May 2021

first_img  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago April 6, 2018 893 Views Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Journal, Market Studies, News Home Values Job Growth 2018-04-06 Staff Writer Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Fight Against Urban Blight Finds Unexpected Ally Next: How Homebuying Millennials Must Adapt Sign up for DS News Daily Related Articles Share Save Demand Propels Home Prices Upward 2 days agocenter_img Tagged with: Home Values Job Growth As Jobs Grow, Home Listing Prices Follow 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 ago Home / Daily Dose / As Jobs Grow, Home Listing Prices Follow The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Kristina Brewer is a graduate of the University of North Texas (UNT), where she received her Bachelor of Arts in English with a concentration in rhetoric and writing and a minor in global marketing. During this time, she served as Director of Philanthropy in the national women’s fraternity Zeta Tau Alpha, of which she is an alumna. Her passion for philanthropy continued after university when she was an intern at Keep Denton Beautiful, a local partner of Keep America Beautiful, where she drove membership, organized events, and led social media campaigns. Brewer honed her writing at the North Texas Daily, UNT’s student-run newspaper where she wrote about faculty, mentorship, and student life. Brewer also previously worked at Optimus Business Plans where she helped start-ups create funding proposals, risk assessments, and management plans. You can reach her at [email protected] In a report released by the U.S. Department of Labor, surveys found that total nonfarm payroll employment increased to 103,000 in March, while the unemployment rate remained unchanged at 4.1 percent, for the sixth consecutive month. “In March, a net of 103,000 additional jobs were created, a slowdown from February, but still enough to make the 90th consecutive month of job growth,” said Danielle Hale, Chief Economist from Realtor.com. “Since October 2010, 17.9 million jobs have been added to the economy. But this weaker than expected job growth may lead to more fluctuations in the stock market as it recovers from this week’s potential trade war news.” Hale goes on to project what this may mean for the housing and mortgage industry.“Home prices continue to steadily increase, driven by demand and the overall strength of the job market. Unemployment remains low at 4.1 percent. As new workers join the workforce, there’s potential for even more demand to be added the housing market which could drive prices even higher. In March, listing prices rose 8 percent year-over-year and are easily on track to surpass last year’s highs.”The number of unemployed persons changed little, at a reported 6.6 million in March, while the number of long-term unemployed, or those jobless for 27 weeks or more, accounted for 20.3 percent of unemployed persons. The labor force participation rate was 62.9 percent in March, with the employment-population ratio holding at 60.4 percent. “The unemployment rate has remained flat for six straight months, and the average workweek held on to the increase in the prior month. Wages picked up during the month, but the year-over-year rise has held within the narrow band seen since late 2017,” said Doug Duncan, Chief Economist at Freddie Mae. “The 15,000 drop in construction employment—the weakest in three years—following the 65,000 gain in February—the strongest in more than a decade—supports the view that the February-March swing in hiring was likely weather-induced noise. Despite hiccups in some economic activity amid increasingly heated rhetoric on trade, our growth outlook and our call of three Fed hikes this year have not changed, though downside risks appear to be intensifying.”In March, construction employment decreased by 15,000, following a large gain in February of 65,000. Nonfarm payroll employment grew in manufacturing (22,000), with the durable goods component accounting for nearly three-fourths of the jobs added, as well as healthcare (22,000), and mining (9,000) with gains reflective in support activities for mining and oil and gas extraction. Employment in professional and business services continued to trend up in March (up 33,000) and has risen by 502,000 over the year. About Author: Kristina Brewerlast_img read more

first_img 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]  Print This Post Lori Eshoo founded National Tax Search (NTS) in 1997 and serves as the company’s President and CEO. She has 34 years’ experience in commercial and residential property management, valuation, and tax compliance. During her first 15 years in the industry, Eshoo served as National Account Manager for Real Estate Tax Services and as Tax Manager with VMS Realty Partners. Eshoo has been recognized for her entrepreneurial excellence and innovative vision through the Ernst & Young Entrepreneur of the Year Award and has received ABA Stevies Awards for the International Women Entrepreneurs in Technology and Best Entrepreneur in Business under 100 Employees.Eshoo recently spoke with DS News about the challenges occurring within the single-family rental space, how the industry is changing, and what investors should know before they enter this sector of the market.What trends are you are seeing within the single-family rental space?Risk continues to grow as it relates to the products that I manage for owners or lenders. The market is changing over on the government