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Bipartisan Bill Introduced In Congress Aimed At Preventing Fed Bailouts

first_img Demand Propels Home Prices Upward 2 days ago Bipartisan Bill Introduced In Congress Aimed At Preventing Fed Bailouts Previous: Bill Passes House With Amendment Barring DOJ From Funding Disparate Impact Claims Next: Single-Family Rental Market Experiencing Shift Toward South and Midwest Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Tagged with: Bailouts Federal Reserve Too Big to Fail U.S. House of Representatives Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Share Save Related Articles Servicers Navigate the Post-Pandemic World 2 days agocenter_img Three weeks after a bipartisan bill was introduced in the U.S. Senate to limit the Federal Reserve’s authority to bail out big banks, similar bipartisan legislation was introduced in the U.S. House of Representatives, according to an announcement on Representative Scott Garrett’s (R-New Jersey) website.Garrett and Mike Capuano (D-Massachusetts) introduced H.R. 2625, also known as the Bailout Prevention Act (BPA) of 2015 in response to the Fed’s perceived failure to make any meaningful changes with regards to implementing certain provisions of Dodd-Frank that would limit the Fed’s broad powers.The BPA would prohibit the Fed from lending to insolvent financial institutions; require a “penalty rate” for borrowers that are using  a lending facility under Section 13(3) of the Federal Reserve Act, which was the basis for the Fed to bail out some of the nation’s largest financial institutions that were deemed by the government as “too big to fail” with trillions in low-cost loans; establish criteria for determining if a lending facility is broad-based (facilities under Section 13(3) are required to have a minimum of five borrowers); require Congressional approval for those facilities that are not considered broad-based under the new criteria; and make reports available to the public in a timely manner (within 60 days).”Amidst the financial crisis of 2008, we witnessed the worst kinds of government cronyism when huge financial institutions were bailed out through section 13(3) of the Federal Reserve Act without much prudence or oversight,” Garrett said. “While Dodd-Frank promised to end the cycle of ‘too big to fail,’ all it did was codify this unfair practice into law and put the American taxpayers on the hook for untold billions—or even trillions—of dollars. I’m happy to introduce this bill with Representative Capuano to implement the systemic changes and Congressional oversight needed to ensure that the notoriously opaque Federal Reserve is held accountable to our constituents.”The bill introduced in the Senate last month, also called the Bailout Prevention Act, was sponsored by Elizabeth Warren (D-Massachusetts) and David Vitter (R-Louisiana).”America’s largest financial institutions received unprecedented assistance from the Federal Reserve during the crisis, much of it unknown to the Congress or public at the time,” Capuano said. “While the Dodd-Frank Act brought some reforms, the perception lingers that some financial institutions are simply too big to fail and could be bailed out again. This perception has consequences favoring the biggest players in the financial system. We may not know today what the next crisis will look like, but we all have a right to know the full extent of measures that may be taken to prevent a crisis. This legislation will help protect taxpayer dollars by increasing oversight of the Federal Reserve’s emergency lending powers and bringing much needed transparency to the process.” Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Bailouts Federal Reserve Too Big to Fail U.S. House of Representatives 2015-06-04 Brian Honea June 4, 2015 1,048 Views in Daily Dose, Featured, Government, News Home / Daily Dose / Bipartisan Bill Introduced In Congress Aimed At Preventing Fed Bailouts Data Provider Black Knight to Acquire Top of Mind 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

