Home Price Appreciation Gives Institutional Investors Incentive to ‘Cash Out’

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles in Daily Dose, Featured, Market Studies, News December 17, 2014 1,225 Views While statistics show that few institutional investors involved in the single-family rental market have sold off their inventory in large quantities, that might be about to change due to strong home price appreciation in the last few years, according to data released by RealtyTrac on Wednesday.The possibility of a high return on investment has given institutional investors the opportunity and motivation to cash out, leaving many to wonder about the future of the single-family rental industry and how it would be affected in areas with a high concentration of single-family homes purchased as rentals, should investors sell off in large quantities.To examine the return on investment institutional investors could receive by selling off now, RealtyTrac analyzed more than 200,000 purchases made by institutional investors (defined as homebuyers who made 10 or more purchases in a calendar year) made during a two-and-a-half year period from January 2012 to August 2014.The average purchase price of those 200,000 properties was $167,556, and those properties have a current estimated value of $211,897, which would result in a gained equity of 26 percent (a combined total of $8.9 billion) if all of these properties were sold today, according to RealtyTrac. Homes purchased during 2012 would result in the greatest return on investment, ranging from 38 to 43 percent, depending on the month purchased, RealtyTrac reported.The top five states with the highest potential percentage of gained equity return on investment for the past three years are Delaware (63 percent), California (47 percent), New Hampshire (44 percent), Oregon (42 percent), and New York (39 percent), according to RealtyTrac. The top five states for the highest potential total dollar value in gained equity on institutional investor purchases were California ($1.9 billion), Florida ($1.4 billion), Georgia ($662 million), Arizona ($546 million), and Illinois ($486 million).Four of the top five metro areas with the highest potential percentage of gained equity return on investment for the past three years, out of those metro areas with at least 1,000 institutional investor purchases during that period, located in California: San Francisco (63 percent), Portland (50 percent), San Diego (47 percent), Los Angeles (46 percent), and Riverside-San Bernardino (46 percent), according to RealtyTrac. The five metro areas with the highest potential dollar value in gained equity for institutional investor purchases during that period were Miami ($611 million), Atlanta ($609 million), Los Angeles ($568 million), Phoenix ($512 million), and Chicago ($464 million).  Print This Post The Best Markets For Residential Property Investors 2 days ago home price appreciation Institutional Investors RealtyTrac 2014-12-17 Brian Honea Previous: AACER: Bankruptcy Filings Continue Downward Trend Next: Monitor Expresses Doubts About Servicer’s Internal Review Group for Settlement Subscribe Demand Propels Home Prices Upward 2 days ago Home Price Appreciation Gives Institutional Investors Incentive to ‘Cash Out’ The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Home Price Appreciation Gives Institutional Investors Incentive to ‘Cash Out’ Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: home price appreciation Institutional Investors RealtyTrac Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Indiana AG Urges Lawmakers Not to Eliminate Foreclosure ‘Settlement Conferences’

