House of Representatives to Vote on Bill to Make TRID Grace Period Official

first_img About Author: Xhevrije West The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago House of Representatives to Vote on Bill to Make TRID Grace Period Official The House of Representatives will vote next week on a bill that will provide a hold harmless grace period for the Consumer Financial Protection Bureau’s (CFPB’s) TILA-RESPA Integrated Disclosure (TRID) Rule, which is set to go into effect October 3.On Wednesday, the House Financial Services Committee passed the H.R. 3192 Homebuyers Assistance Act, which could make the grace period official.House Majority Leader Kevin McCarthy recently released a statement announcing that the House will vote on the Homebuyers Assistance Act next week for those putting forth a good faith effort to comply with TRID.House Majority Leader Kevin McCarthyHe added, “Owning a home has always been an important part of the American Dream, and government should never stop people from reaching that goal. Representative French Hill’s (AR-02) leadership on this bill means many Americans will be that much closer to achieving their American Dream.”CFPB Director Richard Cordray once again sat before the House Financial Services Committee on Tuesday for their semi-annual report to Congress and touted the Bureau’s efforts to protect consumers in its four years of existence while taking questions from Committee members on such topics as mortgages, auto lending, payday lending, and the TRID rule.During the report, Cordray was asked if he was willing to announce a temporary three-month “hold harmless” period for those who are making a good faith effort to comply with TRID.”We have said, and we’re working now to provide written guidance on this, and we’re working with the other agencies so we all provide the same written guidance on this, that for some period of months—and I’m not going to be specific about it; it might be longer—there will be a diagnostic approach to this,” Cordray said. “Nobody believes that the market participants are trying to abuse consumers here. They’re just trying to change their systems and get it right. It will be diagnostic and corrective, not punitive, and there will be time for them to get it right and not have to be perfect on the first day.”CFPB Director Richard CordrayIn a letter sent to the mortgage industry, the CFPB expressed how it will handle compliance issues and efforts related to TRID.”During initial examinations for compliance with the rule, the Bureau’s examiners will evaluate an institution’s compliance management system and overall efforts to come into compliance, recognizing the scope and scale of changes necessary for each supervised institution to achieve effective compliance,” the letter stated. “Examiners will expect supervised entities to make good faith efforts to comply with the rule’s requirements in a timely manner.”Examiners will consider:The institution’s implementation plan, including actions taken to update policies, procedures, and processesIts training of appropriate staffIts handling of early technical problems or other implementation challengesThe Credit Union National Association (CUNA) showed their appreciation for the grace period notion, which they expect to be highly effective in helping credit unions navigate TRID.”This bipartisan bill provides certainty to businesses that are trying to comply with the rule as well as an opportunity to work out any implementation issues that come up,” McCarthy said. “There is no reason that CFPB regulations should prevent homebuyers from being able to buy and close on a home.”“We thank House Majority Leader Kevin McCarthy for his leadership on H.R.3192, the ‘Homebuyers Assistance Act.’ This legislation will be very important for credit unions as they struggle to comply with the October 3 implementation deadline of the CFPB’s TRID rule,” said Jim Nussle, CUNA president and CEO. “We strongly encourage the Senate to follow suit and pass this bill, and ask that President Obama will quickly sign it into law to ensure the rule has minimal impact on consumers and residential home mortgage closings.”Meanwhile, the Association of Mortgage Professionals (NAMB) remained encouraged, but wary of the upcoming changes.”While we’re encouraged by assurances made by CFPB Director Cordray to the House Financial Services Committee that there won’t be punitive actions taken against companies that make a good-faith effort to comply with TRID,” said Rocke Andrews, president-elect of NAMB, “we are still hopeful that Congress will take action to protect consumers and reduce disruption of the real estate market.” Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save in Daily Dose, Featured, Government, News 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 Tagged with: Compliance Hold Harmless Period TILA-RESPA Integrated Disclosure Rule TRIDcenter_img 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.  Print This Post The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / House of Representatives to Vote on Bill to Make TRID Grace Period Official Compliance Hold Harmless Period TILA-RESPA Integrated Disclosure Rule TRID 2015-10-02 Brian Honea October 2, 2015 1,127 Views Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: AACER: September Sees Second-Lowest Monthly Bankruptcy Filing Total of 2015 Next: New York AG Announces Further Funding for Foreclosure Prevention Sign up for DS News Daily Subscribelast_img read more

