Month: May 2021

Non-Foreclosure Solutions Down Year-Over-Year, But Still Outpace Completions Four to One

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Non-Foreclosure Solutions Down Year-Over-Year, But Still Outpace Completions Four to One  Print This Post About Author: Brian Honea While both non-foreclosure mortgage solutions and completed foreclosures were down over the year in July, the ratio remained virtually the same—more than four solutions for every foreclosure sale, according to data for July 2015 released by non-profit alliance HOPE NOW.The mortgage industry reported about 122,000 non-foreclosure solutions (including short sales, deeds-in-lieu of foreclosure, and other workout plans) for July, while about 29,000 foreclosures were completed. These numbers compare with 157,000 and 39,500, respectively, for July 2014, according to HOPE NOW.”At the end of June, the mortgage industry hit significant milestones for loan solutions and proprietary loan mods—24 million and six million respectively,” said Eric Selk, Executive Director of HOPE NOW. “Based on July’s data, it is clear that servicers continue to work with customers to offer the best options —whether they are permanent, short term or liquidation. In fact, looking at the year over year comparison, it is notable that the decline in foreclosure sales is more than double the decline in permanent loan mods.”Out of those 157,000 non-foreclosure solutions completed in July, about 33,000 of them were permanent loan modifications. Approximately 23,000 of the permanent loan mods were proprietary mods, while nearly 10,000 of them were completed through the government’s Home Affordable Modification Program (HAMP). About 66 percent of the 23,000 proprietary modifications completed in July (15,450) reduced the borrower’s monthly mortgage payment by more than 10 percent, according to HOPE NOW.”Additionally, it’s important to note that decisions are often driven by the customers’ requests,” Selk said. “For example, if a customer wants to keep their home, there are many options beyond a traditional HAMP modification. HOPE NOW continues to work with our industry members, as well as our nonprofit and government partners, to insure that at-risk homeowners are properly educated on all options available to them as well as their specific next steps towards resolution. We have met with dozens of stakeholders at the local level who are interested, not only in loss mitigation solutions for their communities, but also in educating potential new home buyers on budgeting, saving, and credit to prepare for responsible home ownership.”The total number of non-foreclosure solutions reported by the industry since 2007, when HOPE NOW began tracking the data, is more than 24 million; more than 7.5 million of those have been permanent loan modifications.Click here to see the complete dataset from HOPE NOW.Click here to see highlights from the July 2015 report from HOPE NOW.HOPE NOW is working with local housing counseling groups in the Los Angeles area to host a series of outreach events designed to educate residents on down payment assistance options available to low- and moderate-income families. HOPE NOW has scheduled events for September 26 in Inglewood and November 14 in Monterey Park. Loss mitigation events are scheduled for Los Angeles on October 22, Fort Lauderdale, Florida, on November 19, and Queens, New York, on December 9. Share Save The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe 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. Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Share of First-Time Buyers on Agency-Backed Loans Rises, But So Does Risk Next: DS News Webcast: Wednesday 9/23/2015 Deeds in Lieu of Foreclosure HAMP HOPE NOW Loan Modifications Non-foreclosure solutions Short Sales 2015-09-23 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Loss Mitigation, News September 23, 2015 1,406 Views Tagged with: Deeds in Lieu of Foreclosure HAMP HOPE NOW Loan Modifications Non-foreclosure solutions Short Sales Home / Daily Dose / Non-Foreclosure Solutions Down Year-Over-Year, But Still Outpace Completions Four to One The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

