Suspendisse Efficitur Fringilla
Felis non dui efficitur suscipit. Nulla gravida dolor quis tellus mattis, vel viverra risus tincidunt. Quisque in luctus lorem.
Commodo Cursus Odio
Morbi lectus mi, molestie et blandit ut, finibus a est. Nullam at ligula in urna mollis dictum. Nullam aliquam pulvinar.
Vestibulum Vitae Dictum
Etiam eu sem pretium, sodales nulla in, elementum lacus. Vestibulum vitae elit dictum, pellentesque massa sed.
Nullam Aliquam Pulvinar
Tellus mattis vel viverra risus tincidunt. Quisque in luctus lorem ut finibus a est molestie et blandit vitae elit dictum.

Monthly Archives: May 2021

Archive of posts published in the specified Month

JPMorgan Chase Sued for Discriminatory Lending Practices

first_imgHome / Daily Dose / JPMorgan Chase Sued for Discriminatory Lending Practices Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago June 2, 2014 811 Views in Daily Dose, Featured, Foreclosure, Headlines, Magazine, News, State Previous: Missouri Man Sentenced to 4 Years for Defrauding TARP Bank Next: Bank Foreclosures Listed Far Below Regional Selling Prices Foreclosure JPMorgan Chase Los Angeles Mike Feuer 2014-06-02 Colin Robins Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago JPMorgan Chase Sued for Discriminatory Lending Practices Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Colin Robins Tagged with: Foreclosure JPMorgan Chase Los Angeles Mike Feuer Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. Servicers Navigate the Post-Pandemic World 2 days ago Foreclosures continue to be a national problem, and one metro’s City Attorney thinks a large part of the problem came from discrimination. Los Angeles City Attorney Mike Feuer is suing one of the nation’s largest banks, JPMorgan Chase, alleging the bank engaged in discriminatory lending.The city contends the mega-bank caused a wave of foreclosures that diminished the city’s property tax revenues and increased the need for costly city services. Allegedly, the bank engaged in a pattern of imposing different terms or conditions to consumers on a discriminatory basis, or “redlining.””JPMorgan engaged in reverse redlining, and continues to engage in said conduct, by extending mortgage credit on predatory terms to minority borrowers in minority neighborhoods in Los Angeles on the basis of the race or ethnicity of its residents,” the complaint said.Recently, new litigation against JP Morgan Chase was bolstered by a court ruling that denied a motion by Wells Fargo to dismiss a similar complaint made by the city. Feuer sued Wells Fargo, Bank of America, and Citigroup in December.”L.A. continues to suffer from the foreclosure crisis—from blight in our neighborhoods to diminished revenue for basic City services,” Feuer said. “We’re fighting to hold those we allege are responsible to account and to help bring back every community in our City.”The City of Los Angeles is seeking damages for reduced property tax revenues resulting from the decrease in value of foreclosed properties that are often left neglected and vacant, resulting in surrounding properties to lose value. The root cause of the foreclosures, according to the city, is from discriminatory lending practices by JP Morgan Chase.The suit also seeks damages for the increased cost of city services resulting from foreclosures.”When banks engage in such discriminatory conduct, the misconduct has profound financial consequences for the cities in which mortgaged properties exist, and banks should be responsible for those financial consequences,” the city’s complaint read. The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

