May 31

FHFA Raises Awareness for Principal Reduction

first_img 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. 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 Demand Propels Home Prices Upward 2 days ago October 4, 2016 1,681 Views in Daily Dose, Featured, News Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / FHFA Raises Awareness for Principal Reduction Related Articles  Print This Post About Author: Kendall Baer FHFA Raises Awareness for Principal Reduction Share Save Servicers Navigate the Post-Pandemic World 2 days ago Check your Twitter, check your LinkedIn because the Federal Housing Finance Agency is launching a social media campaign to raise awareness for principal reduction modification being offered by the GSEs to certain borrowers who are still struggling in the aftermath of the financial crisis.The agency is targeting at-risk homeowners saying “If you are eligible, a principal reduction modification could help you avoid foreclosure and stay in your home by reducing your monthly payment amount and the amount you owe on your mortgage.”Borrowers may be eligible if their loans are owned or guaranteed by Fannie Mae or Freddie Mac, they were 90 days or more delinquent on their mortgage payments and have an outstanding unpaid principal balance of $250,000 or less as of March 1, 2016, they owe more than 115 percent of what their house is worth, and of course own and live in their home.FHFA undertook an extensive evaluation in order to determine whether there was a need to implement a Principal Reduction Modification program for seriously delinquent, underwater borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac. The agency’s objective was to develop a program that helped targeted borrowers avoid foreclosure while also adhering to FHFA’s mandate to preserve and conserve the assets of the GSEs. After this evaluation, the one-time Principal Reduction Modification program was announced on April 14, 2016 specifically for the eligible population expected to be approximately 33,000 borrowers.This program’s goal was to give seriously delinquent, underwater borrowers a last opportunity to avoid foreclosure while also addressing negative equity remaining from the financial crisis. FHFA has determined that loan servicers must solicit all borrowers eligible for the Principal Reduction Modification starting no later than October 15, 2016.With this social media campaign, FHFA hopes to make these borrowers aware of not just the program itself but the letters from servicers that will be sent to them. Along with promoting helpful information about the program, the agency also gives borrowers examples of these letters to insure the letters they receive will be opened and responded to quickly. To accept, borrowers have to make three on-time payments and sign the acceptance letter. The last day servicers can offer eligible borrowers this Principal Reduction Modification is December 31, 2016.To learn more about the Principal Reduction Modification program, click HERE. Fannie Mae FHFA Freddie Mac Principal Reduction Modification 2016-10-04 Kendall Baer Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Fannie Mae FHFA Freddie Mac Principal Reduction Modification 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: The Bigger Picture of Housing Counseling Next: Drilling Down Into Foreclosure Data Sign up for DS News Daily Subscribelast_img read more

May 31

The Collingwood Group Names New Partner

first_img Is Rise in Forbearance Volume Cause for Concern? 2 days ago  Print This Post 2016-11-30 Kendall Baer Home / Featured / The Collingwood Group Names New Partner November 30, 2016 959 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Share Save Previous: DocMagic Announces First Start to Finish Paperless Digital eClosing Next: Industry Insight: Changes in Mortgage Pricing Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Mirasha Brown Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Collingwood Group Names New Partner Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago in Featured, News Meg BurnsThe Collingwood Group, a business advisory firm located in Washington, D.C., announced the promotion of MegBurns to Partner. She will join the firm’s management committee and will lead the Business Advisory practice. She will also be responsible for the firm’s long-term strategic development.She has more than two decades of experience in the housing industry. Before joining The Collingwood Group as a Managing Director, Burns served as Senior Associate Director for Housing and Regulatory Policy at the Federal Housing Finance Agency (FHFA). She also served as FHFA’s Senior Associate Director for Congressional Affairs and Communications. In addition, Burns has held key positions with the Federal Housing Administration and the Department of Housing and Urban Development.Members of The Collingwood Group’s leadership team expressed their approval of Burns’ progression within the firm. “Meg is an incredible asset, and has become an indispensable member of the Collingwood leadership team,” said Brian O’Reilly, President and Co-founder of The Collingwood Group.Brian Montgomery, Collingwood Group Vice Chairman, seconded O’Reilly’s sentiments with the following: “I am particularly pleased for Meg in her new position as Partner at the firm. Meg was one of my most trusted advisors when I was FHA Commissioner. She consistently provided me with keen insight and thoughtful opinions on a host of housing policy issues. Meg is well regarded throughout our industry and within government housing circles, and we are thrilled she will continue to promote Collingwood’s brand and expertise in her new role of Partner.” Mirasha Brown is a graduate of Florida A&M University and is pursuing a masters degree at Syracuse University. Born and raised in Florida, she has contributed to public relations and marketing campaigns for Rent The Runway and Billboard. She is a communications specialist with The Five Star and a contributing writer to DS News and the MReport. The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Subscribelast_img read more

