FHFA Report to Congress Reveals Milestones, Problems

first_img FHFA Report to Congress Reveals Milestones, Problems Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Headlines, News Tagged with: Congress Conservatorship Fannie Mae FHFA Freddie Mac June 16, 2014 804,736 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / FHFA Report to Congress Reveals Milestones, Problems Servicers Navigate the Post-Pandemic World 2 days ago Previous: Home Price Appreciation Continues in April Next: May Inventory Up; Home Sales Down 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. About Author: Colin Robins Related Articles Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Congress Conservatorship Fannie Mae FHFA Freddie Mac 2014-06-16 Colin Robins The Best Markets For Residential Property Investors 2 days ago Subscribe The Federal Housing Finance Agency (FHFA) submitted its 2013 Report to Congress, which detailed findings from the agency’s examination of Fannie Mae and Freddie Mac. The report found that although experiencing significant exposure to credit losses from mortgage originations several years prior to the government’s conservatorship, the two GSEs had record amounts of net income in 2013.The report noted that combined net income for Fannie and Freddie totaled $132.7 billion, benefiting from a number of non-recurring items such as “the reversal of the valuation allowance associated with deferred tax assets and various legal settlements.”The FHFA found that the credit quality of new single-family guarantees in 2013 remained high by historical comparisons. They found that higher risk loans, such as no-income documentation or interest-only mortgages, have mostly been eliminated from the GSEs portfolio. Loan-to-value ratios for mortgages in 2013 stood at 73 percent, while the average credit score for purchase money mortgages stood in the 740s. The group noted that the average FICO score at the end of 2013 was roughly 25 points higher than scores prior to conservatorship.The FHFA’s report also found that although the Treasury’s financial support helped stabilize the two companies, they are not in “sound financial condition.””The Enterprises remain exposed to credit, counterparty and operational risks. Credit risk management remains a key priority for both Enterprises given their substantial amount of remaining legacy distressed assets and ongoing stress in certain housing markets,” FHFA said. The agency also noted a growing shift—more mortgage servicing portfolios are being transferred from banking organizations to non-depository institutions.Record keeping, legacy systems, and human capital all remain concerns for the government agency.In 2013 alone, the FHFA reported it had completed 448,000 foreclosure alternative actions in 2013, including 243,000 loan modifications. “The Enterprises remain exposed to credit, counterparty and operational risks. Credit risk management remains a key priority for both Enterprises given their substantial amount of remaining legacy distressed assets and ongoing stress in certain housing markets,” the agency’s report said.However, the FHFA believes that the Enterprises cannot remain in conservatorship permanently. The agency said that the expansion of private sector participation is essential for the long-term health of the mortgage market, with the goal of executing risk-sharing transactions on $30 billion of mortgages as having been met.The FHFA believes that, “In particular, it is critical that the Enterprises dedicate appropriate resources to maintaining safe and sound operations in the face of uncertainty regarding the long-term prospects of the Enterprises’ operations and charters.” 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 The Best Markets For Residential Property Investors 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Postlast_img read more


DS News Webcast: Monday 9/22/2014

first_img Share Save Is Rise in Forbearance Volume Cause for Concern? 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Two Bipartisan Job Bills Pass in Congress Next: FHFA to Stage HARP Outreach Meeting in Detroit September 22, 2014 733 Views The Best Markets For Residential Property Investors 2 days ago Conference Board Congress Economy Jobs Leading Economic Index Legislation 2014-09-22 Jordan Funderburk About Author: Jordan Funderburk Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles in Featured, Media, Webcasts  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago DS News Webcast: Monday 9/22/2014 Demand Propels Home Prices Upward 2 days ago The U.S. House of Representatives passed bipartisan legislation recently that allows small businesses to spend capital toward creating jobs instead of compliance. H.R. 4, known as the Jobs for America Act, contains two Financial Services Committee bills designed to provide regulatory relief: H.R. 1105, known as the Small Business Capital Access and Jobs Preservation Act, and H.R. 2274, the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act.H.R. 1105 makes a correction to the Dodd-Frank Act. The revised statue allows small and medium-sized businesses to use capital toward creating jobs instead of unnecessary compliance costs. Also under the new law, private equity fund advisers are exempt from SEC registration if the outstanding principal amount of the funds under management does noes not exceed twice their funded capital commitments. H.R. 2274 is similar to H.R. 1105 in that it eliminates expensive compliance costs and SEC registration requirements for certain specialized brokers and allows the capital saved to go toward the creation of jobs.Leading U.S. economic indicators took a small step forward in August, backing off from larger increases recorded during the summer. The Conference Board’s Leading Economic Index increased 0.2 percent last month to 103.8, half the increase expected by economists. The index grew 1.1 percent in July and 0.7 percent in June. The group’s measure of current economic indicators also edged up 0.2 percent, slightly better than July’s gain as personal income, employment, and retail sales continued to make strides. The Best Markets For Residential Property Investors 2 days ago Tagged with: Conference Board Congress Economy Jobs Leading Economic Index Legislation Subscribe Home / Featured / DS News Webcast: Monday 9/22/2014 Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more


