Report: Non-Mortgage Debt Dragging Homeownership Even With Lower Down Payment

first_img in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago Report: Non-Mortgage Debt Dragging Homeownership Even With Lower Down Payment Tagged with: Home Ownership Housing Affordability non-mortgage debt RealtyTrac Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save While lowering the down payment on a mortgage may clear one major hurdle to homeownership, a report released by RealtyTrac Tuesday revealed that a monthly mortgage payment is affordable to those with additional non-mortgage debt in less than half of the counties in the U.S.In an analysis of housing affordability in 512 U.S. counties with a combined population of 235 million, RealtyTrac discovered that lowering the down payment for a conventional mortgage loan from 20 percent to 3 percent, as has been discussed recently by Federal Housing Finance Agency Director Mel Watt, would still not translate to housing affordability for a majority of those with non-mortgage debt such as student loans or a car payment.”While lower down payments may help pave a quicker path to homeownership for some prospective homebuyers, a bigger obstacle to homeownership is the additional non-mortgage debt many borrowers bring to the table,” said Daren Blomquist, VP at RealtyTrac. “For borrowers without additional debt, monthly house payments are affordable in more than 90 percent of U.S. housing markets — whether they make a 20 percent or 3 percent down payment. But for borrowers with the additional debt burden of student loans and car payments, monthly house payments are affordable in less than half of U.S. housing markets with a 3 percent down payment.”RealtyTrac found that it would take an average of less than two years to save up for a 3 percent down payment on a mortgage loan compared to 12 and a half years to save up for a 20 percent down payment at an annual savings rate of 5.6 percent (as reported by the St. Louis Federal Reserve).However, once the down payment hurdle is cleared, making the monthly mortgage payment becomes a problem for those with additional debt. RealtyTrac’s report found that for those without additional debt, the monthly mortgage payment was still affordable in 92 percent of county housing markets even with just a 3 percent down payment. But for those with an average monthly car payment and an average monthly student loan payment, RealtyTrac found that the monthly mortgage payment was affordable in only 48 percent of county housing markets when a 3 percent down payment was made.The percentage of borrowers in county housing markets who can afford the monthly mortgage payment jumps from 48 percent to 78 percent for those with an average car payment and an average student loan payment when they make a 20 percent down payment, according to RealtyTrac. For those without additional debt who make a 20 percent down payment, housing was affordable in 96 percent of county housing markets.The average car payment was $471 as of Q4 2013, according to Experian Automotive, and the average student loan payment was $321 for 2012 college graduates with an average student loan debt of $29,400, according to Project on Student Loan Debt.The RealtyTrac report found that according to Down Payment Resource, there are more than 2,300 down payment and closing cost assistance programs available nationwide and that 60 to 80 percent of homes in most areas would qualify for assistance from one of these programs. Also, the report found the average amount of assistance from these programs was $19,720, and could be as high as $50,000 to $100,000 in some high cost areas.”The narrative is that it’s too hard to get a loan today and when first-time buyers believe that, they won’t even begin their search. That hurts the overall housing market,” Rob Chrane of Down Payment Resource said. “Consumers for the most part have no idea that these programs exist, so they don’t think to ask for them. Whatever your situation is, whatever you have for a down payment, you could be in a much better situation if you find out you are eligible for one of these programs.” Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Sign up for DS News Daily Related Articlescenter_img The Best Markets For Residential Property Investors 2 days ago November 4, 2014 2,144 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Home Ownership Housing Affordability non-mortgage debt RealtyTrac 2014-11-04 Brian Honea About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago  Print This Post Home / Daily Dose / Report: Non-Mortgage Debt Dragging Homeownership Even With Lower Down Payment The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: DS News Webcast: Tuesday 11/4/2014 Next: DLS Announces Launch of Product Aimed at Assisting New FHA Servicerslast_img read more