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 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. Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Loss Mitigation, News Related Articles About Author: Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Fed OIG’s Report on Alleged Discrimination Within CFPB Made Public Next: Report: Foreclosure Rate in Judicial States More Than Triple That of Non-Judicial Statescenter_img avoiding foreclosure Indiana Loss Mitigation 2015-03-10 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Indiana AG Urges Lawmakers Not to Eliminate Foreclosure ‘Settlement Conferences’ March 10, 2015 1,497 Views Demand Propels Home Prices Upward 2 days ago Tagged with: avoiding foreclosure Indiana Loss Mitigation Indiana AG Urges Lawmakers Not to Eliminate Foreclosure ‘Settlement Conferences’ Indiana Attorney General Greg Zoeller is trying to stop legislation that would eliminate a consumer protection known as the “settlement conference,” which is a homeowner’s final recourse before their home goes to foreclosure, according to an announcement on Zoeller’s website.So far, the proposal has not received sufficient discussion or debate in committee or floor sessions, according to Zoeller. He urged Indiana lawmakers to stop the proposal before it gets any further in order to keep the settlement conference intact as a consumer option to avoid foreclosure and help them stay in their homes.”After the foreclosure crisis exposed the unethical practices of major mortgage servicers, my office worked extremely hard in our multistate investigation against five major banks to create new consumer protections for distressed homeowners,” Zoeller said. “The right created by law to a court-supervised settlement conference and face-to-face meeting between borrowers and lenders has helped thousands of distressed homeowners work out plans to avoid foreclosures.  We will aggressively oppose any attempt by the bankers’ lobby to roll back the clock and take away this crucial protection.”The Indiana AG’s office has long been involved in protecting the state’s consumers when it comes to foreclosures and foreclosure prevention. participated in the multi-state investigation of five major financial institutions in 2010 over “robo-signing” practices on foreclosure documents that in part precipitated the foreclosure crisis. Those five servicers reached a settlement worth $25 billion in 2012, and the state of Indiana received $28.8 million from that settlement. The AG’s Office also helped bring the settlement conference in to widespread use in 2010-11 as a result of teaming with the Indiana Supreme Court task force to develop the Mortgage Foreclosure Best Practices.Under the current format of the settlement conference, distressed borrowers meet face-to-face with mortgagees, supervised by the court, in an attempt to work out some type of foreclosure alternative such as a loan modification or short sale. According to Zoeller, the Indiana Supreme Court’s Mortgage Foreclosure Trial Court reported a total of 13,341 settlement conferences during a nearly five-year period between April 2010 and January 2015. According to the court, 7,002 of those conferences (more than half) resulted in a “workout” of delinquent mortgage payments or some type of mutually agreeable settlement, and out of those settlements, the borrowers were able to stay in their homes in 6,174 of them. The AG’s Office also helped 125 homeowners achieve loss mitigation such as a load mod or short sale in a year and a half period between January 2013 and July 2014.Zoeller said the settlement conference is being eliminated because of a proposed amendment that was added to a Senate bill in January that requires municipalities to keep a registry of persons who abuse the tax process in relation to vacant, abandoned, and often blighted properties. Zoeller said he does not object to the bill itself, which would help municipalities eliminate blight, but he is opposed to the amendment, which would remove the 2011 reforms that put the settlement conference in place and would eliminate a distressed homeowner’s right to have such a conference with the mortgagee to avoid foreclosure. Zoeller has been urging lawmakers not to include this amendment to the Senate bill, his press release said.Those in favor of the amendment say that settlement conferences are “duplicative” and “unnecessarily time consuming,” since lenders are required by the Dodd-Frank Act to administrate loss mitigation efforts. Zoeller argues that removing the settlement conference would take away the homeowner’s last resort before foreclosure, and also that settlement conferences tend to have higher rates of success for keeping borrowers in their homes than other loss mitigation attempts. He said his office still receives about 500 complaints per year on average with regards to mortgage servicing, so he still believes that the settlement conference should be maintained.”The worst of the foreclosures may be behind us, but that’s no reason to grow complacent and take away this procedure that provides a measure of fairness for distressed homeowners in dire financial situations,” Zoeller said. “It is imperative that lawmakers act in the best interest of their homeowner-constituents and do the right thing to preserve this important and effective tool for homeowners. Lawmakers should remove this offensive amendment from the bill and shelve the amendment permanently, and allow settlement conferences to continue.” Demand Propels Home Prices Upward 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Freddie Mac Reaches Out to Borrowers Facing Higher Payments Due to HAMP Resets