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SunTrust, Comerica Offer a Mixed Bag in Q3 Results

first_img Banks Comerica Earnings Profits SunTrust 2015-10-16 Brian Honea Kerri Panchuk is an attorney and financial writer with more than a decade of experience covering real estate, default servicing, residential mortgage-backed securities, retail, macroeconomics, and commercial real estate. Panchuk graduated from the Southern Methodist University Dedman School of Law and texas Tech University, Panchuk previously served DSNews.com as online managing editor/producer and webcast anchor. In April, she rejoined the Fiver Star Institute as executive director of member groups, overseeing the development and growth of the National Appraisal Congress and Title and Closing Coalition. Panchuk is a member of the State Bar of Texas. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Kerri Panchuk Demand Propels Home Prices Upward 2 days ago  Print This Post SunTrust, Comerica Offer a Mixed Bag in Q3 Results Sign up for DS News Daily Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago SunTrust and Comerica earned mixed reviews after reporting year-over-year profit declines in the third quarter, according to the banks’ earnings statements released Friday.Still, analysts expecting less from each lender reacted favorably to both reports.Dallas-based Comerica reported net income of $136 million, or 74 cent a share, in the third quarter of 2015—a 12 percent drop from year ago earnings of $154 million, or 82 cents a share.Still, Comerica managed to best analyst estimates of earnings in the 70 cent-per-share range.While Comerica CEO and Chairman Ralph Babb celebrated growth in average loans, which rose by $1.8 billion, or 4 percent, Comerica felt the sting of higher technology and regulatory costs, as well as negative migration in loans related to energy.Overall, Babb said credit quality remains strong, but Comerica did increase its allowances for loan losses from $592 million in the third-quarter of 2014 to $622 million in the most recent period.Meanwhile, allowances for credit losses on lending-related transactions edged down from $50 million in the second quarter to $48 million in the most recent period—while still rising from $43 million a year earlier.In addition, net charge-offs—an indication that a bank no longer expects to collect from a debtor – increased by $5 million to $23 million, or 0.19 percent of average loans in 3Q—compared to $18 million, or 0.15 percent in the second quarter.SunTrust also delivered a few pleasant surprises Friday, reporting net income of $519 million, or $1 per share. Analysts expected a much lower profit of roughly 84 cents per share.Still, SunTrust reported an 8 percent drop in earnings from the third-quarter of 2014, when the bank reported a profit of $563 million, or $1.06 per share.“Our fundamentals are strong and, despite the challenging operating environment, I am confident in our ability to deliver further value to our clients and shareholders as we continue to execute against our key strategies.”“SunTrust delivered solid earnings performance in the third quarter, driven by continued loan and deposit growth, improved efficiency, and strong asset quality trends,” said William H. Rogers, Jr., chairman and chief executive officer of SunTrust Banks, Inc. “Our fundamentals are strong and, despite the challenging operating environment, I am confident in our ability to deliver further value to our clients and shareholders as we continue to execute against our key strategies.”SunTrust noted that average loan balances remain stable, and the firm reported growth in both the mortgage and consumer direct loan product lines. Those areas of growth were offset by pay downs in commercial loans and lower consumer indirect loans.Overall loan quality also improved with nonperforming SunTrust loans declining 4% from the previous quarter and net charge-offs in the third-quarter declining to $71 million in the third quarter, down from $128 million a year earlier. The Best Markets For Residential Property Investors 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago October 16, 2015 1,027 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Related Articles Previous: VRM University Unveils Diversity & Inclusion Self-Assessment Tool Next: Household Formation Has Accelerated After Eight Years at Low Levels Home / Daily Dose / SunTrust, Comerica Offer a Mixed Bag in Q3 Results in Daily Dose, Featured, News Tagged with: Banks Comerica Earnings Profits SunTrustlast_img read more