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Foreclosure Sector Professionals Discuss Every-Day Challenges

first_imgHome / Daily Dose / Foreclosure Sector Professionals Discuss Every-Day Challenges Demand Propels Home Prices Upward 2 days ago Five Star Conference and Expo Foreclosure Lab 2016-09-12 Kendall Baer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Kendall Baer Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save September 12, 2016 1,320 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Foreclosure Sector Professionals Discuss Every-Day Challenges 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. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Foreclosure professionals from across the mortgage industry attended the 2016 Five Star Conference’s Foreclosure Lab Monday morning to discuss the every-day challenges and examination from regulatory agencies, servicers, and investors.The lab began with a welcome and introduction from Steve McCaffrey, President and Founder of MetroCorp Claims and the director of the lab. The group then entered into a discussion led by David Greene, Associate General Counsel for Fannie Mae, about foreclosure of e-Notes, including recent court decisions approving foreclosures of e-Notes. Touch on recent legislation pushing foreclosure sales onto online auction platforms. Proposed federal legislation to create a national note repository that will eliminate paper notes and simplify enforcement processes.Courtney Thompson, First VP Default Servicing Oversight for Flagstar Bank, then spoke to the group about the latest regulations and compliance expectations for vendors as well as steps that can be taken to make sure businesses are more attractive to servicers. Being a servicer herself, Thompson discussed OCC 2013-29, CFPB 2012-03 & UDAAP, due diligence, policies, procedures, controls, and training.There then was a panel moderated by Neil Sherman, Managing Partner of Schneiderman and Sherman, to discuss the constantly changing regulatory environment as well as how servicers must regularly assess their compliance position in order to adapt their operations to comply with regulatory changes. Sherman was joined with panelists including Dawn Adams, VP Default Services for Roundpoint Mortgage Servicing Corporation; Mark Gugino, SVP, Foreclosure and Document Execution for Wells Fargo Bank; Carolyn Taylor, Partner for Hughes Watters Askanase L.L.P.; and Lawrence Zielke, Managing Partner for Shapiro & Zielke.After the panel, the lab invited Puneet K. Singh to speak on how to terminate the tenancy of a former borrower vs. tenant, including notice to terminate tenancy, cash for keys agreements, and eviction process. Singh went into depth about how, in general, most states require some type of eviction process and she focused on the stricter states which require longer time periods, relocation payments, etc. She also discussed the cash for keys process and general timelines and costs for evictions across different states and how to use that information to leverage the best cash-for keys deal.Sharmila Bharwani, Assistant General Counsel for Citigroup, Inc., then took the stage to share with the audience about the topic of examination of proposed bankruptcy rules, CFPB periodic statements, unsecured POCs, and statute of limitations. William Glasgow, Jr., SVP Head of Mortgage Servicing for HSBC then lead a panel on managing aged inventory and strategies to reduce risk together with Rob Cooper, Managing Director for Assurant Field Services; Jay Jones, Partner for Phelan Hallinan Diamond & Jones; Keller Mackie, President for Mackie Wolf Zientz & Mann; and Wanda Montgomery, SVP Foreclosure for Fay Servicing. To wrap up the session, CFPB Senior Counsel for Office of Regulations’ Laura Johnson discussed CFPB’s foreclosure-related aspects of the new mortgage servicing final rule.Editor’s Note: The Five Star Institute is the parent company of DS News and DSNews.com. Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post in Daily Dose, Featured, Foreclosure, News Tagged with: Five Star Conference and Expo Foreclosure Lab Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Previous: REO Agents and Brokers Prepare for the Future Next: Five Star Honors Veterans at Military Heroes Keys for Life Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

