Ellie Mae: Lenders Close on Greater Share of Mortgages in March

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Ellie Mae: Lenders Close on Greater Share of Mortgages in March Ellie Mae: Lenders Close on Greater Share of Mortgages in March in Daily Dose, Featured, Headlines, Market Studies, News The Best Markets For Residential Property Investors 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Share Save Tagged with: Credit Conditions Ellie Mae Loan Applications April 17, 2014 587 Views Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Credit Conditions Ellie Mae Loan Applications 2014-04-17 Tory Barringer Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: California Home Sales Jump Higher in March Next: Default Title Coalition Addresses Communication Issues, Training Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Sign up for DS News Daily Lenders closed on a greater share of mortgages last month compared to February—and they did it at a faster pace, according to mortgage software provider Ellie Mae.The company’s latest Origination Insight Report, released this week, shows that out of a sampling of loan applications initiated 90 days prior to March, 58 percent closed last month. That rate is up from 55.3 percent in February and from the 2013 average of 54 percent.At the same time, the average time to close in March fell to 40 days for all loans (37 for refinances and 41 for purchase mortgages), down by one day compared to February and the second month in which closing time quickened.March closings were split 60–40 in favor of purchase share, with that segment continuing to gain ground against refinances.“We continue to see the resurgence of a purchase-centric market as numbers inch closer to historical levels,” said Jonathan Corr, president and COO of Ellie Mae. “Purchases increased another three percentage points in March 2014 to represent 60 percent of loans, quite the difference from March 2013 when purchases represented only 38 percent of loans.”The share of adjustable-rate mortgages (ARMs) also picked back up following a slight decline in February, rising to 7.4 percent. Last March, ARMs accounted for only 2.5 percent of closed loans.Meanwhile, credit conditions tightened just slightly. According to Ellie Mae’s data, the average FICO score on all closed loans in March was one point up to 725, the first increase of the year. The average loan-to-value ratio (LTV) was flat for the fourth straight month at 82, while the average debt-to-income ratio (DTI) tightened slightly on both the front and backend, falling to 24/37.For denied applications, the average FICO score was 689 (the same as February), the average LTV was slightly down to 81 percent, and the average DTI fell slightly on the back to 28/44.last_img read more

Sixteen Charged in Nationwide House Flipping Telemarketing Scam

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Sixteen Charged in Nationwide House Flipping Telemarketing Scam Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: House Flipping Michigan Mortgage Fraud Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago House Flipping Michigan Mortgage Fraud 2014-12-01 Brian Honea About Author: Brian Honea Sixteen individuals have been charged in relation to a telemarketing scheme to sell houses to investors in most of the U.S., including Michigan, according to a joint announcement by U.S. Attorney for the Eastern District of Michigan Barbara McQuade and Special Agent in Charge of the FBI Detroit Field Office Paul Abbate.The perpetrators of the scheme caused more than $20 million in losses to their nearly 300 victims, according to the announcement. Victims of the scheme resided in Canada as well as in 46 states, but Detroit was one of the areas most affected by the scam.According to the indictment, the telemarketers operated from call centers in Florida and New York and made unsolicited calls to potential investors offering to sell them homes in the Detroit area. The telemarketers told their victims that the homes were bank-owned and were worth much more than their current sales price, when in reality many of the homes were purchased for as low as $500 and quickly sold to the victims for between $7,500 and $15,000.The telemarketers then led the victims to believe that the purchased homes were being sold to hedge funds or foreign buyers for huge profits when in reality the homes were being transferred to shell corporations created by the telemarketers where there was no profit. Using this scheme, the telemarketers convinced many investors that there was a lucrative home-flipping market in Detroit, enabling them to sell thousands of homes to investors using these tactics. The telemarketers used aliases and changed the name of the company many times to avoid detection from law enforcement and disgruntled investors who realized they had been defrauded.In addition to the millions of dollars that the telemarketers obtained through fraud, the scheme perpetuated the spreading of blight in Detroit due to the large number of homes vacated and not maintained. Wayne County, where Detroit is the county seat, just began foreclosure proceedings on a record 75,000 properties. About 62,000 of those properties are located in Detroit, and about half of those 62,000 are believed to be unoccupied.”This nationwide telemarketing fraud not only caused millions of dollars in losses to victims of the scheme, but it also contributed to blight in Detroit neighborhoods,” McQuade said. “Thousands of homes were left to fall into decay as a result of these individuals using Detroit real estate as a commodity to accomplish their fraud.”Perpetrators of the scheme were charged with conspiracy to commit mail and wire fraud, 15 counts of underlying wire fraud, and conspiracy to commit international money laundering, with each of the 17 counts carrying a potential sentence of up to 20 years in prison.Those arrested and charged were Izhak Halbani, Antawn Reid, Scott Amster, Richard Silverstein, Michelle Pintado, John Trumble, Wayne Scott Thompson, Theodore Jacobs, Joseph Haden, Scott Lipman, and Steven Goldstein, all of Florida; Richard Pierce and Matthew Golden of Michigan; and Erez Arsoni, Gregory Swarn, and Joseph Arsenault of New York.”The perpetrators in this case stole millions of dollars from hundreds of victims,” Abbate said. “However, they did more than steal money – their greed and fraud compounded the proliferation of vacant homes left for ruin in far too many Detroit neighborhoods. The FBI is committed to rooting out and bringing to justice those who would commit crimes of this nature and act against the interests of our communities.” The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Sixteen Charged in Nationwide House Flipping Telemarketing Scam The Best Markets For Residential Property Investors 2 days ago December 1, 2014 2,221 Views Demand Propels Home Prices Upward 2 days ago Previous: Refi Volume Rising While HARP Numbers Keep Falling Next: Fannie Mae Portfolio Declines Again In October in Daily Dose, Featured, Loss Mitigation, News 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. Share Save  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribelast_img read more

