Will Weakening the FSOC Put the Country at Risk of Another Financial Crisis?

first_imgHome / Daily Dose / Will Weakening the FSOC Put the Country at Risk of Another Financial Crisis? The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: 2008 Financial Crisis Dodd-Frank Financial Stability Oversight Council FSOC 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 Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago November 2, 2015 1,525 Views 2008 Financial Crisis Dodd-Frank Financial Stability Oversight Council FSOC 2015-11-02 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Bank of America Agrees to $335 Million Settlement Involving RMBS Next: Banks Need to Take Precautions With Credit Risk to Avoid Repeat of Financial Crisiscenter_img 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. Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Related Articles  Print This Post Will Weakening the FSOC Put the Country at Risk of Another Financial Crisis? Sign up for DS News Daily in Daily Dose, Featured, Government, News Share Save The Financial Stability Oversight Council (FSOC) was created out of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 in order to bring the financial regulatory community together to respond to risks to the financial system in order to prevent another financial crisis.Attempts are being made by financial industry advocates to weaken the FSOC. Those advocates are accusing the Council of being overzealous in protecting the financial industry. Weakening the FSOC would only prevent the Council from identifying risks to the financial system, therefore putting the country at risk of another devastating financial crisis, according to an op/ed piece by Deputy Assistant Secretary for the FSOC at the U.S. Department of the Treasury Patrick Pinschmidt on CNBC on Monday.“Unfortunately, there is legislation pending in both houses of Congress that would heavily tip the scales back in Wall Street’s favor and leave our country vulnerable to another crisis,” Pinschmidt said. “These changes would take the council’s methodical process and mire it in a series of protracted, bureaucratic steps that would require the council to spend as many as four years studying a company before it could take any action. Some of these proposals would also raise the standard for action by the council to a dangerously high threshold, all but ensuring inaction despite the risk to financial stability.”Proponents of these proposals contend that if passed, these proposals would make the FSOC more effective; however, Pinschmidt argues that they would have the opposite effect, impeding the Council’s ability to identify risks to the financial system.The FSOC has broken down barriers between agencies created a culture of regulatory cooperation and interagency information sharing in the five years since its creation, which has served to make the financial system safer and more resilient, according to Pinschmidt. The Council has also responded to potential weaknesses in the financial system and helped regulators focus on critical issues that include cybersecurity vulnerabilities and structural weaknesses in short-term funding markets.“We need a body with a single-minded focus on protecting U.S. financial stability and identifying new threats on the horizon—and that’s exactly what the council is doing.”—Patrick PinschmidtOne of the major reasons why the financial crisis occurred back in 2008 is that the country was ill-equipped to address risks to the financial system; the regulatory structure could not keep up with the changing U.S. financial marketplace and the country lacked single entity that was accountable for protecting the stability of the entire financial system, Pinschmidt said. Not only that, but certain large nonbank financial companies such as AIG were not subject to adequate oversight. One of the FSOC’s main responsibilities is to provide such oversight for these nonbank financial firms by addressing risk these companies face that could put the entire financial system at risk.“This isn’t a judgment that a company is on the verge of failure,” Pinschmidt said. “Rather, it is a recognition that if one of these designated companies were to experience distress, there could be significant consequences for the broader financial system and economy. This was a clear lesson from the financial crisis.”Those opposing the FSOC say that the Council’s designation of certain firms as “systemically important financial institutions” (SIFIs), or in other words, designating them as posing a threat to the stability of the country’s entire financial system if they were to fail, equates to naming institutions as “Too Big to Fail,” thus perpetuating what Dodd-Frank was meant to end. One such institution is MetLife, the insurance provider designated as a nonbank SIFI in December 2014 by the FSOC. In January, MetLife sued the FSOC a month later in an attempt to have the SIFI tag removed. MetLife claims that as a nonbank SIFI, it is subject to heightened regulation which the company says will increase compliance costs, hence increasing costs to consumers without any added safety benefit for the financial system. The case is still pending.Pinschmidt said in order to prevent another crisis, it is important to remember what caused the last one and how the country reached that point.“We must remain vigilant,” he said. “We need a body with a single-minded focus on protecting U.S. financial stability and identifying new threats on the horizon—and that’s exactly what the council is doing.”last_img read more

