Freddie Mac’s ‘Take Root’ Programs Have Been Successful in Hardest Hit Areas

first_imgHome / Daily Dose / Freddie Mac’s ‘Take Root’ Programs Have Been Successful in Hardest Hit Areas Data Provider Black Knight to Acquire Top of Mind 2 days ago Freddie Mac’s ‘Take Root’ Programs Have Been Successful in Hardest Hit Areas avoiding foreclosure Freddie Mac Housing Counseling Milwaukee Take Root Program 2015-07-28 Brian Honea Share Save Tagged with: avoiding foreclosure Freddie Mac Housing Counseling Milwaukee Take Root Program Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Related Articles  Print This Post The Week Ahead: Nearing the Forbearance Exit 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 Freddie Mac’s Take Root program in Milwaukee, one of the areas hit hardest by the foreclosure crisis, has resulted in more than 16,400 low- to moderate-income residents being able to buy or fix a home, strengthen finances, or avoid foreclosure, according to an announcement on Freddie Mac’s blog on Tuesday.The Take Root Milwaukee program is one of three such programs Freddie Mac launched in the wake of the housing crisis. The other two are in Chicago and South Florida, which were two areas also hit hard by foreclosures.Freddie Mac launched Take Root Milwaukee five years ago, at the height of the foreclosure wave, with the idea that government agencies, financial institutions, and the real estate industry could unite to protect residential neighborhoods by forming a single network that residents can contact with one click or phone number.The program’s hotline, which can be reached at (414) 921-4149, and website connect, on average per month, more than 1,400 residents to professionals and resources provided by 32 member organizations, according to Freddie Mac.”Take Root Milwaukee’s success gives communities everywhere a road map for giving consumers a one-stop resource for buying, financing, and owning a home,” said Danny Gardner, single-family VP of affordable lending and access to credit at Freddie Mac. “Freddie Mac is proud to be a part of Take Root and to move housing forward in Milwaukee.”In five years since Take Root Milwaukee was launched, the program has provided homebuyer and foreclosure prevention resources, information, and assistance to 15,984 individuals; provided more than 12,700 individuals and families with homebuyer education and counseling; and helped more than 2,600 first-time buyers purchase a home, according to Freddie Mac. About 31 percent of those first-time buyers purchased a foreclosed home that helped stabilize Milwaukee neighborhoods.Also in the last five years, lending in minority neighborhoods has increased by 78 percent and increased in low- to moderate-income neighborhoods by 37 percent.”Take Root is a success on many levels. It has united government, the real estate industry, and financial institutions in the collaborative effort to limit the damage of residential foreclosures on Milwaukee,” Milwaukee Mayor Tom Barrett said. “And its ongoing work positively affects individuals, neighborhoods, and our entire city.” July 28, 2015 1,577 Views The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea 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 Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Former HUD Official Hopes Fair Housing Rule Sparks More Community Investment Next: GAO Reports ‘Limited Initial Effects’ of QM and QRM Regulations Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more


