DS News Webcast: Friday 2/14/2014

first_img DS News Webcast: Friday 2/14/2014 Demand Propels Home Prices Upward 2 days ago 2014-02-14 DSNews Home / Featured / DS News Webcast: Friday 2/14/2014 RealtyTrac released Thursday its U.S. Foreclosure Market Report for January, revealing an 8% monthly increase in foreclosure filings to 125,000–the biggest month-to-month increase since May 2012. On an annual basis, January filings were down 18%, the 40th straight month of year-over-year declines.According to the company, last month’s elevated activity was driven by double-digit increases in both foreclosure starts and in scheduled foreclosure auctions. Starts in January totaled more than 57,000, up 10% from December, while auctions rose 13%.Another report from the inspector general for the Federal Housing Finance Agency says the agency hasn’t provided enough oversight of its Servicing Alignment Initiative for Fannie and Freddie. The SAI was launched in 2011 to improve servicers’ performance on GSE loans, but the inspector general’s examination of the program since then finds there has been little to no review of compliance or performance goals since that time. In a response, the FHFA indicated it plans to continue with its current oversight approach. in Featured, Media, Webcasts The Best Markets For Residential Property Investors 2 days ago Related Articles Share Save The Best Markets For Residential Property Investors 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Consumer Survey Reveals Positive Outlook for Coming Year Next: Fannie Mae Increases Incentives to Purchase REO Properties Is Rise in Forbearance Volume Cause for Concern? 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily February 14, 2014 528 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: DSNews Subscribelast_img read more

Las Vegas Suburb Launches Foreclosure Registry

first_imgSign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Share Save About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago City officials in the Las Vegas suburb of Henderson, Nevada, have announced the launch of a foreclosure registry in order to help monitor the number of abandoned residential properties in the area from falling into disrepair or becoming blighted.The goal of the registry is to urge the owners of homes that have either been abandoned or are at risk of being abandoned due to foreclosure to perform maintenance and upkeep on them so that the homes do not fall victim to blight, squatters, or vandals.The registry launched on Monday, November 3, and can be found at www.registerhenderson.com. Owners are required to register their property (single-family, townhouses, condos, and multi-family buildings with four units or less) on the site if there is a currently unresolved default notice or foreclosure filing on the property with Clark County. The fee to register is $200 for new registrations and $50 for any updates with new information. If the property remains distressed, owners must renew their registration annually for $200. Penalties for failure to comply may include fines of up to $150 per day or a possible criminal misdemeanor conviction.Prior to the launch of the registry, Henderson city officials had to rely on complaints of nearby residents in order to discover abandoned, blighted homes. The registry came about as a result of the city passing Ordinance No. 3121, also known as the Abandoned Residential Real Property Registry Ordinance, in February 2014. The purpose of the ordinance is to “reduce and prevent neighborhood blight, to mitigate conditions that threaten the health, safety, and welfare of the public, and to promote neighborhood stability,” according to the registerhenderson.com web site.Henderson, Nevada’s second largest city with a population of about 270,000 (according to U.S. Census data), has been hit hard by foreclosures in recent years. Nevada in particular was one of the hardest hit states during the financial collapse of 2008.While the Las Vegas area in general has seen a significant decline in the number of foreclosures for the last few months, RealtyTrac reported that one in every 768 residential housing units in Henderson was in some state of the foreclosure process in September 2014, still way ahead of the national rate of one in every 1,232 for the month. Henderson’s foreclosure rate was close to the reported rate for the state of Nevada, which was one in 797 – fifth highest in the U.S. RealtyTrac reported that the Las Vegas metro area had 1,694 “zombie foreclosures” in the third quarter, the eighth highest total in the U.S. According to RealtyTtrac, 33 percent of foreclosures in the Las Vegas metro area were zombie foreclosures, which are properties that have been abandoned the foreclosure process is not complete. City officials estimate that about 5,000 residential properties in Henderson are in some state of foreclosure. Home / Daily Dose / Las Vegas Suburb Launches Foreclosure Registry The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Previous: Real Estate Professionals Optimistic About Homeownership Comeback Next: Institutional Investors, All-Cash Buyers Enjoy Larger Average Discounts Data Provider Black Knight to Acquire Top of Mind 2 days ago distressed properties Foreclosure Registry Henderson Nevada Las Vegas Zombie Foreclosures 2014-11-10 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, News Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Tagged with: distressed properties Foreclosure Registry Henderson Nevada Las Vegas Zombie Foreclosures Las Vegas Suburb Launches Foreclosure Registry November 10, 2014 1,785 Views Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Fannie Mae Announces Enhanced Dataset for Single-Family Loans

