HUD to Commit $24 Million To Help PHA Residents Increase Earned Income

first_img in Daily Dose, Featured, News, Secondary Market Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles October 10, 2014 791 Views Home / Daily Dose / HUD to Commit $24 Million To Help PHA Residents Increase Earned Income Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago Previous: Delaware Court Rules in MERS’ Favor Over Assignment of Mortgage Next: DS News Webcast: Monday 10/13/2014 Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 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. HUD to Commit $24 Million To Help PHA Residents Increase Earned Income Demand Propels Home Prices Upward 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Tagged with: Economy Employment HOUSING HUD jobs-Plus Pilot Program Public Housing Authorities Economy Employment HOUSING HUD jobs-Plus Pilot Program Public Housing Authorities 2014-10-10 Brian Honea The U.S. Department of Housing and Urban Development (HUD) is committing $24 million to certain qualified Public Housing Authorities (PSAs) help their residents increase their earned income, HUD secretary Julián Castro announced on Friday.HUD has long been an advocate of assisting public housing residents reach self-sufficiency through improving residents’ employment situations. The Jobs-Plus Pilot Program sponsored by HUD supports work readiness and job placement efforts in addition to helping public housing residents find and/or upgrade employment by connecting residents with local employers.Analysts have shown there is a direct correlation between the housing market and the overall economy; the housing market needs the economy to rebound in order to fully recover, and vice versa. HUDs Jobs-Plus Pilot Program is a step toward helping both housing and the economy recover, and then sustaining that recovery, by putting resources toward improving the earning potential of public housing residents.”HUD is always looking for innovative ways to help families secure new opportunities and reach their full potential,” Castro said. “This funding uses housing as a platform for success by linking public housing residents with the resources they need to access better paying jobs. HUD has a unique role to play in helping folks better their lives. In addition to helping folks secure decent, affordable housing, we are committed to ensuring that their housing serves as a springboard to success.”Castro made the announcement of the funding during a walking tour of a neighborhood in Central Falls, Rhode Island on Friday. He has been focused on advancing policies that create jobs, therefore creating opportunities for Americans, with HUD approaching its 50th anniversary next year.The Jobs-Plus Pilot Program uses a demonstration program combining training, job placement, and traditional employment with a rent incentive and a place-based investment in building. The program’s goal for each family is to improve employment and attain a higher earned income, thus helping families achieve self-sufficiency. Under the program model, PHAs partner with the Department of Labor American Jobs Centers. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Credit Union Group Opposes Revision to FHLBank Membership Requirements

first_img Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. in Daily Dose, Featured, Government, News Credit Union Group Opposes Revision to FHLBank Membership Requirements  Print This Post January 13, 2015 937 Views Home / Daily Dose / Credit Union Group Opposes Revision to FHLBank Membership Requirements A national trade group representing credit unions has come out against a recent proposal to revise requirements for Federal Home Loan Bank (FHLB) membership.In a comment letter addressed to the Federal Housing Finance Agency’s (FHFA) general counsel, Alicia Nealon, director of regulatory affairs for the National Association of Federal Credit Unions (NAFCU), voiced the association’s opposition to the proposal, which she says would “disenfranchise over 1 million credit union member-owners.””Given the onerous nature of this proposal on credit unions, the lack of a Congressional mandate for ‘ongoing’ FHLB membership requirements and the current requirements that already exist for FHLB members to demonstrate a commitment to housing finance, NAFCU must oppose the proposed rule and urge its withdrawal,” Nealon wrote.NAFCU’s complaint stems from a provision of the proposed rule that would require FHLB members and applicants to keep 1 percent of assets in home mortgage loans. Current members would also be required to hold at least 10 percent of assets in residential mortgage loans on an ongoing basis as opposed to just at the time of application, as the current rule requires.In her comment letter, Nealon says the membership requirements fail to take into account a credit union’s asset size or experience level. She also says NAFCU is concerned that the standards (particularly the 1 percent requirement) don’t take into account the kinds of fluctuations that can happen in portfolios due to changes in economic conditions.As an alternative, the group suggests that the agency allow loans sold in the secondary market to count toward an institution’s 1 percent threshold.Also of concern to NAFCU is FHFA’s proposal to determine if FHLB members meet eligibility standards on a yearly basis and to terminate any members that fail to comply after a two-year grace period. The group instead suggests a five-year probationary period for lenders to get back up to standard. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Tory Barringercenter_img Credit Unions Federal Home Loan Banks FHFA NAFCU 2015-01-13 Tory Barringer Servicers Navigate the Post-Pandemic World 2 days ago Previous: Report: Credit Rater, Justice Department Near $1 Billion Settlement over RMBS Next: DS News Webcast: Wednesday 1/15/2015 Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Credit Unions Federal Home Loan Banks FHFA NAFCU Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribe The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Freddie Mac Announces First Seriously Delinquent Loan Sale of 2015