Sen. Warren Turns Sights Toward Wall Street Again

first_img July 4, 2016 1,219 Views in Daily Dose, Featured, Government, News About Author: Brian Honea U.S. Senator Elizabeth Warren (D-Massachusetts), whose continued fights for tough Wall Street reform may prevent her from being chosen as the vice president on Hillary Clinton’s ticket, is trying to make sure that big financial firms and not taxpayers are on the hook for losses that occur from risky derivative trading.Warren along with U.S. Sen. Mark Warner (D-Virginia), and U.S. Congressman Elijah Cummings (D-Maryland), Ranking Member on the House Committee on Oversight and Government Reform, have introduced the Derivatives Oversight and Taxpayer Protection Act in order to strengthen federal oversight of the derivatives market, which totals in the multi-trillions. Derivatives were reported by the Financial Crisis Inquiry Commission to be the center of the storm in the financial crisis.“The only way to make sure that derivatives can never lead to a financial crisis and taxpayer bailouts again is to put in place clearer rules and stronger oversight,” Warren said. “Otherwise, big financial firms will be able to rake in billions when things go well, then come back to taxpayers with their hands out when things come crashing down.”According to an announcement on Warren’s website, a lack of federal oversight of the derivatives market allowed firms to build up massive levels of leverage and risk, which resulted in billions of dollars in taxpayer bailouts and precipitated the crisis in 2008.“Reckless derivatives trading at AIG helped precipitate the global financial crisis of 2008 and usher in the Great Recession. That is why Congress required stricter capital, margin, and clearing requirements for derivatives activities in Dodd-Frank. This bill builds on our financial reform efforts by improving transparency, closing gaps in regulatory oversight, and giving CFTC resources adequate to accomplish these goals,” said Warner, who is the Ranking Member of the Senate Banking Subcommittee on Securities, Insurance & Investment.Derivatives trading has also hurt the housing market in the last year, leading to Freddie Mac taking a loss of at least $350 million in two of the last three quarters.The Warren/Warner/Cummings bill would strengthen federal oversight of the derivatives market by authorizing the Commodity Futures Trading Commission (CFTC) to collect user fees from financial firms, similar to what the SEC does, and imposing tougher penalties on those who break the rules. The bill also aims to close loopholes for firms that are looking to go around the CFTC rules, and it creates an incentive for private parties to better assess the risk of derivatives contracts by ending special treatment for derivatives in bankruptcy. 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 Related Articles Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Sen. Warren Turns Sights Toward Wall Street Again Tagged with: 2008 Financial Crisis Derivatives Trading Elizabeth Warren Wall Street Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Sen. Warren Turns Sights Toward Wall Street Again Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. 2008 Financial Crisis Derivatives Trading Elizabeth Warren Wall Street 2016-07-04 Brian Honea Previous: CFPB’s Cordray for Vice President? Next: Investing? Do Your Homework Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Subscribelast_img read more


Home Equity: Funding Business

first_img Related Articles Demand Propels Home Prices Upward 2 days ago HELOC Home Equity Minorities women 2017-08-09 Brianna Gilpin Tagged with: HELOC Home Equity Minorities women About Author: Brianna Gilpin Home Equity: Funding Business Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] August 9, 2017 1,106 Views Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Having a business idea and not knowing how to fund it can be a daunting task, but there may be one option that entrepreneurs are forgetting about—drawing from home equity. According to a recent report by the National Association of Homebuilders (NAHB) citing new data from the U.S. Census Bureau, home equity has been used to start 284,618 or 7.3 percent of all businesses in the U.S.The Annual Survey of Entrepreneurs (ASE) collects economic and demographic data on different aspects of business ownership in major U.S. industries for three years beginning in 2015. What they found is that six industries in particular use home equity at higher rates than others.Accommodation and food services (10.3 percent), other services with the omission of public administration (9.8 percent), retail trade (9.7 percent), and manufacturing (9.3 percent), however also experience lower rates of profitability and average $50,000 to $99,000 worth of funding as startup capital. Also on the list, real estate and rental and leasing came in with 4.9 percent of business pulling from home equity and construction at 6.9 percent.The survey also took into account demographic data when looking at funding from home equity. Women owned businesses (60,200 firms) were slightly more likely to use home equity than men (162,086 firms), coming in at 7.8 percent and 6.6 percent respectively. Of those that had equal ownership (61,311), 10.8 percent used home equity.Breaking the data down by race, Pacific Islander or Hawaiian business owners (371 firms) used home equity 10 percent of the time. American Indian or Alaskan Native (1,769 firms) had 9.1 percent use home equity, Asian (30,794 firms) at 9.0 percent, Black or African-American (5,485 firms) at 7.8 percent, and White (241,574 firms) at 7.3 percent.According to NAHB, home equity plays a substantial role in U.S. business, but for women and racial minorities it’s even more imperative, particularly with African-American. Though the Census Bureau’s Housing Vacancy Survey shows African-American’s having below average rates of homeownership, home equity is allowing them to have a slightly above average showing in funding entrepreneurship. Home / Daily Dose / Home Equity: Funding Business The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Previous: HUD: Enough is Enough Next: Are NPL and RPL Markets the Key to Investor Growth?  Print This Post Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily last_img read more


