Monthly Archives: May 2021

Black Knight’s Home Price Index Shows Increase

first_img About Author: Colin Robins The Data & Analytics division of Black Knight Financial Services released on Monday its latest Home Price Index (HPI), noting an increase of .1 percent in home prices to $232,000 for the month of December.The figure represents the price of non-distressed sales by taking into account price discounts for real estate owned (REO) and short sales.According to the press release, “The Black Knight HPI combines the company’s extensive property and loan-level databases to produce a repeat sales analysis of home prices as of their transaction dates every month for each of more than 18,500 U.S. ZIP codes.”Prices rose this past year from December, 2012, when the HPI was $214,000, an 8.4 percent change.The $232,000 figure cited by the report is a 13.9 percent drop from the HPI’s peak of $270,000 in June, 2006.14 of the 20 largest states saw marginal month-over-month home price declines.The largest states experienced varying degrees of home price changes: California experienced no change; Florida rose .6 percent; New Jersey fell .1 percent; New York rose .7 percent; and Texas rose .4 percent.The states with the biggest increases in home prices were New York (.7 percent), Florida (.6 percent), and Oklahoma, Texas, and Nebraska (each .4 percent).States with the largest decrease in home prices include Alaska down .8 percent, with North Dakota, North Carolina, Hawaii, and Washington each dropping .4 percent. Previous: New Regulations for Fannie Mae and Freddie Mac Next: Qualified Mortgage Guidelines Haven’t Lowered Risk in Daily Dose, Featured, Headlines, Market Studies, News Black Knight Financial Services Home Price Index 2014-02-24 Colin Robins Share Save  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago 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 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 agocenter_img Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 24, 2014 612 Views Home / Daily Dose / Black Knight’s Home Price Index Shows Increase Black Knight’s Home Price Index Shows Increase Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Black Knight Financial Services Home Price Index The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Spring Expected to See Increased Growth from Q1

first_imgHome / Daily Dose / Spring Expected to See Increased Growth from Q1 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Following a slowdown in activity over the previous two quarters, Fannie Mae’s Economic & Strategic Research Group expects economic activity to pick up in the second quarter of this year, bolstered by increases in the housing sector, consumer spending, and business investment.Fannie Mae expects economic growth in the first quarter to come in around 2.0 percent, but thereafter, the economy should pick up. Economic growth for the year is expected at 2.7 percent, according to Fannie Mae.The housing market is expected to show a relatively strong performance, according to Fannie Mae’s chief economist, Doug Duncan, with housing starts increasing almost 20 percent to 1.1 million over the year.As foreclosure inventory declines, new home sales will pick up, Duncan said.Overall, “we continue to anticipate that the rise in house prices and mortgage rates will take a toll on home sales and homebuilding activity this year, although some modest gains are expected overall,” Duncan said.Fannie Mae anticipates a continued rise in mortgage rates over the year, with the 30-year fixed-rate ending the year at 4.6 percent.The median price for a new home in the first quarter should come to about $281,000, according to Fannie Mae’s outlook, while the median price for an existing home will be about $191,000.Mortgage originations will pick up in the second and third quarters of this year and then dip again in the fourth quarter, while the refinance share of the originations market will decline over the first three quarters of this year and end the year at about 36 percent, according to Fannie Mae.Rising home prices are increasing household wealth, although consumers are “still rebuilding their wealth following the crisis and perhaps taking on a more conservative consumption pattern,” according to Duncan.On the other hand, “[f]iscal and monetary policy jitters appear to have waned and the most recent employment numbers came in at reasonable levels,” he stated. March 21, 2014 695 Views The Best Markets For Residential Property Investors 2 days ago Economic Growth Fannie Mae Home Prices Outlook 2014-03-21 Krista Franks Brock in Daily Dose, Featured, Headlines, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Spring Expected to See Increased Growth from Q1 Sign up for DS News Daily Previous: New York Man Gets 9 Years for Mortgage Modification Scam Next: Has the Foreclosure Housing Market Improved?center_img Tagged with: Economic Growth Fannie Mae Home Prices Outlook Subscribe Data Provider Black Knight to Acquire Top of Mind 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 Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Krista Franks Brocklast_img read more

