DS News Webcast: Wednesday 8/7/2013

first_img Demand Propels Home Prices Upward 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily August 7, 2013 451 Views 2013-08-07 DSNews Home / Featured / DS News Webcast: Wednesday 8/7/2013 Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Related Articles DS News Webcast: Wednesday 8/7/2013 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: DSNews Previous: DS News Webcast: Tuesday 8/6/2013 Next: SEC, Justice Department Sue BofA Over $855M RMBS Offering The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago in Featured, Media, Webcastslast_img read more

Job Openings at Highest Level Since 2001

first_img  Print This Post Share Save Job Openings at Highest Level Since 2001 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. Economy Employment Job Hires Job Openings Jobs U.S. Bureau of Labor Statistics 2014-10-13 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Economy Employment Job Hires Job Openings Jobs U.S. Bureau of Labor Statistics Related Articles Demand Propels Home Prices Upward 2 days ago The U.S. Bureau of Labor Statistics recently reported there were 4.8 million job openings (3.4 percent) nationwide on the last business day in August, which was the highest level of job openings since January 2001.The number of job openings for August is an increase from 4.6 million openings on the last day of July, according to the BLS. Industries that experienced the most monthly gains in job openings were nondurable goods manufacturing, healthcare, social assistance, accommodation, and food service, while there were declines in the number of state and local government job openings, BLS reported.The number of hires was down in August, however. The 4.6 million new hires in August (3.3 percent) was down slightly from the 4.9 reported in July, according to BLS. The number of hires in non-farm, private, and government jobs remained virtually unchanged while the education field saw a decline in new hires.The number of separations (also referred to as turnover), which include quits, layoffs, discharges, and other separations, totaled 4.4 million (3.2 percent) for August, BLS reported. The number of quits, or voluntary separations initiated by the employee, was at 2.5 million (1.8 percent) for August, little changed from the previous month. August was the seventh month in a row the quits rate was reported at 1.8 percent, according to BLS. There was little change in quits for private and government jobs, but there were declines in quits reported in the healthcare and social assistance industries, according to BLS.The number of layoffs and discharges totaled 1.6 million (1.1 percent) for August, also little changed from the previous month. The number of other types of separations (387,000) was little changed in August, according to BLS. Other types of separations may include retirement, death, or disability.Overall, BLS reported a 2.5 percent net employment gain for August, with hires totaling 56.2 million for the 12-month period ending in August 2014 and separations totaling 53.6 million for that same 12-month period. Those numbers may include workers who were hired and/or separated more than once during that period. Home / Daily Dose / Job Openings at Highest Level Since 2001 About Author: Brian Honea October 13, 2014 1,057 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News Sign up for DS News Daily Previous: Report: Tampa Area Accounts for 3.3 Percent of Nation’s Foreclosure Completions Next: Zombie Foreclosures Result in Millions of Delinquent Tax Revenue Dollarslast_img read more

DS News Webcast: Wednesday 9/24/2014

first_img Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Florida Home Sales, Prices Buck National Trend Next: Maryland Woman Convicted for Role in Mortgage Fraud Scam Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The burden of student loan debt is preventing potential home buyers from starting households, which in turn is hindering overall economic growth, according to Consumer Financial Protection Bureau director Richard Cordray in remarks made on Tuesday. Cordray said the country is feeling the domino effect of student loan debt, which often takes many years to repay and may “prevent people from achieving other financial milestones,” such as buying a home. Heavy student debt is preventing the formation of new households, which is a key driver of economic growth.Tools are available now to assist consumers with managing their student loan debt, Cordray said. CFPB has partnered with the Department of Education to develop a set of online tools known as Paying for College, which helps better educate students and their families as to what their financing options are when deciding how to cover educational costs. CFPB also offers answers to common questions it is asked regarding consumer finances, including student loans, in a feature known as Ask CFPB. Notably, CFPB now handles individual consumer complaints regarding student loans.American consumers’ enthusiasm for the housing market rose over the summer from the year’s start, but expectations for future market performance have become more subdued, according to survey results released by Zillow. The company’s latest Housing Confidence Index, released on Tuesday, rose to 64.2 in its latest reading, up from 63.7 in January. Two of the three component sub-indices improved through the summer; however, the gauge of expected future changes in home values and affordability fell slightly, decreasing to 66.1—in line with the company’s forecast of home value growth decreasing over the next year. The index ranges on a 100-point scale, with readings above 50 indicating overall positive sentiment. 2014-09-24 Jordan Funderburk Share Save DS News Webcast: Wednesday 9/24/2014 About Author: Jordan Funderburk Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Featured / DS News Webcast: Wednesday 9/24/2014center_img The Best Markets For Residential Property Investors 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 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  Print This Post Sign up for DS News Daily September 24, 2014 781 Views in Featured, Media, Webcastslast_img read more

