Black Knight: 1 in 10 Borrowers Underwater

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Previous: DS News Webcast: Monday 5/5/2014 Next: Auction.com Welcomes New CFO About Author: Colin Robins The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Tagged with: Black Knight Financial Services Delinquency Rates Foreclosure Underwater Borrowers Sign up for DS News Daily 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 ago Black Knight Financial Services Delinquency Rates Foreclosure Underwater Borrowers 2014-05-05 Colin Robinscenter_img Black Knight: 1 in 10 Borrowers Underwater Data Provider Black Knight to Acquire Top of Mind 2 days ago In Black Knight Financial Services’ latest Mortgage Monitor Report, the company found that only one in ten Americans are underwater, down from one in three in 2010. Overall, the company’s look at March data reflected a shifting landscape. As home prices have risen over the past two years, many distressed loans have worked their way through the system and the percentage of Americans with negative equity has declined considerably.The company noted that 55 percent of loans in foreclosure have been delinquent for over two years.”Two years of relatively consecutive home price increases and a general decline in the number of distressed loans have contributed to a decreasing number of underwater borrowers,” said Kostya Gradushy, Black Knight’s manager of Loan Data and Customer Analytics.”Looking at current combined loan-to-value (CLTV), we see that while four years ago 34 percent of borrowers were in negative equity positions, today that number has dropped to just about 10 percent of active mortgage loans,” Gradushy said.Gradushy references the 10.1 percent negative equity average, but what states homeowners reside in paint a clearer picture of negative equity across the spectrum. Judicial states have a higher negative equity rate at 13.4 percent, compared to the 7.9 percent rate experienced in non-judicial states.Regardless, Gradushy notes that both judicial and non-judicial states have experienced declines. “Overall, nearly half of all borrowers today are both in positive equity positions and of strong credit quality—credit scores of 700 or above. Four years ago, that category of borrowers represented over a third of active mortgages,” Gradushy said.Loans, on average, are in foreclosure for 966 days.The total delinquency rate is 5.37 percent, the lowest since October 2007 according to Black Knight. Month-over-month, delinquency rates have declined to 7.57 percent and are down yearly 16.29 percent in March.The total U.S. foreclosure pre-sale inventory stands at 2.07 percent, the lowest figure since October 2008. Inventory rates are down 36.69 percent year-over-year.Black Knight had more positive news in its Mortage Monitor Report: leading indicators, such as foreclosure starts, new problem loan percentage, 90-day defaults count, and 30 to 60 roll count are all down heading into the second quarter.The company offered that the 2013 population of loans was “the best vintage on record,” but the statement belies the fact that higher credit restrictions severely hampered new originations for lower credit borrowers.The top five states with the highest total non-current loans were Mississippi (13.4 percent), New Jersey (12.9 percent), Florida (12.1 percent), New York (11.1 percent), and Maine (10.6 percent).Excluding Mississippi, the remaining four states are judicial states, suggesting the longer timelines required to resolve foreclosures are impacting non-current loan rates, depressing the market’s ability to quickly clear the remaining backlog in foreclosure pipeline. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. in Daily Dose, Featured, Headlines, Market Studies, News May 5, 2014 617 Views Home / Daily Dose / Black Knight: 1 in 10 Borrowers Underwater Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