first_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Fannie Mae is now providing an enhanced single-family loan performance dataset in order to offer greater transparency in advance of the Enterprise moving to an actual loss framework for the Connecticut Avenue Series (CAS) risk sharing transactions, according to an announcement from Fannie Mae on Wednesday.Features of the enhanced dataset include information on credit performance up to, and including, property disposition. The credit information the new dataset provides includes event dates, the costs incurred by the credit event, and recovery proceeds that Fannie Mae receives. Fannie Mae estimates it could move to the actual loss framework for the CAS transactions as soon as the fourth quarter this year.”Proactively providing this research data is an important step to prepare the market for our move to an actual loss structure for CAS deals later this year and supports market participants in further modeling the credit risk of Fannie Mae’s Single-Family book of business,” said Laurel Davis, vice president for credit risk transfer at Fannie Mae. “We are providing access to this data now in order to give the market sufficient lead time to become comfortable with the information.  Our hope is that by allowing broad access to the data, we can increase the transparency and liquidity of our credit risk offerings.”The information in the enhanced dataset is provided to help investors better understand the credit performance of loans that Fannie Mae owns or guarantees as the development of the Enterprise’s risk sharing program continues.Last week, Fannie Mae announced a $1.56 billion credit risk sharing transaction under the CAS series, putting the Enterprise over the milestone of $10 billion in notes issued through CAS since the program began in October 2013. In less than two years, Fannie Mae has transferred risk to private investors on single-family mortgage loans with an unpaid principal balance (UPB) of more than $390 billion.For information on Fannie Mae’s approach to credit risk transfer or any of the CAS risk sharing transactions, click here. Share Save July 22, 2015 1,189 Views  Print This Post The Best Markets For Residential Property Investors 2 days ago Tagged with: Credit Risk Transfer Fannie Mae Single-Family Mortgage Loans Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Fannie Mae Announces Enhanced Dataset for Single-Family Loans Servicers Navigate the Post-Pandemic World 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. Related Articles About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News, Secondary Market Home / Daily Dose / Fannie Mae Announces Enhanced Dataset for Single-Family Loans Sign up for DS News Daily Credit Risk Transfer Fannie Mae Single-Family Mortgage Loans 2015-07-22 Brian Honea Previous: It’s Time for Default Servicing to Embrace Big Data Next: Housing Markets Continue Slow But Steady Ascent Into Stable Range Subscribelast_img read more