FDIC Suit Claims BNY Mellon Breached Trustee Duties for $2 Billion Worth of RMBS

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: BNY Mellon FDIC Lawsuits Mortgage-Backed Securities The Week Ahead: Nearing the Forbearance Exit 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. Servicers Navigate the Post-Pandemic World 2 days ago Previous: Existing-Home Sales Continue Surge While First-Time Buyer Sales Fall Next: Foreclosure Inventory Drops to Lowest Monthly Total in Eight Years Subscribe Demand Propels Home Prices Upward 2 days ago Share Save BNY Mellon FDIC Lawsuits Mortgage-Backed Securities 2015-08-20 Brian Honea FDIC Suit Claims BNY Mellon Breached Trustee Duties for $2 Billion Worth of RMBS The Federal Deposit Insurance Corp. (FDIC) has filed a complaint in a Manhattan federal court accusing Bank of New York Mellon of breaching its duties as bond trustee for $2.06 billion worth of residential mortgage-backed securities (RMBS) purchased by an FDIC-insured bank in Texas which later failed, according to multiple media reports.The FDIC took Austin, Texas-based Guaranty Bank into receivership in 2009, and the agency claims it suffered losses of more than $440 million in March 2010 when it sold 12 mortgage-backed securities that were originally issued by the EMC Mortgage Corp unit of Bear Stearns and by Countrywide Home Loans in 2005 and 2006, according to a report from Reuters. Both Bear Stearns and Countrywide were bought out in 2008 by JPMorgan Chase and Bank of America, respectively.The lawsuit, filed in the U.S. District Court for the Southern District of New York, claims that BNY Mellon “shirked its duty” as a bond trustee to make sure that the securities were not defective. Among the claims made by the FDIC are that servicers collected “excessive fees” for servicing the loans in the covered trust after they defaulted, which resulted in “enormous losses” for the plaintiff, according to the reports.A spokesperson from BNY Mellon could not immediately be reached for comment.This is not the only lawsuit the FDIC has pending against a bank over RMBS sold to Guaranty Bank. Earlier in August, the Fifth U.S. Circuit Court of Appeals in New Orleans revived a suit filed in 2014 by the FDIC accusing Deutsche Bank, Goldman Sachs, and the Royal Bank of Scotland of fraud with regards to $840 million worth of mortgage-backed securities sold to Guaranty Bank in 2004 and 2005. A judge in Austin had previously dismissed the FDIC’s suit against the three financial institutions, claiming that the suit had not been filed in time under Texas law.The FDIC has a lawsuit similar to the BNY Mellon case pending against bond trustee U.S. Bancorp over the sales of about $248 million worth of RMBS to Guaranty Bank, citing losses when those RMBS were sold. Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / FDIC Suit Claims BNY Mellon Breached Trustee Duties for $2 Billion Worth of RMBS August 20, 2015 2,234 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

Fed is Latest to Approve Incentive-Based Pay Proposal

first_img May 2, 2016 1,199 Views  Print This Post The Federal Reserve Board announced on Monday that it has unanimously approved a joint agency notice of proposed rulemaking (NPR) which would prohibit incentive-based compensation that puts financial institutions at risk as prescribed by Section 956 of Dodd-Frank, according to an announcement from the Fed.The NPR is being developed jointly with the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC), and the Federal Housing Finance Agency (FHFA). The Fed is accepting public comment on the NPR until July 22.According to the Fed, each agency is expected to have completed internal review and approval procedures by early May.Section 956 of Dodd-Frank requires federal regulatory agencies to jointly establish guidelines with respect to inventive-based compensation practices at certain financial institutions, according to the rule’s executive summary. The agencies originally proposed a rule along with the now-defunct Office of Thrift Supervision in 2011, but due to the evolution of incentive-based practices in the financial industry and the gaining of additional supervisory experience by the agencies, it was necessary to revise to include more specific and stringent guidelines—particularly for the larger financial institutions.The revised NPR applies to covered institutions with $1 billion or more in total consolidated assets and applies different requirements to three levels of institutions based on asset size: institutions with assets of $250 billion or more (level 1), between $50 billion and $250 billion (level 2), and between $1 billion and $50 billion (level 3).“The proposed rule would prohibit all covered institutions from establishing or maintaining incentive-based compensation arrangements that encourage inappropriate risk by providing covered persons with excessive compensation, fees, or benefits or that could lead to material financial loss to the covered institution,” the rule stated. “These are the standards imposed by section 956.”The rule further states that compensation, fees, and benefits are considered excessive “when amounts paid are unreasonable or disproportionate to the value of the services performed by a covered person.”Last week, Comptroller of the Currency Thomas Curry voted to approve the NPR, saying that the rule “recognizes the important role that compensation plays in the risks that banks and other financial institutions assume. By requiring proper alignment of compensation incentives with an organization’s risk appetite, the rule calls on lending officers and other employees to put the interests of their institution above their own.”Curry continued, “The rule will play an important role in helping safeguard financial institutions against practices that threaten safety and soundness, or could lead to material financial loss for the institution. It will also complement the OCC’s Heightened Standards guidelines, which address risk governance at large national banks and federal savings associations.”Click here to view the proposed rule. About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Bankruptcy Forms Invite New Questions Nationwide Next: The CFPB’s Tough Month of April Sign up for DS News Daily Banks Dodd-Frank Federal Reserve Incentive-based compensation 2016-05-02 Brian Honea Share Save Servicers Navigate the Post-Pandemic World 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 Subscribecenter_img Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Fed is Latest to Approve Incentive-Based Pay Proposal Tagged with: Banks Dodd-Frank Federal Reserve Incentive-based compensation Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, News Home / Daily Dose / Fed is Latest to Approve Incentive-Based Pay Proposal 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 The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Home Values Hit a Low in Suburban U.S.