Cleveland Bank Demonstrates Ability to Remain Well-Capitalized in Stress Test

first_imgHome / Daily Dose / Cleveland Bank Demonstrates Ability to Remain Well-Capitalized in Stress Test The Week Ahead: Nearing the Forbearance Exit 2 days ago July 2, 2015 899 Views  Print This Post Related Articles The Best Markets For Residential Property Investors 2 days ago Dodd-Frank Federal Reserve OCC Stress Tests Third Federal Savings and Loan Association of Cleveland 2015-07-02 Brian Honea Sign up for DS News Daily Tagged with: Dodd-Frank Federal Reserve OCC Stress Tests Third Federal Savings and Loan Association of Cleveland Share Save Previous: FHFA Seeking $13 Billion From RBS in Mortgage-Backed Securities Suit Next: National Appraisal Congress Launches Subcommittee to Address Valuations Workforce Shortage Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago The Third Federal Savings and Loan Association of Cleveland, a wholly owned subsidiary of TFS Financial Corporation, recently reported the results of its 2015 company-run stress test that is conducted in accordance with regulations of the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (OCC) under the Dodd-Frank Wall Street Reform and Consumer Protection Act.“These company-run stress tests are designed to help assess whether financial institutions have sufficient capital to absorb losses and support operations using a hypothetical stressed scenario described by the Federal Reserve, over a nine-quarter projection period from October 1, 2014 to December 31, 2016,” Third Federal Savings and Loan said in a press release.The Association also noted that compared to institutions with assets of $50 billion or more, the stress testing requirements and expectations are significantly lower for institutions with assets between $10 billion and $50 billion. Meduim-sized companies, including the Association, are not required to do the Federal Reserve’s supervisory-run stress tests or the Federal Reserve’s annual Comprehensive Capital Assessment and Review. They are also not required to submit an annual capital plan or subject to a supervisory approval or denial of their stress test results.The hypothetical scenario involves economic conditions that are more adverse than currently expected by the Federal Reserve or the Association and therefore investors should not rely on these results as forecasts of expected or most likely financial results or capital ratios for the Association or the Company.The Association revealed that loan losses within the company in the severely adverse scenario totaled $129,075, while pre-provision net revenue (PPNR) totaled $72,509. Provision expenses reached $206,202 and net loss totaled $88,463.“In this scenario, economic factors in the United States reflect a contracting economy marked with rising unemployment, widening credit spreads, low treasury yields, declining asset prices and near-term inflationary pressures brought about by a considerable rise in the price of oil,” the Association reported. “While the Association does not believe this economic environment has a high probability of occurrence, the test demonstrates our ability to remain well-capitalized after absorbing anticipated losses during a period of deep recessionary effects in the economy.”A description of the risks included in the company-run stress test follows:Credit- The risk that an extension of credit to a borrower will result in the inability of the borrower to meet the terms of the obligation.Liquidity- The risk that attrition of the retail deposit base would result in an inability to fund lending activity through alternative channels.Market- The risk that market interest rates would adversely affect fair market valuation assessments to our available-for-sale securities portfolio.Operational- The risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events.Click here to view the Third Federal Savings and Loan Association of Cleveland’s Stress Test Results.  About Author: Xhevrije West in Daily Dose, Featured, Government, News Subscribe Cleveland Bank Demonstrates Ability to Remain Well-Capitalized in Stress Test 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 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 agolast_img read more


Is Student Debt a Contributor to Rise in Renters?