GAO Notes Problems in Financial Regulatory Framework

GAO Notes Problems in Financial Regulatory Framework Government Accountability Office Regulatory Framework 2016-04-06 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post About Author: Brian Honea in Featured, Government, News Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago This week, the Senate Banking Committee debated on whether consumer financial regulations that have passed since the crisis are helping or harming consumers.Meanwhile, the Government Accountability Office (GAO) noted in a recent report that while the current financial regulatory structure has contributed to the overall growth and stability of the U.S. economy, the structure has also “created challenges to effective oversight.”“Fragmentation and overlap have created inefficiencies in regulatory processes, inconsistencies in how regulators oversee similar types of institutions, and differences in the levels of protection afforded to consumers,” the GAO said.For example, the GAO said inconsistencies in examination activities of depository institution regulation can not only result in difficulties identifying emerging trends, but can also result in different conclusions when it comes to the safety and soundness of an institution. Also, the regulation of securities and derivatives markets by separate agencies has resulted in duplicative and inconsistent regulation of entities that engage in similar activities.The GAO said its report that it established a framework in 2009 in order to evaluate regulatory reform proposals, and that an effective regulatory system would need to address structural shortcomings created by fragmentation and overlap. The existing regulatory structure, however, does not ensure efficient and effective oversight, consistent financial oversight, or consistent consumer protections; and as a result of this, “negative effects of fragmented and overlapping authorities persist throughout the system,” according to the GAO.“Fragmentation and overlap have created inefficiencies in regulatory processes, inconsistencies in how regulators oversee similar types of institutions, and differences in the levels of protection afforded to consumers.”Government Accountability OfficeThe financial crisis highlighted the need for an agency to monitor and address risks across the financial system, which the Dodd-Frank Act tried to address by creating the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) in 2010. The GAO noted that “collaborative efforts have not been sufficient, and FSOC’s authorities are limited and unclear,” however.“Although FSOC’s mission is to respond to systemic risks, which may involve multiple entities, its recommendations are not binding and do not guarantee regulatory response,” the GAO said in its report. “FSOC has authorities to designate certain entities or activities for enhanced supervision by a specific regulator, but these authorities may not allow FSOC to address certain broader risks that are not specific to a particular entity. For such risks, FSOC can recommend but not compel action.”The GAO concluded that Congress should consider whether changes are necessary to the current financial regulatory structure in order to reduce, or better manage, fragmentation and overlap, and also whether legislative changes will be necessary in order to align FSOC’s authority with its mission to respond to systemic risks.“GAO also recommends that OFR and the Federal Reserve (1) jointly articulate individual and common goals for their systemic risk monitoring activities and engage in collaborative practices to support those goals; and (2) regularly and fully incorporate their monitoring tools, assessments, or results of monitoring activities into Systemic Risk Committee deliberations,” the GAO said in the report, noting that the Fed and OFR agreed with the GAO’s recommendations.Click here to view the GAO’s complete report. 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. Subscribe Previous: Housing Counseling Moves Toward ‘Modernization’ Next: Fed Says April Rate Hike is All But Off the Table Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Featured / GAO Notes Problems in Financial Regulatory Framework The Best Markets For Residential Property Investors 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago April 6, 2016 1,106 Views Sign up for DS News Daily Tagged with: Government Accountability Office Regulatory Framework Related Articles read more

