Florida Still Tops in Nation for 12-Month Sum of Completed Foreclosures

first_imgSubscribe  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: completed foreclosures CoreLogic Florida Foreclosure Inventory Seriously Delinquent Mortgages While foreclosure activity in Florida has been generally declining for the last year, the Sunshine State has still not completely recovered from being one of the states hit hardest by the financial crisis and foreclosure wave, which peaked in 2010.According to CoreLogic’s November 2014 National Foreclosure Report, there were 118,089 completed foreclosures in Florida for the 12-month period ending November 30, 2014, by far the most of any state in the nation. A distant second was Michigan with 50,195 and Texas was in third with 35,601. California (29,226) came in fourth. Florida is the only one of those four that is a judicial foreclosure state, meaning the foreclosure process has to pass through the court system to be completed.Florida’s 12-month sum of completed foreclosures for the period ending November 30, 2014, represented approximately one-fifth of the nation’s completed foreclosures during that same period (575,000), according to CoreLogic. The 575,000 completed foreclosures nationwide for the 12-month period was the lowest total in seven years.Florida had the second-highest serious delinquency rate (percentage of mortgages that are 90 days or more overdue or are in foreclosure) for November 2014 with 8.1 percent. New Jersey had the highest serious delinquency rate for the month with 8.9 percent. The national average for the month was 4.0 percent, representing a 22.8 percent year-over-year decline and the lowest percentage since June 2008.In the category of foreclosure inventory as a percentage of all mortgages, Florida was once again near the top in November 2014 despite experiencing a 3.2 percent year-over-year decline. About 3.9 percent of all residential homes with a mortgage were in some state of foreclosure in Florida during the month, which ranked third among states. New Jersey (5.3 percent) and New York (4.1 percent) topped the list at first and second, respectively. The national average for the month was 1.5 percent, which was down from the 2.2 percent that was reported in November 2013.The Tampa-St. Petersburg-Clearwater, Florida metropolitan statistical area had the most completed foreclosures of any metro area for the 12-month period ending November 30, 2014, with 18,435. Tampa’s foreclosure inventory for November 2014, 4.9 percent, was a decline of 3.2 percent from a year earlier but was still tops among metro areas. Tampa also had the highest serious delinquency rate (9.1 percent) of any metro area in November 2014. Related Articles completed foreclosures CoreLogic Florida Foreclosure Inventory Seriously Delinquent Mortgages 2015-01-15 Brian Honea Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago January 15, 2015 793 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honeacenter_img Sign up for DS News Daily Previous: Dallas Fed to Host Government Outreach Meeting on Regulatory Burdens February 4 Next: Housing Barometer Indicates Market is Moving Closer to ‘Back to Normal’ Levels 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. in Daily Dose, Featured, Foreclosure, News Florida Still Tops in Nation for 12-Month Sum of Completed Foreclosures The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Florida Still Tops in Nation for 12-Month Sum of Completed Foreclosureslast_img read more