first_img in Daily Dose, Featured, News The Week Ahead: Nearing the Forbearance Exit 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 Previous: The Week Ahead: All Eyes Watching the Jobs Report Next: The Number of Underwater Homes Dives Downward The Best Markets For Residential Property Investors 2 days ago Tagged with: CoreLogic Homeownership Millennials Renters Single-Family Rentals 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. CoreLogic Homeownership Millennials Renters Single-Family Rentals 2016-08-29 Kendall Baer It has been discussed recently that homeownership has been slowing down, particularly among millennials. While this has taken place, rental household formation has been increasing, with millennials making up a large share of this growing population. A new analysis from CoreLogic has revealed that 60 percent of rental housing applicants applying from 2011-2015 were millennials.With this in mind, CoreLogic notes that student loan debt has become a growing burden nationwide, especially among millennials. The aggregated outstanding student loan debt in the U.S. has more than tripled over the past decade, increasing from $380 billion in 2004 to $1.3 trillion in 2015, according to CoreLogic. This is the second-highest level of consumer debt only behind mortgages.The portion of millennial renters age 20-34 who had student loans has increased every year but one since 2008, according to CoreLogic. This is a reported 21 percent increase from 2008, when is stood at 38 percent, to 2015, when it stood at 48 percent. CoreLogic states that, not surprisingly, millennials have the highest percentage of student loan debt compared with older age groups. In considering the declining homeownership rate as well as the increasing rental market, CoreLogic says that the growth of student loan debt is likely an important factor preventing millennials from saving for a down payment to buy a home therefore attributing to their rental status continuing for a longer period of time.For millennials applying for rental properties, CoreLogic data shows that the average student loan balance reached $31,900 in 2015 for age group 20-34. This is a 41.8 percent increase compared with the average balance of $22,500 in 2008. At the same time, the median student loan balance for the same age group increased 53.7 percent to $18,600 in 2015 from $12,100 in 2008.Additionally, CoreLogic reports that The Joint Center for Housing Studies at Harvard University published the 2013 student loan balance of U.S. households. The average balance and median balance of renter households for age group 20-39 was $28,173 and $16,000, respectively. CoreLogic data shows the average student loan balance in 2013 for rent applicants in the same age group was $30,263 and the median balance was $16,400. Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Kendall Baer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Subscribe Servicers Navigate the Post-Pandemic World 2 days ago August 29, 2016 1,529 Views Servicers Navigate the Post-Pandemic World 2 days ago Is Student Debt a Contributor to Rise in Renters? Home / Daily Dose / Is Student Debt a Contributor to Rise in Renters? The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily last_img read more


Auction.com Launches Platform to Enhance Ohio Foreclosure Sales

first_img October 30, 2017 1,487 Views Related Articles Sign up for DS News Daily Previous: NewDay USA Makes Two Key Hires Next: HouseCanary Enhances Agile Technology Through Dart Partnership  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Auction.com Bill 390 Foreclosure Javid Jaberi Ohio 2017-10-30 rachelwilliams Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Rachel Williams The Best Markets For Residential Property Investors 2 days ago Share Save in Featured, Headlines, News, Technologycenter_img Home / Featured / Auction.com Launches Platform to Enhance Ohio Foreclosure Sales Servicers Navigate the Post-Pandemic World 2 days ago 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] Demand Propels Home Prices Upward 2 days ago Auction.com Launches Platform to Enhance Ohio Foreclosure Sales The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Auction.com Bill 390 Foreclosure Javid Jaberi Ohio Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Auction.com has announced its new online platform to execute mortgage foreclosure sales of Ohio properties in conjunction with Private Selling Officers (PSOs), which with the signing of Ohio House Bill 390 allows third-party sales to be conducted online.According to the auction company, “With foreclosure sales now online in Ohio, it is possible for buyers to track whether a property is going to sale, ‘on hold’, or cancelled through email notifications. Sellers can expect their assets to gain greater visibility through Auction.com’s massive marketplace, use of digital advertising network, search engine marketing, geographic marketing and other industry-leading marketing technologies.”Headquartered in Irvine, California Auction.com is the nation’s largest online real estate transaction marketplace focused exclusively on the sale of bank-owned and foreclosure properties.“Buyers gain confidence to bid when they have detailed insight into the asset and understand the process,” said Javid Jaberi, EVP of Operations for Auction.com. “House Bill 390 enables buyers to view asset information from their own computer or mobile phone, enabling them to bid on assets completely online from the comfort of their homes or businesses. These resources enable faster transaction timelines, lower holding costs and increased numbers of potential bidders, better ensuring that assets are sold at market price.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more