Reversing the Trend: Downfall Seen in Defaults

first_img Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 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 in Daily Dose, Featured, News Tagged with: Mortgage Defaults S&P Experian Credit Default Indices SPICE Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Reversing the Trend: Downfall Seen in Defaults The Best Markets For Residential Property Investors 2 days ago Previous: MCS Announces Acquisition of Lenders Title Solutions Next: Fiserv Aims for Faster Modification Process with CoreLogic Integration Servicers Navigate the Post-Pandemic World 2 days ago Mortgage Defaults S&P Experian Credit Default Indices SPICE 2016-10-19 Kendall Baer Sign up for DS News Daily October 19, 2016 1,642 Views center_img About Author: Kendall Baer Share Save  Print This Post Data through September 2016, recently released by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, showed drops in numerous default rates, a reverse of the trend seen last month.”Data from the Federal Reserve shows that consumer credit outstanding continues to expand,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “After increasing by 7.2 percent in 2014 and 7.0 percent in 2015, growth this year is running at an annual rate of 6 to 7 percent. Despite the continued growth in total consumer credit extended and the currently very low interest rates, we are not seeing any deterioration in consumer credit defaults. Rather, the default rates for major categories and for the five cities highlighted in this report continue to drift down to the lowest figures seen in 12 years.”The report shows that composite default rate was 0.84 percent, down a basis points from the previous month but down five basis points from the year prior. Likewise, the first mortgage default rate reported 0.67 percent for September, also down a basis points from the prior month but down nine basis points from the year prior. For the second mortgage default rate, the report shows it up four basis points from the previous month from 0.52 percent to 0.56 percent in September. Likewise, this was a jump up nine basis point from September of 2015.Data for the five major cities showed no increases this from the past month, with all but one reporting lower default rates month over month. New York showed a rate of 0.86 percent for September, down five basis points from 0.91 percent in August. Chicago had a default rate six basis points down from the prior month resulting in 0.87 percent this month. Los Angeles was the third city this month to see its default rate decrease, specifically a basis points from August to 0.59 percent. Miami’s default rate of 1.12 percent was a decrease of nine basis points from August. Dallas remained stagnant with a default rate of .74 percent.”Among the factors supporting the favorable trends in consumer credit defaults are the economy’s underlying growth and continuing gains in employment, increases in personal income, and low inflation,” said Blitzer. “A rare decline in mortgage debt outstanding and slower growth in consumer credit following the 2007-2009 recession contributed to improvements in consumers’ financial condition which has been sustained in the last few years.” 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 The Best Markets For Residential Property Investors 2 days ago Reversing the Trend: Downfall Seen in Defaults Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Subscribelast_img read more

In Defense of the CFPB

first_imgHome / Daily Dose / In Defense of the CFPB Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago March 31, 2017 1,450 Views Tagged with: CFPB court Regulation in Daily Dose, Featured, Government, News Sign up for DS News Daily CFPB court Regulation 2017-03-31 Seth Welborn About Author: Seth Welborn Related Articles The Best Markets For Residential Property Investors 2 days ago On Friday, several consumer rights groups, legal scholars, and members of Congress submitted amicus briefs to the U.S. Court of Appeals for the D.C. Circuit in the case PHH Corporation v. CFPB, in support of the Consumer Financial Protection Bureau (CFPB). With the CFPB’s constitutionality being called into question, many groups seek the defend the Bureau against a possible restructuring by the Trump administration.“These politicized and misleading attacks against the CFPB, orchestrated by the Trump Administration and their allies in Congress, come at the expense of hardworking Americans who have been deceived by companies and would rather not play by the rules,” said Tamara Draut, VP of Policy and Research at Demos. “In the CFPB’s short history, it has returned hundreds of millions of dollars to millions of Americans; Demos is proud to support and defend the CFPB from these meritless attacks. The CFPB’s non-partisan and independent structure is critical to achieving the agency’s core mission–to protect consumers from unfair or deceptive practices and ensure companies are held accountable if they break the law.”Previously, the Subcommittee on Oversight and Investigations of the Committee on Financial Regulations held a hearing on the constitutionality of the Consumer Financial Protection Bureau. Subcommittee Chairwoman Ann Wagner’s statement highlighted the problems with the CFPB that she and the other Republican members see as representative of Washington as a whole.“For the past eight years, the American people under the Obama administration have grown complacent with the unchecked power emanating from Washington and its complete disregard for the Constitution. From healthcare, to energy, to financial services, Washington has worked to plan every aspect of your life and decide what’s best for you,” said Wagner. “Now, more than ever, we have a new obligation to examine the checks and balances of our federal government and ensure that our constitution is reflected by it. It’s time to bring accountability back to Washington for we the people. Nothing embodies the Washington knows best mindset than the Consumer Financial Protection Bureau.”The Constitutional Accountability Center, on behalf of current and former members of Congress, including current members Senator Sherrod Brown (D-OH), Senator Elizabeth Warren (D-MA), and Representative Maxine Walters (D-CA), and former members Senator Chris Dodd (D-CT) and Representative Barney Frank (D-M), submitted an amicus brief defending the CFPB’s controversial single-director structure.“In short, as amici well know, the Bureau’s single-director structure was a considered choice, maintained in the face of vocal opposition during months of debate over the legislation that became Dodd-Frank.  Exercising the discretion afforded to it by the Constitution, Congress determined that this structure would best enable the CFPB to ‘keep pace with the changing financial system’ and thus avert another devastating regulatory failure. . .  Congress had every right to make that choice.”The Hon. Ted Olson, lead counsel in PHH vs. CFPB, previously discussed the constitutionality of the bureau. Referring to the CFPB, Olson said “However tempting it might be to invent new and complex government structures in the interest of accomplishing some presumed efficiency, we abandon the carefully calibrated structure of the Constitution at our peril.”center_img Previous: Seattle Reigns as Most Affordable Tech Hub Next: Wells Fargo Litigation Moves Forward Servicers Navigate the Post-Pandemic World 2 days ago In Defense of the CFPB Share Save Demand Propels Home Prices Upward 2 days ago Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Demand Propels Home Prices Upward 2 days agolast_img read more

