31May/21

Ocwen To Use Money From MSR Sales to Pay Part of Senior Secured Term Loan

first_img Today, Ocwen Financial Corporation announced that it will use payments connected with previous mortgage servicing rights (MSRs) sales to pay down $53.2 million of its senior secured term loan, according to the company’s recent 8-K filing with the Securities and Exchange Commission (SEC). As of now, Ocwen still has approximately $939.4 million left outstanding under its senior secured term loan.Embarking on the journey to transfer its MSRs at the end of last year, Ocwen has been busy selling and paying off the MSRs. The company announced in February that it sold the MSR on a portfolio of about 81,000 performing residential loans owned by Freddie Mac with an unpaid principal balance (UPB) of about $9.8 billion to Nationstar. One month later, Ocwen announced that they were selling another MSR portfolio with $25 billion in UPB to Nationstar Mortgage. Together, the two MSR deals between Ocwen and Nationstar included about 223,000 residential mortgage loans with $34.8 billion in UPB.”This transaction, on top of the one announced in February between Ocwen and Nationstar, furthers our announced corporate strategy and demonstrates the strong working relationship we have developed with Nationstar,” said Ron Faris, CEO of Ocwen.Ocwen’s ratings were recently upgraded by Moody’s Investor Service and president and CEO of Ocwen, Ron Faris commented on those ratings in a press release on Friday expressing his excitement with the results.”We are pleased to see that the strategy we have deployed is working and achieving its objectives,” Faris said. “Execution on sales of a portion of our Fannie Mae and Freddie Mac servicing portfolios has resulted in increased liquidity, reduced corporate leverage and a simplified operating structure. We are pleased that Moody’s has upgraded our Corporate Family Rating, Senior Secured Bank Credit Facility rating, and Senior Unsecured Debt rating. We are also pleased to see that Moody’s has changed its outlook for all of these ratings to stable.”Faris also addressed the CreditWatch announcement by Standard and Poor’s Ratings Services (S&P) in the press release on Ocwen’s servicer rankings.”We were surprised by the S&P announcement and specifically their reasons because we believe that we have made significant progress in resolving past regulatory concerns, strengthened our financial condition, and, over the past couple of years, continually invested in the quality and capacity of our risk, compliance, and internal audit functions,” Faris said. “As previously reported, we are not aware of any unresolved issues with state agencies that would have a material financial impact on the Company.”Ocwen further noted in the release that downgrades in its servicer ratings or rankings could affect the company’s terms of or its ability to sell or fund servicing advances in the future, the release says. Negative action ratings or rankings could also affect the terms and availability of debt financing facilities that it may seek in the future and could impair its ability to consummate future servicing transactions or adversely affect its dealings with lenders, other contractual counterparties, and regulators. This would include its ability to maintain its status as an approved servicer by Fannie Mae and Freddie Mac.In an effort to monitor the Ocwen’s loan servicing operations, the state of California’s Department of Business Oversight Commissioner Jan Lynn Owen announced today in a press release that out of 31 candidates, it has named Fidelity Information Services (FIS) as the independent, third-party auditor that will review the California mortgage servicing operations of Ocwen Loan Servicing, LLC. FIS will be responsible for assessing servicing practices and compliance with consumer protection laws.“The DBO has a duty to ensure its licensees fully comply with laws and regulations designed to protect California homeowners,” said Owen. “FIS will help us fulfill that duty with respect to Ocwen.”Click here to view Ocwen’s 8-K Filing with the SEC.Click here to view Moody’s Rating Action. Previous: FHFA To Host Sixth HARP Outreach Event in Phoenix June 12 Next: Lawmakers Request More Transparency From FHFA On Transfer of Credit Risk Data Provider Black Knight to Acquire Top of Mind 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 Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post June 10, 2015 1,203 Views in Daily Dose, Featured, News mortgage servicing rights MSR Sales Ocwen Financial 2015-06-10 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Ocwen To Use Money From MSR Sales to Pay Part of Senior Secured Term Loan Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Tagged with: mortgage servicing rights MSR Sales Ocwen Financial Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Ocwen To Use Money From MSR Sales to Pay Part of Senior Secured Term Loan Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. About Author: Xhevrije West Subscribelast_img read more