first_img March 3, 2015 1,033 Views  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News, Secondary Market The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Freddie Mac Announces First Seriously Delinquent Loan Sale of 2015 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe About Author: Brian Honea Tagged with: FHFA Freddie Mac Seriously Delinquent Loans Related Articles Demand Propels Home Prices Upward 2 days agocenter_img In the first bulk sale of seriously delinquent mortgage loans from its portfolio in 2015, Freddie Mac announced on Tuesday it has auctioned off 1,975 deeply delinquent non-performing loans with an aggregate unpaid balance of approximately $392 million.The loans that were sold in the auction were an average of three years delinquent on mortgage payments, according to Freddie Mac, meaning that the borrowers for all the loans are all likely in some stage of mitigation – either loan modification, a foreclosure alternative such as a short sale or deed-in-lieu of foreclosure, or actually in foreclosure. Loans that were modified and later became delinquent made up about 24 percent of the aggregate pool, according to Freddie Mac.The loans were offered as three separate pools. The winning bidder for both Pool No. 1 and Pool No. 2 was Pretium Mortgage Credit Partners/Loan Acquisition, LP. The winning bidder on Pool No. 3 was Bayview Acquisition, LLC.Pool No. 1 included 752 non-performing loans with an aggregate unpaid balance of $136.2 million and a broker price opinion loan-to-value of 74 percent; Pool No. 2 included 468 non-performing loans with an aggregate UPB of $102.4 million and a BPO LTV of 100 percent; and Pool No. 3 included 755 non-performing loans with an aggregate UPB of $153.1 million and a BPO LTV of 135 percent. According to Freddie Mac, the average loan size on the aggregate of the three loan pools was $198,400, and the average note rate was 5.39 percent. The aggregate weighted average LTF was 96.1 percent of the property value based on BPOs, according to Freddie Mac. The winning bidders must meet certain servicer qualification requirements.Freddie Mac first announced the auction for these three pools of deeply delinquent loans on January 21, with Bank of America Merrill Lynch, Credit Suisse and The Williams Capital Group acting as advisors for the transaction. The conservator for both Freddie Mac and its fellow GSE, Fannie Mae, is requiring the two Enterprises to reduce the number of delinquent loans in their portfolios. Fannie Mae has yet to sell any of its delinquent loans in bulk quantity; Freddie Mac sold its first bundle of delinquent loans for $659 million in July 2014. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 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. Sign up for DS News Daily FHFA Freddie Mac Seriously Delinquent Loans 2015-03-03 Brian Honea Home / Daily Dose / Freddie Mac Announces First Seriously Delinquent Loan Sale of 2015 Previous: Distressed Home Sales, Foreclosure Inventory Decline Substantially Next: Mortgage Contracting Services Welcomes New Assistant VP of Compliancelast_img read more

