Month: May 2021

Florida Dominates Top Five “Hottest” Single-Family Markets

Florida Dominates Top Five “Hottest” Single-Family Markets

first_img The Best Markets For Residential Property Investors 2 days ago Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Florida Dominates Top Five “Hottest” Single-Family Markets Demand Propels Home Prices Upward 2 days ago Related Articles in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 24, 2016 1,350 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: ATTOM Data Solutions and UtilityScore Form Partnership Next: Watt: FHFA Adjusting to “New Normal” of the Market  Print This Post The Best Markets For Residential Property Investors 2 days agocenter_img Single-Family Housing Markets Ten-X 2016-10-24 Kendall Baer Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Kendall Baer Tagged with: Single-Family Housing Markets Ten-X Demand Propels Home Prices Upward 2 days ago Despite the troubles Florida has faced in the recovery from the housing crisis, the state leads the nation in markets for single-family homes, according to a new report by Ten-X.  The company’s fall Top Single-Family Housing Markets Report put Fort Lauderdale, Palm Beach County, Tampa, and Orlando at the top of the list for American metro areas, with Las Vegas finishing the top five.The company said each of these markets demonstrated “a vigorous combination of consistently strong demand, home price appreciation, and economic and demographic growth.” Seattle, a fixture in the top five, was bumped by Las Vegas.”Florida’s housing market continues to set the pace for the nation, with five of the top ten metros on our report,” said Ten-X executive vice president Rick Sharga. “While all of the top five markets took substantial hits during the housing crash, especially Las Vegas, the continued road to recovery for these destination cities is looking even brighter.”Florida metros, the report found, have seen their markets surge through solid economic and demographic expansion. Fort Lauderdale’s comeback from the housing bust in particular has been considerable. Seasonally adjusted home prices reached nearly $240,000 this past quarter, up nearly 12 percent from a year ago. Home prices are now at their highest level since 2007. However, they remain 17.6 percent below their prior peak, “leaving plenty of room for growth,” the report stated.Similarly, existing home prices in Palm Beach County are 10.5 percent higher than a year ago; Tampa’s economic expansion is moving forward as payrolls are up 3.1 percent year-over year; Orlando’s sales are up 4.7 percent year-over-year, nearing pre-recession numbers; and Las Vegas sales are 15 percent higher than a year ago, and now at an all-time high of 5.9 percent-above its prior peakOn the flip side, once rock-solid markets have been slow on the recovery.”This quarter’s report is a strong reminder of how uneven the housing recovery has been, with strong performance by cities in the South, Southeast, West and Pacific Northwest, and much weaker trends in the Northeast and Midwest,” Sharga said. Share Save Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Florida Dominates Top Five “Hottest” Single-Family Markets Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Ocwen’s Earnings Bring Welcome News in Q3