31May/21

GSEs Announce Annual Eviction Moratorium

first_imgHome / Featured / GSEs Announce Annual Eviction Moratorium Governmental Measures Target Expanded Access to Affordable Housing 2 days ago GSEs Announce Annual Eviction Moratorium The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Fannie Mae Foreclosure Moratorium Freddie Mac GSEs 2016-12-12 Kendall Baer Share Save Mirasha Brown is a graduate of Florida A&M University and is pursuing a masters degree at Syracuse University. Born and raised in Florida, she has contributed to public relations and marketing campaigns for Rent The Runway and Billboard. She is a communications specialist with The Five Star and a contributing writer to DS News and the MReport. Tagged with: Fannie Mae Foreclosure Moratorium Freddie Mac GSEs December 12, 2016 1,559 Views Fannie Mae and Freddie Mac announced they will begin their holiday eviction moratoriums on December 19. The suspension of evictions is scheduled to end January 2 and January 3, respectively.In regards to Freddie Mac, the suspension will apply to eviction lockouts on Freddie Mac-owned REO homes, but will not affect other pre- or post-foreclosure activities. Companies that are managing local evictions for Freddie Mac may continue to file documentation as needed during the suspension period. In regards to Fannie Mae, families will be allowed to remain in their homes, but legal and administrative proceedings for evictions might continue.Chris Bowden, SVP of REO at Freddie Mac, wants families to enjoy the holiday season without worrying about the financial burden and stress of losing their homes. “Our announcement is to help provide families with a greater measure of certainty during the upcoming holiday season. We also want to be sure families experiencing financial hardship are aware of the options available to them,” he said. “Those who are facing possible foreclosure should reach out to their mortgage servicers and explore the alternatives that are in place to help homeowners year-round.”While many foreclosure metrics nationwide are far below their 2010 peak, foreclosure levels remain elevated in some states. ATTOM Data Solution’s U.S. Foreclosure Activity Report found that 28 states along with the District of Columbia have experienced an increase in foreclosure activity from 2015, despite the national decline in foreclosures. The report also found that Delaware, New Jersey, Maryland, Illinois, and South Carolina were the states with the highest foreclosure rates in October. Daren Blomquist, SVP at ATTOM, spotted a trend with foreclosed home in certain regions of the nation. “Some of these housing markets still have a backlog of distressed inventory and those do tend to be Northeast and Rust Belt States,” he said. “We are seeing a continuing of working through the backlog. What also really stood out in October was that in some of the states that seemed to put the foreclosure crisis behind them, we saw some pretty big jumps in foreclosure starts. This was in places like Arizona, Georgia, and Colorado. A lot of this activity was tied not to loans in the last foreclosure crisis but loans originated since 2009.”Joy Cianci, SVP of Single-family Special and Distressed Assets at Fannie Mae, urges borrowers to seek financial advice if they are facing foreclosure. “We believe it is important to extend the timeline of help for struggling borrowers during the holidays,” she said. “If you are in trouble or facing foreclosure, reach out to Fannie Mae or your service provider today to get help. Options are available to avoid foreclosure, and we want to help pursue those options whenever possible.” Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img About Author: Mirasha Brown Related Articles Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 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 Previous: The Tide is Turning: RMBS Liquidation Timelines Decline Next: Winner Announced for HUD Vacant Loan Sale Is Rise in Forbearance Volume Cause for Concern? 2 days ago in Featured, Foreclosure, News Subscribe Sign up for DS News Daily last_img read more

31May/21

Ask the Economist: Tendayi Kapfidze Discusses Tax Reform’s Housing Impact

first_img Demand Propels Home Prices Upward 2 days ago December 21, 2017 2,129 Views Ask the Economist: Tendayi Kapfidze Discusses Tax Reform’s Housing Impact The Best Markets For Residential Property Investors 2 days ago HOUSING lending tree.com mortgage Tax Reform tendayi kapfidze 2017-12-21 Nicole Casperson Chief Economist, LendingTree.comTendayi Kapfidze is Chief Economist at LendingTree, where he oversees the company’s analysis of the U.S. economy with a focus on housing and mortgage market trends. In his most recent previous role, he served as Director of Global Economics at Pfizer in New York City. He was responsible for developing Pfizer’s view on global macroeconomic trends and advising the leadership team on economic and financial risks. Prior to Pfizer, Kapfidze also previously served as Director of Economic and Capital Markets Research at Ally Financial and VP and Senior Economic Analyst at Bank of America.What are the new market trends you have forecasted for 2018? The impact of the recently passed tax plan will be a major wild card going into the new year. The items that were passed— changes to the mortgage interest and property tax deductions—are estimated to save the government $670 billion from 2018 to 2027 by the Joint Committee on Taxation. Fundamental financial-asset analysis would suggest that the present value is included in today’s home values, which total about $30 trillion. Although the final plan is not as transformational as the initial proposals, it will still have an impact. Combined with the increase in the standard deduction, it meaningfully lowers the tax incentives for homeownership and nudges that eternal question “should I rent or buy?” more towards renting. There are many divergent views on what this means for housing, which illustrates the degree of uncertainty. Two interesting examples follow.The American Enterprise Institute’s (AEI) Ed Pinto and Alex Brill are quite sanguine about the impacts, and posit that the housing market will be fine, even healthier. Pinto argues the housing market will add supply as builders focus on lower-priced homes when demand for high-priced homes falls. Brill points out that the mortgage deduction is not used by most borrowers and thus, the impact on home values will be minimal.The AEI researchers both have reasonable expectations of the long-term impacts of housing-related tax changes. The question is how do we get from here to there? Danial Alpert at Westwood Capital is concerned about this transition. He draws historical parallels to the tax reform of 1986, which arguably led to the savings and loan crisis. Alpert warns that the tax plan “will have deleterious effects on the disposable incomes of households in the regions of the country accounting for the bulk of mortgage and other debt that will make the cost of carrying real estate on an after-tax basis