Homeownership: Not Just for the Wealthy

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Homeownership: Not Just for the Wealthy in Daily Dose, Featured, Market Studies, News Previous: Bucking Stereotypes Next: Equifax Appoints New Leader Sign up for DS News Daily  Print This Post Homeownership 2017-08-10 Brianna Gilpin Share Save Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 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] Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Homeownership: Not Just for the Wealthy The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Brianna Gilpin Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Homeownership Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Low-income households have struggled for many years to obtain the American Dream of homeownership, however that’s beginning to change. According to Trulia, economic inequality is still a subject that the U.S. is handling. They study homeownership inequality by the gap between the bottom third share of homeowners versus the top third, omitting retirees.In Americas 100 largest metros, households with higher-income own homes at as much as 4.4 times the rate of those at the bottom. Though the historical trend has shown the market as off limits to low-income homebuyers, now that isn’t true for every metro. The average age of a cities population, the magnitude of a housing market’s price range, income inequality, and how long people stay in their homes play a role in homeownership inequity.According to Trulia’s report, 77 percent of wealthy households own their homes, which is nearly 2.3 times the rate of poor households (34.9 percent). The gap in homeownership has been trending downward since 2012, nevertheless, from 2.4 times to 2.3. Based on the largest 100 metros, 79.3 percent of wealthy households now own homes—2.8 times higher than low-income households, which currently lie at 27.9 percent.There isn’t one reason in particular that homeownership continues to be unequal. It’s possible it is a mixture of range of household income, range of home prices, age of the population, and the proportion of the population that have lived in their home for less than five year. However, according to Trulia, none of these are strong predictors.“While demographic factors in some metros, such as a younger than average population, may be fueling unequal housing outcomes, along with a national trend that has been pointing to a gradually widening gap, there still seems to be plenty of opportunity for changes to local housing policy that could move the needle in a favorable way for low income groups.”To read the full report, including regional data, click here. August 10, 2017 4,024 Views Subscribelast_img read more

Razor Thin Vote on CFPB Arbitration Rule Stirs Reaction

first_imgHome / Daily Dose / Razor Thin Vote on CFPB Arbitration Rule Stirs Reaction  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Razor Thin Vote on CFPB Arbitration Rule Stirs Reaction Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Rachel Williams 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] Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Arbitration CFPB Cordray HOUSING mortgage Senate 2017-10-25 rachelwilliams Tagged with: Arbitration CFPB Cordray HOUSING mortgage Senate The Week Ahead: Nearing the Forbearance Exit 2 days ago Since the Consumer Financial Protection Bureau (CFPB) first introduced a rule prohibiting companies from using mandatory arbitration clauses back in July, the merits of the measure have been hotly debated.On Tuesday evening, this debate came to a head when the Senate repealed the arbitration rule with a narrow 51-50 vote that required Vice President Mike Pence to cast the tie-breaking vote. The resolution previously passed the House in July and now awaits presidential seal.Earlier this week, CFPB spokesman Sam Gilford defended the rule in a response to a report released by the Treasury Department titled “Limiting Consumer Choice, Expanding Costly Litigation: An Analysis of the CFPB Arbitration Rule.”“Our rigorous analysis of the costs and benefits of the rule found that mandatory arbitration clauses allow companies to avoid accountability for breaking the law and cost consumers billions of dollars by blocking group lawsuits,” said Gilford.Among those applauding the vote was Acting Comptroller of the Currency Keith A. Noreika. “The elected representatives acted to stop a rule from going into effect that would have likely increased the cost of credit for hardworking Americans and made it more difficult for small community banks to resolve differences with their customers without achieving the rule’s goal of deterring future financial abuse,” said Noreika.Also in support is National Association of Federal Credit Unions President and CEO Dan Berger. “While NAFCU strongly supports consumer protections, credit unions should not have been included in this rulemaking as they are not the bad actors the rule is meant to target. Credit unions should also have access to various forms of dispute resolution, but this rule, as written, could have led to a rise in frivolous lawsuits,” said Berger.In an earlier statement, Sen. John Kennedy (R-Louisiana) who voted against the repeal stated that the recent Equifax break was part of his voting decision. “Equifax needs to be transparent with the public, and that includes ensuring that consumers understand what legal recourses they may be giving up simply by trying to protect themselves from the repercussions of the breach.”After all the votes were cast, CFPB Director Richard Cordray called the move “a giant setback for every consumer in this country.” Previous: California Wildfires Cause Dire Housing Inventory Shortage Next: David Stevens Announces Retirement After 6 Years Helming the MBA Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago October 25, 2017 1,665 Views The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Newslast_img read more

