Assurant Specialty Property Acquires eMortgage Logic

first_img Assurant Specialty Property eMortgage Logic 2014-09-04 Ashley Harris in Featured, Headlines, News About Author: Ashley Harris Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save  Print This Post The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Ashley R. Harris is the Editor-in-Chief for MReport and TheMReport.com and the acting Editor-in-Chief of DS News and DSNews.com. Ashley has years of experience as a financial writer having worked at The Houston Chronicle and Newsweek. She received her B.S. in journalism from the University of Houston and her M.S. in journalism from Columbia University School of Journalism. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago September 4, 2014 1,533 Views Assurant Specialty Property announced on Thursday it acquired eMortgage Logic, LLC in an effort to expand its risk management offerings for the mortgage industry. eMortgage Logic is a provider of residential valuation products and valuation technology services.Assurant acquired eMortgage Logic for an initial payment of $17 million in cash, with a possible earnout payment based on future performance, according to the company.“This acquisition builds on our core strengths in serving the mortgage industry,” said Gene Mergelmeyer, president and CEO of Assurant Specialty Property. “More than ever, we can serve mortgage originators, servicers and capital markets investors with a comprehensive suite of risk management solutions, from insurance to valuation to property preservation. eMortgage Logic augments our existing offerings and supports our business strategy, as we work to provide end-to-end services to mortgage and lending institutions.”Based in North Richland Hills, Texas, and founded in 2002, eMortgage Logic, which will retain its brand name, is expected to generate approximately $35 million annually in fee income from mortgage servicing and capital markets customers, according to company sources.“We’re thrilled to join Assurant, a leader in risk management for the mortgage industry and a Fortune 500 company with a strong financial foundation,” Sells said in a statement. “In this dynamic environment, local market valuation is a vital part of managing risk. We look forward to the opportunities created by this combination, which will enable us to better serve our clients’ evolving needs.” Assurant Specialty Property Acquires eMortgage Logic Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Assurant Specialty Property eMortgage Logic Servicers Navigate the Post-Pandemic World 2 days ago Home / Featured / Assurant Specialty Property Acquires eMortgage Logic Demand Propels Home Prices Upward 2 days ago Previous: DS News Webcast: Friday 9/5/2014 Next: Employment Growth Falls Well Short of Expectations for August Sign up for DS News Daily Subscribelast_img read more

Banks’ Profits Rose in Q4 on Drop in Litigation Expenses

first_img Tagged with: Banks Earnings FDIC Profits Servicers Navigate the Post-Pandemic World 2 days ago Banks’ Profits Rose in Q4 on Drop in Litigation Expenses Banks Earnings FDIC Profits 2016-02-24 Brian Honea February 24, 2016 778 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Commercial banks and savings institutions insured by the FDIC experienced a drop in litigation expenses and a rise in net operating revenue in the fourth quarter of 2015, and as a result their aggregate net income jumped by 12 percent over-the-year in Q4, according to the FDIC’s latest Quarterly Banking Profile released Wednesday.That 12 percent increase calculates to an increase of $4.4 billion up to $40.8 billion, according to the FDIC. A total of 6,182 insured institutions reported fourth quarter financial results, more than half of which (nearly 57 percent) reported a year-over-year increase in earnings in the fourth quarter. The share of banks reported to be unprofitable in Q4 declined year-over-year from 9.9 percent down to 9.1 percent—the lowest level for any Q4 in 19 years, according to FDIC.The increase in net income for FDIC-insured institutions in Q4 was mainly attributable to an increase in net operating revenue of $6.8 billion and a decline in noninterest expenses of $2.7 billion. The non-interest expense decline is due to a drop in litigation expenses at a few of the larger banks, FDIC reported.“Revenue and income were up from the previous year, overall asset quality continued to improve, loan balances increased, and there were fewer banks on the problem list,” FDIC Chairman Martin Gruenberg said. “However, banks are operating in a challenging environment. Revenue growth continues to be held back by narrow interest margins. Many institutions are reaching for yield, given the competition for borrowers and low interest rates. And there are signs of growing credit risk, particularly among loans related to energy and agriculture.”“Revenue and income were up from the previous year, overall asset quality continued to improve, loan balances increased, and there were fewer banks on the problem list.”FDIC Chairman Martin GruenbergIn Q4, the 5,735 insured institutions that fit into the category of community banks reported an aggregate net income of $5.1 billion, which is a 4 percent jump from Q4 2014. The increase in net income was largely due to an increase in net operating revenue of 7.4 percent up to $22.6 billion, according to the FDIC.For the full year 2015, net income for FDIC-insured institutions totaled $163.7 billion, which was about 7.5 percent higher ($11.4 billion) than the aggregate net income reported for 2014. Nearly two out of three (63.6) banks reported an increase in net income from 2014 to 2015, the FDIC reported. The banks also saw an increase of 2.2 percent in net operating revenue up to $14.9 billion from 2014 to 2015.Click here to view the FDIC’s Quarterly Banking Profile page. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Banks’ Profits Rose in Q4 on Drop in Litigation Expensescenter_img Share Save Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea 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. Previous: A World of Difference: Recovery in Judicial vs. Non-Judicial Foreclosure States Next: Was Watt’s Speech the Beginning of the End for the Conservatorship? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Subscribelast_img read more

