Falling Mortgage Rates Follow Weak Economic Developments

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Falling Mortgage Rates Follow Weak Economic Developments The Best Markets For Residential Property Investors 2 days ago Share Save It’s been a down week for mortgage rates following news of weaker-than-expected economic developments.Freddie Mac released Thursday the results of its Primary Mortgage Market Survey for the week ending March 6, showing the 30-year fixed-rate mortgage (FRM) falling 9 basis points to an average rate of 4.28 percent (0.7 point). The 30-year FRM kicked off March last year at an average 3.52 percent.The 15-year FRM averaged 3.32 percent (0.6 point), down from 3.39 percent before.The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) also retreated slightly, dropping to 3.03 percent (0.4 point), while the 1-year ARM was flat at 2.52 percent (0.3 point).“Mortgage rates were down this week as real GDP was revised downwards to 2.4 percent growth in the fourth quarter of 2013,” said Frank Nothaft, VP and chief economist at Freddie Mac. “Fixed residential investment negatively contributed to GDP decreasing 8.7 percent in the fourth quarter.”Bankrate.com’s national survey showed slightly less dramatic movements, but rates were down all the same. According to the finance site’s weekly report, the 30-year fixed average dropped 3 basis points to 4.45 percent, while the 15-year fixed was down 4 points to 3.46 percent.The 5/1 ARM also declined, falling a few points to 3.26 percent.“The disappointing economic data hasn’t been so bad as to raise concerns of a sharp economic slowdown—yet—but have been just tepid enough to cast doubt on the idea of the economy suddenly accelerating,” Bankrate said in a release. “So we end up with this Goldilocks scenario of economic growth that isn’t too hot, but isn’t too cold, which has kept bond yields and mortgage rates in check.” Falling Mortgage Rates Follow Weak Economic Developments Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Freddie Mac Mortgage Rates Primary Mortgage Market Survey 2014-03-06 Tory Barringer Tagged with: Freddie Mac Mortgage Rates Primary Mortgage Market Survey in Daily Dose, Featured, Headlines, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Regulator Concerned Over Nationstar’s ‘Explosive Growth’ Next: Another Bite at the Automatic Stay? March 6, 2014 662 Views The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

CFPB Amends Guidelines For Providing Lists of Housing Counseling Organizations

first_imgHome / Daily Dose / CFPB Amends Guidelines For Providing Lists of Housing Counseling Organizations CFPB Housing Counseling Agencies HUD 2015-04-17 Scott Morgan Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago The Consumer Financial Protection Bureau earlier this week issued a final interpretive rule on how lenders are to provide mortgage applicants with a list of local homeownership counseling organizations, amending its 2013 guidelines.Wednesday’s update spells out how lenders are to provide mortgage applicants with homeownership lists of HUD-approved housing counseling agencies, homeownership counseling lists, the use of a consumer’s mailing address to provide the list, and high-cost mortgage counseling qualifications. Part of the last is an update of the bureau’s anti-steering measure designed to keep unwary borrowers from being directed towards predatory lenders.Housing counselors‒‒which can be the lenders themselves‒‒can provide advice on buying a home, renting, defaults, foreclosures, and credit issues at little or no cost to consumers. The Dodd-Frank Act of 2010 included a requirement that mortgage lenders provide applicants with a list of local housing counselors, which consumers are to receive shortly after they apply for a mortgage. Lenders comply with this requirement when they provide a list of ten HUD-approved housing counseling agencies.Lenders may counsel applicants by using CFPB-developed housing counseling lists, available through an online CFPB tool. Lenders may also create their own lists using the same Department of Housing and Urban Development data that the CFPB uses to build its lists.“Buying a home is often the largest financial decision in a consumer’s lifetime, and we want to ensure that consumers can access the independent and informed advice they deserve before making that decision,” said CFPB director Richard Cordray. “Housing counselors are a crucial source of that helpful advice.”The changes to the bureau’s counseling rules come after a January report that found that nearly half of all mortgage seekers do not shop around for mortgages. This, the bureau stated, is a major disservice to borrowers, who could save thousands if only they knew to look around, and where to look. In fact, the CFPB estimates that over the first five years of their mortgage, a borrower with a 4.0 percent 30-year fixed rate could save up to $3,500 in mortgage payments over one with a 4.5 percent rate. Data Provider Black Knight to Acquire Top of Mind 2 days ago Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. The Best Markets For Residential Property Investors 2 days ago Previous: RIO Genesis Announces Partnerships With Two Real Estate Firms Next: Massachusetts Court Rules in Favor of MERS About Author: Scott Morgan Demand Propels Home Prices Upward 2 days ago Related Articles CFPB Amends Guidelines For Providing Lists of Housing Counseling Organizationscenter_img Sign up for DS News Daily Tagged with: CFPB Housing Counseling Agencies HUD Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago April 17, 2015 1,016 Views Subscribelast_img read more

