first_img Previous: HOPE NOW Completes 768,000 Modifications Next: Consumer Survey Reveals Positive Outlook for Coming Year  Print This Post The New York regulator who put a hold on Ocwen’s latest mortgage servicing rights (MSR) deal with Wells Fargo expressed on Wednesday his concerns about the rapid growth of non-bank servicers in the industry—and his belief that regulators should step in when necessary.Benjamin Lawsky, superintendent of financial services for New York, outlined his worries before an audience at the New York Bankers Association Annual Meeting and Economic Forum.”In 2011, all of the ten largest mortgage servicers were traditional banks. Today, four of the top ten are non-banks,” Lawsky said. “And those four non-bank firms alone service more than a trillion dollars of loans—10 percent of the residential mortgage market, and climbing.”With much of this growth coming from distressed loans unloaded from large banks burdened by greater regulatory pressure, Lawsky said his concerns lie with the homeowners struggling on those mortgages.”There are real people at the other ends of these loans, and the ability to work with those homeowners is not something that these non-bank firms can build up overnight,” he remarked.The regulator also said watchdogs should maintain a healthy dose of skepticism when these companies tout their abilities to operate at a lower cost, saying such boasts merit a closer examination.”[W]hen we take that closer look at the non-bank mortgage servicing industry, we see corners being cut. And, as a result of those cut corners, we are seeing far too many struggling homeowners getting caught in a vortex of lost paperwork, unexplained fees, and avoidable foreclosures,” he said.Lawsky’s remarks cast a little more light on his move to slow portfolio growth at Ocwen, which has expanded dramatically in the last year. He referenced the company—albeit without naming it—in his speech, pointing to the $300 billion growth in its servicing portfolio from 2012 to November 2013.In the next two to three years, Ocwen sees more than $1 trillion in growth opportunities in bank divestiture and servicer acquisitions, according to a filing with the Securities and Exchange Commission.Ocwen did not immediately respond to a request for comment on Lawsky’s remarks, though the company said in a release in early February that it intends to work closely with New York’s Department of Financial Services “to resolve its concerns about Ocwen’s servicing portfolio growth.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Regulator Voices Worries on Growth of Non-Bank Servicers Benjamin Lawsky Ocwen Servicers 2014-02-13 Tory Barringer The Best Markets For Residential Property Investors 2 days ago February 13, 2014 631 Views Tagged with: Benjamin Lawsky Ocwen Servicers Related Articles Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Share Save 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, Headlines, News Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 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 Regulator Voices Worries on Growth of Non-Bank Servicers Subscribelast_img read more

first_imgSign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Mortgage Rates Increase Slightly to 4.33% Subscribe April 24, 2014 852 Views Home / Daily Dose / Mortgage Rates Increase Slightly to 4.33% The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, Headlines, Market Studies, News Tagged with: ARM Bankrate Federal Reserve Fixed-Rate Mortgage Freddie Mac Janet Yellen Related Articles Previous: Massachusetts Home Sales Decrease from Low Inventory Next: FHFA: HARP Refinances Drop in February Demand Propels Home Prices Upward 2 days ago  Print This Postcenter_img ARM Bankrate Federal Reserve Fixed-Rate Mortgage Freddie Mac Janet Yellen 2014-04-24 Tory Barringer Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 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 The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Despite soft housing news, mortgage rates experienced a moderate increase ahead of next week’s economic policy update from the Federal Open Market Committee.According to Freddie Mac’s latest Primary Mortgage Market Survey, the average 30-year fixed mortgage rate came up to 4.33 percent (0.6 point) for the week ending April 24, up from 4.27 percent in the previous week. Last year, the 30-year fixed-rate mortgage (FRM) averaged 3.40 percent, almost a full point lower.The 15-year FRM this week averaged 3.39 percent (0.6 point), moving up from 3.33 percent.Meanwhile, the average rates for 5- and 1-year adjustable-rate mortgages (ARMs) were unchanged at 3.03 percent (0.5 point) and 2.44 percent (0.5 point), respectively.Bankrate.com recorded similar upticks in its own national survey, with the 30-year fixed shifting up 5 basis points to 4.43 percent and the 15-year fixed sliding up to 3.54 percent. Unlike Freddie Mac, Bankrate observed a slight increase in the 5/1 ARM, which was up to 3.34 percent.“The economy has started to shake off the brutal winter that held back the pace of recovery, but Fed Chair Janet Yellen’s comments about inflation remaining too low is helping to keep a lid on bond yields and mortgage rates,” the finance site said in a release.With Fed leaders scheduled to meet at the end of April to discuss the shape the economy’s in and determine what’s next for monetary policy, half of commentators in Bankrate’s weekly survey expect opportunities for more hikes ahead.“Investors have been misconstruing every Fed statement since Janet Yellen assumed the chair, and they’ll need a few more repetitions before they wise up,” commented Holden Lewis, assistant managing editor for Bankrate.com. “I expect them to freak out over some innocuous statement by dumping mortgage bonds onto the market and causing yields to rise, and with them, mortgage rates.” Demand Propels Home Prices Upward 2 days agolast_img read more