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Low Defaults Anticipated to Bolster RMBS Performance

first_img The Best Markets For Residential Property Investors 2 days ago Related Articles Low Defaults Anticipated to Bolster RMBS Performance The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Could the Sale of Distressed Loans Decrease Foreclosures? Next: The Markets with the Highest Rental Rate Increases Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Sign up for DS News Daily center_img December 6, 2016 1,188 Views Moody’s Investor Service RMBS 2016-12-06 Kendall Baer in Daily Dose, Featured, News About Author: Kendall Baer Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Low Defaults Anticipated to Bolster RMBS Performance Share Save All post-2010 RMBS are anticipated to have strong performance as pre-2010 RMBS weak performance gradually improves, according to Moody’s Investors Service 2017 RMBS Outlook. The report attributes this forecast to steady home price appreciation, low interest rates, and the furthering of standardized servicing.Moody’s forecasts that RMBS transactions will continue to improve due to prepayments and low defaults. The report also notes that single-family rental transactions’ performance is anticipated to remain stable. The report does expect that there is a potential for improvement among operators that could reduce operating expenses in these transactions, though.“Low default and steady prepayment rates will continue to bolster post-2010 RMBS performance, while RPL/NPL transactions will continue to benefit from low unemployment and rising wages in the coming year,” says Moody’s VP, Youriy Koudinov. “Similarly, robust demand for rental accommodation, rising home prices and strong interest alignment between SFR operators and bondholders will bolster the performance of SFR transactions.”The report states that Moody anticipates pre-2010 RMBS will experience a decline in new defaults and a stabilization of re-default rates on previously modified loans.“Any credit profile improvement will be deal-specific because generally improving credit performance will be offset by increased performance volatility stemming from a declining number of loans backing the transactions,” says the report. “Lower default rates and generally steady-to-declining loss severity rates will in most cases bolster the recoveries on senior bonds first, and on subordinated bonds in the long run.”Further the report notes that tail risk is also declining as transactions age and remaining borrowers prove their ability to make payments. Moody says that this reduces their likelihood of default.“As stronger borrowers repaid earlier, weaker borrowers remained in the pools,” adds the report. “However, by now, remaining borrowers who have stayed current on their mortgage payments since issuance or after modification have demonstrated a strong commitment to home ownership through the housing crisis.”To view the full 2017 RMBS Outlook, click HERE. Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Tagged with: Moody’s Investor Service RMBSlast_img read more

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Pending Home Sales Rebound, or Not . . .

first_imgHome / Daily Dose / Pending Home Sales Rebound, or Not . . . HOUSING Lawrence Yun mortgage National Association of Realtors Pending Home Sales 2017-11-29 Nicole Casperson Tagged with: HOUSING Lawrence Yun mortgage National Association of Realtors Pending Home Sales Demand Propels Home Prices Upward 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected]  Print This Post Previous: What’s in Store for Appraisals? Next: Yellen Talks Economic Outlook as Tenure Winds Down Pending Home Sales Rebound, or Not . . . On Wednesday, the National Association of Realtors (NAR) released its Pending Home Sales Index (PHSI) for October, reporting the first rebound after three consecutive months of reduced activity.The index, based on contract signings, rose 3.5 percent to 109.3 in October from 105.6 in September, making October the highest reading since June 2017.However, the index is still slightly below last year’s data by 0.6 percent. NAR’s Chief Economist Lawrence Yun attributes this to the supply and affordability challenges the market experienced most of the year.“Although homebuilders are doing their best to ramp up production of single-family homes amidst ongoing labor and cost challenges, overall activity still drastically lags demand,” Yun said.Annually, existing inventory has decreased every month for 29 months straight, and the number of homes for sale at the end of October was the lowest for the month since 1991.“Until new home construction climbs even higher and more investors and homeowners put their home on the market, sales will continue to severely trail underlying demand,” Yun said.In October, pending sales were driven higher by the South, which experienced a rebound despite hurricane-related disruptions in September. Although, the bounce back wasn’t enough to impact the year-over-year decrease.“Last month’s solid increase in contract signings were still not enough to keep activity from declining on an annual basis for the sixth time in seven months,” Yun said. “Home shoppers had better luck finding a home to buy in October, but slim pickings and consistently fast price gains continue to frustrate and prevent too many would-be buyers from reaching the market.”Regionally, the PHSI in the South increased 7.4 percent to an index of 123.6 in October and is currently 2 percent higher than this time last year. In addition, the index in the West declined by 0.7 percent in October to 101.6 and is now 4.4 percent below 2016.Pending home sales in Northeast rose slightly by 0.5 percent to 95.0 in October but is 1.9 percent below a year ago. In the Midwest, the index increased 2.8 percent to 105.8 in October but remains 0.9 percent lower than last year.As 2017 comes to a close, NAR forecasts existing-home sales to finish at about 5.52 million—representing an increase of 1.3 percent from 2016 to 5.45 million. Meanwhile, the national median existing-home price for 2017 is predicted to increase by about 6 percent.To view the full report, click here. The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Nicole Casperson Data Provider Black Knight to Acquire Top of Mind 2 days ago November 29, 2017 1,584 Views Related Articlescenter_img Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago 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 Subscribe in Daily Dose, Featured, Journal, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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Why Are Consumer Default Rates Rising?

