Total Foreclosures Fall; ‘Zombie Foreclosures’ Pose Challenges

first_img Tagged with: Owner-vacated RealtyTrac U.S. Foreclosure Market Report Zombie Foreclosures Data Provider Black Knight to Acquire Top of Mind 2 days ago Total Foreclosures Fall; ‘Zombie Foreclosures’ Pose Challenges Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Owner-vacated RealtyTrac U.S. Foreclosure Market Report Zombie Foreclosures 2014-03-12 Colin Robins 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago Foreclosure filings are down to record lows, but a more sinister-sounding problem may be on the rise—”zombie foreclosures.”RealtyTrac released its U.S. Foreclosure Market Report for February, reporting that foreclosure filings (default notices, schedule auctions, and bank repossessions) were 112,498, down 10 percent from January and down 27 percent from the previous year.Foreclosure filings in the month of February represent the lowest monthly total since December, 2006—a more than seven-year low.”Cold weather and a short month certainly contributed to a seasonal drop in foreclosure activity in February, but the reality is that new activity is no longer the biggest threat to the housing market when it comes to foreclosures,” said Daren Blomquist, VP at RealtyTrac.”The biggest threat from foreclosures going forward is properties that have been lingering in the foreclosure process for years, many of them vacant with neither the distressed homeowner or the foreclosing lender taking responsibility for maintenance and upkeep of the home—or at the very least facilitating a sale to a new homeowner more likely to perform needed upkeep and maintenance,” Blomquist said.As of the first quarter of 2014, a total of 152,033 properties in the foreclosure process had been vacated by the homeowner. These “zombie foreclosures” represent 21 percent of all properties in the foreclosure process.Owner-vacated properties have been in the foreclosure process an average of 1,031 days, nearly three years.”One in every five homes in the foreclosure process nationwide have been vacated by the distressed homeowner, but it is closer to one in three foreclosures in some cities,” Blomquist added. “These properties drag down home values in the surrounding neighborhood and contribute to a climate of uncertainty and low inventory in local housing markets.”The state with the most owner-vacated foreclosures was Florida with 54,908, representing 36 percent of the national total. Illinois (15,512), New York (10,880), New Jersey (8,595), and Ohio (7,780) rounded out the top five states for owner-vacated foreclosures.Foreclosure starts fell back to 51,842, their lowest level since December, 2005. A total of 47,715 U.S. properties were scheduled for a future foreclosure auction in February, down 15 percent from the previous month and down 21 percent from a year ago.Bank repossessions (REO) were 30,307 in February, up less than 1 percent from January. Year-over-year, REO properties were down 33 percent.States with the highest foreclosure rates in February were Florida, Maryland, Nevada, New Jersey, and Illinois.Among metros with populations of 200,000 or more, Florida held nine of the top ten metros for foreclosure rates in February. The dubious honor of leader went to the Palm Bay-Melbourne-Titusville metro, where one in every 296 housing units were in foreclosure—nearly four times the national average. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img March 12, 2014 831 Views Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe About Author: Colin Robins Home / Daily Dose / Total Foreclosures Fall; ‘Zombie Foreclosures’ Pose Challenges in Daily Dose, Featured, Foreclosure, Headlines, Market Studies, News  Print This Post Previous: Cold Weather Still Affecting Some Markets Next: DS News Webcast: Thursday 3/13/2014 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. Sign up for DS News Daily Related Articleslast_img read more