Forces Join to Protect Borrowers from Foreclosure Relief Scams

first_img 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. Previous: Mortech Mortgage Pricing Technologies Now Integrated with Calyx Point Next: Rental Demand is Surging in Record Numbers Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Home / Daily Dose / Forces Join to Protect Borrowers from Foreclosure Relief Scams Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Forces Join to Protect Borrowers from Foreclosure Relief Scams Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Office of New York State Attorney General Eric Schneiderman and several media associations within the state have announced a joint initiative to crack down on unlawful advertising of foreclosure rescue scams, which have surfaced all over the country in the last few years but have been especially prominent in New York, one of the markets hardest hit by the foreclosure crisis.In addition to Schneiderman, who has been a fierce advocate not only of foreclosure prevention but of preventing perpetrators from scamming vulnerable homeowners facing foreclosure, media outlets participating will be the New York News Publishers Association, the New York Press Association and the New York State Broadcasters Association.Perpetrators of the scams target homeowners who are in the process of foreclosure and seeking some help with a mortgage modification. The number of scammers targeting New Yorkers has risen in recent years, including an increase in so-called “Deed Theft” cases in which the scammers convince the homeowners to forfeit ownership rights to their homes.Through the new initiative, the media outlets will scrutinize foreclosure relief advertisements for possible scammers, who often target vulnerable homeowners through trusted local media outlets. The initiative is voluntary; dozens of community outlets are being asked to participate.“Vigilant, well-informed homeowners are the best protection against these deceitful mortgage rescue scams,” Schneiderman said. “These scams are particularly repugnant because they take victims of the housing crash and make them victims again.”Foreclosure rescue scams have conned approximately $100 million from 42,000 homeowners, according to a December 2014 report by the Center for NYC Neighborhoods and the Lawyers Committee for Civil Rights Under Law. In New York alone, more than 2,700 homeowners have submitted complaints to the Lawyer Committee’s office, trailing only California and Florida in the number of complaints reported to the Loan Modification Database. New York homeowners have documented more than $8.25 million in losses as a result of foreclosure relief scams.Victims of the scams have often reported to the AG’s office and housing counseling partners that it as advertising in local media outlets that lured them into the scam. The ads are often in violation of state and federal laws that require the companies who are advertising to include specific disclosures in ads pitching foreclosure prevention or loan modification services.New York homeowners have documented more than $8.25 million in losses as a result of foreclosure relief scams, or an average of about $4,183 per victim—about $900 more than the national average. Losses have the potential to go far beyond the initial dollar amount, however; they could wind up in the tens or even hundreds of thousands of dollars if the victim’s home falls into foreclosure.“These scams are particularly repugnant because they take victims of the housing crash and make them victims again.” Eric Schneiderman, New York Attorney GeneralVictims of the scams have often reported to the AG’s office and housing counseling partners that it as advertising in local media outlets that lured them into the scam. The ads are often in violation of state and federal laws that require the companies who are advertising to include specific disclosures in ads pitching foreclosure prevention or loan modification services. Schneiderman and the media outlets are asking the members of their organizations to review foreclosure relief ads to make sure they are in compliance with the state disclosure laws.This initiative is part of a broader effort by Schneiderman to end the mortgage crisis in New York. In 2012, he launched the Homeowner Protection Program (HOPP), a network of 85 housing counseling and legal services providers that provides free, high-quality representation to struggling borrowers who are at risk of foreclosure. HOPP has assisted more than 50,000 New Yorkers to date.Schneiderman’s office launched AGScamHelp.com, a Web-based app that helps homeowners determine if a mortgage assistance company is government-vetted. The app helps users locate nearby counseling and legal services agencies in the HOPP network, search government-vetted agencies, report scams, and receive tips on avoiding scams. The AG’s office reports that the app has more than 6,600 weekly users and has been used by more than 112,000 people since the site was launched. The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, Newscenter_img Servicers Navigate the Post-Pandemic World 2 days ago Share Save Related Articles Subscribe Sign up for DS News Daily Eric Schneiderman Foreclosure Relief Scams New York Attorney General 2015-12-12 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Eric Schneiderman Foreclosure Relief Scams New York Attorney General The Best Markets For Residential Property Investors 2 days ago December 12, 2015 1,488 Views About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Judge to Bank of America: Hold Off Paying Investors in RMBS Settlement