HARP Refinances Recover from Previous Spike

first_imgHome / Daily Dose / HARP Refinances Recover from Previous Spike HARP Refinances Recover from Previous Spike  Print This Post Previous: Defaults on the Downward Slope Next: OneWest’s Financial Freedom Settle Allegations Related Articles Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News Tagged with: FHFA HARP Refinance The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago FHFA HARP Refinance 2017-05-16 Seth Welborncenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save May 16, 2017 1,338 Views Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Federal Housing Finance Agency’s (FHFA) recent refinance report from Tuesday, reported that just over 510,000 refinances were completed in the Q1 2017, compared to more than 750,767 in the Q4 2016.The FHFA reports that borrowers completed 13,425 refinances through the Home Affordability Refinance Program (HARP) in Q1 2017, bringing the total amount of HARP refinances to 3,461,096. Of all refinances that quarter, HARP represented 3 percent.The drop in refinance volume follows a spike in Q3 and Q4 2016. In Q4 2016, total refinance volume jumped from 626,924 to 750,767. This made Q1 2017’s drop all the more dramatic, as refinance volume dropped by nearly 250,000. Overall, refinance volume is still relatively high.The FHFA found that ten states accounted for over 60 percent of the nation’s HARP eligible loans: Florida, Illinois, Michigan, Ohio, Georgia, Puerto Rico, Pennsylvania, New Jersey, New York, and Alabama. Florida sat at the top of the list, with 15,513 total HARP-eligible loans. Around six percent of refinances made in Florida in Q1 were HARP refinances. In order for a loan to qualify for HARP, it must be owned or guaranteed by Fannie Mae or Freddie Mac, it must have originated before May 31, 2009, its current LTV ratio must be greater than 80 percent, and the borrowers must be current on their mortgage payments.The FHFA established HARP in 2009, following the Recession, to assist homeowners unable to access a refinance due to a decline in their home value. Since HARP’s inception, Nevada has held the highest percentage of total refinances, with 26 percent of the state’s total refinances being HARP refinances since the program’s beginning. In both Nevada and Florida, underwater borrowers made up over 28 percent of HARP volume in Q1 2017.Additionally, the FHFA Refinance Report found that the average interest rate on a 30-year fixed-rate mortgage rose to 4.20 percent in March from 4.17 percent in February.Read the full report here. Subscribelast_img read more

Can Hispanics Bridge the Homeownership Gap?

first_img in Daily Dose, Featured, Government, Headlines, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Can Hispanics Bridge the Homeownership Gap? The Best Markets For Residential Property Investors 2 days ago June 27, 2017 1,052 Views Servicers Navigate the Post-Pandemic World 2 days ago Previous: Big Changes Could Soon Be Coming to The Enterprises Next: Ever-Changing TRID Demands Companies Pivot to Stay Current Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Staff Writer Share Save Demand Propels Home Prices Upward 2 days ago Related Articles Home / Daily Dose / Can Hispanics Bridge the Homeownership Gap?center_img The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe 2017-06-27 Staff Writer Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Hispanics are a historically underrepresented market when it comes to homeownership, according to a recent report released by Freddie Mac. According to their figures, only 45 percent of Hispanics are homeowners, which is 20 percent lower than non-Hispanic whites.  This gap is getting smaller—in 1994, it was nearly 29 percent, compared to 26 percent in 2015, but it begs the question, will the gap continue to close over time? So who makes up the Hispanic population, and where do they come from? According to Freddie Mac’s metrics, Hispanics hail from Spanish speaking countries and can either be first, second, or third generation immigrants. Over 35 million Hispanics trace their origin back to Mexico, while a little over 5 million trace it to Puerto Rico. Less than 2 million Hispanics trace their origin to Cuba, and a little under 15 million people identify with other countries in Central and South America. In an attempt to trace the homeownership gap between Hispanics and non-Hispanic whites, the Enterprise compared median age, percentage married, percentage of those that hold a Bachelor’s degree. Hispanics median age is 33, while non-Hispanic white’s median age is 43, which according to the Enterprise is the most important factor that influences homeownership rates. Marriage rates are nearly equal, with Hispanics being married 51 percent of the time and non-Hispanics being married 53 percent of the time. Only 14 percent of Hispanics hold a Bachelor’s degree compared to 31 percent of non-Hispanic whites. Freddie Mac’s findings? The data suggests “that almost 90 percent of the White/Mexican-origin Hispanic homeownership gap can be attributed to age, immigration attributes, income, and the like. If White/Mexican-origin Hispanic differences in those characteristics narrow over time—if, for example, the difference in the average age of Whites and Hispanics of Mexican origin disappears—the gap in homeownership also is likely to narrow. “ Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Investor Update: COVID-19’s Near-Term Rental Impact

