first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago U.S. Unemployment Drops to 6.3%; Adds 288,000 Jobs  Print This Post in Daily Dose, Featured, Headlines, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Employers across the country added 288,000 jobs to their payrolls in April, bringing the unemployment rate down to a new post-crash low.According to the latest report from the Labor Department, the rate of unemployment last month fell to 6.3 percent, down nearly half a percentage point after a flat March. At an estimated 9.8 million, the number of unemployed people was down by 733,000.On top of that news, the government also announced upward revisions to payroll numbers for February and March, bringing them to 222,000 and 203,000, respectively. With the new data, employment gains over those two months increased an additional 36,000.Bart van Ark, EVP and chief economist for the Conference Board, says April’s surprisingly strong pickup underscores the difficulties the economy has faced until recently.“Weather, sequestration, a significant buildup of inventory and other factors have helped bottle up some of this strength. Now, it would appear, the absence of these factors is finally allowing the economy’s underlying strength to come to the surface,” van Ark said, adding, “The result is not just a relatively strong gain in jobs in April but probably more of the same in May and June and perhaps right through the summer.”While the rise in payrolls is cause for celebration, part of the decline in the headline unemployment rate can also be attributed to a huge drop of 806,000 in the civilian labor force, which more than wiped out March’s increase of 503,000.Meanwhile, more than a third of unemployed persons classify as “long-term unemployed”: those who have been out of a job for 27 weeks or longer.Breaking down the numbers, job gains were widespread last month, with construction once again ranking near the top. According to the Labor Department, construction jobs grew by 32,000 in April, with major job growth in heavy and civil engineering (+11,000) and residential building (+7,000).In the past year, the construction field has seen jobs increase by 189,000, with nearly three-quarters of that happening in just the past six months.The other two big indicators in the monthly report—average length of the workweek and average hourly earnings—were unchanged at 34.5 hours and $24.31, respectively. Conference Board Labor Deployment Payroll Numbers Unemployment 2014-05-02 Tory Barringer Share Save Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily center_img Home / Daily Dose / U.S. Unemployment Drops to 6.3%; Adds 288,000 Jobs Subscribe Tagged with: Conference Board Labor Deployment Payroll Numbers Unemployment Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago May 2, 2014 688 Views The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: DS News Webcast: Friday 5/2/2014 Next: Mortgage Rates Slip from Poor Q1 Growth Demand Propels Home Prices Upward 2 days agolast_img read more

first_imgHome / Featured / DS News Webcast: Thursday 9/11/2014 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: CFPB Director Tells Senate His Bureau Has Made ‘Considerable Progress’ Next: Report: Foreclosure Filings Rise Monthly, But Fall Annually Sign up for DS News Daily Related Articles Subscribe The number of foreclosure filings in the nation has increased month-over-month but declined year-over-year, according to RealtyTrac’s monthly U.S. Foreclosure Market Report for August 2014 released Thursday. The report showed that one in every 1,126 houses in the nation had a foreclosure filing during August, which represented an increase of 7 percent from July but a decrease of 9 percent from August 2013. Foreclosure filings include default notices, scheduled auctions, and bank repossessions.For the second consecutive month, foreclosure starts increased month-over-month, making a 12 percent jump from July to August. The number stayed flat year-over-year, however. The state with the highest foreclosure rate in August for the 11th consecutive month was Florida, with one in every 400 housing units, almost three times the national average. Among metro areas with a population of more than 200,000, the area with the highest foreclosure rate in August was Macon, Georgia, with one filing in every 154 housing units.Congresswoman Maxine Waters, a ranking member of the House Financial Services Committee, unveiled a proposal Wednesday that would make sweeping changes to the way consumer credit is scored. Waters drafted her proposal, which is entitled “Fair Credit Reporting Improvement Act of 2014,” in response to many recent cases and studies which have exposed flaws in the country’s current consumer reporting system. Among the proposed changes are shortening the length of time adverse information remains on a consumer’s credit report from seven years to four years, and removing adverse information from credit reports that is a result of deceptive, illegal, or fraudulent practices from predatory lenders. Share Save About Author: Jordan Funderburk Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post DS News Webcast: Thursday 9/11/2014 2014-09-11 Jordan Funderburk Demand Propels Home Prices Upward 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago in Featured, Media, Webcasts Servicers Navigate the Post-Pandemic World 2 days ago September 11, 2014 747 Views Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