first_img Share Save Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Loss Mitigation, News  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Freddie Mac Reaches Out to Borrowers Facing Higher Payments Due to HAMP Resets The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Previous: DS News Webcast: Friday 3/27/2015 Next: Jackson & Associates Merges Into The Wolf Firm Distressed Borrowers Freddie Mac HAMP Loss Mitigation Options Treasury 2015-03-26 Brian Honea March 26, 2015 1,008 Views Tagged with: Distressed Borrowers Freddie Mac HAMP Loss Mitigation Options Treasury 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 Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Freddie Mac Reaches Out to Borrowers Facing Higher Payments Due to HAMP Resets Freddie Mac has announced that help is available to struggling homeowners who received a loan modification through the government’s Home Affordable Modification Program in 2009 and 2010 whose loans either have reset or are due to reset this year, according to Freddie Mac’s blog.With delinquencies and foreclosures declining steadily in the last two year or so, the GSEs have made a push recently to try and keep those numbers down by offering a variety of loss mitigation options to distressed borrowers. Last week, both GSEs announced they would be offering streamlined loan modifications to homeowners at risk of default or re-default.Approximately 511,000 borrowers who received HAMP mods in 2010 are due to reset in 2015 and face the prospect of increased interest rates, commonly known as “step-ups.””Under the terms of the HAMP program, the interest rate gradually resets, increasing by one percentage point annually until it reaches the market rate that was in effect at the time of the modification,” Freddie Mac wrote in its blog. “For a $200,000 loan with a 40-year term, an interest rate increase from 2 percent to 3 percent would raise monthly mortgage payments by about $100.”Freddie Mac is encouraging borrowers who fall behind on their payments due to HAMP resets to check Freddie Mac’s revised guidelines to see if their loan is eligible for re-modification. Freddie Mac is also encouraging distressed borrowers to reach out to their servicers and make them aware of their financial hardship. Also, the revised guidelines require servicers to evaluate Agency loans and actively reach out to at-risk borrowers.”The payment on your HAMP modification will adjust after the first five years, so be prepared,” Freddie Mac wrote on its blog. “Servicers are required to notify you of the rate increase four months before it becomes effective. This communication will also detail your payment change.”Fannie Mae and Freddie Mac have been actively involved in loss mitigation for distressed borrowers, having helped 3.4 million borrowers with foreclosure prevention actions since the two GSEs were taken under FHFA’s conservatorship in September 2008, according to data released by the FHFA on Thursday evening. That includes 65,900 foreclosure prevention actions completed in the fourth quarter of 2014. Sign up for DS News Daily Subscribelast_img read more