Housing Industry Experts Weigh in on Import Tariffs

first_img Housing Industry Experts Weigh in on Import Tariffs Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Previous: These Are the Most Dangerous U.S. Cities Next: Industry Pulse: Updates on Aspen Grove, Carrington and More … home construction prices imports President Trump tariffs 2018-03-08 David Wharton March 8, 2018 1,963 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: home construction prices imports President Trump tariffs Home / Daily Dose / Housing Industry Experts Weigh in on Import Tariffs The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton in Daily Dose, Featured, Government, Headlines, Journal, Newscenter_img Servicers Navigate the Post-Pandemic World 2 days ago On Thursday afternoon, President Trump instituted import tariffs on foreign steel and aluminum. Calling the tariffs a push back against foreign competitors’ “assault on our country,” President Trump signed off on a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum. The tariffs are set to go into effect in 15 days, with Canada and Mexico exempted while the U.S. negotiated with those countries on possible alterations to the North American Free Trade Agreement. President Trump also indicated that other countries could be exempted from the tariffs on a case-by-case basis.“The actions we’re taking today are not a matter of choice, they’re a matter of necessity,” President Trump said.House Speaker Paul Ryan criticized the move in a media statement, saying, “We are extremely worried about the consequences of a trade war and are urging the White House to not advance with this plan. The new tax reform law has boosted the economy and we certainly don’t want to jeopardize those gains.”Commerce Secretary Wilbur Ross has publically downplayed the potential negative impact on American industries during an appearance on CNBC last week, where he used a can of Campbell’s Soup as an example of a product that would theoretically see a price increase of less than a cent due to the tariffs. White House trade adviser Peter Navarro also spoke in support of the move, calling it a “courageous and tough decision.””I’m encouraged, I really am and I think it gives us a chance to basically reboot, get jobs back to West Virginia, back to America,” said Sen. Joe Manchin (D-West Virginia). “I’m excited about that.”Tom Donohue, President and CEO of the U.S. Chamber of Commerce, spoke out against the tariffs, warning that they could spark a trade war and diminish the impact of the tax relief signed into law by the president a few months ago. Donohue said the tariffs could “directly harm American manufacturers, provoke widespread retaliation from our trading partners, and leave virtually untouched the true problem of Chinese steel and aluminum overcapacity.”The National Association of Homebuilders announced their opposition to the proposed tariffs on Thursday of last week, warning that the increased steel costs would, in turn, raise construction costs, which would then further drive up already inflated home prices. The planned tariffs could add 25 percent to steel prices and 10 percent for aluminum from foreign suppliers. This would come atop tariffs the President imposed on Canadian lumber companies in April 2017, which also affected the home construction industry here in the States. According to Bloomberg data, lumber prices have increased by 31 percent since those tariffs were imposed.Randy Noel, Chairman of the NAHB, said in a statement that “Given that home builders are already grappling with 20 percent tariffs on Canadian softwood lumber and that the price of lumber and other key building materials are near record highs, this announcement by the president could not have come at a worse time.”Lawrence Yun, Chief Economist of the National Association of Realtors, said in a statement, “Tariffs could measurably raise the cost of building materials and hinder home construction of affordable homes.”Rick Schumacher, Editor and Publisher of the LBM Journal, which covers the lumber and building materials industry, told Realtor.com, “It hurts homebuyers. It creates uncertainty … and any uncertainty is bad.”According to a survey of economists by the University of Chicago Booth School of Business, 93 percent of those surveyed either “Disagreed” or “Strongly Disagreed” with the statement, “Adding new or higher import duties on products such as air conditioners, cars, and cookies—to encourage producers to make them in the U.S.—would be a good idea.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago 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 Subscribelast_img read more