Fed Banks Predict Slowing GDP Growth

first_img Tagged with: Fed GDP Home / Daily Dose / Fed Banks Predict Slowing GDP Growth in Daily Dose, Featured, Government, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago April 17, 2017 1,199 Views About Author: Aly J. Yale Fed GDP 2017-04-17 Seth Welborn Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Fed Banks Predict Slowing GDP Growth Demand Propels Home Prices Upward 2 days ago Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. The Best Markets For Residential Property Investors 2 days ago Subscribecenter_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The GDP should grow about 0.5 percent during the first quarter of 2017, according to the most recent GDPNow forecast released by the Federal Reserve Bank of Atlanta. This growth rate is down slightly from earlier this month when GDPNow predicted growth of 0.6 percent for the quarter. Predicted GDP growth is at its lowest point in three years.Expectations for Q1 consumer spending growth also dropped slightly with this GDPNow forecast, falling from 0.6 percent growth to just 0.3 percent on the heels of a retail sales report from the U.S. Census Bureau and Consumer Price Index from the U.S. Bureau of Labor Statistics—both released on Monday.GDPNow has predicted below-1 percent GDP growth multiple times this year, with the biggest drop earlier this month. On April 7, GDPNow’s growth estimate dipped from 1.2 percent to 0.6 percent. The forecast predicted a 2.3 percent growth rate on January 30.In March, Atlanta Fed economists attributed the decrease to the low volume of vehicle sales and a recently released report on employment from the Bureau of Labor Statistics.“The forecast for first-quarter real GDP growth fell 0.4 percentage points after the light vehicle sales release from the U.S. Bureau of Economic Analysis and the ISM Non-Manufacturing Report On Business from the Institute for Supply Management … and 0.2 percentage points after the employment release from the U.S. Bureau of Labor Statistics and the wholesale trade release from the U.S. Census Bureau,” they said. “Since April 4, the forecasts for first-quarter real consumer spending growth and real nonresidential equipment investment growth have fallen from 1.2 percent and 9.7 percent to 0.6 percent and 5.6 percent, respectively.”According to the Financial Times, if estimates are correct, it will be the slowest quarter for GDP growth since 2014. Q4 of 2016 saw growth of 2.1 percent.The Federal Reserve Bank of New York also predicted slowing GDP growth for 2017. Its Nowcasting Report, released last week, showed a decrease of 0.2 percent and 0.5 percent for Q1 and Q2, respectively. Despite these dips, the NY Fed still predicted Q1 growth to hit about 2.6 percent.The Federal Reserve Bank of Atlanta also made headlines in March, when it announced the appointment of a new president—Raphael W. Bostic. The 15th president and CEO of the Atlanta Fed, Bostic replaced Dennis Lockhart, who retired from the bank in February. Servicers Navigate the Post-Pandemic World 2 days ago Share Save Previous: Barney Frank: CFPB Elimination Would be Unpopular Next: Bank of America Net Income Up in Q1last_img read more

