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first_imgSign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Home / Daily Dose / Economic Conditions Top Concern in Fannie Mae Survey Demand Propels Home Prices Upward 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 in Daily Dose, Featured, Government, Headlines, News Consumer attitudes about housing diminished somewhat last month as economic worries weighed on their minds, according to new survey results.In its latest monthly National Housing Survey, Fannie Mae found 57 percent of Americans still believe the economy is on the wrong track, flat from April’s survey. Meanwhile, 38 percent said the economy is on the right path, up from 35 percent in the last survey but still down from last year’s highs.Despite that gain in confidence, fewer respondents in the May survey expect their own financial situation to improve over the next year as household incomes show little improvement.Further, economic conditions remain a top concern among consumers who believe now is a bad time to buy or sell a home, said Doug Duncan, chief economist at Fannie Mae.”While recent housing activity suggests that the worst of the housing slump may be behind us, this caution among consumers supports our expectation that the rebound in home sales will likely be too modest to pull sales for all of 2014 ahead of last year,” Duncan said.Survey responses on housing suggest consumers might be taking greater notice of current market trends. As home price increases slow to a more moderate pace, the share of respondents who said prices will continue to rise over the next year fell to less than half, while the share expecting declines rose slightly to 7 percent.Overall, the average 12-month price change expectation was 2.9 percent, flat from April.Meanwhile, the number of respondents expecting mortgage rates to make any meaningful change—up or down—over the next year fell, while the share of Americans who believe it would be easy to get a mortgage today climbed up to 49 percent. The latter measure has alternated up and down each month since the start of the year. Consumer Confidence Economic Conditions Fannie Mae National Housing Survey 2014-06-09 Tory Barringer The Best Markets For Residential Property Investors 2 days agocenter_img Economic Conditions Top Concern in Fannie Mae Survey Tagged with: Consumer Confidence Economic Conditions Fannie Mae National Housing Survey Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Fitch: RMBS Delinquency Not Indicative of Trend Next: HUD Reaches Settlement with Seattle Apartment Complex June 9, 2014 738 Views Share Save 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 agolast_img read more

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first_img Servicers Navigate the Post-Pandemic World 2 days ago 9.7 Million Homeowners Underwater Share Save in Daily Dose, Featured, Headlines, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The number of underwater borrowers continues to fall, but that was about the only good news Zillow had to report in its latest look at negative equity.The company released Tuesday its Negative Equity Report for the first quarter, revealing an estimated 9.7 million homeowners continue to owe more on their mortgage than their home is worth. That number, down from about 9.8 million in Q4 2013, represents about 18.8 percent of mortgage-paying Americans, according to Zillow.Conservative estimates from the company call for a negative equity rate of 17 percent by this time next year as home value growth moderates.While the continuing downward trend in underwater rates is a welcome sign of improvement in the housing sector, the company notes that the “effective” negative equity rate, which includes homeowners with 20 percent or less equity in their homes, remains elevated at more than one in three.”The unfortunate reality is that housing markets look to be swimming with underwater borrowers for years to come,” said Zillow’s chief economist, Dr. Stan Humphries.With so many borrowers lacking enough equity to comfortably sell their homes and afford a down payment on a new one, Humphries expects inventory to remain choked, driving home values higher and making affordability a greater concern.What’s more, Zillow found that homes priced in the bottom third of home values nationwide have a greater negative equity rate, with 30.2 percent of that population currently underwater compared to 18.1 percent of those in the middle tier and just 10.7 percent in the top tier.For those underwater borrowers who happen to be in the lower tier of home values, listing their home will remain difficult without engaging in a short sale or bringing cash to the closing table—another contributor to the supply shortage and a major obstacle for buyers in search of starter homes.”It’s hard to overstate just how much of a drag on the housing market negative equity really is, especially at the lower end of the market, which represents those homes typically most affordable for first-time buyers,” Humphries said. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Negative Equity Negative Equity Rate Underwater Zillow Demand Propels Home Prices Upward 2 days ago Negative Equity Negative Equity Rate Underwater Zillow 2014-05-20 Tory Barringer Previous: Default Rates Decline in April to Lowest Post-Recession Rate Next: Student Loan Debt Preventing Homeownership, Hampering Economy Related Articlescenter_img Sign up for DS News Daily May 20, 2014 780 Views 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / 9.7 Million Homeowners Underwater  Print This Post The Best Markets For Residential Property Investors 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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first_imgHome / Daily Dose / Economists: Amid Year of Growth, Housing Disappointed in 2014  Print This Post Economists: Amid Year of Growth, Housing Disappointed in 2014 About Author: Tory Barringer The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Forecast GDP Housing Market Share Save Previous: DS News Webcast: Friday 12/12/2014 Next: Lawmaker Criticizes FHFA’s Decision to Allocate GSE Money to Housing Groups The Best Markets For Residential Property Investors 2 days ago In a year that’s seen promising—albeit unspectacular—growth, economists agree that one sector of the U.S. economy disappointed: the housing market.In a survey of 45 economists conducted by the Wall Street Journal, the panel largely agreed that throughout all of 2014, housing proved to be the weakest link in the economic chain, with weak household formations weighing down on demand and production.A year ago, economists surveyed by the Journal had predicted housing starts would surge 20 percent over 2014 to an annual rate of 1.11 million, a prediction that quickly fizzled as the year’s opening months brought poor weather and even poorer home sales.While new construction gained some life with the arrival of summer, numbers have failed to impress in the last few months. As of December, the group now predicts starts will total 1.05 million.For the overall economy, forecasters told the Journal they expect gross domestic product (GDP) will grow 2.2 percent in 2014, dialing back their prediction of 2.8 percent growth made last year. While second- and third-quarter reports have looked solid, the country spent much of the year’s first half shaking off a weak first quarter, which saw GDP contract at an annual rate of 2.1 percent.Despite missing on their predictions last year, the panel remains hopeful for 2015, forecasting 1.22 million housing starts and GDP growth of 2.9 percent as the job market continues to recover and wages pick up. Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articlescenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. December 12, 2014 1,106 Views in Daily Dose, Featured, Market Studies, News Forecast GDP Housing Market 2014-12-12 Tory Barringer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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March 23, 2016 1,346 Views Sign up for DS News Daily Dispelling Myths Around Millennials and Homeownership Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Homeownership Millennials NerdWallet 2016-03-23 Brian Honea Demand Propels Home Prices Upward 2 days ago Related Articles in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Dispelling Myths Around Millennials and Homeownership Tagged with: Homeownership Millennials NerdWallet Share Save Demand Propels Home Prices Upward 2 days ago About Author: Xhevrije West Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: New Investors, Here is What You Need to Know About the SFR Market Next: Non-Profit Gets in on Freddie Mac’s Delinquent Loan Sale Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The millennial generation has been dubbed the generation that is not interested in purchasing a home, whether it be due to renting, living with their parents, or because they are saddled with student loan debt. On the surface, it would appear that millennials are not interested in becoming homeowners.According to an analysis from NerdWallet, the idea that millennials do not want to be homeowners is false, and in fact, the majority of this generation would prefer owning over renting, but they are holding off on homeownership because of real and perceived difficulties in affording it.According to the report, millennials total 66 million individuals and 24 million independent households and the median age for first-time homebuyers has remained virtually unchanged for the past 40 years.In addition, two-thirds of millennials haven’t reached that homebuying age of 31, and 22 percent are under 25 years old. Millennials are renting for an average of six years before buying, compared with an average of five years for renters in 1980. Millennials are expected to form 20 million new households by 2025.“There’s a strong indication that millennials do want to become homeowners, which is quite different from what we’ve heard,” says Chris Ling, Mortgage Manager at NerdWallet. “While overall homeownership has declined, millennials do see the long-term value in owning a home.”According to NerdWallet, millennials stated that the biggest obstacles to getting a mortgage are:Insufficient credit score or historyAffording the down payment or closing costsInsufficient income for monthly paymentsToo much existing debtNerdWallet found that many millennials are unaware of down-payment options to help them obtain a mortgage loan.