Quicken Still Fighting Government’s Lawsuit Over FHA Loans

first_imgHome / Daily Dose / Quicken Still Fighting Government’s Lawsuit Over FHA Loans March 11, 2016 4,270 Views Related Articles Share Save Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Xhevrije West Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News Previous: Slow Wage Growth: Not a Sign of a Weak Labor Market Next: HUD Measures Progress Toward Helping Struggling Homeowners Quicken Loans is in the midst of a government lawsuit for allegedly knowingly submitting claims  for hundreds of improperly underwritten Federal Housing Administration (FHA)-insured loans and where that case will be settled.The most recent controversy from this case involves where the case should be tried. The government agencies believe that the case should be situated in Washington, D.C., while Quicken recently submitted a renewed request to move the case to Detroit, Michigan, according to a report from The Detroit News.The report said on Wednesday, U.S. Attorney Brian Hudak filed a 376-page motion stating, “The Court should not reward Quicken Loans’ filing of meritless pre-emptive suit by granting it its favored forum when this district is an appropriate forum for the case to proceed,” Hudak said.Jeffrey B. Morganroth, Managing Partner of Morganroth & Morganroth and attorney for Quicken Loans, sat down exclusively with DS News to explain the lender’s case in further detail and the company’s reason for wanting to move the case from Washington, D.C., to Detroit, Michigan.Morganroth said in an interview Friday that Quicken deems Detroit to be an “appropriate, proper and convenient location” to hold the proceedings of the case.”Quicken Loans is the number one FHA lender both in quality and quantity,” he stated. “That is based on FHA’s own published statistics. Quicken also has the lowest default rate for the loan that they originate for the FHA out of any large lender. Their default rate is three times better than the FHA pool of lenders.”Jeffrey B. MorganrothMorganroth said that the case was filed in the Detroit Federal Court in April 2015 and “that is the most appropriate, proper, and convenient location for a case like this.”The lender filed a suit in April 2015 in the U.S. District Court for the Eastern District of Michigan against the U.S. Department of Justice and the Department of Housing and Urban Development, claiming the agencies have been trying to bully the company into making “blatantly false” statements and demanding the company pay “an inexplicable penalty or face legal action,” according to a statement released by Quicken.The Detroit-based lender claims the government has enjoyed “extraordinary profitability for FHA’s insurance program” through its efforts, saying the company’s participation in FHA’s program will earn the government more than $5.7 billion in net profits “from the insurance premiums collected above and beyond claims made from over $40 billion in FHA home loan volume closed by Quicken Loans during the 2007 to 2013 timeframe.””After three years of struggling to understand the DOJ’s position and methodology,” said Quicken CEO Bill Emerson, “it is time to ask the court to intervene. It’s a shame the DOJ would choose to attack the country’s largest and highest quality FHA lender … at the very time our nation needs expanded access to credit for middle-class Americans who benefit most from the FHA program.”Just a six days after Quicken filed its suit, the DOJ filed a lawsuit against Quicken accusing the lender of improperly originating and underwriting FHA-insured mortgages, according to an announcement from the DOJ.”Those who do business with the United States must act in good faith, including lenders that participate in the FHA mortgage insurance program,” said Principal Deputy Assistant Attorney General Benjamin C. Mizer of the Justice Department’s Civil Division. “To protect the housing market and the FHA fund, we will continue to hold responsible lenders that knowingly violate the rules.”Quicken then filed a motion to transfer the D.C. case to Detroit, which Morganroth says is “the most appropriate, proper, and convenient forum.”There were two reasons that Quicken raised with the court in D.C. to transfer, according to Quicken’s counsel for the case. First, there was an already a case pending that had some overlap with the D.C. case in the earlier file case with control and both cases should be heard in the same location. Second, there is a statute (1404) that has various factors in terms of whether or not a case should be transferred to a different forum. “If applied, under these factors, it makes clear that Detroit is the most appropriate, proper, and convenient forum,” Morganroth reintegrated.”Essentially, all of the witnesses identified in the government’s complaint are located in Detroit, all of the documents referenced in the complaint are in Detroit, and all of Quicken’s management and employees who made decision that are at issue in the D.C., complaint are all in Detroit. There is no real link to D.C.,” Morganroth explained in the interview.The court did not initially rule on the motion. The judge decided to hold off and to stay that entire case for a determination on a motion filed by the government as to Quicken Loans’ case in Detroit they moved to dismiss. Judge Goldsmith in the eastern district of Michigan dismissed Quicken’s case on largely procedural grounds, determining that the best way to resolve these issues would be as defenses in connection with the government’s D.C. case.We then refiled our motion to transfer because the judge in D.C. said based on that motion and the decision that happened in Detroit, one of the grounds that were raised in our original motion was no longer an issue, so Quicken shifted their focus back to the 1404 statute.The government filed their opposition this week. Morganroth says, “It glaringly evidences this desperate attempt by the government to venue shop and pick a jurisdiction that doesn’t really have any link to the case and would make the case more burdensome, costly, and difficult for Quicken to defend. Their opposition is filled with mischaracterizations and disingenuous spin. They make ridiculous arguments including that Quicken sponsors a PGA Tour golf event in Washington, D.C., which benefits military families and that supposedly is one of the reasons why that jurisdiction is the right one. They make an argument that Quicken is not entitled to a transfer of their case because the Detroit case was dismissed, but the fact that it was dismissed has no bearing on the 1404 transfer motion.He continued, “Finally, what the DOJ is doing in their opposition is trying to make some argument that government employees are core witnesses in the case and they have a listing of these employees that are located in Washington, D.C., however, the employees that they list are claims and payment processing employees and the case has nothing to do with claims and processing of payments.”Morganroth said that the heart of the case is whether or not Quicken Loans knowingly engaged in a scheme to violate FHA guidelines.On March 8, Quicken filed a motion to dismiss the D.C. case. “We did that because the complaint does not allege a False Claims Act violation. It does make that assertion, but the pleating is defective because they can’t and have not asserted any factual allegations that would support any of the elements of a False Claims Act violation. This has not been done because there are no facts to support that claim.” Sign up for DS News Daily center_img 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 FHA Lawsuits Quicken Loans 2016-03-11 Brian Honea Tagged with: FHA Lawsuits Quicken Loans Demand Propels Home Prices Upward 2 days ago Quicken Still Fighting Government’s Lawsuit Over FHA Loans Servicers Navigate the Post-Pandemic World 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.  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