first_imgHome / Daily Dose / Why Are Consumer Default Rates Rising? Share Save The Best Markets For Residential Property Investors 2 days ago About Author: Radhika Ojha January 15, 2019 9,118 Views Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Why Are Consumer Default Rates Rising? Sign up for DS News Daily 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribecenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Rents vs. Home Prices Next: D.C.’s Address Confidentiality Act Consumer credit default Home HOUSING Interest rates S&P 2019-01-15 Radhika Ojha in Daily Dose, Featured, Foreclosure, News Consumer default rates are rising and even though they’re least apparent in first mortgage default compared to credit cards and auto loans, the latest S&P/Experian Consumer Credit Default Indices said that this trend was a signal for caution across credit markets.The indices, which represent a comprehensive measure of changes in consumer credit defaults, indicated a rise of six basis points in the composite rate to 0.89 percent in December 2018. While the bank card default rate rose 25 basis points to 3.34 percent, auto loan default rate increased 10 basis points to 1.03 percent.The default rate on first mortgages showed the least uptick rising three basis points to 0.67 percent. Despite this rise, mortgage default levels remained slightly below the 0.68 percent recorded during the same period last year.The report noted that December 2018 was first time since January 2017 that all loan types and all major metropolitan statistical areas (MSAs) showed a higher default rate month-over-month.”The economic pictures behind the three lending sectors–autos, mortgages, and bank cards–reveal different patterns,” said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Down Jones Indices. “Housing is pressured by rising prices and higher mortgage rates. Sales of both new and existing homes are weakening. Auto sales were steady in 2017 and 2018 at slightly more than 17 million vehicles sold each year. Retail sales and consumer spending saw continued growth in 2018 with few signs that credit tightening was having any impact.”Additionally, Blitzer said that it was almost two years since default rates across the three sectors and all the five cities tracked by the indices rose together. “These trends, combined with gradual increases in market interest rates during 2018, point to increasing pressure on the availability of consumer credit as the economy shifts from the fast path of growth last year to what analysts expect to be a slower, more sustainable pace in 2019,” he said.Looking at the five MSAs covered by the indices, default rates in Miami increased 41 basis points to 1.93 percent due to a sharp increase in the first mortgage component in this area. New York rose 13 basis points to 0.96 percent, Chicago by four basis points to 0.88 percent, Dallas by three basis points to 0.85 percent, and Los Angeles by two basis points to 0.52 percent. Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Consumer credit default Home HOUSING Interest rates S&P Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Postlast_img read more