first_imgHome / Daily Dose / Judge to Bank of America: Hold Off Paying Investors in RMBS Settlement Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: President: A Strong Economy is the Key to America’s Future Next: GSE Serious Delinquency Rate is Lowest Since Start of Conservatorships February 9, 2016 1,445 Views The Best Markets For Residential Property Investors 2 days ago Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. A New York judge last week signed an order to delay payouts to investors from Bank of America Corp’s $8.5 billion mortgage securities settlement because Bank of New York Mellon, the trustee in charge of the securities, was unsure how to split the proceeds among investors.Justice Saliann Scarpulla of New York state court in Manhattan signed an order to hold payouts to a group of mortgage-bond investors including BlackRock, MetLife, and Pacific Investment Management in escrow. The decision to disperse the money had been made just one week prior to last week’s delay order and is intended to give investors the chance to voice their opinions on how the funds should be dispersed.Scarpulla has set a March 4 deadline for investors to file papers.According to the order, BNY Mellon petitioned the court to delay the payouts until it could untangle competing interpretations of the methodology. Payouts were scheduled at the end of January to begin on Feb. 10 and will eventually go to 530 residential mortgage-backed securities trusts.BNY Mellon’s argument reportedly stems from a question of what each of the trusts should do with the money once received. The main question is whether the trusts should count the money it will receive from Bank of America as a decrease in the trust’s liabilities to investors, or as an increase in the trust’s assets. According to the filing, the order could lead to investors in less-secure investor classes receiving money that would otherwise be distributed to more senior investor classes.A group of 22 institutional investors negotiated the deal in June of 2011 to resolve claims that $174 billion of mortgage securities issued by the now-defunct Countrywide Financial Corp. (which Bank of America acquired in 2008) didn’t meet their promised quality. The petition was accepted in New York Court last April.The payouts, when made, are expected to be a huge relief for Bank of America, which has had to contend with $50 billion in bad money, most of it due to what it took on from Countrywide, since the recession. Judge to Bank of America: Hold Off Paying Investors in RMBS Settlement Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post in Daily Dose, Featured, Newscenter_img The Best Markets For Residential Property Investors 2 days ago Tagged with: Bank of America BNY Mellon RMBS Settlements Related Articles About Author: Scott Morgan Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Bank of America BNY Mellon RMBS Settlements 2016-02-09 Scott Morgan Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Subscribelast_img read more

Reshaping a Culture: An Exclusive Interview With Wells Fargo’s Incoming CEO Tim Sloan