Fed Announces Formation of Community Advisory Council

first_img Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The U.S. Federal Reserve Board announced the formation of a 15-member Community Advisory Council (CAC) to provide information, advice, and recommendations to the Board on emerging economic issues and relevant policy matters, according to an announcement from the Fed.While the CAC will advise the Fed on a broad range of issues and offer diverse perspectives on economic circumstances of different consumers and communities, the council’s particular focus will be on concerns of low- and moderate-income areas. Fed Chair Janet Yellen and other officials have been meeting with representatives from these areas for the last few months to hear their concerns.In a sign that the Fed is becoming more community-oriented, President Obama announced earlier this month the nomination of Allan Landon, a community banker, to fill one of the two empty seats on the Fed’s seven-seat Board of Governors. The Fed has not had a governor with community banking experience since Elizabeth Duke retired in August 2013.Members of the CAC will be selected by the Fed through a public nomination process and will serve staggered three-year terms. The first meeting between the CAC and the Fed is planned for the fourth quarter of 2015, and the council will subsequently meet semiannually.The Fed previously had a consumer advisory council to advise the Board on consumer regulatory issues, but that council dissolved in 2011 when Dodd-Frank charged the formation of the Consumer Financial Protection Bureau with issues regarding consumer protection and regulation. The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Fed Announces Formation of Community Advisory Council The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Fed Announces Formation of Community Advisory Council Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Altisource Shares Rise as CEO Reassures Firm’s Investors Next: DS News Webcast: Monday 1/19/2015 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, Government, Newscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago January 16, 2015 1,166 Views  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles About Author: Brian Honea Community Advisory Council Federal Reserve U.S. Economy 2015-01-16 Brian Honea Share Save Demand Propels Home Prices Upward 2 days ago Tagged with: Community Advisory Council Federal Reserve U.S. Economy Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Bank of America Loses Bid to Have Chicago Predatory Lending Lawsuit Dismissed

