Legislation Introduced to Wind Down Fannie, Freddie

first_img in Daily Dose, Featured, Government, Headlines, News Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Home / Daily Dose / Legislation Introduced to Wind Down Fannie, Freddie Legislation Introduced to Wind Down Fannie, Freddie  Print This Post Demand Propels Home Prices Upward 2 days ago Fannie Mae Freddie Mac Ginnie Mae The United States House of Representatives 2014-07-10 Derek Templeton 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 July 10, 2014 1,360 Views The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img The latest in a series of proposed GSE reforms was announced on Thursday. Congressional Representatives John K. Delaney (D-Maryland), John Carney (D-Delaware), and Jim Himes (D-Connecticut) introduced housing finance reform legislation, aimed at winding down Fannie Mae and Freddie Mac and replacing them with a federally backed insurance program administered through Ginnie Mae.The Partnership to Strengthen Homeownership Act (H.R. 5055) mandates that the GSE’s be wound down over a five year period. Their government guarantee and charter would be removed and they would “repay the government with interest for the government’s investment in the institutions”.  While no figure for repayment is explicitly called for in the bill, congressman say that it must take into account both the injection of capital and the overall exposure to the government.America needs housing finance reform for the long-term health of the economy, the viability of the American Dream of homeownership, and the protection of the U.S. taxpayer. Congress has to act and we are committed to keeping housing finance reform on the agenda,” said Congressman Delaney.“We’ve seen what happens when the housing market becomes distorted and policy fails the public: hard-working Americans lose their homes, the economy slumps and the taxpayer is left responsible,” Delaney continued. “By maintaining a government guarantee, introducing private sector pricing and increased taxpayer protections, our legislation can bring both sides of the aisle together.”The bill also removes Ginnie Mae from underneath the HUD umbrella and establishes it as its own independent entity. The powers, personnel, and property of the Federal Housing Finance Agency (FHFA) would also be transferred to Ginnie Mae.The proposed legislation is a counterpart to a similar Senate proposal sponsored by Senators Tim Johnson (D-South Dakota) and Mike Crappo (R-Idaho).The Obama Administration, including the newly confirmed HUD secretary Julian Castro, are on record supporting an overhaul of the current GSE conservatorship model.Still, with the current political climate and the somewhat fragile state of the housing recovery, housing analysts are dubious of any such reform legislation reaching the President’s desk before the midterm elections in November and perhaps not before the Presidential elections of 2016. Previous: RealtyBid Names New President Next: HUD: Housing Outlook Good, More to be Done Derek Templeton is an attorney based in Dallas, Texas. He practices in the areas of real estate, financial services, and general corporate transactional law. His experience includes time as an Attorney Adviser for the U.S. Small Business Administration and as General Counsel for a nonprofit organization in Dallas. A self-avowed “policy junkie,” he has a keen interest in the effect that evolving federal policy has on the mortgage, default servicing, and greater housing industries. Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Fannie Mae Freddie Mac Ginnie Mae The United States House of Representatives Share Save The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Derek Templeton Sign up for DS News Daily Subscribelast_img read more