first_img About Author: Kendall Baer Servicers Navigate the Post-Pandemic World 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Previous: Treasury: Here’s What Housing Reform Should Look Like Next: If Seller Sentiment is Up, Why Aren’t Homeowners Taking the Plunge Tim Sloan Wells Fargo 2016-10-28 Kendall Baer  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Tim Sloan Wells Fargo 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. in Daily Dose, Featured, Print Features Subscribe Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Reshaping a Culture: An Exclusive Interview With Wells Fargo’s Incoming CEO Tim Sloan The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Editor’s Note: This story appears in the November 2016 Edition of DS News, available November 1st.“I am deeply sorry that we failed to fulfill our responsibility to our customers, to our team members, and to the American public,” said John Stumpf, Wells Fargo’s Chairman and CEO, on September 20th in a prepared statement to the Senate Banking Committee. “I want to apologize for violating the trust our customers have invested in Wells Fargo. And I want to apologize for not doing more sooner to address the causes of this unacceptable activity.”Earlier that month, the Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency (OCC), and the Los Angeles City Attorney’s Office fined Wells Fargo a combined total of $185 million for opening approximately 2 million unauthorized accounts without consumers’ knowledge. During his testimony, Stumpf did not attempt to pass the buck. But the overwhelming wave of criticism from the public to politicians seemed to wash away Stumpf’s sincere apologies. On October 12, Stumpf abruptly announced his retirement from Wells Fargo and made the following statement:“I am grateful for the opportunity to have led Wells Fargo. I am also very optimistic about its future, because of our talented and caring team members and the goodwill the stagecoach continues to enjoy with tens of millions of customers. While I have been deeply committed and focused on managing the Company through this period, I have decided it is best for the Company that I step aside.”Enter Timothy J. Sloan. Taking on the role of President and CEO, the 29-year corporate veteran is seen by many as the right choice to restore lost confidence in the 160-year-old staple of the financial industry. Who is Tim Sloan?Some were skeptical of the leadership changes. Upon hearing news, U.S. Representative Keith Ellison (D-Minnesota) tweeted, “Ok, but does this ensure real reform?” Senator Sherrod Brown (D-Ohio) released a statement saying “There must be accountability to fix the culture within Wells Fargo that encouraged cheating and left senior executives either unwilling or unable to stop it for far too long. Unfortunately, Mr. Stumpf’s retirement does nothing to answer the many questions that remain.” “I don’t think an insider is the right guy to do it,” analyst Dick Bove said in an interview with CNBC. “The culture needs to be adjusted. The fat has got to come out of this company. There’s a whole lot of things that need to be done that Mr. Sloan is not going to do.”But Sloan doesn’t shy away from admitting that there is major work to be done within the bank to regain the trust of its consumer base.“We fell short of the expectations we have of ourselves and the expectations our customers have of us,” said Sloan in an exclusive interview with DS News. “The challenges we face are real and essential to fix. It will take time to repair mistakes and lead the company forward. We intend to strengthen our culture throughout our organization and ensure we are always doing the right thing for our customers. While there is much more still to be done, we have already begun a series of changes that will help to rebuild trust.”It remains to be seen how greatly these leadership changes will impact Wells Fargo’s business, but Sloan has the credentials and experience to back his bold words. Born and raised in Detroit, Sloan received his undergraduate and graduate degrees at the University of Michigan. With his M.B.A. being in finance, Sloan’s passion for financial services was sparked. After spending about three years with Illinois Continental Bank in Chicago, Sloan joined the Wells Fargo team, where he has served in a variety of roles throughout the years.Committed to HomeownershipThough Sloan’s primary focus during his tenure has been in the bank’s commercial and wholesale banking businesses, he is no stranger to Wells Fargo’s Home Mortgage division, the largest retail mortgage lender in the United States. And he is bullish to the future. “We are innovating – through both technology and the trusted personal guidance that has been our hallmark through the years – the customer experience as well as our underwriting and servicing processes,” says Sloan. “We are using the power of technology – now and for the future – to enhance the experience on behalf of our customers and clients, vendors, settlement agents, and partners. Our team is aligned and energetic, and we are optimistic about the future.”Despite a period of transition within Wells Fargo’s mortgage banking division following last year’s retirement of Michael J. Heid and installation of Franklin Codel as head of home lending, Sloan insists that his team is stable and has a central focus on promoting the opportunity for homeownership throughout the nation. “The United States is in the midst of an historic demographic shift. Millions of Millennials will enter the home buying market in the next decade, representing the largest generational wave of new homebuyers since the Baby Boomers came of age in the 60s, 70s, and 80s. The group of emerging first time homebuyers will also be “majority minority” led by the Hispanic and African American communities,” says Sloan. “These consumers want a lender that is going to help them understand their options, answer their questions, and chart a path toward sustainable homeownership. We want Wells Fargo to be viewed as the lender of choice for first-time homebuyers, diverse communities, and low- to moderate-income communities. These are markets where homeownership rates currently lag behind the national average, but opportunities for mortgage and homeownership growth – and the benefits they bring to consumers and communities – are prevalent.”Sloan says that Wells Fargo is committed to providing sustainable solutions for homeownership. He praises Codel and his team for working to act on and advance a strategic vision centered on serving customers through excellence in their process, products and programs, service, and execution.“The team has rallied around an organization-wide commitment to enabling sustainable homeownership announced this past spring,” says Sloan. “Flexible new programs like your First Mortgage – a 3-percent down home loan paired with optional financial education and launched in May – illustrate the focus on providing customers with the tools, trusted guidance, and credit they need to achieve financial success. We believe that, as the nation’s largest mortgage lender and servicer, we can help more Americans realize the benefits of homeownership.”Committed to CultureAs he takes charge during the metamorphosis of an institution he has been a part of for nearly three decades, Sloan believes that now more than ever, the company’s values call the institution as a whole to be centered on doing what is right for the customer because a better served customer means a stronger, better Wells Fargo.“I know no better individual to lead this company forward than Tim Sloan,” John Stumpf said in his statement announcing his exit. But why? What makes Tim Sloan the man for the moment? Sloan says that his leadership style is a combination of approaches that can be best used at different times depending upon the situation. “There have been a few lessons I have embraced and try to pass along to others, including: hire people who are smarter than you; take care of those people, treat them fairly and challenge them; never ask them to do something you would not do; admit when you are wrong, but never, ever waiver when you believe you are right; and be a role model for honest and ethical behavior,” says Sloan.“Clearly, right now at Wells Fargo, my job is to ensure we are all applying tremendous focus on making the changes necessary to help rebuild trust and always doing what is right for our customers,” he continued. “This is foundational to who we are and how we operate. And, at the same time, I want to remind our 265,000 team members around the world that while we have a lot of work to do, Wells Fargo has been successfully operating for 164 years, and we look forward to being there for our customers for another 164 years and beyond. We have an incredible legacy and a bright future.”Though Wells Fargo has a long way to go in terms of recovering the confidence and trust of their customers, one thing seems certain: Tim Sloan is committed to ensuring that the reputation of the nation’s largest mortgage lender remains in-tact for years to come. “These recent weeks have not been easy, but I could not be more proud to lead a company with such an outstanding history and with so many dedicated team members in all of our businesses.”Don’t miss this story and so much more November 1st in the latest edition of DS News.   The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Reshaping a Culture: An Exclusive Interview With Wells Fargo’s Incoming CEO Tim Sloan Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily October 28, 2016 2,278 Views last_img read more