May 31

HUD: Establishing Equal Opportunities

first_img Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago October 6, 2017 1,268 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Nicole Casperson Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Headlines HUD: Establishing Equal Opportunities Servicers Navigate the Post-Pandemic World 2 days ago Previous: Mortgages Facing Risk of Fraud Next: Pressing Topics at the Fed Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Share Save Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected]  Print This Post Home / Daily Dose / HUD: Establishing Equal Opportunities The U.S. Department of Housing and Urban Development (HUD) recently announced an agreement to resolve a discrimination complaint against the fairness of the Maryland’s Low-Income Housing Tax Credit (LIHTC) program.The agreement is a result of a complaint filed with HUD in 2011 by the Baltimore Regional Housing Campaign (BRHC), a coalition of housing and civil rights organizations.HUD’s report noted that the coalition’s complaint alleged that requiring local jurisdiction pre-approval prevented the placement of LIHTC-funded properties in predominately White areas, thereby limiting housing opportunities for African American and Hispanic families in communities of opportunity.The agreement establishes more flexible program rules in an effort to provide equal and fair housing opportunities by creating affordable housing in higher opportunity neighborhoods in the Baltimore region.According to HUD, the settlement will specifically “increase the number of affordable housing units in the region by as many as 1,500, with more than 1,000 of those units being new construction.” In addition, “developers of affordable housing will no longer have to satisfy previously required local scoring or approval criteria before applying for state-allocated tax credits.”Assistant Secretary for Fair Housing and Equal Opportunity of HUD Anna Maria Farías said that the skyrocketing housing prices in the Baltimore region are making it harder than ever for hardworking families to find decent housing at prices they can afford.“Today’s agreement will help ensure that people of all backgrounds who call this area home have more affordable housing options in higher opportunity neighborhoods,” said Farías.BRHC said the state maintained a policy requiring local jurisdictions to approve proposed affordable housing projects prior to the consideration or allocation of Low-Income Housing Tax Credits (LIHTC) to fund construction.Click here to view all of HUD’s new terms of the agreement. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: HOUSING HUD mortgage 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 HOUSING HUD mortgage 2017-10-06 Nicole Casperson Subscribelast_img read more

May 31

Assurant Announces New Innovations

first_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: HOUSING mortgage Movers and Shakers in Featured, Headlines, News Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Related Articles About Author: Nicole Casperson Data Provider Black Knight to Acquire Top of Mind 2 days ago November 6, 2017 1,097 Views Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Assurant, Inc. recently announced the release of a series of new products and product enhancements from its Mortgage Solutions division designed to address some of the challenges surrounding the rapidly evolving mortgage valuations and title sectors. This includes new valuations, mortgage technology, and title products and enhancements.“Assurant partners with and really listens to our clients to understand the challenges they face so together we can adapt to market demands,” said Dan Hoppes, SVP, Mortgage Solutions at Assurant. “We are focused on innovation that enables us to meet our client’s need for a faster, streamlined appraisal process, while maintaining compliance and reliability.”Partnering with top industry originators, Assurant has developed the Assurant Hybrid Appraisal, enabling customizable hybrid desktop appraisals with an interior inspection to replace traditional appraisals for lower-risk properties. This alternative appraisal is coupled with a proprietary property risk and complexity screening tool that identifies low-risk properties and utilizes trained inspectors, significantly reducing valuation turn times without compromising quality or compliance.Assurant has also made enhancements to its Title and Mortgage Technology product lines in an effort to create a better user experience while streamlining the overall appraisal management process—called Assurant LenderX. In addition, American Title, Inc (ATI), an Assurant Company, has introduced eSigning to better the borrower’s experience and reduces time and paperwork for everyone involved. Assurant Announces New Innovations The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post HOUSING mortgage Movers and Shakers 2017-11-06 Nicole Casperson Previous: HouseCanary Announces Partnership Next: Quicken Loans Leader Moves to SD Capital Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Featured / Assurant Announces New Innovations Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