significantly greater.” He goes on to make the connection from lower real estate asset values to disruption in financial and capital markets, an occurrence that brings up recent memories for most of us.Many correctly point out that a large proportion of homeowners are not affected by these changes, and it’s a nonevent for the average homeowner. However, change in economic activity is driven at the margins; averages are just for measurement. The $670 billion can materially impact valuations in a small proportion of the housing stock, but could have economic effects beyond that. The GOP’s targeted strike at the blue states may come with a side of contagion and servicers may be among the first to see if borrowers become strained.What do these shifts predict for the future of the housing market? While I am concerned about the transition, ultimately reducing housing subsidies in their current form could be beneficial. The mortgage tax deduction is a regressive tax expenditure, as its value to the taxpayer increases with income. It’s also questionable whether it influences the homeownership level. So, while it would be better if it had not been implemented, caution is required in removing it.The reform would have been better if the savings were directed to supporting homeownership at the lower end of the scale. A first-time homebuyer’s tax credit would be beneficial as research has shown that down payments are major obstacles to homeownership. Further, homeownership is an important pathway to increasing financial security, something we value greatly at LendingTree.Recent research findings revealed that while home appreciation lags equity markets, having a home and mortgage essentially constitute a forced savings mechanism for many borrowers who simply would not have had the discipline to put away the money saved by renting on a monthly basis. We see the results in reverse mortgages where the borrowers often do not have significant capital market assets. These borrowers would not have had an asset to access for support in their retirement years without the ownership of their home.How do you feel potential homebuyers will react to the potential market fluctuations in 2018? Buyer sentiment is quite high amid a strong labor market. However, inventory will remain a challenge. I believe we will see buyers continue to work hard to give themselves an edge in the marketplace by ensuring they have financing in place when they house hunt. We have a metric that tracks such activity and have found that more borrowers look for loans before looking for a house in cities that have the tightest inventory and the biggest price increases.At what point would rising mortgage rates start to significantly dampen buyer demand? The Survey of Professional Forecasters, released quarterly by the Fed, includes expectations for 10-year treasury rates. These were too high for 14 of the past 17 years. I say this not to disparage the forecast, but as someone once said, “prediction is hard, especially about the future.” This year may be the year for higher rates, but certain factors mitigate the potential rate rise. Global rates matter—and they are still low. U.S. Treasury rates are not only influenced by the domestic economy but also by those in other developed markets. The U.S. recovery from the financial crisis has been stronger and faster than the other major developed markets, which are still working to keep rates low. Global investors view European and Japanese bonds as comparable safe haven assets to U.S. Treasurys; thus, their low interest rates influence U.S. Treasury rates, which influence mortgage rates. Rates are also quite low in historical terms, and even a 100-bps increase would leave them below the average rates of the housing bubble. That said should rates rise, it’s a pretty linear path to lower affordability and buying power.Reflecting on 2017, what housing trends do you think were the most notable? Home prices finally recovered the losses from the financial crisis. However, the aggregate numbers mask the dispersion when you look at more granular measures. The gains are concentrated on the coasts in the larger cities. Much of the middle of the country has not regained equity. This is a divergence evident in many other economic indicators reflective of the general increase in inequality in the country.Another change that I think went under the radar is the reduction in the ratio of mortgage interest payments to income. The Fed releases the financial obligations ratio. The mortgage debt service as a percent of disposable income fell to 4.44 percent in Q2, the lowest since 1980. So households are in good shape and are well placed to meet their mortgage obligations.Housing inventory, or lack thereof, has been continuous in the housing market. What do you foresee in the next year for the inventory narrative? More of the same, perhaps with a slight improvement. The tax bill could further dampen the propensity to move at the high-end as the reduction in the mortgage interest-deduction limit would grandfather outstanding loans. Thus, moving would entail incurring a new tax expense for some borrowers at the top end. However, that is a sector well-served by the homebuilding industry. In the broader market, new inventory should increase but is a fraction of existing inventory and not growing fast enough. The tax bill could be beneficial here as it’s likely improve builders’ margins. Wider margins could be particularly beneficial for inducing supply for lower-priced homes where potential buyers face the acutest supply constraints. Optimism amongst builders is at very high levels, all that remains is for the ‘hard data’ of actual activity to follow this ‘soft data.’There is a significant obstacle to the convergence of builder activity with sentiment. Although construction employment is trending upwards, it appears productivity is far lower. Residential construction payrolls are at the same level as 2002, yet we have 500,000 less housing starts. The same number of employees are seemingly producing far less homes. Could productivity really have declined this precipitously? This could be a measurement issue related to undocumented workers. The Pew Center estimates that the construction industry has the third highest rate of undocumented workers at 13 percent The regulatory environment could be making it more difficult to recruit these workers. Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Previous: Helping Borrowers Understand Foreclosure Prevention Options Next: Housing Market 2018: Predicting What’s to Come Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago 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] center_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Related Articles Tagged with: HOUSING lending tree.com mortgage Tax Reform tendayi kapfidze in Daily Dose, Featured, Government Home / Daily Dose / Ask the Economist: Tendayi Kapfidze Discusses Tax Reform’s Housing Impact Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Nicole Casperson Subscribelast_img read more