first_img  Print This Post in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago CFPB Consumer Credit Consumer Financial Protection Bureau 2015-05-05 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea A report titled “Data Point: Credit Invisibles” published Tuesday by the Consumer Financial Protection Bureau (CFPB) Office of Research found that 26 million American adults (about 10 percent) do not have a credit history with any of the three nationwide consumer reporting agencies, termed as “credit invisible” by the Bureau’s director.Also according to the report, black and Hispanic consumers as well as those in low-income neighborhoods are more likely to have either no history or not enough credit history to produce a score with a nationwide consumer reporting agency.”Today’s report sheds light on the millions of Americans who are credit invisible,” CFPB Director Richard Cordray said. “A limited credit history can create real barriers for consumers looking to access the credit that is often so essential to meaningful opportunity—to get an education, start a business, or buy a house. Further, some of the most economically vulnerable consumers are more likely to be credit invisible.”Three-digit credit scores generated by one of the three nationwide consumer reporting agencies, also called bureaus (Equifax, Experian, and Transunion) are important to Americans because decisions to grant credit are most often made based on these credit scores. Thus, Americans with little or no credit history face significant obstacles in obtaining credit.These bureaus generate reports on a consumer’s credit history, which reveals how likely a consumer is to repay a debt using information about how that consumer has handled payments as far as bank loans, car loans, credit card bills, student loans, and mortgages. A consumer’s credit history will also show payment histories, how much is owed, or whether that consumer has a court judgment or lien. These credit histories are what the bureaus use to determine a consumer’s credit score.According to the CFPB’s announcement, consumers with limited credit histories can be placed in two groups – “credit invisible,” which means the consumer has no credit report, or “unscored,” which means the consumer has some credit history but not enough to generate a credit score, or else the information is “stale” and out of date.The report found that 26 million adult Americans, which computes to an average of about one in every 10, do not have a credit history, thus making them “credit invisible,” compared to about 189 adult Americans with credit records that can generate a score. About 19 million consumers (approximately 8 percent) have some credit history but not enough to generate a score; this number is almost evenly split between those who have insufficient credit history to produce a score (9.9 million) and those with “stale” or not recent enough credit (9.6 million).Also according to the report, about 30 percent of consumers who live in low-income neighborhoods are credit invisible and an additional 15 percent in those neighborhoods have unscored credit records compared with only 4 and 5 percent, respectively, in upper-income neighborhoods. Also, the report found that black and Hispanic consumers were more likely to be credit invisible or have unscored credit histories than their white or Asian counterparts. The CFPB reported that 15 percent of black and Hispanic consumers are credit invisible while 9 percent of white consumers fit in that category; for unscored credit records, the numbers were 13 percent of black consumers and 12 percent of Hispanics compared to 7 percent of white consumers. The analysis by the CFPB suggests that “these differences across racial and ethnic groups materialize early in the adult lives of these consumers and persist thereafter.”Click here to see the entire report. Share Save Subscribe The Best Markets For Residential Property Investors 2 days ago CFPB Report Finds 26 Million American Adults Have No Credit History 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Senator Seeks to Permanently Extend Foreclosure Protection for Servicemembers Next: Morgan Stanley Says It Might Settle MBS Suit With Deutsche Bank for $292 Million Demand Propels Home Prices Upward 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago May 5, 2015 1,920 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: CFPB Consumer Credit Consumer Financial Protection Bureau Home / Daily Dose / CFPB Report Finds 26 Million American Adults Have No Credit Historylast_img read more