Opened and Closed . . . And Opened Again

first_img  Print This Post Tagged with: Bank of New York Mellon Citi FDIC U.S. Bank Opened and Closed . . . And Opened Again A handful of banks may find themselves in court again in the near future, as a federal judge has given the Federal Deposit Insurance Corporation (FDIC) the go-ahead to attempt to reopen a case previously dismissed at the end of last September if it could prove it still had legal standing to sue.U.S. District Judge Andrew Carter issued a statement on Tuesday informing the FDIC it could petition the court to reopen cases against Citigroup Inc, Bank of New York Mellon Corp, and U.S. Bancorp as an attempt to recoup losses on mortgage debt amounting to more than $695 million.The FDIC, in the past lawsuit, accused the banks of not monitoring the underwriting and servicing of mortgage-backed securities owned by Austin-based Guaranty Bank, which closed its doors in 2009. The securities in question were issued between 2005 and 2007, and added up to $2.7 billion. The FDIC thinks the bank’s failure will cost the deposit insurance fund $3 billion. Judge Carter gave the FDIC 90 days to file their petition.Last September, Judge Carter dismissed the case on the grounds that legal claims were transferred with the bonds when they were purchased in March 2010 via a resecuritization transaction, even though the FDIC argued they claim for was a personal matter. Judge Carter has since amended his ruling.Neither the FDIC, or any of the banks in question have commented on the Judge’s ruling.For more information, the cases in the U.S. District Court, Southern District of New York are listed as the following: FDIC v. The Bank of New York Mellon, No. 15-06560; FDIC v. U.S. Bank NA, No. 15-06570; and FDIC v. Citibank NA, No. 15-06574. Data Provider Black Knight to Acquire Top of Mind 2 days ago Bank of New York Mellon Citi FDIC U.S. Bank 2017-07-11 Joey Pizzolato 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] Subscribe Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles July 11, 2017 1,382 Views center_img Home / Daily Dose / Opened and Closed . . . And Opened Again Share Save The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Joey Pizzolato Previous: Is Your State in the Summer’s Top Hottest Markets? Next: Finishing Strong Data Provider Black Knight to Acquire Top of Mind 2 days ago 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 Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Manhattan, San Francisco Least Affordable U.S. Markets