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Counsel’s Corner: Navigating the Bankruptcy Space

first_img The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago February 22, 2019 1,255 Views Editor’s note: This feature originally appeared in the February issue of DS News.In her role with the Padgett Law Group (PLG), Keena Newmark leads the firm’s bankruptcy practice, the practice’s national unit, related bankruptcy litigation, and oversees the firm’s expansion into Texas. She is based out of PLG’s Dallas, Texas, office. Newmark has dedicated her career to the representation and advocacy of automotive and residential mortgage servicers and lenders. Her practice areas of expertise include bankruptcy law, bankruptcy litigation, and general creditors rights’ practice.Throughout her career, Newmark has worked alongside numerous national mortgage servicers to advise on the federal and state laws impacting bankruptcy, litigation, and other areas of the default servicing industry. As a leader, Newmark employs a client-centric approach to provide strategic solutions to complex legal matters. Most recently, she has been focusing on implementing and improving servicing processes and procedures with a particular focus on individual consumer and commercial filings. Newmark is uniquely experienced in legal and operations with specific experience in bankruptcy, bankruptcy litigation, and general creditors’ rights practice. Before joining PLG, she held various operational leadership and attorney management roles at two large national bankruptcy practices. Her experience has afforded her a deep understanding of the challenges many creditors face while servicing an active bankruptcy.How does the current low-level environment for foreclosures and delinquencies translate into the bankruptcy world? Do they tend to run parallel?It does have an effect because sometimes a bankruptcy is filed as a result of a borrower wanting to cure their mortgage, so there is a correlation. We have taken the current environment as an opportunity to evaluate efficiencies within our firm. Are the right people in the proper roles? Can we make processes that are manual more systemic?It’s about enhancing the experience for our servicers. We’re not only maintaining but increasing relationships during a time that most are losing volume. We haven’t let the volumes take us off course from the mission, which is continuing to maintain and grow. During times of reduced volume, some firms view people as the first source of reducing costs, but what we’ve tried to do is examine people as part of the solution instead.We look at the subject-matter expertise of each individual and try to determine what we can offer the servicers, whether in a project context or outside of default but in a general servicing aspect. It’s about shifting resources, and it’s done well for us in that regard. From a bankruptcy context, it’s been two-fold. We are continually growing because we’re taking the holistic resources of the firm and using them to build efficiency and a better product for the servicer. Within that, there’s also an examination of that particular resource for use for the servicer. So we’re using that resource both internally, to develop or enhance technology or processes, and also externally to the servicer. What service have we not offered before, whether it’s by project or permanent, that we now can provide because we have the subject-matter expertise to do so.As far as a relationship between default volumes and bankruptcy, the purpose of bankruptcy is securing a fresh start. There’s no time limit to when the borrower is seeking it. So whether that’s a default before the point of foreclosure or an act of foreclosure, it might be the first opportunity when the borrower understands that bankruptcy might be a way for them to stay within their home and cure their arrearage. From a firm perspective, we make sure that once someone has filed bankruptcy, if there is an act of foreclosure in place, we’re being mindful and stopping the proceeding in the state court because of the stay.It’s important to have a strong process in place to communicate quickly and timely, so we’re ceasing all foreclosure actions, or the servicer’s foreclosure firm is ceasing action. Then we can proceed with whatever recommendations we may have in the bankruptcy context.Within the bankruptcy space, what are the particular challenges that you’re confronting right now? One hot topic right now within bankruptcy is safe harbors. Essentially, what is considered “reasonable bankruptcy attorney’s fees”?That impacts recoverability against the borrower for the servicer, but it’s also going a step further right now as far as determining what the proper mechanism for collecting those bankruptcy attorney’s fees is once a reasonable amount is set. Another item is just the overall legal landscape. From a bankruptcy perspective, when you have both footprint states and a national bankruptcy practice such as Padgett, you need to be aware of jurisdictional rules, case law that’s developing, which changes are happening, and the actions of agencies such as the Consumer Financial Protection Bureau (CFPB). Making sure we are digesting all that information promptly, having proper change management controls so that we’re notifying all attorneys and operations, and then notifying our clients with a recommendation so that they can continue the discussion. It’s a daily evolution of those items in the legal landscape. Everyone’s interested in what’s going to happen with the recent confirmation of Kathy Kraninger to the CFPB. She’s mentioned that she wants to pave her own way, so we’re all looking to see what that means.What does that chain of communication look like between the firm and your various servicer clients?I’ll give you an example. There was an alert that happened from the trustee that came out of a particular jurisdiction. So we met internally as part of the Attorney Bankruptcy Committee and discussed the effects of that letter. From there, we then created a formal change-management submission. The Change-Management Committee met for us to discuss implementing the change and what that looks like. Once it was approved, we created a pair of email blasts—one for internal and one for external. The internal one concerns what needs to be changed and working with IT and compliance to change the system of record, as well as instructions for the staff and how to better understand that change. We do something similar externally. We had a blast that went to all of our contacts on the list from our various client servicers, and it explained what the notification was, what the change is, what our recommendation is—an easy how-to guide, if you will, with points of contact for escalation. We try to make sure that as we find out things, our servicers do as well, but it’s always paired with a recommendation so that we can be helpful to the client.What is it that you enjoy about working in bankruptcy operations?I love managing people—looking at a team, identifying who’s best at research, who’s best at litigation, who’s best at all these different pieces that are needed to make a successful bankruptcy team. I love that daily challenge of that. Bankruptcy is a moving target; there’s a structure, but there’s also quite a bit of gray. Attacking these problems is a daily challenge, whether it’s case law that changes the way that we may look at a litigated topic or a consent order that our client may face. It’s just problem-solving.What do you wish more people understood about what you do?The biggest misconception is about what the role of the bankruptcy attorney or bankruptcy firm is. We are an extension for facilitating communication on behalf of the servicer. But the servicer’s goal and the servicer firm’s goal is to resolve the matter and make sure that it’s done compliantly and to the benefit of the borrower. It’s that “to the benefit of the borrower” part that people don’t quite understand. We are here to facilitate and communicate, but we all want to come to a resolution that’s to the best benefit of the borrower. We have the common objective, so let’s communicate with one another to figure out what that is. We’re not playing on opposite teams; we’re playing on the same team. Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton  Print This Post 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] Demand Propels Home Prices Upward 2 days ago Previous: MCT Scores Top Marks in Product Satisfaction Next: How Home Values Affect Education Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Print Features Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago 2019-02-22 David Wharton Counsel’s Corner: Navigating the Bankruptcy Space Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Counsel’s Corner: Navigating the Bankruptcy Space Subscribelast_img read more