Places of Interest—10 Hotspots for Million Dollar Homes

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Places of Interest—10 Hotspots for Million Dollar Homes  Print This Post in Daily Dose, Featured, Headlines, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Tagged with: Million Dollar Realtor.com top 10 Previous: VRM Mortgage Services Receives 10-Year VA Contract Next: Agencies Release CRA-Eligible List About Author: Staff Writer Share Save Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago With housing prices continuing to climb, and the housing shortage steadily creeping forward, more metros are seeing a significant majority of their homes hit the million dollar mark. And while that doesn’t necessarily mean homebuyers get less for more, it does mean that “affordable” housing in certain highly desired areas of the country might come with an extra zero on its price tag. Realtor.com recently released their ranking of the top 10 cities with the most new million dollar homes. In more than 900 metro areas, they compared the number of homes costing at least $1 million in 2017 to the number of homes that cost at least $1 million in 2014—the difference indicated how much growth was measured. They also limited the number of cities per state included in the list to two in order to have a more diverse, national list. Number one on the list was Denver, Colorado. In 2014, Denver had 3.3 percent of its homes worth over $1 million or more—in 2017, the share of million dollar hoes was 9.4 percent, an increase of 6.1 percent. That’s just a 10th of a percentage point above Santa Rosa, California, a metro that saw million-dollar growth sitting at 6.0 percent, up from 8.1 percent in 2014 to 14.1 percent in 2017. Boulder, Colorado, a suburb 40 minutes outside of Denver proper, landed the number three spot, with 5.7 percent growth in the last three years from 9 percent to 14.7 percent. Colorado and California were the only two states to feature two cities on Realtor.com’s list—the latter being Truckee, California, with a 5.3 percent increase: from 7.1 percent to 12.4 percent. Other major metropolitan areas to make the list were: Boston, Massachusetts (3.1 percent growth); Seattle, Washington (2.4 percent growth); Santa Fe, New Mexico (2.3 percent growth); and Charleston, South Carolina (2.1 percent growth). The other two cities that made the list but weren’t located in major cities were Fredericksburg, Texas, at number five, with 3.9 percent growth from a  9.8 percent share to a 13.6 percent share; and, Heber, Utah, at number six, with a 3.7 percent growth from 6.8 percent to 10.5 percent. The Best Markets For Residential Property Investors 2 days ago Million Dollar Realtor.com top 10 2017-06-21 Staff Writer The Week Ahead: Nearing the Forbearance Exit 2 days ago Places of Interest—10 Hotspots for Million Dollar Homes June 21, 2017 1,198 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Making Restitution

first_img Tagged with: Restitution SunTrust Servicers Navigate the Post-Pandemic World 2 days ago Restitution SunTrust 2017-08-10 Joey Pizzolato Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: IDS Promotes Beckie Santos to Manager of New Product Development   Next: ClosingCorp Partners With Springboard Home Loans Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Making Restitution Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Making Restitution About Author: Joey Pizzolato The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, Government, Headlines, News Subscribe Servicers Navigate the Post-Pandemic World 2 days ago August 10, 2017 1,238 Views  Print This Post Another mortgage bank has fulfilled its obligations under a settlement agreement with the Department of Justice to the tune of $500 million in consumer relief, according to a report released Thursday by the Office of Mortgage Settlement Oversight.SunTrust completed its duty in providing over 22,000 borrowers with restitution for abuses in mortgage origination, servicing, and foreclosure practices. Of the $500 million, the company spent $475 million to credit distressed borrowers and also established a mortgage origination program. The remaining $25 million provided customer relief by refinancing mortgages to unqualified customers.The bank also passed all of its compliance metrics with the exception of one due to formatting issues, but is in the process of being corrected.“SunTrust has satisfied its consumer relief obligations under the [National Mortgage Settlement],” said Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement (NMS). “I will continue to monitor SunTrust’s consumer compliance obligations and will report my finding to the Court and the public in the future.”The $500 million was part of a larger settlement back in June of 2014 with the Justice Department, Department of Housing and Urban Development (HUD), the Consumer Finance Protection Bureau (CFPB), and states attorneys general. The remaining $418 million was paid to settle potential liability under the False Claims Act for originating and underwriting loans that violated its participation in the Federal Housing Administration’s insurance program.According to the settlement, SunTrust admitted to writing faulty loans between January 2006 and March 2012, as well as did not carry out its due diligence in creating quality control programs to identify defective loans, and further did not report to the HUD the defective loans it did manage to find. All-in-all, it is estimated that over 50 percent of SunTrust’s FHA-insured loans were not within FHA guidelines. The Best Markets For Residential Property Investors 2 days agolast_img read more