The Week Ahead: Prices for GSE Guaranteed Homes Rise Higher

first_img About Author: Kendall Baer Subscribe Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News November 20, 2016 1,340 Views Share Save Previous: CFPB Asks Appeals Court to Rehear PHH Case Next: Ask the Economist: The Election’s Short-Term Impact on Housing 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. Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago Nationally, prices for homes guaranteed by Fannie Mae and Freddie Mac rose in August, according to the Federal Housing Finance Agency (FHFA) House Price Index. Specifically, house prices increased 0.7 percent while from August 2015 to August 2016, house prices were up 6.4 percent.But there were particular geographical regions that saw a greater increase in house prices than the national percentage of growth.The New England division increased 1.2 percent, the Middle Atlantic division rose 3.3 percent, and the Pacific division rose a hefty 7.9 percent.Will home prices continue to rise in the latest FHFA House Price Index set to come out on Wednesday, November 23?To read the full FHFA House Price Index for August, click here. Existing Home Sales – National Association of Realtors, Wednesday, November 23A push from first-time buyers reversed a two-month decline in existing-home sales in September, according to the National Association of Realtors (NAR).The first-time buyer share of 34 percent in September was the highest in four years, and it pushed the pace of existing-home sales up by 3.2 percent to an adjusted annual rate of 5.47 million.Will first-time buyers continue to drive existing-home sales upward in the face of shrinking inventory and rising prices? The industry will find out on Tuesday, November 22, when NAR publishes its October existing-home sales report.“There’s hope the leap in sales to first-time buyers can stick through the rest of the year and into next spring,” NAR Chief Economist Lawrence Yun said. “The market fundamentals—primarily consistent job gains and affordable mortgage rates—are there for the steady rise in first-timers needed to finally reverse the decline in the homeownership rate.”Inventory remains an issue, however.“Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in,” Yun said. “Unfortunately, there won’t be much relief from new home construction, which continues to be grossly inadequate in relation to demand.”This week’s scheduleTuesday, November 22Existing-home Sales for October 2016, NAR, 10 a.m. ESTWednesday, November 23Home Price Index for September 2016, FHFA, 9 a.m. ESTNew Home Sales for October 2016, HUD/Census Bureau, 10 a.m. ESTThursday, November 24Thanksgivingcenter_img Home / Daily Dose / The Week Ahead: Prices for GSE Guaranteed Homes Rise Higher FHFA House Price Index National Association of Realtors. Existing Home Sales the week ahead 2016-11-20 Kendall Baer Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: FHFA House Price Index National Association of Realtors. Existing Home Sales the week ahead  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Prices for GSE Guaranteed Homes Rise Higher The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Related Articleslast_img read more

Fannie Mae Celebrates LGBT Pride Month

first_imgHome / Daily Dose / Fannie Mae Celebrates LGBT Pride Month The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha Fannie Mae Celebrates LGBT Pride Month Demand Propels Home Prices Upward 2 days ago June 5, 2018 2,120 Views Share Save in Daily Dose, Featured, Market Studies, News 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. Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Previous: Ocwen Borrower Outreach Focused on Foreclosure Avoidance Next: Field Services Technology: Directing Traffic, Driving Progress Tagged with: community Equal Housing Fannie Mae Homes HOUSING Lending LGBTcenter_img 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 ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago community Equal Housing Fannie Mae Homes HOUSING Lending LGBT 2018-06-05 Radhika Ojha To celebrate LGBT Pride month, Fannie Mae recently released a video that highlights its initiatives in this community. Lesbian, Gay, Bisexual, and Transgender (LGBT) Pride Month is celebrated in June every year, honoring the 1969 Stonewall riots in Manhattan. The Stonewall riots were a tipping point for the Gay Liberation Movement in the United States, and LGBT Pride month celebrates this historical event with pride parades, picnics, parties, workshops, symposia and concerts that attract millions of participants from around the world. The purpose of the commemorative month is to recognize the impact that lesbian, gay, bisexual and transgender individuals have had on history locally, nationally, and internationally.From supporting minorities and women to ensuring that the LGBTQ community is an integral part of America’s diverse housing market, Fannie Mae has spearheaded initiatives that make the American Dream of Homeownership a reality for many communities. This video is another example of how the GSE is working to ensure equal housing for all. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Postlast_img read more