31May/21

Is the State of Housing Strong?

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Related Articles On Tuesday evening, President Trump delivered his State of the Union address before the Congress. The White House released excerpts from the speech before it began, highlighting a focus on immigration reform, infrastructure, national security, and the economic impacts of the tax reform bill. The President began his address by recognizing the heroes and victims of the natural disasters that struck the country in 2017. “We are with you, we love you, and we will always pull through together,” President Trump said, addressing the hurricane victims in Puerto Rico, Florida, and Texas and the wildfires of California.According to data released by The Federal Emergency Management Agency (FEMA) more than 4,000 households ravaged by the wildfires in Sonoma county, California, in October 2017 were eligible for government-provided temporary public housing. Of these, only 184 are currently living in a direct housing option such as manufacturing housing units, recreational vehicles, or in directly leased units.Touching upon the economic growth of the country, President Trump said that the massive tax cuts from the Tax Reforms and Jobs Bill introduced earlier this year has provided tremendous relief for the middle class and small businesses. “Roughly 3 million workers have already gotten tax-cut bonuses,” he said, adding that the economy created 2.4 million jobs, including 200,000 new jobs in manufacturing alone.“The President’s tax reform plan is energizing the economy giving HUD-assisted households increased opportunity to graduate from government assistance and achieve self-sufficiency,” said Secretary Ben Carson at Housing and Urban Development Agency (HUD).While it’s still too early to know how the tax reform bill will impact the economy in the long run, there have been some near-term results ascribed to the tax cuts. Last week, JPMorgan announced it was raising hourly wages, hiring thousands of new employees, and opening new branches around the country. On the other hand, critics point to data such as a recently released Urban Institute report that predicts the tax bill and the administration’s proposed budget could hinder access to housing assistance, which is a safety net for low-income households.  For the housing industry, this has meant a continued phase of robust growth. The S&P CoreLogic Case-Shiller Indices showed year-over-year increases of 5 percent or more for 16 straight months. This trend was also reflected on many other indices, including the First American Real House Price Index analyzing the November 2017 data, which showed that homes were 5 percent more expensive compared to the same period a year before.Existing home sales increased 1.1 percent to 5.51 million sales, surpassing the 5.45 million recorded in 2016. This marked the highest existing home sales since 2006, according to a report published by the National Association of Realtors (NAR).But perhaps the most important statement that the President made reflecting a possible scope of reforms in housing on the cards was on the elimination of regulations during his first year in office. “We eliminated more regulations in our first year than any administration in the history of the country,” he said during his address.Despite regulation expanding with the new HDMA guidelines that took effect in January 2018, the trend seems to be veering away from “regulation through enforcement,” making lenders more hopeful of a positive dialogue with CFPB, according to a report by analytics firm STRATMOR. The industry is closely following the latest changes in leadership at the CFPB and the nominations for the Federal Housing Administration (FHA) to gauge the administration’s stance on easing regulations.Meanwhile, the GSEs have shown growth, with first-time homebuyer share of GSE purchase loans recording the highest level in recent history at 48.1 percent in April and 46.4 percent in October 2017, according to a report by the Urban Institute. The FHA has continued its focus on first-time homebuyers, with its first-time homebuyer share at 81.9 percent in October 2017.“The President deserves a great deal of credit for commendable appointments to positions in his administration that affect housing,” said Five Star Institute President & CEO Ed Delgado. “The mortgage industry and the officials that regulate it are in need of a renewed focus on creating sustainable solutions that foster growth in homeownership and create new opportunities for responsible access to credit. We look forward to continuing to partner with all stakeholders in finding common ground in the furtherance of these goals.” About Author: David Wharton The Best Markets For Residential Property Investors 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, Headlines, News Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Home Prices HOUSING Natural Disasters State of the Union State of the Union Address Tax Reform Wages Is the State of Housing Strong? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home Prices HOUSING Natural Disasters State of the Union State of the Union Address Tax Reform Wages 2018-01-30 David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily January 30, 2018 1,524 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Is the State of Housing Strong? Previous: Massachusetts Supreme Court Ruling Clarifies Foreclosure Rights Next: CFPB Ruled Constitutional—What Now? Subscribelast_img read more