side. Within that, property tax—highest liability, highest expense for a real estate owner—changes.Agencies are not as willing to negotiate with property owners, and taxes are moving very quickly, which they have not in the past. Markets are changing overnight every year. They’re shortening their timeline in which they’re taking delinquent taxes.The typical foreclosure process for a lender takes 120 days. Within that timeline, however, if they’re not aware of what’s going on with their non-escrow loan and they don’t act until closer to the end, they could have lost that asset to tax sale within that timeline. You must understand every area of the country and what elements you need to pay attention to so that you don’t get into a risky situation and lose your asset.How do you keep on top of that sheer volume of information?We have an entire agency department that has been gathering data for over 21 years. We go through a thorough review of all the data elements for each new loan or asset that comes in. What do we need in order to manage and pay property taxes, down to penalties and interest? How do we get the information? Can we get it automated or not?Depending on what state you’re located in, you’re either in a tax-sale state or a tax-lien state. There are two different processes. In tax-sale, they’ll sell your taxes to a buyer and you normally have a redemption period. Even as an investor, if it is sold, you still have some time to redeem it back. In a tax-lien state, it may take longer, but by the time it’s in that process, the asset is gone. You have no time to redeem. You really have to understand the timing and what state you’re working with. That’s what we do all day long.We update 90 days before each first installment, throughout the year. We’re asking specific questions for thousands of agencies, undertaking all of the detailed administrative work. For instance, who do we make the checks to? In addition to that, we ask questions about the tax-sale process—has it changed, is it changing? We gather extremely detailed data so our clients don’t have to.What are some of the challenges that you see as far as continuing to evolve and adapt to working in this space?The biggest area that we’re focused on with our client base is the tightening and shortening of timelines in which your risk will occur. Managing property taxes, we’re on top of that every year. We know things are moving. In Cook County, where we’re located, your second installment is due in August. The tax sale of that second installment will go as quickly as December, whereas residential comes after commercial and that was always a year after first-quarter tax sale. It’s very quick.We’re seeing that across all areas, but the other area is HOA in super-lien states. Times are changing. Management companies are going to take more of a role and move through the foreclosure process quickly, which is going to cause more risk for investors.The other challenge is PACE loans, which are an administrative nightmare. A lender may say, we don’t want to insure any loans that have PACE involvement. Well, the problem with PACE loans is that you can search a property at the time you are underwriting and it may not have a PACE loan. But who’s to say the owners can’t take it out two months later? There’s no notification to a lender that this property owner is taking out this loan, but it affects the overall property taxes because it will be assessed as a special assessment to your property tax. It can be a span of 5-25 years of paying back these loans. Then these loans transfer, property transfers, and the buyer is not aware of it. There’s a lot of confusion around PACE loans and the overall management and administration of that product. We research and manage PACE loans to reduce risk for our clients.What is your advice for investors looking to enter the single-family rental investment space?Have a thorough underwriting of each one of your assets as you’re boarding. You’re buying portfolios and you may pick and choose and say, do a snapshot of my risk on these portfolios. That will give you an idea of what you’re buying into, but once you’ve purchased the property, you need to do a thorough delinquency search, check on your HOA, and make sure there’s no PACE loan assessed as a special assessment.Once you complete that review, then you will know what you’re managing. If you do have a delinquent or sold tax out there, we’ll give you the timeline you have to rectify that situation before you lose your asset. It may not be tomorrow. You may have two years before you have to do anything, but you need to be aware of what you own and what you’re dealing with.Is there anything you wish that more people understood about your job?It’s complex and high liability. We offer a kind of “insurance.” As a property owner, move that risk off to us as your trusted specialists. We take on your risk. We know what we’re doing, and we have some of the industry’s most comprehensive data. We have decades’ worth of experience getting the necessary information. It’s why so many portfolio owners and lenders turn to us to reduce their risks. Subscribe Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Lori Eshoo National Tax Search Property Taxes rental investments Single Family Rental 2018-05-18 David Wharton The Best Markets For Residential Property Investors 2 days ago Previous: William Mueller Joins Equator as National Sales Director Next: Freddie Mac Appoints John Krenitsky as CCO About Author: David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Investment, Journal, Newscenter_img Managing Risk in Real Estate Investment Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago May 18, 2018 2,262 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Managing Risk in Real Estate Investment Tagged with: Lori Eshoo National Tax Search Property Taxes rental investments Single Family Rental Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more