Preparing for Natural Disasters: An Industry Perspective

first_img Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Borrowers DIMONT Fannie Mae FEMA Five Brothers Asset Management Homes HOUSING industry Lending mortgage Properties Servicers 2018-07-25 Radhika Ojha  Print This Post What can the mortgage and servicing industry do to be better prepared for when a natural disaster strikes? On Wednesday, the Five Star Institute’s Disaster Preparedness Summit focused on answering this question with participants strategizing best practices for servicers for future disaster response. The day began by looking at how the industry and the government could work together during a natural disaster and how could latest technology like drone tech be better leveraged to respond faster and more accurately. In his welcome remarks, Denis Brosnan, CEO, DIMONT said that in the event of a disaster, everything that servicers did, from making sure that the collateral was protected, to ensuring robust communications and that repairs were done quickly, was not only in the business interest of servicers but also in the interest of the borrowers. The interactive sessions during the summit fostered discussions around the lessons from the disasters of 2017 as well as an outlook for the 2018 disaster areas. Through industry and personal anecdotes, the speakers and the audience worked towards meeting on common ground as an industry to prepare for natural disasters.While Julie Lindley, VP Property Preservation, Corporate Broker, at REO Management Solutions kicked off the proceedings with an interactive session reviewing the 2017 disasters through industry and personal anecdotes, Melissa Sassine, AVP, Beal Bank stressed on the use of technology and amendments to fee structures for REO properties during the second session on the outlook for 2018 disaster areas. During his address on the need of guidelines on how to service loans in impacted areas, Oscar Posadas, VP Wells Fargo said that the industry as a whole needed to come together for a common playbook to implement and understand information to initiate appropriate actions.The keynote speaker of the day, Eraina Perrin, Private Sector Liaison at FEMA gave the government’s point of view on disaster management while giving an overview of how FEMA collaborated with the private sector throughout the disaster lifecycle.During the Q&A thereafter, she threw the floor open to share industry best practices to help FEMA understand opportunities where they could partner with servicers for a more efficient and effective response during and after a disaster.Two key points of note that were highlighted during these sessions were the need for more effective communications and using new technology tools to help servicers reach out to borrowers and assess damages more efficiently. Communication, in fact, was at the center of discussion during the last two sessions. While Timika Cole, SVP, U.S. Bank gave a deeper insight into how open lines of communications strengthened the relationship between servicers and customers, Robert Chandler, Ph.D., Professor of Communication, Lipscomb University took the audience through the four stages of communication to effectively predict, prepare, plan, and perform communications to reach out to the victims after a natural disaster. Hosted by DIMONT, and Five Brothers Asset Management Solutions the invitation-only Summit brought together representatives from the mortgage servicing industry along with government representatives from Fannie Mae and FEMA to collaborate on responding effectively during and after a natural disaster.The summit was co-hosted by Auction.com, Apex Asset Management Group, ArkForecast, Cyprexx, DLS Servicing Consultants, Laudan Properties, Mortgage Contracting Services, Vacant Property Security, RES.NET, and WeatherCheck. 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. Previous: Facing the Future of Housing Next: Non-Bank RMBS Servicers Retreating from Delinquent Loans July 25, 2018 1,912 Views Share Save in Daily Dose, Featured, News, Servicing The Best Markets For Residential Property Investors 2 days ago About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Home / Daily Dose / Preparing for Natural Disasters: An Industry Perspective Preparing for Natural Disasters: An Industry Perspective The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Borrowers DIMONT Fannie Mae FEMA Five Brothers Asset Management Homes HOUSING industry Lending mortgage Properties Servicers Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Legal Experts Address Non-Judicial Foreclosures