A Change of Order

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / A Change of Order  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The votes are in for one of the most closely fought and followed midterm elections in the U.S. While the Republicans have retained control of the Senate, the Democrats won control of the House according to the latest reports. From rent control and home construction to tax cuts and an eye on spending, voters made their decisions based on the issues that impacted them the most this election. We break down the trends we saw during this election and how the results are likely to play out for housing and mortgage. Record NumbersThis midterm election is being hailed as one that has seen a maximum voter turnout since 1914. According to an NPR report that cited data from the University of Florida, if early voting makes up a third of the total vote, the turnout would amount to 114 million people or almost 48.5 percent. It could also be that early vote totals make up more than 33 percent. Early voting in Arizona, Nevada, and Texas were higher than the entire total vote cast in those states in 2014. While each state had governors’ races, Texas had a Senate race too.Down to the WireAs the first polls closed at 6 p.m. EST, all eyes were peeled on the results that will determine the fate of the U.S. House where Democrats needed to win 23 seats currently held by GOP seats to take control. For the U.S. Senate Democrats needed two GOP-held seats to gain control. In Oklahoma, Kevin Stitt, the founder of Gateway Mortgage won the gubernatorial race against Democrat Drew Edmondson. While at Gateway, Stitt was a member of the National Mortgage Servicing Association (NMSA), a Five Star trade association representing 90 percent of the mortgage market.“I congratulate the voters of Oklahoma for electing Kevin as their next Governor,” said Ed Delgado, President, and CEO of The Five Star Institute.“They have voted for someone whose strong business acumen helped propel a business he founded in 2000 into a nationwide mortgage company and will also help to strengthen Oklahoma’s economy.”In Ohio, Richard Cordray, the former Director of the Bureau of Consumer Financial Protection lost to Republican Mike DeWine who was elected Governor of the state.What Voters Want“I believe keeping taxes lower while cutting spending will help the economy grow,” Aric Gorman, a 21-year-old voter from Sand Springs, Oklahoma told New York Times. Gorman said that he was supporting Kevin Stitt, a Republican candidate for Governor and Mark Myles, a Democrat for Attorney General. “Myles will stay tough on crime, but he will also be compassionate to those with addictions who need and want help. Stitt will help our economy. His business endeavors speak for him,” he said. While Gorman is bullish on taxes, voters in California, along with seven other states weighed the option of more construction versus new tenant protection when they cast their votes on Tuesday. “I’ve never seen anything like it,” Nick Fish, a Portland, Oregon, city commissioner and former Vice Chairman of the city’s housing authority told Pew’s Stateline. “The public wants to see action,” Fish said. “There’s a growing sense of urgency.”At stake according to Stateline are issues such as housing affordability, rent control, and in California, Proposition 1, which is also known as the Veterans and Affordable Housing Act. Proposition 1 would allow California to sell $4 billion in general obligation bonds to fund existing affordable housing programs for low-income people, veterans and farmworkers. If passed, most of the funds— $3 billion — will go toward existing affordable housing programs and $1 billion would go to veteran housing programs.The Fate of GSEs and Affordable HousingAfter a decade under the Federal Housing Finance Agency’s (FHFA’s) conservatorship, the current administration has indicated its intentions to end the conservatorship for Fannie Mae and Freddie Mac.While it is possible for the conservatorship to be unwound in the next couple of years regardless of the election result, Democrats taking control of the House means that they’ll look to build language into the agreement that provides funds for affordable housing and offers expanded credit provisions for underserved borrowers. The size and scope of the GSEs are also expected to change.Rick Sharga, EVP, Carrington Mortgage Holding recently told DS News that the Republicans and Democrats also have widely different views and approach on the challenge of affordable housing and how to solve it. Democrats have lobbied for more funding to help low-income families pay for housing and have proposed a variety of other programs to reduce housing costs, ranging from rent control to tax incentives for builders to construct more affordable units. With Democrats in the House, the industry can also expect them to ask the administration “to build millions of units across the country, or creating a pool of federal funds to reward states that build more housing stock.” Sharga said. 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. Tagged with: Act elections Fannie Mae FHFA Freddie Mac GSE House HOUSING Rent Senate Tenants Sign up for DS News Daily Related Articles Share Save in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days agocenter_img Previous: The Mental Impact of Housing Next: An Eye on Foreclosure Prevention Act elections Fannie Mae FHFA Freddie Mac GSE House HOUSING Rent Senate Tenants 2018-11-06 Radhika Ojha About Author: Radhika Ojha 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 A Change of Order Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe November 6, 2018 2,765 Views The Best Markets For Residential Property Investors 2 days agolast_img read more