PACE Financing Risks—A Fresh Look

first_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Sign up for DS News Daily Previous: Top 3 Housing Trends Next: Will Wage Growth Bring Relief to Homebuyers? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago PACE Financing Risks—A Fresh Look Tagged with: ABS asset-backed securities green homes PACE renewable energy  Print This Post ABS asset-backed securities green homes PACE renewable energy 2018-07-05 David Wharton July 5, 2018 12,052 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: David Whartoncenter_img Related Articles Home / Daily Dose / PACE Financing Risks—A Fresh Look 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 Demand Propels Home Prices Upward 2 days ago Share 100Save First introduced in California in 2014, Property Assessed Clean Energy (PACE) financing has since allowed more than 220,000 homeowners to make “green” improvements to their properties. PACE allows property owners to secure all the upfront financing they need, then pay that off over terms of up to 30 years at a fixed interest rate. However, PACE financing has been occasionally controversial within the industry, and now a new analysis from Kroll Bond Rating Agency has examined whether those concerns were justified.Unlike traditional mortgage loans, PACE financing doesn’t require a down payment or even a monthly payment. Instead, the loans are repaid through an addition to the home’s property taxes over time. The PACE assessment contract also follows the property itself, rather than the property owner—in the event the property is sold, the new owner would then inherit the responsibility to repay via those property taxes, as well as the risk of a tax foreclosure if they fall behind. PACE also does not involve the same underwriting standards as traditional mortgage loans, with underwriting focused primarily on the value of the property and with the relevant state and local governments having discretion when it comes to setting those standards. Moreover, “the lien associated with a PACE assessment has priority over any lien(s) held by any mortgagor(s).”However, the PACE industry has experienced several positive developments over the past decade, and concerns about foreclosures on properties with PACE assessments “may be overstated,” according to Kroll’s report. Based on a review of PACE assessments in California—the largest market for PACE financing—Kroll found Kroll “no significant difference” between property-tax delinquency rates for PACE and non-PACE homes.“We anticipate that in a home foreclosure with a mortgage lender that all taxes in arrears, including the PACE assessment, would be fully repaid,” the Kroll report states. “Almost all counties in the three states included in PACE securitizations thus far prohibit partial payments of real estate taxes, preventing selective defaults on PACE assessments under existing standards.”Furthermore, Kroll reports that PACE has spurred the adoption of underwriting policies that hinge upon the borrower’s ability to repay. “Greater focus on the consumer’s ability to pay and improving consumer protection practices are also viewed as positive developments for the industry,” the report states.Kroll also notes that “public residential PACE asset-backed securities issuances have exhibited higher than expected prepayment rates.” The conditional prepayment rates (CPRs) on residential PACE ABS transactions “have ranged from 10.1 percent to 18.9 percent, which is generally in line with CPRs for FHFA or Fannie Mae-backed residential mortgage-backed securities,” the report reads. “KBRA views the relatively higher than anticipated CPRs as a credit positive since higher CPRs have resulted in a faster amortization profile and shorter weighted average life of the PACE ABS transactions, thereby reducing ‘tail risk’ for these long-term transactions.”“Further, as prepayments reduce the overall pool size, liquidity reserve accounts are available to cover a greater portion of the remaining lien delinquencies,” the report continues.To read Kroll Bond Rating Agency’s full report on PACE financing, click here. To read more about the past and future of PACE financing, click here. in Daily Dose, Featured, Foreclosure, Journal, Market Studies, News Subscribe The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more