31May/21

Goldman Sachs Moves Forward on Consumer Relief Obligation

first_imgHome / Daily Dose / Goldman Sachs Moves Forward on Consumer Relief Obligation Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago August 5, 2018 1,595 Views Goldman Sachs has reached 62 percent of its $1.8-billion consumer relief obligation, which was enacted under its two April 11, 2016, mortgage-related settlement agreements with the U.S. Department of Justice and three states. Eric D. Green, the independent Monitor of the consumer-relief portions of the agreements, has announced that the forgiveness of balances due on 1,127 mortgages has moved the bank $127.1 million closer to its agreement sum. Professor Green is a professional mediator and retired Boston University law professor, who was named by the settling parties as independent Monitor with responsibility for determining the fulfillment of Goldman Sachs’ consumer-relief obligations. Green has assembled a team of finance, accounting, and legal professionals to assist in the task.Since the last report, produced on May 15 of this year, Professor Green reports that “Goldman Sachs forgave the balances due on 1,024 first-lien mortgages, for a total principal forgiveness of $113,504,343, an average of $110,844 per borrower.”The bank also forgave amounts due and previously deferred on 103 first-lien mortgages, for total forgiveness of $5,139,100, an average of $49,894 per borrower. These two reports resulted in the total reportable consumer-relief credit of $127,109,482 after the application of crediting calculations and multipliers specified in the settlement agreements.”Approximately 28 months after the settlement agreements were signed, the total amount of credit claimed and conditionally validated in my reports under both settlement agreements comes to $1,120,530,304, or 62 percent of the $1.8 billion target,” Professor Green said.The two agreements settled “potential and filed legal claims” regarding the marketing, structuring, arrangement, underwriting, issuance, and sale of mortgage-based securities. Goldman Sachs reached settlements with the Department of Justice, California, Illinois and New York, as well as the National Credit Union Administration Board and the Federal Home Loan Banks of Chicago and Des Moines. The bank agreed to provide a total of $5.06 billion under the settlements, including consumer relief valued at $1.8 billion to be distributed by the end of January 2021.According to the statement, the modified mortgages were spread across 45 states and the District of Columbia, “with 36 percent of the credit located in the settling states of New York, Illinois, and California, and 46 percent of the credit located in Hardest Hit Areas, or census tracts identified by the U.S. Department of Housing and Urban Development as containing large concentrations of distressed properties and foreclosure activities.”You can read the full Monitor’s report here, containing a detailed explanation of how the credit is calculated, as well as a description of the protocols that Professor Green and his legal and financial advisers developed with Goldman Sachs to help determine when credit is properly approved or denied for loan modifications in which principal forgiveness is earned in stages as the homeowner makes loan payments on time. The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Headlines, Journal, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Previous: Women in Housing Leadership Awards Finalists Announced Next: The Favored Option for Vacant Property Security Is … 2018-08-05 Kristina Brewer Share Save Demand Propels Home Prices Upward 2 days ago Kristina Brewer is the Editorial Assistant of Publications for the Five Star Institute, including DS News and MReport magazine. She is a graduate of the University of North Texas (UNT), where she received her Bachelor of Arts in English with a concentration in rhetoric and writing and a minor in global marketing. During this time, she served as Director of Philanthropy in the national women’s fraternity Zeta Tau Alpha, of which she is an alumna. Her passion for philanthropy continued after university when she was an intern at Keep Denton Beautiful, a local partner of Keep America Beautiful, where she drove membership, organized events, and led social media campaigns. Brewer honed her writing at the North Texas Daily, UNT’s student-run newspaper where she wrote about faculty, mentorship, and student life. Brewer also previously worked at Optimus Business Plans where she helped start-ups create funding proposals, risk assessments, and management plans. 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 Sign up for DS News Daily About Author: Kristina Brewer Data Provider Black Knight to Acquire Top of Mind 2 days ago Goldman Sachs Moves Forward on Consumer Relief Obligation Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