U.K. Lender May Have To Pay More Than Expected to Settle FHFA Suit

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post U.K. Lender May Have To Pay More Than Expected to Settle FHFA Suit in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Tagged with: FHFA Mortgage-Backed Securities Royal Bank of Scotland Settlements Royal Bank of Scotland (RBS) may have to pay additional penalties to settle claims that it sold faulty U.S. mortgage-backed securities in the years leading up to the housing market crash, according to a report from Reuters.RBS had already set aside the equivalent of about $3 billion in U.S. dollars to cover settlement costs relating to the sale of $32 billion worth of faulty mortgage-backed securities to Fannie Mae and Freddie Mac in a case being handled by the U.S. District Court in Connecticut. However, the conservator of the two GSEs, the Federal Housing Finance Agency (FHFA), might ask the bank to pay up to the equivalent of $7.7 billion in U.S. money to settle the claims, according to the report.A spokesperson from the FHFA declined to comment on the RBS situation.In June, RBS agreed to pay $99.5 million to settle a separate FHFA suit claiming that the bank sold more than $2 billion worth of faulty mortgage-backed securities to Fannie Mae and Freddie Mac between 2005 and 2007, the years of the “housing bubble” in the U.S.RBS and Nomura Holdings are the last two out of the 18 lenders to settle with the FHFA after the Agency sued the lenders in 2011 to recoup U.S. taxpayer costs following the government’s $188 billion bailout of Fannie Mae and Freddie Mac in 2008. The other 16 lenders have paid about $24 billion to settle claims, including $9.3 billion paid by Bank of America in March 2014. Subscribe Previous: New York-Based Lender Settles with U.S. for $36 Million Over Mortgage Fraud Claims Next: Labor Market Improvements Support Economists’ Predictions for Housing Recovery 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea FHFA Mortgage-Backed Securities Royal Bank of Scotland Settlements 2015-01-02 Brian Honea January 2, 2015 1,284 Views Share Save The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / U.K. Lender May Have To Pay More Than Expected to Settle FHFA Suit 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. The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Rising Employment and Current Mortgages Fuel Housing Market’s Stabilization

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Rising Employment and Current Mortgages Fuel Housing Market’s Stabilization Current Mortgages Employment Freddie Mac Housing Market Multi-Indicator Market Index 2015-08-26 Brian Honea in Daily Dose, Featured, Market Studies, News Rising Employment and Current Mortgages Fuel Housing Market’s Stabilization Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Multiple market indicators show solid strong stabilization within housing in June, mostly due to employment and current mortgages, according to Freddie Mac’s Multi-Indicator Market Index (MiMi).Housing markets are the strongest they have been since 2008, with the national MiMi surpassing 80 in June. Freddie Mac attributes most of this positive growth to a surge in jobs and mortgages kept current in nearly all metros.”Nationally, all MiMi indicators are heading in the right direction,” said Len Kiefer, Freddie Mac deputy chief economist. “Robust homebuyer demand has put total home sales on pace for the best year since 2007 and look for that trend to continue as the MiMi purchase applications indicator remains on the upswing.”The national MiMi value reached 80.3 in June, indicating that the housing market is on the outer stable range. The MiMi saw an increase of 1.33 percent from May to June and a three-month improvement of 2.26 percent. Year-over-year, the MiMi rose 5.41 percent. Althugh the MiMi value has rebounded 35 since its all-time low in October, it remains much lower than its high of 121.7.”Robust homebuyer demand has put total home sales on pace for the best year since 2007 and look for that trend to continue as the MiMi purchase applications indicator remains on the upswing.”According to the MiMi, current mortgages and employment are the major contributors pushing the MiMi into the stable range. Current mortgages reached 82.7 points in June, up 0.82 percent from May. Meanwhile, employment landed at 101.7 points, up 0.64 points from May.On the other hand, the purchase applications indicator landed weak for June at 65.2 points, although it improved 1.53 percent from May. In addition, the payment-to-income indicator was weak in June at 71.3 points, rising 2.80 percent from May.Freddie Mac reported, Arkansas and Tennessee, along with four additional metro areas entered their outer range of stable housing activity: Omaha, Nebraska; Scranton, Pennsylvania; Chattanooga, Tennessee; and Madison, Wisconsin.Of the 50 states, 28 and the District of Columbia have MiMi values in a stable range, with the District of Columbia (101.7), North Dakota (96.2), Montana (93.5), Hawaii (92.9), and California and Utah tied at (89) and ranking in the top five.”While home prices are still 7 percent below peak values nationally, price indices in many markets are at all-time highs and current low interest rates are helping to support homebuyer affordability,” Kiefer said. “Mortgage delinquencies are coming down rapidly, but are still high in many markets. Those markets hardest hit by the Great Recession, including many in Florida, are rebounding but they still need to improve to get delinquencies back in line with their benchmark historic averages. The key driver of all this recovery has been solid job growth, with 96 out of 100 metros and all states within range of their benchmark historic average unemployment rate.”Source: Freddie Mac Click here to view Freddie Mac’s Multi-Indicator Market Index.  Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Share Save Tagged with: Current Mortgages Employment Freddie Mac Housing Market Multi-Indicator Market Index Demand Propels Home Prices Upward 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago August 26, 2015 1,206 Views The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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. Previous: New York Fed President Says September Rate Hike is ‘Less Compelling’ Now Next: Freddie Mac’s Portfolio Sees More Expansion; Serious Delinquencies Below 2008 Level Demand Propels Home Prices Upward 2 days ago About Author: Xhevrije West 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 Subscribelast_img read more