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The Industry Pulse: Updates on Ginnie Mae, MQMR, and More

first_imgHome / Daily Dose / The Industry Pulse: Updates on Ginnie Mae, MQMR, and More The Industry Pulse: Updates on Ginnie Mae, MQMR, and More Sign up for DS News Daily Previous: Revisiting California’s Camp Wildfire: The Long-Term Housing Impact Next: Angel Oak Mortgage Solutions Expands Lending Unit Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News, Secondary Market, Technology Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Ginnie Mae industry pulse Technology The Best Markets For Residential Property Investors 2 days ago Ginnie Mae industry pulse Technology 2019-05-16 Seth Welborncenter_img Servicers Navigate the Post-Pandemic World 2 days ago May 16, 2019 1,043 Views Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post About Author: Seth Welborn From key hires and promotions to new technologies, catch the latest happenings in the industry in this update.Ginnie Mae announced Adetokunbo Lofinmakin was appointed to the Senior Executive Service and named CFO and Thomas Young was named the new Director of Counterparty Risk Management.Lofinmakin was serving as the acting CFO since January 2018. She will continue to report to Acting President Maren Kasper and Young will report Greg Keith, SVP and Chief Risk Officer.“Both [Lofinmakin] and Greg bring deep expertise to Ginnie Mae in their respective fields,” Kasper said. “Each will serve in a role that is critical to maintaining the sound financial foundation of our mortgage-backed securities (MBS) program. As we continue to evolve to meet the challenges of today’s operating environment, we look forward to their leadership contributions to the agency.”As CFO, Lofinmakin oversees the preparation of financial reports in accordance with the standards of the Federal Accounting Standards Advisory Board (FASAB), Financial Accounting Standards Board (FASB), Generally Accepted Accounting Principles (GAAP), and Office of Management and Budget (OMB) Circulars. In addition, she manages all accounting operations for Ginnie Mae’s $2.0 trillion MBS portfolio, including applying financial management policies and procedures, preparation of the annual budget, accounting systems oversight, cash management, investment services, audit readiness, and enhancing internal controls over financial reporting.___________________________________________________________________________The California-based mortgage compliance service provider, Mortgage Quality Management and Research, (MQMR) has announced the appointment of Jeff Christensen as its VP of Sales. In this role, Christensen will be responsible for leading sales, driving new business opportunities and expanding awareness of the MQMR brand in the market.“Compliance is one of the main core competencies upon which MQMR hangs its hat, and to have someone that has been as deeply immersed in mortgage compliance as Jeff Christensen is a tremendous win for our organization,” Michael Steer, President at MQMR said. “It took me more than two years and countless interviews to find the right fit for our unique corporate culture, and I look forward to seeing the next phase of MQMR’s growth with such a talented and knowledgeable individual like Jeff leading the way.”Christensen brings more than 10 years of mortgage compliance experience to MQMR, having served as both the CFO and CEO of Mortgage Compliance Advisors (MCA), of which he was a founding member in 2008. MCA was a residential mortgage outsource provider for quality control and risk management solutions with more than 400 clients. When MCA was acquired in 2014, Christensen worked with the executive team to continue to improve and grow the combined business.___________________________________________________________________________Verifyd’s new bidder app will allow prospective buyers to participate in foreclosure auctions remotely.