Industry Leader Wants to Streamline FHA

first_img Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Commentary, Daily Dose, Featured, News Demand Propels Home Prices Upward 2 days ago 2016-12-19 Kendall Baer Previous: The Week Ahead: Home Prices Move Full Speed Ahead Next: Is it Déjà Vu All Over Again with Delinquencies? About Author: Kendall Baer The Trump administration transition team has already announced their selections for positions that will heavily impact the housing and mortgage industry such as HUD Secretary and Treasury Secretary, but one position that has yet to be announced is that of FHA Commissioner. Currently, several names have been thrown into the ring to follow behind FHA Acting Commissioner, Biniam Gebre including Debra Still, President and Chief Executive of Pulte Mortgage, Rep. Scott Garrett (R-New Jersey), and Ed Brady, Chairman of the Board for the National Association of Home Builders.DS News spoke with Brady, who shared his perspective on the work that needs to be done in housing policy.What can you confirm about the possibility of your selection as FHA Commissioner?They have reached out to me as part of the transition, and I am sure they are reaching out to industry advocates as well. I have talked to members of the transition team about this position specifically.If chosen as the administration’s selection for FHA Commissioner, what are some of the issues or policies you would like to FHA take a focus on?Part of the reason I am interested in this is because my industry was on the ground during the crisis, building houses and working with customers. FHA was a lifeline to mortgages during the peak of the crisis and I understand how important FHA is to the housing finance system, not only with the first-time buyer or low down-payment buyer but counter cyclical to the economic environment. FHA really provided an outlet for people to still stay in business. I think that we can obviously look at any of the agencies and try and figure out how to streamline them. Being in the building industry, I understand some of the bureaucratic constraints that sometimes get in the way of moving efficiently through the process, even in the FHA single-family insurance projects. I think that streamlining and looking for efficiencies in how to become user-friendly as the largest mortgage company in the world is certainly the first step but making sure that we are meeting the mission of which FHA was founded right after the Great Depression when people couldn’t hang onto their homes without this type of product.In looking at housing policy on a broader spectrum, what issues are you hoping the new administration will make their focus?As a long-term advocate for housing and what housing provides to this country and being a small businessman for over 28 years, I think the government needs to allow small business professionals to do their job and not get in the way of overregulating and creating too many hurdles for a small business person to provide the product. Certainly, in our industry, we feel like we have been overregulated to the point where we can’t provide the product and it’s becoming more and more difficult to provide affordable housing (first-time homebuyer housing or affordable rental housing). We are hopeful that this administration will look at some of those regulations and step back on them so that we can do our jobs.We also have to look at GSE reform and hopefully protect the consistent and predictable system. Fannie Mae and Freddie Mac being in conservatorship for the last eight years is not acceptable, and we need to provide enough support for Congress to take action and create a housing finance system that is sustainable, safe, sound, and certain for the American people. We look forward to working with this administration as we have in the past in trying to advocate for GSE reform.Finally, as the demand increases, we are having more and more constraints on the labor force. We need to work with this administration to make sure that Trump and his administration tackle immigration reform, that we are protecting our skilled workers and providing legal, talented workers to produce the product that the demand is asking for. Related Articles  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Industry Leader Wants to Streamline FHA Demand Propels Home Prices Upward 2 days ago Home / Commentary / Industry Leader Wants to Streamline FHA The Best Markets For Residential Property Investors 2 days ago December 19, 2016 1,746 Views Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribelast_img read more

Top 10 Housing Markets Still in Recovery Mode

first_img  Print This Post in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago December 7, 2017 1,800 Views Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Since the housing crash and recession in 2008, some metro areas have made full recoveries, while others continue to struggle. Recently released data reports that 37 major metropolitan statistical areas (MSAs) that have not yet recovered peak values reached during the previous boom.Utilizing the Federal Housing and Finance Agency’s Home Price Index, HSH.com recently released a Q3 report on the top and bottom 10 MSAs that have recovered the most and the least.The report notes that it is important to consider that although the 37 major MSAs still remain the furthest from their boom-year price peaks, they have experienced significant price recoveries since hitting their bottom values. However, home prices in some areas—Las Vegas for example—are so inflated that even when they return to a “normal” value they may still be well below their previous price peak, which is causing recovery to happen at a much slower pace. Three California areas rank in the top 10 MSAs with the slowest recovery, with Bakersfield, California ranking No. 1. Following suit is Las Vegas, Nevada, Stockton-Lodi, California, Camden, New Jersey, New Haven-Milford, Connecticut, Cape Coral-Fort Myers, Florida, Fresno, California, Bridgeport-Stamford-Norwalk, Connecticut, Tucson, Arizona, and Elgin, Illinois, respectively.Though the metros in the top 10 most recovered have not changed since last quarter, two switched positions—for now. The San Francisco metro area moved up to No. 4, and the Houston metro took its previous spot at No. 6. But the report notes that the positions may fluctuate as the Houston area recovers from recent Hurricanes. Although home prices continue their rise, only one market managed to join the “fully recovered” group this quarter—the Cleveland-Elivra, Ohio MSA—with prices now 1.04 percent above the market’s previous price peak, a value recovery process that took over 11 years to complete.El Paso, Texas is the only metro in line to join the “nearly recovered” group, meaning the next MSA to hit “fully recovered” potentially by next quarter. Three other metros are close as well, including Tampa-St. Petersburg-Clearwater, Florida, Nassau County-Suffolk County, New York, and New York-Jersey City-White Plains, New York-New Jersey metro areas could make the leap in the next period. The report notes these MSAs are more likely to make the leap in the next couple of quarters.Find out where other metros ranked by clicking here. Share Save Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Top 10 Housing Markets Still in Recovery Mode 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] Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago HOUSING housing peak hsh.com Inflation mortgage 2017-12-07 Nicole Casperson Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: HOUSING housing peak hsh.com Inflation mortgage Home / Daily Dose / Top 10 Housing Markets Still in Recovery Mode Previous: OCC Allows Banks and Associations Affected by Wildfires to Close Next: Why Rental Investment Markets Spring Forward in Winter The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Nicole Casperson Subscribelast_img read more