REO Volume in High-Performing Metros

first_img California Foreclosure metros REO 2019-05-01 Seth Welborn  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago May 1, 2019 2,709 Views 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. Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: California Foreclosure metros REO About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago A recent report lists the top 10 and bottom 10 metroes by forecast growth through June 2019, featuring REO saturation by city. The End of Q1 2019 Home Data Index report from ClearCapital highlights growth by Home Price Index (HPI) growth and forecast HPI.The Mcallen-Edinburg-Mission, Texas metro tops ClearCapital’s list with a forecast HPI of 80.95 and a forecast growth of 2.94%. The Mcallen-Edinburg-Mission metro’s current REO saturation is at 1.62%, relatively low compared to other metros on the list. Las Vegas-Henderson-Paradise, Nevada and Akron, Ohio take the second and third spot, with REO saturation of 10.18 percent and 14.72 percent, respectively.Other high-performing metroes include Akron, Ohio; Atlanta-Sandy Springs-Roswell, Georgia; Tucson, Arizona; Phoenix-Mesa-Scottsdale, Arizona; San Jose-Sunnyvale-Santa Clara, California; and Orlando, Florida.Rochester, New York is ranked as the bottom metro by forecast growth. ClearCapital notes a 92.89 forecast HPI and an HPI Index Growth -4.49% in this metro and an REO saturation according to the report of 10.63%.Many metroes in the bottom ten and top ten lists hold REO saturations of over 10%. Baltimore-Columbia-Towson, Maryland holds the highest listed REO saturation at 16.52%, followed by the St. Louis metro at 15.25% and the Chicago metro area at 15.35%.On a national level, home prices are increasing, according to First American Financial Corporation’s February Real Housing Price Index (RHPI). The Index reveals that real house prices increased 2.9% year-over-year while the consumer house-buying power has increased 2.4% year-over-year. First American’s data is in line with ClearCapital’s data for California, revealing strong growth in the San Jose metro area.According to First American, California leads the nation for potential home buyers, as four cities—San Jose, Los Angeles, San Francisco and San Diego—where among six whose RHPI decreased and affordability increased. First American calculations of realtor.com in February 2019 show that the number of listings in San Jose, Seattle and San Francisco increased 124%, 89% and 53%, respectively, from 2018.New Hampshire (8.1%), Wisconsin (7.8%), Rhode Island (6.5%), Ohio (6%) and Georgia (6%) saw the largest year-over-year increases in the RHPI. Wyoming led the nation in the largest decrease in RHPI at 6%. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / REO Volume in High-Performing Metros The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Foreclosure, Investment, News, REO Share Save Previous: GSE Q1 Update: From Foreclosures to Mortgage-Backed Securities Next: Mortgage Professionals Unite to Support Cancer Charity Scholarship Gala Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago REO Volume in High-Performing Metros Demand Propels Home Prices Upward 2 days agolast_img read more


Supreme Court Appoints Former Solicitor General to Defend CFPB

first_imgSign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 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. in Daily Dose, Featured, Government, News The U.S. Supreme Court has appointed former U.S. Solicitor General Paul Clement to argue in support of the CFPB’s structure in the case of Seila Law LLC V. Consumer Protection Bureau. The U.S. Supreme Court agreed to hear the appeal of the California law firm that argues the Consumer Financial Protection Bureau is unconstitutionally structured, positioning the justices to settle longstanding questions surrounding the legitimacy of the independent agency.In a brief, the CFPB suggested that the Supreme Court might want to appoint a “friend of the court” to defend the ruling by the U.S. Court of Appeals for the 9th Circuit rejecting the challenge to the CFPB’s structure.Seila Law alleges that the structure of the agency grants too much power to its director. According to court papers, given the CFPB’s broad law enforcement powers, the fact that the president may only remove the director of the CFPB “for inefficiency, neglect of duty, or malfeasance in office” is unconstitutional. In May, the CFPB beat Seila Law before a panel of the 9th U.S. Circuit Court of Appeals.“Seila Law contends that an agency with the CFPB’s broad law-enforcement powers may not be headed by a single Director removable by the President only for cause. That argument is not without force,” Circuit Judge Paul Watford wrote for the court.Last year, in a split decision, a Washington appeals court has reversed a previous ruling, declaring the structure of the Consumer Financial Protection Bureau to be constitutional after all. The Court of Appeals for the District of Columbia Circuit ruled in January 2018 that the CFPB’s structure is constitutional and that the director of the agency can only be fired by the president for “inefficiency, neglect of duty, or malfeasance in office.”The court’s ruling read, in part, “None of the theories advanced by PHH supports its claim that the CFPB is different in kind from the other independent agencies and, in particular, traditional independent financial regulators.” Demand Propels Home Prices Upward 2 days ago October 24, 2019 1,311 Views Supreme Court Appoints Former Solicitor General to Defend CFPB CFPB Law Supreme Court 2019-10-24 Seth Welborn  Print This Post Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Related Articles Previous: Delinquencies Hit Seasonal Uptick Next: Are Recession Signals Cooling? Home / Daily Dose / Supreme Court Appoints Former Solicitor General to Defend CFPB Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: CFPB Law Supreme Court About Author: Seth Welborn 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 Subscribelast_img read more