AACER: Bankruptcy Filings Up Only Slightly in June Despite Two More Filing Days

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago July 2, 2015 1,742 Views Servicers Navigate the Post-Pandemic World 2 days ago Previous: DS News Webcast: Thursday 7/2/2015 Next: Job Gains Total 223,000 in June, But Wage Growth Stalls; Participation Rate Stays Low Related Articles Bankruptcy filings in June 2015 experienced only a slight month-over-month increase despite having two more filing days in June than in May, according to June 2015 AACER bankruptcy data reported by Epiq Systems.In June 2015, there were 69,723 total bankruptcy filings, an increase of only 412 (only about half of 1 percent) from May’s total of 69,311, despite June having 22 filing days compared to 20 for May. June’s total bankruptcy filings also represented a year-over-year decline of 4,132, or 5.5 percent.Click HERE to view the entire reportJune’s number of average filings per day (3,169) represented a decline of 8.5 percent from May’s number (3,466). The lowest average filings per day total this year was in January (2,954). Cumulative filings for the first six months of the year totaled 422,782, an average of 70,463 per month.Since June 2010, when 134,025 bankruptcy filings were reported for the month nationwide, the number of filings has declined steadily every June. The total number of filings for June 2015 (69,723) experienced a 47.9 percent decline from the peak total reached in June 2010.Among states, California has the most cumulative filings for the first six months of 2015 with 42,948. The next closest state, Illinois, has more than 13,000 fewer at 29,105. Florida is a close third at 28,961, with Georgia and Ohio ranking fourth and fifth. In filings per capita (based on the population estimate dated July 1, 2009), Tennessee and Alabama ranked first and second in June, as they have every month this year, with 5.68 and 5.20 filings for every 10,000 people, respectively. There numbers represented slight increases from May’s per capita averages of 5.61 and 5.18 for Tennessee and Alabama, respectively. The national average in bankruptcy filings per capita for June (2.72) was virtually unchanged from May (2.73).Epiq Systems is a leading global provider of technology-enabled solutions for electronic discovery, bankruptcy and class action administration. Top legal professionals depend on us for deep subject-matter expertise and years of firsthand experience working on many of the largest, most high-profile and complex client engagements. Epiq Systems, Inc. has locations in the United States, Europe and Asia. in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago AACER: Bankruptcy Filings Up Only Slightly in June Despite Two More Filing Dayscenter_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: AACER Bankruptcy Filings Epiq Systems Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. AACER Bankruptcy Filings Epiq Systems 2015-07-02 Brian Honea Home / Daily Dose / AACER: Bankruptcy Filings Up Only Slightly in June Despite Two More Filing Days Share Save Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