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Adding to the Ranks

first_imgHome / Daily Dose / Adding to the Ranks The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Headlines, News The Best Markets For Residential Property Investors 2 days ago  Print This Post Operation Homefront 2017-08-22 Joey Pizzolato Operation Homefront, a nonprofit organization dedicated to serving our military heroes after they return home from service, has recently announced the appointment of JK Huey to its Board of Directors. Huey brings over 35 years’ experience in the mortgage industry to the cause.Recently retired from Wells Fargo, Huey will offer her expertise to Operation Homefront, specifically in helping military families obtain homeownership, but will also advise the organization on its other endeavors, including providing relief to returning veterans from Afghanistan and Iraq in the form of financial assistance for auto and home repairs, food assistance, essential home items, rent-free transitional housing, moving costs, holiday meals, and even back-to-school initiatives to provide school supplies to the children of veterans.“Throughout her exceptional career, Huey has demonstrated her passion for helping families succeed financially, and to achieve the dream of homeownership. She also shares our collective commitment to supporting our military families so they can thrive in the communities they have worked so hard to protect,” said Brig. Gen. (ret.) John I. Pray Jr., President and CEO of Operation Homefront. “Huey is absolutely perfect for Operation Homefront and all are excited to have such an extraordinary industry leader join our very talented board. We look forward to Huey helping us do even more to support the very real and growing needs of our military families in the years to come.”Huey has indeed led an impressive career. Before her role at Wells Fargo, she held senior management positions at IndyMac Bank and Homeside Lending, where she oversaw a variety of areas, including customer service, investor reporting, default management, retail production, and acquisitions.“Our service men and women and their families have given so much to our country through their service, and I’ve seen firsthand what it means to a military family to finally have a place to call home thanks to Operation Homefront’s Homes on the Homefront. I am honored to accept this appointment and stand behind an organization that does so much to protect the heroes who protect us,” said Huey.In addition, Huey boasts a broad range of accolades: such as being a Certified Mortgage Banker, an Accredited Mortgage Professional, member of MORPAC and Loan Administration Steering Committees, as well as the Chariman Emeritus of the National Mortgage Service Organization, recipient of the 2014 Five Star Lifetime Achievement Award, the 2012 Larry E. Temple Distinguished Service Award, and the 1992 Young Mortgage Banker of the Year award. In the past, she served as President of the Texas Mortgage Bankers Association, the Black Knight Mortgage Advisory Board, the Fannie Mae Customer Advisory Board, and the Freddie Mac Servicer Advisory Board.“I am honored to welcome JK Huey to Operation Homefront’s Board of Directors, and look forward to working together with her in advancing Operation Homefront’s goals” said Ed Delgado, President and CEO of the Five Star Institute, who is also a member of Operation Homefront’s board. “Her extensive career and dedication to caring for those that protect our freedoms will be invaluable to the organization.”Operation Homefront will provide mortgage-free homes to veterans at the Come Sail Away Military Heroes Keys for Life Dinner & Concert on Tuesday, September 19 at the Hyatt Regency Hotel in Dallas, Texas, which will be followed by a performance from the legendary rock band, Styx. Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago About Author: Joey Pizzolato Share Savecenter_img Tagged with: Operation Homefront Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: HUD to the Rescue Next: Leisurely Living Adding to the Ranks Data Provider Black Knight to Acquire Top of Mind 2 days ago August 22, 2017 1,070 Views Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Subscribelast_img read more

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Three-Decade Study Finds Young Households in a Bad Place