REO Update: RES.NET Launches Asset Strategy Tools

first_img Previous: Bank of America Predicting Q3 Trading Losses Next: Five Star President and CEO: Housing Microbubble Ahead Home / Daily Dose / REO Update: RES.NET Launches Asset Strategy Tools Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, Loss Mitigation, News, Technology The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago REO 2017-09-18 Joey Pizzolato Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] About Author: Joey Pizzolato  Print This Post REO Update: RES.NET Launches Asset Strategy Tools Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago September 18, 2017 1,728 Views Share Save Tagged with: REO The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles RES.NET, a leading company within the mortgage industry connecting all facets, from vendors to consumers, announced the availability of a new suite of asset strategy tools designed to maximize return on investment through the analysis of each asset. The first phase of its new tools was launched and announced Monday during the opening day of the 2017 Five Star Conference and Expo, held in Dallas, Texas.“We understand how critical it is to identify the right liquidation strategy in order to maximize the return on every REO asset,” said Keith Guenther, CEO of RES.NET. “Working closely with our clients and taking their input into consideration, we identified two powerful ‘Plugins’ that integrate directly with our REO portal, providing real-time geographical MLS, repair and comparable data. This data enables decision makers to perform analysis on each asset, determining maximum return on investment, and in turn, decide on the the best liquidation strategy to maximize recovery.”Currently, the best liquidation strategy for assets is determined through a real estate agent, bulk sales, or rental. The new tools consist of two modules: a MLS and Images Plugin, and Repair Management Plugin. Phase two of the Asset Strategy Tool aims to provide an integration and single sign on with direct access to repair estimates and a comprehensive MLS report that includes listing and sold comps, all without ever leaving the RES.NET portal.The Repair Management module is multi-faceted, including: a cost estimation tool with an extensive pricing library, a workflow management tool, a forms builder for customizable inspection forms, and additional products providing property analytics from aerial imagery and remote-sensing data.With the MLS and Images Plugin, users have the option to best determine liquidation strategy adjustments, as well access MLS listed and sold comps, automated confidence scoring and view configurable AVMs, historical subject, and interior comp photos. The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