11 State Attorneys General Challenge CFPB Leadership Structure

first_img Related Articles Eleven state attorney generals are joined a complaint challenging the structure of the Consumer Financial Protection Bureau, according to a brief filed with the United States Supreme Court obtained by Reverse Mortgage Daily. The brief argues that the  leadership structure of the CFPB is unconstitutional, stating that its structure encroaches on the states’ own abilities to enforce its own consumer protection laws.The coalition of states includes Texas, Arkansas, Indiana, Kansas, Louisiana, Nebraska, Ohio, Oklahoma, South Carolina, Utah, and West Virginia.“If Congress wishes to permit federal agencies to assist or preempt States in protecting consumers, it must do so in a manner consistent with Article II of the Constitution,” the brief reads in part. “The CFPB’s structure violates the Constitution whether its director was (at any given point) temporary or permanent. The CFPB thus had no authority to bring or to continue the enforcement action.”The CFPB was similarly challenged earlier this year by a California law firm that argues the Consumer Financial Protection Bureau is unconstitutionally structured. The U.S. Supreme Court agreed to hear the appeal of the law firm, Seila Law, who alleges that the structure of the agency grants too much power to its director.The Supreme Court is expected to hear the Seila Law LLC V. Consumer Protection Bureau suit some time in 2020, and CNBC reports that a decision in the case is likely by the end of June.Last year, in a split decision, a Washington appeals court reversed a previous ruling, declaring the structure of the Consumer Financial Protection Bureau to be constitutional after all. The Court of Appeals for the District of Columbia Circuit ruled in January 2018 that the CFPB’s structure is constitutional and that the director of the agency can only be fired by the president for “inefficiency, neglect of duty, or malfeasance in office.”The court’s ruling read, in part, “None of the theories advanced by PHH supports its claim that the CFPB is different in kind from the other independent agencies and, in particular, traditional independent financial regulators.” Share Save Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago CFPB Constitutionality 2019-11-13 Seth Welborn Servicers Navigate the Post-Pandemic World 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. Previous: Junior Lienholders: Claim Your Surplus Funds Next: Fannie and Freddie Transfer Risk on $281.4B of UPB November 13, 2019 1,927 Views The Best Markets For Residential Property Investors 2 days ago 11 State Attorneys General Challenge CFPB Leadership Structure Demand Propels Home Prices Upward 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Tagged with: CFPB Constitutionality Home / Daily Dose / 11 State Attorneys General Challenge CFPB Leadership Structure Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 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 Sign up for DS News Daily Subscribelast_img read more