May 31

Senate Banking Committee Votes Yes on Brian Montgomery Nomination

first_img 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 Demand Propels Home Prices Upward 2 days ago Senate Banking Committee Votes Yes on Brian Montgomery Nomination Tagged with: assistant secretary for housing Brian Montgomery Department of Housing and Urban Development executive session fed chair Federal Housing Administration federal housing commissioner Federal Reserve System FHA HUD Jerome Powell Senate Banking Committee Subscribe Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Today during a nomination hearing held by the U.S. Senate Banking Committee Brian Montgomery was approved as Assistant Secretary for Housing—Federal Housing Commissioner, U.S. Department of Housing and Urban Development. His nomination will now move to a full Senate vote.Brian Montgomery is currently Vice Chairman of The Collingwood Group, a Washington D.C.-based advisory firm that he co-founded, and he previously served as Federal Housing Administration commissioner under former President George W. Bush. In a letter sent to Senate Banking Committee Chairman Crapo and Ranking Member Brown endorsing his nomination and encouraging his confirmation, Ed Delgado, President and CEO of the Five Star Institute wrote:During my 25 year tenure working within the mortgage banking industry, I have had the opportunity to work side by side with Mr. Montgomery during his times within both public and private service on issues that face the American homeowner,” the letter said. “I can attest to his qualifications as a leader and his devotion to the cause of furthering responsible homeownership in the United States. An examination of Mr. Montgomery’s record will reveal a dedicated public servant and champion for homeownership, fully committed to ensuring the American Dream lives on for generations to come.During his October testimony before the Senate Committee on Banking, Housing, and Urban Affairs, Montgomery said, “Some of my Republican friends and colleagues still ask why I agreed to serve in a Democratic Administration and my answer has always been the same: they asked for my help. It was that simple. Now when I’m asked why I would want to return to HUD, the answer is just as simple: I believe I can make a positive difference.” Previous: Senate Banking Committee Mulls Powell and Montgomery Noms Next: Legal Perspective: Untangling What Having Two Acting Directors of CFPB Means About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Journal, Newscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Home / Daily Dose / Senate Banking Committee Votes Yes on Brian Montgomery Nomination The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago assistant secretary for housing Brian Montgomery Department of Housing and Urban Development executive session fed chair Federal Housing Administration federal housing commissioner Federal Reserve System FHA HUD Jerome Powell Senate Banking Committee 2017-11-28 David Wharton Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago November 28, 2017 3,061 Views  Print This Post The Best Markets For Residential Property Investors 2 days agolast_img read more