Wells Fargo Promises Reimbursement After Another Glitch

first_img Related Articles February 7, 2019 2,017 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe About Author: Radhika Ojha Sign up for DS News Daily After a day that saw many customers being unable to access their accounts or swipe their cards due to a system glitch, Wells Fargo said that it was working to restore the systems as soon as possible and promised to reverse any fees that were caused due to this issue. “We want our customers to know that any Wells Fargo fees incurred as a result of these issues will be reversed,” the bank said in a statement shared with DS News.The system issue began in the early hours of Thursday with customers being unable to access their accounts online or through its mobile app or swipe their Wells Fargo debit or credit cards. The reason? On its Twitter feed, the bank said that this was due to a power shutdown at one of its facilities, initiated after smoke was detected following routine maintenance. “We’re working to restore services as soon as possible. We apologize for the inconvenience,” the bank said.From being unable to pay their rent, to not being able to access their account to transfer money that they were putting down on their home, the systems error led to Wells Fargo customers taking to social media to air their grievances.This is the second time in the month that the bank has experienced a systems issue that has led to customers being unable to access their accounts or cards. On Thursday, customers attempting to visit its website saw a message saying that the online platform was experiencing technical difficulties, while those attempting to swipe their cards were given an error message.Last year, Wells Fargo had reported that hundreds of customers were impacted due to a software error that had incorrectly denied a loan modification or repayment plan in cases where they would have otherwise qualified. Additionally, the bank had reported that in approximately 545 of these instances after the loan modification was denied or the customer was deemed ineligible to be offered a loan modification or repayment plan, a foreclosure was completed. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Trends and Technology Shaping the Housing Market Next: Sale of $2 Million+ Homes on the Decline Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Loss Mitigation, News Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Wells Fargo Promises Reimbursement After Another Glitchcenter_img Wells Fargo Promises Reimbursement After Another Glitch Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Loan Modifications mortgage online platform rents Wells Fargo 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. Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Loan Modifications mortgage online platform rents Wells Fargo 2019-02-07 Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Share Savelast_img read more