31May/21

What the Departure of Wells Fargos’ Top Execs Means

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago changes people Top Management Wells Fargo 2018-10-25 Radhika Ojha Home / Daily Dose / What the Departure of Wells Fargos’ Top Execs Means Tagged with: changes people Top Management Wells Fargo October 25, 2018 4,222 Views Wells Fargo is getting serious about its risk management and controls and has announced the departure of Hope Hardison, Chief Administrative Officer, and David Julian, Chief Auditor at the bank. The bank has said that these executives will begin a leave of absence and will no longer be members of the company’s Operating Committee.These “leaves of absence” relate to previously disclosed ongoing reviews by regulatory agencies in connection with historical retail banking sales practices, the bank said in a statement.“Because of the depth of our management team, we are confident in our ability to ensure an effective transition,” said Tim Sloan, CEO, Wells Fargo. “During the past two years, we have become more customer-focused, made significant leadership and board changes, strengthened risk management and controls, simplified the organization, and invested in our team members. We remain steadfast in our focus on making things right for customers and building a better Wells Fargo.”With these departures, Wells Fargo has made some top management changes to fill these roles. These include changes in reporting as well as taking up the responsibilities of the vacant positions. While David Galloreese, Head of Human Resources will report directly to Sloan and join the bank’s operating committee, Cara Peck, who heads the Culture and Change Management teams, will report directly to Galloreese. The bank said that Jim Rowe, Head of Stakeholder Relations would continue in that capacity and report directly to Sloan. This function would expand to include Corporate Philanthropy and Community Relations, headed by Jon Campbell, Wells Fargo said in its statement.In addition to these changes, Wells Fargo said that the Operating Committee members would take on additional responsibilities that were part of the Chief Administrative Office. They include:Chief Financial Officer John Shrewsberry will oversee Data Management and Insights, led by Zac Maufe, and Commitment to Customer Center of Excellence, headed by Joe Rice.Avid Modjtabai, head of Payments, Virtual Solutions and Innovation, will assume responsibility for Marketing, led by Jamie Moldafsky. Marketing will continue to serve the enterprise and Wells Fargo’s businesses.Chief Risk Officer Mandy Norton will assume responsibility on an interim basis for Integration and Planning, led by Sophie Sharp, as the company refines the final organizational alignment.The Chief Auditor’s role will be filled by current Executive Audit Director, Kimberly Bordner. Wells Fargo said that the function would continue to report to the Board of Directors’ Audit & Examination Committee (and administratively to Sloan), while the company conducted an internal and external search for the role. The Best Markets For Residential Property Investors 2 days ago Related Articles Sign up for DS News Daily Previous: How Much Longer Will Home Prices Climb? Next: FICO, Experian, and Finicity Launch New Credit Score Share Save Demand Propels Home Prices Upward 2 days ago Subscribe 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. center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Radhika Ojha  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News, Servicing The Week Ahead: Nearing the Forbearance Exit 2 days ago What the Departure of Wells Fargos’ Top Execs Means Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

31May/21

Rise and Fall

first_img in Daily Dose, Featured, Foreclosure, News, Servicing Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Subscribe Related Articles Previous: Fitch Rates Nationstar’s U.S. RMBS Next: Seeking the Right Balance Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Rise and Fall  Print This Post Delinquency Joe Mellman Matt Komos mortgage mortgage servicing Originations TransUnion 2018-11-15 Donna Joseph 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] The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days agocenter_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 Tagged with: Delinquency Joe Mellman Matt Komos mortgage mortgage servicing Originations TransUnion Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Rise and Fall November 15, 2018 1,452 Views Servicers Navigate the Post-Pandemic World 2 days ago Share Save About Author: Donna Joseph The past quarter experienced year-over-year growth in subprime originations for auto loans, credit cards as well as personal loans. The trend may be indicative of a strengthening credit market after several quarters of declining originations. In its latest Industry Insights Report, TransUnion examined consumer credit trends around personal loans, auto loans, credit cards, and mortgage loans through the third quarter of 2018. In its Q3 2018 IIR mortgage loan summary, the report revealed that mortgage balances increased while delinquencies recorded a steady decline. Mortgage originations dropped by 0.4 percent year-over-year, continuing the decline in originations since Q2 2017. A consistent improvement was recorded in consumer-level delinquencies with a drop every quarter since 2009. In Q3 2018, delinquencies dropped to 1.7 percent from 1.9 percent last year, as a result of drops in the near-prime risk tier, where delinquencies dropped by 15 percent year-over-year, and the subprime risk tier which declined 9 percent year-over-year. Seattle, New York, and Boston experienced the largest declines in delinquencies while Houston, Dallas, and St. Louis experienced the smallest declines in delinquencies among the largest MSAs, according to the report.“The decline in mortgage originations is likely the impact we’re seeing from a combination of rising interest rates, steep home prices appreciation, and limited starter home supply. On the refinance side, as interest rates rise, many consumers will no longer have an incentive to refinance their mortgages. On the purchase side, those rising interest rates coupled with rising home prices lead to a ‘double whammy’ for consumers interesting in ‘moving up’ into a more expensive home, leading many to decide to stay in place. This in turn puts pressure on starter home supply. This trend will likely continue into the near future.” said, Joe Mellman, SVP and Mortgage Business Leader at TransUnion. The report found that origination growth in the subprime risk tier grew at a significant rate across auto, personal loans and credit cards following declines in 2017. Subprime originations in personal loan category grew 28 percent between Q2 2017 and Q2 2018 compared to the annual decline of 7.1 percent the previous year. New loans were issued to subprime consumers by independent lenders in the auto sector with an increase of 7.3 percent year-over-year post the 7.8 percent year-over-year decline in Q2 2017. The subprime risk tier origination recorded growth of 3.4 percent year-over-year, representing the largest volume of subprime loans originated in the second quarter post-recession. Credit cards observed a year-over-year growth first time since 2016. Subprime, prime-plus and super-prime risk tiers also recorded an increase. The report attributes this trend being followed industry-wide to lenders providing more access to credit cards with smaller credit limits. “In 2016, the market experienced a pullback as lenders slowed or stalled subprime originations,” said Matt Komos, VP of financial services and research and consulting at TransUnion. “The pendulum is starting to swing back, as we see lenders once again extend credit to subprime consumers. In this environment, lenders are continuing to focus on risk tolerance and are taking this into consideration as some of them are shortening loan terms, managing interest rates and lowering loan amounts or credit lines.” The Best Markets For Residential Property Investors 2 days agolast_img read more