Ocwen’s Earnings Bring Welcome News in Q3

first_imgHome / Daily Dose / Ocwen’s Earnings Bring Welcome News in Q3 Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. earnings report Ocwen Financial Services 2016-10-26 Kendall Baer October 26, 2016 1,151 Views The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Previous: Picking Up Speed: Prices for Investment Housing Are Accelerating Next: The New Role of Data and Analytics in the Industry Tagged with: earnings report Ocwen Financial Services Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Ocwen’s Earnings Bring Welcome News in Q3 Related Articles  Print This Post Share Save Demand Propels Home Prices Upward 2 days ago Ocwen Financial Corp. on Wednesday afternoon announced its first quarterly profit in more than a year, posting a net income of $9.5 million for the third quarter of 2016.The reported $9.5 million net income was welcome news for Ocwen, which endured losses of $111 million and $87 million in the first and second quarters of 2016, respectively.One huge difference for Ocwen was in the servicing segment, which recorded a pre-tax income of $33.2 million in Q3—an improvement of $47.9 million over the second quarter. Ocwen attributes the turnaround to strong performance under the government’s Making Home Affordable streamline modification program, significant operating cost improvements, gains from the execution of servicing “clean up” call rights and MSR sales, and continued reductions in advances and match funded advances.“We are very pleased with the financial result this quarter, recording our first quarterly profit since the second quarter of 2015,” said Ron Faris, President and CEO. “We saw terrific execution from our servicing team, which completed more than 21,000 modifications in the quarter, successfully delivered $12.0 million of gains on servicer ‘clean up’ call rights transactions and continued to reduce operating costs.  Additionally, our Automotive Capital Services business continues to grow and move closer to profitability. Our mortgage lending business saw growth in origination volume, but we must improve margins.”The year 2016 brought a new hope for Ocwen as Phyllis Caldwell assumed the role of independent Chairwoman for the company in March. With the change in leadership signaling a new era in the company’s history, Ocwen hopes it can leave its troubled past behind.“We remain focused on putting legacy matters behind us,” Caldwell said. “We received the much awaited Standard & Poor’s upgrade to our servicer ranking in August. We continue to progress toward a potential resolution with the California Department of Business Oversight to end the current consent order and associated third party auditor before year-end. We are also continuing to achieve benchmarks and meet necessary conditions that we believe will result in the other remaining third-party monitorships concluding at their scheduled end dates.”Caldwell continued, “I am also proud to say that despite some of the challenges of the past, we have continued to invest in our corporate culture, risk management, compliance, service excellence and technology. We have maintained our leadership in helping families struggling with their mortgage payments as evidenced by our number one status in the HAMP program. We are also making progress in building our new asset generation businesses. Most importantly, the entire Ocwen team is devoted to working in the best interest of homeowners and investors to deliver positive outcomes.” Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Kendall Baerlast_img read more