Leading the Charge

first_imgHome / Daily Dose / Leading the Charge Tagged with: CFPB Editor’s Note: This article was originally featured in the September issue of DS News, available now.Amidst all the talk of Dodd-Frank and its possible rollback or replacement, one thing is routinely never mentioned–Section 342.A little-known part of the bill, Section 342 requires the Consumer Financial Protection Bureau (CFPB)—and other federal financial regulators—to create an Office of Minority and Women Inclusion, as well as take part in other diversity-related objectives. It’s Stuart Ishimaru—and his office at the CFPB—who’s in charge of putting Section 342 into action.And really, there’s no better person to do it.With a storied history in civil rights, Ishimaru has spent his career fighting for equal opportunity—in the workplace, in the military, and throughout the country. Now, he’s taking the fight to the financial sector, leading the banking and lending industries down the path of diversity. GOOD GUY WORKIshimaru has spent the whole of his 33-year career fighting for diversity, inclusion, and civil rights, doing what he calls “good guy work.” He’s worked for the U.S. Commission on Civil Rights, the Department of Justice’s Civil Rights Division, and was appointed by President Bush to be Commissioner of the Equal Employment Opportunity Commission, and, in his early years, he served as Assistant Counsel to the U.S. House of Representatives Judiciary Committee. “I’ve always had the luxury of doing good guy work,” Ishimaru said. “It’s been work that I both enjoyed doing and I thought was the right thing.”And “good guy work” it certainly has been. Over the course of the last four decades, he’s had his hand in some of the country’s most momentous milestones. He worked on history-changing laws like the Fair Housing Amendments Act, the Americans with Disabilities Act, and the Civil Rights Acts of 1990 and 1991. He led hearings on age discrimination in the workplace and voting rights, and he testified before Congress on the Employment Nondiscrimination Act, the Paycheck Fairness Act, and more.One of Ishimaru’s biggest accomplishments, at least according to his longtime peer and colleague Wade Henderson, is the role he played in the Civil Liberties Act of 1998, also known as the Japanese-American Redress Bill.“That bill could not have become law without Stuart’s engagement,” said Henderson, who served as President of the Leadership Conference on Civil and Human Rights for nearly two full decades before retiring in 2016. “I know that as a point of fact.”As a third-generation Asian-American, Ishimaru knows first-hand what discrimination looks like. And given his family’s history—which has long served as an inspiration for his career and professional pursuits, it’s no surprise he played such a strong role in the bill’s passage.“Three of my four grandparents came to this country as immigrants,” Ishimaru said. “They were Japanese nationals. They lived in California. Pearl Harbor was bombed, and everyone on the West Coast who was of Japanese ancestry was rounded up, put in camps, and later incarcerated in the interior of the U.S. in internment camps.”His grandparents and parents were among those interned. “Even though it didn’t happen to me, it happened to my family and to my community,” Ishimaru said. “That was an experience that was formative on a certain level, and it had a big impact on me, more probably than I knew. Knowing that could happen to people and to communities based on their ethnic origin or their race was extremely troubling.”Ishimaru says it was his family’s story, as well as “just growing up in the ’60s,” that led him down the civil rights road.“Growing up in the ’60s, it wasn’t that far removed from the end of World War II, and seeing the changes that were going on, seeing the civil rights protests, knowing that things that they were talking about at those protests, and linking it back to how my family and my community was treated less than 20 years before, was really striking,” he said. “That, I think, led me to an interest in doing civil rights work.”And since graduating from George Washington University Law School in 1983, that’s just the work he’s done.“Stuart has always affiliated with institutions, individuals, organizations that have promoted civil and human rights,” Henderson said. “Even when he works in federal agencies like the CFPB, he brings with him, I think, a commitment to fulfilling the mission of CFPB as he defines it—a positive vision that we share. America is rich and full of opportunities that are made real by the enforcement of laws and regulations that preserve a fair and level playing field.”COMING TO THE CFPBIn 2012, Ishimaru joined the Consumer Financial Protection Bureau less than a year after it was established under the Dodd-Frank Wall Street Reform and Consumer Protection Act. He became the first and only head of its Office of Minority and Women Inclusion. In his position, he’s charged with ensuring the bureau is diverse and that its hiring, management, and recruitment practices are fair and inclusive.But enforcing Section 342 starts at the top, within the bureau itself. Ishimaru says his office looks at how the CFPB hires and retains employees, and works to “create opportunities for minority and women contractors to do business with the bureau.” “One way we would do this is to make sure that we’re interviewing a broad and wide range of possible pieces of talent to come to work for us,” Ishimaru said. “We want to recruit broadly, to ask similar questions of similar candidates, things like that.”According to Hilary O. Shelton, another longtime colleague and friend of Ishimaru’s, these diversification efforts at the CFPB provide an example for other financial institutions to model.“We see in many ways how diversity is handled at the CFPB as a demonstration of how it should work in banks and other financial services institutions,” said Shelton, the Director of the National Association for the Advancement of Colored People’s (NAACP)Washington Bureau and the NAACP’s SVP for Advocacy and Policy. But encouraging internal diversity at the CFPB is just one small piece of the puzzle. Ishimaru and his team also work with all the bureau’s regulated entities to live up to the goals of Section 342—and to help them set up diversity and inclusion initiatives in their own organizations.“A lot of these regulated entities have not been under federal regulation before, so we’ve worked out and continue to work out a relationship with them, letting them know what their responsibilities are under federal law, as well as how best to comply with it,” Ishimaru said.One sector that’s been particularly quick in adopting 342? Ishimaru says it’s the mortgage industry.