Wells Fargo Grants Support Sustainable Housing for Veterans

first_img Related Articles As part of its third annual VeteranWINS grant program, the Wells Fargo Housing Foundation announced awards totaling $300,000, divided across nine community-based nonprofits focused on sustainable housing for veterans.The press statement describes VeteranWINS as supporting “community-based nonprofits focused on addressing veteran homelessness, transitional housing, and low- to moderate-income veteran home rehabilitation.” VeteranWINS has awarded $600,000 in grants since launching in 2016.Here’s how that $300,000 is being divided up. The “Large Communities” field includes five $40,000 grants, awarded to:Volunteers of America Delaware Valley—Collingswood, New JerseyOpportunity Center for the Homeless—El Paso, TexasNew Directions for Veterans—Los Angeles, CaliforniaCatholic Charities Community Services, Inc.—Phoenix, ArizonaSoldiers’ Angels—San Antonio, TexasThe “Small to Medium Communities” field consists of four $25,000 grants to the following organizations:Betsy Ann Ross House of Hope—Augusta, MaineColumbia County Housing Corporation—Bloomsburg, PennsylvaniaVolunteers of America Northern Rockies—Sheridan, WyomingAmericans for Independent Living—Waterloo, Iowa“Everyone deserves a safe and secure place to live, especially our veterans, who have already sacrificed so much for our country,” said Jeff Chavannes, VeteranWINS Program Manager at Wells Fargo and an Army veteran. “The VeteranWINS program is just one way Wells Fargo is doing our part to ensure veterans are being taken care of. We are proud to support the great work these nonprofits are doing for veterans in their communities.”According to Wells Fargo’s statement, since 2012 the bank has donated more than $100 million “to support military members, veterans, and their families through sustainable housing initiatives, financial education, and career transition.” That total includes donations of more than 350 homes, with a total value of more than $55 million. The Wells Fargo Housing Foundation has also “provided more than $10.5 million in grants to veteran-related nonprofits since 2012.” You can learn more by clicking here. Home / Daily Dose / Wells Fargo Grants Support Sustainable Housing for Veterans Sign up for DS News Daily Subscribe  Print This Post Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Homelessness sustainable housing Veterans Wells Fargo 2018-06-01 David Wharton in Daily Dose, Featured, Journal, News June 1, 2018 2,414 Views Wells Fargo Grants Support Sustainable Housing for Veterans Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Ginnie Mae Announces Changes to VA Refis Next: Breaking Down Consumer Debt Collection Complaints Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton The Best Markets For Residential Property Investors 2 days ago Tagged with: Homelessness sustainable housing Veterans Wells Fargo Demand Propels Home Prices Upward 2 days agolast_img read more