first_img Manhattan, San Francisco Least Affordable U.S. Markets Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Steady 2018 RMBS Market Still Holds Risks Next: How Tax Reform Will Affect American Companies Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Affordability affordability ratio Home Prices Income manhattan point2 homes San Francisco vancouver 2017-12-08 Staff Writer Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Journal, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Manhattan, San Francisco Least Affordable U.S. Markets Share Save  Print This Post Related Articles The Best Markets For Residential Property Investors 2 days ago Vancouver, Manhattan, and San Francisco top the list of North America’s least affordable housing markets, according to a new study by Point2 Homes.Point2 Homes’ examined the 50 largest markets in North America and created an “affordability ratio” by dividing median home sale price by the yearly median income for that area. Put simply, Point2 Homes affordability ratio estimates how long it would take to pay off a median home in each of the markets, if a homebuyer were somehow able to put their entire annual income toward paying off that total.In both Manhattan and San Francisco—the second and third most unaffordable markets in North America, respectively, according to the report—the median home selling prices are both in the neighborhood of $1.2 million. However, the median family income for each city is different. In Manhattan, it’s ($77,559), meaning it would take approximately 15.6 years to pay off a median home. In San Francisco, the median income is significantly higher at $92,094, meaning a median home could be paid off in 13.8 years. Given that pretty much no one is capable of funneling their entire annual income solely toward housing, this should give you an idea of just how unaffordable these cities actually are.Brooklyn, New York, Los Angeles, Boston, San Jose, Seattle, and San Diego round out the rest of the top 10 most unaffordable North American cities.There are many contributors to affordability, not the least of which is availability. In the decade following the economic crisis of 2007-08, the number of potential home buyers grew but inventories shrank, adversely affecting first-time buyers. As demand exceeded supply, the advantage belonged to sellers.In Manhattan, first-time buyers have been affected by persistently low inventory, and prices have also been driven up more than 30 percent by rising development costs and a trend toward more luxury buildings. The situation in San Francisco is a little different. The median income there is the nation’s highest, so the market may not be as susceptible if the mortgage deduction is cut, but there remains concern about the impact of the federal tax reduction plan, and inventories there also have remained low.On the other end of the spectrum, Detroit takes the distinction of being the most affordable market in North America. The median home price in the Motor City is $48,000. Unfortunately, the median family income is only $25,980. With those numbers, a family putting all their income toward paying off a median home in Detroit could do so in less than two years.You can explore the rest of Point2 Homes’ data, and find out where your city ranks in home affordability, by clicking here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago December 8, 2017 1,388 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 Tagged with: Affordability affordability ratio Home Prices Income manhattan point2 homes San Francisco vancouver About Author: Staff Writer Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

CFPB Ruled Constitutional—What Now?

first_img  Print This Post Related Articles CFPB Ruled Constitutional—What Now? Previous: Is the State of Housing Strong? Next: Can the Housing Market Maintain Its Momentum? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago CFPB CFPB director Consumer Financial Protection Bureau PHH Corp. PHH Corp. v. CFPB 2018-01-31 David Wharton In a split decision, a Washington appeals court has reversed a previous ruling, declaring the structure of the Consumer Financial Protection Bureau to be constitutional after all.The Court of Appeals for the District of Columbia Circuit ruled Wednesday that the CFPB’s structure is constitutional and that the director of the agency can only be fired by the president for “inefficiency, neglect of duty, or malfeasance in office.”The court’s ruling reads, in part, “None of the theories advanced by PHH supports its claim that the CFPB is different in kind from the other independent agencies and, in particular, traditional independent financial regulators.”On the subject of whether the CFPB director can be removed by the president without cause, the ruling reads, “The CFPB’s authority is not of such character that removal protection of its Director necessarily interferes with the President’s Article II duty or prerogative. The CFPB is neither distinctive nor novel in any respect that calls its constitutionality into question. Because none of PHH’s challenges is grounded in constitutional precedent or principle, we uphold the agency’s structure.”Brianne Gorod, Chief Counsel for the Constitutional Accountability Center, said in a statement, “Members of Congress believed, and still believe, that it is critical to the mission of the CFPB that it remain independent of the President, so it can act promptly and decisively in response to new threats to consumers. The D.C. Circuit today made it clear: that leadership structure is constitutional, and arguments to the contrary are wholly without merit.”Richard Hunt, CEO and President of the Consumer Bankers Association, said of the ruling, “Congress should create a bipartisan commission at the CFPB, in place of a sole director, to uphold the Bureau’s mission of consumer protection. ” In his statement, Hunt said that this change would ” … establish transparency, diversity of thought, additional industry insight, and rule-makings beneficial to consumers, the industry, and the economy.”The court’s previous ruling in October 2016 stated that the CFPB’s leadership structure was unconstitutional and that it granted the agency’s director too much power. That October 2016 ruling stated, “Because the Director alone heads the agency without Presidential supervision, and in light of the CFPB’s broad authority over the U.S. economy, the Director enjoys significantly more unilateral power than any single member of any other independent agency.”The case traces its origins back to $109 million in CFPB fines levied against New Jersey-based mortgage company PHH Corp. in 2015, which the mortgage company fought. The October 2016 ruling had also canceled these fines. The ruling is expected to be appealed by both the Trump administration and PHH. Tagged with: CFPB CFPB director Consumer Financial Protection Bureau PHH Corp. PHH Corp. v. CFPB The Best Markets For Residential Property Investors 2 days ago January 31, 2018 1,966 Views Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / CFPB Ruled Constitutional—What Now? Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Headlines, Journal, News 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 Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