“The mortgage folks that we’ve dealt with have welcomed us in,” Ishimaru said. “They’ve welcomed the conversation. We have learned from them, and hopefully, they’re learning a little something from us.”According to Ishimaru, parts of the mortgage sector had already done quite a bit of work in the diversity and inclusion space before his office stepped in. “We started our efforts dealing with our regulated entities with people in the mortgage industry, due in large part to the work that has been done by the industry itself in thinking about diversity and inclusion,” he said. “We’ve been pleased seeing some of the efforts that have gone on, including those of the American Mortgage Diversity Council. Having people think about these issues, wanting to get involved to try to bring diversity and inclusion into their work is a good thing, and something that made us think the mortgage industry would be a good place to start this dialogue.”In addition to his role as head of the Office of Minority and Women Inclusion, Ishimaru also manages the CFPB’s Office of Equal Opportunity and Fairness—and its Office of Civil Rights, which deals with equal opportunity issues in the bureau’s workplace.But no matter what title he’s going by, one thing is clear: Ishimaru has already made an impact at the bureau. “I think he has been responsible for making sure that the bureau has a diverse and competent staff, and he has been involved in helping to establish the agency from its earliest days,” Henderson said. “I think he’s done a terrific job in building an institution that is true to its mission of work on behalf of consumers, but it also recognizes the diversity of our country and the value of having a diverse workforce.”Henderson, as well as the NAACP’s Shelton, played a role in the initial drafting of the Dodd-Frank Act, which subsequently created the CFPB—and the very post Ishimaru serves in. And according to Shelton, there’s been no better fit for the job.“We really need someone that is as extraordinary as Stuart in that role of OMWI to continue to push forward the kind of diversity that we know we need throughout our financial services sector,” Shelton said.DIVERSITY WITHOUT DODD-FRANK?Though the future of Dodd-Frank, and subsequently Section 342, may be on tenuous footing—especially with the House’s recent passing of its potential replacement, the Financial CHOICE Act, the hope for diversity in the financial sector isn’t lost just yet.After all, there are other laws that protect consumers and prevent discrimination, like the Fair Housing Act, the Fair Lending Act, Title 12, the Housing and Economic Recovery Act, the Equal Opportunity Act, the Equal Credit Opportunity Act, and the Civil Rights Act of 1964. And those certainly help, according to Ishimaru.“There are long-standing civil rights laws that say you cannot discriminate on people on the basis of various factors, including race, gender, religion, age, disability, sexual orientation, and on other factors,” he said. “Those laws are on the books, and they’re likely to stay on the books. That gets you part of the way there—and a long part of the way there.”Still, despite the many regulations in place to protect civil rights and stop discrimination—both in the workplace and in lending practices, according to Ishimaru, those only take the industry so far. Organizations realizing the “good business sense” in diversity can push it even further.“Having companies think about how this makes sense and providing benefits for them is a far bigger driver than any sort of requirement in Dodd-Frank,” Ishimaru said. “Yes, Dodd-Frank talks about diversity and inclusion, encouraging it, understanding its import, but really when you sit down and talk to people within the industry, they say, ‘We want to hire great people. We want to find out where they are. We want to bring them into our fold. We want to hire great talent and we want to keep them.’ Knowing that there are bigger pools of talented people or bigger shares of the market than you may have had in the past is a plus for them.”When working with institutions on implementing Section 342, Ishimaru says it’s all about posing those bigger-benefit questions.“How do you retain people? How do you keep employees happy? How do you tap into new markets of people you may not have thought about in the past?” he asks. “How do you sell new markets the goods and services that you provide? Does it help you to have a diverse employee base that can both understand and reach for various markets that you haven’t been able to in the past? All of those are business drivers that, when you think about why diversity and inclusion is important, those drivers will lead many companies to say, ‘This makes good business sense for us, and we want to do that. We want to increase market share. We want to get great people to work for us. We want to keep those people for long periods of time to stay with us, as well.’ That, I think, is a plus for anyone doing business.”But sometimes, even realizing these business benefits isn’t enough. According to both Ishimaru and Shelton, there’s a hurdle that often holds up inclusion issues—and not just in the financial sector, either: Complacency. “People are really busy, right?” Ishimaru said. “They can fall into doing things in ways that are comfortable to them. They know where to look for people. They know that if we do X, Y, and Z, we can sell this much product. We fall into these comfort zones where we do what we do, and it comes up with a decent result.”Pushing out of these comfort zones is crucial for business growth, according to Ishimaru.“If we want to get better, sometimes we have to go beyond that,” he said. “It’s crazy not to think about new markets for both possible employees or for selling whatever product you have.”Shelton says this sort of complacency—the desire to stick to the status quo—is also common with people in high-level positions like Ishimaru’s.But Ishimaru bucks the trend, according to Shelton.“Oftentimes, you’ll have people in positions along those lines and as long as they can keep things afloat, everything is great,” Shelton said. “They’re not pushing to get more done and seeing each step as a preparation for the next step, but that’s where Stuart is.”Shelton calls this “recognizing it’s a movement, not a moment.”“We know the final goal some people say is impossible to accomplish, but we know that as we continue to move forward, step by step, issue by issue, and success by success, that you keep moving ahead,” Shelton said. And Ishimaru agrees. In regards to diversity and civil rights, he says, we’ve gone quite the distance—but there’s still a long road ahead.“Things have changed a lot over a relatively short period of time. For a lot of people, they say, ‘Well, that’s enough. We’ve made this progress. We can do what we do now, and not worry about these issues anymore,’” Ishimaru said. “As much as I wish we were in a color-blind, gender-blind, disability-blind society, I don’t think we are yet, although we’ve come a long way. It’s amazing the progress we’ve seen on a certain level, in a relatively short period of time.”FIGHTING THE GOOD FIGHTRegardless of the future of Dodd-Frank—or how complacent or set in its ways the financial services industry becomes—if Ishimaru’s history is any indication, he’ll never stop fighting the good fight.“I’ve never seen him take his eyes off the prize or stop continuing to move forward to bring some solution to the troubles we have throughout our country on so many important issues, and these days, financial services issues,” Shelton said. “It’s important not to forget … and he doesn’t.” Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. CFPB 2017-09-04 Brianna Gilpin  Print This Post Share Save Previous: Working for Women Next: Best Practices for Servicing FHA Loans Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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 agocenter_img in Daily Dose, Featured, Market Studies, News, Print Features Leading the Charge Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Aly J. Yale The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribe September 4, 2017 1,631 Views Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Over Half of Top 100 Metros at New Highs

