institute (CEI) and 14 other organizations have written an open letter to the U.S. House of Representatives and the U.S. Senate urging them to pass legislation that would provide a cushion to prevent another taxpayer bailout of Fannie Mae and Freddie Mac.The organizations, representing “hundreds of hardworking Americans fed up with government spending and overreach,” encouraged members of Congress to quickly pass H.R. 1673, known as the Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act of 2015 was introduced by Rep. Marsha Blackburn (R-Tennessee) in March. This bill would create a reserve fund from the GSE profits from which Fannie Mae and Freddie Mac could draw if necessary rather than depend on the Department of Treasury (taxpayers) for another bailout similar to the $187.5 billion resuscitation they received in 2008.Since September 2008, Fannie Mae and Freddie Mac have been in conservatorship of the Federal Housing Finance Agency (FHFA). Four years after the bailout in 2012, the GSEs became profitable again, but Treasury amended the bailout agreement (known as the “Third Amendment”) and since then, virtually all GSE profits have been swept into Treasury. The sweeping of GSE profits into Treasury has prompted several lawsuits from the GSEs’ largest investors, notably Fairholme Funds and Pershing Square Capital, who claim the profit sweep is in violation of the Fifth Amendment to the U.S. Constitution that prevents the taking of private property for public use without just compensation.In the letter, the organizations referred to the profit sweep as a “scheme” that has left Fannie Mae and Freddie Mac with “almost no capital reserves to offset potential losses in the event of another downturn in the mortgage and housing markets.” They also said the profit sweep “masks higher spending and creates phony short-term deficit reductions that the Obama Administration can claim credit for.””While H.R. 1673 is a wise proposal, it highlights the need for Congress to reduce dramatically the role of government in the housing finance system.”Analyst Dick Bove from Rafferty Capital Markets said on Friday that a recent request by White House lawyers to gain access to certain documents in the Fairholme suit is an indication that the White House was unaware of what FHFA and Treasury were doing with regards to the Third Amendment. Bove said he believes the White House’s actions indicate that a settlement in the Fairholme suit may be forthcoming.While the GSEs remain in the FHFA’s conservatorship seven years later, the taxpayers remain on the hook should Fannie Mae and Freddie Mac completely lose their capital. In the letter, the organizations were critical of the Dodd-Frank Act’s financial reform that imposed higher capital levels for insurance companies and community banks that had nothing to do with the mortgage crisis but allows Fannie Mae and Freddie Mac to operate with almost no capital reserves.The letter stated that H.R. 1673 creates an “insurance policy” for taxpayers, since they are a “threat” to taxpayers as long as they are under conservatorship of the FHFA.”While H.R. 1673 is a wise proposal, it highlights the need for Congress to reduce dramatically the role of government in the housing finance system,” the letter stated. “In particular, Fannie and Freddie’s government support–implicit and explicit–should be phased out. Until lawmakers embrace comprehensive reform, however, they should pass the Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act. And this measure must, as a first step, be part of any large appropriations or financial services bill that attempts to deal with Fannie and Freddie.”Click here to read the complete letter and view a list of the organizations that signed the letter. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Congress Urged to Pass Bill to Protect Taxpayers from Another Fannie Mae and Freddie Mac Bailout in Daily Dose, Featured, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea Tagged with: Bailouts Competitive Enterprise Institute Fannie Mae Freddie Mac Subscribecenter_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago August 28, 2015 1,488 Views The Best Markets For Residential Property Investors 2 days ago Bailouts Competitive Enterprise Institute Fannie Mae Freddie Mac 2015-08-28 Brian Honea Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Mid-Tier Banks View Dodd-Frank Stress Test Process as More Important than Results Next: DS News Webcast: Monday 8/29/2015 Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Share Save 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. last_img read more