The Industry Pulse: Updates on UBS, LRES, and More

first_imgHome / Daily Dose / The Industry Pulse: Updates on UBS, LRES, and More About Author: Seth Welborn Previous: Black, Hispanic Communities Still Feeling Legacy of Housing Crisis Next: Home Loan Delinquencies Impacted by Positive Outlook? Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Hladik industry pulse LoanScoreCard LRES Onorato & Federman UBS The Industry Pulse: Updates on UBS, LRES, and More 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. April 25, 2019 1,429 Views Servicers Navigate the Post-Pandemic World 2 days ago Subscribecenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News, Technology Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Hladik industry pulse LoanScoreCard LRES Onorato & Federman UBS 2019-04-25 Seth Welborn Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily From key hires and promotions to new technologies, catch the latest happenings in the industry in this update.Jeb Hensarling, the former Chairman of the House Financial Services Committee, has joined UBS as the Executive Vice Chairman of its Americas division. He will be based out of Dallas with regional responsibilities across all UBS Americas businesses. In his new role, Hensarling will focus on building and strengthening client relationships.Hensarling most recently represented Texas’s Fifth Congressional District in the US House of Representatives for eight terms (2003-2019). Prior to serving in Congress, he worked in both the financial services and energy industries, and practiced both corporate and real estate law.”Jeb will work closely with our leadership team, Financial Advisors and bankers to build and strengthen our most important client relationships across our businesses,” said Tom Naratil, President, UBS Americas and Co-President, Global Wealth Management. “With a long career in both politics and business, Jeb will be a great addition to our shared efforts to deliver insights and ideas that differentiate UBS in the eyes of our clients.”___________________________________________________________________________LRES, a national residential and commercial mortgage services company providing valuations, REO asset management, and HOA solutions for the mortgage and real estate industry, announced Scott Spencer as its Chief Technology Officer. In this role, Spencer will drive efficiencies by delivering technological applications, tools, and services intended to streamline and enhance the company’s current capabilities.Spencer previously served as VP and Divisional CTO of First American Mortgage Solutions, where he successfully led an IT organization in supporting and driving digital transformation across five separate lines of business. Prior to First American, Spencer held a leadership position at CoreLogic, where he served as a SVP.“Scott’s experience in IT leadership, enterprise architecture, digital transformation, cloud solutions, as well as analysis and reporting of Big Data will play a crucial role for the growth and expansion of the company. The organization is pleased to welcome him to the executive team,” said Roger Beane, CEO of LRES.___________________________________________________________________________Irvine, California-based LoanScorecard, a provider of nonagency automated underwriting systems has expanded its partnership with Deephaven Mortgage to power IDENTI-FI AUS for Deephaven’s correspondent division. LoanScorecard already powers IDENTI-FI AUS for the mortgage lender’s wholesale division.With this expanded partnership, LoanScorecard’s Portfolio Underwriter technology will power IDENTI-FI AUS, a non-QM point-of-sale/pre-qualification tool, for Deephaven’s correspondent division. IDENTI-FI AUS lets approved correspondent partners run loan scenarios and instantly determine potential options across Deephaven’s non-agency loan programs—allowing them to expand their potential borrower base.Correspondent lenders can run an AUS findings report on any loan file for a detailed breakdown of Deephaven’s qualification criteria and documentation requirements through this platform.“We’ve been using LoanScorecard’s technology for the past six months in our wholesale division and have already seen tremendous success helping LOs at the ever important point of sale,” said Mike Brenning, Chief Production Officer at Deephaven. “We’re confident leveraging LoanScorecard’s technology will allow our partners to offer non-QM products that can help them responsibly expand their businesses—and ultimately replicate the success we’ve had in our wholesale division.”___________________________________________________________________________Hladik, Onorato & Federman, LLP has announced that Bradley J. Osborne, Esquire has joined the firm as a Senior Associate. The firm notes that Brad has experience in all phases of default litigation and has handled all aspects of foreclosure, eviction, bankruptcy and collection litigation before the United States District Courts and state courts of Pennsylvania and New Jersey.  Brad received his B.S. from S.U.N.Y. College at Brockport and his J.D., cum laude, from Western Michigan University Cooley Law School.In addition to managing certain key components of the firm’s NJ and PA default cases, Brad will be part of the firm’s expanding capabilities in complex UDAAP and FDCPA defense litigation practice for lenders, servicers and investors.“We are excited to welcome Brad to the HOF family and look forward to his participation in our continued commitment to providing clients with the highest quality legal representation,” according to partner Tom Federman. Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Fintechs Leading the Way for VA Loans