What Does the Future Hold for Existing-Home Sales?

first_img Even with headwinds facing the housing industry such as constrained inventory and home price appreciation outpacing wage growth, the National Association of Realtors (NAR) believes that 2016 will be the best year for existing-home sales since the pre-crisis year of 2006.NAR Chief Economist Lawrence Yun, in presenting his midyear economic and housing forecast at the 2016 Realtors Legislative Meetings & Trade Expo on Thursday, said that even though existing-home sales were uneven in the first quarter, they are still ahead of last year’s overall annual pace (5.29 million compared to 5.26 million).Yun also noted other factors that will help make 2016 the best year for existing-home sales in a decade, such as persistently strong demand, especially in the areas that have produced the most jobs, and mortgage rates near a three-year low. Also, since 2010, 14 million jobs have been created.All this points to a forecast of an annual pace of 5.40 million for existing-home sales in 2016, which would be the best year since 2006 (6.48 million). Yun expects home price appreciation to moderate to between 4 and 5 percent after rising to 6.8 percent last year.“The housing market continues to expand at a moderate pace in spite of the fact that home prices are rising too fast in some areas because of insufficient supply fueled by the grossly inadequate number of new single-family homes being constructed,” Yun said. “The good news is that pending sales in recent months have remained stable and should support a modest gain in home sales heading into the summer.”Yun also noted that the absence of first-time buyers in the market was preventing a “full housing recovery,” despite conditions being ripe for homebuying such as strong job growth, soaring rents, and historically low mortgage rates. Factors keeping first-time buyers out include student loan debt, a lack of available starter homes, and prices appreciating amid flat wage growth.“Spectacularly low mortgage rates mean today’s prospective homebuyers are the luckiest in a generation but the unluckiest in actually becoming homeowners because of the roadblocks hampering their ability to buy,” Yun said.Senator Elizabeth Warren (D-Massachusetts) joined Yun onstage to talk about student loan debt and the obstacle it presents for younger would-be homebuyers. Warren cited data published by the NAR last year indicating that the first-time buyer share was at 32 percent, its lowest point in nearly three decades.“Student debt is crushing young people, it’s hurting the nation’s economy and delaying the opportunity for many to buy their first home,” Warren said. “Every monthly payment going to reducing their student debt could instead be money going toward saving for a down payment on a house.”NAR will release its next existing-home sales on May 20 and the next pending home sales report on May 26. Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News May 12, 2016 1,467 Views About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Existing Home Sales Housing Market NAR Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img The Best Markets For Residential Property Investors 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.  Print This Post Previous: Democratic Lawmakers Chide Fed for Lack of Diversity Next: The Effect of Compliance Costs on Households Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / What Does the Future Hold for Existing-Home Sales? Demand Propels Home Prices Upward 2 days ago Existing Home Sales Housing Market NAR 2016-05-12 Brian Honea What Does the Future Hold for Existing-Home Sales? Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Fannie Mae Gets Green Light on Third Front-End CIRT

first_imgSign up for DS News Daily Tagged with: CIRT Credit Insurance Risk Transfer 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] Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Fannie Mae Gets Green Light on Third Front-End CIRT Related Articles The Best Markets For Residential Property Investors 2 days ago Previous: Military Family will Receive Free Home From Meritage Homes Next: Nation Takes Aim at Veteran Homelessness Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Fannie Mae Gets Green Light on Third Front-End CIRTcenter_img in Daily Dose, Featured, Headlines, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago CIRT Credit Insurance Risk Transfer 2017-05-26 Brianna Gilpin About Author: Brianna Gilpin Fannie Mae announced that it secured commitments for a front-end Credit Insurance Risk Transfer (CIRT) transaction. The risk transfer will have been committed prior to Fannie Mae’s acquisition of the covered loans, so the insurance coverage will be effective as soon as loans are acquired. This process is known as a “flow” basis. This will begin in the 2017 second-quarter deliveries and is expected to be filled over the course of nine months.Fannie Mae’s transaction will shift a portion of the credit risk on pools of single-family loans with a combined unpaid principal balance of about $5.2 billion to a group of reinsurers that are affiliates of mortgage insurers approved to write primary coverage on loans sold to Fannie Mae. The covered loan pool will consist of 30-year fixed-rate loans with loan-to-value (LTV) ratios greater than 80 percent and less than or equal to 97 percent. Primary mortgage insurance coverage will be applied to all loans covered by this new transaction and any credit losses not covered by the underlying primary mortgage insurance will be protected by CIRT.”Our three front-end CIRT transactions complement the coverage we acquire on a ‘bulk’ basis through Connecticut Avenue Securities (CAS) and our traditional CIRT, with coverage written by both diversified traditional reinsurers as well as mono-line affiliates of our approved mortgage insurers,” said Rob Schaefer, VP for Fannie Mae’s Credit Enhancement Strategy & Management.  “Our CIRT and CAS transactions cover loans with LTV ratios both above and below 80 percent. We are pleased with the robust interest this program is attracting. We remain committed to the transparency of these transactions, which support our goal to transfer credit risk away from taxpayers while providing us certainty of coverage.”The risk on the first 50 basis points of loss on an approximately $5.2 billion pool of loans will be retained by Fannie Mae. The participating mortgage insurance companies will cover the next 265 basis points of loss on the pool, up to a maximum coverage of approximately $138 million if this approximately $26 million retention layer is exhausted.Pricing for the new and past CIRT transactions can be found here Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe May 26, 2017 1,384 Views  Print This Post The Best Markets For Residential Property Investors 2 days agolast_img read more