Changes in Leadership to the OCC

first_img Demand Propels Home Prices Upward 2 days ago Changes in Leadership to the OCC Tagged with: Joseph Curry Joseph Otting keith noreika William Rowe The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Joseph Curry Joseph Otting keith noreika William Rowe 2017-07-24 Joey Pizzolato The Best Markets For Residential Property Investors 2 days ago Share Save About Author: Joey Pizzolato The Office of the Comptroller of the Currency announced the first changes in leadership coming to its office on Monday, with the appointment of a new Chief Risk Officer, William A. Rowe. Rowe will replace Linda Cunningham, who vacated her position back in April upon retiring. He will be responsible for evaluating the risks that face the agency.In the past, Rowe has served as Deputy to the Chief of Staff and Liason to the Federal Deposit Insurance Corporation under previous Comptroller of the Currency, Thomas J. Curry, who was appointed by the Obama administration. Curry was replaced by current Acting Comptroller of the Currency Keith A. Noreika in May when Curry’s term expired in April.Noreika’s replacement as Comptroller of the Currency will be up for review in front of the Senate Subcommittee on Banking, Housing, and Urban Development Thursday July 27. Noreika agreed to serve as Acting Comptroller of the Currency until his replacement was chosen and finished the nomination process.Noreika’s appointment raised some eyebrows back in April, as he was not required to go through a Senate confirmation hearing on the grounds that he was a special government employee. Further, the Senate subcommittee cited potential conflicts of interest due to the fact that Noreika’s former clients—the banks—were now the entities he was required to regulate.If all goes to plan, Joseph Otting will be confirmed as the new Comptroller of the Currency after the completion of his hearing Thursday. Otting, who is the former President, CEO, and Board of Directors member at OneWest Bank, will likely encounter push-back from Subcommittee Democrats, who have in the past criticized the way OneWest Bank handled mortgages. Otting was terminated from OneWest back in December of 2015. Related Articles Home / Daily Dose / Changes in Leadership to the OCCcenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Innovation: Not Just For the Customer Next: Working Together 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] The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post in Daily Dose, Featured, Government, Headlines, News July 24, 2017 1,319 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Under Review: The Need for Housing Finance Reform

first_img Under Review: The Need for Housing Finance Reform Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago November 7, 2017 1,804 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago HOUSING Housing Reform mortgage 2017-11-07 Nicole Casperson About Author: Nicole Casperson Home / Daily Dose / Under Review: The Need for Housing Finance Reform Previous: Tipping Point: Nearly Half of Top 50 MSAs Considered Overvalued Next: Borrowers Look to Borrow More Time from GSEs 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] center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe  Print This Post The Housing and Insurance Subcommittee held its third hearing Tuesday entitled “Sustainable Housing Finance, Part III,” to further assess views and perspectives on the need to enact a comprehensive housing finance reform.During the meeting, the panel provided the Subcommittee with views and perspectives on the need to enact comprehensive housing finance reform, the legal, statutory or regulatory impediments to the return of private capital to the housing finance system, and what factors and metrics Congress should consider to reform the housing finance system.“We’ve heard from those who finance purchases of homes, we’ve heard from those who build homes, and those who help sellers and buyers meet for that buyers slice of the American Dream,” said U.S. House Rep. Sean Duffy (R-Wisconsin) and Chairman on the Housing and Insurance Subcommittee during his opening remarks.Duffy continued, “We recognized that a home purchase is one of the biggest and most important decisions a person makes, and making sure we have a system that actually works for all Americans is incredibly important because we’ve seen when things go wrong, back in 2008, it doesn’t only impact those who purchase a home, it wrecks havoc on the whole economy.”U.S. Rep. Dennis A. Ross (R-Florida) said the federal involvement in housing is litigated on the idea that it is not only helpful, but it is necessary.“For example, a working-class family scrapping to get by, we ask ourselves, how are we helping them?” Ross questioned during the hearing. “What’s striking to me is that we don’t ask a different question, how are we hurting them?”Other members of the subcommittee had different views, as U.S. Rep. Brad Sherman (D-California) said, “We are going to need government agencies to provide the guarantee—if we are going to have 30-year fixed mortgages for low-income families.”Sherman continued, “I understand the jurisdiction of this panel is on the housing finance side but our purpose is to make sure homes are affordable and people who have their nest egg invested in homes don’t see that wiped out.”The panelists included Peter Wallison, Senior Fellow and Arthur F. Burns Fellow in Financial Policy Studies, American Enterprise Institute (AEI), Dr. Mark Zandi, Chief Economist, Moody’s Analytics, Dr. Michael Lea, Cardiff Consulting Services, Alanna McCargo, Co-director, Housing Finance Policy Center, Urban Institute, and The Honorable Theodore “Ted” Tozer, Senior Fellow, Center for Financial Markets, Milken Institute.As the Subcommittee recognizes that Americans need a housing policy that is sustainable over time, not one that causes endless boom-bust cycles in real estate that harm the economy, panelist McCargo said, “One clear lesson from recent years is that the country needs one solid, interconnected housing finance system that serves all people and protects taxpayers.”During Wallison’s testimony, he outlined five reasons why he believes the GSEs have impeded the growth of homeownership. One of those reasons included his belief that the enterprises and other housing policies increase housing prices and makes homes less affordable.“The best and most effective housing finance reform would be to completely eliminate the government’s role in housing finance, and to let private capital and the private sector operate the housing finance system,” Wallison said. “There is nothing about the way the government has managed the housing finance system for the last 50 years that would remotely recommend a continuing government role.”Additionally, Tozer also emphasized a safe and sound housing finance system that should support the overall reduction of the public capital footprint as more private capital re-enters the system at different points in the primary and secondary mortgage markets.However, according to Dr. Zandi it is not plausible to completely rid of the current system, but revise it instead.“Perhaps the least disruptive approach to GSE reform would be for the GSEs to be simply recapitalized and then reprivatized,” Zandi stated during his testimony. “Since Fannie and Freddie were remarkably profitable prior to the crisis, and have consistently been in the black in recent years, the logic for this proposal is that we can simply return to the system that prevailed prior to the crisis.” Tagged with: HOUSING Housing Reform mortgage Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Headlines, News The Best Markets For Residential Property Investors 2 days agolast_img read more