first_img 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. Bank of America Blight Cook County Foreclosures Illinois Predatory Lending 2015-03-23 Brian Honea  Print This Post A federal judge has rejected Bank of America’s bid to dismiss a lawsuit filed by Cook County, Illinois, in which the county accused the megabank of predatory lending practices in the Chicago area, according to media reports.U.S. Judge Elaine Bucklo in Chicago ruled that Cook County, the nation’s second-most populated county behind only Los Angeles, would be allowed to pursue its case against Bank of America. According to reports and to Bank of America’s statement, the judge did not rule on the merits of the case.The county alleges that the bank engaged in a practice commonly known as “reverse redlining” in which a lender extends access to credit based on unfair terms such as race or ethnicity and in certain geographic areas. The lawsuit accuses Bank of America of making about 95,000 loans to minority borrowers on less favorable terms than those extended to white borrowers, according to reports. Cook County says that the bank’s alleged predatory lending practices resulted in a higher number of foreclosures, increased blight, and lower property taxes in urban Chicago.Bank of America was seeking to have the suit dismissed, claiming that the county lacked standing to sue and waited too long to initiate litigation. The bank also says the county did not prove that the bank violated the Fair Housing Act, according to reports.”This is a procedural ruling, not a decision on the merits of the County’s case,” Bank of America said in a prepared statement. “The court’s ruling makes clear that while the county makes plausible allegations to allow the case to proceed, it will bear the ultimate burden of supporting its claims with competent evidence at future stages of the litigation. The factual and legal issues in this case will be very complex. Bank of America’s record demonstrates a firm commitment and strong record for fair and responsible lending and community revitalization. We responded with urgency to rising mortgage defaults that resulted from the nation’s severe economic downturn, which the county’s suit all but ignores, providing unprecedented assistance to customers who have suffered personal financial hardships, and working with government agencies and non-profit organizations to revitalize neighborhoods.”The judge noted in her ruling that the U.S. Supreme Court is expected to rule in June as to the scope of claims that can be made under the Fair Housing Act, and that decision could have an impact on the Cook County case against Bank of America.Cook County brought a similar case against another megabank, Wells Fargo, in December, alleging that the bank engaged in a practice known as “equity stripping” in which the lender targets minorities for high-cost mortgage loans in order to maximize profits and assets without regard to the borrower’s ability to repay the loan. Last March, Cook County sued HSBC Holdings, claiming similar predatory lending practices. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Bank of America Blight Cook County Foreclosures Illinois Predatory Lending March 23, 2015 1,195 Views Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Bank of America Loses Bid to Have Chicago Predatory Lending Lawsuit Dismissed Home / Daily Dose / Bank of America Loses Bid to Have Chicago Predatory Lending Lawsuit Dismissed About Author: Brian Honea Previous: Ocwen Refutes RMBS Investors’ Claims in Letter to Trustees Next: DS News Webcast: Tuesday 3/24/2015 Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe in Daily Dose, Featured, Newslast_img read more

AACER: Bankruptcy Filings Climb in October

first_imgHome / Daily Dose / AACER: Bankruptcy Filings Climb in October Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Bankruptcy filings jumped month-over-month in October despite a substantial year-over-year decline, according to October 2015 AACER bankruptcy data reported by Epiq Systems.October’s total of 70,211 new bankruptcies in 21 filing days was slightly ahead of September’s total of 67,138 in the same number of filing days. The average number of bankruptcy filings in October totaled 3,343 compared to 3,197 in September.The 70,211 bankruptcy filings in October represented a year-over-year decline of 8,795 filings from October 2014’s total of 79,006 and a dropoff of 47 percent from the October peak of 133,507 reached in October 2009.The number of bankruptcy filings year-to-date for the first 10 months of 2015 is 699,829, an average of 69,982 per month and an average of 3,332 per day over 210 filing days.Click HERE to view the entire reportCalifornia topped all states for cumulative year-to-date bankruptcy filings with 68,884 for the first 10 months (including 6,650 in October, also tops among states for the month). Illinois was second with 47,749 filings year-to-date as of October 31, 3015, and Florida was a close third with 46,815. Georgia (41,972) and Ohio (31,535) were fourth and fifth, respectively for the most cumulative filings for the first 10 months of the year. The state with the fewest cumulative filings was Alaska with 380 after experiencing just 69 bankruptcy filings in October.As they have every month in 2015, Tennessee and Alabama once again ranked first and second among states in filings per capita for October with 5.86 and 5.45 filings for every 10,000 people, respectively. Both were slight increases from the 5.81 and 5.41 totals reported for September. October’s national average in bankruptcy filings per capita (2.70) was unchanged from September’s average.Epiq Systems is a leading global provider of technology-enabled solutions for electronic discovery, bankruptcy and class action administration. Top legal professionals depend on us for deep subject-matter expertise and years of firsthand experience working on many of the largest, most high-profile and complex client engagements. Epiq Systems, Inc. has locations in the United States, Europe and Asia. November 3, 2015 1,549 Views Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. in Daily Dose, Featured, News About Author: Brian Honea AACER Bankruptcy Filings Epiq Systems 2015-11-03 Brian Honea Demand Propels Home Prices Upward 2 days agocenter_img Previous: Freddie Mac Reports Q3 Net Loss of Nearly Half a Billion Dollars Next: Bank of America is Well Ahead of Pace to Fulfill Settlement Obligation Tagged with: AACER Bankruptcy Filings Epiq Systems Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago AACER: Bankruptcy Filings Climb in October The Best Markets For Residential Property Investors 2 days ago Related Articles Share Save Subscribelast_img read more