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post in Daily Dose, Featured, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Related Articles Since the housing crash and recession in 2008, some metro areas have made full recoveries, while others continue to struggle. And despite the challenges of the market today—high prices and low inventory— recent data reveals 62 of the top 100 metros are at new highs in 2017.Utilizing the Federal Housing and Finance Agency’s Home Price Index, HSH.com recently released a Q2 report on the top and bottom 10 metros that have recovered the most and the least, respectively.Though the metros in the top 10 have not changed since last quarter, all moved further above “boom time” peaks for home prices, with the San Francisco and Buffalo metro areas each climbing up by one rank in the top 10 this quarter.Two metro areas joined the “fully recovered” group, including the Los Angeles-Long Beach-Glendale, California, and the Tacoma-Lakewood, Washington areas, with the Los Angeles metro now 1.05 percent above “boom era” peaks.The “nearly recovered” group, meaning the next in line to hit “fully recovered” potentially by next quarter, includes Cleveland-Elyria, Ohio and El Paso, Texas metro areas, which need only about 1 percent price increase to become fully recovered.Three other metros are close as well, including the Tampa-St. Petersburg-Clearwater, Florida, Nassau County-Suffolk County, New York, and New York-Jersey City-White Plains, New York-New Jersey metro areas. These areas are in “reasonable range of making the leap in the next quarter or two,” according to the data report.Returning to the lowest spot on the list after, “climbing off the floor,” in the first quarter is the Las Vegas metro area. While the Tucson, Arizona metro area improved enough to climb out of the bottom 10. Unfortunately, the Elgin, Illinois metro area took its place, which, “suffered a setback in its price recovery after a sizeable leap in the first quarter.Find out where other metros ranked by clicking here. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago tweet The Best Markets For Residential Property Investors 2 days ago About Author: Nicole Casperson Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] FHFA home price recovery HOUSING HSH mortgage 2017-09-11 Nicole Casperson Tagged with: FHFA home price recovery HOUSING HSH mortgage Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Over Half of Top 100 Metros at New Highs Previous: Index Reveals a Rise In Foreclosure Activity Next: Risk Change Since Dodd-Frank Home / Daily Dose / Over Half of Top 100 Metros at New Highs Demand Propels Home Prices Upward 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily September 11, 2017 1,321 Views last_img read more