Ginnie Mae’s Bright Future

first_img The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Ginnie Mae’s Bright Future Previous: Yellen Talks Economic Outlook as Tenure Winds Down Next: Tackling Today’s Top Legal and Servicing Challenges November 29, 2017 2,559 Views Demand Propels Home Prices Upward 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Tagged with: Flood Insurance Ginnie Mae House Financial Services Committee Housing Reform. michael bright About Author: David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Ginnie Mae’s Bright Futurecenter_img Share Save David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, Journal, News Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Flood Insurance Ginnie Mae House Financial Services Committee Housing Reform. michael bright 2017-11-29 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Wednesday morning, the House Financial Services Committee held a hearing entitled “Sustainable Housing Finance: The Role of Ginnie Mae in the Housing Finance System.” Michael R. Bright,  Acting President, Government National Mortgage Association (Ginnie Mae), appeared before the Committee to discuss the challenges currently facing Ginnie Mae, as well as what challenges and adaptations await it in the future.Much of the discussion focused on a paper Bright co-wrote with former FHFA Acting Director Ed DeMarco in September 2016. Bright and DeMarco’s proposal would “end the conservatorships, reconstitute Fannie Mae and Freddie Mac as lender-owned mutuals, and build on the credit risk transfer (CRT) initiative to create a private market for mortgage credit risk while preserving a government-guaranteed rates market for mortgage-backed securities.” In addition, Ginnie Mae would be removed from the Department of Housing and Urban Development (HUD) and converted into a standalone government corporation like FDIC, “with authority over its own budget, hiring, and compensation.”Obviously, making dramatic changes to Ginnie could be a cause for concern to some. As Rep. Brad Sherman (D-California) put it, “I don’t buy the idea that ‘if it’s not broke, don’t fix it,’ because sometimes you can make things better. But if it’s not broke, don’t break it.”Even though he proposes changes, Bright had plenty of positive things to say about Ginnie, and the things it does well. “At a very high level, the Ginnie Mae wrap works because we do two things effectively. First, we are transparent about our rules and our processes with our investors. And second, we work hard to police our program.”Whether or not Ginnie undergoes that sort of large-scale change in the future, there are plenty of challenges closer at hand. With the mortgage market moving to modernize and embrace e-mortgages, Ginnie Mae is moving to follow. While Bright conceded there were various upgrade and architecture challenges posed by this, he said Ginnie has those upgrades slated for 2018.Rep. Dennis Ross (R-Florida) asked what impact this year’s damaging flood season had on Ginnie, especially given how many affected properties either did not have flood insurance or had insufficient flood insurance. “That is not an insignificant problem,” Bright said, noting that 150,000 Ginnie properties had been affected by the floods and did not have sufficient flood insurance.Bright continued, saying, “If you have a property that has been damaged through a flood, and the property cannot get into a conveyable condition to file a claim with FHA, it does raise the risk that the issuer, if they’re concentrated in that particular geographic location, could have an insolvency situation.” Bright said they were currently analyzing the total impacts of the floods.Rep. Randy Hultgren (R-Illinois) asked Bright if he had any concerns about Ginnie’s recent or expected growth. “We’re very aware that with greater size comes greater risk, especially when your base is shifting,” Bright said. However, he said that he didn’t believe growth was concerning in and of itself, as Ginnie has an array of risk-management tools and the processes tend to work the same way regardless. “Mechanically speaking, our systems are volume agnostic,” Bright said.Looking forward, Bright said Ginnie’s focus over the next few years would be ensuring that issuers have access to the liquidity they need, having a solid idea of the value of the MSRs involved, and having a game plan for what they would do with the MSR in the event of a problem. “It’s not so much value as the quality of your counterparty that matters,” Bright said.You can watch the full video of the House Financial Services Committee hearing below. Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Should Allen Parker Remain as Wells Fargo CEO?