first_imgHome / Daily Dose / Home Values Hit a Low in Suburban U.S. The Best Markets For Residential Property Investors 2 days ago Alison Rich has a long-time tenure in the writing and editing realm, touting an impressive body of work that has been featured in local and national consumer and trade publications spanning industries and audiences. She has worked for DS News and MReport magazines—both in print and online—since they launched. Home Values Hit a Low in Suburban U.S. The Best Markets For Residential Property Investors 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 Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago February 8, 2018 1,379 Views Demand Propels Home Prices Upward 2 days ago Over the past several years, many homebuyers have traded big-city living for an abode in the ’burbs. But flash ahead to now, and those same folks may be kicking themselves, at least if they take a look at Zillow’s recent research, which indicates dwellings in suburban locales are less valuable on a per-square-foot basis today than they were a decade ago.According to the report, which gives an analysis of home values in urban, suburban, and rural zones, as of December 2017, the median U.S. suburban home was worth $138 per square foot. Houses in urban markets boast a median value of $315,988, up 8.8 percent from last year. Homes sited in the suburbs, on the other hand, are valued at $234,443 (ahead 6 percent year-over-year) and $157,451 in rural spots (up 5.5 percent from December 206).While per-square-foot values for both urban and rural homes ($231 and $102 per square foot, respectively) have exceeded their pre-recession highs and are currently at new peaks, the current value for suburban homes stands below its prior peak of $140, from October 2006, the report noted.The 127.1 percent disparity between urban and rural housing is now as broad as it has ever been, even outstripping the chasm in existence 10 years ago ahead of the Great Recession, the analysis notes. It represents the biggest difference since at least January 1996 and tops the 124.1 percent gap last felt in October 2006, months before the housing market crested before the housing bust.In parsing the numbers, it’s a matter of how well (or not) different areas of the country have rebounded since that bust, the report indicates. Numerous urban areas benefitted from big businesses setting up shop in their ZIP codes, it adds.The report said that the data provides another illustration of the deep and lasting scars of the recession, as well as how different market segments have fared in the years since then. Many cities have experienced tremendous growth in recent years as high-paying jobs in tech, healthcare, finance, and other booming industries increasingly located in dense urban cores, while other areas have not bounced back. Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Home Prices home value Homebuyers Rural Suburban Urban Zillow in Daily Dose, Featured, Market Studies, News Previous: Industry Pulse: Updates on AMDC, Arch MI, and More Next: Freddie Mac’s Loretta Ibanez: Innovating and Learning in a Fast-Fail Environment Subscribe  Print This Post Home Prices home value Homebuyers Rural Suburban Urban Zillow 2018-02-08 Alison Rich Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily About Author: Alison Richlast_img read more