“Many millennials believe they are unable to afford homes, when really many of them are unaware of the different financing options that exist — particularly those that allow for a down payment of 6 percent or less,” Ling says.Another reason that millennials are staying away from homeownership is student loan debt, the data found.“With student debt on the rise, there’s been a lot of speculation about whether the cost of a college degree hurts an individual’s ability to buy a home,” Ling explained. “From what we’ve seen, getting a four-year degree or higher is actually positively associated with homeownership — even when accounting for debt.”NerdWallet found that barriers to homeownership may be not be as high as many millennials perceive them to be. “Although factors like low savings or a poor credit score might seem insurmountable, there’s a variety of resources available to help younger Americans buy their first homes,” the report said.“Millennials—and first-time homebuyers in general—should never just assume they can’t afford a home. The first step to owning a home is knowing how you can finance it, so you should always research your options,” Ling noted. “Buying a home may be more of a possibility than you realize.”  Print This Post read more

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first_img in Commentary, Daily Dose, Featured  Print This Post Tagged with: Ask the Economist foreign investors Housing Market Zillow Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Ask the Economist foreign investors Housing Market Zillow 2016-09-02 Kendall Baer Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago What is your outlook on the housing market as a whole currently as well as for the rest of the current year?Currently home value appreciation nationally is right around a 5 percent increase annually from the year prior. However, some markets are growing faster than others so at this point in the recovery, we are seeing a very obvious split among the Northeast and the middle of the country, versus markets in the West as well as Texas and Florida. These markets are appreciating for different reasons. Strong job growth and strong local economic growth attracts buyers and increases the housing demand and that’s why we are still seeing at times double-digit home value growth.For example, Denver is growing at 11 percent along with Seattle and Dallas is at 12 percent home value appreciation. The strongest of them all is Portland at 15 percent. It’s important to keep in mind that one of the biggest drives for these markets is demand, but supply is also playing into that in terms of for-sale inventory. Inventory is still down 5 percent annually so we are seeing 5 percent less homes on the market for July, year-over-year. The good news is that we are starting to see declines for inventory slow down and for the second half of the year we hope to see more inventory come online. With that we should see home value appreciation relax a bit and not grow quite as much as we have seen. Our forecasts are two to three percent over the next year.Increase supply should certainly help on that front as well and we have seen some good numbers with recent new home sales in July and some more robust activity to actually foreshadow what kind of inventory will hit the market. Additionally, the really hot markets like San Francisco have already started to see a slow-down of a 1.3 percent growth versus the double digit growth seen 8-9 months ago simply because they are getting to be too excessive and people can no longer afford to live in these markets at these prices.This is what I think the theme will be going on; more of a slow-down and return to normalcy in home values and inventory levels. Servicers Navigate the Post-Pandemic World 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Commentary / Ask the Economist: Foreign Housing Investment Trends Previous: Ten-X Reports Housing Health in August Next: The Week Ahead: What Will Labor Market Conditions Hold? Demand Propels Home Prices Upward 2 days ago About Author: Kendall Baer The Best Markets For Residential Property Investors 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. September 2, 2016 1,522 Views Ask the Economist: Foreign Housing Investment Trends Related Articles Subscribe Share Save Svenja GudellDr. Svenja Gudell is the Chief Economist for Zillow. She joined the company in 2011 and leads Zillow’s industry-leading economic research team, a recognized voice of impartial, data-driven economic analysis on the U.S. housing market. Under Gudell’s leadership, Zillow produces monthly reports on housing trends for more than 450 metros nationwide, with data often available down to the ZIP-code level. In addition, Gudell and her team publish original research on various real estate