The Industry Pulse: Updates on Mr. Cooper, Black Knight, and More …

first_imgHome / Daily Dose / The Industry Pulse: Updates on Mr. Cooper, Black Knight, and More … Demand Propels Home Prices Upward 2 days ago Black Knight Financial Services Company News Mr. Cooper Nationstar Mortgage Northsight Management Posetivo & Associates stern & Eisenberg The Industry Pulse truly noble services 2018-02-15 David Wharton Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Tagged with: Black Knight Financial Services Company News Mr. Cooper Nationstar Mortgage Northsight Management Posetivo & Associates stern & Eisenberg The Industry Pulse truly noble services The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Which companies are merging, and what professionals are moving? See some highlights in this update of the housing and mortgage industries.WMIH Corp and Nationstar Mortgage Holdings Inc., with its flagship brand Mr. Cooper (formerly Nationstar), announced a merger earlier this week. The Dallas, Texas-based mortgage servicing company will merge with the former holding company of Washington Mutual Bank in a deal where Nationstar’s shareholders would get $1.2 billion in cash from WMIH Corp. and $702 million in shares of the new combined company that will trade on NASDAQ under the ticker symbol WMIH. Upon completing the transaction, the combined company’s Board of Directors will comprise seven members, including three from WMIH and four from Nationstar. “We expect this merger to create value for our shareholders in both the near and long-term, including immediate accretion on a cash EPS basis and a cash premium for those of our stockholders who elect to receive the cash merger consideration. I am passionately committed to continuing and accelerating our growth and investment as a leader in our industry, leveraging our best-in-class integrated servicing and origination platform,” said Jay Bray, CEO, and Chairman of Nationstar.____________________________________________________________________Black Knight, Inc., a provider of integrated software, data and analytics to the mortgage and real estate industries, announced that Anthony Jabbour will assume the role as the company’s CEO on April 1. Current CEO Tom Sanzone will become the company’s Vice Chairman of the Board and will assist with the transition. Jabbour was most recently the COO of Fidelity National Information Services, Inc.’s Banking and Payments business. In this role, he had global accountability for solution development, sales, and delivery of banking and payments offerings for clients of all sizes and in all geographic markets.“Anthony has a strong track record of successfully growing businesses both organically and through acquisitions, establishing strong client relationships and managing large, complex technology operations in the financial services industry,” said Bill Foley, Executive Chairman of Black Knight. “He will build on the strong foundation that Black Knight has established, and I am confident he and the management team at Black Knight will take the company to the next level.”____________________________________________________________________Stern & Eisenberg, a regional law firm servicing ten states and the District of Columbia with a team of over 50 attorneys and 200 staff announced the hiring of Elizabeth Potter in the role of Business Development Director and the promotion of Angela Wilson to the role of Client Relations Manager. Potter and Wilson will serve critical functions in the firm’s expanded Value Department, headed by Chief Value Officer Kathy Brady. Potter, who recently served as SVP of Business Development and Member Relations for the American Legal & Financial Network (ALFN), a national, legal-based trade association in the mortgage default industry, will spearhead the firm’s business development across all practices, business lines, and regions stretching from New York to Georgia.“We’re thrilled with the team we have in place,” said Brady. “Liz is an industry veteran and has seamlessly stepped into her role representing the firm and we’re excited about the business opportunities she will help us cultivate.”____________________________________________________________________Northsight Management LLC, a thriving mortgage field services provider offering a full array of default property management services, announced the finalization of its merger with Truly Noble Services, a well-respected Texas-based full-service general contractor. According to Josh Sarchet and Steve Johnson, Northsight principals, “We are confident this fusion of organizations will add significant expertise and strength to Northsight. The team at Truly Noble has a solid reputation within the REO repair space which will fortify Northsight’s service offerings, as well as further support and expand its current client base.”Based in Garland, Texas, Truly Noble Services was established in 1996 when James L. Easley, CEO and Chairman of the Board, launched the company after working to repair flooded homes throughout Dallas. Soon afterward, the company expanded into servicing the vacant property market. Truly Noble Services strives for three things on every job: 1) getting the work completed on time, 2) getting the work completed on budget, and 3) getting the work completed correctly the first time. Truly Noble now offers a wide array of repair and maintenance services across eight different Southeastern states, including their home state of Texas.____________________________________________________________________Rochester, Michigan-based law firm, Potestivo & Associates, P.C., has announced the appointment of Brenda Likavec, as Supervising Bankruptcy Attorney in their Chicago office. Likavec joined the team of 25 attorneys in January 2018. Prior to her role at Potestivo & Associates, Likavec was Managing Attorney for one of the largest consumer bankruptcy firms in the U.S. She has represented debtors in both Chapter 7 and Chapter 13 proceedings since 2011, handling adversaries, resolving objections, and multiple court calls. Likavec was selected for the Bankruptcy Liaison Committee for the Northern District of Illinois Bankruptcy Court for a two-year term in 2017. The committee includes Chief Judge Hollis as well as several other prominent Judges from the district. She is also a current member of the American Bankruptcy Institute.“We are delighted to welcome Brenda to our firm. It is exciting to grow our practice with talented, experienced attorneys who will provide our clients with outstanding legal and business services,” said Brian Potestivo, President-Managing Attorney, of Potestivo & Associates. The Industry Pulse: Updates on Mr. Cooper, Black Knight, and More … February 15, 2018 2,668 Views Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Ginnie Mae MBS Outstanding Issuance Approaches $2 Trillion Next: Starter Home Values Rising at the Fastest Rate on the Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe in Daily Dose, Featured, Headlines, News Share Save Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