Caring for Veterans Past Veterans Day

first_img Cheryl Travis Johnson HOUSING mortgage Veteran VRM 2018-11-20 Rachel Williams Zakiya Larry is an ‘Elevation Strategist’ who elevates brands, moods, and influence through strategic public relations, keynote speaking, brand polishing, and media coaching. She is also the CEO of Quest Media Training, providing media coaching for executives, rising political stars, professional athletes, and entrepreneurs. She also served as the long-time Director of Media Relations for T.D. Jakes Ministries. Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago November 20, 2018 1,503 Views Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Featured / Caring for Veterans Past Veterans Day Previous: An Update on California Wildfires Next: Fannie Weighs in on Housing Subscribe Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago in Featured, Media, Newscenter_img  Print This Post Tagged with: Cheryl Travis Johnson HOUSING mortgage Veteran VRM Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The recent observance of Veterans Day included well wishes and gestures of gratitude, from parades in Smalltown USA, to millions of social media mentions from celebrities to everyday people, expressing awareness of the magnitude of service and immeasurable benefits Americans enjoy because of the committed men and women who have served in the U.S. armed forces.When the day is over and the celebrations fade, there are reminders that there remains a critical need for tangible support of veterans.In October 2018, the veteran unemployment rate was 2.9  percent, an improvement from the unemployment rate of 3.7 percent reported for 2017, and down from 4.3 percent rate reported in 2016, according to the United States Department of Labor. But, there is still work to be done.VRM Mortgage Services (VRM), a leading real estate solution provider assisting government agencies and financial institutions, has invested more than a staggering $90 million in veteran-owned businesses since 2012.A corporation with a conscience, VRM also invests countless manpower hours by proactively seeking veterans to participate in its national vendor network and partnering with local organizations, like NPower, to recruit veterans for internships and full-time employment at its corporate headquarters.The U.S. Census Bureau’s Survey of Business Owners found that substantially all veteran-owned businesses (99.9 %) were small businesses. VRM sees this as an opportunity for collaboration.Operating in all 50 states, VRM also maintains a nationwide network of real estate professionals including real estate brokers and agents, property preservation vendors, and real estate attorneys. VRM’s leadership sees this sector as an additional opportunity to engage and support veterans. VRM’s Program Leads actively seek veterans and their small businesses to become a part of this sought-after nationwide network.Cheryl Travis-Johnson, EVP and COO of VRM, shares that VRM’s multi-layered support of veterans is far more than a collection of initiatives, and headline-grabbing financial spends, but a foundational philosophy.”Our support of veterans is about their future and the future of our country,” says Cheryl Travis-Johnson. “Engaging veteran-owned, small businesses through our extensive, results-driven network boosts the economic opportunities for veterans year over year. VRM is proud to work with these honorable men and women. This is our ‘why.'”She asserts that the landmark economic investment is notable, but, VRM’s effective management of the United States Department of Veterans Affairs (VA) real estate owned and loan portfolio benefits the communities in which veterans live and work by restoring neighborhoods, reducing disposition cycle times, and stabilizing home values.Illustrating this commitment, since 2017 VRM has achieved 240 percent of its subcontracting goal for engaging veteran-owned, small businesses while, at the same time, VRM exceeded government-established thresholds for subcontracting small, women-owned, small-disadvantaged, hub-zone, and service-disabled businesses.VRM’s SVP of Procurement and Risk Management, Tiffany Fletcher, said, “Cultivating a diverse and inclusive vendor network is a priority at VRM. In the history of managing the VA portfolio, we are proud to be the only service provider to exceed all socio-economic goals.” Fletcher continued, “In addition, veteran-owned businesses represent the largest portion of our direct spend. VRM takes pride in providing access and opportunities to veteran-owned, minority-owned and small businesses that they might not have otherwise been afforded.”Whether via statistics, news stories or dinner-table conversations, it has become widely known that veterans face unique challenges after having borne the weight of service, unimaginable to countless civilians.While, alongside a grateful nation, VRM extended gratitude and appreciation to United States veterans on their special day, it is easy to understand why at VRM every day is Veterans Day. Servicers Navigate the Post-Pandemic World 2 days ago Share Save Caring for Veterans Past Veterans Day About Author: Zakiya Larrylast_img read more