Top Markets for REO ‘Fix-and-Flip’ Buyers

first_imgHome / Daily Dose / Top Markets for REO ‘Fix-and-Flip’ Buyers The Best Markets For Residential Property Investors 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. Tagged with: fix and flip Investors REO With mom-and-pop REO investors on the rise, where are investors finding the biggest returns on their REO “fix-and-flip” homes? In a new study of properties bought and sold from October 2018 to October 2019, Hubzu identified the top 25 U.S. metropolitan statistical areas (MSAs) for fix-and-flip investors.The Hubzu data uncovered that the top REO fix-and-flip markets are heavily focused on the East Coast, with half of the markets located in that area. Meanwhile, the West Coast offers fewer opportunities for fix-and-flip investors with only two markets making the list—Riverside, California and Tucson, Arizona.According to Hubzu, Virginia Beach and Richmond, Virginia, as well as Cleveland, Ohio are the top spots for investors pursuing REO fix-and-flip properties based on a number of factors including the number of REO flip properties in the market, profit after the repairs and average number of days the listing is on the market after repairs are complete. Meanwhile, Washington, DC generated the highest average profit of $51,806, whereas investors in Memphis generated the lowest average profit of $24,892. Investors in the top 25 markets generated an average profit of $34,490 after estimated repairs.“Investing in fix-and-flip markets can offer interesting cash flow opportunities for investors, particularly in hot real estate markets like those on the East Coast,” said Travis Britsch, VP, Auction at Hubzu. “Buying any kind of investment property has the potential to be a lucrative opportunity, but it’s important that savvy investors leverage the right technology and resources to find the right fix-and-flip property at a fair price so they can make the most on their investment.”In 2019, Auction.com took a look at what investment strategy is the best for whatever your endgame would be. Advantages to real estate investment compared to other investment strategies include appreciating property values, easy access to credit with a property as collateral, equity buildup, and deferred profits. There are two main strategies to real estate investment, Auction.com notes: buy and hold, and fix and flip.“Opting for a long-term or short-term strategy in building your investment portfolio is a personal decision,” Auction.com notes. “You should consider your investment goals, capital availability, your risk tolerance level and flexibility as it applies to your exit strategy.” Previous: How Many Americans Cite Housing as Primary Debt Driver? Next: Puerto Rico Disaster Recovery Speeding Up fix and flip Investors REO 2020-02-26 Seth Welborn February 26, 2020 3,824 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Top Markets for REO ‘Fix-and-Flip’ Buyers Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles in Daily Dose, Featured, Foreclosure, Investment, News, REO Demand Propels Home Prices Upward 2 days ago Share Save About Author: Seth Welborn  Print This Post 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 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 Subscribelast_img read more