first_img Related Articles The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Legal Experts Address Non-Judicial Foreclosures Demand Propels Home Prices Upward 2 days ago Subscribe Share Save BDF Law Group Finlay & Zak Foreclosures Gilbert Garcia Group Hladik Onorato & Federman Legal League 100 McCarthy & Holthus McMichael Taylor Gray Michelle Garcia Gilbert Padgett Law Group roy diaz Wright 2018-11-15 Donna Joseph Tagged with: BDF Law Group Finlay & Zak Foreclosures Gilbert Garcia Group Hladik Onorato & Federman Legal League 100 McCarthy & Holthus McMichael Taylor Gray Michelle Garcia Gilbert Padgett Law Group roy diaz Wright Servicers Navigate the Post-Pandemic World 2 days ago In the case of Obduskey v. McCarthy & Holthus, LLP, the Legal League 100 has filed an amicus curiae brief in support of McCarthy & Holthus. The Legal League 100 is an association comprising members of several leading financial services law firms in the country. Legal professionals representing the Legal League 100 member firms such as BDF Law Group; Gilbert Garcia Group; Hladik, Onorato & Federman; McMichael Taylor Gray; Padgett Law Group;  and Wright, Finlay & Zak authored the brief for the respondents, McCarthy & Holthus, LLP.The brief contended that law firms acting on behalf of their mortgage servicer clients by completing the non-judicial foreclosure process in states where permitted are not subject to regulation under the Fair Debt Collection Practices Act (FDCPA). The brief noted that such servicers are not collecting a debt as defined under the plain language of the statute.”The Legal League 100 stands committed to serving mortgage servicing professionals and all of our industry partners,” said Legal League 100 Chair Roy Diaz. Commenting on the amicus brief, Michelle Garcia Gilbert, Legal League 100 Advisory Council Vice Chair and counsel of record said, “Application of the FDCPA to nonjudicial foreclosures is an issue that has a significant effect on the foreclosure process in states from coast to coast. We appreciate the opportunity to contribute and applaud the Court for taking up this important issue.”Subjecting law firms engaged in non-judicial foreclosures to liability paves way for opportunistic debtors’ attorneys to file lawsuits alleging violations in states where foreclosure laws are in conflict with the FDCPA, the brief contends. In support of the respondent, McCarthy & Holthus, the brief argues that finding in favor of the plaintiff is likely to encourage mortgage servicers to possibly proceed with judicial foreclosures in states where permitted. This will, in turn, result in a significant increase of time and costs associated with a foreclosure and the borrower will eventually bear the cost per the terms of most deeds of trust and state law. The filing “represents yet another demonstration of the of the reach of the organization and the quality of financial services law firms that make up its membership,” said Derek Templeton, Executive Director at Legal League 100. The brief also stated the possibility of states with carefully crafted foreclosure laws designed to protect borrowers and lenders being compelled to rewrite their laws in order to comply with the FDCPA.  Print This Post About Author: Donna Joseph in Daily Dose, Featured, Foreclosure, Newscenter_img Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago November 15, 2018 2,469 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Legal Experts Address Non-Judicial Foreclosures Previous: Will Coastal Homes Go Underwater by 2100? Next: Equator Launches Mortgage-Servicing Blockchain Solution The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] last_img read more

Supreme Court States “If Sought” is Seeking

first_img Demand Propels Home Prices Upward 2 days ago Supreme Court States “If Sought” is Seeking Illinois’ single refiling rule permits only one refiling of a claim. In other words, if a plaintiff voluntarily dismisses their action, they are only permitted to bring that same cause of action one more time. However, what constitutes a “same” cause of action, especially when multiple contracts are at play? This question was at the heart of an Illinois Supreme Court ruling in First Midwest Bank v. Cobo.  In Cobo, the lender brought a Foreclosure Complaint in 2011 (the 2011 Foreclosure,) alleging a 7/1/2011 default and an owed principal balance of $214,079.06. The complaint followed the Illinois statutory complaint model by requesting a personal deficiency “if sought,” and attaching a copy of the mortgage and note. This action was dismissed by the lender in 2013.Weeks after the dismissal, the lender filed a Breach of Promissory Note action (the 2013 Note Breach,) alleging a 7/1/2011 default and an owed principal balance of $214,079.06. Two years later, the plaintiff voluntarily dismissed this action as well. In July of 2015, the lender filed a Breach of Contract claim (the 2015 Contract Breach,) alleging a 7/1/2011 default and an owed principal balance of $214,079.06, which ultimately became the basis of the Supreme Court’s decision.The mortgagor argued that the same cause of action existed for all three filings, which consequently barred the lender’s 2015 Contract Breach under Illinois’s single re-filing rule as an impermissible third attempt. Specifically, the mortgagor pointed out that all three actions involved the same default and the same principal balance owed.In contrast, the lender argued that the 2011 Foreclosure and the 2013 Note Breach sought different remedies under different contracts and were, therefore, separate actions, arguing that the 2011 Foreclosure’s request for a personal deficiency “if sought” wasn’t enough to constitute an action upon the note since the lender never specifically requested this amount.As background, a standard mortgage loan is made up of both a mortgage and a note.  A defaulted mortgage permits a lender to sell the subject property to recover their losses (which may or may not make them whole, depending on the value of the property,) whereas a note permits a lender to obtain the full amount owed directly from a mortgagor. In foreclosure parlance, seeking an amount owed directly from a mortgagor (i.e., utilizing the note) is referred to as seeking a “personal deficiency” in order to obtain amounts that weren’t recovered via the foreclosure sale.  The Illinois Supreme Court found that the 2011 Foreclosure’s request for a personal deficiency “if sought” did, in fact, constitute a claim under the note, emphasizing that the Illinois model statute listed this remedy as an option, not as a requirement.  The Court further noted that the Illinois single refiling rule did not require prior suits to be adjudicated prior to qualification, as well as indicated that an action based upon a defaulted loan modification (with an ostensibly different default date and principal balance) would constitute a different claim. In light of this decision, savvy mortgagees may wish to forgo any references to personal deficiencies in their initial foreclosure complaints. Even when successfully obtained, personal deficiency judgments are rarely collected upon. Therefore, eliminating this potential remedy at the outset may help preserve additional later bites at the apple that may otherwise be lost. in Commentary, Daily Dose, Featured, Foreclosure, News Data Provider Black Knight to Acquire Top of Mind 2 days ago First Midwest Bank v. Cobo. Foreclosure Illinois 2018-11-30 Donna Joseph 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 Share Save About Author: Lauren Riddick Sign up for DS News Daily Lauren Riddick handles contested foreclosure matters as a member of the Codilis & Associates, P.C.’s Contested Litigation Unit and also assists with title matters. She joined the firm in August 2013. Prior to joining the firm, she was an Adjunct Professor of Law with several colleges and a Securities Attorney for a large broker-dealer in Florida. Riddick is a member of the Illinois and Florida Bar Associations. She received her Juris Doctor in 2001 from the University of Florida Levin College of Law, and her Bachelor of Science in 1998 from the University of Florida. Previous: Uniting Over Housing Next: Dan Madden to Join Ellie Maecenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Commentary / Supreme Court States “If Sought” is Seeking Tagged with: First Midwest Bank v. Cobo. Foreclosure Illinois November 30, 2018 2,469 Views Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Related Articles The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Ellie Mae to Go Private