Banking Committee Considers Fed Nominees

first_img Access and Urban Affairs Committee Banking credit Fed Fed Vice Chair HOUSING Michelle Bowman Nominations Policies Richard Clarida 2018-05-15 Radhika Ojha  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Access and Urban Affairs Committee Banking credit Fed Fed Vice Chair HOUSING Michelle Bowman Nominations Policies Richard Clarida Banking Committee Considers Fed Nominees Richard ClaridaMichelle BowmanThe Banking, Housing, and Urban Affairs Committee heard two important testimonies by nominees to the Fed Board on Tuesday that affirmed their commitment to the Fed’s independence to make policy decisions. The first was by Richard Clarida, Managing Director and Global Strategic Advisor at PIMCO who has been nominated for the post of Vice-Chair at the Fed and the second was by Michelle Bowman, the State Bank Commissioner of Kansas.In his opening remarks, Senator Mike Crapo, Chairman of the Committee said that these positions were critical to ensuring a safe, sound, and vibrant financial system and a healthy, growing economy. Senator Sherrod Brown, ranking member of the Committee said that he wasn’t just looking at the expertise that both nominees brought to the table but at how they would approach the numerous issues considered by the Board. If confirmed, Clarida said that his priority would be to support policies that were “effective, efficient, and appropriately tailored.” Answering questions from committee members, Clarida said that he would look at policies that preserved the far greater resiliency and stability of the financial system, “that has been achieved as a result of the significant reforms that have been put in place since the financial crisis.”Affirming his commitment to the Fed’s independence, Clarida said: “If I am confirmed, I pledge to work closely with Chairman Powell and my future colleagues to put in place policies that best fulfill its obligation to meet the mandates that the Congress has assigned to the Federal Reserve and to foster the transparent communication and accountability that is so vital to preserving the Federal Reserve’s independent and nonpartisan status.”Despite his academic background, Clarida is not new to an administrative role of this type. He has served in economic policy positions in the executive branch of the U.S. Government as Senior Staff economist with Council of Economic Advisers from 1986 to 1987 and then as Assistant Treasury Secretary for Economic Policy from 2002 to 2003.Michelle Bowman comes from a family that has been in banking for generations. “I know firsthand that community banks are a vital part of the backbone of small, rural, agricultural towns and play a critical role in providing access to credit and fostering economic activity in communities across our country. Without these institutions, many communities and many of our citizens will see their economic opportunities suffer significantly,” Bowman told the committee.Stressing on the need to treat every consumer and institution fairly, respectfully, and with open communication, Bowman told the committee that her experience as a community banker had prepared her for the role as a member of the Fed Board. “If confirmed by the Senate, I will be committed to accountability, transparency, and clear communication in all of my responsibilities at the Federal Reserve,” she said. About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 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. Demand Propels Home Prices Upward 2 days ago May 15, 2018 2,090 Views Previous: Industry Veteran Brad Blackwell Announces Retirement Next: The Most Affordable College Town Is … The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Related Articles in Daily Dose, Featured, Government, News Home / Daily Dose / Banking Committee Considers Fed Nominees The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