Charting the Path Forward

Charting the Path Forward

first_img Share Save 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] in Daily Dose, Featured, Headlines, Print Features  Print This Post About Author: Joey Pizzolato Previous: Buffett: Wells Fargo CEO Has My Faith Next: Unraveling the Equifax Data Breach Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: hurricane harvey Hurricane Irma Hurricane Maria Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Editor’s Note: This article was originally featured in the October issue of DS News, available now.The housing market is no stranger to disaster—especially Hurricanes. In the last two decades, Hurricanes Sandy, Katrina, Rita, Andrew, and Wilma have all had disastrous effects on the housing market, and more importantly, on homeowners. But 2017 brought to light new challenges facing the industry: Hurricane Harvey, a record-breaking storm, and Hurricane Irma that followed barely a week later on the coat-tails of its predecessor, highlighted new challenges that have been otherwise overlooked. Land Fall It was no surprise that Hurricane Harvey was going to have massive, substantial effects on the city of Houston as it creeped across the Gulf of Mexico toward Texas. But, even with predictive models, the ensuing fallout was unprecedented, and even under the clear-minded eye of hindsight, there was no way to truly predict the aftermath of the storm. Harvey made landfall on August 25, 2017, and was the first Category 4 hurricane to directly strike the continental United States since Hurricane Ike in 2008, with sustained winds averaging 145 miles per hour. And while most hurricanes continue to move inland, losing force and strength without the support of the warmer waters of the ocean, Harvey lingered over southeast Texas, retreating to the sea and gathering strength, and dumping nearly 50 inches of rain over the course of nine days, which is just above the annual rainfall average for the region—49.76 inches—as recorded by Houston’s Bush Intercontinental Airport.  According to Black Knight Financial Services, there was an estimated 1,180,000 mortgaged properties in areas designated disasters zones by the Federal Emergency Management Agency (FEMA), with only 20 percent of those homes possessing vital flood insurance. Moody Analytics estimated damages between $51 and $75 billion. And then, not a week later, Hurricane Irma emerged in the Atlantic basin, a Category 5 hurricane, and the strongest ever recorded by the National Oceanic Atmosphere Administration, with sustained winds at 185 miles per hour, second only to Hurricane Allen in 1980, which recorded 190 mph winds. Further, the storm’s sheer size was awe-inspiring: at over 400 miles wide it stood double the width of the Florida peninsula—and on a direct course to swallow the state. A new mandate fell in the limelight: what could the industry, and the country, do to mitigate further loss of assets and lives, even with the understanding that the full extent of damages as a result of Hurricane Harvey was weeks, if not months, away from being fully accounted for.  Racing Against the Clock As Hurricane Irma headed toward Florida, eviscerating the U.S. Virgin Islands, another storm appeared—Hurricane Jose, not 1,000 miles behind Irma. Due to relief provided in response to Hurricane Harvey, FEMA was running out of money. According to multiple reports, the agency depleted over a billion dollars of its assets in five days, and with looming budgetary deadlines, it was uncertain if FEMA would get the funds it would certainly need in the coming days, as Irma was predicted to make landfall on September 10, 2017. Two Florida Senators, Bill Nelson (D) and Marco Rubio (R), joined in a bipartisan effort to expedite the process in a letter to both Majority Leader Mitch McConnell and Minority Leader Charles Schumer. “FEMA is scheduled to run out of money by Friday, September 8, 2017, just two days before Hurricane Irma is expected to hit Florida,” the letter said. “Unfortunately, the current disaster relief package Congress is considering for Hurricane Harvey does not account for additional costs FEMA will likely incur.” Further, the National Flood Insurance Plan (NFIP) was set to expire at the end of September, in tandem with the Federal Budget. Without revisiting the issue, Irma’s impact could have much longer-lasting impacts on the Florida housing market. Based on the Florida Division of Emergency Management, 1.8 million homes in the state are covered by NFIP. And a lapse of the program, according to the National Association of Realtors (NAR), could devastate future home sales due to consumer hesitance. NAR reports nearly 40,000 home sales were put on hold, due to not only direct concerns about the safety of coastal properties, but storm surge extending inland. “Without flood insurance, our communities are unprotected and at risk, with devastating consequences to people and their lives, homes, and businesses,” said Maria Wells, Florida Realtors President. Florida Governor Rick Scott also took initiative, requesting a pre-emptive declaration of emergency for the entire state, urging immediate evacuation. President Donald Trump approved the request, and Florida braced for impact, as most of its