Freddie Mac Perspectives Blog: G-Fees and CRT

first_imgHome / Daily Dose / Freddie Mac Perspectives Blog: G-Fees and CRT Sign up for DS News Daily Freddie Mac Perspectives Blog: G-Fees and CRT 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] in Daily Dose, Featured, News, Secondary Market Previous: 115th Congress: Fall Legislative Agenda Next: Cordray Skirts the Question Share Save Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Tagged with: Credit Risk Transfer Guarantee Fees Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 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 Credit Risk Transfer Guarantee Fees 2017-09-05 Brianna Gilpin Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brianna Gilpin September 5, 2017 1,024 Views In a Freddie Mac Perspectives blog, Kevin Palmer, SVP of Single-Family Credit Risk Transfer, explained how credit risk transfers (CRTs) and Guarantee fees (G-fees) have much more in common that one might think—one gives Freddie Mac significant insight into the other.Guarantee fees are a retained amount of payments received on mortgages sold to Freddie Mac by banks and other sellers. In return, Freddie guarantees payment of principal and interest on the pass-through securities that they issue to their customers, or Gold PCs.“The G-fee essentially covers the cost of providing the credit guarantee—both the non-credit costs, such as administrative costs, and credit costs, which are the expected costs plus the cost of unexpected losses,” Palmer said.Though the G-fee normally would be for costs Freddie Mac could incur if they retained all the credit risk related to loans in their mortgage securities, the last four years they have been transferring a significant portion to the private market through their Single-Family CRT program. What CRT does for G-fees is clarify to Freddie that the G-fees are in line with what the private market would charge for the mortgage credit risk they take.To calculate the G-fee, Freddie analyzes the cost of the past years Structured Agency Credit Risk (STACR) transactions and determines the market-implied G-fee for the lower range of what the private sector would be willing to pay to operate a credit guarantee business like Freddie Mac’s. You can see a more detailed view of that calculation below.According to Palmer, “CRT is not only shifting risk away from taxpayers and creating new asset classes for investors, it is a key benchmark for policy discussions by providing information about what the private capital markets would charge for absorbing the credit risk generated by the credit guarantee business of a GSE.” Subscribelast_img read more

ServiceLink Announces Rebranding

first_img Is Rise in Forbearance Volume Cause for Concern? 2 days ago Tagged with: ServiceLink Share Save Demand Propels Home Prices Upward 2 days ago Subscribe ServiceLink, a provider of transaction services for the mortgage and finance industries, recently announced its new branding that is more in line with its parent company, Fidelity National Financial (FNF). This comes after FNF’s announcement last month of its distribution of equity interest in Black Knight. This restructuring caused ServiceLink to not be a Black Knight company, but still a member of the FNF family.The change isn’t expected to change day-to-day operations other than the logo design, color palette, and removal of references to Black Knight.“This new logo ties us more closely with the overall FNF brand while maintaining the recognizable visual elements of our prior logo. Also, our predominantly blue color palette further aligns us with our parent company while still providing us our own company identity,” said Chris Azur, CEO of ServiceLink. “This look allows us to continue to communicate our leading position in the industry – particularly in the areas of technology, innovation, and service.”LoanCare, a subsidiary of ServiceLink, is also part of the logo design, but will continue to remain “LoanCare, a ServiceLink company.”“ServiceLink and LoanCare customers and clients will see no change in their relationship with our organization,” Azur said. “They will continue to receive the same level of customer service that they have come to know and expect.” The Best Markets For Residential Property Investors 2 days ago October 8, 2017 2,033 Views Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago ServiceLink Announces Rebranding The Best Markets For Residential Property Investors 2 days ago Home / Featured / ServiceLink Announces Rebranding  Print This Postcenter_img ServiceLink 2017-10-08 Brianna Gilpin Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 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] in Featured, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brianna Gilpin Related Articles Previous: Ocwen Welcomes Christopher Whalen as Senior Consultant Next: BSI Financial Services Welcomes Scott A. Johnson Demand Propels Home Prices Upward 2 days agolast_img read more