May 31

Zombie Homes Webinar Addresses Abandoned Property Challenges

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago 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 Demand Propels Home Prices Upward 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] Click here to view a recording of the Zombie Homes webinar.On Thursday, DS News and sponsor Altisource Field Services presented an exclusive, complimentary webinar entitled “Zombie Homes—Challenges and Guidance.” This event united subject matter experts to discuss the unique challenges posed by zombie homes, ranging from servicer responsibilities, legal challenges, and the property preservation demands involved with maintaining due diligence for these properties that are often caught in a sort of legal limbo.Zombie homes are vacant properties caught in the midst of the foreclosure process, but which are not yet under the control of the servicer or noteholder. They are often created as a result of well-meaning legislators and regulators who are attempting to help borrowers by extending foreclosure processes. In judicial foreclosure states, the foreclosure process can drag on for more than 1,000 days, during which the property may be uninhabited and falling into disrepair, posing safety risks as well as driving down local property values. Unfortunately, the process of dealing with zombie properties is complicated by statutes and regulations that vary wildly even when it comes to the basic definition of what constitutes a vacant or abandoned property in the first place.The DS News “Zombie Homes—Challenges and Guidance” webinar featured presentations and insights from moderator Rick Sharga, EVP, Carrington Mortgage Holdings; Dawn Adams, SVP, Default Servicing, RoundPoint Mortgage Servicing; Stephen Hladik, Partner, Hladik, Onorato & Federman; and Timothy Meyer, SVP of Field Services, Altisource.After a quick rundown of the current state of zombie properties, which are most prevalent in states such as New York, New Jersey, Florida, Illinois, and Ohio, moderator Rick Sharga handed things off to Dawn Adams from Roundpoint. She delved into the challenges presented by the lack of standardized definitions as to what constitutes a zombie property, and how expedited foreclosures can help combat the zombie properties problem.From there, Stephen Hladik walked attendees through the complex web of legal challenges presented by zombie homes, and how some states such as Pennsylvania are passing new legislation to aid in the fight against these abandoned properties.Finally, Altisource’s Timothy Meyer covered the property preservation angle, discussing inspections, repairs, compliance, and complaint resolution, as well as highlighting how field servicers should partner with local governments to combat urban blight.If you missed out on the webinar today, don’t worry—you can still view a recording of the presentation by clicking here. You can also view the PowerPoint slides for the presentation by clicking here. Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Related Articles Share Save Webinar zombie homes 2018-06-21 David Wharton Tagged with: Webinar zombie homes Home / Daily Dose / Zombie Homes Webinar Addresses Abandoned Property Challenges Data Provider Black Knight to Acquire Top of Mind 2 days ago Zombie Homes Webinar Addresses Abandoned Property Challenges June 21, 2018 3,115 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: CFPB vs. PHH Dismissed: RESPA Enforcement Implications Next: Trump Administration Sets Forth Plan to End GSE Conservatorship in Daily Dose, Featured, Foreclosure, Journal, News, REO, Servicinglast_img read more