first_img Related Articles Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Diversity Harvard Joint Center for Housing Studies Home Prices Homebuyers Homeowners Homes Households HOUSING Housing Quality Land Millennials Rent Share Save June 20, 2018 1,549 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Three-Decade Study Finds Young Households in a Bad Place Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Radhika Ojha Subscribe  Print This Post Sign up for DS News Daily center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Three-Decade Study Finds Young Households in a Bad Place Servicers Navigate the Post-Pandemic World 2 days ago Previous: Appeals Court Addresses Foreclosures & Promissory Notes Next: How Real Estate Pros Are Embracing Mobile Devices Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago The American housing situation is better today than it was three decades ago, and yet more than 38 million U.S. households have housing cost burdens, leaving little income left to pay for food, healthcare, and other basic necessities.That’s the assessment of Harvard University’s Joint Center for Housing Studies (JCHS) in its annual State of the Nation’s Housing report. Since 1988, when the report debuted, about 40 million homes have been built to accommodate 27 million new households. Houses have become larger, better built, and generally safer to live in, structurally, JCHS reported.But fewer young adults, millennials, in this case, can afford homes today than 30 years ago. That, the report states, is despite the fact that high housing costs in the 1980s kept buyers away in droves.“With fewer young adults buying homes, demand for rental housing remained high—as did rents despite a boom in multifamily construction,” the report states. “Rapid losses of low-cost rentals forced millions more lower-income households to spend outsized shares of their incomes on housing.”In other words, 38 million households, in the U.S. in 2018, mainly renters, are considered burdened, meaning the residents spend more than 30 percent of their income on household expenses like rent.“Despite their growing numbers, only about one in four very low-income renters benefited from subsidies to close the gap between market rents and what they could afford to pay,” the report states. As it is, federal housing assistance reaches only a fraction of the large and growing number of low-income households in need.”The report goes on to say that between the shortage of subsidized housing and the ongoing losses of low-cost rentals through market forces, low-income households have increasingly few housing options. Meanwhile, the rising incidence and intensity of natural disasters pose new threats to the housing stocks of entire communities.“Soaring housing costs are largely to blame, with the national median rent rising 20 percent faster than overall inflation in 1990–2016 and the median home price 41 percent faster,” JCHS reported. And although better housing quality accounts for some of this increase, the report stated, “sharply higher” costs for building materials and labor, along with limited productivity gains in the homebuilding industry have made housing construction considerably more expensive. “Land prices have also skyrocketed as population growth in metro areas has intensified demand for well-located sites,” the report stated. Add to that the rise of new regulatory barriers that limit the supply of land available for homes and the growing complexity of planning and building housing communities, and the strain on the lowest earning young adults, JCHS wrote, is overwhelming.And it doesn’t look like it’s going to get much easier. As the expense and complexity of housing has increased, earnings have not necessarily kept pace. Gross domestic product per capita increased  52 percent in between 1988 and 2017, the report stated. And “if incomes had kept pace more broadly with the economy’s growth over the past 30 years, they would have easily matched the rise in housing costs.” This, JCHS concluded, underscores how income inequality “has helped to fuel today’s housing  affordability challenges.”The study garnered an immediate reaction from housing insiders. Danielle Hale, Chief Economist for realtor.com, said the racial gaps present in the housing system are a top priority to address.“If we can’t address racial and ethnic gaps in the homeownership rate, it may hold back the homeownership rate for the diverse millennial generation,” she said. “The gains made by Asian Americans and Hispanics are important because they make up 27 percent of the 18-34 population.”At the same time, Hale said the losses in homeownership rate among the African-Americans population “will have a bigger impact on overall numbers as their share of the population grows.” African-Americans currently make up 14 percent of 18- to 34-year-olds, and 10 percent of adults age 55 plus. Diversity Harvard Joint Center for Housing Studies Home Prices Homebuyers Homeowners Homes Households HOUSING Housing Quality Land Millennials Rent 2018-06-20 Radhika Ojha The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

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PHH Resolves Military Foreclosure Charges

first_img February 7, 2019 1,694 Views The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The U.S. Department of Justice, on Wednesday, announced that PHH Mortgage Corporation (PHH) has agreed to pay $750,000 to six servicemembers to resolve allegations that it violated the Servicemembers Civil Relief Act (SCRA) by unlawfully foreclosing on their homes without obtaining the required court orders.“Our men and women in uniform deserve to be able to focus on their job of keeping our country safe without worrying about losing their homes to an unlawful foreclosure,” said Assistant Attorney General Eric Dreiband. “The Civil Rights Division is committed to protecting the rights of our servicemembers from unlawful conduct.” Based on the department’s investigation, PHH was accused of having obtained the foreclosures between Jan. 1, 2010 and April 4, 2012. PHH had foreclosed on six homes of SCRA-protected servicemembers without having obtained the required court orders. The Justice Department stated that this violated the SCRA act which “prohibits lenders from seizing or foreclosing on the property of military personnel who are on active duty or recently completed it.”The investigation was launched after having received a complaint in May 2016 through the Department’s Servicemembers and Veterans Initiative. The issue was handled jointly by the Department’s Civil Rights Division and the U.S. Attorney’s Office for the District of New Jersey. The agreement suit filed requires PHH to pay $125,000 to each servicemember whose home was unlawfully foreclosed upon. It also required PHH to provide training to its staff to ensure that servicemembers do not face unlawful foreclosures in the future. New Jersey-based PHH is one of the United States’ largest mortgage loan servicers, operating nationwide. The company also originates, sells and subservices residential mortgage loans.  “This Office remains resolute in its commitment to honor their personal sacrifices when they do so by ensuring that servicemembers’ rights will be protected, as the law requires, whenever duty calls. This agreement ensures that servicemembers will be compensated for the damages they suffered when their homes were improperly foreclosed upon while they were serving our country,” said U.S. Attorney Craig Carpenito.   Data Provider Black Knight to Acquire Top of Mind 2 days ago PHH Resolves Military Foreclosure Charges Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: The Strategic Intent Behind the BB&T – SunTrust Merger Next: Trends and Technology Shaping the Housing Market The Best Markets For Residential Property Investors 2 days ago Tagged with: Craig Carpenito Eric Dreiband Foreclosure PHH Servicemembers Civil Relief Act US Department of Justice Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articlescenter_img Craig Carpenito Eric Dreiband Foreclosure PHH Servicemembers Civil Relief Act US Department of Justice 2019-02-07 Donna Joseph in Daily Dose, Featured, Foreclosure, Government, News, Servicing Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / PHH Resolves Military Foreclosure Charges Demand Propels Home Prices Upward 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago About Author: Donna Joseph Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Subscribelast_img read more