The State of Servicing

first_img Previous: The Right Path for FHA? Next: Freddie Mac Names Sara Mathew Its Non-Executive Chair  Print This Post The State of Servicing Default servicers are expecting increased delinquencies in their Federal Housing Administration (FHA) loan portfolios in 2019, according to the annual Altisource 2018 Default Servicers Survey, released on Tuesday. The reason, the survey revealed, was due to the increase in the size of FHA loan portfolios.The online survey of 200 professionals from across the mortgage default servicing industry indicated that 86 percent of the respondents reported that their organization currently services FHA loans, with 72 percent of these respondents expecting an increase in this particular loan portfolio over the next 12 to 24 months, In fact, 77 percent of these respondents expect their FHA loan portfolio volume to increase by as much as 25 percent.However, servicers said that they encountered difficulties while identifying effective vendors for foreclosure/trustee auction services. Fifty-seven percent of the servicers surveyed said that the current data analytics and modeling within their FHA loans-related Claims Without Conveyance of Title (CWCOT) program management could be better.Among servicers managing FHA loan portfolios, 73 percent said they were using third-party vendors as part of their CWCOT program management. While choosing these vendors, 95 percent stressed on performance as the most important factor in choosing a CWCOT auction vendor, followed by end-to-end capabilities/outside services outside of auction (91 percent), access to broker network (90 percent), access to data and analytics (90 percent) and marketing content and online presence as well as coverage (89 percent).While servicers said that they were using multiple vendors for their servicing needs today, they were also looking at consolidation opportunities in their vendor base in an environment of reduced default volumes, the survey revealed.An increasing number of servicers were open to considering a single-vendor approach for multiple services provided by them, the survey indicated. While 90 percent of the respondents said they were “very” or “somewhat” likely to consider such an approach, more than two-thirds of the respondents said the consistency and efficiency in managing the lifecycle of default/distressed properties were “very important” to them while selecting a single-vendor approach.Some of the other reasons cited by servicers for adopting a single vendor approach included compliance management (68 percent), access to data and analytics to support portfolio decisions (58 percent), stronger point-of-contact relationships (57 percent), and streamlined costs (56 percent).Looking at the attributes that servicers wanted in their single vendor, the survey indicated that 93 percent considered end-to-end default disposition capabilities and REO asset management very or somewhat important when choosing a vendor for managing their default portfolio.Click here to read the full survey. Subscribe in Daily Dose, Featured, Foreclosure, News, REO The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Altisource cwcot Default Portfolios Default Servicing FHA loans REO Vendors 2019-01-29 Radhika Ojha Home / Daily Dose / The State of Servicing About Author: Radhika Ojha Demand Propels Home Prices Upward 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 The Best Markets For Residential Property Investors 2 days ago 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. January 29, 2019 2,087 Views Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Altisource cwcot Default Portfolios Default Servicing FHA loans REO Vendors Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

A New Angle to Tackle Affordable Housing

first_img The Best Markets For Residential Property Investors 2 days ago Previous: AI Foundry Unveils New Platform Next: Freddie Mac: How Will the Housing Market Perform? A New Angle to Tackle Affordable Housing Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago March 5, 2019 2,293 Views Related Articles Home / Daily Dose / A New Angle to Tackle Affordable Housing ADU Affordable Housing Fannie Mae Home Households HOUSING National Building Museum 2019-03-05 Radhika Ojha The Best Markets For Residential Property Investors 2 days ago  Print This Post 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. Share Save Tagged with: ADU Affordable Housing Fannie Mae Home Households HOUSING National Building Museum Data Provider Black Knight to Acquire Top of Mind 2 days ago How can innovative design and technology improve affordable housing and healthy communities? This question becomes even more important in the wake of the shift in the way people in the U.S. look at housing.In a Fannie Mae Perspectives blog, Maria Evans, VP for Sustainable Communities at Fannie Mae gave the example of an exhibit called Making Room: Housing for A Changing America at the National Building Museum in Washington, D.C. to drive home the point for the need for innovation in housing.According to the exhibit, nuclear families accounted for only 20 percent of America’s households, down from 43 percent in 1950. Nearly 30 percent of households today consisted of single adults living alone, while 28 percent of adult chose to house share.Housing stock, however, has failed to keep up with these changing demographics. The exhibit revealed that 11.63 percent of the total housing stock was for one-bedroom homes, a preferred choice for single adults. It indicated that tw0-bedroom homes made up 26.54 percent of the housing stock while three- and four-bedroom homes consisted of 39.8 percent and 16.6 percent of the overall housing stock respectively.”When affordable housing is part of a mixed-income community with good schools, health and wellness opportunities, and good-paying jobs, it is much easier for those communities to address longstanding disparities in educational or health outcomes of low-income residents,” Evans wrote in the blog.But, she said,  it was important for the industry to innovate to address the affordable housing needs where it intersected with key aspects of the community. Giving the example of West Denver Renaissance Collaborative, which participated in Fannie Mae’s Innovation Challenge, Evans said that this organization was implementing an accessory dwelling unit (ADU) program across nine neighborhoods in west Denver to enable long-term, low-income homeowners to remain part of their communities and benefit from recent investments.”The ADU will be a detached residence, between 450-870 square feet, in the backyard of the primary home and will serve as a rental unit, creating a new income source for homeowners and increasing their property value,” Evans said. “The ADU also adds to the affordable housing supply, allowing new residents to move into an established community. We expect the overall result will be a vibrant, multi-generational, mixed-income community that better reflects how we’re living today.”The exhibit at the National Building Museum, Evans said, showcased such innovations that allowed for comfortable living in smaller spaces, “which are both more affordable to construct, less expensive to live in, and can be leveraged in any neighborhood.” It underscored how much could be accomplished if the housing industry and adjacent sectors started to think differently about design. Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News About Author: Radhika Ojha Subscribelast_img read more