first_imgHome / Daily Dose / Should Allen Parker Remain as Wells Fargo CEO? CEO Wells Fargo 2019-05-07 Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Seth Welborn Despite announcements from Wells Fargo that the bank will be considering external candidates for CEO only, some inside the company are pushing to simply keep interim CEO Allen Parker in place, Bloomberg reports. According to Bloomberg, directors have asked senior executives for input, and some are lobbying for Parker to stay on as CEO, according to people familiar with the discussions.“Although I do not know Allen well personally, I do know that he’s very highly regarded both internally and externally, especially in legal and regulatory matters,” former Wells Fargo CEO and Chairman Richard Kovacevich said in an interview with Bloomberg.Some have noted that Parker might count as an “outsider.” Morningstar Inc. analyst Eric Compton called Parker part of the “new wave.”“The main thing the market wants is someone who’s going to get the regulators off their backs and also take care of the asset cap pretty quickly,” Compton said.As Wells Fargo is considering outside candidates only, this eliminates current senior executive Mary Mack, Head of Consumer Banking, from consideration, according to Markets Insider. Among the female executives named as possible candidates by Markets Insider are Marianne Lake, CFO of JPMorgan/Chase; Thasunda Duckett, CEO of Chase Consumer Banking; Barbra Desoer, CEO of Citibank North America; Jane Fraser, CEO of Citigroup Latin America; and Karren Larrimer, Head of Retail Banking and Chief Customer Officer at PNC Financial Services Group.Berkshire Hathaway CEO Warren Buffett recently weighed in on the choice, suggesting that Wells Fargo should consider candidates from outside of Wall Street.“They just have to come from someplace (outside Wells) and they shouldn’t come from Wall Street. They probably shouldn’t come from JPMorgan or Goldman Sachs,” Buffett told the Financial Times.“There are plenty of good people to run it (from the Wall Street banks), but they are automatically going to draw the ire of a significant percentage of the Senate and the U.S. House of Representatives, and that’s just not smart,” Buffett stated. Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Investment, News Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Related Articles The Best Markets For Residential Property Investors 2 days ago Previous: Privacy in Fintech and Housing Next: Measuring Homeowner Sentiment May 7, 2019 2,209 Views Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Tagged with: CEO Wells Fargo  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Should Allen Parker Remain as Wells Fargo CEO? Share Savelast_img read more