residents fled for, hopefully, dryer land. Immediate ResponsesVirtually every facet of the government, whether under the conservatorship of the Federal Housing Finance Administration, or not, has issued responses to the catastrophes.The Office of the Comptroller of the Currency issued guidelines for banking and regulatory institutions in the event they should close as a result of the storms, and highlighted guidelines to follow in order to remain compliant, as well as to help serve the communities they represent, which include the Community Reinvestment Act, regulatory reporting and publishing requirements, and processes for setting up temporary banking facilities. On the Hill, in the wake of Hurricane Harvey, and in anticipation of Irma’s inevitable landfall, the House of Representatives authorized $8 billion in relief for those affected by a nearly unanimous vote of 419-3. In addition, both of the government sponsored enterprises, Fannie Mae and Freddie Mac, issued a 90-day moratorium on foreclosure proceedings and eviction activities, as well as potential forbearance for borrowers unable to pay. The GSE’s have since then extended that date through December 31, 2017. Freddie Mac also issued a revised bulletin for servicing guidelines, which included reimbursement through September 2018 on the cost of property inspections in eligible disaster zones from the 2017 hurricanes. Servicers will be allowed to grant immediate forbearance to borrowers effected by the storms. The GSE does note that these reimbursements and restrictions only apply to eligible disaster zones as a result of Harvey, Irma, and now, Maria. “It is important for those in the path of the storm[s] to focus on their safety as they deal with the damage caused …” said Carlos Perez, Fannie Mae SVP and Chief Credit Officer. Ginnie Mae, too, has joined the fray by providing expanded loan buyout authority, which include late fee waivers, loan modifications, and foreclosure moratoriums. Loan buyouts include properties that are damaged as a result of the storms or borrowers that are experiencing economic hardship; however, unlike Fannie or Freddie’s guidelines, issuers must request and receive written approval before deferments will be available. Ginnie’s loan buyout plan is set to expire on March 31, 2018.  The Department of Housing and Urban Development (HUD) has also stepped up to the plate since Harvey first struck, outlining their short, intermediate, and long-term goals in providing relief. In the short term, HUD provided immediate assistance to those in FEMA disaster areas, allowing for the payment of motels and hotels to those displace, in addition to providing Federal Housing Administration insurance, which could cover up to 100 percent financing on the cost for borrowers to rebuild or rebuy. HUD’s coverage extends through Texas, Louisiana, Georgia, Florida, and Puerto Rico. Industry UnitedIt wasn’t only the government that took up the helm in relief efforts. Many prominent members of the mortgage and housing industry contributed to ensure a swift recovery. Assurant, a risk management company, in addition to prioritizing claims in hurricane-effected areas, donated $100,000 to the American Red Cross. Proctor Financial held a donation drive in affected areas, and matched all proceeds. Mr. Cooper waived or refunded late fees and held off on negative reporting to credit bureaus. The company’s employees have also personally donated $110,000 to the Red Cross, which Mr. Cooper will match in full. But this is not the first—nor will it be the last—time that the industry will have to deal with the ramifications of such events. When asked about the scope of the devastation as the flood waters recede, Denis Brosnan, President and CEO of DIMONT said, “It’s almost unimaginable. Our company has a long history with these types of storms, and many of our employees were directly involved in the mortgage industry’s response to Katrina. The stories they tell speak to the challenges of assessing damage, communicating with the various folks involved–government officials, insurance companies, etc.–and then the frustration of locating and dealing with contractors to help in the cleanup and repair efforts. This is going to be very challenging for the folks down there, and it will take a long time.”SecureView also made a substantial donation to the Red Cross of $100,000. It’s founder, Robert Klein, remembers the sort of destruction hurricanes have inflicted on the housing market in the past, including Hurricane Katrina and Hurricane Sandy. “In 2005, I witnessed firsthand the level of devastation brought on by Hurricane Katrina, impacting families and entire communities,” he said. “The epic flooding and devastation that Houston is undergoing requires a swift and immediate response from the industry to help all the people displaced by this horrible disaster, and we are happy to do our part.” But regardless of the efforts the industry is making, the most important task to undertake is to remain proactive, rather than reactive. An Uncertain, but Optimistic, Future  The housing market is a deep-seated aspect of the U.S. economy, and the aftermath of these hurricanes will affect more than just the housing market. According to the Federal Reserve’s