FHFA’s Unified MBS Plans Delayed Until 2019

first_imgSubscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 2017-03-23 Scott Morgan Home / Daily Dose / FHFA’s Unified MBS Plans Delayed Until 2019 March 23, 2017 2,172 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Dealing with Title Defects in Foreclosure Proceedings Next: Americans Flock to Warmer ‘Burbs Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Scott Morgan in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post The Federal Housing Finance Agency Thursday announced that Release 2 for its Single Security Initiative and Common Securitization Platform (CSP) for Fannie Mae and Freddie Mac will come in mid-2019.Release 2, the announcement stated, will allow Fannie Mae and Freddie Mac to use the CSP to issue a single, common security to be called the uniform mortgage-backed security, or UMBS. FHFA had planned Release 2 for 2018, saying it needs more time to develop the programs fully.The plans, however, are ambitious. According to FHFA’s update report on Release 2, the agency has two main objectives in undertaking the UMBS initiative. The first is to establish a single, liquid market for the mortgage-backed securities issued by both GSEs that are backed by fixed-rate loans. The second is to maintain the liquidity of the that market over time.“Achievement of these objectives would further FHFA’s statutory obligation and the Enterprises’ charter obligations to ensure the liquidity of the nation’s housing finance markets,” the report stated. “The Single Security Initiative should also reduce the cost to Freddie Mac and taxpayers that has resulted from the historical difference in the liquidity of Fannie Mae’s Mortgage-Backed Securities and Freddie Mac’s Participation Certificates.”Freddie Mac has been using the data acceptance, issuance support, and bond administration modules of the CSP for activities related to its current single-class, fixed-rate securities participation certificates. “With Release2,” the agency stated, “both enterprises will use the modules and issue UMBS.”Watt said, “The CSP and single security are ambitious projects,” said. “I am very pleased with the hard work and determination of all those involved who helped make Release 1 a success and laid the foundation for successful implementation of Release 2.”Watt added that he is grateful for the support and input received from the public and from industry participants.“I encourage all market participants to begin moving forward with their preparations to make the changes they will need to accompany implementation of the single security initiative,” he said.The update also describes other milestones reached, costs related to the CSP, and specific steps being taken to ensure alignment between the GSEs. This, FHFA stated, is “central to the success of the single security, and to enhancing the liquidity of the secondary mortgage market on an ongoing basis. Sign up for DS News Daily FHFA’s Unified MBS Plans Delayed Until 2019last_img read more

The Week Ahead: FSC to Hold Financial CHOICE Hearing

first_img The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Market Studies, News, Secondary Market Demand Propels Home Prices Upward 2 days ago On Wednesday at 10 a.m. EST, in the wake of President Trump’s executive order targeting Dodd-Frank and Consumer Protection, the Financial Services Committee (FSC) will hold a hearing to discuss the Financial CHOICE act.“Republicans are eager to work with the President to end and replace the Dodd-Frank mistake with the Financial CHOICE Act because it holds Wall Street and Washington accountable, ends taxpayer-funded bank bailouts, and unleashes America’s economic potential,” said FSC Chairman Jeb Hensarling.  “We want economic opportunity for all, bailouts for none.  We want real consumer protections that will give you more choices.  Our solution grows the economy from Main Street up, creates more opportunities for working families to get ahead, and levels the playing field with no more Wall Street bailouts.”Hensarling first unveiled the rules and principles guiding Financial CHOICE last June, and the act was approved by the FSC in September. At the center of the act is a plan eliminate bailouts and hold Wall Street accountable. Additionally, the act calls for banks to be better capitalized, and to reduce the strain of regulation on smaller banks.“Supporters of Dodd-Frank promised it would lift the economy, end bailouts and protect consumers.  Yet Americans have suffered through the worst recovery in 70 years, Dodd-Frank guarantees future bailouts for Wall Street, and consumers are paying more and have fewer choices,” said Hensarling. “Dodd-Frank failed to keep its promises to the American people, but we will work with President Trump to follow through on his promise to dismantle Dodd-Frank.  That’s not what Wall Street wants, but it is what hardworking Americans need to have a healthier economy with more opportunities so they can achieve financial independence.” Financial Choice Financial Services Committee Trump 2017-04-23 Seth Welborn Subscribe Home / Daily Dose / The Week Ahead: FSC to Hold Financial CHOICE Hearing Servicers Navigate the Post-Pandemic World 2 days ago Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer. April 23, 2017 1,313 Views The Week Ahead: FSC to Hold Financial CHOICE Hearing Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Home Values Rise 6 Percent, Inventory Dips Next: HouseCanary Offers RE/MAX Agents Pricing Insights  Print This Post Sign up for DS News Daily Tagged with: Financial Choice Financial Services Committee Trump Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Wells Fargo Announces Fee Refunds