Housing Market Growth Looks Strong

first_img July 23, 2018 1,847 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Housing Market Growth Looks Strong Share 1Save Related Articles Tagged with: Freddie Mac Home Home Sales HOUSING Inventory loans mortgage origination Supply Sign up for DS News Daily Freddie Mac Home Home Sales HOUSING Inventory loans mortgage origination Supply 2018-07-23 Radhika Ojha  Print This Post The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Scott Morgan Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img in Daily Dose, Featured, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Housing Market Growth Looks Strong Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: The Week Ahead: Spotlight on Disaster Preparedness Next: The Cost of Rental Scams Conditions in the country’s low-supply market could slightly improve by the end of the year according to Freddie Mac’s July Forecast released on Monday. The forecast projects new home construction will alleviate some of the current supply shortage, which in turn will increase sales 2.5 percent. That would bring the total to 6.27 million units, counting new and existing homes.Meanwhile, Freddie also expects home prices to grow 6.7 percent.“In most of the country, the healthy U.S. economy and robust labor market fueled considerable interest in buying a home during the busy spring buying season,” the report indicated. At the same time, strengthening demand did not create a boost in sales activity. Listings, the report stated, were scant, while home price growth remained swift and higher mortgage rates squeezed the budget of many would-be buyers.“Home sales have mostly moved sideways for much of the year, but given the sizable demand for buying in most markets, there’s hope for a small breakout in the months ahead,” said Sam Khater Freddie Mac’s chief economist. “Mortgage rates have stabilized in recent months, and in some high-cost markets, price appreciation is showing some signs of easing. If new and existing housing supply can increase meaningfully, sales will follow.”Elsewhere in the report, Freddie found July’s mortgage rates had fallen off as an offshoot of declining long-term Treasury yields. The effect has been behind ongoing investor anxiety surrounding the potential of a long-term global trade war. The 30-year fixed-rate mortgage is forecast to average 4.6 percent this year.Total single-family first-lien mortgage originations are expected to slide around 7 percent this year to $1.69 trillion, driven by decreased refinance activity due to higher borrowing costs, the report indicated, while Freddie expects Gross Domestic Product growth to be 3.4 percent in the second quarter and 2.7 percent for the year. In the meantime, Freddie reported, the U.S. labor market is robust, “which in turn is bringing more people into the workforce, increasing wages and spurring consumer spending and business investment.” Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. last_img read more

Deputy Assistant Secretary Gisele Roget Leaves HUD

first_img Tagged with: HUD November 11, 2019 1,721 Views Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, News Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Deputy Assistant Secretary Gisele Roget Leaves HUD Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn 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. Share Save  Print This Postcenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe HUD 2019-11-11 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Deputy Assistant Secretary Gisele Roget Leaves HUD Related Articles Previous: Down Payment Assistance Program’s Impact on Loan Performance Next: Flagstar SVP: Low Volume “Tension” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Deputy Assistant Secretary (DAS) for Single Family Housing Gisele Roget announced her departure from the Department of Housing and Urban Development effective Friday, November 8, to take over as Deputy Chief of Staff and Director of External Relations at the National Credit Union Administration.In this position, Gisele Roget will serve as Deputy Chief of Staff. In this role, she will also oversee the Office of External Affairs and Communications and lead the agency’s communications and congressional affairs initiatives.“I’m honored by this appointment,” Roget said. “I’m eager to support the important initiatives undertaken by Chairman [Rodney] Hood to ensure the regulation of our nation’s credit unions is effective, not excessive.”Previously, Roget held senior roles in the Global Government Relations division of MetLife. She also served on the professional staff on the Financial Services Committee in the U.S. House of Representatives from 2007 to 2014.During her tenure in the Financial Services Committee, Roget worked on the development of financial services legislation, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Housing and Economic Recovery Act of 2008.Roget, a political appointee who joined HUD in July 2017, was directly responsible for managing the Home Equity Conversion Mortgage program.Roget sent an email to her colleagues at FHA last week thanking them for their efforts in making significant changes to credit and origination policy for both the forward and reverse mortgage programs.”Thank you to all my dedicated FHA staff for the hard work over the years serving FHA’s borrowers,” said Roget in an update on LinkedIn. “Since July 2017, we have made significant changes to credit and origination policy for both the forward and reverse mortgage programs. We made substantive revisions to FHA’s annual lender certifications, loan certifications and Defect Taxonomy. We have finalized the long-awaited Condominium Final Rule. Single Family Housing has also re-vamped loss mitigation policy for natural disasters. Thank you!” Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Federal Judge Weighs in on CFPB’s Ocwen Suit