The Lingering Impact of Harvey on Houston’s Housing Market

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Lingering Impact of Harvey on Houston’s Housing Market Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily June 6, 2018 2,907 Views Home / Daily Dose / The Lingering Impact of Harvey on Houston’s Housing Market The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Previous: Technology and the State of Housing Next: ‘Improving Transparency and Accountability at CFPB’ Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Related Articles Buyers Harvey Home Price Home Seekers Homeowners Homes HOUSING Hurricane 2018-06-06 Radhika Ojhacenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Tagged with: Buyers Harvey Home Price Home Seekers Homeowners Homes HOUSING Hurricane Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago The Houston housing market was a mixed bag in 2017. Listings were up, but sales prices were down from May that year through August, which is when Hurricane Harvey made landfall and flooded the city.Nine months later, a study by Realtor.com shows that Houston’s housing market is still a mixed bag, just in a different way. “After the hurricane, new inventory evaporated,” the report states. “As time has passed, buyer interest has returned, especially in flood-affected areas. These changes have quickened the pace of sales and pushed home prices higher, restoring the market to normal and tipping the balance back towards a sellers-market.”Recovery, however, has picked up.“Starting in March and continuing through May,” the report stated, “we see overall inventory moving quickly again. In fact, in a nod toward normalcy, homes are moving off of the market faster than they did last spring.”In the most affected areas of Harris County, home price growth that was in double digits before Harvey has only risen to 2 percent since, according to the report. But, when Realtor.com compared people looking to move to Houston versus those looking to move out, the trend towards moving to the city has been growing. At the end of Q4, the report states, inbound home seekers made up about 45 percent of the market. By the end of Q1, that number increased to 54 percent. Most of the Houston buyers looking outside the city itself didn’t stray too far. Nearby Beaumont was a big draw, as was the Gulf Coast city of Corpus Christi. Houston shoppers looking for property outside of Texas favored New Orleans, which was also true for Houston emigrants before Harvey, according to the report. Florida, however, gained a lot of interest from people looking outside of Houston.  Miami moved from fifth most popular to second most popular, and Orlando and Tampa replaced Los Angeles and Chicago as top-viewed destinations,” the report states. Within Texas, but oustide the Houston area, Dallas and Austin have seen a bigger share of interest from Houstonians these past nine months.To learn more about the impact of Hurricane Harvey on the housing market, click here. About Author: Scott Morgan Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Statute of Limitations: The Gift that Keeps on Giving