31May/21

The Top 25 Women of Law, Part 2

first_imgEditor’s note: This issue originally appeared in the January issue of DS News.From breaking through the glass ceiling to fighting for the rights of their clients, these formidable women lawyers have made their mark in the industry. In the second of this three-part series, we spotlight the accomplishments of these women in law.LISA GORDON Frenkel Lambert Weiss Weisman & Gordon, LLP – Partner-Managing Attorney – Mortgage DefaultNumber of years practicing law: 24As Partner and Managing Attorney of Frenkel Lambert Weiss Weisman & Gordon, Lisa Gordon is responsible for the daily operation of the mortgage default practice at the firm. As Gordon describes it, this business unit is high volume and labor intense, making it imperative that the firm operates as efficiently as possible. To achieve this, Frenkel Lambert continuously makes significant investments in infrastructure and technology. Client demands, coupled with ever-changing regulatory requirements and case law, force Gordon to continually reassess the firm’s operations in order to maximize efficiency. She works with her staff daily to ensure they’re prepared for any knew changes that come their way. “From the lawyers to the paralegals to the support staff that helps make my office run smoothly and efficiently, everyone cares about the level of service we provide to our clients.” Whether it be formulating a litigation strategy or developing a procedural process, my staff works together as a team to ensure the best possible outcome,” Gordon said. She has practiced in the mortgage default arena for more than 20 years and has found that each year brings new challenges. “Recent statutory changes over the last two years will hopefully bring a new crop of decisions interpreting these new provisions and providing guidance to practitioners. Staying abreast of all relevant decisions and developing solid legal strategies to account for such rulings will be imperative,” Gordon said.___________________________________________________________________ROSANNA HENRY Mackie Wolf Zientz & Mann, P.C. – Director of Compliance – Creditors’ RightsNumber of years practicing law: 26Almost every company these days is a technology company, whether they realize it or not. As Mackie Wolf Zientz & Mann, PC began expanding its practice area beyond Texas into Arkansas and Tennessee; they looked to Rosanna Henry to lead their Compliance Department and CaseAware platform. Henry had been a practicing lawyer in Arkansas for 26 years, managing cases through foreclosure, bankruptcy, litigation, and REO/eviction. She was the architect of her firm’s CaseAware platform before accepting the challenge of charting a compliance and technology course for Mackie Wolf as Director of Compliance in 2013. Henry’s comprehensive industry experience and knowledge has aided the firm in remaining in front of challenging regulations and trends. She also recently achieved Tier 4 CaseAware Administrative status. An important aspect of her years’ experience is the ability to mentor the firm’s attorneys and team members as part of a compliance-driven firm. Henry achieved industry success by drawing on the guidance of many influential mentors. Her father was a Navy senior chief, veteran, and her first boss at a family company that taught her the importance of policy, procedures, and quality control. Her mother encouraged her to never stop learning and exemplified to her a tireless work ethic. “It just never crossed my mind that as a woman I was not capable of achieving a successful legal career. I knew my hard work and focus would get me there,” she said.___________________________________________________________________MARY ANN HESS Folks Hess Kass, PLLC – Managing Member – Foreclosure, Collection, Mortgage Deficiency, Default Services LitigationNumber of years practicing law: 25Mary Ann Hess, Managing Member of Folks Hess Kass, PLLC, was first exposed to the legal realm when she worked for the Maricopa County, Arizona, Superior Court as a Case Transfer Coordinator and subsequently as a legal secretary at the largest law firm in Arizona. It was these years spent honing her skills, as well as her natural disposition as a detail-oriented individual, that made her excited to take the next step and practice law herself. Hess helps her team meet the challenges of the legal landscape through diligent training. “I have worked closely with our firm’s attorneys over the years to make certain that they participate in as many seminars relevant to our legal practice as possible. In addition, we conduct ongoing and aggressive in-firm training with our attorneys and staff to remain current not only on the law related to our practice but of the complex compliance and reporting requirements of our firm’s clients related to topics, including protecting confidential client information, reporting consumer complaints, and other client compliance requirements,” Hess said. Hess prides herself on having been able to help many litigants over the years on a pro bono basis as a court-appointed settlement judge, working to resolve their disputes on a mutually beneficial basis and often under very difficult circumstances when they could not afford costly litigation.___________________________________________________________________YACENDA HUDSON Tromberg Law Group, P.A. – Managing Attorney – Real Estate, Foreclosure Number of years practicing law: 14The ever-evolving complexity of the law and its players make the legal field a challenging landscape to navigate. These challenges can be even more daunting as a female attorney. “Unlike many men, when I walk into a courtroom, I am tasked with the test of proving that I belong. Many have an automatic misconceived perception that female attorneys lack the ability to zealously litigate,” said Yacenda Hudson, Managing Attorney of Tromberg Law Group, P.A. “Despite the challenges, my success comes from tackling and overcoming stereotypes, working hard to ensure that I have a chair at the leadership table, and earning the respect of my professional colleagues, as well as helping other women attain success.” Working her way up the ladder has been one of Hudson’s greatest career accomplishments. During her tenure at Tromberg, she has moved from Junior Associate to Managing Attorney over contested files, trial, and complex litigation. “I am proud to hold such a leadership title, as the industry is still slow to progress in recognizing and promoting minorities,” Hudson said. According to Hudson, it has been evident over the last few years that legal counsel has played a major role in the mortgage industry. “As counsel to lenders and servicers, legal professionals must remain updated regarding all laws and regulations that impact the mortgage industry,” Hudson explained.___________________________________________________________________LYNN M. JANEWAY Janeway Law Firm, P.C. – President, Managing and Majority Shareholder – Mortgage DefaultNumber of years practicing law: 33Lynn M. Janeway built a solid foundation for her more than 30-year career by first receiving her undergraduate degree in business administration and marketing from the University of Illinois. She then attended the university’s College of Law, primarily hoping to add skills that would assist her in someday owning her own business. Instead, she discovered a true affinity for the law. Janeway parlayed this passion into the founding of her own firm in 2004, which remains a career highlight. “Opening my firm allowed me to teach and instill in my attorneys and employees the desire to go the extra mile in service to our clients,” Janeway said. Owning and managing a firm that serves the mortgage industry has allowed Janeway to work on solving not only legal issues that arise but also the operational challenges that exist in this detailed and volume-based business. “Creative problem-solving is the skill I find most useful, as it is equally valuable in its application to specific files and to overall operations. I want to find not just a solution but the best solution,” Janeway said. She believes that legal professionals can help clients meet their compliance objectives by reviewing the processes and recommending state-specific adjustments when necessary to decrease potential liability. “I draw inspiration from my clients,” Janeway said. The servicing industry attracts some of the most talented and dedicated people.”___________________________________________________________________CYNTHIA KERN WOOLVERTON Millsap & Singer, LLC – VP – BankruptcyNumber of years practicing law: 20In her 20 years practicing law, Cynthia Kern Woolverton has been on every rung of the ladder. Today, she uses her experience to enrich the practice of Millsap & Singer, LLC. Woolverton’s decision to get into this stream was the result of being fascinated by the fact that there are two sides to every story. “Oftentimes, the winning side is the one with the more persuasive argument,” she said. “I grew up in a house with four brothers, and while arguing came naturally, persuasion was a skill perfected over the years.” Bankruptcy law, however, is Woolverton’s preferred area of focus. She sees her role as being a conduit between the judges and the firm’s clients. “Helping our judges understand the unique challenges that lenders and servicers face every day allows them to make more educated decisions on the issues at hand and provides a friendlier environment for our clients,” she said. A firm believer in mentoring, Woolverton enjoys teaching what she has learned in her two decades of practicing law and is proud to see the growing number of women in leadership positions. “These women are opening up opportunities for younger generations,” Woolverton said. Speaking on the role of financial services firms today, Woolverton said that they should “move routine matters through the system more efficiently to allow lenders and servicers to provide more assistance and attention to non-routine matters.”___________________________________________________________________ERIN LAURITO Laurito & Laurito, LLC – Managing Member – Creditors’ Rights, Civil Litigation, Strategic Component ServicesNumber of years practicing law: 16“There is a special relationship built between attorneys and their clients, whether the client is an individual or a large corporation,” said Erin Laurito of Laurito & Laurito, LLC, who has been practicing for 16 years. Laurito helps her clients navigate regulatory and compliance challenges and finds the most enriching part of her job to be solving problems. “There is nothing more satisfying to me than being part of a team of amazing people who use their individual strengths to find a solution for our clients that reduces their anxiety or reaches their desired goal,” Laurito said. Laurito got her love of problem-solving from her father, also an attorney, and though she attributes her desire to first practice law to him, her passion for the field deepened as she matured. Laurito recalled, “At first, I was captured by watching my dad leave for work each day, spending time as a child at his office, and listening to him solve problems. In college, I became very interested in business management and entrepreneurship, and a law firm lent itself to those passions, and still does.”___________________________________________________________________VANESSA A. LEO Shapiro, Pendergast & Hasty, LLP – Senior Counsel/Founder of National Personal Property Default DepartmentNumber of years practicing law: 8“I have always felt that the law chose me,” shared Vanessa A. Leo. “For a school assignment in the first grade, I drew a picture of myself in a courtroom with a suit and a briefcase. In the near decade, I’ve spent as an attorney, helping my clients has never felt like work, but rather a reward.” Being an attorney places Leo in the unique position to help individuals and organizations with their legal difficulties and help further the public good. Advocates like Leo are priceless in today’s climate where the enactment of new legislation, combined with a rise in unconventional residential products, means all mortgage professionals must be prepared in the areas of compliance and risk modeling. Leo’s clients have come to rely on her ability to navigate the law and never back down from a good fight. “In a formal written opinion, a judge admitted that he misarticulated the law and that, had it not been for my zealous advocacy, the client’s legal rights would have been foreclosed upon,” Leo said. “I am reminded every day to be that zealous advocate and to continue to develop my legal skills, read new cases and legislation that impact the client’s industry, and most importantly act with commitment and dedication to the interests of the client.” Leo’s firm also employs a growth strategy that includes improving adaptability with cross-training, communication, education, and being inclusive and innovative. About Author: Radhika Ojha The Top 25 Women of Law, Part 2 Demand Propels Home Prices Upward 2 days ago January 30, 2019 2,064 Views Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Black Book Foreclosure Law Litigation REO Servicing The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Previous: Ginnie Mae Outstanding MBS Crosses $2T Threshold Next: Vendorly Collaborates With Shared Assessments Black Book Foreclosure Law Litigation REO Servicing 2019-01-30 Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Home / Daily Dose / The Top 25 Women of Law, Part 2 Share Save Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Related Articles in Daily Dose, Featured, News, Print Features Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 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. last_img read more