first_imgHome / Daily Dose / Legal Trends, Challenges in the Servicing Industry in Daily Dose, Featured, News, Print Features Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Attorneys Servicing Servicers Navigate the Post-Pandemic World 2 days ago Share Save Attorneys Servicing 2019-05-22 Mike Albanese Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Mike Albanese May 22, 2019 1,416 Views  Print This Post Subscribecenter_img Previous: New York Fed: Snapshot of Consumer Housing Expectations Next: Investing in Short-Term Rentals Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Legal Trends, Challenges in the Servicing Industry Editor’s note: this piece originally appeared in the May edition of DS News.Prior to joining The Wolf Firm, Janaya L. Carter served as a managing attorney of a prominent mortgage banking law firm based in the Northwest with offices throughout the country. Carter has spent the majority of her 17 years in practice handling residential civil litigation, with particular emphasis on evictions, bankruptcies, non-judicial foreclosures, and judicial foreclosures. Carter has been called upon to speak at a variety of mortgage industry events, including the Legal League 100. She is considered by her peers to be an experienced leader that constantly demonstrates impeccable knowledge of the law, unparalleled litigation expertise, and an ability to execute regardless of the circumstance.What are the most important trends and challenges facing default servicing and the attorneys working in that space?Especially in Washington and Oregon, our default rates are extraordinarily low, so the challenge facing firms is maintaining a strong employee base and also possibly diversifying into different areas. During my career, I have seen some traditional servicing functions that servicers handled when I started shifted over to firms such as ours. Managing your team and ensuring you have the proper technology in place to deal with the more administrative functions of handling things like evictions, bankruptcies, and foreclosures is becoming more and more important in our industry, just to offset the added overhead costs.Washington and Oregon have seen a unique challenge over the past few years in that we’ve seen a lot of trustee litigation that now has started to come to a resolution, and there were a lot of business expenses associated with defending that. There were some questions about the interpretation of the statute dealing with non-judicial foreclosures. That’s resolved to some extent, but that has, in the last few years, been a big challenge. On the Oregon front, the state has traditionally been a non-judicial state, and we saw a large-scale conversion to judicial over a four- or five-year period of time. The influx of that into the court system was a huge challenge. We are now getting back to business as usual, but it took a long time to return to that.What are some of the other challenges and opportunities a low-volume environment presents?There was a time when a firm would typically have a paralegal, maybe a legal assistant, and an attorney, and all of those people were providing all of the functions related to a particular case from start to finish. Now, we’re having to consider whether we have a solid technology platform and whether we can break some of those functions out from the team that are better served through automation.Technology is a huge focus in enhancing how efficient we are, in reexamining our processes to ensure they make sense, and in helping to offset some of the increased functions that law firms are having to handle.Where is the default side of the industry innovating in terms of technological processes?Oregon and Washington have been very focused on the pre-foreclosure mediation process—getting out in front of the foreclosure and having the borrower involved through that process. In Oregon, there is a portal that is accessible to any party going through the mediation, and any documents that are discussed, any documents that are actually being handled through the mediation process, are made available through that portal. They can see everything that’s being uploaded.That was a focus for the Oregon mediation program so that the borrower had visibility into documents that were being submitted by the servicer. It also has cut down on some of the back-and-forth that borrowers were experiencing when they were going through loss mitigation.Washington has also made some changes to the state administrative code that requires some of our servicing clients to provide visibility to the borrowers on where they are at in the loss mitigation process. It was done quickly, and I know that some servicers were struggling to figure out how they were going to do that— whether they would need to modify systems that they already had in place. I haven’t actually heard from servicers how they’re addressing that yet, but I believe there was some difficulty because of the way that passed and came into being, as well as the shortness of time.With Obduskey v. McCarthy Holthus recently having been settled by the U.S. Supreme Court, are there any