Mortgage Fraud Risk Down, But Rising Costs Still Challenging Homebuyers

first_imgHome / Daily Dose / Mortgage Fraud Risk Down, But Rising Costs Still Challenging Homebuyers 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. Mortgage Fraud Risk Down, But Rising Costs Still Challenging Homebuyers February 4, 2015 922 Views The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Share Save Tagged with: CoreLogic Interthinx Mortgage Fraud Risk Previous: Butler & Hosch Acquires Morris Schneider & Wittstadt’s Default Assets Next: FHFA Director Says He Is Powerless to Alter GSE Bailout Agreement in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago CoreLogic Interthinx Mortgage Fraud Risk 2015-02-04 Tory Barringer The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Mortgage fraud risk declined overall in the third quarter of 2014, though some categories still remain tricky as rising costs present a challenge to homebuyers.Based on an analysis of loan applications passing through its own fraud detection technology, Interthinx said Tuesday that its national Mortgage Fraud Risk Index measured 98 in Q3 2014, down 2 percent from the quarter prior and 9 percent from the same quarter a year ago.The findings align with CoreLogic’s latest fraud report, which revealed application fraud risk was down across all categories—except home equity lending, which has seen risk indicators rise as demand grows.While the overall trend indicates an ongoing drop in fraud, a handful of states are still particularly bad in terms of high-risk markets, including Florida, California, and Arizona, all of which have “disproportionately higher levels of distressed property sales and investor activity,” Interthinx said.Also included on that list are New Jersey, Connecticut, and Illinois, which have higher than average levels of both occupancy fraud risk (usually committed by investors) and property valuation fraud risk as straw buyers dominate some of the local markets.At the national level, Interthinx’s Property Valuation Fraud Risk Index was 122 as of Q3, down 5 percent quarter-to-quarter but up 20 percent year-to-year.The national Occupancy Risk Index was 133, up 4 percent over the quarter but down 10 percent from the year prior.Also declining in Q3 was Interthinx’s measure of employment/income fraud risk, which dropped both quarter-over-quarter and year-over-year to 59. California was far and away the riskiest state for that category, contributing nine of the top 10 riskiest metro markets, including the No. 1 spot: Fresno, which posted an index value of 133.The one outlier was Boulder, Colorado, which took the No. 2 spot with an index of 123—an 81 percent spike from the second quarter.While increased scrutiny brought on by last year’s ability-to-repay rule helped drive down employment/income fraud in the latest index reading, decreases in housing affordability are keeping levels up in those high-risk markets, Interthinx said.”Housing price pressure and home affordability can closely correlate with fraud risk,” said Jeff Moyer, president of Interthinx. “When first time or lower income homebuyers face challenges during the qualification of credit, it can open the door to potential risk factors.”He added, “Conversely, in the most affordable markets—where median income exceeds monthly housing expense, deposits are stronger, and consumer debts are lower, there is less likelihood to misrepresent income and our indices show comparatively lower fraud risk.” About Author: Tory Barringer Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Tackling Home Affordability Through Innovation

first_imgHome / Daily Dose / Tackling Home Affordability Through Innovation Five Star Conference HOUSING Housing Affordability mortgage SG Blocks 2018-10-10 Rachel Williams The Best Markets For Residential Property Investors 2 days ago Subscribe October 10, 2018 945 Views Share Save Previous: The Industry Pulse: Updates on Fannie Mae, Equifax, and More . . . Next: The Mortgage Industry Braces for Hurricane Michael Rachel Williams attended Texas Christian University (TCU), where she graduated with Magna Cum Laude with a dual Bachelor of Arts in English and History. Williams is a member of Phi Beta Kappa, widely recognized as the nation’s most prestigious honor society. Subsequent to graduating from TCU, Williams joined the Five Star Institute as an editorial intern, advancing to staff writer, associate editor and is currently the editor in chief and head of corporate communications. She has over a decade of editorial experience with a primary focus on the U.S. residential mortgage industry and financial markets. Williams resides in Dallas, Texas with her husband. She can be reached at [email protected] Tagged with: Five Star Conference HOUSING Housing Affordability mortgage SG Blocks The Best Markets For Residential Property Investors 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 Tackling Home Affordability Through Innovation About Author: Rachel Williamscenter_img Related Articles Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago DS News reporter David Wharton recently caught up with Paul Galvin, Chairman and CEO of SG Blocks, an innovative company that turns shipping containers into new environments–including homes. Wharton and Galvin discussed some of the pressing issues facing today’s housing market including the affordability crisis. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News Sign up for DS News Daily  Print This Postlast_img read more