May 31

Back in the Saddle

first_imgMontgomery’s ascension to the FHA’s top position wasn’t an easy one, to say the least. Despite his previous tenure as commissioner from 2005 to 2009—he served under Presidents George W. Bush and Barack Obama—his experience didn’t exactly make for the smooth second confirmation most would expect.His most recent Senate confirmation hearing? Montgomery said it was almost the complete opposite of his first one.“I’d been at the White House and I had already been vetted, so that side of it was fairly quick,” he said of his 2005 confirmation. “I was able to get through a process up on the Senate known as unanimous consent. I got through the committee without any objection.”The first time around, the process took a mere 60 to 65 days, he said. This time, the gap between Montgomery’s appointment— which took place in September 2017—and his eventual confirmation on May 23, 2018, was a whopping eight months. “I can’t imagine that the private sector functions that way,” he said. “We’re a $1.2 trillion book in single-family—$1.3 trillionif you add it all together. It’s critical for us to serve our mission, that we better interact with our partners out there, whether they’re lenders or servicers. There’s been some amazing technological advances in this industry over the last ve or 10 years, and we’ve mostly been left behind.”Still, it’s not just the agency itself that will benefit from technological- and process-related change within the FHA. Montgomery said the end goal is to help homebuyers, lenders, and servicers, too.“We don’t operate in a vacuum,” he said. “We have to operate through lender partners and servicing partners who, in turn, help citizens of our country who want to use FHA. So to the degree that we can wring out those inefficiencies and bring some sort of common sense improvements, I think that makes the process certainly better for the homeowner, maybe for the servicer, and, hopefully, for us.”Changes don’t happen overnight though. Modernization is on the agenda but, Montgomery said, “We can’t just wave a magic wand.”“It’s like turning the oil tanker around,” he said. “It’s lumbering and slow, but there’s some common sense things I think we can do that could at least signal to the folks out there that rely on us that we also rely on them—that we heard you and we’re going to make some changes.” Brian Montgomery Federal Housing Finance Agency FHFA HOUSING HUD mortgage Senate Housing Committee U.S. Department of Housing and Urban Development 2018-11-08 Rachel Williams After sitting vacant for more than four years, the role of Federal Housing Administration (FHA) Commissioner has finallybeen filled. Though there were temporary leaders during that time—Acting Commissioner Dana Wade and Senior Advisor Adolfo Marzol, for example—a presidentially appointed, Senate-confirmed commissioner hasn’t been at the helm since 2014. November 8, 2018 2,077 Views Montgomery likens the vacancy—as well as the now 4.5-year one currently afoot in the office of Public and Indian Housing—to a corporation without a CEO. Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago THE MISSING CEO HIS SIGHTS ARE SETWhen looking ahead, Montgomery said his goals for FHA are twofold: first, strengthen its capital and second, modernize the agency’s processes and technologies.On the former, Montgomery explained, “We have a responsibility to the taxpayers to help balance our mutual mortgage insurance fund and to keep us in an actuarially sound position,” he said. “So, ‘strengthen our capital’ is always tantamount to what we do. Managing our risk is always extremely important.”But xing the agency’s technology, which Montgomery said “has been there a long time,” could help in that regard, too.“Our technology was insufficient my last tenure and, by and large, that technology’s still there,” he said. “Fixing that allows us to not only bring some economy to the scale, but also to help wring out inefficiencies and ultimately actually save us money. This is something that was actually cited in an audit by the Office of Inspector General last year.”Some of the work has already begun. Under the last administration, Montgomery said FHA’s loan-review system, defect taxonomy, and electronic appraisal-delivery system were all overhauled.“Credit goes to them. ey also helped develop the FHA technology roadmap, which we’ve updated,” he said. “That will allow us to move generationally ahead. It hasn’t been done because of the expense, and that’s something I’m trying to do right now, working with Senate and House appropriators and authorizers to hopefully get FHA the money that it needs.”But there’s still room for improvement. As of June this year, FHA had 135 outages in its single-family systems. FHA Commissioner Brian Montgomery is back for round two, but he didn’t have an easy road getting there. Montgomery sits down with DS News to talk tech, strategy, and serving the American people.Editor’s Note: This feature originally appeared in the November issue of DS News, out now. The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post “My ethics agreement with HUD and the Office of Government Ethics spells out the limited circumstances under which I would be required to recuse myself,” Montgomery said. “It will not interfere with my ability to perform the duties of FHA Commissioner.”During Montgomery’s two-hour hearing, he discussed everything from the housing crisis and resulting underwriting standards to affordable rental housing and mortgage insurance.“Public service is an honor that I take very seriously, and if confirmed, I will do my best to, once again, further equal access to affordable rental, housing, and homeownership opportunities, and seek solutions to restore vitality to the housing market,” Montgomery told the Senate.He also lauded FHA’s performance during the housing crisis, which occurred during his first tenure as commissioner.“FHA played no role in the housing boom or the collapse, but it was FHA, quite frankly, that stepped in and provided more than a trillion dollars in mortgage liquidity that helped more than 8 million families purchase or retain their homes between 2008 and 2012, and I am extremely proud of the effort that the HUD career staff played in that role,” he said. “Putting an exclamation point on that role, one noted economist said in 2011, quote, ‘If FHA lending had not expanded after private mortgage lending collapsed, the housing market would have cratered, taking the economy with it.’’’When Montgomery was finally confirmed seven months later, HUD Secretary Dr. Ben Carson called to congratulate him.