3.6M Homes Seriously Underwater

first_img Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago 3.6M Homes Seriously Underwater in Daily Dose, Featured, Market Studies, News Share Save Tagged with: Equity Homes Underwater Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn Equity Homes Underwater 2020-05-07 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 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. May 7, 2020 1,690 Views Sign up for DS News Daily center_img Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago  Print This Post ATTOM Data Solutions has released its first-quarter 2020 U.S. Home Equity & Underwater Report, which shows that 14.5 million residential properties in the United States were considered equity-rich, meaning the combined estimated amount of loans secured by those properties was 50% or less of their estimated market value.The count of equity-rich properties in the first quarter of 2020 represented 26.5%, or about one in four, of the 54.7 million mortgaged homes in the U.S. That percentage was down slightly from the 26.7 percent level in the fourth quarter of 2019.The report also shows that just 3.6 million, or one in 15, mortgaged homes in the first quarter of 2020 were considered seriously underwater, with a combined estimated balance of loans secured by the property at least 25% more than the property’s estimated market value. That figure represented 6.6% of all U.S. properties with a mortgage, up slightly from 6.4% in the prior quarter.The figures were derived from the last data recorded before the economic fallout from the Coronavirus pandemic began to sweep across the U.S., potentially damaging the nation’s housing market.“Homeowners’ balance sheets generally remained strong in the first quarter of 2020 across the U.S., with about the same levels of equity-rich or seriously underwater mortgages as in the prior quarter. In the latest marker of the ongoing housing market boom, mortgage payers were four times as likely to have homes worth considerably more than what they owed on their loans than considerably less,” said Todd Teta, Chief Product Officer with ATTOM Data Solutions. “But as with other rosy first-quarter reports, this one needs to be taken in the context of the looming impact of the Coronavirus pandemic. With the potential for home values to fall, there is a significant chance that equity levels could drop over the coming months while underwater levels rise.”The top 10 states with the highest share of equity-rich properties in the first quarter of 2020 were all in the Northeast and West regions, led by California (42.3% equity-rich), Hawaii (39.0%), Vermont (38.2%), Washington (36.6%) and Oregon (34.0%).States with the lowest percentage of equity-rich properties were Louisiana (13.5% equity-rich), Oklahoma (14.7%), Illinois (15.2%), Arkansas (16.3%) and Alabama (16.3%). Those were the same states with the five lowest levels in the fourth quarter of 2019. Home / Daily Dose / 3.6M Homes Seriously Underwater Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Bonial and Associates Announces Partnership Next: 3.1M More Americans File for Unemploymentlast_img read more

The State of Americans’ Credit

first_img credit Saving spending 2020-09-01 Christina Hughes Babb  Print This Post The State of Americans’ Credit in Daily Dose, Featured, News September 1, 2020 913 Views The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / The State of Americans’ Credit Demand Propels Home Prices Upward 2 days ago 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. Previous: CFPB Report: Effects of COVID-19 on Mortgage Loans, Other Debt Next: Fannie Mae Updates on Single-Family Delinquency Rate Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Subscribecenter_img Sign up for DS News Daily About Author: Andy Beth Miller Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: credit Saving spending The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago According to the latest Invest in You Survey conducted by CNBC and Acorns in Partnership with SurveyMonkey, Americas are rethinking their spending habits. Specifically, the survey shows that all across the nation, residents are tightening their purse strings and focusing on saving versus spending in every area, including their mortgage and rental payments. Following the national survey’s in-depth analysis of both the saving and spending behaviors of more than 5,400 Americans (aged 18 and over), it was revealed that a whopping 60% of Americans reported really watching their budgets, specifically stating that they are saving more now than they were last year. This cautiousness regarding spending makes sense in light of the current COVID-19 pandemic, which has understandably left many residents to completely reevaluate and revamp their financial planning, including goals for retirement and even setting aside funds to cover their children’s future needs, such as college and more. The survey not only revealed how many Americans are curbing spending and saving more, but it also dug further to unveil how they are attempting to do so—methods which definitely include rethinking their mortgage and rent payments. Highlights from the survey included the fact that this reported 60% of Americans (self-professed “savers”) shows an increase of 6% from last year’s percentage. Among those surveyed, 46% percent claim to be much more focused on saving—and saving far more—than they were pre-pandemic. Along this vein, 49% of survey respondents admit that the amounts they spend each month have gone down markedly throughout this year amid the pandemic, with 53% of these same respondents directly crediting concern about COVID-19 and the resulting depressed economy as the reason why they are really tightening up and being more careful with the budget. Another 26% of these same respondents instead pointed directly to the fact that they are bringing home less in their paychecks each month for why they are spending less. The findings go on to reveal that Americans have not only had to spend less, but many have had to tap into savings (14% of Americans say they have wiped out their emergency savings  altogether post-pandemic). Another 11% admit to having had to borrow money just to make ends meet, with 10% claiming to have gone to such extremes as withdrawing funds from retirement accounts and even asking for mortgage or rent reprieves. last_img read more