Active Foreclosure Inventory Backlog is Clearing Out

first_img Demand Propels Home Prices Upward 2 days ago Share Save Active Foreclosure Inventory Backlog is Clearing Out in Daily Dose, Featured, Foreclosure, News Previous: The Week Ahead: Waiting to See if the Jobs Report Measures Up Next: The Hawkeye Hustle: Presidential Candidates Still Dancing Around Housing Policy Governmental Measures Target Expanded Access to Affordable Housing 2 days ago January 31, 2016 1,697 Views Related Articles Black Knight Financial Services Foreclosure Inventory Foreclosures 2016-01-31 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Foreclosure activity was way down across the board in 2015, with a noticeable decline in the foreclosure inventory down to its pre-recession level, meaning the backlog of foreclosures continues to clear out at a substantial rate.With nearly half of the residential mortgage loans that began 2015 in active foreclosure either liquidated or returning to current status during the year, foreclosure inventory ended the year at less than a third of what it was during its peak five years ago, according to Black Knight Financial Services’ December 2015 Mortgage Monitor released on Monday.About 880,000 residential mortgage loans were in active foreclosure at the start of 2015, and out of those, more than half (484,000) were at least two years delinquent, according to Black Knight. By the end of the year, 47 percent of the total number of loans in active foreclosure had either returned to performing status or were liquidated—about 1.5 percent higher than the total last year.About 41 percent of the loans that began 2015 at least two years delinquent had either returned to performing status or been liquidated, with 6 percent of them had returned to performing, according to Black Knight.As a result of all the loans that began 2015 in foreclosure being liquidated or returning to current status at some point during the year, active foreclosure inventory went from 880,000 at the beginning of the year to 689,000 at the end of the year. It was the first time that active foreclosure inventory ended the year at below 700,000 since 2006 (prior to the crisis) and at less than a third of their peak hit at the end of 2010 (2.3 million).Remaining foreclosure volume still ended the year at about two and a half times its “normal” level even with the declines, according to Black Knight.Foreclosure sales—a true measure of homes lost to foreclosure—totaled 377,000 in 2015, a decline of about 72,000 (14 percent) from 2014 and a decline of about 70 percent from their peak in 2010; however, foreclosure activity is still way above “normal” levels due to elevated levels of foreclosure inventory and 90-plus day delinquencies. In all, about 7.1 million homes have been lost to foreclosure since 2007, with 1.2 million of those coming in California alone; Florida (872,000) and Michigan (407,000) were second and third behind California in the number of homes lost to foreclosure since 2007.Click here to view the entire Black Knight December 2015 Mortgage Monitor. Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Active Foreclosure Inventory Backlog is Clearing Out Tagged with: Black Knight Financial Services Foreclosure Inventory Foreclosures About Author: Brian Honea Subscribelast_img read more

DS News Webcast: Thursday 6/16/2016

first_imgHome / Featured / DS News Webcast: Thursday 6/16/2016 The Best Markets For Residential Property Investors 2 days ago DS News Webcast: Thursday 6/16/2016 Demand Propels Home Prices Upward 2 days ago June 15, 2016 1,018 Views As foreclosure numbers continue their downward spiral, the data showed that almost half of the nation’s completed foreclosures for the 12-month period ending on April 30, 2016, were locked up in five states, according to CoreLogic. Florida, Michigan, Texas, Ohio, and California combined for approximately 186 thousand out of the nationwide total of 461 thousand completed foreclosures during the year-long period ending in April.Those five states combined for about 40 percent of the nation’s total of completed foreclosures for the 12 months. The number of 12-month completed foreclosures dropped by about 14 percent year-over-year in April, from 537 thousand down to about 461 thousand. Though Florida still led the nation in 12-month completed foreclosures in April, the number was down by about 40 percent year-over-year, from 106 thousand for the 12-month period ending in April 2015.Fannie Mae and Freddie Mac have offered several possible solutions for borrowers who received modifications through the government’s Home Affordable Modification Program who are facing increased monthly payments when the interest rates on their modifications reset, according to the FHFA’s 2015 Annual Report to Congress released on Wednesday. Two of those solutions are a pay-for-performance incentive to reduce principal and eliminating the sunset on Streamlined Modification products. 2016-06-15 Brian Honea in Featured, Media, Webcasts Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Previous: Watchdog Finds Problems With CFPB’s Internal Controls Next: Delgado Champions Diversity and Inclusion in Mortgage Industry Is Rise in Forbearance Volume Cause for Concern? 2 days ago Share Save  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily last_img read more