“Brian brings a wealth of housing knowledge and experience to HUD, having held this position in two previous administrations, and we are excited to welcome him back to the agency,” Carson said in a statement. “FHA’s work is critical to HUD’s mission of advancing sustainable homeownership opportunities and quality affordable housing for all Americans. Brian understands this better than anyone and will be ready on day one to address the challenges of today’s housing market.” Back in the Saddle Servicers Navigate the Post-Pandemic World 2 days ago About Author: Rachel Williams The Best Markets For Residential Property Investors 2 days agocenter_img It’s a problem that Brian Montgomery, who was officially confirmed to the position in May, said is doing the country a disservice.“At the end of the day, it’s the American people that lose out,” Montgomery said. “My position was vacant. There hadn’t been a confirmed FHA commissioner since October of 2014. That’s almost four years that position was vacant.” Data Provider Black Knight to Acquire Top of Mind 2 days ago “ That person is the de facto CEO. Could you imagine?” he asked. “ The Public and Indian Housing budget is $25 billion. The FHA budget is $10 to $11 billion. Can you imagine a $10- to $11 billion-dollar company not having a CEO for four years?”Still, the agency wasn’t without guidance during those four years, Montgomery said. He applauds the work of Wade and Marzol, saying they “did a great job”—especially given the difficulty nonconfirmed leaders face in government positions.“Once you have the Senate-confirmed person in the position, it’s much easier to get things done,” Montgomery said. “It’s never easy, but it’s much easier to get things done when the Senate-confirmed person is in there.” Ultimately, a Senate confirmation gives the commissioner more clout—more authority to get things done, Montgomery said. And at an agency that, as he calls it, is “the hallmark for first-time homebuyers,” getting things done is vital. Rachel Williams attended Texas Christian University (TCU), where she graduated with Magna Cum Laude with a dual Bachelor of Arts in English and History. Williams is a member of Phi Beta Kappa, widely recognized as the nation’s most prestigious honor society. Subsequent to graduating from TCU, Williams joined the Five Star Institute as an editorial intern, advancing to staff writer, associate editor and is currently the editor in chief and head of corporate communications. She has over a decade of editorial experience with a primary focus on the U.S. residential mortgage industry and financial markets. Williams resides in Dallas, Texas with her husband. She can be reached at [email protected] Related Articles Demand Propels Home Prices Upward 2 days ago Previous: Digitally Driven Next: The Industry Pulse Sign up for DS News Daily TAKING ON TERM NO. 2 FULL STEAM AHEADNow that the lengthy confirmation process has finally come to a close, Montgomery is plowing full steam ahead, working 12-hour days to steer the ship—and all that is inherent.Most of his time, Montgomery said, is spent in meetings. After all, he’s not just the head of FHA’s single-family unit. He’s also in chargeof the agency’s $90 billion-dollar multifamily portfolio and its $35 billion-dollar portfolio of healthcare facilities and nursing homes.“I’d say, probably, eight hours of my day is in meetings with my staff,” he said. “As you can imagine, there’s a lot of meetings discussing everything impacted within those different program offices.”There’s also the work Montgomery does with other groups—public housing, community planning, and development, etc., to name a few—as well as his speaking engagements and other public appearances, all of which are aimed to further the FHA’s goals and better its work with partner agencies and lenders.Montgomery even spoke at the recent Five Star Conference and sat down with the Mortgage Servicing Alliance to get input from the ‘boots on the ground,’ as he put it.“I like to think we need to hear from what’s happening from what I call ‘boots on the ground’—the day-to-day practitioners, whether it’s in default servicing, loss mitigation, origination, or property management,” he said. “While you can certainly hear that things aren’t working in Washington, D.C., I like to get out to the rest of the country, and this conference, in particular, has provided a great opportunity to do that. Whether it’s me speaking or, more importantly, me listening, I’m able to hear from the day-to-day FHA practitioners what’s working, what’s not working, what could work better, and how it could work better.” Share Save “FHA borrowers are somewhere between 81 to 83 percent first-time homebuyers,” he said. “It’s also been the hallmark of a lot of minority homebuyers.”Because of its unique ability to serve these cohorts—particularly minorities—the FHA is going to be of growing importance in the coming years, Montgomery said. He estimates that 70 percent of new homebuyers will be minorities in 20 years, with Latinos leading the pack in terms of FHA purchases.“We need to make sure FHA is there to help serve that market,” Montgomery said. “Not just for first-time homebuyers, but also to play the so-called counter-cyclical role that FHA has performed heroically several times in our nation’s past, especially after the housing market collapsed in 2007 and 2008, when FHA stepped in.” Subscribe “ This most recent time, the hearing was the complete opposite,” Montgomery said. “I’m the same person, right? Assistant secretaries and commissioners would typically go through unanimous consent. is go-around they’re doing the 30-hour rule for almost every nominee. That’s 30 hours of debate.”During his most recent Senate confirmation hearing, the Trump appointee faced opposition from Sens. Elizabeth Warren and Sherrod Brown, both who questioned his past work with The Collingwood Group—which helped some of the nation’s biggest lenders navigate programmatic and legal challenges. ey also called into question his ability to put aside potential conflicts—particularly with past Collingwood clients like U.S. Bank and Wells Fargo—should he be confirmed. Home / Daily Dose / Back in the Saddle Tagged with: Brian Montgomery Federal Housing Finance Agency FHFA HOUSING HUD mortgage Senate Housing Committee U.S. Department of Housing and Urban Development in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