most recently released Beige Book, the future will indicate just how greatly disruptions in energy production as well as material distribution will affect the economy. A total of 15 refineries shut down in affected regions, and prices rose in freight, lumber and steel, further bringing questions as to whether or not interest rates will rise before the end of the year. For servicers and property preservation managers, however, the immediate focus should to be on the short-term loss mitigation, as well as working together with borrowers toward a common goal: preventing further damage and getting homeowners back into their houses. Particularly in Houston, where flooding is the main cause of damage to a majority of homes, mold can single-handedly ruin a property, put a family on the street, and have further implications on the community, derailing the local housing market. “So, the properties themselves—we know what happens when a property is exposed to mold and not properly treated,” said John Vella, Chief Revenue Officer of Altisource. “The value of the home obviously declines, which declines home values in the local market, which could cause a bubble. Then when it comes to new financing in these hard-hit areas, there will be more risk pricing, which could impact the ability to get loans in those local areas that have a propensity for flooding, propensity for storm damage. That could impact the market as well.” Wes Iseley, Director of Carrington Holding Company, believes that the current state caused by the hurricanes is something the industry has never seen, and requires cooperation, as well as an audible from the usual guidelines and modes of operation. One major concern, especially in the Houston area, is the chance of families abandoning their properties all together. “I’m really glad to see that the community itself, in Texas, especially, has kind of pulled together and you see that everyone is working together, and the whole community has come to take out the drywall, get everything out. So, I think that’s really positive. I think that for some people, it’s questionable—it’s a little bit challenging. I think there’s going to be some abandonment, but I think you’re seeing all the servicers, all the agencies come together to try to solve the situation.” Looking forward to the end of foreclosure moratoriums, and the time when the industry is going to have to start dealing with the financial fallout of Harvey and Irma, Iseley is confident in the future outlook. “I think the industry is better prepared than it ever has been, compared to 10 years ago. The loss mitigation solutions and waterfalls and everything else—people know how to address that, so hopefully, our priority is keep the customer in the home.” Brian Montgomery, recent President Trump nominee to head the Federal Housing Administration, spoke on the matter at the 2017 Five Star Conference and Expo in Dallas, Texas, outlining his thoughts on how the industry should approach solutions. The first phase is, first and foremost, rehousing those displaced, while also assessing capital losses. Then the industry needs to start thinking about rebuilding, along with restoration efforts. “It is an understatement to say the amount of damage is massive,” Montgomery said in his speech. How will these hurricanes further impact the mortgage industry? According to experts, the answer will be highly based on region. “From the forecasts it appears that the damage from Irma will more generally stem from wind damage, whereas Harvey, like Katrina, has come to be known for the flooding it caused. That significantly changes the damage analysis and remediation processes. It appears that the seriously-affected areas of Irma will be spread over a much wider geographic area– potentially several states. Obviously, that increases the number of affected loans and local economies involved,” Brosnan said. A Word of Warning  While the immediate effects of the two hurricanes are vastly different in the ways the industry must go about remedying them—Harvey with flood damage, Irma with wind damage—there is one recent example that has skirted mainstream media, and the housing industry’s attention, and that is the effects of Hurricane Maria. Hurricane Irma was expected to envelop the state of Florida, but changed trajectory in its final days before making landfall, sparing much of the Florida mainland from the most violent parts of the storm. This wasn’t the case for Hurricane Maria, which brought Irma-force winds and Harvey-level flooding to Puerto Rico that have been described by officials as “near apocalyptic.” Governor of Puerto Rico, Ricardo Rosselló, has warned that the island could be facing a humanitarian crisis. Hurricane Harvey and Irma were unprecedented, and there’s nothing to say that the future won’t hold additional unexpected crisis. If industry experts agree on one thing it’s this: unity, rather than division, will help weather the storm. Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago hurricane harvey Hurricane Irma Hurricane Maria 2017-10-03 Joey Pizzolato 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 October 3, 2017 1,642 Views Charting the Path Forward Home / Daily Dose / Charting the Path Forward Subscribelast_img read more