Demand Retreats Despite Stronger Fundamental Drivers

first_img Demand Propels Home Prices Upward 2 days ago Demand Retreats Despite Stronger Fundamental Drivers  Print This Post in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Housing Demand Housing Market 2016-06-28 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Scott Morgan Subscribe Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Share Save Demand Propels Home Prices Upward 2 days agocenter_img Related Articles Sign up for DS News Daily Tagged with: Housing Demand Housing Market The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Housing Market Weathering Ongoing Headwinds Next: GDP Advances; Housing Share Follows Suit Governmental Measures Target Expanded Access to Affordable Housing 2 days ago After five months on the climb, and while housing scarcity inflates, housing demand fell off by 5.3 percent in May, according to the latest Redfin Housing Demand Index. May’s index of 114 marks the sixth straight month of year-over-year declines.“Faced with a diminishing number of homes to choose from, 4.5 percent fewer people wrote offers last month than a year earlier,” the report stated.Meanwhile, tours by prospective buyers went way up in May, increasing 18 percent compared to a year ago, though down slightly from April’s 20 percent.”Two of the fundamental drivers of buyer demand are better this year than last year, yet we still saw retrenchment in buyer interest retreat,” said Redfin chief economist Nela Richardson. “Thirty-year mortgage rates are at three-year lows and the unemployment rate is down to 4.7 percent nationally, compared to 5.5 percent last year. However, steady job growth and low rates are no match for the drought in available homes for sale, which stifled buyer demand.””Two of the fundamental drivers of buyer demand are better this year than last year, yet we still saw retrenchment in buyer interest retreat.”Nela Richardson, Chief Economist, RedfinAlso according to the report, sale prices are increasingly exceeding asking prices. Nearly 29 percent of homes sold for more than their asking prices, up from 26.8 percent last year and the largest portion recorded since 2013, the report found.For houses that did sell, May “was a record breaker in terms of speed and intensity,” the report stated. Houses in May sold at their fastest pace since 2009, with the typical home on the market for only 15 days last month‒‒two days faster than last year.The effects on some areas are actually stymieing growth in what should be healthy markets.In Denver, for example, the typical home sold in just five days in May, the fastest pace in the country. However, Redfin reported, this swift current has created a lackluster market, due to the extreme scarcity of homes for sale.“The root of Denver’s inventory shortage this year is that move-up buyers can’t move up because there’s nothing for them to buy,” said Redfin agent Michelle Ackerman. “They’re fearful of selling their homes and having nowhere to go.” Home / Daily Dose / Demand Retreats Despite Stronger Fundamental Drivers June 28, 2016 1,391 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Inventory and Affordability Taking a Toll on Home Sales