Iowa Gov.: Foreclosure Moratoriums Will Not be Extended

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Coronavirus Foreclosure 2020-05-29 Mike Albanese Sign up for DS News Daily  Print This Post Iowa Gov. Kim Reynolds announced that home foreclosure and rent evictions moratoriums will not be extended, according to the Quad City Times. The Governor, instead, said a program will be established to provide financial assistance to borrowers in Iowa who have lost income or faced foreclosure eviction.Reynolds, according to the Quad City Times, had temporarily suspended foreclosures and rental evictions as a part of her administration’s responses to COVID-19. This was done to offset the closures of Iowa businesses, which caused unemployment levels to spike to record highs. This order expired on Wednesday.The report states the proposed program will be funded by federal money designed for pandemic response efforts by the Iowa Finance Authority—a state agency that operates housing assistance programs. Reynolds said she plans for the program to be operational by the end of the week. “We’ll take a look at the numbers and take a look at who qualifies, then we’ll set aside the appropriate amount of funding to meet the needs of Iowans during this really difficult time,” Reynolds said. “We’re just changing the parameters in which we’re providing the assurance that individuals aren’t thrown out of their homes in these really difficult times.”The Federal Housing Finance Agency (FHFA) announced in May that foreclosure and eviction moratoriums for loans backed by Fannie Mae and Freddie Mac have been extended to June 30. Deadlines were set to expire on May 17. “During this national health emergency, no one should be forced from their home,” said FHFA Director Dr. Mark A. Calabria. “Extending the foreclosure and eviction moratoriums protects homeowners and renters with an Enterprise-backed mortgage and provides certainty for families.”The FHA announced that it would halt all new foreclosure actions and suspend all foreclosure actions currently in process, excluding legally vacant or abandoned properties. Also, the Administration will cease all evictions of persons from FHA-insured Single Family properties, excluding actions to evict occupants of legally vacant or abandoned properties.“We made it clear at the beginning of this pandemic that no American should have to worry about losing their home amidst a crisis. Today’s announcement ensures that commitment,” said U.S. Department of Housing and Urban Development (HUD) Secretary Dr. Benjamin Carson. “While we have made great strides in fighting this virus, the fact remains that many Americans are still struggling as we work diligently to get our economy back on sound footing, which I have full confidence we will do through the leadership of the President.” 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Coronavirus Foreclosure Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago About Author: Mike Albanese Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: The Week Ahead: Will Forbearance Volumes Continue to Flatten? Next: Communities Face an Active Hurricane Season Amidst COVID-19 Home / Daily Dose / Iowa Gov.: Foreclosure Moratoriums Will Not be Extended Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago May 29, 2020 1,662 Views in Daily Dose, Featured, Foreclosure, News Iowa Gov.: Foreclosure Moratoriums Will Not be Extended Subscribelast_img read more


Industry Experts Discuss CWCOT Changes

first_img Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. in Daily Dose, Featured, Journal, News, Secondary Market Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Auction.com Carrington Holding Company cwcot FHA HUD LoanCare ServiceLink SitusAMC Related Articles Home / Daily Dose / Industry Experts Discuss CWCOT Changes The Best Markets For Residential Property Investors 2 days ago Share Save Subscribe Industry Experts Discuss CWCOT Changes Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Industry experts expect HUD’s recent updates to the CWCOT program to help improve efficiencies and minimize losses, according to a complimentary DS News webinar that was presented this week by Auction.com.You can watch a recording of the webinar here.The webinar, entitled “CWCOT Update: What Servicers Need to Know,” aired Tuesday afternoon, attracting an audience of mortgage servicing and property preservation professionals interested to learn more about the changes to the Claims Without Conveyance of Title program.Wes G. Isley, Senior Managing Director of Carrington Holding Company LLC, moderated the conversation, which outlined the history of the program, as well as details of what the recent changes, outlined in a HUD mortgagee letter, mean from an operations standpoint.The CWCOT program began in 2013 as an FHA claim option in which insurance benefits are paid to a mortgagee, after the sale of the property to a third-party purchaser at foreclosure of the FHA-insured mortgage, or through post-foreclosure sales efforts.“For some 85 years … FHA has supported the housing market through just about every regional and national economic cycle,” said Tim Rood, Head of Industry Relations for SitusAMC.FHA’s success at minimizing losses “are less notable,” he said—hence the much-anticipated changes, which had been campaigned for by industry groups such as the National Mortgage Servicing Association.As the FHA explained in a July statement, these latest CWCOT enhancements take into consideration public feedback received earlier this year when a first draft was posted on the Single-Family Housing Drafting Table.The enhancements will make FHA’s CWCOT program “more viable for foreclosure sales associated with defaulted FHA-insured mortgages,” the FHA added in the same statement.Jesse Roth, SVP of Strategic Partnerships and Business Development at Auction.com, detailed some of the more significant changes, which include allowing mortgagees to submit eviction costs and certain eligible property preservation expenses incurred during post-foreclosure sales opportunities.“This means that you aren’t out of pocket on these properties if they sell through second chance, and also means you should start eviction proceedings immediately,” Roth explained.He also discussed changes to the appraisal allowance—a second appraisal upon vacancy for a property that had an exterior-only appraisal, where an interior appraisal could not be obtained is now permitted.“HUD will reimburse the cost of a new appraisal if the first was exterior only, and reset the [Commissioner’s Adjusted Fair Market Value] CAFMV based on the new appraisal,” Roth said.“Getting the property vacant faster means you’ll be able to reset the CAFMV before you hit the conveyance deadline,” he added. “This fixes one of the largest structural issues with the CWCOT program.”There exists “real excitement about the changes within the servicing community,” said the final panelist, Dave Worrall, President of LoanCare, a ServiceLink company, who went into specifics related to putting the new CWCOT standards into practice.”A lot must be done to implement [the changes],” he said. “Like with any change, compliance is key.” Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Previous: Fannie Mae’s Doug Duncan Discusses Economic Landscape Next: How COVID-19 Is Reshaping the Market Auction.com Carrington Holding Company cwcot FHA HUD LoanCare ServiceLink SitusAMC 2020-08-05 Christina Hughes Babb August 5, 2020 1,546 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Christina Hughes Babblast_img read more