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Credit Availability Index Declines, Indicating Tightening Lending Standards in Daily Dose, Featured, Market Studies, News Share Save July 7, 2015 1,076 Views Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Lending Standards Mortgage Credit Availability Index Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: House Subcommittee to Hold Hearing On Banks Designated as ‘Systemically Important’ Next: DS News Webcast: Wednesday 7/8/2015 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 Related Articles Demand Propels Home Prices Upward 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Lending Standards Mortgage Credit Availability Index 2015-07-07 Brian Honea Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Credit Availability Index Declines, Indicating Tightening Lending Standards Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea The Total Mortgage Credit Availability Index (MCAI) decreased in June, indicating that lending standards are tightening, according to a release from the Mortgage Bankers Association on Tuesday.The Total MCAI, which was benchmarked to 100 in March 2012, declined by 0.5 percent in June down to 122. The Conventional MCAI experienced the greatest decline in June (by 1.0 percent since May) out of the four component indices of the Total MCAI.The Jumbo MCAI decreased by 0.6 percent, followed by the Conforming MCAI (0.3 percent) and the Government MCAI (0.2 percent).”This month mortgage credit availability reverted to its April level taking back the gains observed in May.  Despite recent signs of improvement in housing markets, mortgage credit availability stalled in June,” said Lynn Fisher, MBA’s Vice President of Research and Economics. “Increases driven by higher availability of cash out refinance loans were more than offset by reduced availability of other types of loans this month, resulting in a decline in the index from May.”The main difference between the Total MCAI and the component indices are the population of the loan programs in which they cover. The four component indices are calculated using the same methodology used to calculate the Total MCAI, and the component indices are designed to show relative credit risk/availability for their respective index, according to MBA. The Jumbo MCAI covers loans flagged as “Jumbo” and the Conforming MCAI covers loans that are subject to conforming loan limits. The Government MCAI covers loans backed by FHA/VA/USDA, while the Conventional MCAI covers non-government loan programs. The Conforming, Jumbo, and Total Indices all have a base level of 100, defined in March 2012, while the Conventional and Government Indices have adjusted base levels; MBA calibrated those two indices to better represent where they might fall in March 2012 relative to the benchmark of 100. The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Subscribelast_img read more

first_img The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago NewDay USA Makes Two Key Hires HOUSING Lending mortgage NewDay USA servicer 2017-10-30 rachelwilliams Is Rise in Forbearance Volume Cause for Concern? 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Several Cities Experience New Peaks in HPI Next: Auction.com Launches Platform to Enhance Ohio Foreclosure Sales  Print This Post About Author: Rachel Williams October 30, 2017 1,950 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: HOUSING Lending mortgage NewDay USA servicer 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] Demand Propels Home Prices Upward 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Featured / NewDay USA Makes Two Key Hires in Featured, News, Technology Related Articles Michael GreenwoodNewDay USA, a national VA mortgage lender, has hired Michael Greenwood as SVP of mortgage servicing and Gaurav Bhatia as Chief Digital Officer.Greenwood has 30 years of experience in the mortgage business, including servicing, production support, and portfolio acquisitions as well as end-to-end, high-touch customer service. Most recently, he was an EVP and Mortgage Loan Servicing Manager at PNC Bank. Prior to PNC, Greenwood worked for Assurant Specialty Properties, managing one of their outsourcing centers, and was a SVP and Director of Operations and Servicing at Huntington National Bank, assisting in the development and implementation of new regulatory issues and customer service initiatives.“Mike is an innovator in mortgage servicing, and he will be a great addition to the NewDay USA team as we build our membership and servicing capabilities to continue our mission of helping veterans and their families take advantage of their valuable VA mortgage benefit,” said New Day CEO Rob Posner. “Joining a growing company like NewDay USA, especially one whose mission is to help veterans achieve their financial goals and get back on the road to savings, is extremely rewarding,” said Greenwood. “My experience in the mortgage business is perfectly aligned with NewDay’s belief in building a culture that focuses on improving the customer experience and ensuring industry leading efficiency.”Gaurav BhatiaBhatia is a digital marketing pioneer with vast expertise building digital businesses to drive growth and transformation. He has over 15 years of experience integrating online and traditional marketing to create successful strategies for new customer acquisitions. Most recently, Bhatia was vice president of digital strategy and helped grow digital capabilities and membership for AARP. He has held senior leadership positions at several other large companies, including Capital One and Sabre Holdings. Bhatia also has experience leveraging data, technology, and marketing across industries in banking, finance, and travel. Most recently, Bhatia was VP of digital strategy and helped grow digital capabilities and membership for AARP. He has held senior leadership positions at several other large companies, including Capital One and Sabre Holdings.