FHFA Schedules Fourth HARP Outreach Meeting for Miami on December 5

first_imgHome / Daily Dose / FHFA Schedules Fourth HARP Outreach Meeting for Miami on December 5 Sign up for DS News Daily 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. in Daily Dose, Featured The Best Markets For Residential Property Investors 2 days ago Share Save About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Report: Bank, Government Unlikely to Reach Settlement Over Mortgage Fraud Claims Next: DS News Webcast: Thursday 11/20/2014 Related Articles November 19, 2014 738 Views Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago FHFA Schedules Fourth HARP Outreach Meeting for Miami on December 5 The Week Ahead: Nearing the Forbearance Exit 2 days ago Florida HARP Loss Mitigation Miami refinancing 2014-11-19 Brian Honea In an effort to sign more eligible homeowners up for the Home Affordable Refinance Program (HARP), the Federal Housing Finance Agency (FHFA) has scheduled its fourth HARP outreach event on December 5 in Miami.FHFA Director Mel Watt will join community leaders and housing experts in a town hall-style meeting at Miami Dade College North Campus. The purpose of the meeting will be to provide community leaders with resources to educate and encourage the 21,000 homeowners in Miami who are eligible to refinance through HARP and could save as much as $200 per month.”We will be working with community leaders and other trusted sources to get the word out that more than 97,000 homeowners in Florida are still eligible for and can save money by refinancing through HARP,” Watt said. “We will also be providing information about the range of assistance available to homeowners in distress other than those who are eligible for HARP.”The event will include a panel discussion moderated by Maria Fernandez, Associate Director for the Office of Housing and Regulatory Policy at FHFA, and featuring representatives from various government agencies such as the U.S. Department of the Treasury, Fannie Mae, and Freddie Mac as well as from local financial institutions.Florida has the most HARP-eligible borrowers of any state with 97,000, according to new data from the FHFA. Miami has the most of any metro area in Florida with 21,000, followed by Tampa (17,000), Orlando (11,000), and Jacksonville (9,000). There are more than 722,000 borrowers nationwide who are eligible to refinance through HARP, according to the FHFA. For the first eight months of 2014, the percentage of all refinances in Florida that were facilitated through HARP, 32 percent, was way ahead of the national pace of 17 percent. Overall, the number of borrowers refinancing through HARP has been declining for the last several months.Borrowers are eligible for a HARP loan if they meet the following requirements: Their loan must be owned or guaranteed by Fannie Mae or Freddie Mac; the loan must have been originated on or before May 31, 2009; LTV ratio must be greater than 80 percent; and they borrower must be current on mortgage payments. They must not have had a late payment in the previous six months or more than one late payment in the previous 12 months. Borrowers who could benefit from HARP are referred to as “in the money” borrowers; they are “in the money” if they meet all the HARP eligibility requirements, have a remaining balance on their loan of greater than $50,000 with more than 10 years left on their term, and have an interest rate of more than 1.5 percent more than current market rates.As of August 2014, about 3.2 million U.S. homeowners have refinanced through HARP since it was introduced by FHFA and Treasury in 2009 as part of the Making Home Affordable Program. FHFA previously hosted events similar to the upcoming Miami meeting in Chicago, Atlanta, and Detroit. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Florida HARP Loss Mitigation Miami refinancinglast_img read more