other major cases default servicing professionals should be watching closely?That’s a good question. Obduskey is interesting because it talks a lot about the non-judicial process, but, for whatever reason, our western states, although they’re non-judicial states, tend to have higher rates of judicial foreclosures. It will be interesting seeing how that plays into things like a judicial foreclosure in the state of Oregon. If you look at the Oregon judicial process, it’s more like a non-judicial in the sense that there’s not actually a monetary judgment against most borrowers and there’s not typically a deficiency judgment against most borrowers. You can only get it in certain circumstances, and it’s pretty rare.So now what we’re struggling with is, how does that apply to a judicial foreclosure? We don’t know what it means for a state like Oregon, where you don’t have a means of collection you would in a normal judicial foreclosure. Washington is a little bit different in that you can get a judicial or you can get a deficiency in most cases, as long as you plead it.As far as the western states, we’re pretty quiet. We have already seen massive changes as far as borrower protections. California had the Homeowner Bill of Rights. Washington has the Foreclosure Fairness Act. Oregon rolled out mandatory mediation. It’s an opt-out state, so you have to initiate mediation no matter what if you want to foreclose judicially or nonjudicially. Then the borrower decides whether or not they want to participate, but you have to do it. There’s some fine-tuning in the legislature, but I don’t anticipate anything huge for our states for the time being.Some people are predicting a recession around the corner, and if that happens, we’ll see an influx of requests for loss mitigation. The difficulty, from a firm standpoint and from a servicer standpoint, is that as we’ve seen default rates fall, you’ve seen staffing reductions. It’s important to be able to take time and make sure that we’re adequately staffed and ready to go, especially from a servicer’s perspective, because that was part of the big problem when the last recession hit—they couldn’t keep up with the level of loss mitigation requests that they were getting. Staffing is going to be probably the biggest challenge.The industry is more prepared today than we were when the last recession happened, and that has its advantages and disadvantages. We’re certainly more likely to have strong processes in place because of the enhanced auditing that we’ve gone through over the last few years. Some of the changes that have happened in the industry have actually been beneficial and could better prepare us for the next recession. The Best Markets For Residential Property Investors 2 days ago Related Articles Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more

first_img Share Save Alan Jaffa, CEO, Safeguard PropertiesBeginning Sunday, November 3, industry leaders converged on The Mayflower Hotel in Washington, D.C., for the 2019 National Property Preservation Conference (NPPC). Presented by Safeguard Properties, the event included collaborative discussions about topics including code violations, vendor management, hazard claims, and other challenges and hot topics facing the property preservation sector.After an opening night reception Sunday evening, NPPC kicked off in full Monday morning with a welcome speech from Safeguard Properties CEO Alan Jaffa. Continuing the legacy of Safeguard’s founder, the late Robert Klein, the National Property Preservation Conference brings together a cross-section of industry stakeholders to brainstorm on challenges such as natural disaster response, regulatory compliance, and more.”I’m always energized by this conference and what it provides for our MCS team as well as the industry,” said MCS CEO, Caroline Reaves. “It’s the one time each year when we all get together and focus solely on property preservation. The MCS team always looks forward to this conference, as it provides an opportunity for open, honest dialogue with our peers in the industry.”Delgado and MontgomeryMonday morning also featured a Q&A session with The Hon. Brian D. Montgomery, Assistant Secretary for Housing—Federal Housing Commissioner, United States Department of Housing and Urban Development. Speaking with Ed Delgado, President & CEO, Five Star Global, Commissioner Montgomery discussed recent policy changes, including HUD’s increased role in oversight of the False Claims Act.Dr. Benjamin Carson, Secretary of the Department of Housing and Urban Development, announced last week that HUD was implementing changes to annual eligibility certifications, loan limit certifications, and defect taxonomy under the Act, alterations which were designed to bring more depository lenders back to originating FHA loans.Commissioner Montgomery told the crowd that HUD had been engaged in an ongoing dialog with the Justice Department from “day one” of the Trump administration regarding how to better manage the False Claims Act. Montgomery added that HUD had felt strongly that the annual eligibility certifications, loan limit certifications, and defect taxonomy changes all needed to be addressed at the same time.Ed Delgado, President & CEO, Five Star GlobalFacing hurdles such as a government shutdown in the midst of this process, Commissioner Montgomery said the work on the False Claims Act revisions gained a new head of steam under Attorney General William Barr. After revising an initial document of proposed changes down from “around 12 pages to