first_img According to a Florida federal judge, the Consumer Financial Protection Bureau (CFPB) is constitutionally structured, meaning an enforcement action against Ocwen Financial Corporation will not end on those grounds, even after the CFPB itself has officially adopted the legal position that its structure is constitutionally flawed, Law360 reports.U.S. District Judge Kenneth A. Marra found other grounds for dismissal in September when he booted the suit that accuses Ocwen of widespread mortgage servicing failures but gave the CFPB a chance to amend its claims after rejecting Ocwen’s argument that the agency is unconstitutionally structured and therefore lacks proper authority to pursue the lawsuit.CFPB Director Kathleen Kraninger reversed the Bureau’s course and agreed that the “for-cause” removal provision, which states that the president can only remove CFPB’s director for “inefficiency, neglect of duty or malfeasance in office,” does violate the U.S. Constitution’s separation of powers, according to a brief filed earlier this year in the high court by U.S. Solicitor General Noel Francisco and in letters sent to Congress.Judge Marra said the agency’s pivot does not change his view of the case, after Ocwen asked the court last month to reconsider the dismissal after the agency officially adopted the legal position that its structure, and specifically the “for-cause removal” protection afforded to its director, is in fact constitutionally flawed.”That the CFPB has shifted its own position does not discharge the court of its duty to interpret the constitutionality of [the removal protection] independently,” the judge said. “Even assuming arguendo that the CFPB’s structure is found to be unconstitutional, the proper remedy would be severing the unconstitutional removal provision, not dismissal of the case with prejudice.”The CFPB has already amended its 2017 lawsuit against Ocwen, which alleges a host of problems with the company’s servicing practices during the early and mid-2010s and was brought the same day that Florida state authorities filed their own lawsuit against the company in the same court. Share Save Tagged with: CFPB Constitutionality Ocwen 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. CFPB Constitutionality Ocwen 2019-11-14 Seth Welborn Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Preparing Banks for National Flood Insurance Program Deadline Next: Mortgage Delinquency by State Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Federal Judge Weighs in on CFPB’s Ocwen Suitcenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, News Subscribe Sign up for DS News Daily Home / Daily Dose / Federal Judge Weighs in on CFPB’s Ocwen Suit Servicers Navigate the Post-Pandemic World 2 days ago November 14, 2019 2,422 Views The Best Markets For Residential Property Investors 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welbornlast_img read more

Biden on Rent, Mortgage Payments: ‘Not Paid Later, Forgiveness’