HARP Loans Continue Outperforming Pre-Crisis Mortgages

first_img Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / HARP Loans Continue Outperforming Pre-Crisis Mortgages Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, Government, Journal, News, Secondary Market, Servicing The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily HARP Loans Continue Outperforming Pre-Crisis Mortgages March 27, 2018 2,889 Views 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 Tagged with: Delinquency Rates Federal Housing Finance Agency FHFA FICO scores Freddie Mac HARP Home Affordable Refinance Program Moody’s Investor Service Mortgage Refinance Refinances Related Articles About Author: David Whartoncenter_img 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 Previous: Clarifying Contested Foreclosures After Bankruptcy Next: The Hidden Costs of Selling a Home Share Save Delinquency Rates Federal Housing Finance Agency FHFA FICO scores Freddie Mac HARP Home Affordable Refinance Program Moody’s Investor Service Mortgage Refinance Refinances 2018-03-27 David Wharton 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 ago According to a new report by Moody’s Investor Service, Freddie Mac loans refinanced under the Home Affordable Refinance Program will continue to outperform pre-crisis Freddie loans that did not enter the program, but will also continue to lag behind post-crisis Freddie loans.The Home Affordable Refinance Program (HARP) was instituted by the Federal Housing Finance Agency in March 2009, designed to assist borrowers who are current on their mortgage payments but have little to no equity in their homes, to refinance their mortgages.Moody’s cites Freddie Mac data showing that “loans originated in 2005-07 that went through HARP had a 60+ day delinquency rate of just 1.14 percent, as of March 2017, well below the 6.84 percent 60+ day delinquency rate for 2005-07 loans that did not go through HARP.” Moody’s also found that the 60+ day delinquency rate among non-HARP borrowers with lower FICO scores who were current as of December 2014 has continued to rise in recent years. However, the 60+ day delinquency rate for lower-FICO HARP borrowers has tracked consistently with that of higher-FICO HARP borrowers, leveling off even as the rate for non-HARP borrowers has climbed.In spite of all of that, however, HARP loans still don’t perform as well as post-crisis Freddie Mac loans, and Moody’s expects this trend to continue. Moody’s report states, “The delinquency rates for HARP loans are higher than those of non-HARP Freddie Mac loans of similar seasoning and with characteristics most representative of the HARP program.” Moody’s explains that the post-crisis Freddie Mac loans perform better largely due to “the GSEs’ underwriting criteria being tighter than guidelines for HARP, which is a streamlined refinance product with limited re-underwriting.”The report also points out that, while GSE underwriting standards have weakened since the crisis, HARP’s guidelines have been scaled back even further during that time period. Moody’s found that, on average, HARP borrowers’ FICO scores dropped by 42 points since peaking at 745 in 2010, as compared to a loss of only 11 points for post-crisis non-HARP borrowers during the same period.Moody’s report also attributes some of the differences between HARP and non-HARP delinquency rates to “an increase in the share of HARP loans backed by investment properties, which typically perform worse than owner-occupied properties.”Moody’s research subscribers may read the full report by clicking here. 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] Subscribelast_img read more