Dodd-Frank Reform and Tenant Protections in Foreclosure

Dodd-Frank Reform and Tenant Protections in Foreclosure

first_img May 24, 2018 10,158 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Dodd-Frank Reform and Tenant Protections in Foreclosure Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Share Save Tagged with: Dodd-Frank Act Dodd-Frank reform Economic Growth Economic Growth Regulatory Relief and Consumer Protection Act Eviction Foreclosure Protecting Tenants at Foreclosure Act PTFA Regulatory Relief s. 2155 in Daily Dose, Featured, Foreclosure, Government, Journal, News About Author: David Wharton David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Dodd-Frank Act Dodd-Frank reform Economic Growth Economic Growth Regulatory Relief and Consumer Protection Act Eviction Foreclosure Protecting Tenants at Foreclosure Act PTFA Regulatory Relief s. 2155 2018-05-24 David Wharton Dodd-Frank Reform and Tenant Protections in Foreclosurecenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Previous: Existing Home Sales vs. Housing Supply Next: A Look Ahead at the 2018/2019 Housing Market Servicers Navigate the Post-Pandemic World 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 Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago On Thursday, President Trump signed Senate Bill 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, into law. The bill, designed evolve and streamline regulations put in place by the 2010 Dodd-Frank Act, was passed by the House of Representatives earlier this week. The reform bill has many implications for the industry, most of which have been dissected at length over the past few months. One that has flown under the radar, however, is the resurrection of regulations related to the Protecting Tenants at Foreclosure Act (PTFA).Originally introduced in 2009, the PTFA “contained protections intended to ensure that tenants facing eviction from a foreclosed property would have adequate time to find alternative housing.” The PTFA expired on December 31, 2014. In the years since, some states have implemented their own versions of the law to continue those protections for tenants. However, the Economic Growth, Regulatory Relief, and Consumer Protection Act resurrects the PTFA, something that will have implications for many servicers and financial services law firms.On Thursday, Legal League 100 member firm Reimer Law Co. sent out a news alert calling attention to the return of the PTFA provisions.“Title III, Section 304 of the new law repeals the sunset provisions of the Protecting Tenants at Foreclosure Act,” reads the statement. “This repeal restores the notification requirements and other protections related to the eviction of renters in foreclosure properties. The Act provides that the law and any regulations promulgated pursuant to the PTFA that were in effect on December 30, 2014, are restored and revived 30 days after the enactment of the Act.”“In a nutshell, the resurrection of the Protecting Tenants at Foreclosure Act will give certain tenants in foreclosed properties significant additional rights beyond those they may have been provided by state laws,” Richard M. Nielson, Managing Shareholder, Reimer Law Co. told DS News.Nielson cited Kentucky, one of the states in which Reimer Law operates, as an example. Unlike some other states, Kentucky has not introduced their own version of the PTFA in the intervening years since it expired at the Federal level. As such, Nielson explained that the return of the PTFA could significantly increase the amount of time it takes to complete a post-foreclosure eviction. If that range was between 10-30 days before, for example, the reintroduced law could now require as much as 90 days’ notice to “bona fide” tenants before they can be evicted.“Moreover, if there was a bona fide lease was created prior to the creation of foreclosure, it’s likely the mortgage servicer will have to abide by the terms of that lease, for whatever time is remaining on the lease,” Nielson continued. “It substantially increases the burden on mortgage servicers to comply with all the rules.”There are also questions surrounding exactly what constitutes the legal definition of “bona fide,” Nielson explained.“From a practical standpoint, the issue of ‘what is bona fide’ has always been very nebulous,” Nielson said. “As a result, there’s a lot of room for fraud in this area.”Nielson added that If servicers cannot prove tenants are not “bona fide,” mortgage servicers could wind up with tenants who are locked into substantially lower rents or a substantially longer period of time left on their lease before evictions could be undertaken.To read the full text of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, click here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

Is Rise in Forbearance Volume Cause for Concern?

Is Rise in Forbearance Volume Cause for Concern?

first_imgSubscribe The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Christina Hughes Babb Related Articles The Best Markets For Residential Property Investors 2 days ago Share Save  Print This Post Home / Daily Dose / Is Rise in Forbearance Volume Cause for Concern? This week saw an uptick in overall COVID-related loan forbearance plans, which increased by about 16,000, or 73%, Tuesday to Tuesday, according to Black Knight’s weekly report. That marks week two of increases after an enduring downward trend. Analysts say the fact that this is only the third overall week-over-week increase in the past 12 weeks signals that things are still steadily improving.As of May 25, 2.2 million homeowners, 4.1% of all mortgagees in the country, are enrolled in forbearance plans.By type of loan, 2.4% of borrowers with loans backed by Fannie Mae or Freddie Mac are in forbearance plans; 7.3% of those in Federal Housing Administration or VA-backed loans; and 4.8% of portfolio or private label securities loans.The 1,000 weekly decline in Fannie and Freddie loans was offset and then some by an increase of 2,000 for FHA/VA and a 15,000 increase for portfolio-held and privately securitized mortgages.”After seeing improvement accelerate as early forbearance entrants went through the 12-month review process in March and April, exit activity has since returned to more ‘normal’ levels, reported Black Knight. “Mid- to late-month increases in forbearance plan volumes like we’ve seen in the past two weeks have been very common during the recovery to-date.”Plan starts reached the highest level in nine weeks, and most of those are re-starts (homeowners who had canceled their plans but needed assistance again) according to Black Knight.Some 145,000 plans are still listed with May 2021 expirations, providing a moderate opportunity for additional improvements over the next two weeks and, more acutely, in early June. Another 780,000 plans are currently slated for review for extension or removal in June, the final quarterly review before early forbearance entrants begin to reach their 18-month plan expirations later this year.”June will mark the 15-month review point for many of the early forbearance entrants, so we will be watching exit velocity closely during that time,” note the researchers at Black Knight.Forbearance numbers from the Mortgage Bankers Association earlier this week look similar to Black Knight’s data but did show a decline in overall forbearances rather than an incline. 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 Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. 2021-05-28 Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago Previous: Pending Sales Offset by Tight Home Supply Next: The Week Ahead: Nearing the Forbearance Exit 2 days ago 278 Views in Daily Dose, Featured, News 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago Is Rise in Forbearance Volume Cause for Concern?last_img read more