Why are Homeownership Rates Falling?

first_img Why are Homeownership Rates Falling? About Author: Mike Albanese Housing Market Mortgage Rates 2019-08-12 Mike Albanese The Best Markets For Residential Property Investors 2 days ago August 12, 2019 2,681 Views Related Articles in Daily Dose, Featured, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Housing Market Mortgage Rates Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Despite all signs pointing toward a growing housing sector—record-low mortgage rates, strong refinance activity, and falling interest rates—information from Axios shows homeownership rates are dropping across the board. From 2002 to 2018, the homeownership rate for ages 35-64 have fallen, and some by nearly 10%. “The homeownership rate started to decline in 2004–2005 in the middle of the housing boom. For all the record issuance of subprime mortgages, option ARMs and NINJA loans, the rate declined, at almost exactly the same rate at which it continued to deteriorate during the worst years of the financial crisis,” says the report. “Even the post-crisis recovery didn’t change things. Only in the past couple of years have homeownership rates ticked up a tiny bit.”Axios revealed that the homeownership rate for those younger than 35 fell from 43% in 2004 to 36% in 2018. The 35-44-year-old age group decline from its peak at 69% in 2005, to 60% last year. The homeownership rate for those aged 45-54 fell from 77% in 2004 to 70% in 2018, and those aged 55-64 saw a decline in homeownership from 2004’s 82% to 2018’s 75%. A report by CNN stated existing home sales fell 1.7% from May and had a 2.2% year-over-year drop, which is on par with home sales from 2015.Making matters worse for prospective buyers, is that prices for homes continued to rise, according to CoreLogic’s Case-Shiller Home Price Index (HPI), which reported home prices grew 3.4% in May 2019.“Growth in home prices, as measured by the Case-Shiller HPI, began to stabilize in May.  The more than 100 basis point decrease in mortgage rates since November has revived home sales and given buyers additional purchasing power in the market,” said Tian Liu, Chief Economist at Genworth Mortgage Insurance. “That extra purchasing power is beginning to show up in home prices.”The Mortgage Banks Association announced the 30-year fixed-rate mortgage fell to its lowest level since November 2016, as the average rate on a loan lower than $484,350 is 4.01%. Along with crippling student debt and an exodus from out of rural areas and into urban settings, one of the issues identified in the report was the falling minority homeownership rate. Homeownership rates for African-Americans and Hispanics are under 50%, according to the report.“As America becomes increasingly nonwhite, the culture will continue to move away from the homeownership ideal,” the report said. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Share Save Home / Daily Dose / Why are Homeownership Rates Falling? Previous: NYC’s Continuing Fight Against Zombie Properties Next: Innovation Center Launched by Title Company Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville.  Print This Post Subscribe Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more