“Gaurav is truly a pioneer in his field,” said Posner. “He has come to build our digital and membership capabilities to help military veterans access, and learn about their VA benefits. We are very pleased to have him join our executive team.”“To be a part of this team is truly a great honor,” said Bhatia. Servicers Navigate the Post-Pandemic World 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribelast_img read more

first_img Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago CoreLogic rent growth Rent prices rental market Single Family Rental Single-Family Rent Index Single-Family Rental Market 2018-02-24 David Wharton Servicers Navigate the Post-Pandemic World 2 days ago Share Save Home / Daily Dose / Single-Family Rents Up Year-Over-Year The Best Markets For Residential Property Investors 2 days ago Related Articles in Daily Dose, Featured, Headlines, Journal, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: CoreLogic rent growth Rent prices rental market Single Family Rental Single-Family Rent Index Single-Family Rental Market The Best Markets For Residential Property Investors 2 days ago Previous: North Dallas Bank Trust Unveils New Brand Next: Report Questions Effectiveness of Fed’s Crisis-Era Purchases February 24, 2018 2,161 Views Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily CoreLogic has released its latest Single-Family Rent Index (SFRI), with insights into the month of November 2017. As CoreLogic reports, national single-family rent prices were steadily on the upswing between 2010 and 2017, but with year-over-year rent price growth rate decelerating gradually since peaking at 4.3 percent in February 2016.The SFRI “measures changes to the cost to rent single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties over time.” CoreLogic’s analysis is done on both a national basis and spotlighting 75 specific Core Based Statistical Areas (CBSAs).In November 2017, single-family rent prices increased 2.7 percent year-over-year, which marked a 1.6 percent decline in the growth rate below the February 2016 peak. Rent prices on high-end homes, defined as properties with rent prices 125 percent or more of a region’s median rent, were up 2.3 year-over-year in November, up from a gain of 1.7 percent in November 2016. However, lower-end properties (with rents less than 75 percent of the regional median rent) increased 3.8 percent year-over-year, down from a gain of 5 percent in November 2016.The chart below tracks rent growth across 20 select CBSAs, with Seattle-Bellevue-Everett, Washington showing the highest year-over-year rent growth at 5 percent. Only two of the selected CBSAs showed a decrease in year-over-year rent prices: Urban Honolulu, Hawaii at -1.6 percent and Miami-Miami Beach-Kendall, Florida at -0.2 percent.Houston, Texas, showed a year-over-year rent price growth of 2.5 percent, compared with a decline of 1.5 percent in November 2016. According to CoreLogic, “While rents in Houston are showing strength due to increased demand after Hurricane Harvey, markets in Florida continue to show weakening rent growth despite Hurricane Irma.” Tampa-St. Petersburg-Clearwater, Florida showed a 1.5 percent point lower year-over-year increase in rents compared with November 2016. Rents in Miami-Miami Beach-Kendall, Florida continued to decrease in November 2017.You can read CoreLogic’s latest Single-Family Rent Index (SFRI) by clicking here.For more insights into the state of the single-family rental market, be sure to register for the 2018 Single-Family Rental Summit, scheduled for March 19-21 at the Renaissance Nashville Hotel in Nashville, Tennessee. The event will feature top subject matter experts and skilled SFR practitioners leading discussion panels and training sessions that will answer questions and offer viable solutions related to property acquisition and management, financing, strategies for small, mid-cap, and large investors, and new developments related to technology and professional services. You can find out all the details by clicking here. Single-Family Rents Up Year-Over-Year Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

first_img About Author: Seth Welborn  Print This Post Home / Daily Dose / Ask the Economist: First-Time Buyer Misconceptions and the Global Economy Servicers Navigate the Post-Pandemic World 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. July 25, 2019 1,989 Views in Daily Dose, Featured, Market Studies, News, Print Features Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Mark Palim manages the team responsible for Fannie Mae’s macroeconomic and housing forecast and its survey unit. A frequent speaker at industry events and conferences, Palim’s insights have appeared in various media outlets. Before joining Fannie Mae, Palim worked as an economic consultant for PricewaterhouseCoopers and for LECG. He began his career as a fixed-income manager. Palim recently spoke with DS News about the economic