Portfolio Underwriter is Now Available through Calyx Software

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post June 16, 2017 1,106 Views The Best Markets For Residential Property Investors 2 days ago Calyx Software, a provider of comprehensive mortgage software solutions for banks, credit unions, mortgage bankers and brokers, announced Portfolio Underwrite, an automated underwriting system (AUS) from LoanScorecard, is now available to Point and PointCentral clients.“Manually underwriting portfolio loans not only exposes lenders to Fair Lending issues, but is also time consuming and costly,” said Ben Wu, Executive Director at LoanScorecard. “By incorporating automated technology like Portfolio Underwriter, portfolio lenders using Point and PointCentral can improve efficiency by streamlining decisioning for their unique programs and focus on more complex transactions.”Portfolio Underwriter allows portfolio lenders to customize credit decisioning and safely originate non-agency loans that they intend to put on their balance sheets. It captures a portfolio lender’s program guidelines within its engine and delivers a rules-based underwriting decision in seconds. Results of the decision are documented in a findings report. This report includes program-specific, conditional underwriting criteria utilized in the data analysis. Portfolio Underwriter seamlessly integrates with Calyx Point and PointCentral loan origination systems. The connection facilitates bidirectional data flow and provides a single system of record for all loan documentation. Centralization of processes and documents streamlines preparation for audits, board reviews and regulatory submissions.“The predominant focus of Fair Lending violations is how and why loans were approved; therefore, it is critical to have an AUS in place to demonstrate the standard practice of quality underwriting,” said Bob Dougherty, VP of Business Development at Calyx Software. “While lenders are certainly familiar with agency AUS, they are also aware of gaps in automated decisioning for their portfolio products. Portfolio Underwriter helps lenders who originate portfolio loans automatically determine the appropriate response for their institution—ensuring compliance with Fair Lending at the point of sale and in the underwriting process.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Staff Writer Previous: Builder Confidence Shaky as Labor, Lot Shortages Continue Next: Current Costs of Living Effects Homebuyers Affording College Tuitions Tagged with: automated underwriting system Calyx Software Fair Lending Portfolio Underwrite Related Articles Portfolio Underwriter is Now Available through Calyx Software automated underwriting system Calyx Software Fair Lending Portfolio Underwrite 2017-06-16 Staff Writer 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 Home / Featured / Portfolio Underwriter is Now Available through Calyx Software in Featured, Headlines, News, Technology Sign up for DS News Daily 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 Subscribelast_img read more

Further Simplifying Foreclosures

first_img The Best Markets For Residential Property Investors 2 days ago Previous: SFR Powerhouse Next: Adding Tolerance to Disclosure Requirements The Best Markets For Residential Property Investors 2 days ago Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] August 14, 2017 1,170 Views Subscribe Related Articles Demand Propels Home Prices Upward 2 days ago Tagged with: Foreclosure Foreclosure 2017-08-14 Joey Pizzolato About Author: Joey Pizzolato Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days agocenter_img Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Further Simplifying Foreclosures Servicers Navigate the Post-Pandemic World 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post in Daily Dose, Featured, Foreclosure, Government, Headlines, News Further Simplifying Foreclosures Foreclosures can be a messy process for all involved—from the homeowner that loses their home, to the servicers that eventually take care of the property—it is anything but a pleasant experience. In addition, the entire process can be complicated by a slew of paperwork, payments, and transfers with many moving parts that are easy to miss.But, according to The Journal Times, one county in Wisconsin is making a small change to its foreclosure procedure that could go a long way in ensuring smooth transitions of title, one that the rest of the country could possibly benefit from if it goes as planned.The proposed change is as simple as removing a middle-man, the article notes. In Racine County, as of now, when a foreclosure is sold through the sheriff’s office the buyer receives a copy of the deed and is required to take that deed down to the Register of the Deed’s office to get it filed.However, this little step is often overlooked, according to the Racine County Register of Deeds, which can cause big problems for borrowers and the state, since the tax bill will continue to be sent to the old owner to never be paid. This can lead to further complications, like tax interception.The proposed bill, Senate Bill 175, would allow the Clerk of Courts Office to simply take the deed directly to the Register of Deeds Office, and eliminate the middle man, who has little incentive to make sure the task gets accomplished.Currently, this practice has been implemented in Milwaukee County, but if passed would become state-wide practice.Critical and constant examination of foreclosure requirements and best practices are vital to streamlining and simplifying the industry, and taking a look at what certain states and municipalities are doing is just one of the many ways for the industry to stay ahead of the curve.last_img read more