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Housing Market Volatility and Overvaluation

first_img Tagged with: Home Prices Valuation Volatility Share Save Home / Daily Dose / Housing Market Volatility and Overvaluation Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Home Prices Valuation Volatility 2019-10-16 Seth Welborn  Print This Post Housing Market Volatility and Overvaluation Previous: Stephen J. Kolimaga Joins Altisource as VP, Enterprise Sales Next: FHFA Director Mark Calabria Provides Update on Conservatorship About Author: Seth Welborn Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 16, 2019 1,534 Views Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago How overvalued and undervalued are some of the biggest markets in the U.S.? The CoreLogic Home Price Index (HPI) Forecast Validation Report, which compares the increase in the HPI Forecast with the actual HPI results over a 12-month period, indicates that more than a decade of steady growth, volatility has entered the market, reflected in a slightly larger variation between the two HPI indicators.According to the results, with a forecasting gap of 13% above actual home prices, San Jose is one of the most volatile cities in the study. Despite the volatility, San Jose is considered “Normal” by CoreLogic’s market condition indicators, for a majority of the past four years.Nationally, the HPI forecast predicted a national change of 5.7% compared to a 3.3% actual results, a variance of 2.4%.“Long term affordability concerns coupled with consumer sentiment about the general economic climate along with other economic factors caused actual home prices to increase at a slower rate,” CoreLogic states. “This change was particularly noticeable during the spring, when the rate of home purchases tends to be higher.”CoreLogic also examined the most overvalued and undervalued metro areas. Some of the most overvalued metro areas include Miami, Austin-Round Rock, and Cape Coral-Fort Myers at 75%, 66%, and 52% overvalued, respectively. Undervalued markets include Bridgeport-Stamford-Norwalk, Hartford-West Hartford-East Hartford, and New Haven-Milford, at 37%, 34%, and 30% undervalued, respectively.Some of the most accurately forecasted metroes, with a less than 1% difference, were Phoenix-Mesa-Scottsdale, Arizona; Houston-The Woodlands-Sugarland, Texas; Milwaukee-Waukesha-West Allis, Wisconsin; Charlotte-Concord-Gastonia, North and South Carolina; and Atlanta-Sandy Springs-Roswell, Georgia. CoreLogic notes that three major metros in Texas made the top 10 most accurately forecasted metroes, however, some Texas metroes have also experienced significant slowdowns in appreciation. Austin-Round Rock, Dallas-Plano-Irving, and San Antonio all had appreciation rates of between 1% and 3% during the 12-month period, among the slowest 25 metroes. 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Subscribelast_img read more

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Digitizing Mortgage Processes