topics, ranging from rental and mortgage affordability, negative equity and forecasting, to policy, generational and mortgage research. Gudell has presented to various federal agencies and at numerous industry conferences, and has been widely quoted in national and local media.Gudell spoke with DS News about the current trends seen for foreign investors in the U.S. housing market as well as her thoughts on trends for the housing market as 2016 rounds out the second half of the year.What are the trends seen currently in the foreign buyer/investor sector of the U.S. housing market?In general, there are a whole bunch of trends going on right now with international buyers so it’s hard to say definitively what will happen but taking a look at some of the separate trends we are seeing can help to better tease out an answer.Brexit and frankly a lot of other international uncertainties has created a “flight to safety” phenomenon were people are actually wanting to invest in the U.S. Treasury more which is why mortgage rates have been so incredibly low. With that, they also want to invest in the real estate market. Usually foreign investors tend to invest in high-end real estate or commercial.In terms of residential investment, in theory, people will want to buy more high-end real estate, but currently we also have a couple things going on where high-end real estate has become quite expensive especially in very popular markets like Miami, New York, San Francisco, parts of Texas, and San Diego. Homes there are more expensive than they have ever been. Especially with a really strong dollar, the foreign buyer, upon converting their dollars, into U.S. currency are seeing steeply priced high end homes and that is for some going to be a deterrent and some will no longer want to buy.In addition, the regulations and terms for what needs to be reported for someone buying a high-end property might make someone think twice about how they are buying properties and if they want to continue. Specifically, in Vancouver, they recently passed a law requiring 15 percent tax for non-residence to buy properties. There might be an impact there where we see people choosing to buy in the U.S. versus Canada. Though this will not be a huge impact, it is something to keep in mind as a small driver.Additionally, in China there is a lot of uncertainty looking at their stock market as well as recent turmoil. This makes Chinese investors active in their own stock market as well as in the U.S. feel less rich. There are two possible factors that could go along with this, either the investor will want to take more money out of the Chinese market and invest it in the U.S., or the investor will have lost so much money in that collapse that they will not have the want or the funds to invest in the U.S. anymore. I personally feel it is more of the latter.last_img read more

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first_img Share Save Demand Propels Home Prices Upward 2 days ago Growth in Home Prices Might Slow Down in 2018 Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Growth in Home Prices Might Slow Down in 2018 Tagged with: affordable Growth Homes mortgage overvalued price rise Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home prices in the U.S. can expect a modest slowdown in 2018, according to Fitch Ratings’ Global Housing Mortgage Outlook released on Monday. The outlook forecasts a slowdown of 5 percent in U.S. price growth and indicated that the U.S. housing market remains stable despite several cities in the West being overvalued. According to the report, these cities are likely to experience slower growth or modest correction.The report indicated that prices in California, Arizona, Nevada, and Washington had increased 50 percent since 2012, while average prices in New York, New Jersey, and Massachusetts were up less than half that figure over the same period. Despite these increases, affordability in most areas of the U.S. remains strong by historical standards, the report said. Additionally, the U.S. price-to-income ratio was near the 25-year average, although an increase in mortgage rates and a potential revision to the tax treatment for mortgage interest deductions could put negative pressure on affordability.In terms of mortgage banking, the report noted that Non-bank lenders (NBL) in the U.S., were among six of the top 10 lenders by volume because of more flexible credit standards. Globally, the report indicated that lenders could face pressure to relax their origination standards since long-term fixed-rate loans are less exposed to increasing rates, but fewer re-financings mean lower lending volumes. In terms of a global outlook for housing, the report indicated that national house prices would rise this year in 19 of 22 markets studied by Fitch, but growth was expected to be slow in most markets as risks grew on the prospect of gradually rising mortgage rates comes into view this year. The report noted that Norway, Greece, and the UK were the only countries not expected to see price rises this year.