May 31

The Industry Pulse: Updates on a360inc, Mortgage Cadence, and More

first_imgHome / Daily Dose / The Industry Pulse: Updates on a360inc, Mortgage Cadence, and More The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn The Industry Pulse: Updates on a360inc, Mortgage Cadence, and More The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Industry Pulse 2019-09-26 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Vendorly, a vendor oversight platform for financial institutions, is providing NTFN with a third-party risk management (TPRM) solution to maximize the company’s TPRM processes and minimize the risk presented by their large network of third-party vendors.Through the Vendorly solution, NTFN has been able to successfully streamline their vendor management procurement and vetting process, saving in excess of 50% of their prior vendor management spend.NTFN is a full-service mortgage banker established in 1992 and headquartered in Lewisville, Texas. NTFN partners with mortgage and technology-fulfillment vendors throughout the U.S. to produce an efficient and credit-worthy loan. NTFN found that in order to continue delivering first-class customer service, their vendor oversight program needed a comprehensive solution to track their 400-plus vendors.NTFN initially managed vendors with a manual in-house process and turned to Vendorly’s software and services to streamline their vendor management procurement and vetting process. With Vendorly’s onboarding tools and TPRM support team, NTFN gained economies of scale and was able to focus on addressing identified vendor risks as opposed to time consuming and more mundane paper and electronic document collection and review. In addition, NTFN was able to save money on Vendorly license costs as a member of Lenders One, a national alliance of independent mortgage bankers.center_img Related Articles Carrollton, Texas-based legal and financial services technology provider, a360inc has announced that Chicago-based Knox Capital, an affiliate of Morgan Stanley Private Credit and ORIX Mezzanine & Private Equity, has made a strategic investment in the company.With this new capital investment, a360inc plans to accelerate the strategic expansion and improvement of its technology and services in the creditors’ rights market through direct investment and acquisition.“Today’s default market is primed for modernization and evolution, and this investment allows us to focus on the future,” said Scott Brinkley, CEO of a360inc. “a360inc sees a massive opportunity in creating a market-leading technology and services platform built around all vendor constituents in our ecosystem: from law firms and their vendors to the ultimate end-client: Mortgage servicers and investors.”The company said that the Knox Capital investment allows a360inc to immediately pursue additional acquisitions that fill gaps in the company’s offerings while facilitating further advances and cross-platform integration of its current technology and outsourced services.“We’re excited to partner with Scott and the team he’s built to help lead a360inc into the future. The market is well-positioned to continue to adapt and evolve with technology and outsourced services, and we see a360inc as the company to lead that change,” said Mike Bryant, Partner at Knox Capital.__________________________________________________________________________Mortgage Cadence, an Accenture company, has integrated CoreLogic’s Print and Ship secure document delivery solution with the latest version of Mortgage Cadence Enterprise Lending Center (ELC). The integration  enables ELC users who contract with CoreLogic to reduce manual processes and document delivery barriers.“We’re very pleased to bring our ELC clients this CoreLogic functionality, as it helps them mitigate risk and to lower their cost to originate,” said Bryan Ireton, Accenture’s Managing Director for Mortgage Cadence. “Having one-click access to CoreLogic’s Print and Ship solution helps expedite delivery of critical mortgage documents and reduce risks related to manual shipping processes.”CoreLogic offers one of the industry’s most-automated print-and-ship services, including features such as pullback, in-line quality control, rich real-time reports and a white-glove project management team for lender customer support. With multiple print-and-ship locations to support all time zones, CoreLogic assists with same-day print and ship services, e-delivery capabilities and output return files nationwide.“CoreLogic is excited to extend functionality for Mortgage Cadence clients by providing access to one of the most automated print and ship services in the industry,“ said Sapan Bafna, a senior leader for advanced delivery engines at CoreLogic. “Our comprehensive reporting and clients-first project management approach helps facilitate enhanced levels of performance and efficiency.”__________________________________________________________________________ Sign up for DS News Daily September 26, 2019 1,469 Views  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News Share Save Demand Propels Home Prices Upward 2 days ago From new partnerships and programs to new tech, get the latest industry buzz in this update. 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May 31