CFPB vs. PHH—An Unexpected Conclusion

first_img Tagged with: BCFP Bureau of Consumer Financial Protection CFPB Mick Mulvaney PHH Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Related Articles Home / Daily Dose / CFPB vs. PHH—An Unexpected Conclusion Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago CFPB vs. PHH—An Unexpected Conclusion Servicers Navigate the Post-Pandemic World 2 days ago Previous: 500 Days in the Housing Industry Next: Calidant Capital Partners with Five Star Institute Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago After spending several years working its way through the court system, on Thursday the legal battle between PHH Corp. and the Consumer Financial Protection Bureau ended in a way few would have anticipated when it began back in 2015. BCFP Acting Director Mick Mulvaney officially dropped the case against PHH, stating in a two-page legal filing that the company had not, in fact, violated the Real Estate Settlement Procedures Act (RESPA).RESPA holds that lenders and servicers cannot receive kickbacks for loans. PHH stood accused of taking kickbacks from mortgage insurers, and in 2014 a judge hit the company with a $6 million fine. Then-CFPB Director Richard Cordray overruled that decision in 2015, ordering PHH to instead pay $109 million. PHH sued, with part of its argument hinging upon claims that the structure of the CFPB was itself unconstitutional. This past January, the U.S. Court of Appeals for the D.C. Circuit dismissed the fine against the CFPB but found that the bureau itself was constitutionally sound.In Mulvaney’s legal filing this week, the BCFP Acting Director wrote, “PHH did not violate RESPA if it charged no more than the reasonable market value for the reinsurance it required the mortgage insurers to purchase, even if the reinsurance was a quid pro quo for referrals.”In a statement, PHH said, “We are extremely gratified to have this matter fully resolved as a result of Acting Director Mulvaney’s decision to dismiss this case. Today’s Order is consistent with our long-held view that we complied with RESPA and other laws applicable to our former mortgage reinsurance activities in all respects.”Mulvaney’s action followed a joint statement issued by BCFP Enforcement Director Kristen Donoghue and a team of Bureau attorneys on Tuesday of this week. That statement recommended that Mulvaney drop the case, stating, “Enforcement Counsel and Respondents have conferred, and have agreed to recommend dismissal of this administrative proceeding. Accordingly, Enforcement Counsel and Respondents respectfully request that the Acting Director proceed to dismiss this matter.”In February 2018, Ocwen Financial Corporation announced it was buying PHH for $360 million. The deal is expected to close in the second half of 2018.Ron Faris, President and CEO of Ocwen, said at the time, “We are very pleased to announce the proposed acquisition of PHH, a leading non-bank servicer. PHH is a high-quality servicer with complementary capabilities and business lines to Ocwen, making it a great strategic match for us. In addition to providing significant scale benefits, this transaction gives us the opportunity to migrate to their existing BlackKnight LoanSphere MSP servicing platform more quickly and with less risk than had we just implemented the system ourselves. We are also excited by the opportunity to welcome the PHH employees to the Ocwen family and by the opportunity to bring our industry-leading and innovative loss mitigation capabilities to existing PHH servicing customers currently struggling with their mortgage payments.” The Best Markets For Residential Property Investors 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago About Author: David Wharton BCFP Bureau of Consumer Financial Protection CFPB Mick Mulvaney PHH 2018-06-07 David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago June 7, 2018 4,033 Views 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] The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, Journal, News, Servicing Sign up for DS News Daily last_img read more

The Industry Pulse: Update on Stern & Eisenberg, New Diligence Advisors, and More