around six or seven pages,” HUD and the DOJ were able to come to a consensus, Commissioner Montgomery said.Speaking of the changes and the revised procedure for handling False Claims Act cases, Commissioner Montgomery said, “It’s a good suite of products, because it speaks to when something has materiality, and it’s a very prescribed set of circumstances.”Delgado also hosted his annual “State of the Industry” panel. This year, he was joined by industry leaders including:Alan Jaffa, CEO, Safeguard PropertiesBrian Martin, COO, Dakota Asset ServicesCaroline Reaves, CEO, Mortgage Contracting ServicesTim Rood, Chairman and Managing Director, SitusAMCShubha Shivapurkar, Senior Director, Non-Performing Loans, Single-Family Operations, Freddie MacJacob Williamson; VP, Single-Family Real Estate, Fannie MaeLeft to right: Delgado, Jaffa, Shivapurkar, Martin, Rood, Reaves, WilliamsonThe panelists discussed the most pressing challenges facing property preservation, including foreclosure rates, the fight against urban blight, technological innovations, and intervention practices.“We live in a cyclical business,” Delgado said. “As much as we keep saying foreclosures are at 20 to 30-year lows … we’re starting to see some stress fractures in the housing economy that suggest that there is another trending cycle coming in.”Jaffa explained how some government entities have taken an aggressive stance against mortgage servicers and lenders to remediate issues stemming from vacant properties. He suggested that the industry should be more proactive.Caroline Reaves then gave an overview on the strength of the property preservation industry heading into 2020, and why now is the time for companies to be innovating.“One of our clients said, ‘No one is innovative when you’re busy, because you don’t have time to be.’ We took that to heart,” Reaves said. “We’ve gone in and spent this time investing in technology.”“We’ve put a lot of control and technology in place to make sure, as an industry, that we’re stronger, because [the economy] will turn,” Reaves continued.The NPPC will continue through Tuesday, November 5, with more discussion and updates. Click here to learn more. Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Loss Mitigation, News November 4, 2019 1,655 Views Home / Daily Dose / HUD’s Montgomery, Property Preservation Leaders Discuss Industry Challenges The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 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. About Author: Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily HUD’s Montgomery, Property Preservation Leaders Discuss Industry Challenges Demand Propels Home Prices Upward 2 days ago  Print This Post Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Apple Joins Fight Against California’s Housing Crisis Next: FHFA Seeks Input on Universal Mortgage-Backed Securities Practices Tagged with: FHA HUD NPPC Property Preservation Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago FHA HUD NPPC Property Preservation 2019-11-04 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

first_img  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Blackstone Group Leaves Single-Family Rental Business Subscribe Previous: Update on Executive Hires and Partnerships Next: $100B Housing Bill Proposed to Address “Housing Affordability Crisis” in Daily Dose, Featured, Investment, News Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Blackstone Rental The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img About Author: Seth Welborn 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. Home / Daily Dose / Blackstone Group Leaves Single-Family Rental Business Blackstone Rental 2019-11-21 Seth Welborn Share Save Demand Propels Home Prices Upward 2 days ago November 21, 2019 5,005 Views Related Articles The Best Markets For Residential Property Investors 2 days ago The Blackstone Group Inc. has sold the last of its shares in Invitation Homes, the company’s rental business. Blackstone sold around 11% of Invitation Homes’ shares for about $1.7 billion, made about $7 billion since the home rental business went public in 2017, according to the Wall Street Journal.Invitation Homes says that certain selling stockholders affiliated with Blackstone have started a secondary offering of 57.6 million shares of Invitation Homes common stock. Upon completing the offering and Blackstone’s related distribution of its remaining 300,452 shares in Invitation Homes to its partners, Blackstone will no longer beneficially own shares in Invitation Homes, according to Seeking Alpha.“We created a company from scratch. It was created on a yellow pad. It was an idea. Now it’s a real business,” Jonathan Gray, Blackstone’s President, told the Wall Street Journal.Blackstone created the Invitations Homes unit in 2012 in response to the housing crisis in order to capitalize on the growing demand for rental properties coming largely from people who lost homes to foreclosure in the crisis and were unable to obtain mortgage credit to buy another home. Through Invitation Homes, Blackstone became one of the biggest landlords in the U.S.When Invitation Homes officially went public in 2017, it oversaw approximately 50,000 housing units, the largest pool of rental homes across 14 of the nation’s metropolitan markets. Blackstone stated on its website that the platform creates jobs and provides high quality, affordable housing for families nationwide.In July 2016, Blackstone first announced the intention to go public with Invitation Homes at some point in the first half of 2017 in order to capitalize “on a rally in U.S. single-family rental landlords to list the biggest company in the industry.”In December 2016, Reuters and the Wall Street Journal reported that Blackstone had “filed confidentially for an initial public offering” with regard to Invitation Homes. Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Loss Mitigation, News, Print Features Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Additional $63M in Aid Approved for Puerto Rico Next: Studying Foreclosure Numbers in New York City February 12, 2020 2,943 Views Servicers Navigate the Post-Pandemic World 2 days ago Related Articles  Print This Post Denis Brosnan is the President and CEO of Dallas-based DIMONT, a provider of specialty insurance and loan administration services for the residential and commercial financial industries in the United States. Additional information is available at www.dimont.com. Servicers Navigate the Post-Pandemic World 2 days ago A Proactive Approach to Loss Mitigation Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Loss Mitigation 2020-02-12 Denis Brosnan Editor’s note: This feature originally appeared in the February issue of DS NewsDuring the 2010s, our industry saw foreclosures fall to record lows as the economy experienced a full decade without a recession. At the same time, however, residential properties were negatively impacted by a host of natural disasters with a scope and frequency not seen before. As we now transition from one decade to another, servicers are sensing the inevitable impact of a future economic correction paired with a predicted continuation of severe weather events nationwide and are working to proactively evaluate the potential impact on loan portfolios.The reality today is that servicers face significant risk in expeditiously managing the liquidation of distressed properties due to a number of different types of claims, each with its own unique, strict requirements—all adding to the complexity of the filing process. Those with FHA loans in their portfolio are impacted most as FHA home retention (incentive) claims and home disposition (foreclosure) claims are among the most scrutinized investor claims. Of these, approximately six out of 10 claims filings are deficient due to either inappropriate depletion of escrow funds or claiming inappropriate expenditures, resulting in the assessment of monetary penalties by the Department of Housing and Urban Development (HUD).The result is almost $9,000 on average in loan-level losses per file due to FHA claim filing errors—errors that HUD often converts into fines since submitting inaccurate claims for reimbursement can be viewed by HUD as fraud. In instances such as these, the loss is then multiplied by the number of non-performing loans within the servicer’s portfolio.In many cases, these errors, fines, and inefficiencies are largely avoidable. The majority of loan-level losses stem from the failure of either internal staff or outsourced claims service providers to perform effective due diligence of the circumstances of the case file. Losses can also occur from the filer’s lack of knowledge of reimbursable items, mistakes in proper identification of the appropriate automatic interest extensions (i.e., an interrupted foreclosure sale due to bankruptcy or loss mitigation actions) or the servicer failing to utilize HUD-approved extensions where applicable.To counter this threat, many servicers are leveraging a mortgage loss analysis strategy to support final review of case files from default through final disposition of investor claims. In mortgage servicing, “loss analysis” generally describes the final review of the case file from default through final disposition, performed to ensure that all available funds have been recouped. The process includes an evaluation of accrued interest and whether FHA timeframes were met; identifies gaps in upstream processes, vendors that may consistently cause losses, and/or any opportunities to recover additional funds. In many cases, missed reimbursable items can be recouped through supplemental claim filings or by tapping into available indemnities of service providers.This ensures that all available funds have been recouped from either the guarantor (GSE) or the insurer (FHA or MI carrier), as it relates to the claim itself. Doing so positions servicers to recoup any reimbursable expenses that were missed during the initial claim filing, as well as provides a feedback loop to servicing managers to improve their internal processes and the provisioning of third-party services on non-performing loans.Perhaps more importantly from a strategic planning perspective, data analytics enables servicers to better identify problematic patterns that once remedied, can prevent costly future error duplication in claims filing and within the default loan servicing process. Success, of course, lies in appropriate training, technology and quality control processes and procedures. Too often, those filing loan claims (whether on staff or outsourced) are unaware of generating recurring errors or, alternatively, if motivated by production, tend to be less interested in recuperating the maximum allowable reimbursements than in simply completing the largest number of claims.There are some proven steps that servicers can take to improve their claim recovery efforts, including:Having appropriate documentation—Often, the root cause of a loss lies within the billback process, which makes proper documentation and tracking crucially important. There