“For over 100 years, the foreclosure process in our state, and country, has barely changed, completely shutting out technology,” Verifyd CEO Mike Watkins said in a release. “We all live busy lives today, which means many interested buyers miss out on foreclosure purchases due to their inability to be physically present at the courthouse. It has been our dream to open this process up in a way that is both legally compliant and accessible to people everywhere.”“I personally believe that the 2008 financial crisis would have been averted if this technology was in place at the time,” Watkins said. “By making sure that the foreclosure auction process is transparent and open to all those interested in buying the property, the lenders are ensured they receive fair market value for the property. Really, it’s a win-win for all parties involved.”The app, currently available only for the Atlanta area, is set to eventually roll out across the rest of the state. Buyers can bid without participating as well, by setting a maximum bid before the auction begins, as the app will bid in their place automatically. Subscribe The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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2.6 Million Homeowners Are In Forbearance

first_imgHome / Daily Dose / 2.6 Million Homeowners Are In Forbearance Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The total number of forbearances shifted down by three basis points from 5.23% of servicers’ portfolio volume in the prior week to 5.20% as of February 28, according to the Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey.  A total of 2.6 million homeowners are in forbearance plans, MBA’s estimate shows.  Meantime, there was a drop to 2.94%—an uptick of 3-basis points—in the share of Fannie Mae and Freddie Mac loans. Also tracking downward, Ginnie Mae loans in forbearance receded 7 basis points to 7.28%; conversely, forbearance share for portfolio loans and private-label securities (PLS) spiked by 2 basis points to 9.05%. On the other hand, the percentage of loans in forbearance for independent mortgage bank (IMB) servicers declined 6 basis points to 5.51%. Heading in the same direction, the percentage of loans in forbearance for depository servicers retreated 1 basis point to 5.28%.   Among independent mortgage bank servicers, the percentage of loans in forbearance dipped 6 basis points to 5.51%, while there was a 1 basis point dip to 5.28% in the percentage of loans in forbearance for depository servicers.  “There was a small decline in the total share of loans in forbearance in the last week of February, as the pace of forbearance exits increased. This continues the trend reported in prior months. Of those homeowners in forbearance, more than 12 percent were current at the end of February, down from the almost 14 percent at the end of January,” said Mike Fratantoni, MBA’s senior vice president and chief economist. The improving economy, the soon-to-be passed stimulus package, and the many homeowners in forbearance reaching the 12-month mark of their plan could all influence the overall forbearance share in the coming months, he continued.  Meanwhile, there was a jump in forbearance relative to the week before, from 9.03% to 9.05% in the share of other loans, including portfolio and PLS loans. The MBA reported that the total number of loans currently in forbearance decreased by seven basis points from 5.29% of servicers’ portfolio volume in the prior week to 5.22% as of February 14, 2021. Subscribe in Daily Dose, Featured, News 2.6 Million Homeowners Are In Forbearance The Best Markets For Residential Property Investors 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Chuck Green has contributed to the Wall Street Journal, Washington Post, Los Angeles Times, San Francisco Chronicle, Chicago Tribune and others covering various industries, including real estate, business and banking, technology, and sports. Related Articles March 9, 2021 1,496 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago 2021-03-09 Christina Hughes Babb Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago About Author: Chuck Green Demand Propels Home Prices Upward 2 days ago Previous: 2020 Delinquencies Hit Both Highs and Lows Next:  Is a Foreclosure Crisis in the Cards?  Demand Propels Home Prices Upward 2 days ago  Print This Postlast_img read more