first_img Tagged with: Investment Renters Nearly 16.5 million renter households have at least one worker in an industry likely to be immediately affected by efforts to flatten the curve in the COVID-19 pandemic, according to research from the Terner Center for Housing Innovation, UC Berkeley. According to researchers, this means nearly 50 million people live in a renter household likely experiencing immediate job or income losses. Children (27%) and young adults (16%) make up a disproportionate share of this vulnerable population, and nearly half (46%) are prime-age workers.Among likely-impacted renter households, more than 7.1 million were already experiencing housing cost burdens and are likely to be especially vulnerable. Roughly 43 percent (or 7.1 million) of likely-impacted renter households were already struggling with rental cost burdens before the COVID-19 crisis took hold. That share stretches even higher in the District of Columbia (54%), Florida (51%), California (50%), and other high-cost, hard-hit areas like Connecticut (48%), New Jersey (47%), and New York (46%).Thirty percent of the nation’s likely-impacted renter households are in California (2.3 million), Texas (1.4 million), New York (1.1 million), and Florida (994,200).However, researchers note that every state has its share of renter households with workers in immediately-impacted industries. In Nevada, where workers in renter households are disproportionately likely to have jobs in food service, entertainment, and tourism, nearly half of renter households (48%) are likely facing job or income losses . In Indiana and Michigan, workers in renter households not only skew towards those service industries but also toward non-essential manufacturing, making more than 40% of their renter households vulnerable to COVID-related economic impacts (44% and 42%, respectively).”Households that were already struggling with rent burdens are likely to be particularly vulnerable to housing instability, and may become more so as benefits lag and much of the country continues to stay home,” Terner Center researchers add. “Federal assistance that can help keep these renters housed is critical, both for weathering the near-term crisis and to speed the path to an economic recovery that is broadly shared.” Investor Update: COVID-19’s Near-Term Rental Impact Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Sign up for DS News Daily Investment Renters 2020-04-30 Seth Welborn Share Save Related Articles  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img April 30, 2020 838 Views Previous: FEMA Delivers Update on NFIP Progress Next: GSEs Report Coronavirus-Driven Income Loss Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Investor Update: COVID-19’s Near-Term Rental Impact in Daily Dose, Featured, Investment, News Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Q3 Shows Signs of Effective Foreclosure Prevention Actions

first_img Share Save The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Q3 Shows Signs of Effective Foreclosure Prevention Actions Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago FHFA forbearance plans Foreclosure Prevention 2020-12-18 Cristin Espinosa The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Previous: Study Shows Disparities Among Older Households Next: Mortgage Servicing Industry Mourns Loss Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast “The Online Movie Show,” co-host of the award-winning WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire. December 18, 2020 1,759 Views Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Q3 Shows Signs of Effective Foreclosure Prevention Actions Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Phil Hall Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago The government-sponsored enterprises (GSEs) completed 539,451 foreclosure prevention actions during the third quarter of this year, according to new data from the Federal Housing Finance Agency (FHFA).The total number of GSE loans in forbearance plans totaled 1.04 million by the end of the third quarter, which accounted for roughly 3.66% of the total loans serviced and 79% of the total delinquent loans. The third quarter also had 230,714 initiated forbearance plans, a substantial drop from the 1.51 million recorded in the second quarter.Furthermore, the FHFA reported that 20% of modifications enacted by the GSEs in the third quarter were modifications with principal forbearance, while modifications with extend-term only accounted for 64% of all loan modifications during this three-month period. There were also 924 completed short sales and deeds-in-lieu during the quarter while foreclosure starts fell by 10% to 6,809 as third-party and foreclosure sales increased 75% to 1,794 in the third quarter.The 60+ days delinquency rate in the third quarter was 3.58%, down from 4.08% in the second quarter. The GSEs’ serious delinquency rate – for loans that were delinquent 90 days of more – was 3.14% at the end of the third quarter – and the FHFA noted this level was much lower than the serious delinquency rates for the Federal Housing Administration loans (10.76%), Veterans Affairs loans (5.77%) and the industry average (5.16%).The FHFA’s data was followed by a data report from Black Knight Inc. that found the number of mortgages in active forbearance rose by 37,000 over the seven-day period ending Dec. 15. Black Knight stated that 5.3% of all mortgages – approximately 2.79 million – are in forbearance as of Dec. 15, representing a total of $563 billion in unpaid principal, while more than 550,000 forbearance plans were set to expire by the end of December. Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Tagged with: FHFA forbearance plans Foreclosure Preventionlast_img read more