“Arrears are at very low levels in most markets. They will only move in one direction as mortgage rates rise slowly due to higher policy rates and more expensive bank funding from the gradual unwinding of quantitative easing. Floating-rate loans and borrowers refinancing to new rates will be first affected,” said Suzanne Albers, Senior Director, Structured Finance at Fitch Ratings.The report indicated that in 2018, a combination of factors would be needed to constrain house price rises that have gone beyond market fundamentals and are primarily due to buyers’ expectations for further growth. Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News Related Articles The Best Markets For Residential Property Investors 2 days ago  Print This Postcenter_img Sign up for DS News Daily affordable Growth Homes mortgage overvalued price rise 2018-01-22 Staff Writer The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 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 Demand Propels Home Prices Upward 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago January 22, 2018 1,520 Views Previous: The Art of the Possible in Mortgage and Tech Next: The Top 25 Women of Law, Part 3last_img read more

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first_img Freddie Mac Initiative Brings Affordable Homes to Three Cities Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Investment, News Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Radhika Ojha Previous: Does Parental Wealth Impact Homeownership? Next: HSBC Next to Pay Reparations for Pre-Crisis Conduct Tagged with: Affordable Homes Freddie Mac Homes HOUSING portfolio Single Family Rental Share Save 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. Related Articles  Print This Post Subscribe Affordable Homes Freddie Mac Homes HOUSING portfolio Single Family Rental 2018-08-06 Radhika Ojhacenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily August 6, 2018 2,004 Views 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 Home / Daily Dose / Freddie Mac Initiative Brings Affordable Homes to Three Cities Servicers Navigate the Post-Pandemic World 2 days ago Freddie Mac is financing an initiative that supports both affordable housing and the surrounding community. The Government Sponsored Enterprise (GSE) announced on Monday that it had provided $7.8 million in funding for the acquisition of 117 single-family rental (SFR) units by Promise Homes Company. The units are located in the Atlanta, Orlando, and Tallahassee markets.According to a statement issued by Freddie Mac, Promise Homes offers affordable housing to families that choose to live in single-family homes but were unable to buy their home due to financial and credit history. The transaction is in partnership with CBRE, Freddie Mac said.“This transaction represents a true win-win for the families renting these properties and the broader community,” said David Leopold, VP of Targeted Affordable Sales and Investments at Freddie Mac Multifamily. “Promise Homes does more than provide affordable housing to its residents–it brings financial literacy and economic growth in the form of sustainable employment. This is exactly the type of transaction we’re looking for with our single-family rental pilot, and we thank our friends at CBRE for helping to make this transaction happen.”Freddie Mac’s single-family rental pilot was introduced in 2017, and this transaction represents the latest in its $1.3 billion investment limits for the pilot. Of the 117 properties in the transaction, 96 percent qualify as “affordable housing,” based on 80 percent of the area median income. Six percent will be rented to market-rate tenants or tenants with Section 8 vouchers.“This portfolio addition will enhance the lives for more than 100 working middle-class families, both in terms of the quality of homes they live in as well as financial literacy and credit score resources through our partnership with Operation HOPE,” said John Hope Bryant, Founder, Chairman, & CEO of The Promise Homes Company. “The Promise Homes Company has a double bottom-line, and we appreciate the opportunity to work with two leading companies to help the strength of our communities and working or middle-class families.” 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 agolast_img read more

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first_img  Print This Post About Author: Marissa M. Yaker Share Save California Statutes of Limitation 2019-01-17 Donna Joseph Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Print Features Statute of Limitations and Demand Letters in the Sunshine State Previous: A Closer Look at TRID Next: The Industry Pulse: Update on Indisoft, Trott Law P.C., and more… Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Steven Hurley Steven Hurley is the Supervising Attorney of Foreclosure for the State of Florida for Padgett Law Group. His practice focuses on foreclosure and commercial litigation with a concentration in the areas of real estate and creditors’ rights. Hurley handles bank and lender representations, including loan servicing and default-related legal services ranging from loss mitigation to foreclosure, evictions, replevins, and litigation. Hurley recently served as a contributing attorney on a Supreme Court Amicus Brief on behalf of PLG. Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Marissa M. Yaker, Esq. is an attorney with Padgett Law Group (PLG). Her practice is primarily focused on creditor’s rights and foreclosure, an area of law in which she has actively practiced for five years. Yaker sits on the Florida Bar’s Grievance Committee of the Fifteenth Judicial Circuit and recently served as a contributing attorney on a United States Supreme Court Amicus Brief on behalf of PLG. Yaker is licensed in the state of Florida and is based out of PLG’s Fort Lauderdale, Florida, office. Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Tagged with: California Statutes of Limitation The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Editor’s note: This story originally appeared in the January issue of DS News.The prime purpose underlying Statutes of Limitation is to protect defendants from unfair surprise and stale claims [Major League Baseball v. Morsani, 790 So. 2d 1071, 1074–75 (Fla. 2001)]. When trying to adhere to the purpose behind the Statute of Limitation, many decisions focus on when the clock for the Statue of Limitation began to run: i.e., at the time the demand letter was sent pursuant to paragraph 22 of the mortgage, when the demand letter expires, or at the time of filing suit. The law is now clear that Statute of Limitation begins to run at the time of filing suit when the mortgage contains an optional acceleration clause. [Bank of America, N.A. v. Graybush, 253 So. 3d 1188 (Fla. 4th DCA 2018]—the Supreme Court of Florida is currently deciding whether it will accept jurisdiction of this case]. The next question that was of much debate was whether a servicer could sue on an aged default, under the premise that a default under the terms of a mortgage is a continuous default.After many conflicts, most of the Districts Courts of Appeals in Florida have agreed that a servicer can bring suit on an aged default as long as the complaint alleges “the default date, and all subsequent payments.” [Note, however, that the Fifth District Court of Appeal in Velden v. Nationstar Mortgage, LLC, 234 So.3d 850 (Fla. 5th DCA 2018) disagrees that you can bring suit on an aged default.] This leads to the last question. If a servicer can bring suit on an aged default, can a servicer collect on all amounts due and owing, including those outside of the five-year statute of limitations? While the law is not yet settled, the Fourth District Court of Appeal has answered this in the affirmative. So while it may have taken a few years, Statute of Limitation is starting to become clearer in the State of Florida. Borrowers also recently prevailed at trial due to a servicer’s failure to provide proof that the demand letter was properly mailed [in the case of Torres v. Deutsche Bank National Trust Company, Case No. 4D17-2727 (Fla. 4th DCA 2018)].That case established that evidence that a demand letter was drafted is insufficient, by itself, to establish that it was, in fact, mailed. Rather, the mailing must be proven by producing additional evidence such as proof of regular business practices, an affidavit swearing that the letter was mailed, or a return receipt. If the evidence comes by way of witness testimony, the witness must have personal knowledge of the company’s general practice in mailing letters. Mere reliance on the boarding process to prove that the notice letter was mailed is insufficient. January 17, 2019 2,751 Views Home / Daily Dose / Statute of Limitations and Demand Letters in the Sunshine Statelast_img read more

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first_imgHome / Daily Dose / Fannie Mae Secures $39.6B UPB Risk Transfers Share Save in Daily Dose, Featured, Market Studies, News Previous: American Homeowners Unprepared for Disaster Next: Delinquency Rates Rise in Latest Freddie Mac Summary Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles About Author: Seth Welborn Demand Propels Home Prices Upward 2 days ago Fannie Mae Secures $39.6B UPB Risk Transfers Tagged with: Credit Risk Transfer Fannie Mae Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Credit Risk Transfer Fannie Mae 2020-05-27 Seth Welborncenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago May 27, 2020 1,196 Views The Week Ahead: Nearing the Forbearance Exit 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.  Print This Post Fannie Mae has announced that it has secured commitments for two front-end Credit Insurance Risk Transfer (CIRT) transactions. CIRT FE 2020-1 and CIRT FE 2020-2 together cover up to $39.6 billion in unpaid principal balance of 21-year to 30-year original-term, fixed-rate loans, including loans previously acquired from November 2019 through January 2020 and also loans to-be acquired between February 2020 and January 2021. Combined, these two deals transfer up to $1.3 billion of mortgage credit risk, as part of Fannie Mae’s ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market. To date, Fannie Mae has committed to acquire approximately $12.9 billion of insurance coverage on $475 billion of single-family loans through the CIRT program, measured at the time of issuance, for both post-acquisition (bulk) and front-end transactions.