31May/21

Why Half a Million Americans Are Homeless

first_img Previous: HELOCs on the Wane? Next: Ginnie Mae Outstanding MBS Steady at $2T Threshold Tagged with: Affordability AHAR Homelessness HUD Maxine Waters USICH February 13, 2019 5,024 Views The Best Markets For Residential Property Investors 2 days ago Why Half a Million Americans Are Homeless 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] About Author: Donna Joseph Affordability AHAR Homelessness HUD Maxine Waters USICH 2019-02-13 Donna Joseph Related Articles Home / Daily Dose / Why Half a Million Americans Are Homeless Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News, Servicing The Best Markets For Residential Property Investors 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 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 On Wednesday, the Committee on Financial Services held a hearing titled “Homeless in America: Examining the Crisis and Solutions to End Homelessness.” The hearing allowed members to hear from witnesses about the challenges of putting an end to homelessness as well as their and their recommendations for legislation to tackle the issue. The Annual Homeless Assessment Report (AHAR) released by the Department of Housing and Urban Development (HUD) provides an estimate of the homeless population in the United States. The 2018 AHAR revealed that there were 552,830 people experiencing homelessness in the nation on a single night—representing a 0.3 percent increase compared to the previous year. This is also the second year in a row of increases in homelessness despite an overall 13.2 percent decline in homelessness since 2010, according to HUD. The AHAR, which also examines the demographics of the people experiencing homelessness found that nearly 160,000 children and youth experienced homelessness— which is nearly 30 percent of the total—and over 216,000 women and girls representing 40 percent of the total. Data also revealed that nearly 9 percent of veterans experienced homelessness in 2018. African Americans comprised 40 percent of all people experiencing homelessness, despite making up only 13 percent of the nation’s general population, and Hispanic or Latino people comprised 25 percent, the report stated. The findings also show that more progress has been made in reducing homelessness among some subpopulations than others. The greatest progress in reducing homelessness has been among veterans due in large part to increased funding for this population. Addressing the causes of homelessness, the memorandum cited the growing rental housing crisis in many parts of the country as a contributor in driving the lowest income families into homelessness. According to the National Low Income Housing Coalition, the U.S. has a shortage of more than 7.2 million rental homes that are affordable and available to the lowest income renter households. According to the memorandum, 71 percent of the lowest income renter households are severely cost burdened spending more than half of their incomes on rent and utilities. Only 22 counties in the country can afford a one-bedroom rental home.Through the administration of three main homeless assistance programs—Emergency Solutions Grants, Continuum of Care program and HUD Veteran Affairs Supported Housing program—serve people experiencing homelessness. In addition to this, the report also pointed out that Congress created the U.S. Interagency Council on Homelessness (USICH) to coordinate the federal response to homelessness across relevant federal agencies. The hearing also focused on legislative proposals such as “The Ending Homelessness Act of 2019” introduced by Chairwoman Waters to provide $13.27 billion over five years to several critical federal housing programs and initiatives. The “Working Together to End Homelessness Act of 2019,” a discussion draft from Chairwoman Waters aims to permanently reauthorize USICH. The “Homes for Our Heroes Act of 2019,” is another discussion draft from Representative Peters that would require HUD and the Department of Veteran Affairs to provide more detailed reporting on the HUD-VASH programs. The “Veteran Housing Opportunities and Unemployment Support Extension Act of 2019”, align eligibility for the HUD-VASH Program with other homelessness services furnished by the Department of Veterans Affairs. The panel comprised of the following witnesses: Ann Marie Oliva, Senior Policy Advisor, Corporation for Supportive HousingNan Roman, President and CEO, National Alliance to End HomelessnessJoshua Stewart, Director of Policy, National Coalition for Homeless VeteransJustin T. Rush, Public Policy Director, True Colors FundCarolyn Darley, Speaker Advocate, National Coalition for the HomelessnessDavid S. Lucas, Ph.D., Postdoctoral Research Fellow, Institute for an EntrepreneurialSociety, Whitman School of Management, Syracuse UniversityRead the full memorandum here. last_img read more

31May/21

Industry Reacts to White House Affordable Housing Council

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Industry Reacts to White House Affordable Housing Council in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Affordable Housing Ben Carson HUD President Donald Trump 2019-06-28 Mike Albanese Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Previous: Bank Acquisition Announced Next: Preventing Real Estate Wire Fraud Servicers Navigate the Post-Pandemic World 2 days ago President Donald Trump’s Executive Order to establish the White House Council on Eliminating Barriers to Affordable Housing has been met with positive reviews by several industry leaders.  “The Five Star Institute recognizes and appreciates the important work that Dr. Ben Carson, the Department of Housing and Urban Development (HUD), and Brian Montgomery are doing at HUD,” said Ed Delgado, President & CEO of Five Star Global. “Their work simply cannot be overlooked. The commitment to fair and affordable housing is critical in today’s marketplace, and we thank them for their leadership and action on this issue facing the housing market.” The Council, chaired by Carson, Secretary of HUD, will be composed of members from eight Federal agencies, tasked to engage State, local, and tribal leaders across the nation to discuss and alleviate issues surrounding affordable housing. “The [National Association of Home Builders] applauds President Trump for making housing a top national priority. With housing affordability near a 10-year low, the president’s executive order on this critical issue underscores that the White House is ready to take a leading role to help resolve the nation’s affordability crisis,” said Greg Ugalde, Chairman of the National Association of Home Builders.  According to HUD, the construction of new homes has not kept pace with new household formations, because more than 25% of the cost of a new home is the direct result of Federal, State, and local regulations. Among the Council’s responsibilities, is to identify policies that artificially increase the cost of homeownership and reduce regulatory burdens.  “The National Association of Realtors thanks President Trump for taking much-needed steps to address housing affordability in this country, and we look forward to continuing to work closely with the White House to ensure the American Dream remains attainable for all those who seek to become homeowners,” said John Smaby, President of the National Association of Realtors.  According to First American’s Real Estate Sentiment Index, affordability has been the primary roadblock to homeownership, as those who found affordability to be an obstacle in 2019 increased to 40% from 30.1% year-over-year. “The main burden, affordability, confirms the strong sellers’ market conditions from 2018 have continued in many markets in early 2019, as demand outpaces supply and prices continue to rise,” said First American Chief Economist Mark Fleming.Editor’s note: Five Star Global is the parent company of DS News. Demand Propels Home Prices Upward 2 days ago Related Articlescenter_img 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. June 28, 2019 2,077 Views Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Industry Reacts to White House Affordable Housing Council  Print This Post About Author: Mike Albanese Tagged with: Affordable Housing Ben Carson HUD President Donald Trump Share Save The Best Markets For Residential Property Investors 2 days agolast_img read more