‘Stunning’ Delinquency Spike Could Mean ‘Bumpy Waters Ahead’

first_img Due to forbearance plans, home foreclosures are at record lows, but skyrocketing serious-delinquency rates point to a rough road ahead. That is, according to CoreLogic, provider of property-data analysis, which just released its monthly Loan Performance Insights report for August. It showed, nationally:Overall delinquency rate for August was 6.6%.The rate for early-stage delinquencies (30 to 59 days past due) was 1.6%, down from 1.8% in August 2019.The share of mortgages 60 to 89 days past due was .8%, up from .6% in August 2019.The serious delinquency rate(90 days or more past due, including loans in foreclosure) was 4.3%, up from 1.3% in August 2019.This is the highest serious delinquency rate since February 2014.As of August 2020, the foreclosure inventory rate was .3%, down from .4% in August 2019.“Five months into the pandemic, the 150-day delinquency rate for August spiked to 1.2%. This was the highest rate in more than 21 years and double the January 2010 peak during the home-price bust,” said  Frank Nothaft Chief Economist for CoreLogic.”The spike in delinquency was all the more stunning given the generational low of 0.08% in March and April.”Homeowners approaching the end of the initial 180-day grace period, which is afforded to those with federally-backed mortgages, can now request an additional 180 days, and that, according to the report, is keeping foreclosures low as serious delinquency climbs. However, the researchers say that “looming unpaid mortgage payments, paired with sharp declines in income for many families, point to a potential wave of home sales triggered by financial distress in 2021 as forbearance periods end. “Adds Nothaft, “Forbearance programs continue to reduce the flow of homes into foreclosure and distressed sales and has been the key to helping many families who have been particularly hard hit by the pandemic. Even though foreclosure rates are at a historic low, the spike in 150-day past-due loans points to bumpy waters ahead.”New Jersey, New York, Nevada, Florida, and Hawaii are recording the highest overall delinquency rates, the report shows. in Daily Dose, Featured, Foreclosure, Loss Mitigation, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago 2020-11-10 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. Previous: Here’s How President-Elect Biden Could Reshape the Housing Market Next: FHA’s Response to a National Health Crisis  Servicers Navigate the Post-Pandemic World 2 days ago Share Save Home / Daily Dose / ‘Stunning’ Delinquency Spike Could Mean ‘Bumpy Waters Ahead’ Governmental Measures Target Expanded Access to Affordable Housing 2 days ago November 10, 2020 2,121 Views Related Articles ‘Stunning’ Delinquency Spike Could Mean ‘Bumpy Waters Ahead’ The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Christina Hughes Babblast_img read more