first_imgHome / Daily Dose / The Industry Pulse: Update on Stern & Eisenberg, New Diligence Advisors, and More The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily 2018-08-02 Kristina Brewer Servicers Navigate the Post-Pandemic World 2 days ago Share Save  Print This Post About Author: Kristina Brewer Previous: Freddie Mac On Track to Single Security Next: PRMI Expands Leadership, Promotes from Within The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Kristina Brewer is the Editorial Assistant of Publications for the Five Star Institute, including DS News and MReport magazine. She 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. Demand Propels Home Prices Upward 2 days ago The Industry Pulse: Update on Stern & Eisenberg, New Diligence Advisors, and More Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles From new appointments and legal victories to new technology and expansions, get the latest buzz on the industry in this weekly update.Claims Recovery Financial Services (CRFS), a New York-based investor and insurer claims management solutions provider has announced the addition of new consulting and data analytics services, expanding its platform of defaulted-loan product offerings.The added services complement CRFS’s claims processing solutions platform, allowing clients to choose from a comprehensive, full-plate menu of consulting services based on their unique business needs. Over the last 15 years, the company’s services have helped clients to achieve quality results, submission timeliness, loss reductions, and recovery maximizations. CRFS says that its independence and industry expertise provide its partners with the ability to reallocate vital internal resources, successfully scale production operations, and ultimately reduce risk while enhancing financial outcomes.The additional bouquet of services offered by CRFS includes five services that provide clients with a comprehensive product scope, across all facets of the claims, audit quality assurance, and property liquidation environments. CRFS said that it will customize a plan based on the needs of each individual client.Stern & Eisenberg has announced the firm’s expansion into Tennessee and Alabama. With this expansion, Stern & Eisenberg now operates in twelve states and the District of Columbia. The firm’s other states of service are New York, New Jersey, Pennsylvania, Delaware, West Virginia, Maryland, Virginia, North Carolina, South Carolina, and Georgia. Stern & Eisenberg maintains GSE-compliant, brick-and-mortar operations in each of its twelve states of service and has large, regional processing hubs in Baltimore, Maryland and Warrington, Pennsylvania where the firm is headquartered.“We’re thrilled with the new legal talent that our expansion into Tennessee and Alabama is bringing Stern & Eisenberg and our clients,” Chief Value Officer Kathy Brady said. “The quality of attorneys that are joining our team is an exciting development and adds to our already industry-leading team of legal minds.”As part of the expansion, the firm has announced that Zachary H. Champion, Esq. has joined Stern & Eisenberg’s Alabama office. Champion is an expert on U.S. bankruptcy code and has extensive experience with the federal government, having advised on regulatory, evidentiary, and policy matters. In the firm’s new Nashville, Tennessee office, Stern & Eisenberg has announced Carolee Berasi, Esq. has joined the firm’s Tennessee team. Berasi brings nearly a decade of creditors’ rights experience to her new role with S&E. She is also licensed in Georgia, North Carolina, and Virginia where the firm also operates.The firm is also a member of the Legal League 100, a premier professional association of financial services law firms in the United States,.Cleveland-based Weltman, Weinberg & Reis Co., LPA (Weltman), has announced that the firm prevailed in the lawsuit brought against it by the Bureau of Consumer Financial Protection(BCFP). The firm said that Judge Donald C. Nugent, presiding over the case in the U.S. District Court for the Northern District of Ohio, issued an Opinion, finding on Weltman’s behalf, and confirming that the BCFP’s lawsuit lacked merit. The Court emphasized its finding “that lawyers were meaningfully involved disproves the Plaintiff’s sole theory of liability, and precludes recovery under the Complaint.”“The Judge’s Opinion thoroughly vindicates Weltman’s processes and is a complete rejection of the BCFP’s unfounded allegations,” said Scott S. Weltman, Managing Partner at Weltman. “The Judge stressed that the BCFP ‘offered no evidence to show that any consumer was harmed by Weltman’s practice of identifying itself as a law firm in its demand letters,’ that ‘Weltman’s demand letters were truthful on their face,’ and that ‘Weltman attorneys were meaningfully and substantially involved in the debt collection process both before and after the issuance of the demand letters.'”New Diligence Advisors (NDA), a national third-party review firm which currently provides a full range of loan underwriting and review services for lenders and investors, has announced the hiring of three new executives to its team. All three executives will be based in NDA’s operations center in Jacksonville, Florida.Mikhael Mikle has been added as VP of Loan Review Services. She will oversee the leadership of production resources to successfully execute client engagements. Additionally, Mikle will direct all activities responsible for identifying and implementing opportunities to improve operational performance. Mikle is a seasoned mortgage industry veteran with more than 20 years of professional leadership with a focus on client delivery, regulatory compliance, credit risk administration, resource and performance management. Prior to joining NDA, she was the site director for credit risk, underwriting and quality for PHH mortgage and has previously held several other leadership roles within PHH.David Littleton is welcomed as the VP of Technology. In this role, Littleton will oversee all aspects of the company’s IT platform and resources. Following a 20-year career in the United States Navy, Littleton has spent the past 15 years working in the IT field for mortgage and banking companies. He joins NDA from Everbank (TIAA FSB) as AVP for both the architecture and enterprise products teams where he directed activities involving platform development, CRM strategies, and Enterprise Solution Design for nine lines of businesses.Finally, NDA has hired Anthony Grasso as director of compliance. In this role, Grasso will be responsible for the implementation, maintenance, and integrity of mortgage compliance services. Grasso is a seasoned mortgage professional with a strong background in state and federal regulations relating to compliance activities. Throughout his career, Grasso has held a series of executive compliance positions in the banking, mortgage and due diligence industries. Recently, he was the SVP of mortgage due diligence/re-underwriting operations for Mission Global. Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Headlines, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago August 2, 2018 1,775 Views Subscribelast_img read more