Fannie Mae to Sell Foreclosed Vacant Properties to Detroit Land Bank

first_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago November 24, 2014 1,481 Views Related Articles Fannie Mae to Sell Foreclosed Vacant Properties to Detroit Land Bank Fannie Mae announced it has agreed to sell 44 foreclosed vacant properties to the Detroit Land Bank Authority as part of a partnership to stabilize neighborhoods in the greater Detroit area, which has seen a dramatic spike on the number of foreclosures in the last two years.According to the announcement, 26 of the properties are slated for rehabilitation and 18 of them are scheduled to be demolished. Fannie Mae will also contribute funds to the demolition of those 18 properties as part of the agreement.”Vacant properties are a strain on the neighborhood and can depress property values for other homeowners,” said P.J. McCarthy, Fannie Mae’s VP of alternative dispositions and real estate asset management. “We are happy to partner with the Detroit Land Bank Authority to help transform these properties into homes for local families, or new community spaces. It is our goal to continue to work closely with local organizations to help bring life back into these neighborhoods. We look forward to additional transactions with the Detroit Land Bank.”The agreement is line with the mission of the Detroit Neighborhood Stabilization Initiative (NSI), a pilot program developed jointly by the Federal Housing Finance Agency (FHFA), Freddie Mac, and Fannie Mae and announced by the FHFA in May 2014 as a way to stabilize neighborhoods in the areas most affected by the housing crisis. One of the goals outlined in the Detroit NSI is to match distressed properties with non-profit organizations that will develop or renovate those properties.”This deal with Fannie Mae is a very important piece of the Detroit Land Bank’s larger strategy to stabilize neighborhoods through our auction program, demolition, and side lot sales,” said Kevin Simowski, executive director of the Detroit Land Bank Authority. “The Detroit Land Bank is working with multiple financial institutions on similar deals so we can address every vacant house in our target neighborhoods.”In a program similar to the Detroit NSI, Fannie Mae has partnered with the Cuyahoga Land Bank in Ohio since 2009 to help stabilize neighborhoods in Cleveland. That partnership has resulted in returning nearly 1,000 distressed properties back to productive use. Some of the properties were converted into bigger yards for neighbors, new homes, or community gardens. in Daily Dose, Featured, Foreclosure, News Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Fannie Mae to Sell Foreclosed Vacant Properties to Detroit Land Bank 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: Sentinel Field Services Welcomes New IT Manager Next: FHFA Announces Strategic Plan for GSE Conservatorship, Regulation of FHL Banks 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Detroit Land Bank Authority Fannie Mae Foreclosures Neighborhood Stabilization Vacancies 2014-11-24 Brian Honea The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Tagged with: Detroit Land Bank Authority Fannie Mae Foreclosures Neighborhood Stabilization Vacancies About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily last_img read more

HARP Modifications Dwindle; Overall Refi Activity Way Down

first_imgSign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / HARP Modifications Dwindle; Overall Refi Activity Way Down About Author: Tory Barringer The Best Markets For Residential Property Investors 2 days ago Mortgage refinance volumes reversed course in November, turning down as the government’s refinance program continued to see its popularity dwindle.Monthly data released by the Federal Housing Finance Agency (FHFA) shows Fannie Mae and Freddie Mac together reported 134,582 refinances in November 2014, down from nearly 139,000 in October.Monthly refinance numbers moved in fits and starts throughout 2014, bouncing between a low of 105,059 in March and October’s year-to-date high—though the trend in the year’s latter half was largely upward as mortgage rates fell to nearly 4.0 percent.As overall refinancing fell, so too did the number of mortgages refinanced under the Obama administration’s Home Affordable Refinance Program (HARP), which targets borrowers with high loan-to-value (LTV) ratios. For November, the GSEs reported a combined 12,429 HARP refinances, putting demand for the program at its lowest point in years.Year-to-date through November, HARP refinances totaled just 201,337, less than a quarter of 2013’s full-year number (892,909).While FHFA has focused in the past year on marketing the program through town hall-style events and other borrower outreach initiatives, analysts say the drop in HARP activity stems not from lack of awareness, but from a lack of new and eligible homeowners.”Everybody that has been or could be through that program did it and has moved on,” said John Bell, a principal at United Fidelity Funding Corp., a wholesale mortgage lender.Bell says that at this point, the government would be better served by expanding eligibility requirements, as it already did once in 2012. Though FHFA Director Mel Watt has offered no signal that the agency will create “HARP 3.0″ before the program’s expiration at the end of this year, it does seem a more likely possibility, given the Obama administration’s push to make mortgage credit more affordable.For Bell—who works out of an office in Irvine, California—the first step would be to raise loan limits for certain high-cost areas. The second would be to loosen some federal regulations, such as the qualified mortgage (QM) rule, which he says has hampered some homeowners who would otherwise be eligible for HARP.”We’d be really excited to see [HARP] 3.0 come out with expanded loan limits, maybe lower FICO scores, and possibly reduced QM requirements … on some loans,” he said. HARP Modifications Dwindle; Overall Refi Activity Way Down Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, News  Print This Post Related Articles Previous: Credit Rating Agency Updates RMBS Default Model Next: Fed Economists to Lead Public Discussion in Flint, Michigan, on January 22 January 19, 2015 1,298 Views Demand Propels Home Prices Upward 2 days agocenter_img Tagged with: Fannie Mae FHFA Freddie Mac HARP Home Affordable Refinance Program Mortgage Refinancing Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Fannie Mae FHFA Freddie Mac HARP Home Affordable Refinance Program Mortgage Refinancing 2015-01-19 Tory Barringer Share Save 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 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 agolast_img read more