The State of Mortgage Lending and Servicing

first_imgHome / Daily Dose / The State of Mortgage Lending and Servicing Servicers Navigate the Post-Pandemic World 2 days ago May 29, 2018 2,446 Views What trends are impacting the landscape of lending and servicing in 2018? A new survey from the American Bankers Association seeks to provide insights into that topic, having polled 161 banks to assemble its data.The ABA’s 25th Residential Real Estate Lending Survey culled data between February 14, 2018, to March 30, 2018, much of it incorporating year-end results from 2017. Sixty-five percent of the survey respondents were commercial banks and 35 percent were savings institutions. Approximately 73 percent of the institutions surveyed reported assets totaling less than $1 billion.The survey reported that participant loan volume for 1-4 family mortgage loans averaged $80 million. In 2017, 1-4 family mortgage purchase loan originations made up 60 percent of year-to-year origination, according to the survey. For comparison’s sake, in 2016 the percentage was 53 percent, and 45 percent in 2015.For home equity loans, the average participant loan volume was $6.3 million. (Reverse mortgage originations have been on the downswing in recent months.)Seventy-one percent of the surveyed banks estimated servicing between 0-2,000 1-4 family loans in 2017. Twenty-one percent estimated servicing between 2,001-5,000 loans; five percent estimated their numbers between 5,001-10,000; and only three percent estimated servicing between 10,001-25,000 loans.The breakdown between banks reporting that they retained servicing on their loans, released servicing to other entities, or did a mix of both came in with a roughly equal spread between the three categories. Thirty-four percent reported releasing servicing, 30 percent reported retaining servicing, and 36 percent reported doing a mix. Among those institutions doing both, respondents reported retaining servicing 58 percent of the time, compared with releasing servicing 42 percent of the time.The survey found that 18 percent of originations were sold to conduits/wholesalers, up from 14 percent in 2016 and 22 percent in 2010. Fannie Mae received 11 percent of originations among banks surveyed, with nine percent headed to Freddie Mac.The 30-year fixed-rate mortgage remained the dominant type of mortgage products offered, according to the survey, coming in at 52.8 percent (compared to 47.7 percent in 2016). Fixed-rate 15-year mortgages dropped from 18.6 percent in 2016 to 15.4 percent last year.Also worth noting: the percentage of loans made to first-time homebuyers has been slowly but steadily increasing over the past four years. In 2014, it was at 14 percent; in 2018, it had increased to 17 percent.To read the full ABA Residential Real Estate Lending Survey, click here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago ABA American Bankers Association Mortgage Lending mortgage servicing Survey 2018-05-29 David Wharton Share Save Demand Propels Home Prices Upward 2 days ago The State of Mortgage Lending and Servicing Previous: Ocwen CFO Resigns—Here’s What’s Next for the Servicer Next: Homebuyer Migration Trends in Q1 2018 Related Articles  Print This Post 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 agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: ABA American Bankers Association Mortgage Lending mortgage servicing Survey in Daily Dose, Featured, Journal, Market Studies, News, Servicing Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 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 About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Understanding the New Generation of Homeowners