“CIRT FE 2020-1 and FE 2020-2 secure approximately $729 million and $600 million of coverage, respectively. Both are record-high levels of coverage for a low and high loan-to-value ratio CIRT transaction. These transactions were executed in March, prior to the enormous changes that have since impacted our economy and our daily lives. We appreciate our partnership with the 20 insurers and reinsurers that wrote coverage for these deals, and hope that they, their co-workers, and families all stay safe during this global crisis. These participating insurers and reinsurers have Fannie Mae’s commitment that we will use all of our resources to assist borrowers through temporary hardships related to COVID-19, and that we are adjusting our credit guidelines for lender partners to manage the risk of our new acquisitions while ensuring we meet our mission to provide liquidity to the mortgage market,” said Rob Schaefer, VP for Credit Enhancement Strategy & Management at Fannie Mae.Coverage for these deals is provided based upon actual losses for a term of 13 years. Depending on the paydown of the insured pool and the principal amount of insured loans that become seriously delinquent, the aggregate coverage amount may be reduced at the 18th month following the effective date and each month thereafter. The coverage on each deal may be canceled by Fannie Mae at any time on or after the 5 and a half-year anniversary following the effective date by paying a cancellation fee. Demand Propels Home Prices Upward 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 Subscribelast_img read more

May 31, 2021 | |Post a Comment

first_img  Print This Post in Daily Dose, Featured, News Previous: New Studies Reaffirm Dramatic Increases in Home Values Next: Seriously Delinquent Mortgage Loans Up 1.7 Million in 2020 Confirmation hearings for incoming Secretary of the Treasury Janet Yellen began this past week. What might the new appointee mean for mortgage rates, which are now at an all-time low? Next Advisor, in partnership with Time.com, consulted with several economists in an attempt to answer that question.Next Advisor’s Jason Stauffer concluded that Yellen’s policies will probably boost the economy and push inflation upward, but he says none of the experts he spoke with are expecting major rises in mortgage rates in 2021.“Even if we see some inflation as we get out of the pandemic, as people start to spend more money, I think the Federal Reserve is going to be hesitant to raise interest rates,” Redfin’s Chief Economist Daryl Fairweather told Stauffer.The Next Advisor article points to President Joe Biden’s $1.9 million stimulus plan, which Yellen supported.“Without further action, we risk a longer, more painful recession now and longer-term scarring of the economy later,” Yellen said in a video statement related to Biden’s stimulus proposal.”The government spending, coupled with the high likelihood of more to come, should give a boost to the sagging economy, and could increase inflationary pressures,” Stauffer noted. “Bond market investors responded to the expectation of increased government spending, which is part of the reason Treasury yields recently jumped to 1% for the first time since March last year.Lawrence Yun, Chief Economist with the National Association of Realtors told Next Advisor that “Janet Yellen has always been more focused on trying to reduce unemployment, even if it means slightly higher inflation.”Factors that affect the 10-year Treasury bond yields are the same that impact 30-year mortgage rates. The two have historically moved “in tandem,” according to the piece.  However, the spread between the Treasury yields and mortgage rates was higher than usual throughout most of the pandemic.Still, according to Zillow’s Matthew Speakman, if bond yields increase, mortgage rates would also increase. “A spike is not inevitable,” he added. ”There’s still a lot of uncertainty in the economy regarding the factors that impact rates.”Fairweather adds that it is easy — when forecasting the trajectory of mortgage rates — to forget about the human element.“Expectations about rates matter,” she tells Stauffer. “If investors believe that rates will stay low, that can be a self-fulfilling prophecy. Over the last 20 years, rates have been falling and it seems like not just in the U.S., but globally, we’re in a low-rate environment.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 2021-01-22 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / How Janet Yellen’s Economic Policy May Impact the Industry The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Christina Hughes Babb How Janet Yellen’s Economic Policy May Impact the Industry Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago January 22, 2021 956 Views Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Subscribelast_img read more