US Bank: The Legal Challenges of Default Servicing

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post US Bank: The Legal Challenges of Default Servicing in Daily Dose, Featured, Foreclosure, Journal, Loss Mitigation, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: FirstBank Puerto Rico Brings RES.NET Onboard to Streamline Operations Next: All About Policy and Prices in Housing Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Share Save Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Beth Northrop-Day Foreclosure FSC 2018 Loss Mitigation US Bank Beth Northrop-Day Foreclosure FSC 2018 Loss Mitigation US Bank 2018-10-26 David Wharton About Author: David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / US Bank: The Legal Challenges of Default Servicing Demand Propels Home Prices Upward 2 days ago October 26, 2018 3,322 Views Beth M. Northrop-Day is VP and Assistant General Counsel with US Bank, having joined the bank in August 2014. She is currently lead attorney for default management servicing control and default (servicing) operations, which includes but is not limited to foreclosure, REO/eviction, third-party vendor management and attorney oversight, audit and issues management, and mortgage default operations (including SPOC & MAP, default resolution, and business line controls management). Northrop-Day also has experience in the management of highly contested litigation related to mortgage foreclosures and has worked closely with various entities regarding compliance of state and federal-based rules and regulations.During the 2018 Five Star Conference and Expo, Beth Northrop-Day took some time out to sit down with DS News and discuss where default servicing is headed, the legal cases that could seriously impact the industry, and how legal firms can best streamline their interactions with servicers.What does a typical day look like in your role, if there is such a thing?I don’t think there is a typical day for an in-house attorney. I support many different business lines including mortgage default, attorney vendor oversight, and early-stage default. It’s a matter of what’s coming into the inbox, what’s on the phone, or just putting out fires and trying to be proactive. I don’t think I’ve had one “typical, standard day” since I started in this industry.There are days when I wish it would calm down a bit so I could concentrate on one thing at a time. This industry is always moving. You don’t know what’s coming next, so the challenge is in trying to stay ahead of the game and do the right thing. At US Bank, we pride ourselves on trying to power potential and staying a step ahead.Do you see the trends and challenges that have defined the mortgage industry in 2018 continuing into 2019, or do you think there are any significant changes on the horizon?Mortgage is cyclical. We’re in a great phase right now where companies are still originating, homebuying is occurring, people are successfully paying their mortgages, all fantastic things. But, if I were to hazard a guess, by mid to late 2019, or perhaps early 2020, we’ll start to see some changes. Some mortgages will be hitting their five- to seven-year marks—what’s that going to look like? I don’t know. Mortgage changes along with the economy, so I anticipate seeing some things changing. As a mortgage industry though, we’ve made so many incredible changes—we are proactive and are working hand-in-hand with borrowers, investors, and regulators.Are there any cases that have been decided recently or that are in the pipeline right now that you foresee having a major impact on the industry in the months to come?There’s a case out of Colorado—Obduskey v. Wells Fargo. It’s a Fair Debt Collection Practices Act (FDCPA) action dealing with the issue of whether the FDCPA, which protects borrowers, applies in foreclosure proceedings that take place outside the court system. This case is now before the U.S. Supreme Court. From a lender and servicer perspective, if a non-judicial foreclosure is suddenly reclassified as debt collection, as opposed to lien enforcement, that could have an impact on the industry.What are some of the ways financial services firms can best partner with servicers in order to streamline that relationship and make for a more productive business relationship?I work with our law firms every single day, whether it’s from a foreclosure perspective, REO, bankruptcy (as to law firm oversight), and loss mitigation. We rely heavily on the law firms to keep us updated on all laws that are coming down, legislative changes, and trends that they’re seeing. They’re the ones in court; they’re the ones talking to the judges. I rely on them heavily to communicate with me, because I need their guidance and I need their support to ensure that I fully protect the bank, that I’m protecting our borrowers, and that we’re always doing the right thing.What is one thing you wish more people understood about what you do?What people need to understand is that we are not about taking people’s houses. We want to partner with borrowers, we want to stay a step ahead, and we want to do the right thing. Whether you’re a bank servicer or a mortgage servicer, we’re not in business to become property owners. We want everyone to be successful. I want you to have a mortgage. I want you to love your home and stay in your home and make your payments, and whatever I can do to help you do that, we’re going to step back and we’re going to look at those programs. Subscribelast_img read more