first_img Related Articles  Print This Post Wells Fargo 2017-10-04 Brianna Gilpin in Daily Dose, Featured, Government, Headlines, News Wells Fargo Announces Fee Refunds Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Tagged with: Wells Fargo Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Brianna Gilpin Share Savecenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago October 4, 2017 1,234 Views Previous: CFPB Updates Mortgage Servicing Rules Next: Predicting Home Price Appreciation Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Wells Fargo Announces Fee Refunds After intense questioning of its CEO Tuesday at the U.S. Senate Committee on Banking, Housing, and Urban Affairs full committee hearing titled “Wells Fargo: One Year Later,” Wells Fargo announced it will be reaching out to all home lending customers from September 16, 2013, through February 28, 2017, who paid fees for mortgage rate lock extension requests.According to the release, Wells Fargo already stated that they would be reviewing past policies and procedures for situations such as the above mentioned and again stated the plan at Tuesday’s hearing.“We want to serve our customers as they would expect to be served, and are initiating these refunds as part of our ongoing efforts to rebuild trust,” Sloan said.The rate lock extension policy in place in September 2013 was said by Wells Fargo to be not consistently applied at times and resulted in some borrowers being charged fees when it was the company primarily at fault for the delay that made the extensions necessary. On March 1, 2017, the company changed how it manages the mortgage rate lock extension process to alleviate this problem and ensure consistency through the use of a review team that will review all requests and apply Wells Fargo’s policy.Wells Fargo expects the first customer communications and refunds to go out in Q4 2017.“A total of approximately $98 million in rate lock extension fees were assessed to about 110,000 borrowers during the period in question, although the company believes a substantial number of those fees were appropriately charged under its policy,” the release stated.Due to the fact that not all fees assessed were paid and some have already been refunded, Wells Fargo anticipates the amount refunded to likely be lower. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Ashley Lundquist Joins Cloudvirga

first_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Ashley Lundquist Cloudvirga James Vinci Jesse Decker Tim Von Kaenel Ashley Lundquist Cloudvirga James Vinci Jesse Decker Tim Von Kaenel 2019-01-13 Donna Joseph Related Articles January 13, 2019 1,599 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Featured, Headlines, News Home / Featured / Ashley Lundquist Joins Cloudvirga Demand Propels Home Prices Upward 2 days ago Previous: What Castro’s Presidential Bid Means for Housing Next: Dennis Forget Joins IndiSoft Share Save The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Ashley Lundquist Joins Cloudvirga Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected]  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Donna Joseph Data Provider Black Knight to Acquire Top of Mind 2 days ago Cloudvirga, a California-based digital mortgage software provider, recently announced the appointment of Ashley Lundquist as VP of talent. In this role, Lundquist will oversee the firm’s initiatives to attract, develop and retain top technology talent as Cloudvirga rapidly expands its team.Lundquist brings to Cloudvirga a decade of expertise in talent acquisition and employer brand development at firms including multi-billion-dollar home-design platform Houzz, and e-commerce platform Drip.“Cloudvirga’s ambition is to be the employer of choice in Orange County,” said Lundquist. “Our team members value the opportunity to work every day with innovative technology that is disrupting the fintech world — and we value our team members, which is why we are building a culture that empowers individuals at every level.”Lundquist joins three other recent additions to the Cloudvirga leadership team: former loanDepot executive, Tim Von Kaenel as Chief Product Officer; former Roostify executive, Jesse Decker as chief customer success officer; and former Altisource CTO, James Vinci as EVP of technology.Cloudvirga strives to offer benefits ranging from individual growth and recognition programs to flexible working arrangements and an open vacation policy. “Cloudvirga’s early and remarkable success is directly attributable to our most strategic asset — our human capital,” said Michael Schreck, CEO at Cloudvirga.“Ashley’s experience attracting and developing talent for high-growth tech companies will be essential as we continue to expand our team,” Schreck said.Cloudvirga’s digital mortgage point-of-sale (POS) software, powered by the intelligent Mortgage Platform, combines borrower experience with automated lender workflow that cuts overall loan costs, increases transparency and reduces the time to close a loan. The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily last_img read more