first_img in Daily Dose, Featured, Investment, News Previous: The Week Ahead: Webinar Focuses on Compliance Next: How Much Will Generation Z Pay in Lifetime Rent? Demand Freddie Mac generation Homebuyers Homeowners HOUSING Lenders mortgage 2018-05-21 Radhika Ojha Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post How are changing demographics affecting homeownership? Freddie Mac’s Borrower of the Future campaign launched on Monday will help mortgage lenders better understand and address the evolving needs of the next generation of consumers driving housing demand. The program will deliver qualitative and quantitative insights showing how key trends affect various buyer segments, with the goal of applying these learnings industry-wide to improve the housing finance system. Freddie Mac has partnered with Arun Sundararajan, Professor, New York University for this initiative. Sundararajan will provide insight into how digital technologies and the future of work change the dynamics of homeownership, leveraging research and expertise to further advance the initiative’s efforts.At a roundtable to launch this initiative, Sundararajan along with Chris Boyle, Chief Client Officer, Freddie Mac, Dave Lowman, EVP, Single-family, Freddie Mac, and Steve Kutz, Editorial Director of Dow Jones Custom Studio, discussed the trends and cultural forces transforming America and the way people think of the homeownership. Here’s what they had to say:<span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span> Home / Daily Dose / Understanding the New Generation of Homeowners Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Demand Freddie Mac generation Homebuyers Homeowners HOUSING Lenders mortgage Sign up for DS News Daily Share Save May 21, 2018 2,040 Views Understanding the New Generation of Homeowners 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. center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago 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 Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