CFPB Supreme Court Case Looming

first_img About Author: Mike Albanese Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago March 2, 2020 1,830 Views Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Home / Daily Dose / CFPB Supreme Court Case Looming Tagged with: CFPB Supreme Court Demand Propels Home Prices Upward 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, Government, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Supreme Court will hear opening arguments on Tuesday in the case over whether the Consumer Financial Protection Bureau (CFPB) is constitutionally structured. The CFPB was established following the Great Recession. CNBC reports that a decision in the case is expected by the end of June. CNBC states that dispute arose over whether the CFPB’s director was given too much independence. According to the 2010 Dodd-Frank Act, which established the Bureau, the CFPB is led by a single director who may be removed by the president from their five-year term only for “inefficiency, neglect of duty, or malfeasance in office.” Current Democratic Presidential candidate Sen. Elizabeth Warren (D-Massachusetts) envisioned the CFPB during her time as a professor at Harvard Law School. The CFPB was designed to rein in abusive practices in consumer credit marks, such as home mortgages and credit cards. CNBC states it returned $12 billion to consumers between 2011 and 2017 but stopped pursuing enforcement actions under President Donald Trump. The CFPB has been the subject of several lawsuits, most recently by the California-based Seila Law. Seila Law alleges the CFPB’s insulation from presidential control is unconstitutional. The law firm challenged the agency after the CFPB targeted the firm 2017, CNBC states. Caren Castle, an attorney with the Wolf Firm, told DS News she doesn’t expect to see anything “earth shattering” on Tuesday, and those opening arguments will not “truly influence” the Justices; inclination on how to they plan to rule. “I think the more interesting issue will be to see if the Court gives us any indication that they are leaning towards finding the entire CFPB unconstitutional or perhaps wants to enter a more limited decision which would only address the constitutionality of certain provisions such as the singular head of the Bureau,” Castle said. Castle said if the Supreme Court upholds the current structure, which she believes in unlikely, then the head of the CFPB will have a measure of independence from the current administration as well as future administrations. “However, if the court rules that the head of the CFPB serves at the pleasure of the President, then CFPB will become much more political and will be fashioned by whatever administration is in power,” Castle said. Castle added the weakening of the CFPB provided an excuse for states to create their own CFPB—a measure California has already done. “This decision could have far-reaching ramifications as to other bodies such as FDIC which similarly have limitations on the termination of the head of those bodies,” she said. “An overly broad decision may have consequences to those bodies as well.”According to American Enterprise Institute Senior Fellow Peter J. Wallison, there is more at stake than just the constitutionality of the Bureau.On Real Clear Politics, Wallison argues that this CFPB case is an example of Congress enacting “broadly  phrased laws, essentially delegating the key legislative choices to administrative agencies and violating the Framers’ constitutional plan of separation.”In addition to the Seila Law lawsuit, a lawsuit was filed in the U.S. District Court for the Southern District of New York by The New Civil Liberties Alliance (NCLA), alleging that Congress unlawfully divested its legislative appropriations power when it gave CFPB the ability to draw funding directly from the Federal Reserve, without annual appropriations from Congress and without oversight from the appropriations committees of Congress.“This case, entitled Law Offices of Crystal Moroney v. Bureau of Consumer Financial Protection, may ultimately provide the U.S. Supreme Court the opportunity to revive the Non-delegation Doctrine that five justices expressed interest in revisiting earlier this year in the wake of last June’s Gundy v. United States decision,” NCLA said. Related Articles CFPB Supreme Court Case Looming The Best Markets For Residential Property Investors 2 days ago Share Save Sign up for DS News Daily Previous: The Impact of Renters on the Presidential Election Next: Small Town Mortgage Delinquencies are Growing CFPB Supreme Court 2020-03-02 Mike Albaneselast_img read more