U.S. 2nd Circuit Court Dismisses MBS Suit Against Royal Bank of Scotland

first_imgHome / Daily Dose / U.S. 2nd Circuit Court Dismisses MBS Suit Against Royal Bank of Scotland Previous: FHFA Launches Neighborhood Stabilization Pilot Program in Illinois Next: DS News Webcast: Friday 04/17/15 Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Share Save Tagged with: class action lawsuits Mortgage-Backed Securities Royal Bank of Scotland U.S. 2nd Circuit Court of Appeals Demand Propels Home Prices Upward 2 days ago class action lawsuits Mortgage-Backed Securities Royal Bank of Scotland U.S. 2nd Circuit Court of Appeals 2015-04-16 Brian Honea About Author: Brian Honea Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago April 16, 2015 1,249 Views center_img Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Servicers Navigate the Post-Pandemic World 2 days ago A class action lawsuit against Royal Bank of Scotland (RBS) that accused the bank of fraud with regards to its mortgage-backed securities, was dismissed on Wednesday by the U.S. Second Circuit Court of Appeals, according to multiple media reports.A pension fund of the International Brotherhood of Electrical Workers led a class that filed a class-action suit against RBS for allegedly misleading investors as to the quality of its mortgage-backed securities and for misrepresenting the company’s financial outlook. RBS, one of the largest banks in the world, grew in the early 2000s by repackaging and selling subprime mortgage loans in the years leading up to the housing bust.After the bust caused the bank to take a loss, RBS acquired a Dutch bank and attempted to raise more capital and issue more shares – an initiative which failed, as noted by a judge in the court’s ruling. Judge Denny Chin noted that RBS “could not survive the market’s crash” and needed a bailout of $40 billion from the U.K. government, according to one report.The court ruled on Wednesday that no action taken by RBS executives amounted to fraud with relation to the mortgage-backed securities, according to the report, and two out of the three appellate judges shared this opinion. The majority opinion said that “[s]tatements of general corporate optimism, such as these, do not give rise to securities violations.”Representing the defendant in the case, RBS, attorney Seth Waxman said, “We’re very grateful for the careful consideration of the court of appeals in this matter,” when contacted for comment.RBS currently has a separate lawsuit pending over mortgage-backed securities that is in trial and awaiting a verdict. RBS and Tokyo-based Nomura Holdings were two out of 18 lenders sued by the Federal Housing Finance Agency (FHFA) in 2011 to recoup U.S. taxpayer costs following the government’s $188 billion bailout of Fannie Mae and Freddie Mac in 2008, after which the government seized control of both Enterprises. The other 16 lenders all reached settlements with the FHFA.FHFA is seeking $1.1 billion in damages in the trial. The Agency alleges it suffered monumental losses when the sponsor of the mortgage-backed securities, Nomura, and the securities’ underwriter, RBS, did not follow underwriting guidelines on 68 percent of a sample of a bundle of securities backing more than $2 billion worth of mortgages sold to the GSEs prior to the financial crisis of 2008.The trial began in mid-March and closing arguments for the non-jury trial were presented last week in the U.S. District Court of the Southern District of New York in Manhattan. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago U.S. 2nd Circuit Court Dismisses MBS Suit Against Royal Bank of Scotland in Daily Dose, Featured, News, Secondary Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

U.S. Congressman Hensarling Scheduled to Speak on Fifth Anniversary of Dodd-Frank