The Best Markets For Residential Property Investors 2 days ago Related Articles Share Save February 12, 2019 1,718 Views Home / Daily Dose / Ellie Mae to Go Private Ellie Mae, the Pleasanton, California-headquartered fintech provider for the mortgage finance industry is being acquired by private equity investment firm, Thoma Bravo, LLC in an all-cash deal valued at around $3.7 billion.Under the terms of the agreement, all Ellie Mae shareholders will receive $99.00 in cash per share. The price per share represents a 47 percent premium to the 30-day average closing share price and a 49 percent premium to the 60-day average closing price as of February 1, 2019. While Ellie Mae will remain at its Pleasanton headquarters it will be run as a privately-held company.“As we enter this next phase of our digital mortgage journey, we are thrilled to provide immediate value to our shareholders. With the investment and support from Thoma Bravo, we will remain committed to our customers’ success, innovation and growth of the Encompass Digital Lending Platform while maintaining our position as the best place to work,” said Jonathon Corr, President and CEO of Ellie Mae.The transaction is expected to close in the second or third quarter of 2019 and is not subject to a financial condition. Ellie Mae said that its Board of Directors unanimously approved the definitive agreement and recommended that stockholders vote their shares in favor of the transaction.“Ellie Mae delivers powerful and innovative mortgage technology solutions across every channel of the residential mortgage sector, enabling lenders to originate more loans while reducing costs and driving efficiency, quality, and compliance throughout the mortgage process,” said Holden Spaht, a Managing Partner at Thoma Bravo. “Ellie Mae is leading the digital transformation of the residential mortgage industry and we look forward to building on the company’s successes and to our partnership through this next chapter of growth.”The agreement includes a 35-day “go-shop” period, which permits Ellie Mae’s Board and advisors to actively initiate, solicit, encourage, and potentially enter negotiations with parties that make alternative acquisition proposals. Tagged with: Ellie Mae Finance FinTech HOUSING Lending mortgage Technology Thoma Bravo Sign up for DS News Daily in Daily Dose, Featured, News, Technology Previous: The Fallout of “Expert Testimony” in Foreclosures Next: Decoding the New Flood Insurance Regulation Data Provider Black Knight to Acquire Top of Mind 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Ellie Mae Finance FinTech HOUSING Lending mortgage Technology Thoma Bravo 2019-02-12 Radhika Ojha Ellie Mae to Go Private About Author: Radhika Ojha Servicers Navigate the Post-Pandemic World 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago read more