first_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Statute of Limitations: The Gift that Keeps on Giving Sign up for DS News Daily January 23, 2019 3,992 Views in Daily Dose, Featured, News, Print Features Tagged with: Attorneys Lenders mortgage New York Statute of limitations Home / Daily Dose / Statute of Limitations: The Gift that Keeps on Giving Subscribe Share Save Rich Haber is Managing Partner of McCalla Raymer Leibert Pierce, LLC’s mortgage servicing litigation practice in New York and New Jersey. Haber has over 20 years’ experience handling mortgage foreclosures, bankruptcy actions, evictions, and related litigation. Haber has litigated thousands of contested foreclosures and title-related matters, and he regularly defends mortgage servicers from claims brought under state consumer fraud laws and federal statutes including FDCPA, TILA, RESPA, FCRA, and TCPA. Data Provider Black Knight to Acquire Top of Mind 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 The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Editor’s Note: This feature originally appeared in the January issue of DS News.It’s hard to believe that in 2019, the statute of limitation (SOL) to enforce a mortgage is still an unsettled and dangerous issue in New York. While evolutions in case law have largely settled concerns in other states such as Florida, numerous SOL court decisions in New York have left servicers and their attorneys with more questions than answers. The ever-changing law is exacerbated by the fact that New York has four Appellate Divisions, each with jurisdiction over different counties. This causes splits in the law, and the same facts can lead to opposite legal results in properties that are located just miles apart within the same state.What we know for sure (we think) is that the limitation period is six years from acceleration. Once the mortgage debt is accelerated, “‘the borrowers’ right and obligation to make monthly installments cease[s] and all sums [become] immediately due and payable,’ and the six-year Statute of Limitations begins to run on the entire mortgage debt” [EMC Mortgage Corp. v. Patella, 279 A.D.2d 604, 605 (2d Dept. 2001)]. However, case law continues to develop across the state, including how and when acceleration occurs and whether and how a loan can be deaccelerated.As to when the six-year period starts running, it is “well settled that with respect to a mortgage payable in installments, there are ‘separate causes of action for each installment accrued, and the Statute of Limitations [begins] to run, on the date each installment [becomes] due’ unless the mortgage debt is accelerated” [Loiacono v. Goldberg, 240 A.D.2d 476, 477 (2d Dept. 1997)]. Restated simply, the statute of limitations does not begin to run on the entire mortgage debt unless and until there has been an acceleration of the mortgage debt. [See, e.g., Nationstar Mortgage, LLC v. Weisblum, 143 A.D.3d 866 (2d Dept. 2016).]In the First Department (Bronx and Manhattan), a default notice that says the servicer “will accelerate” absent cure serves to automatically accelerate the debt upon expiration of the letter [Deutsche Bank Natl. Trust Co. v. Royal Blue Realty Holdings, Inc., 148 A.D.3d 529 (1st Dept. 2017)]. This results in the six-year clock starting to run earlier than most anticipated, an issue compounded by most servicers not tracking or reporting the dates such letters are sent. However, the Second Department (which includes Brooklyn, Queens, Staten Island, Long Island, and more) recently held that “will accelerate” language in a default notice is not “clear and unequivocal” notice of acceleration, “as future intentions may always be changed in the interim” [Milone v. US Bank Natl. Assn., 164 A.D.3d. 145 (2d. Dept. 2018)]. Accordingly, the effect of “will accelerate” language depends on which county the property is in.In most instances, it is the filing of a foreclosure complaint that serves as the act of acceleration. However, the Second Department has carved out a specific circumstance where the initiation of foreclosure does not serve to accelerate the debt—where the foreclosing plaintiff lacks standing to commence the action. In 21st Mortg. Corp. v. Adames, 153 A.D.3d 474, 475 (2d. Dept. 