first_img Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Tagged with: Deutsche Bank Lawsuits Morgan Stanley Mortgage-Backed Securities Settlements Deutsche Bank Lawsuits Morgan Stanley Mortgage-Backed Securities Settlements 2015-05-05 Brian Honea Previous: CFPB Report Finds 26 Million American Adults Have No Credit History Next: DS News Webcast: Wednesday 5/6/2015 Servicers Navigate the Post-Pandemic World 2 days ago May 5, 2015 1,307 Views Morgan Stanley reported in its quarterly filing that it might take a $292 million loss as a result of a potential settlement with Deutsche Bank over the misrepresentation of mortgage-backed securities.Deutsche Bank sued Morgan Stanley in April 2014, claiming that the New York-based investment firm breached a contract by misrepresenting the quality of about $735 million worth of loans held in a trust in in which Deutsche Bank was the trustee and Morgan Stanley was the sponsor.In April, a judge in the Southern District of New York denied Morgan Stanley’s motion to have the bank’s complaint dismissed.The announcement of a possible settlement with Deutsche Bank is the latest in a series of ongoing legal troubles Morgan Stanley has experienced with regards to its handling of mortgage-backed securities in the run-up to the financial crisis. In late April, reports surfaced that the investment firm was in talks with the office of New York Attorney General Eric Schneiderman over a possible $500 million settlement to resolve claims that Morgan Stanley omitted certain material information on 30 subprime loans sold to investors, calling into question Morgan Stanley’s due diligence, underwriting, and valuation processes.Morgan Stanley settled with the Justice Department in late February 2015 to pay $2.6 billion to resolve similar claims, and in February 2014, the firm settled with the FHFA for $1.25 billion to resolve claims that it sold faulty MBS to Fannie Mae and Freddie Mac before the crisis. Also, in mid-February 2015, Morgan Stanley made a motion in the New York Supreme Court to have two FHFA lawsuits dismissed that accused the firm of failing to buy back $2.5 billion worth of faulty securities.  Print This Post About Author: Brian Honea 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. Morgan Stanley Says It Might Settle MBS Suit With Deutsche Bank for $292 Million Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily in Daily Dose, Featured, News, Secondary Market Home / Daily Dose / Morgan Stanley Says It Might Settle MBS Suit With Deutsche Bank for $292 Millionlast_img read more

first_imgHome / Daily Dose / HUD Announces $1.5 Billion in Aid to Puerto Rico Previous: Aspen Grove Solutions Appoints Mike Jurkovic as VP Business Services Next: The Industry Pulse: Updates on Aspen Grove Solutions, Indisoft, and More … HUD Announces $1.5 Billion in Aid to Puerto Rico The Department of Housing and Urban Development announced Thursday that it was awarding more than $1.5 billion in aid to help Puerto Rico recover from the damages wrought by Hurricanes Irma and Maria last year. HUD Deputy Secretary Pamela Hughes Patenaude joined Puerto Rico Governor Ricardo Rosselló to make the announcement, marking Patenaude’s third trip to the island since the hurricanes hit.The funds are being provided through HUD’s Community Development Block Grant—Disaster Recovery (CDBG-DR) Program, and are targeted to “support long-term recovery of seriously damaged housing and local businesses in Puerto Rico,” according to HUD’s media statement.HUD Secretary Ben Carson said, “President Trump and the entire HUD family stand with our fellow citizens in Puerto Rico to help them recover from these devastating hurricanes. These recovery funds will help repair damaged homes and businesses. As local leaders, along with their citizens, develop their recovery plans, HUD will reduce regulatory barriers and remove any unnecessary roadblocks to speed long-term recovery.””On behalf of the many thousands of survivors here in Puerto Rico, I want to express our appreciation to the Administration and HUD for recognizing the tremendous needs that remain in so many of our neighborhoods,” said Governor Rosselló. “This grant will make a huge difference in repairing damaged homes and businesses and facilitating the social and economic recovery here in the island.”Congresswoman Jenniffer González-Colón said, “The $1.5 billion in CDBG-DR funding that we are announcing originates from the first Continuing Resolution (CR) that we advocated for and approved in Congress last September, out of a total of $7.4 billion that was assigned to HUD to assist in the aftermath of natural disasters. Today’s announcement is just another example of our ongoing efforts in Congress to allocate federal funding that helps mitigate the hurricanes’ disastrous effects and consequences.”In spite of federal aid, Puerto Rico has been struggling to recover from the brutal 2017 hurricane season. Last month the Orlando Weekly reported on how evacuees from Puerto Rico were accelerating Florida’s already difficult affordable housing crisis, with 300,000 Puerto Ricans having fled to Florida after the storms and only 18 affordable rental units available per 100 low-income families, according to a National Low Income Housing Coalition study.Puerto Rico is also headed for a likely foreclosure epidemic, as reported in December by the New York Times. That piece reported that about one-third of the Puerto Rico’s 425,000 homeowners were behind on their mortgage payments. Tens of thousands had not made payments for months as 2017 ended, and about 90,000 borrowers became delinquent as a consequence of Hurricane Maria, the Times report said, quoting reports from data firm Black Knight Inc.HUD’s newly announced grant will undoubtedly make a huge impact on Puerto Rico’s recovery efforts. Time will tell whether more help will be needed. Disaster Relief HUD Hurricane Irma Hurricane Maria Natural Disasters Puerto Rico 2018-02-01 David Wharton  Print This Post in Daily Dose, Featured, Government, Headlines, Journal, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Disaster Relief HUD Hurricane Irma Hurricane Maria Natural Disasters Puerto Rico The Week Ahead: Nearing the Forbearance Exit 2 days ago February 1, 2018 2,082 Views The Best Markets For Residential Property Investors 2 days ago About Author: David Wharton Sign up for DS News Daily 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 Related Articles Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