Stanford University Offers $3.4B to Affordable Housing

first_imgHome / Daily Dose / Stanford University Offers $3.4B to Affordable Housing 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. The Best Markets For Residential Property Investors 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago June 26, 2019 1,134 Views As the San Francisco Bay area continues to face low affordability, Stanford University has offered to invest $3.4 billion in housing development in Santa Clara County. The offer includes 2,172 workforce housing units, including 575 front-loaded Below Market Rate housing units, developed concurrently with a 1.2 percent annual growth rate of its academic facilities over roughly two decades.“The Stanford community is confronting the serious regional challenges of affordability, housing availability and traffic congestion, and we’re working to do our part to promote solutions that serve Stanford and our neighbors,” said Stanford President Marc Tessier-Lavigne in a statement. “This offer reflects our values as a residential university committed to sustainable development and service to the community.”The offer, totaling $4.7 billion, $1.17 billion to expand sustainable commute programs and funding for local bicycle, pedestrian and transit infrastructure projects in neighboring San Mateo County communities and Palo Alto as well as $138 million in funding for the Palo Alto Unified School District.“Stanford continues to be a leader in improving the quality of life in our region by addressing housing affordability and access and finding innovative transportation solutions,” said Rosanne Foust, President & CEO, San Mateo County Economic Development Association (SAMCEDA). “Stanford currently is one of the most progressive employers in the region when it comes to providing housing and operates world-renowned sustainable commute programs that take millions of trips off the roads each year. With this offer, Stanford is raising the bar once again and showing its commitment to address housing and transportation challenges facing our region.”Stanford’s offer comes on the heels of Google’s announcement that it will spend $1 billion on efforts aimed at increasing affordable housing in the San Francisco Bay area. Part of the plan is to utilize some of Google’s land.The Bay Area is one of the most expensive areas in the country. Despite a 39% increase in inventory and an ongoing increase in affordability within the San Francisco Bay area, many homeowners and potential homeowners are still finding the area unaffordable. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Stanford University Offers $3.4B to Affordable Housingcenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Affordability HOUSING Stanford Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Sign up for DS News Daily in Daily Dose, Featured, Investment, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Previous: Harvard: Affordability and Homeownership Back on Track Next: Senior Housing Wealth Hits $7.14T Affordability HOUSING Stanford 2019-06-26 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Related Articles Demand Propels Home Prices Upward 2 days agolast_img read more