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Coronavirus Joe Biden mortgage in Daily Dose, Featured, Government, News About Author: Mike Albanese  Print This Post The Best Markets For Residential Property Investors 2 days ago Democratic Presidential candidate Joe Biden said during an interview Wednesday that there should be mortgage and rent forgiveness—across the board—during the COVID-19 pandemic, according to multiple reports. “There should be rent forgiveness and there should be mortgage forgiveness now in the middle of this crisis. Forgiveness. Not paid later, forgiveness,” he said, according to a Vanity Fair transcript of an interview the former Vice President gave on Good Luck America, Snapchat’s daily political show. “It’s critically important to people who are in the lower-income strata.”During the interview, Biden said nobody should be paying more than 30% of their income for rent.An article by Forbes said other Democrats, including Rep. Alexandria Ocasio-Cortez (D-NY), have backed similar initiatives, including one sponsored by Rep. Ilham Omar (D-Minnesota), which would cancel all rent and mortgage payment for the duration of the pandemic. According to The Hill, the measure proposed by Ocasio-Cortez and Omar would set up federal relief funds for landlords and lenders to recoup the cost of the lost mortgage and rent payment if they agree to abide by a set of renter protections for five years.  Black Knight reported that as of May 7, nearly 4.1 million homeowners are in forbearance plans, which represents 7.7% of all active mortgages. According to Black Knight CEO Anthony Jabbour, the recent Federal Housing Finance Agency (FHFA) announcement of a four-month limit on advance obligations for servicers of mortgages backed by Fannie Mae and Freddie Mac provides the industry with some much-needed clarity.“Having a four-month end date on the period in which servicers need to advance principal and interest payments on behalf of homeowners in forbearance is extremely helpful to our servicing clients,” said Jabbour. “Still, even knowing that time limit, with today’s number of forbearance plans, servicers are still looking at more than $7 billion dollars in advances over those four months. And the forbearance numbers are climbing steadily, day by day. Clearly, this remains a challenging situation all around.”The FHFA announced Wednesday that Fannie Mae and Freddie are making new payment deferral options available for borrowers in COVID-19-related forbearance plans. The plan allows homeowners, who are able to return to making their normal monthly mortgage payments, the ability to repay their missed payments at the time the home is sold, refinanced, or at maturity. “For homeowners in forbearance due to COVID-19, payment deferral allows them to make up missed forbearance payments when they sell their home or refinance,” said FHFA Director Dr. Mark A. Calabria. “This new forbearance repayment solution responsibly simplifies options for homeowners while providing an additional tool for mortgage servicers. Borrowers who can pay their mortgage should because missed payments remain an obligation that will ultimately have to be repaid.” 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 Coronavirus Joe Biden mortgage 2020-05-13 Mike Albanese May 13, 2020 2,889 Views Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Previous: Balancing the Mortgage Servicing Process Next: FHFA, FHA Extends Foreclosure, Eviction Moratoriums Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Sign up for DS News Daily Home / Daily Dose / Biden on Rent, Mortgage Payments: ‘Not Paid Later, Forgiveness’ Biden on Rent, Mortgage Payments: ‘Not Paid Later, Forgiveness’ Subscribelast_img read more

Donegal councillor says blocking of Belfast march was “a disgrace”

first_img NPHET ‘positive’ on easing restrictions – Donnelly Three men and a woman were arrested after trouble following an anti-internment parade in north Belfast on Sunday. Petrol bombs, stones and bottles were thrown at police after they stopped the parade entering Belfast city centre, because the terms of a Parades Commission determination had been breached.A short rally was held at the barricade before the organisers urged marchers to disperse peacefully.Donegal Councillor MIchael Colm Mac Giolla Easbuig was the main speaker at the rally.He’s condemned the actions of the police, saying it shows the state wants to block “Human Rights” marches……Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/08/mcolmwebardoyne.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Google+ 448 new cases of Covid 19 reported today Three factors driving Donegal housing market – Robinson Facebook Pinterest News, Sport and Obituaries on Wednesday May 26th Google+ Previous articleUpdate – Woman lost four teeth in attack on Apprentice Boys bus in DungivenNext articleLetterkenny traffic increase highlights need for Bonagee link – Larkin admin Twitter Donegal councillor says blocking of Belfast march was “a disgrace”center_img Facebook Homepage BannerNews WhatsApp RELATED ARTICLESMORE FROM AUTHOR Twitter By admin – August 10, 2015 Help sought in search for missing 27 year old in Letterkenny Pinterest WhatsApp Nine Til Noon Show – Listen back to Wednesday’s Programmelast_img read more