is no small amount of documentation required, as every block and expenditure reflected on the claim must be supported. Loss analysis reviews usually expose deficiencies in a servicer’s documentation, enabling supplemental claims for these items and pinpointing areas in technology, training, or processes that require improvement.Understand the rules on reimbursable items—Due to the complexity of the FHA claims process, servicers or their claims service providers often either neglect to claim reimbursable items or fail to claim the appropriate amounts. This demands a proper review of not only unclaimed items, but also ensuring that reimbursable items were properly documented and billed. Servicers and investors need a full breakdown of the total interest loss (note rate vs. debenture rate), itemized corporate and escrow disbursement losses, reasons for each loss, and potential vendor bill back opportunities. Common non-reimbursable items can include: occupied property inspections without supporting documentation or where there was contact with the borrower; escrow disbursement for hazard insurance when the declaration pages did not support the period coverage or the correct amount of the policy; and/or over-allowable property preservation expenses claimed without the appropriate HUD approval.Adherence to HUD’s timeframe for filing claims—This seems simple, but servicers often underestimate how rigorous the claims guidelines are. Staying within HUD’s timeframe for filing claims is crucial for servicers looking to avoid curtailments of interest and expenses. Servicers must also determine whether a missed timeframe deadline indicates a lack of knowledge by claims filing staff or simply a processing mistake, and then takes steps to address it.A well-executed mortgage loss analysis provides access to loan-level data that is often buried within multiple levels of service transfers and documents usually housed within different systems. That claim data is then carefully evaluated to determine if each line item was paid in full or curtailed. If curtailed, the expressed reasoning (whether interest calculations, recoverable expenses, non-recoverable/over-the-allowable expenses, etc.) must then be verified against FHA guidelines and regulations. Finally, reconciliation file documentation is required on confirmed losses and follow-up actions to recoup additional funds through supplemental claims or indemnity requests. All of this must be appropriately constructed for audit purposes later.According to the FHA’s Single-Family Loan Performance Trend Report, it takes servicing companies an average of 12 months to convey a foreclosed property to the FHA, yet nearly 80% of FHA claims filed received an interest curtailment penalty because of a missed timeframe. Given the opportunity for extensive loan-level losses from incorrect FHA claims filings and the prospects of penalties for fraudulent claims, servicers are correctly concerned about the issue. While mortgage loss analysis can be a complex process to execute properly, there is value in servicers gaining a detailed look into each loan, finding gaps in upstream processes, recognizing vendors that consistently cause losses, and identifying opportunities to recover additional funds. Doing so positions servicers to maximize recouped expenses and avoid the costly, systemic errors that generate penalties repeatedly over time.center_img Tagged with: Loss Mitigation Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Share Save The Best Markets For Residential Property Investors 2 days ago Subscribe Home / Daily Dose / A Proactive Approach to Loss Mitigation About Author: Denis Brosnanlast_img read more

first_img Demand Propels Home Prices Upward 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Journal, News About Author: Christina Hughes Babb Despite a recent climb in homeownership by Black Americans, new data shows that Black mortgage applicants are denied at a rate 80% higher than their white peers.Starting in the 1930s, a practice called “redlining” widely denied mortgages in neighborhoods deemed “hazardous,” which were predominantly non-white. Though outlawed in 1968 as part of the Fair Housing Act, homes in formerly redlined areas continue to have lower values, and this analysis shows continued mortgage inequity.The scars of redlining are still visible in the housing market today, researchers at Zillow reported.”At a time when racism is at the front of many Americans’ minds, the disparity in mortgage rate denials is yet another reminder that the housing market—and country—have not done enough to address inequities and heal the scars from an unjust past,” said Zillow Economist Joshua Clark. “The mortgage approval process is rooted in a racially unjust history that persists to make homeownership a far more difficult dream to achieve for many black Americans. Owning a home is a major way to generate, keep, and pass down wealth, and unequal access to mortgages only serves to further entrench inequality.”Based on demographic data from the 2017 US Census Bureau’s American Community Survey to determine the racial population makeup for ZIP codes, the analysis found that all applicants living in predominately Black neighborhoods are more likely to be denied a loan. That rate increases for people of color.Although there has been progress in increasing the Black homeownership rate, a Zillow analysis of the most-recent Home Mortgage Disclosure data suggests work remains to fully address the disparities the Black population faces.Compared