Homeownership Gets a Boost from Young Americans

first_img The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The homeownership rate for the second quarter of the year was “not statistically different” from the rate recorded the previous quarter or a year earlier, according to the Census Bureau, which released its quarterly homeownership and vacancy report on Thursday. The notable change in homeownership over the quarter occurred among millennials. “For the second quarter in a row, homeownership rates slipped for households 55 and up and gained for younger households, especially those under 35 who saw their rate reach 36.5 percent, its highest level in five years,” said Danielle Hale, Chief Economist at realtor.com in response to Thursday’s homeownership numbers. The jump in millennial homeownership was also noted by Aaron Terrazas, Senior Economist at Zillow, who said that the millennial “home shopping spree” lead to a “bump in the overall homeownership rate in Q2.” He considered that the current millennial homeownership remains “well below pre-crisis and pre-bubble norms, but those same groups are currently experiencing some of the biggest gains.” This quarter’s 36.5 percent millennial homeownership rate compares to a rate of 34.1 percent a year ago. Those ages 35 to 44 are also more likely to own a home now than a year ago. The homeownership rate for this age cohort rose from 58.3 percent a year ago to 60 percent in the second quarter of this year. The overall homeownership rate for the second quarter was 64.3 percent, compared to 63.7 percent in the first quarter and 64.2 percent in the same quarter last year, according to the Census Bureau. The rate was highest among older households—78 percent for those 65 years and older. Homeownership was more common among non-Hispanic white households than among other races. The homeownership rate for non-Hispanic white households was 72.9 percent. For Asian, Native Hawaiian and Pacific Islander households, the rate was 58 percent, and for black households, the rate was 41.6 percent. The homeowner vacancy rate was 1.5 percent in the second quarter, matching the rate of the previous quarter and the same quarter last year. The rental vacancy rate was 6.8 percent, down from 7.3 percent a year ago but not statistically different from last quarter’s 7 percent, according to the Census Bureau. Terrazas characterized rental household formation as “anemic for a fifth consecutive quarter,” which he said, “has contributed to softer rent growth nationwide. After a decade of “renters accounting for almost all new households nationwide,” Terrazas said “that decade-long dynamic began to shift” in mid-2016. However, “as interest rates rise and purchase affordability becomes more stretched over the next year, the pendulum could swing back toward more renter household formation,” he said.Overall, 87.7 percent of housing units in the United States were occupied as of the second quarter, while 12.3 percent were vacant, according to the Census Bureau. About 56.3 percent of housing units were occupied by owners, while 31.3 percent were occupied by renters. At 68.3 percent, the homeownership rate was highest in the Midwest. The South ranked second with a rate of 65.9 percent, and the Northeast and West followed with rates of 61.3 percent and 59.7 percent, respectively.On August 23, 2018, MReport will host a webinar on the latest trends that are driving millennial homebuyers and how lenders can address their mortgage needs. An expert panel of speakers will give insights into the latest trends in housing and mortgage, and explore the role of digital lending channels to rethink business strategies for millennials. Click here to register today. Census Bureau Homebuyers Homeownership Households Millennials Realtor.com Rental Vacancy Zillow 2018-07-26 Krista Franks Brock Home / Daily Dose / Homeownership Gets a Boost from Young Americans  Print This Post About Author: Krista Franks Brock July 26, 2018 1,610 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Insuring Against Collapse Next: The Figures Behind Judicial State Foreclosurescenter_img Share 1Save Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Homeownership Gets a Boost from Young Americans Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Tagged with: Census Bureau Homebuyers Homeownership Households Millennials Realtor.com Rental Vacancy Zillow The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more