The Road Ahead for Women-Owned Small Businesses

first_img Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Road Ahead for Women-Owned Small Businesses 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, Market Studies, News As the country celebrates National Women-Owned Small Business (WOSB) Month in October, many such businesses face the question of how can they get certified and win new business, especially in a competitive industry like mortgage finance? On Wednesday, a complementary webinar by the American Mortgage Diversity Council (AMDC) tackled this question as an expert panel discussed how qualifying as a certified WOSB opened up growth opportunities for organizations led by female entrepreneurs.The webinar was presented by the AMDC’s WOSB Affinity Group that is focused on advocating, educating, growing and enabling women businesses to effectively compete and win contracts. Starting the webinar off with some statistics that underlined the importance of WOSB, Heather Beers Burt, Managing Partner, Beers Housing Inc said that even though four out of 10 businesses in the U.S. were women-owned, they accounted for only 8 percent of the private sector. “Let’s continue to grow and support one another,” Burt said.Taking the audience through the qualifications that were needed to be a WOSB, Burt said that the organization should not only meet the small business size standards for the primary NAICS code and contract, but should also be 51 percent unconditionally and directly owned by women who are U.S. citizens. The business should also have women managing the day-to-day operations and making its long-term decisions to qualify.”To be eligible to compete for WOSB set-asides or receive sole source awards, you must either be certified by an SBA-approved Third-Party Certifier (TPC) or self-certify with the SBA,” explained Lori Eshoo, President and CEO, National Tax Search. While self-certification could be found on the certify.sba.gov portal, other TPCs included El Paso Hispanic Chamber of Commerce and the National Women Business Owners Corporation.Reviewing the process and spotlighting the industry-specific organizations that certified WOSBs, the panel spoke about the National Association of Women in Real Estate Business (NAWRB) and the National Association of Women & Minority Owned Law Firms (NAMWOLF).To get certified through NAWRB, Michelle A. Mierzwa, Partner, Wright, Finlay, & Zak explained that the NAWRB offered two categories of certification specific to the housing ecosystem—women-owned businesses and minority women-owned businesses. “To certify through the NAWRB the business must be 51 percent or more woman-owned, managed, and operated; have women business owners who are U.S. citizens or legal resident aliens, and have a business that has technical expertise in the housing ecosystem,” Mierzwa said.NAMWOLF, on the other hand, assists its law firm members in developing strategic alliances, coalitions, and affiliations with corporations, in-house counsel, and other legal trade associations and it certified its members.Taking the audience through the WOSB Federal Contracting Program, Josephine M. Hamel, Managing Attorney, Foreclosure at Heavner, Beyers & Mihlar said that the program enabled the economically disadvantaged WOSBs to compete for federal contracts that are set aside for them in industries where WOSBs are underrepresented. “The program allows set-asides for WOSBs in industries where women-owned small businesses are substantially underrepresented and has designated two sets of industries according to the North American Industry Classification System,” Hamel explained.The panel also discussed some of the best practices for marketing a WOSB to get certified. They included registering through the FBO.gov website, preparing a one-page capability statement outlining the business’ credentials and services, and conducting a marketing letter campaigned to contract officers introducing the company.To view the complete webinar, click here. Tagged with: AMDC HOUSING mortgage real estate WOSB Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: The Future Business of the FHA Next: And the Appraisal Survey Says … About Author: Radhika Ojha Share Save Home / Daily Dose / The Road Ahead for Women-Owned Small Businesses AMDC HOUSING mortgage real estate WOSB 2018-10-24 Radhika Ojhacenter_img The Best Markets For Residential Property Investors 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 Demand Propels Home Prices Upward 2 days ago  Print This Post Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago October 24, 2018 2,430 Views last_img read more