Measuring the Effectiveness of Foreclosure Assistance Programs

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe in Daily Dose, Featured, Foreclosure, News According to Boston Mayor Marty Walsh, foreclosures in his city have dropped to a 17-year low, due in part to city-wide programs, WCVB reports.”I’m proud that through our work with homeowners, we have been able to reduce the number of foreclosures in Boston, and keep more families in their homes,” Walsh said. “These results show that our programs and policies to prevent foreclosures and evictions are working. Housing stability is vital to ensuring Boston has strong neighborhoods and communities, and I want to thank the leadership and staff of the Boston Home Center and all of our provider partners who work so hard for Boston’s homeowners every day.”Since 2019, the number of foreclosures executed against owner-occupant homeowners in Boston dropped from 35 to 17 year over year.Foreclosures in Boston are heavily concentrated in black neighborhoods, according to the Joint Center for Housing Studies of Harvard University (JSHS), as over 80% of Boston’s foreclosures occured in just five of the city’s 15 planning districts, which make up just 30% of Boston’s housing units.“Compared to the city as a whole, the high-foreclosure block groups were, on average, home to about half as many whites and twice as many blacks,” said David Luberoff, Deputy Director of the JSHS. “However, high-foreclosure block groups were not the city’s most disadvantaged areas, which have large numbers of publicly subsidized housing units that are not likely to be subject to foreclosure.”According to Jackelyn Hwang, Assistant Professor of Sociology at Stanford, corporations were more likely to resell previously foreclosed properties to other investors and have reported maintenance issues against them. With this in mind, Hwang’s study alleges that “predominantly black neighborhoods hit hard by foreclosures in Boston were left further behind in the recovery from the housing crisis compared to other hard‐hit neighborhoods. Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 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. About Author: Seth Welborn Measuring the Effectiveness of Foreclosure Assistance Programs Related Articles Home / Daily Dose / Measuring the Effectiveness of Foreclosure Assistance Programscenter_img Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Foreclosure February 11, 2020 1,299 Views Previous: South Beach Blues: Miami’s Delinquency Rate Nears 6% Next: Mortgage Debt Increases in Q4 Data Provider Black Knight to Acquire Top of Mind 2 days ago Foreclosure 2020-02-11 Seth Welborn 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 Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Share of Mortgages in ‘Financial Hardship’ Improves in June

first_img Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Share of Mortgages in ‘Financial Hardship’ Improves in June in Daily Dose, Featured, Foreclosure, News Sign up for DS News Daily July 23, 2020 1,252 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Financial Hardships Mortgages Related Articles Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. The Week Ahead: Nearing the Forbearance Exit 2 days ago tweet Home / Daily Dose / Share of Mortgages in ‘Financial Hardship’ Improves in Junecenter_img About Author: Mike Albanese Previous: HUD to Terminate Affirmatively Furthering Fair Housing Regulation Next: How Servicers are Handling Remote Working The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Financial Hardships Mortgages 2020-07-23 Mike Albanese The Best Markets For Residential Property Investors 2 days ago The share of accounts in “financial hardship” has begun to level off for products such as auto loans, credit cards, mortgages, and personal loans during June 2020, according to TransUnion’s Consumer Credit Snapshot.TransUnion stated that some of the improvement was due to accounts coming out of financial hardship status in June.The percentage of mortgages in financial hardship fell to 6.79% in June from May’s 7.48%. Five percent of mortgages were in financial hardship in April just 0.48% of mortgages were in financial hardship in March, pre-pandemic.“In the early months of the pandemic, unemployment benefits and relief from the CARES Act gave consumers a bit of a cushion, leaving the consumer fairly well-positioned from a cash flow perspective,” said Matt Komos, VP of Research and Consulting, TransUnion. “Lenders have been working with consumers during this time of uncertainty by extending financial hardship offerings that help them understand and manage their financial situation. These accommodations have been working as intended and have helped thwart a material breakdown in delinquency performance in the near-term.”The Mortgage Bankers Association (MBA) reported this week that the number of loans in forbearance fell to 7.8% as of July 12, 2020. Additionally, the MBA estimates 3.9 million homeowners remain in forbearance plans.The MBA’s prior report found 8.18% of loans were in forbearance. Its latest survey covers the period from July 6 through July 12 and represents 75% of the mortgage market or 37.3 million loans.Loans guaranteed by the GSEs that are in forbearance fell for the sixth consecutive week to 5.64%, which is a 43-basis-point drop. Ginnie Mae loans in forbearance fell 30 basis points to 10.26%.”The share of loans in forbearance dropped to its lowest level in over two months, driven by an increase in the pace of exits as more homeowners have been able to get back to work,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “The decline in the forbearance share was broad-based, with decreases for GSE, Ginnie Mae, and portfolio/PLS loans.” Share Save Subscribelast_img read more