2017), the court held that the commencement of foreclosure “was ineffective to constitute a valid exercise of the option to accelerate the debt since the plaintiff in that action did not have the authority to accelerate the debt or to sue to foreclose at that time.” Another carve-out recognized by a trial court in Suffolk County is where the complaint is unverified. In HSBC Bank USA, NA v. Margineanu, 2018 N.Y. Misc. LEXIS 4483 (Sup. Ct. Suffolk County, October 9, 2018), Justice Thomas F. Whelan held that only a verified complaint—but not an unverified complaint—can serve to accelerate a mortgage debt.In Nationstar Mortgage LLC v. MacPherson, 2017 WL 1369877 (Sup. Ct. Suffolk Cty. April 3, 2017), another decision by Justice Whelan, the court found that language in the mortgage that allows the borrower to reinstate any time until a final judgment of foreclosure is entered means that the “the lender bargained away its right to demand payment in full simply upon a default in an installment payment or the commencement of an action.” The court concluded that, because the lender “has no right to reject the borrower’s payment of arrears in order to reinstate the mortgage until a judgment is entered,” and the lender “does not have a legal right to require payment in full with the simple filing of a foreclosure action,” acceleration could not occur until the judgment was entered. Where this language is present in the mortgage, only a foreclosure judgment—and no other act—can “trigger the acceleration in full of the mortgage debt.” While few trial courts have followed MacPherson, there are many that have rejected its logic and declined to follow.With respect to de-acceleration, the Second Department has consistently held, “[a] lender may revoke its election to accelerate the mortgage … [through] an affirmative act of revocation occurring during the six-year statute of limitations period subsequent to the initiation of the prior foreclosure action” [see, e.g., NMNT Realty Corp. v. Knoxville 2012 Trust, 151 A.D.3d 1068, 1069-1070 (2d Dept. 2017)]. Courts have generally agreed that sending a de-acceleration notice serves to de-accelerate the maturity of the loan, though the specific language needed to accomplish that purpose remains unsettled [see, e.g., Milone v. US Bank Natl. Assn., 164 A.D.3d. 145 (2d. Dept. 2018)]. In a recent case about whether dismissal of a prior foreclosure itself serves to de-accelerate (without a separate de-acceleration notice), the Second Department held that the execution of a stipulation does not constitute an affirmative act to revoke the election to accelerate where the stipulation itself is silent as to revocation of acceleration [Freedom Mortg. Corp. v. Engel, 163 A.D.3d 631 (2d Dept. 2018)]. The decision implies, however, that a stipulation to discontinue that specifically states that the debt is de-accelerated, could serve as a valid de-acceleration without a separate notice.In sum, SOL law in New York is everchanging and remains an area of confusion and risk that can lead to total lien loss if navigated incorrectly. Servicers should continue to beware of this risk and work closely with their New York counsel at the loan level to understand the circumstances and exposure with any given matter. Demand Propels Home Prices Upward 2 days ago Brian P. Scibetta is Partner at McCalla Raymer Leibert Pierce, LLC. His practice focuses on complex foreclosure and commercial litigation in New York and New Jersey, with an emphasis on appellate practice in both state and federal court. Scibetta also has experience in title disputes and post-foreclosure litigation. In particular, he has successfully litigated numerous matters in which the statute of limitations to foreclose has been the central issue. He prefers a creative approach to litigation, centered on problem-solving and finding a way to amicably resolve even the most challenging of disputes. Attorneys Lenders mortgage New York Statute of limitations 2019-01-23 Radhika Ojha Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Scibetta Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Gauging Defaults and Delinquencies Next: Flagstar Introduces Updated LOS  Print This Post About Author: Rich Haberlast_img read more