City of Derry Airport changes stance over poppy

City of Derry Airport changes stance over poppy

first_img Facebook WhatsApp Previous articleCope pushing to improve circumstances of fishermen working off Irish coastsNext articleForum concerned at the level of alcohol abuse by Donegal teens News Highland City of Derry Airport has backed down after telling an employee it was unacceptable to wear a poppy at work, according to an Ulster Unionist councillor.Mary Hamilton said when she queried the case with airport management, she was told they were enforcing council policy by banning the poppy.But Derry City Council has said it does not have such a policy.Mrs Hamilton said management at the airport didn’t realise that the poppy wasn’t banned by Derry City Council..[podcast]http://www.highlandradio.com/wp-content/uploads/2011/11/mham1pm.mp3[/podcast] Twitter Pinterest Pinterest News City of Derry Airport changes stance over poppy By News Highland – November 9, 2011 NPHET ‘positive’ on easing restrictions – Donnelly Facebookcenter_img Calls for maternity restrictions to be lifted at LUH Google+ Guidelines for reopening of hospitality sector published Twitter RELATED ARTICLESMORE FROM AUTHOR Help sought in search for missing 27 year old in Letterkenny WhatsApp 448 new cases of Covid 19 reported today Three factors driving Donegal housing market – Robinson Google+last_img read more

Buncrana Town Council told of the ‘dangers’ of water fluoridation

Buncrana Town Council told of the ‘dangers’ of water fluoridation

first_img Facebook Twitter 448 new cases of Covid 19 reported today WhatsApp Pinterest Twitter By News Highland – July 11, 2012 Previous articleThomas Elvin sentencing deferred for nine daysNext articleUlster Bank ordered to pay its own costs in Donegal repossession case News Highland Guidelines for reopening of hospitality sector published News WhatsApp Google+center_img Pinterest Calls for maternity restrictions to be lifted at LUH NPHET ‘positive’ on easing restrictions – Donnelly RELATED ARTICLESMORE FROM AUTHOR Buncrana Town Council has been told that the fluoridation of water presents a very real risk to health, and could be part of the reason why incidents of cancer are higher in the republic than they are in the North.County Down based campaigner Walter Graham addressed members last evening, telling them that there is a growing groundswell of opposition to the process in Ireland. Two towns in the North had been fluoridated, but that stopped several years ago, and 98% of Europe has now rejected fluoride.Mr Graham said the Republic is the 2%, with all public water supplies here fluoridated.He says while this is a decision for national government, local councillors do have a role to play, and should be seeking a halt to fluoridation to allow for a proper national discussion Help sought in search for missing 27 year old in Letterkenny Three factors driving Donegal housing market – Robinson Facebook Google+ Buncrana Town Council told of the ‘dangers’ of water fluoridationlast_img read more