to 46% of white buyers, 59% of Black homebuyers reported that they are concerned about qualifying for a mortgage in the first place, according to Zillow survey data. And while mortgage denial rates overall have fallen over the past decade, inconsistencies remain along racial lines.While the Black homeownership rate has increased to 44%—its highest level since 2012— it still lags far behind the overall homeownership rate of 65.3%. Values of homes owned by black people are also significantly behind, typically worth 17.6% less than the overall American home value of $218,2034. According to the latest Zillow Housing Aspirations Report (ZHAR), 63% of black respondents and 58% of white respondents say owning a home is necessary to live “The American Dream.”One step toward solving this problem is reforming credit scoring systems (including allowing rent payments to be positively reflected in credit scores), which would expand access to capital for underserved communities of color. Other possibilities include expanding funding for the U.S. Department of Housing and Urban Development (HUD) Fair Housing education and enforcement efforts or further legislation like that proposed in New York, designed to take aim at lingering inequalities within the housing market as a whole. Sign up for DS News Daily Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago 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. 2020-08-07 Christina Hughes Babb The Week Ahead: Nearing the Forbearance Exit 2 days ago Challenges Remain When Chasing the American Dream 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 Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Previous: Household Debt Decrease Reflects Pandemic-Related Spending Decline Next: The Week Ahead: Update on Jobless Claims Home / Daily Dose / Challenges Remain When Chasing the American Dream August 7, 2020 1,658 Views Subscribelast_img read more

first_img 448 new cases of Covid 19 reported today Google+ Calls for maternity restrictions to be lifted at LUH Police in Strabane are appealing for information after a young girl was mugged yesterday eveing.The attack happened between 6 and 630 yesterday evening as the young woman made her way down Bradley Way towards the Urney Road.She had been walking home after doing her shopping in a local supermarket.Local Cllr Patsy Kelly has appealed for anyone with any information to contact the PSNI……[podcast]http://www.highlandradio.com/wp-content/uploads/2011/12/pkel530.mp3[/podcast] Pinterest Facebook Three factors driving Donegal housing market – Robinson By News Highland – December 16, 2011 Twitter Facebook Guidelines for reopening of hospitality sector published Police in Strabane appeal after young girl muggedcenter_img Pinterest WhatsApp Previous articleCourt told Elvin was not a registered financial advisorNext articleHundreds turn out for protests against proposed cuts to CE Schemes News Highland Twitter News Help sought in search for missing 27 year old in Letterkenny WhatsApp NPHET ‘positive’ on easing restrictions – Donnelly RELATED ARTICLESMORE FROM AUTHOR Google+last_img read more

first_img Facebook Motorists advised to avoid non-essential travel as Storm Frank hits Donegal RELATED ARTICLESMORE FROM AUTHOR Pinterest Twitter Homepage BannerNews Pinterest Flooding around the country could top the worst of what was experienced during Storm Desmond.Storm Frank is expected to hit the north west, west and south coast this afternoon – with the storm reaching hurricane force winds out to sea.While this level of wind won’t reach the mainland the wind and rain will be extensive.Local Authorities are advising motorists to avoid all non-essential travel.Jim Casey from the Office of Public Works, is warning that flood levels are likely to increase, and that sea walls will be tested:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/12/flood3.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Previous articleAppeal for information following burglary and attempted burglary in DerryNext articlePeople pay their respects as former Kerry footballer dies following crash in America admin Facebook Twitter Almost 10,000 appointments cancelled in Saolta Hospital Group this weekcenter_img WhatsApp GAA decision not sitting well with Donegal – Mick McGrath Google+ Google+ Nine Til Noon Show – Listen back to Wednesday’s Programme WhatsApp By admin – December 29, 2015 Calls for maternity restrictions to be lifted at LUH LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Guidelines for reopening of hospitality sector published last_img read more

first_img Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Roads passable despite snowfall Need for issues with Mica redress scheme to be addressed raised in Seanad also Facebook Twitter The county woke up to a blanket of snow this morning.Parts of Donegal experineced heavy sleet and snow overnight.All roads are passable despite the snowfalls which are not nearly as heavy as we saw before Christmas. By News Highland – March 12, 2011 Almost 10,000 appointments cancelled in Saolta Hospital Group this week Previous articleDonegal searches follow seizure of Seven million contraband cigarettesNext articleMore details on cigarettes seizure News Highland WhatsApp News Google+center_img Pinterest Twitter Google+ Guidelines for reopening of hospitality sector published Calls for maternity restrictions to be lifted at LUH WhatsApp Pinterest Facebook LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton RELATED ARTICLESMORE FROM AUTHORlast_img read more