Council called on to explain delay in fixing Lifford water crisis

first_imgNews RELATED ARTICLESMORE FROM AUTHOR Council called on to explain delay in fixing Lifford water crisis Guidelines for reopening of hospitality sector published Three factors driving Donegal housing market – Robinson Help sought in search for missing 27 year old in Letterkenny By News Highland – June 27, 2012 WhatsApp 448 new cases of Covid 19 reported today NPHET ‘positive’ on easing restrictions – Donnelly Pinterest Google+center_img Calls for maternity restrictions to be lifted at LUH Pinterest Twitter Facebook Facebook WhatsApp Twitter The Council is being asked to explain why hundreds of homes in the Lifford and St Johnston areas are still with a poor water supply despite money being available to fix the problems for over a year.The issue has been raised by Councillor Gerry Crawford who says the delay in repairing the trunk line is not only effecting supply to many but also delaying much needed road improvements.Councillor Crawford says the council has committed to put out tenders for the project within 2 weeks, he says if that doesn’t happen, council management will have serious questions to answer:[podcast]http://www.highlandradio.com/wp-content/uploads/2012/06/gcra1pmwater.mp3[/podcast] Previous articleDonegal’s 30 thousand septic tank owners urged to register themNext articleSoccer – McCafferty Is New Ulster Senior League Chairman News Highland Google+last_img read more

Increase in rental costs in and around Letterkenny IT

first_imgNews Pinterest By News Highland – August 16, 2011 Previous articleTwo men charged in connection with weekend violence in DerryNext articleCalls for third Derry bridge linking Newbuildings and Letterkenny Road News Highland The latest daft.ie rental survey finds that although there’s been a large percentage increase in rental costs around Letterkenny IT, accomodation for students at the college is still the cheapest in the country.The survey finds an increase of just over 7%, second only to Limerick. Conversely, rental costs across all sectors in Donegal have fallen by over 5%, second only to Kerry in terms of the extent of the drop.Economist Ronan Lyons says it’s an interesting regional variation…[podcast]http://www.highlandradio.com/wp-content/uploads/2011/08/lyons830.mp3[/podcast] Google+ WhatsApp Guidelines for reopening of hospitality sector published Twitter Google+ WhatsApp Facebookcenter_img RELATED ARTICLESMORE FROM AUTHOR Pinterest Almost 10,000 appointments cancelled in Saolta Hospital Group this week Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Need for issues with Mica redress scheme to be addressed raised in Seanad also Facebook LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Twitter Calls for maternity restrictions to be lifted at LUH Increase in rental costs in and around Letterkenny ITlast_img read more