Pondering Property Preservation

first_img Demand Propels Home Prices Upward 2 days ago Share Save Pondering Property Preservation Sign up for DS News Daily Related Articles in Daily Dose, Featured, Loss Mitigation, News, Print Features Home / Daily Dose / Pondering Property Preservation Data Provider Black Knight to Acquire Top of Mind 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 About Author: Seth Welborn The Best Markets For Residential Property Investors 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Previous: DS5: How Investors are Adapting to Market Shifts Next: How Tech is Supporting Financial Institutions Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Properry PReservation Scott Arnold Properry PReservation Scott Arnold 2020-05-24 Seth Welborn  Print This Post Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Editor’s note: This feature appeared in the May edition of DS News.Scott Arnold leads Property Preservation and REO operations for Wells Fargo Home Lending Servicing.Arnold is located in West Des Moines, Iowa. A 20-year veteran in the mortgage services industry, Arnold joined Wells Fargo in 2012. He has held a series of leadership roles in mortgage and consumer lending, including SVP of FHA Servicing, Claims, and Default Accounts Payable at Wells Fargo, Director of Fannie Mae’s National Servicing Organization, VP of Marix Servicing’s Homeowner’s Assistance and REO team, VP of Chase Home Loan Servicing’s Default Operations, and VP of Bank of America Mortgage’s Foreclosure Servicing team.Arnold spoke to DS News on trends within property preservation and what Wells Fargo is doing to mitigate those challenges.What are some of the trends changing how the industry approaches property preservation?  There is much greater use of data associated with property condition, location characteristics, and potential loss outcomes that are influencing actions taken to preserve or liquidate assets. Gathering the necessary data early in the default process has become a key focus.Also, relying solely on a third-party provider to preserve and protect the asset is a thing of the past. Servicers are starting to take more ownership of the activities associated with property preservation to ensure the asset is well preserved, state and local requirements are met, and key milestones are followed up on and executed timely.What is the role technology plays in how property preservation is done today? There are a significant number of investor and insurer requirements pertaining to the property preservation process. Creating workflow and/or capabilities to manage these requirements and store the applicable data to “tell the story” has become critical for servicers to reduce exposure and losses.Getting timely results from inspection or property preservation activity is critical across the business. Connectivity across multiple applications, systems, and vendors can be challenging, but the industry has devoted the time and money to drive more automation that can deliver results from the field to the servicer as quickly as possible.Overall, what are the main challenges impacting the industry? How does Wells Fargo work to address and mitigate these challenges?Delinquencies are down and inventory is extremely low. Although this is a great scenario for the economy, it poses other challenges in this industry. Less concentration of properties in an area results in contractors/vendors spending more time driving from property to property.Additionally, vendor networks have shrunk because there are not as many contractors in the business making it more difficult for timely execution of requested work. Last, inventory today is typically more challenging to preserve because of aging homes, mortgage neglect from deferred maintenance, or abandonment after natural disasters, just to name a few. At Wells Fargo, we have a dedicated team of asset managers assigned to vacant properties to oversee all property preservation activities to make sure the asset is being maintained to all stakeholder’s expectations.Local municipalities continue to add requirements for reporting and registering vacant and abandoned properties. Many municipalities have specific forms to complete the registration that include various data points pertaining to the property and/or the status of the loan. There is no consistent approach or standard established across the industry. It has become very challenging for servicers or vendors to keep up with updates to the requirements across the country. Most registrations also require a fee, increasing servicers cost to service. At Wells Fargo, teams work with local municipalities to add specific requirements to ongoing reporting as well as controls to ensure timely and accurate registration.There are significant risks associated with property preservation activities. It’s absolutely critical that a contractor is deployed to the right property to inspect, mow the grass, or even perform necessary repairs. Showing up at the wrong house and taking any action is one of the worst things that can happen in this business. Additionally, even if you ensure the right property is identified, vendors and contractors need to ensure the status of the loan warrants the action that has been requested.A loan can reinstate, pay off, or be sold to another party that may have taken immediate possession. Timely and effective communication between vendors and servicers is absolutely key to the property preservation process. Wells Fargo provides all vendors a validated photo of the property in which services should be performed. A recent inspection photo is compared to the origination appraisal or other sources to validate that the correct property is identified. This validated photo becomes the profile picture and is included with all subsequent inspections and work orders. To ensure statuses are communicated timely, very specific controls are in place to immediately notify vendors with loan status changes and ensure appropriate cancellation of work is issued.What is the most rewarding aspect of your role?  Throughout my career, including the time in my current role, I’ve had an opportunity to mentor a significant number of people. Staying connected with these individuals and watching them grow is extremely rewarding for me. There are a number of individuals that come to mind that have been very successful in the industry that I was fortunate enough to have worked within the early stages of their career. May 24, 2020 1,934 Views The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