The QM Patch’s Impact on Affordable Housing

first_img Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Affordability CFPB FHFA Home HOUSING QM Patch The Consumer Financial Protection Bureau (CFPB) recently announced that it would be focusing its attention on the Qualified Mortgage (QM) “Patch” on loans that are eligible to be purchased or guaranteed by either Fannie Mae or Freddie Mac.While proponents of the QM Patch say that its expiry in 2021 would make homes less affordable, especially in the lower-tier housing market, an article in Forbes points out that if the Trump administration wants to improve housing affordability, “it needs to expand the role of private markets through increased competition.”Writing for Forbes, Norbert Michael, Director of the Center for Data Analysis at The Heritage Foundation, said in the report that the CFPB should announce that the patch will expire at its scheduled time in 2021. “Then, the Bureau can start working on improving the QM and Appendix Q, rules that are likely holding back private lenders,” Michael wrote.Additionally, he said that the Federal Housing Finance Agency (FHFA) should announce three key areas of change in the way Fannie Mae and Freddie Mac will acquire loans including not acquiring loans related to cash-out refinance, non-cash-out refinance, and loans made to nonowner-occupied homes. On the other hand, FHA can work with other agencies to ensure that it doesn’t land up taking those high debt-to-income ratio loans that Fannie and Freddie would be giving up.”Americans would be best served by a vibrant, competitive housing finance market, and they’re simply not going to get one unless these agencies move down this path,” Michael said.The report comes close on the heels of the recent announcement by the Trump administration that it is putting the final touches on a plan to return Fannie Mae and Freddie Mac into private hands. As reported by the Wall Street Journal (WSJ), the plan is being developed by the Treasury in consultation with the FHFA. The WSJ report stated that “people familiar with the Treasury document cautioned it would likely include substantial changes to the business models of the companies, including steps to reduce over time their footprints in housing finance.”The QM Patch has also been one of the key concerns highlighted by current FHFA Director Mark Calabria. DS News recently reported that among Calabria’s concerns is the “qualified mortgage patch,” which allows more highly leveraged homebuyers to obtain Fannie and Freddie-eligible mortgages. Patch usage has grown in the last few years, and according to Calabria, changing the patch would be a key tool to shrink Fannie and Freddie without a full overhaul, though he states that he does not intend to do away with it entirely. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / The QM Patch’s Impact on Affordable Housing Affordability CFPB FHFA Home HOUSING QM Patch 2019-06-04 Radhika Ojha Sign up for DS News Daily  Print This Post Related Articles Previous: House Passes Disaster Relief Bill Next: Examining Black Homeownership Trendscenter_img About Author: Radhika Ojha The QM Patch’s Impact on Affordable Housing June 4, 2019 2,301 Views 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. in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

The Future of a Career in Appraisals

first_img Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Servicers Navigate the Post-Pandemic World 2 days ago The Future of a Career in Appraisals Servicers Navigate the Post-Pandemic World 2 days ago June 7, 2019 2,322 Views Fannie Mae’s VP of Single-Family Credit Risk Collateral Management Jacob Williamson discusses the appraisal industry, its evolution, and technological advancements in a new blog post.“You probably didn’t hear from an appraiser on career day at school — I know I didn’t. There seems to be limited awareness of the career opportunities available in the residential appraisal field, and regulatory changes in the wake of the housing crisis a decade ago have contributed to a lack of incentives for entry. At the same time, increasing digitization of the mortgage industry to make it more efficient is creating a sense of urgency for the traditional appraisal process to evolve,” Williamson said.Williamson said 49% of appraisers are between the ages of 51 and 65, and an additional 13% are 66 or older. The issue, he adds, is that 7% of the appraisers have been working in the industry for two years or less, while 52% have been in the industry for more than 20 years.The Appraiser Qualifications Board of the Appraisal Foundation adopted changes in 2018 that state regulatory board have implemented. These changes include education and experience requirements that were modified to remove barriers that have deterred qualified candidates from entering the profession.Among the issues Williamson discusses is the evolution of technology, and how that impacts appraisers moving forward. He added that many appraisers are tasked with determining the value of a property based on a combination of data.“This gives appraisers the option to analyze the data from their desks without having to visit each property. For those who do want to be in the field, instead of relying on the traditional clipboard and tape measure, appraisers now use tablets, laser measuring devices, and even 3-D scans to collect property information,” Williamson said.Williamson said this evolution presents “intriguing new opportunities” for appraisers to work in a variety of ways.“Appraisers can run their own business or work for a company – there is no single career path. This flexibility promotes a healthy work-life balance: Appraisers are often able to pivot working hours around family priorities, taking care of business at the most convenient and productive times of the day,” he said. Appraisal Appraisers 2019-06-07 Mike Albanese Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Another Housing Bubble Ahead? Next: Checking in on Interest Rates About Author: Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days agocenter_img Home / Daily Dose / The Future of a Career in Appraisals Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago  Print This Post Tagged with: Appraisal Appraisers Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more