first_img Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Where Are Homebuyers Headed? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Affordability Issues Not Sparing Current Homeowners Next: Fannie’s Earnings Recover Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago While some cities are experiencing an increased inflow of residents from other areas, others aren’t so lucky. Realtor.com’s Q1 2018 Cross Market Demand Report reveals that southern metro areas, such as those in Florida and Texas, are experiencing a high inbound/outbound ratio. That is, they are seeing more demand come in from out-of-state metros rather than closer to home.According to the Cross Market Demand Report, six of the top 10 metros with the highest inbound/outbound ratio are located in Florida, including North Port-Sarasota-Bradenton at number one nationally, with an inbound-outbound ratio of 2.83 (down by 0.22 year-over-year). Other Florida metros in the top 10 are Deltona-Daytona Beach-Ormond Beach, Jacksonville, Palm Bay-Melbourne-Titusville, Lakeland-Winter Haven, and Cape Coral-Fort Myers.The Cross Market Demand Report notes that much of the demand for homes in these Florida metros has come from out of state, notably from the New York-New Jersey and Chicago metro areas.Other states included in the top 10 are Washington (Spokane-Spokane Valley), Arizona (Tucson), South Carolina (Charleston-North Charleston), and Texas (El Paso).Meanwhile, the San Jose-Sunnyvale-Santa Clara and the San Francisco-Oakland-Hayward metros in California are experiencing the lowest nationwide inbound/outbound ratios, at rates of 0.18 and 0.22, respectively. What demand there is originates within California, with very little interest from out of state. Realtor.com notes that the limited affordable housing inventory is pushing residents out to other metros around California, such as Sacramento, Stockton, and Vallejo. The Chicago-Naperville-Elgin metro area is also experiencing a low inbound-outbound ratio, as residents move even further away than the Californians, to cities such as St. Louis and Phoenix.Realtor.com also reported which metro areas experienced the biggest improvements to their inbound/outbound ratios year-over-year. The Cleveland-Elyria, Ohio metro area saw the largest increase, from 0.53 in 2017 to 0.83 this year, a 0.30 jump.In order to gauge inbound/outbound ratios, Realtor.com examined listings for the 100 largest metropolitan areas in the country, comparing Q1 2018 to Q1 2017. “The analysis primarily focuses on a metro’s inbound to outbound ratio, which is the ratio of views to that metro from other metros, compared to views from that metro flowing to other metros,” states the Realtor.com write-up. Home / Daily Dose / Where Are Homebuyers Headed? Related Articles Sign up for DS News Daily center_img in Daily Dose, Featured, Journal, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago 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.  Print This Post Demand Housing Demand metros migration Moving 2018-05-03 Seth Welborn Demand Propels Home Prices Upward 2 days ago May 3, 2018 2,050 Views The Best Markets For Residential Property Investors 2 days ago Tagged with: Demand Housing Demand metros migration Movinglast_img read more

first_img Share Save Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha The Week Ahead: Focus on the Fed’s MBS Holdings  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / The Week Ahead: Focus on the Fed’s MBS Holdings 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. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Previous: GSEs Weigh in on Serious Delinquencies, Loan Mods Next: Slowing Inventory Shortage Drives Price Cuts debt Federal Reserve MBS mortgage Securities 2018-09-02 Radhika Ojha Demand Propels Home Prices Upward 2 days ago September 2, 2018 1,670 Views Related Articles Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Federal Reserve will release its balance sheet on Thursday, September 6 at 4:30 p.m. ET. Apart from the presenting the combined numbers of all the 12 Federal Reserve Banks, this balance sheet also provides an insight into the Fed’s mortgage-backed securities (MBS) holdings. In 2017, the Fed had announced a program to reduce its balance sheet by the gradual reduction of both its Treasury and MBS holdings.The MBS are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. According to the latest balance sheet data available, federal agency debt and MBS stood at approximately $298,658 million. This, according to the Federal Reserve is remaining principal balance of securities that include MBS. The Fed has said that through its program it plans to reduce Treasury holdings by $270 billion and MBS by $180 billion in 2018.Here’s what else is in store in The Week Ahead:Construction Spending Report, Tuesday, 10 a.m. ETCoreLogic Home Price Insights, Tuesday, 9 a.m. ETMBA Mortgage Apps, Wednesday, 7 a.m. ETEllie Mae Millennial Tracker, Wednesday, 9 a.m. ETJobs Report, Friday, 8:30 a.m. ET Subscribe Tagged with: debt Federal Reserve MBS mortgage Securitieslast_img read more

first_imgHome / Daily Dose / Parts of a Whole in Default Servicing  Print This Post Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago July 4, 2019 3,373 Views The Best Markets For Residential Property Investors 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Racial Disparities in Lending and Foreclosure Trends Next: The Case for Outsourcing in Property Preservation Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News, Print Features Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Tagged with: cwcot HOUSING Loan mortgage Servicing Technology 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. Demand Propels Home Prices Upward 2 days ago cwcot HOUSING Loan mortgage Servicing Technology 2019-07-04 Seth Welborn Share Save Editor’s note: This feature originally appeared in the July issue of DS News, out now.With foreclosure volumes remaining historically low and the cost of servicing a real issue for many companies working within the mortgage sector, it’s more important than ever for servicers to maintain a focus on efficiency, innovation, and streamlining best practices. Perhaps most important of all, however, is one core pillar: communication. Without effective communication between all stakeholders within the mortgage servicing spectrum, none