Home Valuations After Disaster Strikes

first_img March 13, 2018 2,138 Views The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Appraisal floods home valuation Natural Disasters wildfires 2018-03-13 David Wharton Home / Daily Dose / Home Valuations After Disaster Strikes Home Valuations After Disaster Strikes Now and then, Mother Nature reminds us of her power—but 2017 was outrageous. It was a record-breaking year for disasters. According to a recent New York Times report, the combined insured losses from Hurricanes Harvey, Irma, and Maria accounted for more than half of all losses from natural disasters worldwide. That’s not even counting the California wildfires, which cost another $8 billion.While not as devastating as watching one’s home erupt in flames, lenders and servicers were affected, too. The disasters wreaked havoc with local property values, even on homes that emerged unscathed.As many lenders recently learned, obtaining an accurate valuation of a home in a disaster area is not simple. For one thing, every disaster is different. After a fire, the visible damage and smell of smoke in a home are easily apparent. Not so after a flood—yet the unknown, lingering effects of water in a home can worsen over time, creating mold, rot, and structural damage.Another challenge—traditional valuation products are often useless after a disaster. Automated valuation models (AVMs) don’t help since they have no way of knowing whether a home still stands or is half burnt to the ground. An appraisal, you say? Get in line. There are only so many appraisers in every market and it can take weeks for them to get through all the damaged inventory.Fortunately, it is possible to get accurate valuations after a disaster. New tools, technologies, and strategies are improving these valuations every day. The key for lenders is finding a valuation partner who actively uses these new techniques.Primarily, lenders and servicers must know how to communicate with borrowers who have been affected by disasters and get as much information from them as possible. If a homeowner is insured, you should find out immediately if they submitted a claim and got a copy of it with the claim amounts.When it’s time to get a valuation, remember that data alone cannot do the job and must be combined with the skills of an expert who has intimate knowledge of the local market, down to individual neighborhoods and the types of homes in them. This knowledge is key to understanding the impact a disaster will have on local properties as well as the cost to repair them.The most valuable tool for producing accurate valuations after a disaster is a post-disaster inspection report that combines visual information about the property with FEMA data and information about damages to surrounding properties.Typically, a post-disaster inspection report will consist of photos of the property, a summary of damages to the exterior of the home, including the roof and foundation, and aerial views of the neighborhood. It should also include information about other properties in the area, including photos, since these factors affect the value too. Ideally, the report should consist of the FEMA disaster declarations, a disaster map, and the types of assistance offered.Fortunately, recent innovations in these types of reports allow a valuation provider to combine each of the above elements—property data, local market expertise, and FEMA information—in a single statement. Not every valuation provider can do this, but those that do can deliver valuations much more quickly than an appraiser would under the same circumstances—typically, in a matter of days. That’s important when your customers are going through the shellshock of a flood or fire and are desperate for anything that helps them get back on their feet.Nobody can stop Mother Nature when she’s on a roll. But with access to the right tools, lenders and servicers can weather almost any storm.  Print This Post Tagged with: Appraisal floods home valuation Natural Disasters wildfires Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe in Daily Dose, Featured, Journal, Loss Mitigation, News, Servicingcenter_img 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 ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Courts Weigh in on Affordable Housing Struggle Next: Reverse Mortgage Securities Market Booming—for Now Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Combating Sexual Harassment in Housing