Housing Deficits in the Silver State

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Is Homeownership Losing Out to Renting? Next: The Headwinds Worrying Servicers Housing Deficits in the Silver State  Print This Post Share Save Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago 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. The Best Markets For Residential Property Investors 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Housing Deficits in the Silver State Sign up for DS News Daily National housing market headlines have been painting a picture of an unbalanced market characterized by a notable supply shortage. Pro Teck Valuation Services zeroed in on the Nevada market in its most recent Pro Teck Valuation Services Home Value Forecast to illustrate that fact, saying, “what’s happening in Vegas is not necessarily staying in Vegas—Nevada’s housing market is facing a lack inventory on par with the rest of the country.” Assuming demand returns to pre-crisis levels, Pro Teck asserted Nevada has a 138,000-home “housing deficit” as of 2017, which stems from the market’s reaction to the housing crisis. Looking back to pre-crisis days, Pro Teck estimated about 29,000 single-family housing starts per year in the nine years before the crisis. In 2009, housing starts plummeted to just 4,633. While home building is increasing over the past few years, there were 12,832 starts recorded in 2017, about half the pre-crisis level. Pro Teck estimated that if 38,000 homes were built per year in Nevada starting now, it would take until 2028 to meet “historical market needs.” In the meantime, that leaves the Nevada housing market with low inventory and steeply rising prices. The Greater Las Vegas Association of Realtors reported a 16.2 percent decline in housing inventory over the year in June.“Unfortunately, the slow-down in production during the housing crisis has put the entire state significantly behind, a phenomenon we are seeing across the country,” said Tom O’Grady, CEO of Pro Teck. This sentiment has been iterated throughout the industry by several experts and economists. The most recent National Association of Realtors Existing Home Sales Report, revealed just 4.2 months’ supply of homes available at the national level, prompting NAR Chief Economist Lawrence Yun to say, that the amount of inventory making its way to the market this spring “was not even close to being enough to satisfy demand.”Learn more about how home prices are impacting other markets:Housing Optimism Steady, But Trouble on the HorizonPending Home Sales Underperform for Fifth Straight Monthcenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Deficit Home Prices Homes HOUSING Housing Starts Inventory ProTeck Supply Demand Propels Home Prices Upward 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Deficit Home Prices Homes HOUSING Housing Starts Inventory ProTeck Supply 2018-07-12 Krista Franks Brock in Daily Dose, Featured, Market Studies, News July 12, 2018 1,926 Views Servicers Navigate the Post-Pandemic World 2 days ago About Author: Krista Franks Brock Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Opportunity Knocks