of those other target areas can hope to reach their full potential.However, that communication can be challenging when trying to navigate terrain that includes technological hurdles, the ever-shifting sands of compliance, and the tangled network of banks, nonbanks, law firms, government agencies, and service providers who make up the landscape of modern mortgage servicing.With so much to consider—and so much at stake—how are today’s servicing professionals managing their commitment to excellence, both for their own shops and for all their partners? This month, DS News spoke to an array of industry experts to find out.THE LAY OF THE LANDThe low-volume environment that has defined recent years has impacted every step of the servicing process. Within this more stable status quo, what areas of focus have taken on a higher priority, and what has shifted to the back burner?According to Eric Patrick, CEO of Quandis, there’s been no shortage of retooling. “One recurring comment I hear is, ‘We’re not going to stay this low on foreclosure volumes forever,’” Patrick said. “There was an attempt to integrate the various players during the last downturn, but much of that integration was haphazard. At this point, the large players are taking time to figure out how that interconnectivity can be more efficient.”Neil Sherman, Managing Partner of Schneiderman & Sherman, P.C., told DS News that “Two areas where we may have fallen off as an industry are continuing education and face-to-face communication.” Sherman noted that, as foreclosure volumes have continued to dwindle, so too has the amount of interaction between servicers and law firms.“For a while, there were a number of servicer-based summits, and there was a lot more peer-to-peer interaction between the law firm community and the servicers.” Sherman said he worries that the industry has moved away from that in recent years, and suggests that “it’s important for us to get back to that as we start to see volumes increase again.”Another concern cited by several experts DS News spoke to involved REO asset management and liquidation.“There’s so much capacity in the marketplace for that,” said Dave Worrall, President of LoanCare. He added that the models and systems being developed within the auction space have the potential to have a strong impact on the next default cycle.“Certainly some of the programs related to the Claims Without Conveyance of Title (CWCOT) program have proven how efficient that process can be for liquidating hard-to liquidate properties,” Worrall said. “In many cases, you’re getting execution that’s on par with what you would get if you just went the old-fashioned way and marketed the property.”Michael Harris, President and CEO of Exceleras, also pointed to the changing landscape of property inspections as another developing aspect that servicers need to be aware of and communicating about with their vendor partners. Harris told DS News that, a decade ago, inspectors “weren’t doing inspections to make sure that the real properties still attached and the value is validated. They were potentially taking possession of the property based on the trustee rights, under a notice of abandonment.”Harris notes that the nature of handling properties post-foreclosure has changed as well.“The same applies to post-foreclosure REO or even working with investors for buying or selling notes and managing real property,” Harris said. “Back in the day, almost all the interaction went through the real estate agent who was assigned to the subject property.” Today, Harris explained that is mostly not the case. “All the interaction, all the communication, all the workload is going directly to the service provider, as opposed to funneling through the agent.”Jeff Smith, Head of Servicing at Wells Fargo, emphasized that customer service must remain a high priority in any environment.“Regardless of low delinquency rates or foreclosure volume, the fundamentals of helping customers sustain homeownership remains the highest priority,” Smith said. “Providing exceptional service to a customer is key, whether it is a simple question from a customer who is current or assisting a customer who has a hardship explore options.”INNOVATION VS. LEGACYWith many industries working to leverage emergent technology to help improve efficiencies and return on investment, the default servicing industry is no different. As that technology advances, however, it inevitably brings with it new challenges on the compliance front, in implementation, and in old-fashioned trial and error.According to Gagan Sharma, President and CEO of BSI Financial Services, the industry continues to see an increased focus on automation and management of internal data.“How do we use technology to be cheaper, to be faster, to be more compliant?” Sharma asked. All of those questions can be further complicated by the nature of many legacy systems still in place within the servicing industry, many of which present challenges when it comes to integrating with other—or newer—systems. When you consider the inherent need for servicers to interact with their partner firms and vendors, things can get complicated quickly.Cole Patton, Managing Partner at McCarthy & Holthus Law Firm, told us that last year, 70% of his firm’s client updates were manual, with the other 30% being automated.“That’s the kind of the infrastructure and one of the hurdles we’re dealing with on some of those legacy systems,” Patton said.DIMONT President and CEO Denis Brosnan told DS News that legacy systems, despite their faults, have remained in place for a reason.“The reason legacy systems exist or continue to exist, though, is because they work,” Brosnan said. “The fundamental focus of a servicer is to collect payments from the borrower and to remit to investors and then to produce the interest statement at the end of the year, and those core systems are very good at that. They’re producing tremendous amounts of transactions with a high degree of reliability.”Brosnan added that, despite the continued viability of many legacy systems, “what they’re not good at is all of the intricacies of workflow in all the different activities that happen.”Moving forward, many industry experts agree that a continued shift to digitalization of mortgage and servicing processes is the wave of the future. While upgrading technology can be extremely expensive, Stephen Hladik, Partner at Hladik, Onorato & Federman, LLP, suggests that the investment is worth it for many reasons, including a commitment to increased data security.