factors impacting the U.S. housing and mortgage markets and what we can expect this year.What are some misconceptions first-time buyers may have about the homebuying process?It’s a failure on our part as an overall industry to better educate people. It is an infrequent transaction, in that it is an opaque transaction and a high-value part of consumer’s balance sheet, so you have those competing tensions. However, first-time homebuyers face the same knowledge challenges in getting ready to own and knowing what it takes to qualify. How have student loans and other debts impacted home purchasing power for millennials and other first-time buyers?What we’ve seen in that data over the years is that there’s this substantial number of people who attain homeownership and have student debts, so what appears to be going on is that it delays your ability to transition. Some households start out with student loans but are able to make sufficient income to carry that debt. They then also use debt to buy cars and are more likely to have a lower down payment when it comes time to buy, but they do attain home ownership. The key thing here is, are you actually improving your market skills through the debt and education you take on?What can we expect throughout the rest of the year, from a macroeconomic perspective?If you step back on our forecast, last year we were at 3% growth, and we’re forecasting 2.3% for this year, and a slowdown in 2020 to 1.8%. The key things to be watching for on the macro side is what’s happening with business confidence and investment, and then on the consumer side, consumer confidence and consumer spending.That’s something we are always watching for, but in this case, you have mixed policies, a dynamic affecting the economy. On the one hand, you have the Fed, which has paused its rate hikes, and we’re waiting to see what the lagged effects are for the interest rate increases that have already occurred. The most notable example of that would be car sales, which have been flat and are now going sideways. That’s an interest-rate-sensitive component of consumer spending. You’ve seen some deterioration in credit performance, so we’ll be watching closely to see what happens there.We’re also watching the housing sector closely, where the rise in mortgage rates has had a big impact last year on affordability. You’ve now had a substantial decline in mortgage rates, and we’re hopeful that will help continue to spur a recovery in the housing market during this spring and into the summer, given how weak it was over the winter. We also have some policy tension going on. On the one hand, you’ve got the Fed pausing; on the other hand, you have all the concerns around trade negotiations, growth outside the U.S., and what impact trade policy is having on growth around the world. What’s going on with various crises in Europe, what’s going on with growth in Asia, and are central banks around the world able to respond—by and large, they are not, because they already have negative interest rates. The global policy perspective is, along with the trade issue, a down-side risks for the outlook.How will the global economy impact the U.S. housing market?Contrast with where we were in the beginning of 2018, where we had pretty coordinated increases in growth across the globe, to where we are now, where we’ve seen over the winter months, and the second half of last year and into the winter, where we saw substantial slowdown in economic activity around the world. You even had a negative quarter in Germany, you saw softness in Italy, and you had Brexit, which continues to hang over the European outlook.Last year we were talking about, “Wow, when would other central banks follow the Fed and start tightening policy, or at least stop expanding their balance sheets.” By this spring, it had become a different world, and the European Central Bank has moved away from any loosening or any tightening. You still have negative rates across many bond markets, and in the short term, a number of central banks with negative interest rates. They are finding that that’s not stimulating growth in Japan or in Europe the way they’d hoped for. The U.S. economy has been, by far, the bright star in the global economy.How does that play back into the U.S. housing market? Part of the reason we’ve had the decline in mortgage rates since October is the global slowdown meant that the yield on 10-year government bond rates around the world have come down. The U.S. remains the highest yielding of all the major bond markets. So, as rates decline around the world, the U.S. bond market becomes very attractive and rates follow the rest of the world down. The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Related Articles Servicers Navigate the Post-Pandemic World 2 days agocenter_img Ask the Economist Economist Economy 2019-07-25 Seth Welborn Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: The Industry Pulse: Updates on Optimal Blue, LenderClose, and More Next: The Week Ahead: Will the Fed Reduce Rates? Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Ask the Economist: First-Time Buyer Misconceptions and the Global Economy The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Ask the Economist Economist Economy Subscribelast_img read more