SDLP confident Malin Coast Guard Station will be retained

first_img SDLP confident Malin Coast Guard Station will be retained Guidelines for reopening of hospitality sector published WhatsApp News Twitter Pinterest Twitter LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Facebook WhatsApp Google+ The SDLP has made representation in Dublin for the retention of the Malin Coast Guard Station with a Derry representative now positive that the station will be retained.A report published earlier this month by Fisher Consultants on the marine emergency response regimes proposed that Malin be closed.Under the proposals presented to government, Dublin would be made the main coastguard centre with reduced functions at Valentia and  Malin becoming obsolete.East Derry SDLP MLA John Dallatt was in Dublin this week where he impressed on senior government representatives the cross border importance of Malin Coastguard.Mr Dallatt says that is an aspect ignored in the Fisher Consultants reports:[podcast]http://www.highlandradio.com/wp-content/uploads/2012/07/dalla1pmMALIN.mp3[/podcast]center_img Pinterest Calls for maternity restrictions to be lifted at LUH Facebook Need for issues with Mica redress scheme to be addressed raised in Seanad also Google+ By News Highland – July 19, 2012 Previous articleMinister McGinley says he had no role in issues job threat letterNext articleMan jailed and banned from driving for crash which killed school teacher News Highland Almost 10,000 appointments cancelled in Saolta Hospital Group this week Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey RELATED ARTICLESMORE FROM AUTHORlast_img read more

Two men being questioned over fatal road traffic collision

first_img Google+ Two men being questioned over fatal road traffic collision HSE warns of ‘widespread cancellations’ of appointments next week Facebook WhatsApp By News Highland – December 12, 2011 Man arrested on suspicion of drugs and criminal property offences in Derry 365 additional cases of Covid-19 in Republic Google+ Pinterest WhatsApp Newsx Advertscenter_img Pinterest Twitter Man arrested in Derry on suspicion of drugs and criminal property offences released Dail to vote later on extending emergency Covid powers Previous article19 year-old woman being question over Derry stabbingNext articleCar parking, signage, lighting and drainage issues deferred for Christmas drinks News Highland RELATED ARTICLESMORE FROM AUTHOR Two men in their 20s are still being questioned over the death of a woman in a single vehicle collision in County Derry yesterday morning.The North’s Police Ombudsman is investigating, after the 20-year-old woman was killed when the Renault Clio she was travelling in left the road and hit a concrete pillar, in the Dungiven area, at about 1.30 am.Police had spotted the car being driven dangerously earlier in the evening in the Feeny area and followed it – Police came upon the scene of the crash about 20 minutes later.The PSNI is appealing for witnesses, who may have seen the burgundy-coloured Clio between 1.10 and 1.30 on Sunday morning, to come forward. PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Facebook Twitterlast_img read more

Man convicted of indecently assaulting his foster mother’s nephew

first_img Previous articleHarps take on League leaders LongfordNext articleFisheries Council Meeting will be crucial for future – O’Donaghue News Highland 365 additional cases of Covid-19 in Republic By News Highland – May 10, 2013 PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal A man has been convicted of sexually abusing his foster mother’s nephew in Co. Donegal in the 1960s and 70s.The 63-year-old had pleaded not guilty at the Central Criminal Court to 35 charges of indecent assault of the boy on dates between 1966 and June 1974. He was six years older than the victim.He was convicted of 31 of the charges by a majority 10-2 verdict of the jury after three hours and 36 minutes of deliberation but was acquitted of four of the counts by unanimous decision.Mr Justice Paul Carney ordered the man to be put on the sex offenders’ register and remanded him in custody until June 24 next for sentencing.He thanked the jury of five women and seven men before excusing them from further service for life. Further drop in people receiving PUP in Donegal Man convicted of indecently assaulting his foster mother’s nephew Man arrested on suspicion of drugs and criminal property offences in Derry News Pinterest Twitter 75 positive cases of Covid confirmed in Northcenter_img Facebook Twitter RELATED ARTICLESMORE FROM AUTHOR Main Evening News, Sport and Obituaries Tuesday May 25th WhatsApp WhatsApp Google+ Pinterest Facebook Google+last_img read more