“It’s a time-consuming, costly process,” Hladik said. “However, it is an absolute, vital necessity for law firms and servicers these days to deal with the most cutting edge of data security.”Despite the high costs involved, there are still often inexpensive ways to help ensure data security. Patrick highlighted the step of ensuring that data flowing between different organizations is encrypted.CONSIDERING COMPLIANCEFor Sharma, ensuring proper technology updates from vendors is key to streamlining compliance processes and reducing friction between servicers and vendors.“There are certain industrywide compliance regulations, and all those industry vendors have got to provide advisory solutions,” Sharma said. “If a particular regulator comes out with a new guideline, every servicer has to deal with that guideline. So it would be best if our technology vendor would just develop that, launch that as an update, and all of us automatically get it as part of the core business. That is one challenge that we think that industry vendors could do a better job of: having a radar for compliance changes and baking those solutions into their system upgrade roadmaps.”John Vella, Chief Revenue Officer at Altisource, echoed Sharma’s statement, suggesting that, as regulation changes, technology needs to keep up.“When a new regulation comes in, you have to change the technology,” Vella said. “You have to update the policies, you have to train your people, you have to make sure your vendors are complying. So, the whole process around changing rules and regulations and how well you manage that is probably the biggest issues within a servicer’s operation.”Cole Patton told DS News one concern he sees is the need for more consistency.“All of the servicing industry is subject to the same regulatory and compliance requirements, whether that be state or federally mandated,” Patton said. “We see each of those servicers taking a slightly different nuanced spin on how they direct or employ methods to accomplish those compliance or regulatory objectives.”Dave Worrall also pointed to concerns involving the changing regulatory environment and how it relates to privacy and consumer information protection. Worrall cited the example of the California Consumer Privacy Act (CCPA).“Any servicer who’s not paying attention, or who didn’t pay attention to the CCPA—and how that stands as an example for other states to follow—is almost negligent in meeting its responsibilities to its shareholders, investors, and consumers,” Worrall said. “It’s obvious at this point that, without some kind of federal standard, each of the states is going to pick its own regulation, and we’re going to have to figure out a way to comply with it. That’s really difficult for a company that does business in all 50 states.”MAKING THE JOB EASIERWhile challenges on the technological and compliance front present a myriad of hurdles for the industry, proper communication between partners is integral to evolving on any of those fronts, and countless others. “The more that we share and the more that we communicate and prepare each other, the better we’ll be situated,” Sherman said. This communication must be a two-way street, however.“Law firms, by nature, are small businesses,” Sherman said. “We don’t have economists that are sitting there trying to determine where things are going. Any forecasting from our servicing partners that they can share with us can be incredibly beneficial. Vice versa, we are boots on the ground both as legal service providers and counselors to our clients, and we have our own indicators we watch in our regional spaces, such as increases in consumer bankruptcy that will eventually correlate to an increase in mortgage foreclosure default. We have our own indicators, and we need to make sure that we’re conveying those back to our servicing partners.”Effective communication means everyone needs to be on the same page, said John Vella. This means that every party involved should have a voice.“When you sit around the table, it’s treated as a partnership, where you feel comfortable if something is not going right, where you can articulate that and feel like you’re being heard,” Vella said. “This also means having the type of relationship where, at any time, the servicer can provide the vendor with escalation, or problems, or issues, and feel comfortable that they’re getting attention.”Cole Patton agrees, noting the importance of uniformity and inter-servicer communication. “If the servicers had a mechanism to standardize and uniformly employ and implement these regulatory compliance standards, it would definitely provide more consistent results,” Patton said. “Such a standardized approach would create less uncertainty, promote greater efficiency, and ultimately provide better customer service to borrowers.”Eric Patrick highlighted the importance of open standards in areas including security, API documentation, data formats, and models. “These standards reduce friction, lowering costs of integration significantly,” Patrick said.Dave Worrall suggested that technologies designed to assist consumers can also assist the industry as a whole by helping to provide information quickly.“Adopting technology that allows [servicers] to do business with consumers in a mobile and/ or web environment helps everybody in the process,” Worrall said. “If you can work with a customer or consumer to have them interact digitally and get them comfortable with that digital interaction, then you not only have a better record of the interaction, but you’re able to make more opportunities available faster, you’re able to gather better information, than if you were dependent on some of the old channels of communication, like phone and written correspondence.”LOOKING FORWARDLooking to the future requires looking to the past—specifically back to the 2007 downturn.