first_img Servicers Navigate the Post-Pandemic World 2 days ago What kind of technology are Fintechs using in particular to get these mortgages closed quicker?Automation in general, I would say. You’ve already seen some of these companies coming out that help collect documents and databases that have a lot of the information so lenders can limit the amount of work that a borrower has to do. Then, obviously, digital mortgages and eNotes have been a hot topic this decade, and I think going into 2020 and beyond you’ll see that get more and more steam. I think that’s probably the next wave, and definitely provides a lot of value for the customers, especially in the military space. Fintechs Leading the Way for VA Loans  Print This Post September 3, 2019 1,519 Views Demand Propels Home Prices Upward 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 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. How are VA loans different than conventional loans?I’ll start with the most obvious: no down payment is the biggest difference, and it’s something that, at NewDay, we are championing in what we call Operation Home. The no down payment alone is a huge benefit to somebody that’s served, but the really unique thing that you can leverage is if you are able to structure the contract in the right way, you can actually get them into a home with no money out of pocket. That’s a huge benefit.Unfortunately, what’s happened in government lending, you’ve seen a lot of the big banks step out of the FHA and VA space. FHA has gotten a lot of press in terms of the False Claims Act and then VA is just such a unique product that it almost isn’t worth the time to spend on it, unless you’re an expert. So, unfortunately, a lot of times veterans will get steered out of the VA product even though it’s a really good product for them. From a processing standpoint, the VA has what they call entitlement. Essentially, their service earns entitlement, and as long as they perform well on their mortgage history, they can then continue to reuse that entitlement for future VA loans. There’s no minimum credit score on a VA loan, so the VA gives lenders a lot of flexibility in making good credit decisions, which is good and bad. For the big lenders that have a very defined process, and like to get as many widgets through the factory as possible, it probably isn’t a good fit. But for a company that focuses on veterans like NewDay, it’s something that we really enjoy doing to get in, understand the story, and find a way to say yes. If we feel it’s a good, low-credit risk loan, we approve those types of loans all the time. in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Why do you feel Fintechs are leading the way for VA loans?The military population is much more likely to relocate and have to move multiple times, just by definition of their commitment. And, with each move, comes a level of responsibility to meet contract dates. As we see more and more impressive technology, I think Fintechs help to ensure that veterans and active service people can meet those contract dates. It allows quicker closing times and a smoother transaction. Not that hitting a contract date for a civilian is not important, it’s just a little bit higher stakes in the military space, so being able to leverage technology to improve service is important. Tagged with: FinTech Veteranscenter_img FinTech Veterans 2019-09-03 Mike Albanese What trends are you seeing in technology that could be utilized in the Fintech process moving forward?Well I’ll start with the VA themselves. They’ve done a great job over the last 10 years, automating a lot of their processes. I mentioned VA entitlement; the VA issues a Certificate of Eligibility on every VA loan, which used to take anywhere from 24 hours to two weeks. Nowadays, about 80% of those come back automatically, just by ordering online with some personal information about the veteran’s time served.That’s been a huge boost in the ability to close VA loans quickly. And I know the VA is working on some other automation processes when it comes to servicing. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Quick Turnarounds for Foreclosure Sales Next: The July Home Price Growth Slowdown About Author: Mike Albanese The Best Markets For Residential Property Investors 2 days ago How has data changed over the past ten years or so, and how has technology has evolved?I think it’s changed leaps and bounds, honestly, and I think there’s still a long way to go. Last year and this year is really the first couple of years that you’ve seen real conversation about eNotes and digital mortgages. Ten years ago that wasn’t anywhere close to being on the radar. There were still a lot of manual processes in mortgage lending. There’s still some of that, but there’s been a lot of elimination of the manual work and I would just expect that trend to continue.I think you’ll see a lot more innovation over the next few years too. Michael Oursler, Chief Credit Officer, NewDay USAThe volume of the amount of loans originated through the Department of Veterans Affairs came to 119,048 loans for $31.9 billion during the first three months of 2019, with the average VA loan coming in at $268,213.The Department of Veterans Affairs reported the overall loan volume for Q2 2019 (fiscal-year Q3) jumped to 155,685 loans for $44.1 billion.Leading the way in the recent surge of VA loans have been Fintechs, which have four of the top-10 originators for VA loans: Veterans United Home Loans, Quicken Loans Inc., LoanDepot, and NewDay USA. What has helped put Fintechs head and shoulders above the competition? Michael Oursler, Chief Credit Officer for NewDay USA, spoke to DS News about why Fintechs are leading the charge, what differentiates a VA loan from a standard loan, and what traditional mortgage lenders can do to close the gap.  Share Save Related Articles Home / Daily Dose / Fintechs Leading the Way for VA Loans The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago How can more traditional mortgage lenders keep up, or catch up, to Fintechs?One, I would say it’s going to be tough. I think some of the lenders that are not willing to adapt and make changes may struggle, because they may be at a competitive disadvantage. Whether it’s learning from them, partnering with them, using them as a vendor, I think everyone needs to adapt to the times. With that being said, I do think there is a level of customer service and personal touch that is sacrificed any time you automate something, so if you are going to compete against Fintech and streamlined processes, you have to make up for it with customer services and a personalized borrower experience.And that’s definitely something that we take very seriously. We spent a lot of time with our veteran customers making sure we’re getting to know them.last_img read more