first_img The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago February 21, 2018 2,066 Views About Author: David Wharton Home / Daily Dose / Inventory and Affordability Taking a Toll on Home Sales  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Affordability Existing Home Sales Home Sales Home Sales Prices Inventory inventory shortages NAR National Association of Realtors Related Articles Demand Propels Home Prices Upward 2 days ago Subscribe Inventory and Affordability Taking a Toll on Home Sales Share Save Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Existing-home sales dropped both month-over-month and year-over-year in January 2018, experiencing their largest annual decline in over three years, according to a report from the National Association of Realtors.NAR’s Existing-Home Sales calculations track “completed transactions that include single-family homes, townhomes, condominiums, and co-ops.” Existing-home sales saw a 3.2 decrease in January, hitting a seasonally adjusted annual rate of 5.38 million. That’s down from a revised 5.56 million sales in December 2017. That puts sales 4.8 percent below a year ago, which makes for the largest annual decline since August 2014’s 5.5 percent. Sales are also at their slowest pace since September 2017 (5.37 million).“The utter lack of sufficient housing supply and its influence on higher home prices muted overall sales activity in much of the U.S. last month,” said Lawrence Yun, NAR Chief Economist. “While the good news is that Realtors in most areas are saying buyer traffic is even stronger than the beginning of last year, sales failed to follow course and far lagged last January’s pace. It’s very clear that too many markets right now are becoming less affordable and desperately need more new listings to calm the speedy price growth.”Single-family home sales declined 3.8 percent to a seasonally adjusted annual rate of 4.76 million in January, down from 4.95 million in December. This puts them 4.8 percent below the 5.00 million pace a year ago. The median existing single-family home price was $241,700 in January, an increase of 5.7 percent over January 2017’s totals.The median existing-home price for January 2018 was $240,500, up 5.8 percent from January 2017’s median of $227,300. According to NAR, January marked the 71st straight month of year-over-year price gains.Although total housing inventory at the end of January increased 4.1 percent to 1.52 million homes, that still puts the total 9.5 percent lower than a year earlier (1.68 million). Moreover, inventory has been falling consistently year-over-year for 32 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, as compared to a 3.6-month supply in January 2017.“Another month of solid price gains underlines this ongoing trend of strong demand and weak supply. The underproduction of single-family homes over the last decade has played a predominant role in the current inventory crisis that is weighing on affordability,” Yun said. “However, there’s hope that the tide is finally turning. There was a nice jump in new home construction in January and homebuilder confidence is high. These two factors will hopefully lay the foundation for the building industry to meaningfully ramp up production as this year progresses.”Cheryl Young, Senior Economist for Trulia, said, “Demand stayed high despite headwinds of high prices and low inventory facing homebuyers. As a result, existing home sales accounted for 26.1 percent of inventory sold, staying above 2005’s peak rate of inventory sold.”Pointing out that January 2018 was the first month in which the effects of the tax reform bill began to take effect, Young added that “it remains to be seen whether these changes are impacting home buying, especially in pricey markets. With the home buying season imminent, we look forward to seeing when last year’s high in housing starts and permits will manifest in inventory.”You can read NAR’s full breakdown of home sales by clicking here. Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: First Mortgage Default Rates Hold Steady Next: Supreme Court Rejects Appeal in GSE Profits Case in Daily Dose, Featured, Headlines, Journal, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Affordability Existing Home Sales Home Sales Home Sales Prices Inventory inventory shortages NAR National Association of Realtors 2018-02-21 David Wharton Sign up for DS News Daily last_img read more

When Will the Next Recession Hit?

first_img Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / When Will the Next Recession Hit? in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Recession 2019-08-19 Mike Albanese 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. Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Recession Previous: Home Price Slowdown: Cause for Concern? Next: Putting $331M Toward Affordable Housing and Foreclosure A survey by the National Association of Business Economics (NABE) revealed that most of the surveyed economists believe a recession will begin by 2020 or 2021.“Survey respondents indicate that the expansion will be extended by the shift in monetary policy, and most expect the next economic recession will occur later than anticipated when the February policy survey was conducted,” said NABE President and Chief Economist Constance Hunter. The survey states that of the 98% who believe a recession will come after 2019, the panel is split between whether it will arrive in 2020 or 2021. The August 2019 NAbE Economic Policy Survey is compiled with the responses of 226 members of the NABE. “Respondent attitudes towards current fiscal policy have shifted significantly as well,” Hunter said. The report states that 51% of respondents feel that fiscal policies are “too stimulative,” with 37% saying they are “about right.” Eight percent said current policies are too restrictive. “Similar shares of panelists believe that the primary objective of current fiscal policy should either be to stimulate more robust economic growth in the medium-to-long term (40%) or to reduce the deficit and debt (37%). Another 15% believe fiscal policy should be used primarily to address income inequality,” the report states. On possible ways to increase revenue, 55% of respondents said there should be a broadening of the individual or corporate tax base and 53% said to enact a broader-based energy or carbon tax. Thirty-two percent of respondents agreed that interest rates for both individuals and corporations should rise. The state of the economy and the threat of a possible recession has been at the forefront of economic across the nation. Stocks tumbled last week, with the Dow Jones Industrial Average fell 800 points and the 10-year and 2-year Treasury yields inverting for the first time since 2005.Since then, though, the market has bounced back, and as of 6 p.m. CDT Monday the Dow increased by nearly 1%. The Nasdaq gained 106 points.  Data Provider Black Knight to Acquire Top of Mind 2 days ago When Will the Next Recession Hit? Sign up for DS News Daily August 19, 2019 2,157 Views About Author: Mike Albanese  Print This Post Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