How AI Is Changing Mortgage

first_img Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: AI Foundry Citizens Bank Ellie Mae MReport Teraverde Management Advisors Webinars Share Save Home / Daily Dose / How AI Is Changing Mortgage Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily  Print This Post Previous: Combating Zombie Properties With Registries Next: New Milestones at Planet Home Lending Data Provider Black Knight to Acquire Top of Mind 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] Subscribe Servicers Navigate the Post-Pandemic World 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago “Artificial intelligence” is one of those industry buzzwords that is often mentioned but not always fully understood. On Thursday, June 13, DS News’ sister publication, MReport, is joining forces with sponsor AI Foundry for a deep dive into the topic with a complimentary new webinar entitled “Intelligent Lending: Roadmap to ROI Using AI Technology.”Following on the success of their “Intelligent Lending: The Rise of AI” webinar, MReport and AI Foundry are once again joining forces to continue the conversation about how artificial intelligence (AI) is changing the mortgage industry. Industry experts will dive into the topic during an informative roundtable discussion of trends and challenges lenders face when incorporating AI into existing processes, how the technology can reduce the cost per loan, and more.Scheduled for June 13 from 12-1 p.m. CDT, this insightful webinar is sponsored by AI Foundry and features participants from that organization as well as from Citizens Bank, Ellie Mae, and Teraverde Management Advisors.Stephen Butler, Founder and President, AI FoundryStephen Butler leads AI Foundry, which automates and streamlines enterprise business operations. Under his leadership, AI Foundry creates software solutions that makes data “actionable.” Butler’s leadership includes CEO positions for high-performance data analysis, enterprise software, system management, and CAE companies.James Deitch, Co-Founder & CEO, Teraverde Management AdvisorsJames M. Deitch is an entrepreneur, having founded two national banks, several mortgage banking ventures, and four technology-oriented companies. He currently serves as co-founder and CEO of Teraverde group of companies, which helps banks and mortgage bankers achieve greater profitability, streamlined operations and process improvement while staying fully compliant with regulatory requirements. Prior to Teraverde, Deitch was co-founder, Chairman and CEO of American Home Bank N.A. Deitch authored the No. 1 bestselling books Digitally Transforming the Mortgage Banking Industry and Strategically Transforming the Mortgage Banking Industry.Manish Garg, VP, Product Management, Ellie MaeManish Garg leads the Ellie Mae Data, Analytics, and Machine Learning product teams. Over his career, he has led several key technology initiatives and has built big data and machine-learning platforms at multiple organizations of varying size. At Ellie Mae, Garg and his team are building an AI infrastructure for mortgage industry to make mortgage origination more cost effective, streamlined, and less risky for borrowers, lenders, and investors.Nate Spiegel, VP, Process Improvement & Change Execution, Citizens BankNate Spiegel leads improvement and strategy focused initiatives for Citizens Bank’s Consumer Loan and Specialty Operations. Bringing over 12 years of engineering, program management, and change execution experience in the financial services and manufacturing industries, Spiegel ensures that Citizens is constantly evaluating and integrating cutting-edge fintech and industry best practices into its operational model for optimal efficiency, effectiveness, and competitiveness in today’s market.You don’t want to miss out on this complimentary webinar. Click the image below to register now. Demand Propels Home Prices Upward 2 days ago How AI Is Changing Mortgage The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News, Servicing, Technology Demand Propels Home Prices Upward 2 days ago AI Foundry Citizens Bank Ellie Mae MReport Teraverde Management Advisors Webinars 2019-06-04 David Wharton The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: David Wharton June 4, 2019 1,523 Views last_img read more

What is Driving the Increase in Forbearance Activity?

first_img Share Save in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The data analysts at Black Knight on Friday published weekly forbearance numbers. Due to the Thanksgiving holiday, the data covered activity through Monday (November 23) as opposed to the usual one-week period.According to a Black Knight representative, in summary, the number of mortgages in active forbearance saw another slight increase this week, increasing by 27,000 from the previous report.”It’s important to remember that mild increases like this have been common in the middle of the month. Since the recovery started, the strongest declines have typically been seen early in the month, as expiring forbearance plans are removed,” said Black Knight analyst Andy Walden.The increase last week, according to Black Knight’s  McDash Flash daily performance dataset, included a 17,000 rise in FHA/VA forbearances and a 10,000 increase among loans in private label securities or banks’ portfolios. GSE forbearances remained flat week-over-week.Despite the increase, the number of active forbearances remains down 7% (-207,000) from last month, roughly equivalent to the declines seen in August and September.As of November 23, 2.78 million homeowners are in active forbearance plans, representing approximately 5.3% of all active mortgages, up from 5.2% from last week. Together, they represent $564 billion in unpaid principal.Some 3.6% of all GSE-backed loans and 9.2% of all FHA/VA loans are currently in forbearance plans. Another 5.1% of loans in private-label securities or banks’ portfolios are also in forbearance.Of the 2.78 million loans still in active forbearance, 81% have had their terms extended at some point since March.Black Knight reports that “with COVID-19 cases spiking across the country, it will be important to keep an eye on the possibility of increasing unemployment numbers and forbearance starts over the coming weeks. Black Knight will continue to monitor the situation and report our findings [on its] blog.” Previous: Credit Scores and Down Payments Reach All-Time Highs Next: Top 10 Safest Cities in the U.S. Home / Daily Dose / What is Driving the Increase in Forbearance Activity? November 30, 2020 1,098 Views  Print This Post 2020-11-30 Christina Hughes Babb Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Christina Hughes Babb 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. The Best Markets For Residential Property Investors 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 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago What is Driving the Increase in Forbearance Activity? Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more