The Week Ahead: Analyzing the Fed’s Pandemic Response

first_img About Author: Eric C. Peck Related Articles The Week Ahead: Analyzing the Fed’s Pandemic Response March 19, 2021 904 Views The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago CARES act COVID-19 House Financial Services Committee Janet L. Yellen Jerome H. Powell pandemic 2021-03-19 Eric C. Peck Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Home / Daily Dose / The Week Ahead: Analyzing the Fed’s Pandemic Response Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Postcenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Journal, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: CARES act COVID-19 House Financial Services Committee Janet L. Yellen Jerome H. Powell pandemic Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago This week, the House Financial Services Committee will host a virtual hearing, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response,” scheduled for Tuesday, March 23 at noon EST.In response to the pandemic, Congress enacted a series of laws, including the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law last March. Under the CARES Act, the Secretary of the Department of the Treasury and the Chair of the Board of Governors of the Federal Reserve System are required to testify quarterly regarding their obligations and transactions made under the Act.Scheduled to provide testimony on Tuesday are Janet L. Yellen, Secretary of the U.S. Department of the Treasury, and Jerome H. Powell, Chair of the Board of Governors of the Federal Reserve System. This is the Committee’s fourth hearing fulfilling this statutory requirement.The virtual hearing will discuss the many ways in which Congress, through emergency relief measures for small businesses and other acutely affected industries, assisted struggling Americans through this past year. Section 4027 of the CARES Act appropriated $500 billion to the Exchange Stabilization Fund (ESF) for use by the Treasury Secretary, and Section 4003 allocated up to $46 billion for Treasury to provide direct loans and loan guarantees to businesses critical to maintaining national security, and at least $454 billion for Treasury to support Fed emergency lending programs. The Treasury approved nearly $22 billion in loans to 35 recipients.Click here for an overview of the hearing or click here to tune into the webcast.Here’s what else is happening in The Week Ahead:MBA Forbearance and Call Volume Survey (Monday)MBA Weekly Applications Survey (Wednesday)Realtor.com Weekly Housing Market Recap (Wednesday)U.S. Census Bureau New Residential Sales report (Wednesday)Senate Banking Committee Hearing: The Quarterly CARES Act Report to Congress (Wednesday)Realtor.com’s Housing Market Recovery Index (Thursday)Realtor.com’s Weekly Housing Trends View (Thursday)Freddie Mac Primary Mortgage Market Survey (Thursday)U.S. Department of Labor’s Unemployment Insurance Weekly Claims Report (Thursday)Senate Banking Committee Hearing: American Rescue Plan … Shots in Arms and Money in Pockets (Thursday)Black Knight weekly forbearance data (Friday) Previous: HUD Secretary: Annual Homelessness Assessment Results Are ‘Startling’ Next: The Recession’s Effect on Black and Latinx Homeowners Servicers Navigate the Post-Pandemic World 2 days ago Share Save Subscribelast_img read more