How Climate Change is Impacting the NFIP

first_imgHome / Daily Dose / How Climate Change is Impacting the NFIP  Print This Post At a recent hearing hosted by the Financial Services Subcommittee on National Security, International Development and Monetary Policy, environmental experts discussed the risks to the National Flood Insurance Program (NFIP) posed by climate change, saying the situation is likely to worsen in the coming years.“Flood insurance is top of perils we have to face,” said Andy Karsner, who served as U.S. Secretary for Energy Efficiency and Renewable Energy during the George W. Bush administration, The Hill reports. “It is imperative for [insurance companies] to develop new tools of risk management because they are operating on very old model inputs and ancient legacy flood maps.”Marshall Burke, assistant professor of earth system science at Stanford University, said at Wednesday’s hearing that the evidence from climate change research suggests southern states are most vulnerable to flooding.“On the coast, what we know about tropical cyclones or hurricanes — we don’t have clear evidence that there will be more or less of them — but we know they will be more powerful and move more slowly. That will dramatically increase the likelihood of coastal flooding,” Burke said.Lawmakers are taking some steps to update the NFIP. For example, Senator Cindy Hyde-Smith of Mississippi is proposing an update to the Program, which aims to address the multiple extensions the NFIP has undergone with a long-term extension plan.In her letter to Senate Banking Committee Chairman Michael Crapo and Ranking Member Sherrod Brown, Hyde-Smith puts forth several options to address affordability issues among low and middle-income policy holders and debt issues within the NFIP.“We’re trying to flip the script on mitigation projects, from being reactionary to being proactive.  This is the first bill that provides a significant amount of real money for pre-disaster mitigation, which would give taxpayers a better return on investment.  It is far more expensive to rebuild after a disaster than it is to do everything you can to protect yourself beforehand,” Hyde-Smith said in a statement. About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. September 13, 2019 1,528 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: climate change flooding nfip Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago climate change flooding nfip 2019-09-13 Seth Welborn Share Savecenter_img Servicers Navigate the Post-Pandemic World 2 days ago Previous: New Mortgage Marketplace Launched Next: Fannie Mae Announces Non-Performing Loan Sale Results The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Government, Loss Mitigation, News How Climate Change is Impacting the NFIP 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articleslast_img read more

Homeowner Debt and HELOCS

first_img Personal loan volume increased threefold between 2011 2018, following a pre-recession high of $1.03 trillion. In a new report, Figure Technologies estimated American homeowners’ potential savings from refinancing as this debt level continues to grow. Figure analyzed the financial situation of American homeowners who are carrying unsecured debt (personal loans and credit cards) but who simultaneously own sufficient equity in their home to at least partially refinance their debt.According to Figure, their analysis confirms that millions of U.S. homeowners have significant opportunity to use HELOCs to replace higher cost sources of credit, with potential savings totaling over $100 billion. Across the 16.3 million households in the study, using HELOCs to reduce interest cost could help in paying down debt and strengthening household’s overall financial position.Equity borrowing via HELOC has been declining, falling over 40% since 2011 to Q2 2019. Homeowners are carrying is $233 billion. Overall, the homeowner will spend $984 + $8,041 = $9,025 in interest and have debt 2.5 years longer than if the homeowner consolidates the debt with a HELOC. Using a HELOC, the homeowner eliminates the debt in five years and spends only $2,799 on interest, which represents savings of $6,225.Figure notes that the homeowner could pay off the debt faster and pay less in interest, but if the homeowner is able to pay off those loans faster, they could also pay the HELOC off more quickly and pay less interest there as well.“The key point is that in our calculations, the monthly payments for the HELOC versus the unsecured debt are the same.”“Adding to the appeal of HELOCs is the new generation of technology-driven nonbank lenders such as Figure that make the process of accessing this credit far more efficient and streamlined than services offered by traditional banks and lenders,” said Figure. “A Figure HELOC provides a typical applicant a funding decision in as few as five minutes and with funding in as few as five day.” Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago debt HELOC loans 2019-09-13 Seth Welborn Related Articles Home / Daily Dose / Homeowner Debt and HELOCS Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago September 13, 2019 991 Views  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Investment, Loss Mitigation, News The Best Markets For Residential Property Investors 2 days agocenter_img 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. Previous: Lockbox Manufacturer Partners With Real Estate Brokerages, Agents Next: Industry Leaders Converge in Dallas for Five Star Conference Tagged with: debt HELOC loans About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Homeowner Debt and HELOCS Share Save Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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