JPMorgan: Stocks Can Bounce Back

first_img Tagged with: Equities Investments Equities Investments 2020-03-23 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago According to Dubravko Lakos-Bujas, Chief U.S. Equity Strategist at JPMorgan, he S&P 500 can reach 3,400 in early 2021, as long as U.S. efforts to contain the coronavirus outbreak work. In a letter to clients, Lakos-Bujas wrote that he expects the S&P 500 to reach 3,400 in early 2021.“Acknowledging that equity markets globally are now down 30-50% from their recent highs, and that investor positioning has become increasingly favorable, we see an asymmetrical return profile for equities with upside significantly higher than downside over the next year,” Lakos-Bujas wrote.CNBC reports that for this scnnario to play out, the U.S. government must pass a “comprehensive fiscal package promptly.”“Aggressive fiscal policy needs to be undertaken immediately,” Lakos-Bujas said, noting that failure to pass such measures “would likely result in a broader capitulation of equities including the heavyweight momentum stocks.”S&P Global Ratings believes the effects of the COVID-19 pandemic have likely pushed the world economy into recession, dragging full-year GDP global growth down to just 1-1.5%.”We project China’s economy to expand 2.7%-3.2%, and the eurozone economy to contract 0.5%-1.0% in 2020,” they said in a statement.According to S&P, the effects of social distancing on consumer spending activity and a knockdown effect on business investment, together with the oil-price hit on capital investments in energy infrastructure and expanded travel bans, likely means a -1.0% GDP reading in the first quarter and a large contraction of 6.0% for GDP growth in the second.“The sudden economic reversal will bring intense credit pressure as a cash flow slump and much tighter financing conditions, as well as the simultaneous oil price shock, will hurt creditworthiness,” S&P says. “These factors will likely result in a surge in defaults, with a default rate on nonfinancial corporates in the U.S that may rise above 10% and into the high single digits in Europe in the next 12 months.””In other words, the U.S. is already in recession,” S&P adds. 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. Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles 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 Demand Propels Home Prices Upward 2 days agocenter_img Subscribe About Author: Seth Welborn March 23, 2020 1,160 Views in Daily Dose, Featured, Investment, News The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Special Issue: Industry Response From COVID-19 Next: IMS Datawise Launches Upkeep Servicers Navigate the Post-Pandemic World 2 days ago Share 2Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / JPMorgan: Stocks Can Bounce Back JPMorgan: Stocks Can Bounce Backlast_img read more