How the Pandemic Has Changed Our View of Homes

first_img Share 1Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Journal, News The saying goes “Home is where the heart is” is a timeless one, and a motto further backed by Unison’s new “State of the American Homeowner” survey. The analysis found that homeowners are using their homes as offices, gyms, schools, and much more due to the pandemic, and as a result, nearly two-thirds (64%) of those polled say living through the pandemic has made their home more important to them now than ever before.Unison surveyed 2,000 homeowners in the U.S., and found that homeownership brings positive feelings, with 91% of homeowners saying they feel secure, stable, or successful owning a home. Seven in 10 (70%) homeowners felt emotionally attached to the homes that have kept them safe over the past year—with 51% calling it a “key part of their life”—a significant increase compared to before the pandemic when 58% of homeowners had an emotional attachment to their home.Millennials were more likely than older generations to have an emotional connection to their home, and were more likely to put their future saving and retirement plans at risk to keep it. Of those polled, 78% of millennials felt emotionally attached to their home, as opposed to 70% of Generation Xer’s, and 69% of Baby Boomers. Over half of millennial homeowners (53%) say they used to view their home as a burden, but now view it as one of the most important things in their lives.”The American Dream of homeownership has taken on increased importance as the home has become the center of our daily lives, bringing our work, shopping, schools and gyms into where we live,” said Unison CEO Thomas Sponholtz. “Many renters left their city apartments for larger houses in the suburbs, and many homeowners took on renovations, making their home more suitable to their expanding needs. As many have endured exceptional life and economic uncertainty and managed new or changing needs for their homes, it has never been a more important time to re-evaluate your investments as well as how you finance your home and life. This absolutely includes having a smarter way to tap into your home equity without debt in order to best adapt to your changing life situation and plans.”As the home becomes the base of all operations, remodeling has become key in order to adapt to this new normal to support their expanding use.Nearly half (45%) of homeowners polled were planning a home improvement during 2021 to make their home more comfortable, as 72% of those who refinanced taking advantage of record-low rates on their home in 2020 are planning an improvement in 2021. Thirty-three percent of mortgage-holding homeowners would tap into their home equity for a renovation or improvement—a significant increase from pre-pandemic times when 21% said the same.Click here to view Unison’s “State of the American Homeowner” report. Previous: Gateway Appoints Nick Hahn as CFO Next: HUD Reports on Health of Mutual Mortgage Insurance Fund Baby Boomers Generation X Millennial pandemic State of the American Homeowner Thomas Sponholtz unison 2021-03-30 Eric C. Peck Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Baby Boomers Generation X Millennial pandemic State of the American Homeowner Thomas Sponholtz unison Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img  Print This Post The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / How the Pandemic Has Changed Our View of Homes Servicers Navigate the Post-Pandemic World 2 days ago About Author: Eric C. Peck Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. How the Pandemic Has Changed Our View of Homes Servicers Navigate the Post-Pandemic World 2 days ago Subscribe March 30, 2021 1,434 Views Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Closing the C-Suite Gender Gap