‘Slow Down in Exits’ Means Increased Overall Forbearance Activity

first_img ‘Slow Down in Exits’ Means Increased Overall Forbearance Activity Data Provider Black Knight to Acquire Top of Mind 1 day ago Demand Propels Home Prices Upward 1 day ago About Author: Phil Hall Share Save The total number of loans in forbearance took a slight uptick in the latest data from the MortgageBankers Association’s (MBA) Forbearance and Call Volume Survey.As of Nov. 15, loans in forbearance accounted for 5.48% of servicers’ portfolio volume, up from5.47% one week earlier. The MBA estimated 2.7 million homeowners are currently inforbearance plans.By investor type, the share of Ginnie Mae loans in forbearance increased relative to the prior week from 7.70% to 7.73%. while the share of Fannie Mae and Freddie Mac loans in forbearance decreased over the same period from 3.36% to 3.35%—this marked the 24th consecutive week that the government-sponsored enterprises’ share of loans in forbearance declined.The share of other loans in forbearance, including portfolio loans and private-label securities(PLS), rose from 8.38% to 8.48%, and the percentage of loans in forbearance for independentmortgage bank servicers remained unchanged at 5.94% while the percentage of loans inforbearance for depository servicers inched up by a single 1 basis point from the previous weekto 5.44%.“A marked slowdown in forbearance exits, as well as a slight rise in the share of Ginnie Mae,portfolio, and PLS loans in forbearance, led to an overall increase for the first time since earlyJune,” said MBA SVP and Chief Economist Mike Fratantoni. “The decline in exits in the priorweek follows a flurry of them last month, when many borrowers reached the six-month point intheir forbearance terms.”When measured by stage, 21.32% of total loans in forbearance were in the initial forbearanceplan stage as of Nov. 15 while 76.76% were in a forbearance extension and the remaining 1.92%were forbearance re-entries. Total weekly forbearance requests as a percent of servicing portfoliovolume increased relative to the prior week saw a scant increase from 0.08% to 0.09%.Of the cumulative forbearance exits for the period from June 1 through Nov. 15, 2020, the MBAdetermined that 30.5% represented borrowers who continued to make their monthly paymentsduring their forbearance period, 24% resulted in a loan deferral/partial claim and 16.8% resultedin reinstatements in which past-due amounts are paid back when exiting forbearance.The MBA also found 12.9% of forbearance exits were due to borrowers who did not make all oftheir monthly payments and exited without a loss mitigation plan in place yet, while 7.1% ofexits resulted in loans paid off through either a refinance or by selling the home, 6.8% resulted ina loan modification and 1.9% resulted in repayment plans, short sales, deed-in-lieus or otherreasons.Weekly servicer call center volume remained unchanged during this period at 8.3% while theaverage speed to answer decreased from 2.4 minutes to 2.3 minutes. Abandonment ratesdecreased from 6.3% to 5.4% and the average call length dipped slightly from 8 minutes to 7.8minutes.“Incoming housing market data remain quite strong, with existing-home sales in Octoberreaching their fastest pace since 2005, and the inventory of homes on the market hitting a recordlow,” Fratantoni added. “However, renewed weakness in the latest job market data indicate thatmany homeowners are continuing to experience severe hardships due to the pandemic and stillneed the support that forbearance provides.” 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. Data Provider Black Knight to Acquire Top of Mind 1 day ago The Best Markets For Residential Property Investors 2 days ago Previous: The Suburbs’ Changing Demographics Next: Foreclosure Moratoria and the Distressed Auction Market The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago November 24, 2020 927 Views Related Articles Sign up for DS News Daily in Daily Dose, Featured, News Home / Daily Dose / ‘Slow Down in Exits’ Means Increased Overall Forbearance Activity Servicers Navigate the Post-Pandemic World 2 days ago 2020-11-24 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 1 day agolast_img read more

Fitch Ratings: RMBS Market Faces Uncertainty

first_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Upcoming Event Features Experts in Single-Family Rental Investing   Next: Loss Prevention Program for D.C. Homeowners Re-launches Data Provider Black Knight to Acquire Top of Mind 2 days ago 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. in Daily Dose, Featured, Market Studies, News 2021-02-16 Christina Hughes Babb Share Save February 16, 2021 853 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Fitch Ratings: RMBS Market Faces Uncertainty Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Christina Hughes Babb The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Fitch Ratings: RMBS Market Faces Uncertainty While the new issue private-label residential mortgage-backed securities (RMBS) market reportedly is running along at a solid clip, a report by Fitch Ratings shows that some widespread developments and unknowns coming in 2021 could impact the volume of new deals.”New purchase and refinancing activity will remain elevated into 2021,” Fitch reported. “Recovery will likely vary by location and home-price tier. Housing supply constraints are likely to remain until the effects of the pandemic begin to wane.”A statement from Fitch predicted that, with the Biden administration’s most immediate focus on stemming the tide of the global pandemic, foreclosure moratoriums and forbearance plans will likely continue to be extended until lockdowns are lifted and local economies and jobs recover.That means demand for higher-priced single-family homes should remain high with mortgage rates staying low.”Home price growth has accelerated more notably in suburbs of cities like New York City, Washington D.C., Boston and San Francisco than in their once crowded central business districts,’ said Senior Director Suzanne Mistretta. “Longer term, however, home price growth in these suburbs will likely cool over time as the comfort level with central business districts increases with rising vaccination rates and the health crisis waning.”Fitch reports that it is also keeping a close eye on the new QM rule, which goes into effect 60 days after publication in the Federal Register on March 1.The potential for a shift in policy and enforcement initiatives that may be undertaken by the new director of the Consumer Finance Protection Bureau (CFPB) once appointed also adds to the uncertainty.”With a new CFPB director, some of the provisions may be revisited or the effective date could be postponed, adding some uncertainty to the impact of the new rule on issuance volume and loan documentation standards,” Mistretta said. Sign up for DS News Daily Related Articles  Print This Postlast_img read more