“All of us are preparing for something like that again,” Worrall said. “That’s why it’s so important that there’s continued investment. In good times, it’s always appealing to take profit, but this is the time when companies need to be investing, especially in their default platforms, so that when the next downturn comes, we’re all ready to handle it, and we can, as an industry, look a little better than we did last time.”“It’s a challenging time for this segment of the industry,” Denis Brosnan said. “I think it’s a time when professionals can work together and find a way to not only survive but thrive.” Parts of a Whole in Default Servicing 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 About Author: Seth Welborn Related Articleslast_img read more

first_img About Author: Radhika Ojha  Print This Post Previous: An Eye on Trends in Fintech and Foreclosure Next: Recognizing Women’s Voices in Mortgage Data Provider Black Knight to Acquire Top of Mind 2 days ago 2019-09-25 Radhika Ojha 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, News, Print Features Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago September 25, 2019 5,109 Views “Positive,” “optimistic,” “friendly,” “people person,” “innovative,” “expert” … these are just a few ways that people who have worked with him describe the leadership style of Tony Ebers, COO of Mr. Cooper Group.It is perhaps these traits, along with his innate ability to put customer experience before everything else, that’s driving the company culture at Mr. Cooper Group today.“In his role as our COO, Tony has taken on our companywide initiative to create an experience that places the home, rather than the transaction or loan, at the center of everything we do for our customers,” Jay Bray, President and CEO of Mr. Cooper Group, Inc., told DS News. “I’m personally very excited about the work he and his team are doing and the successes we are starting to see.”For Ebers, the power of the success behind these initiatives lies not with one person but all employees.“It really starts with, what is the purpose of your company? What do you stand for, how you treat team members. Is it a meritocracy? How do you reward not only results but also behaviors,” Ebers continued, “If you get that right, then you have a dedicated workforce that’s highly engaged. Then you are in a position to focus on high-end customer satisfaction.”Speaking about how employee engagement was integral to any company’s success, Ebers said that it all starts with how smart and innovative you are to forge a successful growth path.“You can’t even be in business if you’re not smart, good at product development, technology, managing compliance,” Ebers said. “But a healthy organization, one of high morale and high engagement, that amplifies the results of a smart company.”Looking back at his career, Ebers said that anytime a company functioned well, you could tie that success back to an “engaged workforce and a compelling vision of the future that people believed in.”Giving an example from the financial crisis of how smart, engaged people collaborating together could change the course of the industry, Ebers, who worked with IndyMac at that time, said they worked closely with the FDIC, the OCC, Treasury, “and a really smart team of individuals at One West to come up with the Home Affordable Modification Program.”“Many people played a role in that, but coming up with the industrywide solution to help people retain homeownership during the financial crisis was a difficult, humbling time. Being part of that solution, helping navigate it, and, over time, earning the respect of mortgage lenders back again, has been an important process,” Ebers said.Over the years, Ebers has helped develop numerous innovations that have changed the industry for the better, according to Kurt Johnson, Chief Credit Officer at Mr. Cooper Group, who has known Ebers for more than 15 years.“In my years of working with him, he has been at the forefront of initiatives including loan modifications, business process outsourcing, streamline refinancing, workforce optimization and diversification of servicing revenues, and  that names only a few that have transformed our industry. In all instances, Tony’s been a leader and the industry followed,” he said.Bill Glasgow, President and CEO of Glasgow Mortgage Advisors, and one of Ebers’ oldest friends and colleagues, also pointed out that Ebers’ “drive and determination in setting standards of excellence with not only himself, but the industry as a whole,” has changed the business for the better.“Tony has served the mortgage industry as a leader and visionary selling in both mortgage servicing and mortgage production disciplines—a rare combination,” Glasgow said. “His dedication to the company and industry is supported by a work ethic and core values that explains, in part, his career progression to the role of COO in two major mortgage companies in the last decade.”During this time, Ebers has also stayed true to the commitment to his work and the people around him. Perhaps that’s the reason he elicits complete loyalty from his team and peers. “I know dozens of people, at Mr. Cooper and Xome today for instance, who are there because Tony is responsible for bringing them in,” said Rayman Mathoda, CEO, Xome. Mathoda puts it down to the positivity he brings to the workplace.“I’ve only been a part of his core team a short while, but I can say that from the perspective of a peer, Tony’s a loyal colleague and a good friend to people,” Mathoda said. “There’s always a lot of dynamism wherever he goes, because he’s one of those people who’s always trying to create positive change.”Being a good friend also means inspiring them to do the right thing and setting an example by holding yourself accountable to those high standards. According to Gavin Brady, SVP, Mr. Cooper, Ebers’ ability to lead by example is paramount.