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Freddie Mac recently hosted its “LeadingTheWay: Female Leadership Gap Roundtable Discussion” webcast, and while great strides have been taken in terms of gender equality in the C-Suite, there is much work to be done to close the gender gap.The webcast analyzed a Freddie Mac-sponsored White Paper, “Female Leaders on Reaching Financial Services’ Upper Ranks,” compiled by Harvard Business Review Analytic Services, which found that women still comprise less than 20% of the highest-level jobs that have profit-and-loss responsibility in American banking, insurance, and mortgage companies.Moderated by Riham El-Lakany, Vice President and Chief Marketing and Communications Officer, Single-Family Business for Freddie Mac, the webcast examined the current state of the industry in terms of gender roles, and what measures can be taken to improve the role women play in the business world today.“While we’ve made progress, it’s clear we need to do more to make our workplaces an equal playing field and as full of opportunities for women leaders as possible,” said speaker Donna Corley, EVP and Head of Single-Family for Freddie Mac.As outlined by one of the White Paper’s authors Alex Clemente, Founding Managing Director of Harvard Business Review Analytic Services, the four elements cited as driving the most positive change in the careers of women include:Receiving consistent support from seasoned high-level executives who’ve recognized their talent and helped them advance in their careers.Being ambitious, hardworking, and adept at getting work noticed by higher executives.Taking a risk for a growth opportunity.Establishing a work-life balance that allows them to do their job, while tending to their family’s needs.Even though males and females enter the financial services industry in roughly equal numbers, the report found that more women exit the industry mid-career—just as they’re ready for development into senior roles. The report also found that companies in the top quartile for gender diversity on executive teams were 21% more likely to outperform on profitability. Female senior leadership increases three times for each executive woman added to an organization.According to the Harvard report, many women face tough decisions when it comes to their careers. And when some choose to leave their jobs, they also decided to exit the industry altogether, citing that they believed the problems they encountered were so pervasive that they would find those same issues at other financial firms.Some of the issues cited as reason to “walk away from an industry,” included the “boy’s club” atmosphere of many financial services firms; unclear career paths; and too little flexibility in managing work-life balance, particularly when they were ready to raise a family.“Women shy away from taking risk when they don’t feel they are qualified,” said Sheri Thompson, EVP and FHA Finance Group Head for Walker & Dunlop. “Jumping off that cliff was a life-changer for me, and pushed my career to new levels.”And while closing the gender gap remains an issue for much of male-dominated corporate America, diversity too remains an issue in the boardroom. Frans Johansson, Founder and CEO of The Medici Group feels that change must start at the top and trickle its way downward in order for change to begin.“How can we create an inclusive environment that is inclusive and drives belonging? Why are your ideas not coming to pass? Look for others who can drive that narrative,” said Johansson. “If that’s not happening, look for an environment where it will. There is an invisible war going on, where companies who are setting the stage for diversity will grow.”To further the conversation and enact change, Freddie Mac has launched the #LeadingTheWay initiative, which focuses on advancing women in the housing industry by focusing on inclusion and diversity.“As the numbers have long shown, financial services companies are traditionally male-dominated. Numbers indicating the relative lack of women and minorities in leadership roles in the housing and finance industries (and others as well) have been disappointing, but not surprising,” said Corley. “The numbers just confirmed what so many of us in the housing and financial industries already knew. But they have also pointed to a real opportunity for us to make positive change.”Click here for more on the Freddie Mac-sponsored report, “Female Leaders on Reaching Financial Services’ Upper Ranks.” Subscribe March 24, 2021 1,078 Views About Author: Eric C. Peck Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Journal, News Alex Clemente Donna Corley Frans Johansson Freddie Mac Harvard Business Review Analytic Services LeadingTheWay Riham El-Lakany Sheri Thompson The Medici Group Walker & Dunlop 2021-03-24 Eric C. Peck Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Home / Daily Dose / Closing the C-Suite Gender Gap The Best Markets For Residential Property Investors 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Alex Clemente Donna Corley Frans Johansson Freddie Mac Harvard Business Review Analytic Services LeadingTheWay Riham El-Lakany Sheri Thompson The Medici Group Walker & Dunlop Related Articles Closing the C-Suite Gender Gap Previous: Mortgage Delinquencies Hit 6% Mark in February Next: Prospective Homeowners Face Increasing Changes, Challenges Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Sinn Fein launches job proposals

first_img WhatsApp Calls for maternity restrictions to be lifted at LUH Guidelines for reopening of hospitality sector published RELATED ARTICLESMORE FROM AUTHOR Facebook Google+ NPHET ‘positive’ on easing restrictions – Donnelly WhatsApp Three factors driving Donegal housing market – Robinson News Previous article‘Unacceptable’ delays in accessing Ballybofey FAS servicesNext articleSenator ‘furious’ over Carndonagh NTC centre News Highland Facebookcenter_img Pinterest Google+ Sinn Fein launches job proposals Twitter 448 new cases of Covid 19 reported today Help sought in search for missing 27 year old in Letterkenny Pinterest A 500 million euro stimulus package will help get 50 thousand young people off the dole queues, according to Sinn Fein.The party is launching proposals in Dublin today aimed at tackling youth unemployment.The measures will also include a thousand extra third level conversion courses, 5 thousand ECDL advance places and an aim to position Ireland as a digital hub.Sinn Féin Senator Pearse Doherty says the measures will hopefully combat the ‘brain drain’ of qualified graduates emigrating[podcast]http://www.highlandradio.com/wp-content/uploads/2010/03/10pear.mp3[/podcast] Twitter By News Highland – March 19, 2010 last_img read more