Fannie & Freddie Confirm Uniform MBS Launch Date

first_imgHome / Daily Dose / Fannie & Freddie Confirm Uniform MBS Launch Date  Print This Post About Author: David Wharton Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Fannie & Freddie Confirm Uniform MBS Launch Date Demand Propels Home Prices Upward 2 days ago Subscribe Fannie Mae and Freddie Mac announced that they are officially set to launch their first universal mortgage-backed security (UMBS) this summer. This announcement came on the heels of a recent update to the Securities Industry and Financial Markets Association’s (SIFMA) Good Delivery Guidelines. According to Freddie Mac, the GSE will launch its first 55-day, “To-Be-Announced” (TBA)-eligible UMBS on Monday, June 3, 2019.Per SIFMA’s Good Delivery Guidelines, UMBS issued by either Fannie Mae or Freddie Mac “will be deliverable into UMBS TBA contracts for settlement,” according to Freddie’s news release issued on Monday. The statement further explained that Freddie Mac “will no longer issue new Gold PCs with a 45-day payment delay after May 31, 2019.”Starting on May 7, Freddie Mac will offer “holders of 45-day, TBA-eligible and non-TBA-eligible PCs and Giants the option to exchange their eligible 45-day securities for 55-day Freddie Mac mirror securities.” Full details of how this process will work can be found on Freddie’s Gold Exchange PC website.In a separate news release, Fannie Mae announced Monday that “In support of the Single Security Initiative, Fannie Mae will begin accepting forward uniform mortgage-backed security trades with a trade date on or after March 12, 2019, and settlement dates on or after June 3, 2019.”The Federal Housing Finance Agency (FHFA) issued its final rule for the UMBS program last week, addressing feedback expressed by commenters on the Notice of Proposed Rulemaking by refining alignment requirements to assure market participants that the GSEs will maintain consistent cash flows. The rule also explicitly outlines the ramifications to the Enterprises of misalignment. The announcement also stated that the preamble to the final rule also notes that FHFA has instructed the Enterprises to lower the maximum mortgage note rate eligible for inclusion in an MBS. It indicated that the requirements apply to the GSEs’ current offerings of TBA-eligible MBS and to the new UMBS.In FHFA’s statement at the time, Joseph Otting, FHFA Acting Director, said, “This rule demonstrates FHFA’s commitment to the success of the UMBS, which will promote liquidity and efficiency in the secondary mortgage market.”The common securities are aimed at replacing the Enterprises’ current offerings of TBA-eligible MBS and will be issued through the Enterprises’ joint venture, Common Securitization Solutions (CSS), using the Common Securitization Platform (CSP). The FHFA previously explained that, after the June 2019 launch, CSP and CSS “will expand to include the administration of multi-class securities and commingled Enterprise UMBS and the production of UMBS disclosures.” CSS and CSP will thereafter begin performing bond administration functions for close to 900,000 securities backed by nearly 26 million loans. 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] center_img Related Articles The Best Markets For Residential Property Investors 2 days ago Share Save Previous: Economist on the Housing Market: “A Complete Wreck” Next: Leaning Into Tax Lien Investing Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Fannie Mae Freddie Mac MBS UMBS 2019-03-11 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Fannie Mae Freddie Mac MBS UMBS March 11, 2019 3,714 Views last_img read more