first_imgSubscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post July 2, 2015 1,039 Views Servicers Navigate the Post-Pandemic World 2 days ago 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 Previous: Job Gains Total 223,000 in June, But Wage Growth Stalls; Participation Rate Stays Low Next: FHFA Seeking $13 Billion From RBS in Mortgage-Backed Securities Suitcenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago U.S. Congressman Hensarling Scheduled to Speak on Fifth Anniversary of Dodd-Frank Related Articles U.S. Congressman Jeb Hensarling (R-Texas) will speak out along with a panel of financial regulation experts on the need for financial reform at an American Enterprise Institute (AEI) Event in Washington, D.C., on Tuesday, July 21 – the fifth anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, according to an announcement from AEI.In an event titled “Dodd-Frank’s Unhappy Fifth Birthday,” Hensarling, who is the chairman of the House Financial Services Committee, will speak about where the country stands financially today and what reforms are needed for the country to experience robust economic growth.A panel of experts will discuss why reform is necessary and where it is most urgent, preceding Hensarling’s remarks. The panel will include Mark Calabria of the Cato Institute; Chris Iacovella of Bloomberg LP; Alex J. Pollock of AEI; and J.W. Verret of Mercatus Center.In mid-May, the Financial Services Subcommittee on Oversight and Investigations held a hearing entitled “The Dodd-Frank Act and Regulatory Overreach” to discuss the controversial reform legislation that was enacted in 2010 in the wake of the financial crisis. The Subcommittee determined at that hearing that the 2008 crisis was not caused by insufficient regulation of the private financial sector, particularly Wall Street, but rather the cause was government housing policies that pushed people into buying homes they could not afford.AEI described Dodd-Frank as legislation that “may be the most expansive and restrictive financial-services regulation since the New Deal, giving enormous new authority to the Federal Reserve, Financial Stability Oversight Council, and Consumer Financial Protection Board.”One of the witnesses at that House Subcommittee hearing in May, Hester Peirce, Director of the Financial Group at the Mercatus Center at George Mason University, pointed out that the drafters of Dodd-Frank were working without full information since a report on the cause of the financial crisis was not issued by the Financial Crisis Inquiry Commission until six months after Dodd-Frank was passed into law. Peirce said in her testimony that because of accumulating failures and bailouts from the financial crisis that called for quick financial reform, Dodd-Frank was “the product of fear and fury, not careful analysis.”Since the passage of Dodd-Frank five years ago, Republicans have made many attempts to chip away at the law. In January, a bill passed with some Democratic support in the House that delays the implementation of part of the “Volcker Rule,” a key piece of Dodd-Frank that limits risky trading by financial institutions by giving financial firms an additional two years (until 2019) to sell off their collateralized loan obligations, or bundled debt.Click here to watch the July 21 event live online. The event will be from 1 to 3 p.m. Eastern time. Share Save Home / Daily Dose / U.S. Congressman Hensarling Scheduled to Speak on Fifth Anniversary of Dodd-Frank American Enterprise Institute Dodd-Frank Act U.S. Congressman Jeb Hensarling 2015-07-02 Brian Honea About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Tagged with: American Enterprise Institute Dodd-Frank Act U.S. Congressman Jeb Hensarling in Daily Dose, Featured, Government, Newslast_img read more