CFPB Issues Increased Eviction Protections

first_img Previous: Swift Sales Further Deplete Inventory Next: FHA Revises Standard Single-Family Servicing Policies  Print This Post Consumer Financial Protection Bureau (CFPB) COVID-19 eviction moratorium Fair Debt Collection Practices Act (FDCPA) 2021-04-19 Eric C. Peck Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 1 day ago Demand Propels Home Prices Upward 1 day ago About Author: Eric C. Peck in Daily Dose, Featured, Journal, News Demand Propels Home Prices Upward 1 day ago The Best Markets For Residential Property Investors 2 days ago Related Articles CFPB Issues Increased Eviction Protectionscenter_img Tagged with: Consumer Financial Protection Bureau (CFPB) COVID-19 eviction moratorium Fair Debt Collection Practices Act (FDCPA) The Consumer Financial Protection Bureau (CFPB) has issued an interim final rule in support of the Centers for Disease Control and Prevention (CDC)’s eviction moratorium. The CFPB’s rule requires debt collectors to provide written notice to tenants of their rights under the eviction moratorium, and prohibits debt collectors from misrepresenting tenants’ eligibility for protection from eviction under the moratorium.A temporary eviction moratorium ordered by the CDC has been extended through June 30, 2021. The CDC order generally prohibits landlords from evicting tenants for non-payment of rent, if the tenant submits a written declaration that they are unable to afford full rental payments and would likely become homeless or have to move into a shared living setting. This prohibition applies to an agent or attorney acting as a debt collector on behalf of a landlord or owner of the residential property.According to the CFPB, in December of 2020 about 18% of renter households were behind on their rent, meaning nearly nine million households were at risk of eviction. In a typical year, there are about 900,000 evictions nationwide. Of those nearly nine million households behind on rent, tens of thousands of renters are being evicted weekly, often without being told of their rights under the CDC moratorium. As the CDC has found, tenants who are evicted may end up homeless or in crowded or shared living settings, thus increasing their chances of contracting COVID-19.The CDC established the eviction moratorium to protect the public health and reduce the spread of COVID-19. Debt collectors who evict tenants who may have rights under the moratorium without providing notice of the moratorium or who misrepresent tenants’ rights under the moratorium can be prosecuted by federal agencies and state attorneys general for violations of the Fair Debt Collection Practices Act (FDCPA), and are also subject to private lawsuits by tenants.“With COVID-19 killing hundreds of Americans every day, kicking families out into the street during this pandemic may literally be a death sentence,” said CFPB Acting Director Dave Uejio. “No one should be evicted from their home without understanding their rights, and we will hold accountable those debt collectors who move forward with illegal evictions. We encourage debt collectors to work with tenants and landlords to find solutions that work for everyone.”Under the FDCPA interim final rule, debt collectors, including attorneys, seeking to evict tenants for non-payment of rent must provide tenants who may have rights under the CDC order with clear and conspicuous written notice of those rights. The notice must be provided on the same date as the eviction notice, or, if no eviction notice is required by law, on the date that the eviction action is filed.With the deadline for the foreclosure moratorium inching closer, the CFPB recently proposed changes to help prevent impending foreclosure actions, as the emergency federal foreclosure protections are set to expire come June 30, 2021. Given the urgency of the pandemic crisis, the Interim Final Rule will take effect on May 3, 2021. The CFPB believes this will give debt collectors time to come into full compliance. Debt collectors may begin complying with the rule before the compliance date.At the upcoming 2021 Single-Family Rental Summit, presented by The Five Star Institute, set for Wednesday, May 12 at the Four Seasons Resort and Club in Irving, Texas, top subject matter experts and skilled single-family rental practitioners will lead discussion panels and training sessions. The 2021 SFRS will answer questions and offer viable solutions related to property acquisition and management, financing, strategies for small, midcap, and large investors, and new developments related to technology and professional services.Click here for more information on this event. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 1 day ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 1 day ago Servicers Navigate the Post-Pandemic World 1 day ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago April 19, 2021 1,590 Views Home / Daily Dose / CFPB Issues Increased Eviction Protections Sign up for DS News Daily Subscribelast_img read more

Fermanagh IRA victims meet Taoiseach to discuss lax security

first_img Twitter By News Highland – October 16, 2012 WhatsApp WhatsApp RELATED ARTICLESMORE FROM AUTHOR Facebook Previous article20 new IT jobs being created in LetterkennyNext articleThousands to attend Road Safety Roadshows News Highland Pinterest Fermanagh IRA victims meet Taoiseach to discuss lax security Facebook Pinterest A group of people who suffered during the Troubles will today ask the Government to acknowledge the “inadequate” security levels provided – from the Republic’s side of the border – during the conflict.Victims will today meet with Taoiseach Enda Kenny.The group from Fermanagh says IRA attacks in the North were often planned by people living in the Republic, and not enough was done by Security forces here to prevent crimes.The delegation will be led by the North’s Enterprise Minister, DUP MLA Arlene Foster……..[podcast]http://www.highlandradio.com/wp-content/uploads/2012/10/arlen830.mp3[/podcast]center_img Google+ Calls for maternity restrictions to be lifted at LUH News Three factors driving Donegal housing market – Robinson Twitter NPHET ‘positive’ on easing restrictions – Donnelly Google+ Guidelines for reopening of hospitality sector published LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Almost 10,000 appointments cancelled in Saolta Hospital Group this weeklast_img read more