Mortgage Servicing Professionals Meet With HUD for Policy Discussion

first_imgHome / Daily Dose / Mortgage Servicing Professionals Meet With HUD for Policy Discussion The Best Markets For Residential Property Investors 2 days ago Mortgage Servicing Professionals Meet With HUD for Policy Discussion Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Previous: Bradley J. Osborne Joins Hladik, Onorato & Federman, LLP Next: Black, Hispanic Communities Still Feeling Legacy of Housing Crisis Demand Propels Home Prices Upward 2 days ago Tagged with: FHA FHA Loans HUD NMSA The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily April 25, 2019 3,345 Views Related Articlescenter_img Capping off a week of meetings between mortgage servicing professionals and related government agencies in Washington, D.C., on Thursday, representatives from the National Mortgage Servicing Association’s (NMSA) Joint Federal Agency Task Force met with HUD for a collaborative discussion about the future of the industry.The NMSA Task Force group met with government officials at HUD’s headquarters to discuss the pressing issues facing the mortgage servicing sector, including matters related to the servicing of FHA loans. The Task Force meeting followed Wednesday’s general assembly of the NMSA membership, which included the announcement of Wes Iseley, Senior Managing Director at Carrington Mortgage Holdings, as the group’s incoming Chair, taking over from outgoing Chair Ray Barbone, EVP of Mortgage Services for BankUnited. The NMSA meeting also included a legal update presentation from Legal League 100 Chair Roy Diaz, who discussed matters such as the Supreme Court’s recent ruling in the case of Obduskey v. McCarthy & Holthus LLP, which found that businesses engaged in nonjudicial foreclosure proceedings are not considered “debt collectors” under the Fair Debt Collection Practices Act.Iseley told DS News, “NMSA members had a productive meeting with Brian Montgomery, Assistant Secretary of Housing and Urban Development for Housing and Commissioner of the Federal Housing Administration, and his staff, to discuss recommendations to benefit FHA’s Mutual Mortgage Insurance Fund, the industry, and homeowners. The NMSA membership looks forward to continued discussions towards advancing these and other important recommendations.”“Today’s meeting was a productive and important step in continuing to address the challenges facing the industry,” said Ed Delgado, President & CEO of Five Star Global. “We thank HUD and Commissioner Montgomery for their commitment to homeownership and look forward to a continuing dialog in order to best support the needs of the American homeowner.”Thursday’s meeting wrapped up a week of events that began on Tuesday with the 10th annual Five Star Government Forum at the Newseum, where leaders from the mortgage industry engaged in an open dialogue with their government peers, including representatives from HUD, Fannie Mae, Freddie Mac, CFPB, the Department of the Treasury, Ginnie Mae, and FHFA.The Government Forum included a full lineup of presentations, discussion, and education, including keynote addresses from both HUD Secretary Dr. Benjamin Carson and The Hon. Brian D. Montgomery, Acting Deputy Secretary and Assistant Secretary for Housing-Federal Housing Commissioner, HUD. Servicers Navigate the Post-Pandemic World 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post in Daily Dose, Featured, Government, News, Servicing Demand Propels Home Prices Upward 2 days ago About Author: David Wharton FHA FHA Loans HUD NMSA 2019-04-25 David Wharton Subscribelast_img read more

Apple Joins Fight Against California’s Housing Crisis

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post in Daily Dose, Featured, News $1 billion in an affordable housing investment fund $1 billion in first-time homebuyer, mortgage assistance fund $300 million in Apple-owned and available land in San Jose for affordable housing $150 million Bay Area housing fund $50 million to support vulnerable populations  The Best Markets For Residential Property Investors 2 days ago Apple housing affordablility housing shortage 2019-11-04 Mike Albanese Home / Daily Dose / Apple Joins Fight Against California’s Housing Crisis Apple states that the funding commitment to California is expected to take around two years to be fully utilized, depending on the availability of projects. Capital returned to Apple will be reinvested in future projects over the next five years. The company is also working to identify private developers who are looking to begin construction on affordable housing projects immediately in the Bay Area. “We’re so grateful that Apple has made this significant philanthropic commitment towards solving Silicon Valley’s growing homelessness crisis,” said Jennifer Loving, Destination: Home’s CEO. A report by CNBC states that Apple has long been the largest employer in Silicon Valley, opening its new headquarters in Apple Park, in Cupertino in 2017. Google is currently developing an 80-acre campus in San Jose. Apple joins Facebook, Google, and Microsoft, who have all made contributions in recent weeks to help fix the affordable housing crisis in California.  Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago November 4, 2019 919 Views Previous: Weight of the World: Challenges in Property Preservation Next: HUD’s Montgomery, Property Preservation Leaders Discuss Industry Challenges Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily center_img Apple Joins Fight Against California’s Housing Crisis Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Apple released a $2.5 billion plan Monday to help address the housing shortage and affordability issues in California. The tech giant said costs for both renters and homeowners have skyrocketed in recent years, and the availability of affordable housing has not kept pace with the region’s growth. Apple added that 30,000 people left San Francisco, California, between April and June of this year and homeownership in the Bay Area is at a seven-year low. “Before the world knew the name Silicon Valley, and long before we carried technology in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to the community,” said Tim Cook, Apple’s CEO. “Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution.”The $2.5 billion plan will be broken down in the following categories:  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. Tagged with: Apple housing affordablility housing shortage Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles About Author: Mike Albanese Share Save Subscribelast_img read more