first_imgSign up for DS News Daily  Print This Post Digitizing Mortgage Processes eClosings Technology ] 2019-12-23 Mike Albanese Beth Peng Lyden is a Corporate Finance attorney within the Business Services Department at Dykema’s Chicago office. Ms. Lyden represents institutional lenders and borrowers in connection to various commercial and real estate finance transactions. Her experience includes representing commercial banks in all aspects of negotiating, documenting and closing of term loans, revolving credit loans, and mortgage loans to commercial borrowers, including not-for-profit and religious corporations. Data Provider Black Knight to Acquire Top of Mind 2 days ago December 23, 2019 1,894 Views The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: CFPB Announces Changes to Exemption Thresholds Next: Freddie Mac: Finding Solutions to ‘Areas of Concentrated Poverty’ About Author: Beth Lyden Demand Propels Home Prices Upward 2 days ago Tagged with: eClosings Technology ]center_img Related Articles For some consumers, purchasing a home can be a daunting task. House-hunting fiascos and heroics aside, the mortgage-closing process itself can be a drawn-out and overwhelming journey through mountains of paperwork. In 2014, the Consumer Financial Protection Bureau (CFPB) issued a report identifying key issues in the mortgage-closing process and positioning electronic mortgage closing as a solution. The CFPB went on to conduct a four-month eClosing pilot program to test its theory. Looking back now, it is unsurprising that the study found that “eClosing borrowers in our pilot scored higher than paper borrowers on our measures of empowerment at closing, perceived understanding, and efficiency.”Indeed, there are many efficiencies resulting from an eClosing process, much easier access to documents prior to closing, a reduced number of days between approval and closing, and the ease of proving compliance with the numerous regulatory requirements, just to name a few. So, how do we escape paper closing and evolve to eClosing platforms? The bland answer is federal and state legislation and the mortgage industries’ response. But it’s really more interesting than that. First, cue existing statutes that make eClosings possible. In fact, the legal basis for establishing the equivalence of electronic records and signatures to traditional paper records and wet-ink signatures already was available: the federal Electronic Signatures in Global and National Commerce Act (ESIGN) and the various state adaptions of the model Uniform Electronic Transactions Act (UETA). These statutes provide that records and signatures relating to transactions cannot be denied legal effect, validity, or enforceability solely because they are in an electronic form or because an electronic signature or electronic record is used in their formation. Once the “eNote” has been electronically created and signed by the borrower at the eClosing in compliance with ESIGN and UETA, it is tamper-sealed, deposited into a secure electronic vault (called the “eVault”). That eNote is then referred to as the “Authoritative Copy.”Second, to make eClosings a viable option, the mortgage-backed securities industry (the ultimate source of funds for many mortgage loans) had to be on board. This industry was built in reliance on the negotiability of paper promissory notes and the ability to take title free of claims or defenses by previous holders in the chain of title. Luckily, ESIGN/UETA come to the rescue again. These statutes create a new type of payment intangible called “transferable records.” Under ESIGN/UETA, a “Transferable Record” (also called the eNote) is an electronic record that would be a promissory note under Article 3 of the Uniform Commercial Code (UCC), if it was in writing, and for which the issuer (i.e., the borrower) has expressly agreed is a Transferrable Record. Like a paper promissory note, a Transferable Record can be freely and unconditionally transferred. It even is possible for an owner to achieve the coveted super-priority status of a holder in due course. ESIGN/UETA accomplishes this by creating a new concept of “control.” Control of a Transferable Record is used as a substitute for traditional (UCC) “possession” of a written promissory note. A person having control of a Transferable Record (called the “Controller”) is afforded the same rights and benefits of a holder under the UCC of a paper promissory note. Most importantly, the Controller is entitled to enforce the Transferable Record/eNote and, provided certain requirements are met, can take title free and clear of all other claims.Third, to make the eClosing process fit within the existing industry framework, where loans regularly are bought and sold, there had to be an efficient way to keep track of the Transferable Record. MERS addresses this need via the MERS® eRegistry. The MERS eRegistry is the authorized, centralized system of record for evidencing the transfer of interests in a Transferable Record, which can readily and accurately establish the identity of the person entitled to payment. Specifically, eNotes are registered in the MERS® eRegistry at origination. The MERS eRegistry identifies the party that has Control of the Transferable Record/eNote, the location of the Authoritative Copy of the eNote, and stores the unique digital signature (hash value) of the eNote.   Fourth, eClosings never would be accepted in the industry unless the courts agreed that an eNote was enforceable after default. There are only a few reported appellate decisions on this topic. The key takeaways are that a plaintiff seeking to enforce an eNote must establish, with evidence:  (1) that it is the Controller (or acting on behalf of the Controller); (2) it has control of the Authoritative Copy of the eNote; and (3) the transfer history of the eNote from origination to the current Controller (typically reflected on the MERS eRegistry). Litigants also will need to convince courts that this new type of evidence is sufficient, in lieu of the longstanding evidence necessary for the enforcement of a paper promissory note (delivery, possession, and endorsement).This article provides a high-level overview of the primary statutes and industry efforts which, taken together, make eClosings possible. However, certain holes need to be filled before the eClosing process can be fully digitized, including state-wide remote online notarization (RON) and county-wide e-recording. Currently, only 22 states have statutes permitting RON and many counties do not recognize or accept electronic records. Once these final steps are completed, fully digitized eClosings could be a reality for consumers, as well as for the industry as a whole.   Share Save Laura Baucus is the leader of Dykema’s Financial Services Litigation Practice Group and has extensive experience representing banks and servicers in nationwide litigation involving credit card and mortgage products, mortgage loan servicing, escrow and insurance proceeds, and note and collateral enforcement. Her significant legal project management expertise includes leading a team on a multi-million dollar consumer financial services litigation portfolio as well as managing hundreds of multi-state financial lawsuits for national banks and servicers. About Author: Laura C. Baucus Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Digitizing Mortgage Processes Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News, Technology Subscribelast_img read more