Industry Veterans Collaborate to Form Insight One Financial

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Steven Stallard, Principal Owner of MSI, Williams & Williams, Auction Network, and I Property Claims, has announced the formation of Insight One Financial. “Our existing companies already enjoy a very successful place in the mortgage industry providing property preservation, real estate auction, and hazard claims services,” Stallard said. “With the creation of Insight One Financial we are now able to provide the full spectrum of mortgage related services our clients require.”Steven Horne, CEO of Insight One Financial, said Insight One will provide a full spectrum of licensed mortgage activities, including component servicing, default recoveries, and origination support. According to a release, Insight One Financial has been “carefully designed from the ground up” to meet current and emerging needs of servicers, investors, and government entities. “The quality and services available from Insight One Financial are exactly what is needed in significant parts of the industry today. I am very excited to be leading the conversations with current and future clients to ensure packages of services are available to them which best meet their needs,” said Jodi Gaines, Chief Client Officer and EVP of Government Relations and Business Development. “Our work will make a huge impact in reducing client costs, clarifying life cycle performance data, and improving bottom-line results.” Stallard said the combined experience of himself, Gaines, and Horn, as well as working with MSI, Williams & Williams, Auction Network, and I Property Claims, will enable Insight One to deliver unparalleled services to its clients. “As the industry’s needs continue to evolve, I am pleased to be providing our clients with the broadest spectrum of services, proven capability, and highest level of service,” Gaines said. “The Insight One model is the right answer at the right time. We have the skills and capability the industry needs today and we will continue to expand our capabilities as time goes on” Horne said. “I am excited to be a part of Insight One not only for the immediate good we do today but what we will do going forward.” Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago September 19, 2019 2,652 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Industry Veterans Collaborate to Form Insight One Financial Banks new companies 2019-09-19 Mike Albanese 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. Subscribecenter_img Tagged with: Banks new companies Industry Veterans Collaborate to Form Insight One Financial The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News Share Save Previous: How Interest Rates are Impacting Housing Next: Five Star Prepares to Honor 2019 Keystones Recipients About Author: Mike Albaneselast_img read more

May 31

2020 Delinquencies Hit Both Highs and Lows

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / 2020 Delinquencies Hit Both Highs and Lows Related Articles Servicers Navigate the Post-Pandemic World 2 days ago March 9, 2021 1,067 Views Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe The Best Markets For Residential Property Investors 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 agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago 2021-03-09 Christina Hughes Babb 2020 Delinquencies Hit Both Highs and Lows Demand Propels Home Prices Upward 2 days ago Previous: Housing Market Entry Roadblocks Next: 2.6 Million Homeowners Are In Forbearance 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. Nationwide, 5.8% of mortgage loans are in some stage of delinquency, according to the latest monthly Loan Performance Insights Report from the property data analysts at CoreLogic, which covers data from December 2020.That represents a 2.1-percentage point increase in the overall delinquency rate compared to one year prior when it was 3.7%. However, the researchers report that national overall delinquency has been declining month to month since June 2020.According to CoreLogic, in December 2020, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows:Early-stage or less than 30 days delinquent: 1.4%, down from 1.8% in December 2019Adverse: .5% down from .6% a year before.Serious, or 90-plus days overdue: 3.9%, 1.2% higher than December 2019.Foreclosure inventory rate: .3%, down from .4% during the same period of 2019.The share of mortgages that transitioned from current to 30 days past due, or early delinquency, remained unchanged from December 2019 at .8%.Last year launched with the lowest share of overall delinquencies since data recording started in 1999, CoreLogic reported, but as the pandemic and shelter-in-place directives spread, the rate doubled from 3.6% in March to 7.3% in May, the researchers added. As those initially affected by the pandemic and ensuing recession transitioned through stages of delinquency, serious delinquencies increased four-fold compared to pre-pandemic rates, and they peaked last August.”The ongoing forbearance provisions and economic aid implemented at the start of the pandemic has proved helpful for families faced with financial insecurity,” said Frank Martell, president and CEO of CoreLogic.CoreLogic’s Chief Economist Frank Nothaft confirms the correlation between areas suffering the highest unemployment and those with the fastest growing mortgage delinquencies.“By state, Hawaii and Nevada had the largest 12-month spike in delinquency rates, both up 4.1 percentage points. They also had large increases in unemployment rates, up 6.6 percentage points in Hawaii and 5.5 percentage points in Nevada compared with 3.1 percentage points for the U.S. In Odessa, Texas, unemployment rose by 8.6 percentage points and delinquencies posted a 9.8 percentage-point jump,” he reported.The full report is available on CoreLogic.com. About Author: Christina Hughes Babblast_img read more