first_img Al Freedman is CEO of First Freedom Preservation (FFP), where he oversees all aspects of FFP, a property renovation and preservation company that manages and services bank-owned, HUD, and real-estate owned properties. Freedman founded FFP in 2008 on the philosophy of “do it right the first time.” The more lenders, banks, and brokers Freedman worked with, the more he realized that the biggest service FFP provided its clients was the ability to sell REO properties faster and for more money—often before the renovations were complete. Freedman leads a staff of 70 full-time, licensed employees who complete renovations and upgrades and perform repairs and regular maintenance to restore the homes to a marketable condition. He is also a member of the Five Star Academy, a leading source of online education for the lending industry. Home / Daily Dose / Opportunity Knocks The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Journal, News, Print Features The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Tagged with: Marketing networking Social Media Servicers Navigate the Post-Pandemic World 2 days ago About Author: Al Freedman October 26, 2018 1,705 Views Share Save Demand Propels Home Prices Upward 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Marketing networking Social Media 2018-10-26 Staff Writer  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Opportunity Knocks Editor’s Note: This feature originally appeared in the October issue of DS News. It is always a tricky balancing act when it comes to the inventory level brokers have versus the number of properties they are working on. How many is too many and how many can you effectively manage? If you subscribe to the theory that you need to keep the funnel of your sales pipeline full as you work on the properties at hand, you might find yourself working 60-hour weeks, looking for new business while keeping tabs on the current challenges of live projects.The time to look for new business, new clients, and new projects should be the next moment after you start working on your current project. With today’s market dominated by low inventory, it adds additional stress, knowing that you need to be creative and think outside of the box when bird-dogging and trying to uncover new business, properties, and business relationships.Stand Out With Direct Mail Thinking outside of the box also involves diversifying from what you have been doing in the past. If you are a staunch advocate of never dealing with homeowners, you need to change that mindset. It might even take you down the path to consider creating a marketing campaign through email or direct mail to let the audience of homeowners know that you are also an expert in working with them. If you are open to staging a marketing campaign, consider direct mail.Direct mail has lost some of its allure in recent years, surpassed by email marketing as the latest and greatest way to communicate and attract attention. Now that everyone is being bombarded with emails, what was old can be new again with direct mail. You can create an attention-getting campaign by sending physical promotional material, such as a USB drive with your logo on it, to a prospective or existing client in the hopes of showcasing your skills to secure their business or nurture an ongoing relationship.The message points in a direct-mail campaign should include relevant information or an offer to entice recipients to respond. If you don’t want to use a promotional product, think about directing the recipient to your website to download an article that would be of value to them. It could be on the housing market or how to enhance your home for sale, and it could also showcase the benefits of working with you by providing a list of what you bring to the equation. With a direct-mail campaign, you should use the list of your current clients and also look into purchasing or researching a list to send to new prospects.Leveraging Networking Groups When inventory is down, you need to market yourself even harder to become the individual who is top of mind with as many asset management companies as possible within your geographic area. Set up a schedule for yourself to complete applications and even update your applications with asset management companies. Research outlets such as national and local banks to give your information to the individuals who can consider you.Don’t be afraid to get involved with networking groups to get your name out there. Most metropolitan areas will have chapters of the following networking groups:» Business Network International» U.S. Chamber of Commerce» Sales & Marketing Executives International» Kiwanis International» Rotary International» Toastmasters InternationalJumpstart your networking activity by reading Keith Ferrazzi’s book, Never Eat Alone. This quick read will take even seasoned networkers to the next level. Ferrazzi writers that he “discovered early in life, what distinguishes highly successful people from everyone else is the way they use the power of relationships—so everyone wins.” The book covers everything from “Managing the  Gatekeeper” to “Turning Connections into Compatriots.” Remember—if you are invisible, you are not memorable.Get the Most out of Conferences Whether you and your company plan to exhibit at a national or regional tradeshow, or just plan to attend and walk the show, it costs you time and money. If you want you ROI to be worth it, follow these important steps.1. Determine your objectives. Who do you want to connect with? What booths do you want to visit? Make a game plan.2. Contact those individuals or companies to see if they can have breakfast, coffee, or dinner with so you can start building a relationship.3. Create your own event at the conference by reserving space at a restaurant or the conference hotel for a business dinner with critical individuals whom you want to target. It can be drinks and heavy hors d’oeuvres or an informal meal.4. Figure out which breakout sessions would be the most beneficial to attend.5. Practice a 30-second “elevator speech,” giving brief info on who you are and what value you bring to your business relationships.6. Is there an opportunity to position yourself as a speaker at the event? Contact the show organizer to see if someone has dropped out of their lineup and provide a strategic overview of the subject-matter expertise you could present. If you are too late for the current conference, find out who you need to connect with to be considered as a speaker for the next one. The chance to showcase yourself as a presenter will be a tremendous boon for your brand and your business.7. Don’t forget to follow up with the individuals you connected with during the conference. It might take a few months to get them to give you a “sale,” but you will be filling your pipeline funnel and no doubt working on value for your ROI for the time and money spent.Collaborate With the Competition What is that saying? “Keep your friends close and your enemies closer.” Well, that philosophy could work to your benefit if you are connecting with peers within your field who are doing businessin another geographical area.Perhaps they are doing business with a national bank that has outlets in your area. By asking for an introduction through your competitor, it could be the “foot in the door” that you need to gain more business, or at least have that bank recognize the value and skill set you could bring to them.In return, there may be contacts in your backyard that could translate to an introduction for your new friend in another city. You can play it forward by doing an introduction for them via the solid relationship you have and asking them to give you the name of the person to contact in the other city. You may have to go the extra mile and ask your contact to do an email introduction with your person’s name.Social Media as a Marketing Tool Many individuals see Facebook, Twitter,  Pinterest, and other social-media networks as hobbies, useful for sharing information with their families and friends on non-work related topics. Some professionals also use social media, including LinkedIn, as a marketing tool to post information they wish to share on the housing market, new insights on homes, banking, and other topics. You can also share articles you write on how you solved a challenge with a client or a new way to approach what seemed like a no-win situation until you came up with an awesome solution.Positioning yourself as a subject-matter expert who is also seeking collaboration and commentary from your contacts can be very rewarding as you try to expand your business. People like to work with individuals who are open with information that also helps them in their careers. If you are positioned as an expert in your field, it is likely that people who need your expertise will connect with you.Looking for new opportunities in a low inventory market is never easy. All of the suggestions above require time, energy, money, and some of your blood, sweat, and tears. The alternative is to keep doing what you are doing and hoping, expecting different, better results. That is the very definition of insanity. 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Price, Competition, Speed of Sale Set Housing Market Records