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Work finally begins on Milford improvements

first_img Calls for maternity restrictions to be lifted at LUH Three factors driving Donegal housing market – Robinson By News Highland – March 15, 2010 Previous articleSt.Patricks National School in Drumkeen vandalised overnightNext articlePhone calls to the Donegal County Council switchboard are not being answered today News Highland Twitter WhatsApp 448 new cases of Covid 19 reported today Pinterest NPHET ‘positive’ on easing restrictions – Donnelly Twitter News Work finally begins on Milford improvementscenter_img Facebook WhatsApp Google+ Google+ Help sought in search for missing 27 year old in Letterkenny Facebook RELATED ARTICLESMORE FROM AUTHOR Guidelines for reopening of hospitality sector published Pinterest Work has begun on the long awaited urban renewal programme in Milford.Donegal County Council says the work is now underway today, and will take six months to complete.Olivia Gallon is a project manager with the council’s Urban & Village Renewal Section – She’s been outlining what’s involved…….[podcast]http://www.highlandradio.com/wp-content/uploads/2010/03/olivia3.mp3[/podcast]last_img read more

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Owner of high end cars in Co Donegal urged to be vigilant

first_imgNews Owner of high end cars in Co Donegal urged to be vigilant Three factors driving Donegal housing market – Robinson Calls for maternity restrictions to be lifted at LUH Twitter NPHET ‘positive’ on easing restrictions – Donnelly 448 new cases of Covid 19 reported today Facebook By News Highland – October 10, 2014 Previous articleDinny McGinley says John McNulty could be the person to succeed himNext articlePeople at risk in Co Donegal urged to get flu vaccine News Highland WhatsApp Pinterestcenter_img Twitter Pinterest Google+ WhatsApp Google+ Help sought in search for missing 27 year old in Letterkenny RELATED ARTICLESMORE FROM AUTHOR Owners of luxury brand cars such as BMW’s, Audi’s and Mercedes are urged to be extra vigilant after a spate of robberies across the country.Car owners are being urged to be vigilant and keep a sharp eye for the movement of vehicles late at night or early morning.Gardai say an organised criminal gang have been targeting these types of cars across the North-West.Garda Sgt Paul Wallace says these gangs are highly skilled thieves who specialise in car theft:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/10/pwall.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Facebook Guidelines for reopening of hospitality sector publishedlast_img read more

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Caution over consuming excess of so-called ‘healthy’ foods

first_img Calls for maternity restrictions to be lifted at LUH Google+ By News Highland – May 17, 2013 Twitter WhatsApp Facebook Almost 10,000 appointments cancelled in Saolta Hospital Group this week Three factors driving Donegal housing market – Robinson Pinterest WhatsApp Caution over consuming excess of so-called ‘healthy’ foods Pinterestcenter_img News Google+ We are at risk of piling on the pounds even if we are eating foods marketed as ‘healthy’.That is the findings of a study carried out by a team at the University of Ulster which has shown that people believe they can eat more of the foods that are deemed better for us.The research also indicates that many people assume that foods with certain health claims are lower in calories than they actually are.Cliodhna Foley Nolan of Safefood Ireland says those tested consumed up to 30 to 80 percent more of the perceived healthier product.”They were given say two types of – say – cereal, or two types of drink, or two types of coleslaw; one which was called a healthier versions and one which was called standard” she said.”In fact, the two of them were the exact same amount of calories”.”But we found that when they thought that something was healthier, or had been marketed as that, that they ate a lot more of it” she added. Previous articleGovernment warned of few options with pension levyNext articleNational Council for Special Education releases new report News Highland RELATED ARTICLESMORE FROM AUTHOR Facebook Twitter LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Guidelines for reopening of hospitality sector published Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margeylast_img read more

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