Optimism Fuels Housing Market Sentiment

first_img About Author: Eric C. Peck Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: CoreLogic Daryl Fairweather Doug Duncan Fannie Mae Frank Martell Home Purchase Sentiment Index (HPSI) Redfin in Daily Dose, Featured, Journal, News Demand Propels Home Prices Upward 2 days ago Related Articles Share Save Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Fannie Mae’s latest Home Purchase Sentiment Index (HPSI) was optimistic for March, as signs continue to point to an improvement in the economy a year into the pandemic. The HPSI rose in March by 5.2 points to 81.7, with four of the HPSI’s six components increasing month-over-month, including the components related to homebuying and home-selling conditions, household income, and home prices. The outlook on mortgage rates remains skeptical, as only 6% of consumers believe that rates will drop over the next 12 months.“The significant increase in the HPSI in March reflects consumer optimism toward the housing market and larger economy as vaccinations continue to roll out, a third round of stimulus checks was distributed, and the spring homebuying season began–perhaps with even more intensity this year, since 2020’s spring homebuying season was limited by virus-related lockdowns,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “Home-selling sentiment experienced positive momentum across most consumer segments–nearly reaching pre-pandemic levels and generally indicative of a strong seller’s market. Consumers once again cited high home prices and tight inventory as primary reasons why it’s a good time to sell. Alternatively, while the net ‘good time to buy’ component increased month-over-month, it has not recovered to pre-pandemic levels, as the homebuying experience continues to prove difficult for many of the same reasons, namely high prices and a lack of supply.”The percentage of respondents who felt it was a good time to buy a home increased from 48% to 53%, while the percentage who say it is a bad time to buy decreased from 43% to 40%. As a result, the net share of those who say it is a good time to buy increased eight percentage points month-over-month.“Homebuyers are experiencing the most competitive housing market we’ve seen since the Great Recession,” said Frank Martell, President and CEO of CoreLogic, in a recent report.The percentage of respondents who said it was a good time to sell increased from 55% to 61%, while the percentage who say it’s a bad time to sell decreased from 35% to 28%. As a result, the net share of those who say it is a good time to sell increased 13 percentage points month-over-month.And just why is it a good time to sell?Redfin has reported that as the median home-sale price increased 16% year-over-year to an all-time high of $331,590, 39% of homes sold above their list price, also an all-time high and 15 percentage points higher than the same period a year earlier.According to the HPSI, the percentage of respondents who felt home prices will rise in the next year increased from 47% to 50%, while the percentage who say home prices will go down decreased from 18% to 14%. The share who think home prices will stay the same remained unchanged at 29%.Tight inventory and heated bidding wars are contributing to this rise in home prices as many Americans are simply being priced out of the market at this stage. Nationwide, 60.9% of home offers written by Redfin agents in February faced competition, up slightly from 59.3% in January—marking 10 consecutive months where more than half of Redfin offers encountered competition.”The uptick in mortgage rates is likely fueling more bidding wars in the short term because house hunters are rushing to buy homes before rates rise even further,” recently said Redfin Chief Economist Daryl Fairweather. “If mortgage rates move significantly higher, we’ll likely see some buyers move to the sidelines, which will curb competition in the long run.”Click here to read more on Fannie Mae’s latest Home Purchase Sentiment Index (HPSI). Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago CoreLogic Daryl Fairweather Doug Duncan Fannie Mae Frank Martell Home Purchase Sentiment Index (HPSI) Redfin 2021-04-07 Eric C. Peckcenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Optimism Fuels Housing Market Sentiment The Best Markets For Residential Property Investors 2 days ago April 7, 2021 6,829 Views Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Optimism Fuels Housing Market Sentiment Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Previous: Americans Redefine the Purpose of Homeownership Next: How Financially Literate Are Today’s Consumers?last_img read more

Servicer Amends Payment Mistakes

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post ACI Worldwide mortgage servicing Mr. Cooper 2021-04-28 Eric C. Peck Mortgage servicer Mr. Cooper has announced that one of its electronic payment vendors, ACI Worldwide, inadvertently issued incorrect mortgage payment drafts while conducting a test of their system. The company worked over the weekend with banks involved to reverse the transactions as quickly as possible. Certain banks processed the incorrect payments and temporary credits were reflected the same day. “This was not a security breach, and Mr. Cooper did not receive any funds from customer accounts,” said Mr. Cooper in an announcement. “As a result of our immediate action, as of Tuesday, April 27, out of 480,000 customers who could have been impacted, we are aware of approximately 100 customers who may have incurred nonsufficient funds fees as a result of ACI’s error, and we are in the process of reimbursing them for these fees. We are not aware of any customers for whom the incorrect drafts were not reversed.” Mr. Cooper has set up a blog to guide any impacted customers through the process is their accounts were hit with charges and fees.  “The trust of our customers is more important to us than anything else,” said Mr. Cooper in a statement. “Upon discovering the payment processor’s error, we alerted customers through email, our website, social media posts, and our blog, and we have brought on extra staff at our call centers to answer customer questions. Any impacted customers will not be responsible for any fees or other charges they may have incurred.”  The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Servicer Amends Payment Mistakes  Previous: Sagent Hires Former Fannie Mae Exec Next: Evolving Answers: ‘What Do Americans Want in a Home?’ Share Save Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: ACI Worldwide mortgage servicing Mr. Cooper Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. in Daily Dose, Featured, Journal, News Sign up for DS News Daily Subscribecenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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 The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago April 28, 2021 591 Views About Author: Eric C. Peck Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Servicer Amends Payment Mistakes last_img read more