“His honesty in directing people, being upfront, and really motivating them, is second to none in terms of setting bars, and also holding himself accountable,” he said.Ebers’ passion to do the right thing has been noticed across the industry.“Tony Ebers is a person who is always all-in. Tony sets his mission and goals, and then executes to success. If there’s a hill to be taken, he was always front and center leading the charge,” said Joseph Otting, Comptroller of the Currency. “Tony is one of the U.S. experts on residential mortgaging and servicing, and he uses his talents and skills to make homeownership available and affordable for all Americans.”Today, Ebers believes that the industry must focus on some areas that are likely to play a larger role moving forward. One is the liquidity at Ginnie Mae that many bank and nonbank servicers are likely to take advantage of in the near future. The other is the equity in the market that is likely to soften the blow if another downturn does happen.“If you think about last time, it was just the lack of equity and people that weren’t credit qualified to be in that loan,” Ebers said. “But over the last 10 years, the ability to repay was critical, creating a lot of equity, especially home equity. There may be a regional downturn, but it will be nothing like we experienced 10 years ago.”What does he think about becoming the recipient of Five Star’s 2019 Lifetime Achievement Award?“There are so many brilliant minds in this industry and, quite honestly, you can’t do it all by yourself,” Ebers told DS News. “The great, smart people I’ve always worked with and those around me keep me motivated to face the next challenge head-on. But it’s so humbling to receive this award. I’m excited and want to share it with all the people I’ve ever worked with as well, as that’s what it’s really all about.” Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Home / Daily Dose / Leading From the Front: Mr. Cooper Group’s Tony Ebers Data Provider Black Knight to Acquire Top of Mind 2 days ago Leading From the Front: Mr. Cooper Group’s Tony Ebers Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Bankruptcy Previous: CFPB Updates Consumers on Forbearance Options Next: Senate Leaders Reach Deal on $2T Stimulus Package Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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. March 24, 2020 826 Views Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily About Author: Seth Welborn Subscribe  Print This Post Bankruptcy 2020-03-24 Seth Welborn in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago For many borrowers, bankruptcy is not the end of the road like some may think, according to a report from LendingTree. Interest rates may go up, but over half of consumers who file for bankruptcy had credit scores of 640 and higher one year after filing.After two years, when some borrowers are once more eligible for conventional mortgages, 63% had prime scores of at least 640. About 5% had scores of 700 or higher.After five years, 71% of borrowers had scores of 640 or higher, 41% had scores of 680 or higher and 17% had scores of at least 700.However, LendingTree notes, the more recently borrowers went through bankruptcy, the higher their offered mortgage APRs were, even compared with others with similar credit scores. Those with scores of 760+ were an exception; they got better APR offers, on average, than those who had no bankruptcies on their records.Additionally, over 70% of bankruptcy filers are mortgage-eligible after 5 years. Just two years out of bankruptcy, however, mort mortgage borrowers can expect to pay almost $26,000 more over the life of their mortgage than people without a bankruptcy on their records. Even after five years, they can expect to pay more than $9,600.During the COVID-19 pandemic, as many borrowers are likely to fall behind on payments, many lenders are saying they will not report late payments to credit reporting agencies or waiving late fees for borrowers in forbearance due to this pandemic. Federal Housing Finance Agency (FHFA) Director Mark Calabria discussed with CNBC how forbearance will impact the credit scores of borrowers.“If you’re in a forbearance plan and you’re meeting the terms of that plan, it will not be reported to your credit bureau, there will not be a ding on your credit,” Calabria said. “If you don’t reach out to your lender and get a plan and don’t pay, you will get hit.” Bouncing Back from Bankruptcy Share Save Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Bouncing Back from Bankruptcy The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles  Print This Post VP Mike Pence Addresses Industry Stakeholders on COVID-19 Response Home / Daily Dose / VP Mike Pence Addresses Industry Stakeholders on COVID-19 Response Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Hon. Brian D. Montgomery Discusses the State of Housing Next: New York Lawmakers: Mortgage Forbearance Is Not Enough Tagged with: housing market 2020 Mike Pence Mortgage leaders Demand Propels Home Prices Upward 2 days ago About Author: Mike Albanese in Daily Dose, Featured, Government, News April 23, 2020 2,076 Views The Vice President of the United States Mike Pence addressed business and mortgage leaders during a conference call on Thursday, discussing the federal government’s response to COVID-19. The call was hosted by Dr. Benjamin Carson, Secretary for the Department of Housing and Urban Development (HUD) and Brian D. Montgomery, Federal Housing Commissioner, Assistant Secretary of HUD. Pence told the mortgage and business leaders that “we are making real progress” in slowing the spread of COVID-19, and that social-distancing efforts are helping to flatten the curve. “As of this morning, I am pleased to report that the numbers on the west coast continue to be low and steady but even in the New York metro area, including New Jersey and Connecticut and of course all of New York City’s broader area we believe that we are past the peak,” Pence said. Pence continued, saying: “Every single day we are one day closer to putting this epidemic in the past and I want to assure you