An Eye on Foreclosure Prevention

first_img Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / An Eye on Foreclosure Prevention Previous: A Change of Order Next: The Yeas and Nays on Housing Legislation November 6, 2018 1,642 Views in Daily Dose, Featured, Foreclosure, Government, News Fannie Mae and Freddie Mac completed a total of 24,121 foreclosure prevention actions in August 2018, according to the latest Federal Housing Finance Agency’s report (FHFA) released on Tuesday. This brings their total number of prevention actions to 4,227,732. In addition, the serious delinquency rate fell from 0.84 percent at the end of July to 0.79 percent at the end of August.Report BreakdownFHFA’s current report further discusses the main reasons contributing to delinquency including curtailment of income at 32 percent, excessive obligations at 17 percent, unemployment at 8 percent, illness of principal mortgage or family member at 5 percent, and marital difficulties at 4 percent. In enterprises foreclosures, third party and foreclosure sales reflected an increase from 4,116 in July to 4,643 in August. Foreclosures starts, on the other hand, recorded a decline from 11,639 in July to 11,499 in August. According to the report, there were 752 short sales and deeds-in-lieu of foreclosure completed in August, which is a decline of three percent from the previous month. The report reveals over half of the prevention actions dealt with permanent loan modifications, out of which 19,345 were completed in August, with a total of 2,276,9989 since the GSEs first came under conservatorship. Twenty-four percent of modifications were ones with principal forbearance. The report also points out modifications with extend-term comprised only 53 percent of loan modifications in the month.State-by-State GlanceFlorida leads the nation in the total number of delinquent loans followed by Texas, California, New York and Illinois. The report finds that New York continues to have the highest number of deeply delinquent loans followed by Florida and New Jersey, Illinois, and Pennsylvania. 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 Servicers Navigate the Post-Pandemic World 2 days ago Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Sign up for DS News Daily Share 2Savecenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago An Eye on Foreclosure Prevention  Print This Post Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Tagged with: delinquent loan Fannie Mae FHFA Foreclosure Freddie Mac HOUSING Loan Modification The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Donna Joseph delinquent loan Fannie Mae FHFA Foreclosure Freddie Mac HOUSING Loan Modification 2018-11-06 Donna Josephlast_img read more

Wells Fargo, After Sloan

first_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Wells Fargo, After Sloan Tim Sloan Wells Fargo 2019-03-28 David Wharton Previous: Mid America Uses NotaryCam Solution Next: Mitigating Risks Through Technology Wells Fargo CEO Tim Sloan announced Thursday that he will retire, less than three years into his tenure running the bank. Sloan will step down at the end of June.C. Allen Parker, Wells Fargo’s General Counsel, will serve as interim CEO and President while the bank searches for a long-term replacement.“In my time as CEO, I have focused on leading a process to address past issues and to rebuild trust for the future,” Sloan said in a statement. “We have made progress in many areas and, while there remains more work to be done, I am confident in our leadership team and optimistic about the future of Wells Fargo.” He added that his resignation came in part because “our ability to successfully move Wells Fargo forward from here will benefit from a new CEO and fresh perspectives. For this reason, I have decided it is best for the Company that I step aside and devote my efforts to supporting an effective transition.”“Tim Sloan has served this company with pride and dedication for more than 31 years, including in his role as CEO since October 2016,” said Wells Fargo Board Chair Betsy Duke in a statement. “He has worked tirelessly over this period for all of our stakeholders in the best long-term interest of Wells Fargo.”Sloan’s announcement comes only days after several senators, including Senators Elizabeth Warren, Ranking Member of the Senate Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection, and Sherrod Brown, Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, called for limitations on Wells Fargo’s growth to remain in place until such time as Sloan was no longer the company’s President and CEO.Sloan had recently appeared before Congress himself, addressing the House Financial Services Committee to discuss the bank’s progress in providing reparations related to past scandals and how the bank is working to improve its culture and better serve its customers.The hearing stemmed back to 2016, when the Consumer Financial Protection Bureau (CFPB), Office of the Comptroller of the Currency (OCC), and Los Angeles City Attorney fined Wells Fargo Bank collective penalties of $185 million for opening millions of deposit and credit-card accounts in customers’ names without their consent or knowledge. The CFPB and OCC imposed the bank with civil money penalties and demanded restitution to harmed customers.In this month’s hearing, Sloan claimed the bank has worked toward a change in leadership, culture, and practices. He pointed out that Wells Fargo has created the required ethics training for all team members titled “Change for the Better.” He also added that he “cannot promise perfection” but suggested that the changes implemented will act as a deterrent to further issues. “We’ve made fundamental changes,” Sloan said. “I can give personal assurance the bank will comply with consent decrees.” March 28, 2019 3,178 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Wells Fargo, After Sloan Sign up for DS News Daily center_img The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News 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] Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 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 Share Save About Author: David Wharton Tagged with: Tim Sloan Wells Fargo Subscribelast_img read more