GSEs Completed 16,000 Foreclosure Prevention Actions in April

first_img FHFA Foreclosure 2020-07-15 Mike Albanese Related Articles GSEs Completed 16,000 Foreclosure Prevention Actions in April Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / GSEs Completed 16,000 Foreclosure Prevention Actions in April Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribecenter_img in Daily Dose, Featured, Foreclosure, Government, News Servicers Navigate the Post-Pandemic World 2 days ago July 15, 2020 1,445 Views The Best Markets For Residential Property Investors 2 days ago Tagged with: FHFA Foreclosure Previous: Pandemic’s Impact on JPMorgan, Wells Fargo Next: Community Development Found to be Largest Value of CRA The government-sponsored enterprises (GSEs) completed 16,738 foreclosure prevention actions during April, according to data published by the Federal Housing Finance Agency (FHFA) in its Foreclosure Prevention & Refinance Report.During April, Fannie Mae and Freddie Mac completed 4,528 permanent loan modifications, with 19% of their work involving modifications with principal forbearance. Modifications with extend-term only were the basis of 67% loan modifications during the month. There was a significant month-over-month spike in initiated forbearance plans, rising from 165,431 in March to 989,594, which brought the total number of loans in forbearance plans to 1.14 million, or roughly 4.1% of the total loans serviced.The FHFA also noted there were 326 short sales and deeds-in-lieu of foreclosure completed in April, a 5% decline from March.The agency also reported on the GSEs’ mortgage performance during April, the 30-59 day delinquency rate reached 3.47% while the serious delinquency rate inched up to 0.68%. The number of third-party and foreclosure sales collapsed from 1,988 in March to 344 in April, an 83% tumble, although the FHFA noted this was due to the suspension of foreclosure activity in response to the COVID-19 pandemic.Furthermore, the FHFA determined that April’s total refinance volume reached levels not seen in seven years. The agency attributed this activity to a steady decline in mortgage rates. The percentage of cash-out mortgages dropped from 36% in March to 30% in April.April also saw 13 refinances completed through the High LTV Refinance Option, bringing total refinances through this channel to 32 since its inception earlier this year.Fannie Mae and Freddie Mac completed 4.45 million foreclosure prevention actions since they were put into federal conservatorship in September 2008.Separately, the FHFA announced last week that Fannie Mae and Freddie Mac would extend several of their loan origination flexibilities until August 31. The flexibilities, which were set to expire on July 31, include alternative appraisals on purchase and rate term refinance loans, alternative methods for documenting income and verifying employment before loan closing, and expanding the use of the power of attorney and remote online notarizations to assist with loan closings. Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast “The Online Movie Show,” co-host of the award-winning WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire. About Author: Phil Hall Demand Propels Home Prices Upward 2 days agolast_img read more


A Closer Look at Latest Forbearance Report

first_img Previous: The Week Ahead: Two Looks at Housing Trends Next: Could Home Price Surge Lead to Another Crash? Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago According to recent findings posted from Black Knight’s McDash Flash Forbearance Tracker, the number of mortgages in active forbearance stayed steady this past week, neither increasing or decreasing in any great way. Specific details released by Black Knight reveals a 15,000 reduction among GSE mortgages offset by a 5,000 rise in FHA forbearances and a 10,000 increase among portfolio/PLS-held loans.The exact number of American homeowners who are currently in active forbearance (as of August 18, 2020) is just under 4 million (3.9). This amount represents 7.4% of the total of active mortgages currently, which as mentioned before, remained flat from this past week. When totaled, these account for $833 billion in unpaid principal.Another highlight from the report revealed that 5.4% of all GSE-backed loans and 11.6% of all FHA/VA loans are presently amid forbearance plans. Also in forbearance are 8% of loans in private label securities or banks’ portfolios.Throughout the last month, the amount of existing active forbearances has dipped by 202,000 (-5%). The loans that experienced the greatest improvement were GSE loans (-130,000, -8%). As for FHA/VA forbearances, those have stayed steady for the most part, with the only shift being a slight decline of 1% (-11,000) throughout the month. Regarding the forbearances among private/portfolio loans, those decreased 67,000 (-6%).As the world continues to deal with the current pandemic and adjust accordingly, there reportedly is an undeniable amount of uncertainty across the board in all industries—including the housing market. Moving forward, there are a number of factors to consider that will most likely have the greatest impact. One of these factors to keep an eye on especially (apart from the pandemic itself) is the expiration of expanded unemployment benefits, which occurred just this past month.  Print This Post Black Knight Forbearance 2020-08-24 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago About Author: Andy Beth Miller Sign up for DS News Daily Home / Daily Dose / A Closer Look at Latest Forbearance Report in Daily Dose, Featured, News Andy Beth Miller is an experienced freelance editor and writer. Her main focus is travel writing, and when she is not typing away from her computer at her home in the Hawaiian Islands, she is regularly roaming the world as a digital nomad, and loving every minute of it. She has been published in myriad online and print magazines, is a fan of all things outdoors, and finds life (and all of its business, technological, and cultural facets) fascinating in their constant evolution. She is excited to spectate as the world changes, and have a job that allows her to bring a detailed account of those constant shifts to her readers at home and abroad. The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articlescenter_img August 24, 2020 1,706 Views The Best Markets For Residential Property Investors 2 days ago A Closer Look at Latest Forbearance Report Share Save Demand Propels Home Prices Upward 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 Subscribe 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 Tagged with: Black Knight Forbearancelast_img read more