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Blaney says major jobs announcement for Letterkenny is imminent

first_img Help sought in search for missing 27 year old in Letterkenny Previous articleAthletics – North West Athletes Star At National SeniorsNext articleSeven jobs on the cards in Fintown followed Charles Bonnar expansion News Highland Facebook Pinterest Twitter Pinterest Three factors driving Donegal housing market – Robinson Google+ WhatsApp RELATED ARTICLESMORE FROM AUTHOR Facebook Blaney says major jobs announcement for Letterkenny is imminentcenter_img Guidelines for reopening of hospitality sector published Twitter NPHET ‘positive’ on easing restrictions – Donnelly Newsx Adverts Up to 200 new jobs could be confirmed for Donegal within a matter of days.Deputy Niall Blaney says after lengthy discussions with Enterprise Minister Batt O’Keefe, he’s confident a significant announcement is imminent of high end jobs in the pharmaceutical sector.However, he wouldn’t be drawn on the identity of the company behind the expected investment……..[podcast]http://www.highlandradio.com/wp-content/uploads/2010/07/nialb1pm.mp3[/podcast] By News Highland – July 12, 2010 448 new cases of Covid 19 reported today Google+ WhatsApp Calls for maternity restrictions to be lifted at LUH last_img read more

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Letterkenny promotion strategy is the right one – Mayor

first_img Pinterest Letterkenny promotion strategy is the right one – Mayor Facebook WhatsApp Almost 10,000 appointments cancelled in Saolta Hospital Group this week Twitter Google+ Pinterest LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Twitter WhatsApp Facebookcenter_img Google+ Calls for maternity restrictions to be lifted at LUH Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Guidelines for reopening of hospitality sector published By News Highland – December 24, 2011 Previous articleDonegal Airport must work towards achieving viability – VaradkerNext articleTwo Donegal salmon fishing rivers to close in 2012 News Highland Newsx Adverts The Mayor of Letterkenny says he believes the council has done the right thing by maintaining commercial rates as they are, but setting aside almost €100,000 for marketting and tourism support.Cllr Gerry Mc Monagle says while all members would like to see the rate decreased, there is a belief that a rate reduction would do relatively little for small businesses, while this increased marketting and development fund can be targetted into initiatives which should bring significant business into the town.Cllr Mc Monagle says it’s part of a clear strategy which the authority has been following for some time…….[podcast]http://www.highlandradio.com/wp-content/uploads/2011/12/gerrysat.mp3[/podcast] RELATED ARTICLESMORE FROM AUTHOR Need for issues with Mica redress scheme to be addressed raised in Seanad alsolast_img read more

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