Details of an audit on countrys speed limits to be unveiled

first_img Calls for maternity restrictions to be lifted at LUH Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey WhatsApp WhatsApp News Facebook By News Highland – November 21, 2013 Twitter Previous articleNext articleCriminal Justice agencies in the North spend 30 million pounds every year News Highland Pinterest The Minister for Transport is to unveil details of an audit of the speed limits on the country’s roads today.The plan comes a year after Leo Varadkar appointed a working group to assess areas where the limit may be too high or too low.Chairman of the Road Safety Authority, Gay Byrne, says there is a lot of confusion surrounding speed limits and how to read them:[podcast]http://www.highlandradio.com/wp-content/uploads/2013/11/09byrn1.mp3[/podcast] RELATED ARTICLESMORE FROM AUTHORcenter_img Pinterest Need for issues with Mica redress scheme to be addressed raised in Seanad also Twitter Facebook Google+ Guidelines for reopening of hospitality sector published Almost 10,000 appointments cancelled in Saolta Hospital Group this week Google+ Details of an audit on countrys speed limits to be unveiled LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton last_img read more


New planning guidelines could allow roadside development

first_img Minister McConalogue says he is working to improve fishing quota Facebook Pinterest Twitter Facebook Need for issues with Mica redress scheme to be addressed raised in Seanad also RELATED ARTICLESMORE FROM AUTHOR Newsx Adverts Strict rules governming developments beside national primary and secondary routes could soon be relaxed. New guidelines are being discussed which could provide opportunties for new developments to be undertaken.North West MEP Pat the Cope Gallagher says the discussions on planning policy and roads could end an anamoly whereby development proposals, even on lighly trafficked roads in Donegal, are automatically blocked by the National Roads Authority.Mr Gallagher says this allow much vacant land around Donegal to be used. LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Google+ 70% of Cllrs nationwide threatened, harassed and intimidated over past 3 years – Reportcenter_img Twitter Google+ Pinterest Guidelines for reopening of hospitality sector published New planning guidelines could allow roadside development By News Highland – March 11, 2010 Almost 10,000 appointments cancelled in Saolta Hospital Group this week WhatsApp WhatsApp Previous articleShould Letterkenny mark its 400th birthday next year?Next articleBuncrana council launches major tourism drive News Highland last_img read more


Ireland unlikely to participate in EU mission to Central African Republic

first_img Twitter RELATED ARTICLESMORE FROM AUTHOR Man arrested on suspicion of drugs and criminal property offences in Derry Twitter Dail to vote later on extending emergency Covid powers The EU has approved a military mission to the Central African Republic (CAR).French troops are already trying to keep peace in the troubled African state.Conflict has escalated in the CAR with almost 1 million people fleeing the violence.The Tanaiste Eamon Gilmore has already ruled out Irish involvement in any EU mission.”I think it is unlikely that Ireland will participate in that mission because we’re already very heavily committed with the troops that we already have in UNIFIL in Lebanon, and the mission we sent recently to the Syrian border….which was a special request by the United Nations Secretary-General that we would send that mission” he said.”I think it is understood among other countries that we are already very heavily committed in our overseas commitments by our defence forces” he added. Man arrested in Derry on suspicion of drugs and criminal property offences released Dail hears questions over design, funding and operation of Mica redress scheme PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal WhatsApp Facebook Google+center_img Ireland unlikely to participate in EU mission to Central African Republic WhatsApp Facebook Google+ News By News Highland – January 20, 2014 Previous articleIncrease in dog thefts in Donegal – owners urged to be vigilantNext articleWomen asked to reduce risk & attend cervical cancer screening News Highland HSE warns of ‘widespread cancellations’ of appointments next week Pinterest Pinterestlast_img read more