How Tech is Supporting Financial Institutions

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 2020-05-26 Seth Welborn How Tech is Supporting Financial Institutions Previous: Pondering Property Preservation Next: The GSE Capital Rule Proposal’s Effect on Conservatorship May 26, 2020 1,446 Views Home / Daily Dose / How Tech is Supporting Financial Institutions Demand Propels Home Prices Upward 2 days ago Steve Comer is the Director of the Financial Services sales team at Hyland, a leading provider of content services solutions to better manage content, processes and cases. Comer has spent the past 12 years working with financial services customers to develop strategic plans to improve their operational efficiencies through the use of OnBase, an enterprise-class solution for capture, workflow, business process management, and case management capabilities. Servicers Navigate the Post-Pandemic World 2 days ago 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 ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles It has been said that our world has undergone 10 years of change in only a few weeks. Businesses have adopted remote work policies nearly over night. Employees are still meeting business goals and embracing the organization’s overall vision. For financial institutions that means providing the best customer service possible. They’re simply doing it from home offices, kitchen nooks and corner alcoves.Due to several different assistance programs created and economical actions taken by government agencies, financial institutions have seen a massive increase in loan applications across many lending products. Through these increased volumes, companies are discovering significant gaps in the people, processes and technologies they have in place to manage these high volumes, including compliance demands.To close the gap and meet the increased demand, financial institutions are implementing technology platforms that enable their remote workforce with increased access to information, support ‘no-touch’ customer engagements, and ensure they are meeting compliance expectations. To achieve this level of digitization and increase review and approval speeds for lending processes, companies, more often than not, are adopting cloud-based technology, including content services, file sharing and electronic signatures solutions. Here’s why.Content services and loan document tracking – in the cloud It’s clear that digital transformation is not only key to expediting processes, providing better customer service and staying competitive – it’s an essential technology to enable a remote workforce. Content and communication drive business processes and interactions with customers, partners, suppliers and other external stakeholders. On-premises software deployments can’t properly support remote staff to the extent needed right now and are negatively impacted by the inability to have staff onsite to manage physical infrastructure and troubleshoot issues.Cloud-based technology applications and platforms have quickly become an essential business strategy, both during a time of social distancing and to support future business needs. Content services in the cloud helps ensure business continuity by providing remote access to critical information. For example, through the use of a loan document tracking solution within a content services platform, lenders have secure access to a complete view of information within a loan application and can accelerate the loan lifecycle with digital workflows routing information to the necessary employees. With digital access to all required information and documents, lenders equip their loan processors with the right information throughout the lending lifecycle, providing higher-level service to applicants and ultimately closing loans faster.Cloud-based file sharingMillions of employees are currently working from home to ensure workforce safety. But the scale of remote work needed to support operations creates new challenges for financial institutions, not only for system and information access, but for the collaboration needed among employees and customers. With the increase in loan applications, organizations are in need of a contact-free and secure way to send and retrieve applications with both internal and external parties to process the loans.Cloud-based file sharing applications are a perfect tool to assist. They keep employees connected, content accessible and processes moving. These systems are secure and scalable, allowing employees to access and act on information, regardless of where they are working. And because these solutions incorporate higher security protocols than sending private information via email, lenders don’t have to worry about the increased risk if that information got in the wrong hands.Digital signaturesElectronic signatures are the final link to create an end-to-end digital solution. Electronic signatures provide the legal authority needed in financial processes without the cumbersome and time-consuming tasks of printing, mailing and manually validating documents. Essential features within an electronic signatures tool include:Secure document distribution, with options for parallel or sequential signingProtected delivery via a secure HTTP connectionAutomatic notification for instant and proactive visibility into the status of electronic signaturesComplete audit history for review or archivingIdentity verification with knowledge-based authenticationRemote training and managed servicesWhile financial institutions are typically among the first to adopt new and innovative technology – including cloud technology, a content services solution, electronic signatures and file sharing – some may be a little behind on their digital transformation strategies. There may be concerns about implementing this technology now, because they want ensure proper employee training, which may seem difficult with stay-at-home orders. Many enterprise software providers are offering virtual education and training, however, to ensure customers gain the knowledge they need to propel business and support customers.Some financial institutions have reallocated employees to best support customers and now find themselves needing additional technology support until those employees can go back to traditional roles. Many vendors have stepped up to offer service level programs for things like system administration or on-demand services to augment staff coverage and support critical business needs.This extraordinary time has urged financial institutions to do extraordinary things, including decisive action on digital transformation goals. Those who have taken action see how cloud-based content services and file-sharing tools fit in the digital transformation puzzle, connecting employees to the critical information they need, when and where they need it. Whether it’s in response to the increase in loan activities or to support default management processes, fraud investigation or and compliance initiatives, these tools will help organizations make a difference in customer lives while still staying competitive in the industry. Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News, Technology About Author: Steve Comer Share Save Subscribelast_img read more