KFO welcomes mackerel sanctions decision

KFO welcomes mackerel sanctions decision

first_img Twitter KFO welcomes mackerel sanctions decision WhatsApp By News Highland – June 28, 2012 Previous articleDoherty says costs ruling vindicates Referendum Commission caseNext articleNew bus service to link Letterkenny and Burtonport News Highland WhatsApp Almost 10,000 appointments cancelled in Saolta Hospital Group this week Pinterest Google+ Twitter Pinterest Google+center_img LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Fishing organisations have welcomed agreement between the European Parliament and the Danish Presidency on sanctions to be imposed on countries or territories engaged in unsustainable fishing practices.The agreement was reached on foot of a report compiled by North West MEP Pat The Cope Gallagher, who has been looking at the decision of Iceland and the Faroe Islands not to observe mackerel limits.The report backed previous statements from the Killybegs Fishermens Organisation and others that failure to reach agreement would threaten stocks in the future.Sean O’Donaghue of the KFO says this latest agreement shows that the EU is serious………..[podcast]http://www.highlandradio.com/wp-content/uploads/2012/06/sod830.mp3[/podcast] Newsx Adverts RELATED ARTICLESMORE FROM AUTHOR Three factors driving Donegal housing market – Robinson Calls for maternity restrictions to be lifted at LUH Guidelines for reopening of hospitality sector published Facebook Facebook Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margeylast_img read more

Almost one-third of children in Strabane living below the breadline

Almost one-third of children in Strabane living below the breadline

first_img WhatsApp Pinterest Google+ Twitter Facebook Previous articleKilmacrennan man sets lamb shearing record in New ZealandNext articleCourt hears that Gardai were surrounded by more than 100 clubbers in Gweedore News Highland Facebook News A Strabane Councillor says a realistic government strategy is needed to tackle child poverty and reduce deprivation among children in the town and its environs.Figures published this week by the End Child Poverty show the Strabane council area has one of the highest poverty rates in the North, at 31%, with only Derry and West Belfast returning higher percentages.Cllr Patsy Kelly says this means that almost one third of children in Strabane are living below the breadline, and that highlights the need for action……….[podcast]http://www.highlandradio.com/wp-content/uploads/2012/01/p.mp3[/podcast] RELATED ARTICLESMORE FROM AUTHOR Almost one-third of children in Strabane living below the breadline Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey center_img Twitter WhatsApp By News Highland – January 11, 2012 Calls for maternity restrictions to be lifted at LUH Google+ Need for issues with Mica redress scheme to be addressed raised in Seanad also LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Almost 10,000 appointments cancelled in Saolta Hospital Group this week Guidelines for reopening of hospitality sector published Pinterestlast_img read more

Second arrest in connection with the murder of Ronan Kerr

Second arrest in connection with the murder of Ronan Kerr

first_img Second arrest in connection with the murder of Ronan Kerr Google+ Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Facebook Twitter Guidelines for reopening of hospitality sector published Previous articleOireachtas bar should be open to the public – Deputy DohertyNext articleDeputy McConalogue calls for new Sports Capital Grants Programme News Highland Pinterest Police in the north have arrested a second person in connection with the murder of PSNI officer Ronan Kerr.A 40 year old man was arrested when police stopped a car between Ballygawley and Omagh in Co Tyrone at around twenty past eight this morning.He’s been taken to the Serious Crime Suite at Antrim Police Station and the car has been seized.Meanwhile, the 26 year old man arrested in Scotland yesterday has been rearrested for the murder of the young police officer.The new recruit was killed in a car bomb in Omagh on Saturday and was laid to rest in Co Tyrone yesterday.On Tuesday evening, the PSNI seized guns and explosives at a garage in Coalisland in Co. Tyrone.Belfast based security correspondent Alan Murray says this was a significant discovery:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/04/09alan1.mp3[/podcast] Almost 10,000 appointments cancelled in Saolta Hospital Group this week Twitter Google+center_img Pinterest LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Facebook WhatsApp Calls for maternity restrictions to be lifted at LUH By News Highland – April 7, 2011 News RELATED ARTICLESMORE FROM AUTHOR Need for issues with Mica redress scheme to be addressed raised in Seanad also WhatsApplast_img read more