CFPB Dispels Myths Surrounding New Servicing Rules and QM Rule

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea CFPB Credit Union National Association Mortgage Servicing Rules QM Rule Richard Cordray 2016-02-23 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago The Consumer Financial Protection Bureau (CFPB)’s regulatory changes to the mortgage industry, namely the qualified mortgage (QM) rule and the new mortgage servicing rules adopted in January 2014, were met with a wave of criticism.Those criticisms were unfounded, according to CFPB Director Richard Cordray in an address given Tuesday at the Credit Union National Association (CUNA). The relationship between CUNA and the CFPB has been a rocky one, with CUNA claiming that credit unions should not fall under the CFPB’s oversight because they did not play a role in the 2008 financial crisis. Credit unions have complained that the CFPB’s oversight has resulted in higher compliance costs which in turn has resulted in fewer financial products available to their consumers.During his speech, Cordray defended the Bureau’s oversight of credit unions in addition to dispelling several myths surrounding the mortgage-related regulatory changes enacted by the CFPB since the Bureau’s inception four and a half years ago.In particular, he stated that the QM rule, or the “ability to repay” rule, was derided by many who called it the “quitting mortgage” rule and claimed that volume would plummet while mortgage costs would double. Critics of the QM rule claimed that no one would make any non-QM loans because of the risk of litigation, Cordray said. Still others claimed that smaller lenders would be unable to offer mortgage loans under the new regulatory environment.“We know change is hard and we understood the concerns, but at the Consumer Bureau, we never bought into the prophecies of doom and gloom,” Cordray said. “And as it turns out, we were right. The first set of mortgage rules have been in place for more than two years, and none of those pessimistic forecasts came to pass. In 2014, year one of our new rules, home purchase mortgages went up 4.6 percent, according to the authoritative HMDA (Home Mortgage Disclosure Act) data, and for jumbo loans, which are often non-QM loans, the increase was even higher. Even more relevant to this audience, the credit unions have thrived in this new and improved mortgage market. In fact, credit unions originated 39 percent more mortgage loans for home purchases in the first nine months of 2015 than the same period of 2014, according to the latest CUNA Mutual Group Report, which is prepared by CUNA’s own economists.”Richard CordrayCordray noted that the share of mortgage lending by credit unions is growing and that those institutions that have focused on compliance burdens have “overlooked the positive benefits of the rules.” Since the CFPB has build out a vigorous supervision program over non-bank lenders nad mortgage servicers, credit unions are being put on a level playing field for the first time, Cordray said.“Instead of attacking or resisting the CFPB, you should be supporting and speaking up for what it is doing for the best and most responsible financial institutions such as credit unions, that compete based on personal focus and strong customer service,” he said.Also, a “cottage industry” of lawyers and consultants expressed fear that widespread litigation against lenders would result from the passage of the QM rule, according to Cordray.“But now, more than two years later, so far as we can tell, not a single case has been brought against a mortgage lender for making a non-QM loan,” Cordray said.Click here to view Cordray’s entire speech. in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago Related Articles Share Save 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. The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Previous: Fed: Banks Beginning to Ease Lending Standards Next: Collection Records Show Many Who are Evicted are Repeat Offenders Demand Propels Home Prices Upward 2 days ago Tagged with: CFPB Credit Union National Association Mortgage Servicing Rules QM Rule Richard Cordray Demand Propels Home Prices Upward 2 days ago February 23, 2016 1,632 Views Home / Daily Dose / CFPB Dispels Myths Surrounding New Servicing Rules and QM Rule Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago CFPB Dispels Myths Surrounding New Servicing Rules and QM Rule The Best Markets For Residential Property Investors 2 days ago  Print This Postlast_img read more

Credit Score is Holding Back Many Millennials

first_img Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Credit Score is Holding Back Many Millennials The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Credit Score is Holding Back Many Millennials Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Tagged with: Credit Scores First-Time Homebuyers Homeownership Millennials The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News Previous: Counsel’s Corner: Here is What Smaller Title Companies are Up Against Next: DS News Webcast: Tuesday 4/26/2016center_img A common belief about millennials is that they continue to either rent or live with their parents because they are not interested in owning a home.A recent survey conducted by TransUnion, however, indicates that a lack of desire to become a homeowner may not be what is holding back millennials from the housing market. TransUnion found in a survey of 1,843 consumers conducted in March that 32 percent of millennials polled plan to buy a home in the next 12 months—but 43 percent of them have what would be considered a “subprime” credit score (between 300 and 600, according to VantageScore).“Credit scores are a crucial component of the home-buying process, impacting everything from the size of a mortgage payment to the interest rate on a home loan,” said Ken Chaplin, SVP for TransUnion. “People with subprime credit may face financial barriers to homeownership, making it difficult for their dream home to become a reality.”With credit scores that low, those who want to buy a home may not be able to qualify for a mortgage. Credit.com reported last September that borrowers whose mortgages closed in September had an average score of 723, and that was actually down from 732 the previous February. In September, some lenders were rejecting borrowers with scores as high as 694.Out of millennials surveyed by TransUnion, 47 percent of them said they were worried about having a low credit score, 59 percent said they were worried about not having enough money for a down payment, and 56 percent of them said they were concerned about not being able to qualify for a low interest rate.“People with subprime credit may face financial barriers to homeownership, making it difficult for their dream home to become a reality.”Ken Chaplin, SVP, TransUnionAmong other age groups surveyed, 17 percent of consumers ages 35 to 54 said they plan to buy a home within the next 12 months. The same share of that age category, 17 percent, had a super prime credit score, according to TransUnion. Only 6 percent of consumers aged 55 or older said they plan to buy a home in the next 12 months, but a much higher percentage (34 percent) had a super prime credit score.Homeowners of all ages should prepare well for the homebuying process by taking steps such as checking their credit reports at least three months before the process begins, planning early and keeping an eye on their credit score over time, and researching mortgage and interest rates to find a competitive offer.”The homebuying process begins well before you start looking for real estate,” said Chaplin. “A credit score, which significantly impacts the home financing process, is built on good spending habits and a pattern of responsible borrowing established over a lifetime.”  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago April 25, 2016 1,316 Views About Author: Brian Honea Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Credit Scores First-Time Homebuyers Homeownership Millennials 2016-04-25 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more