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Related Articles 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Ocwen Closes MSR Joint Venture Next: New Service is Designed to Help Homeowners Finance Renovations The Best Markets For Residential Property Investors 2 days ago Housing market metrics for the month ending May 2 set several new records. Experts say things will need to become more balanced before many mid-priced-home owners will feel comfortable listing their homes—right now, the risk of being unable to find a new home looms large, they say.(As we reported earlier, homebuying pessimism just hit record highs.)A record-high 21% year-over-year growth rate in the median home-sale price hit $348,500, according to a new report from Redfin.com.High-end homes are being sold more now than a year ago. That, not the sale of mid-priced homes, is the primary contributor to the large growth rate, according to Redfin’s research team.Here is what Redfin’s Chief Economist Daryl Fairweather has to say about the latest data:”Right now we are seeing a substantial increase in home prices, which could be a precursor to more widespread inflation throughout the economy. Lumber prices are surging, which has driven up prices of new homes and indirectly drives up prices of existing homes. As states lift their pandemic restrictions, we will likely see more shortages and price increases on everything from gasoline to hotel stays and food. These price increases will likely be short-lived but could cut into homebuyers’ budgets and ease competition enough for the housing market to become more balanced. A more balanced market could encourage more move-up homeowners to finally sell because they won’t be so fearful about being able to find and compete for a home to buy.”Redfin’s analyst Tim Ellis summed up the April data with some key takeaways (note, some metrics are compared with 2019 rather than 2020 due to some fallout from the COVID-19 pandemic that made comparisons to last year less informative):Compared to 2020:A record low of just 19 days on market for homes that sold during the period, down 16 days from the same period in 2020.A record high of 48% of homes sold for more than their list price, up 20 percentage points from the same period a year earlier.A record-high 101.4% average sale-to-list price ratio, which measures how close homes are selling to their asking prices, up 2.7 percentage points year over year. This means that the average home sold for 1.4% more than its asking price.A record-high 58% of homes that went under contract had an accepted offer within the first two weeks on the market.A record-high 45% of homes that went under contract had an accepted offer within one week of hitting the market.Compared to 2019:Pending home sales were up 23% from the same period in 2019.New listings of homes for sale were down 8% from the same period in 2019. Compared to the four-week period ending April 4, new listings were up 9%, slightly larger than the 7% increase during the same period in 2019. Although new listings are still in short supply, they are following a typical seasonal pattern and showing slightly more growth than in 2019.Active listings (the number of homes listed for sale at any point during the period) fell 48% from the same period in 2019.View the full report and methodology at Redfin.com. Demand Propels Home Prices Upward 2 days ago 23 days ago 809 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Price, Competition, Speed of Sale Set Housing Market Records  Print This Post Home / Daily Dose / Price, Competition, Speed of Sale Set Housing Market Records Data Provider Black Knight to Acquire Top of Mind 2 days ago Share 2Save Subscribe 2021-05-07 Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more