Industry Leaders Welcome Biden Administration to Washington

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Industry Leaders Welcome Biden Administration to Washington  Print This Post 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. 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 The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Kraninger Resigns as CFPB Director Next: Improving Housing Policy for Seniors, People of Color Subscribe American Bankers Association Consumer Bankers Association Joe Biden Kamala Harris Mortgage Bankers Association National Association of Gay and Lesbian Real Estate Professionals National Association of Home Builders National Association of Realtors 2021-01-21 Phil Hall Servicers Navigate the Post-Pandemic World 2 days ago January 21, 2021 12,410 Views center_img Servicers Navigate the Post-Pandemic World 2 days ago Related Articles About Author: Phil Hall in Daily Dose, Featured, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Industry Leaders Welcome Biden Administration to Washington The arrival of Joe Biden and Kamala Harris as the nation’s new president and vice president was met with enthusiasm and optimism by the leaders of the nation’s major trade associations serving the mortgage, housing and financial services industries.Robert D. Broeksmit, President & CEO of the Mortgage Bankers Association, offered his congratulations and stated an eagerness to work with the new administration.“The housing market has been a bright spot in the uneven economic recovery from the COVID-19 pandemic,” said Broeksmit. “Our immediate focus must be to continue to assist homeowners, renters, and landlords negatively affected by the pandemic. Improving access to affordable housing, creating opportunities for first-time and minority households, and ensuring liquidity will also be among our top priorities. MBA and its members are ready to partner with the Biden administration as it builds its team of economic, housing, and financial services experts.”Charlie Oppler, President of the National Association of Realtors (NAR), stated that he was “heartened by President Biden’s call for unity. As Americans, we will see leaders come and go during our lives, but our nation succeeds only when we unite. NAR is committed to assisting President Biden and the new Congress as we seek to heal our nation and strengthen the economy, continuing our 113-year tradition of working with every Congress and Presidential administration.”We look forward to partnering on many of our common goals, including policies that will advance and expand the American Dream of homeownership, address housing affordability and accessibility, and promote fair housing and racial equity.”Rob Nichols, President and CEO of the American Bankers Association, also highlighted Biden’s call for unity in his inaugural speech.“We urge our elected leaders in both parties to come together to confront the country’s challenges, starting with the COVID-19 pandemic and the significant economic damage it’s caused,” he said. “Whether it’s helping a struggling small business with a PPP loan, delivering an economic impact payment to a single parent trying to make ends meet or assisting families with their mortgages during these hard times, banks of all sizes will continue to support their customers, clients and communities. We look forward to working with the new administration and the new Congress to lift the economy further so every American has the chance to thrive.”Chuck Fowke, Chairman of the National Association of Home Builders, offered his congratulations and commended the Biden proposal for a homebuyer tax credit.“We stand ready to partner with the new administration to ensure that creditworthy home buyers and small businesses can get mortgages and loans, enact comprehensive housing finance reform that protects the 30-year, fixed-rate mortgage, and improve the Low-Income Housing Tax Credit,” Fowke said. “These pro-housing policies will provide more homeownership and rental housing opportunities for all Americans and boost economic growth.”Jeff Berger, CEO of the National Association of Gay and Lesbian Real Estate Professionals (NAGLREP), expressed optimism that Biden would carry through on his campaign promises to ensure protection of LGBT rights, including in the fight against housing discrimination.“Since 2011, NAGLREP is a stakeholder at HUD and we look forward to working together to better LGBT fair housing,” he said. “We’ve also been advocating for the Equality Act and hope under the new administration the Equality Act is passed.”The Consumer Bankers Association (CBA) tweeted its congratulations to the new Executive Branch leaders, adding that it “looks forward to working with the Administration in continuing the economic recovery from the effects of #COVID19 & how banks can continue helping families & #SmallBiz achieve their dreams.” However, CBA President Richard Hunt may have offered the industry’s first word of concern regarding the new administration with the decision to replace Kathleen L. Kraninger as Director of the Consumer Financial Protection Bureau before the 2023 expiration of her five-year term.“The CFPB—as originally envisioned by Congressional leaders and Senator (Elizabeth) Warren—should be an independent agency, free of presidential politics and an advocate for consumers, which requires a consistent, sustainable set of rules allowing all financial institutions to operate on a level playing field in a modern marketplace,” said Hunt in a statement. “While the Supreme Court ruled the president could replace the bureau’s director ‘at will,’ it did not mandate such, and CBA does not believe it is in the best interest of consumers to have a new director with each change in administration. This whip saw effect will stifle innovation and prevent consistent regulations.” Sign up for DS News Daily Tagged with: American Bankers Association Consumer Bankers Association Joe Biden Kamala Harris Mortgage Bankers Association National Association of Gay and Lesbian Real Estate Professionals National Association of Home Builders National Association of Realtors Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Forbearance Volumes Steadily Decline