first_img July 25, 2018 1,522 Views  Print This Post Kristina Brewer is the Editorial Assistant of Publications for the Five Star Institute, including DS News and MReport magazine. She is a graduate of the University of North Texas (UNT), where she received her Bachelor of Arts in English with a concentration in rhetoric and writing and a minor in global marketing. During this time, she served as Director of Philanthropy in the national women’s fraternity Zeta Tau Alpha, of which she is an alumna. Her passion for philanthropy continued after university when she was an intern at Keep Denton Beautiful, a local partner of Keep America Beautiful, where she drove membership, organized events, and led social media campaigns. Brewer honed her writing at the North Texas Daily, UNT’s student-run newspaper where she wrote about faculty, mentorship, and student life. Brewer also previously worked at Optimus Business Plans where she helped start-ups create funding proposals, risk assessments, and management plans. in Daily Dose, Featured, Government, Headlines, Journal, News About Author: Kristina Brewer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 2018-07-25 Kristina Brewer Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Previous: Non-Bank RMBS Servicers Retreating from Delinquent Loans Next: ‘A Strong Shift In Housing Demand’ Sign up for DS News Daily center_img Combating Sexual Harassment in Housing Home / Daily Dose / Combating Sexual Harassment in Housing The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Department of Justice (DOJ) and the Department of Housing and Urban Development (HUD) have released a public service announcement addressing their fight against sexual harassment in housing. The two departments first announced their partnership in April, a move that was initiated by the DOJ’s renewed focus on sexual harassment in housing announced October of 2017. The PSA features a 60-second video focused on three women who were the victims of sexual harassment lawsuits brought by the DOJ under the Fair Housing Act. The women share their stories of harassment, and how these experiences have impacted their lives.The video serves as a joint effort between the two departments in order to reach victims across the country, informing them of their available resources and ways to report harassment. According to the statement, the video was distributed to all Public Housing Agencies across the United States and is intended to air in all national media markets, as well as be distributed by social media. In addition, the PSA will be circulated to fair housing groups, legal aid organizations, and other related partners across the country.“Unfortunately, there are still too many landlords and managers who attempt to prey on vulnerable individuals. The launch of the nationwide PSAs is an important step in proliferating the stories of brave women and men across the country in order to raise awareness and help other victims,” said John Gore, Acting Assistant Attorney General of the Civil Rights Division. “Our goal at the Justice Department is to make more people aware that no one should have to choose between a home and the right to be free from sexual harassment.”Read the full press release here to learn more about the partnership and initiative, or watch the PSA below.<span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span><span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span><span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span> Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

How are Owners Using Their Home Equity?

first_img Previous: Moynihan: “Housing Demand Will Ebb and Flow a Little Differently” Next: Former Housing Secretary Eyes Presidential Run Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago HELOC Home Equity Homeowners HOUSING TransUnion 2018-10-17 Radhika Ojha How are Owners Using Their Home Equity? Share 2Save Servicers Navigate the Post-Pandemic World 2 days ago Borrowing on home equity is poised to see an upswing in 2019, according to a TransUnion study that found several dynamics that are creating a ripe market for the growth home equity-related borrowing.The study found that home equity was currently approaching the $15 trillion mark and has surpassed its prior peak in the first quarter of 2006 by $1 trillion.”There are ample signs that the home equity lending market is poised for growth. Home prices have surpassed 2005 boom levels and household home equity has grown even faster,” said Joe Mellman, SVP and Mortgage Business Leader at TransUnion. “Increasing consumer debt makes debt consolidation an appealing option and home equity can be the most economically attractive path to do just that.”Between 2009 and 2011, home equity levels rose at a rapid rate hovering around $6 trillion, TransUnion said, adding that home equity levels had outpaced home prices between the first quarters of 2011 and 2018.The study also looked at the major expenses for which homeowners tapped into their home equity and found that 91 percent used them for major expenses such as home remodeling, 41 percent used it to consolidate their balances from other high-interest loans, and 23 percent used it to refinance for a better rate or term.”Consumers end up doing multiple things with their home equity loans,” Mellman told DS News. “While most consumers had a major expense component, many also used it to consolidate their existing debt, or refinance an existing home equity loan. A home equity loan can be a powerful tool to do that because it is generally the lowest interest rate product available to a consumer.”Mellman also pointed to signs of home equity lines of credit (HELOCs) market experiencing a growth. “The recent trend of cash-out refinancing is drying up due to the rising interest rates,” Mellman said. “The home equity loan space has been relativity slack, and we’re seeing that the HELOC market has started experiencing growth and are poised to become the primary driver for home equity lending products.” Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Tagged with: HELOC Home Equity Homeowners HOUSING TransUnioncenter_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News October 17, 2018 3,023 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Home / Daily Dose / How are Owners Using Their Home Equity? The Best Markets For Residential Property Investors 2 days ago  Print This Post Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more