that we are going to continue to use the full weight of the local government to support.” Secretary Carson said that the FHA took a series of important actions to provide relief to the American people across the country.HUD enacted foreclosure and eviction moratoriums for 60 days in March and announced in April that homeowners insured through the FHA could either make reduced payments or defer payments, for six months if they were impacted by COVID-19. Commissioner Montgomery added that the FHA will “obviously evaluate” the length of the policy as needed in the weeks ahead.He also said that the FHA issued a temporary waiver related to the in-person contact of early-default intervention.”In accordance with the CARES Act, we swiftly issued a mortgagee letter with loss-mitigation options for single-family borrowers affected by COVID-19. These policies should ease the stress of both borrowers and servicers,” Commissioner Montgomery said. He added that as long as the borrower is on a forbearance plan, the lender or servicer must waive all fees, charges, and penalties. However, Commissioner Montgomery noted that “we strongly encourage” people to continue to pay their mortgages if they are able.”We need to ensure our resources are directed to those who most need the help,” Commissioner Montgomery said. “I want to thank Vice President Pence, Secretary Carson, and Commissioner Montgomery for recognizing the efforts being made across the mortgage industry towards protecting and preserving homeownership,” Delgado said. “We applaud the efforts of the Administration and the unwavering commitment displayed by HUD to protect homeownership nationwide.”Secretary Carson recalled his life before HUD, working in medicine, operating on children with problems. He said he has seen firsthand the trauma that comes into people’s lives with a child is sick. However, he said he has also seen the “incredible resilience of the human spirit.” “Even when children and families are given a difficult response, those families’ first response is to pull together, to still their spirits to face the future with steady hands and hearts full of faith. That’s the sort of response we’re seeing happen within our American family as we resolve to pull together during this urgency put upon us by COVID-19,” Secretary Carson said. Secretary Carson added that he has taken those decades of experience in the operating room into the mindset of HUD. “While housing needs are always in my direct line of sight at HUD, the importance of keeping people healthy and safe has never really left my wider view. At the end of the day, everything comes secondary to a person’s health,” he said. Commissioner Montgomery added during the call that, “no one should lose their home because of the virus.”The Commissioner added that for loss mitigation, home retention options are available for single-family borrowers and include senior borrowers with FHA-insured reverse mortgages, known as home-equity conversion mortgages, or HECMs for short, by extending important deadlines. “To help our seniors affected by COVID-19, the HECM provision includes delays on calling the loans due in payable, such as when a borrower enters a healthcare facility due to COVID-19. This policy also extends timelines and temporarily withdraws requirements for HECM claims to reduce burdens on servicers,” Commissioner Montgomery said. He added that the COVID-19 National Emergency Standalone Partial Claim is designed to be used once a borrower’s COVID-19 forbearance period ends and if they are able to resume their prior payment. “To ensure this process is smooth for borrowers and servicers, we are developing a new portal to receive and process the standalone partial claims within FHA’s new cloud platform known as FHA Catalyst, which is our fortuitously timed aggressive effort to modernize our IT infrastructure. We expect this functionality to be ready by June, right about the time we should start seeing the first COVID-19 partial claims,” Commissioner Montgomery said. For borrowers who do not qualify for the COVID-19 Standalone Partial Claim at the end of their forbearance period, vendors are required to evaluate them for other loss-mitigation options. Secretary Carson said the HUD received $1 million in COVID-19-related funding to support the Fair Housing Initiative Program, mostly for education and outreach initiatives.He added that funded activities will include a range of national, regional, and local educational and outreach activities to address fair housing issues related to the coronavirus. Secretary also said that HUD’s Office of Fair Housing and Equal Opportunity is currently drafting a notice of funding available to make these funds available competitively, on an expedited basis.Additionally, Secretary Carson said funds being made available through the CARES Act provide an additional $5 billion for the Community Development Block Grant program.”The CARES Act is also providing unprecedented and immediate relief to American families, workers, and businesses that support a variety of programs,” Secretary Carson said. The CARES Act also designated $1.25 billion for a tenant-based rental assistant, $1 billion for Section 8 project-based rental assistance, $200 million for Indian Housing block grant program, $100 million for Indian Community Development block grants, $65 million for housing persons with AIDS, $50 million for housing the elderly, and $15 million for housing persons with disabilities. Earlier this week, Five Star Global’s President and CEO Ed Delgado spoke with Commissioner Montgomery for a candid discussion about the industry’s reaction to COVID-19. Listen to that full podcast conversation here. Data Provider Black Knight to Acquire Top of Mind 2 days ago 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 Demand Propels Home Prices Upward 2 days ago Share Save 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. The Best Markets For Residential Property Investors 2 days ago housing market 2020 Mike Pence Mortgage leaders 2020-04-23 Mike Albanese Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more