first_img 2021-04-16 Christina Hughes Babb Demand Propels Home Prices Upward 2 days ago Previous: Storms, Holidays, and COVID-19 Shaped March Housing Metrics Next: FinLocker Partners with EPM on Financial Wellbeing App Home / Daily Dose / Forbearance Volumes Steadily Decline Data Provider Black Knight to Acquire Top of Mind 2 days ago Forbearance Volumes Steadily Decline About Author: Christina Hughes Babb Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago After a significant improvement last week, forbearance numbers did not change much in the past week, “barely perceptible,” according to the researchers at Black Knight, who have been releasing COVID-19 related mortgage forbearance stats every Friday since near the onset of the pandemic.While that could seem like a letdown, the Black Knight team explained that “it’s important to remember that this is more indicative of a well-documented mid-month lull in activity than any underlying weakness in the recovery.”Plus Tuesday to Tuesday marks week seven of declining forbearance plan volumes, which, Black Knight’s researchers say, is “a positive trend no matter how you look at it.”More specifically, the number of active plans dropped by 1,000 from last Tuesday, a .04% decline that one could round down to 0%, although it is not nothing.”These mid-month lulls in improvement have been commonplace during the recovery, with the strongest rates of improvement coming early and late in the month as mortgages are reviewed for extension/removal from forbearance. In fact, plan exits fell to their lowest level in seven weeks as servicers found themselves in between March and April expiration volumes,” reported Black Knight. Starts hit their highest level in three weeks, but that was primarily due to re-starts, as a portion of the nearly half million homeowners who’d left forbearance in recent weeks likely reached out to their servicers to reinstate their plans. New-plan starts remain near post-pandemic lows, according to the researchers.Some 380,000 active plans have end-of-April expirations, so there remains the possibility for further improvement for the month.”Either way,” Black Knight’s authors wrote, “we’ll have a better picture of what the coming months might look like once those 380,000 are processed.”Compared to last month at this time, the number of active plans is down by 296,000 or 11.4%, which the experts at Black Knight call a “pretty considerable improvement.”As of this past Tuesday 2.3 million homeowners remain in COVID-19-related forbearance plans.That’s 4.4% of all mortgage holders in the country. Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago April 16, 2021 774 Views Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Related Articles Subscribelast_img read more

New legislation considered for jet skis

first_img New legislation considered for jet skis Transport Minister Noel Dempsey has confirmed that new legislation is being considered to have all jet skis registered, with compulsory training courses for jet ski operators also under consideration.The issue was raised in the Seanad by Senator Cecilia Keavney, who said that jet skis have the potential to be deadly, and their use should be regulated by the state.She said her decision to raise the issue was partly prompted by an incident on Glenburney Beach last month[podcast]http://www.highlandradio.com/wp-content/uploads/2010/06/cecil1pm.mp3[/podcast]Responding, Minister Dempsey confirmed that registration and training are being considered. However, he predicted any such measures would not be universally welcomed.[podcast]http://www.highlandradio.com/wp-content/uploads/2010/06/demps1pm.mp3[/podcast] NPHET ‘positive’ on easing restrictions – Donnelly Facebook News Previous articleFive men have now been convicted for having sex with 13-year-old girl in DonegalNext articleThousands expected in Donegal for rally weekend News Highland WhatsApp 448 new cases of Covid 19 reported today Twitter Facebook Pinterest WhatsAppcenter_img RELATED ARTICLESMORE FROM AUTHOR Guidelines for reopening of hospitality sector published Calls for maternity restrictions to be lifted at LUH By News Highland – June 18, 2010 Google+ Help sought in search for missing 27 year old in Letterkenny Google+ Twitter Three factors driving Donegal housing market – Robinson Pinterestlast_img read more