first_imgHome / Daily Dose / Are Negative Interest Rates Possible in the U.S.? Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Share Save The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Interest rates Subscribe Are Negative Interest Rates Possible in the U.S.? 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. Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Commentary from The Wall Street Journal questions whether interest rates in the U.S. could fall into the negative. While investors feel interest rates could fall into the negative are in the minority, there is more than $15 trillion in government debt around the world. “Not all investors are convinced U.S. yields are destined to fall further, and those that think they could go negative remain in the minority,” the report states. “While the U.S. economy has slowed recently, it has continued to grow faster than either the eurozone or Japan.” The latest jobs report from the Labor Department found that U.S. economy continued to grow in July, although showing signs of deceleration. U.S. employers added 164,000 jobs during the month and the unemployment rate held at 3.7%. Bloomberg reported that despite continued growth, the three-month average increase of 140,000 was the slowest in almost two years, which is line with forecasts for a gradual slowing of job gains. Investors, according to the report, have expressed concern over the ongoing trade war between the U.S. and China, which has caused market volatility and financial uncertainty of late.  The Wall Street Journal said a main item to pay attention to is the The U.S. Treasury Department’s monthly budget report. “A key market barometer of the risk of future recessions is sounding its loudest warning since April 2007, months before the start of the last financial crisis, Daniel Kruger and Peter Santilli report,” the report said. “Shorter-term bond yields have climbed above longer-term ones, a phenomenon known as an inverted yield curve. That tends to happen ahead of recessions. Yet economic growth remains steady and the labor market strong, stoking debate among investors about what the signal means now.” Speculation of negative interest rates has arisen following the Fed’s decision in July to cut interest rates for the first time in a decade. Interest rates were cut by a quarter of a point. The Washington Post reported that the Fed is ready to “cut more to stimulate the economy, if necessary.” “Uncertainties about this [economic] outlook remain,” the Fed wrote, adding, “As the [Fed] contemplates the future path of the target range for the federal funds rate, it will continue to monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion.”center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago August 12, 2019 979 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Mike Albanese The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: The Fastest Growing Household Debt for Borrowers Next: HUD Invests in Small Distressed Communities The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles in Daily Dose, Featured, Government, Investment, News Interest rates 2019-08-12 Mike Albaneselast_img read more

first_img Community Reinvestment Act Government HOUSING Redlining 2020-06-11 Mike Albanese Home / Daily Dose / Redlining Results in 52% Less Home Value for Homeowners About Author: Mike Albanese 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 Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: FHFA Extends Forbearance Flexibilities Next: Unemployment Reports Weekly Decline Redlining Results in 52% Less Home Value for Homeowners in Daily Dose, Featured, Government, News Tagged with: Community Reinvestment Act Government HOUSING Redlining Related Articles June 11, 2020 1,854 Views center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save  Print This Post The Best Markets For Residential Property Investors 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Demand Propels Home Prices Upward 2 days ago 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 Week Ahead: Nearing the Forbearance Exit 2 days ago Analysis by Redfin said homeowners in a neighborhood with government redlining has gained 52% less value—$212,023 less—in personal wealth when compared to greenlined neighborhoods over the last 40 years. African-American homeowners are nearly five times more likely to own a home in formerly redlined areas than in a greenlined neighborhood. This could result in declining home equity and overall economic inequality for African-American families. “It’s a tale of two cities in Chicago. It goes back to redlining, when [African-American] residents lived in certain neighborhoods and white people lived in others, and the difference in home value and segregation between those places have been exacerbated by policy, education, wage inequality and so many other issues,” said Chicago Redfin agent Brittani Walker. “I hear the systemic problems every day when I talk to clients. Homebuyers have boundaries they’ve set for themselves, or a friend of a friend has set for them. “They don’t want to buy in certain neighborhoods, especially on the South Side in formerly redlined areas, because those places don’t get the culture, the restaurants, the fun events, they don’t even get healthy food at grocery stores. And that contributes to why home prices don’t go up in those neighborhoods.” Redlining refers to the 1930s-era practice where the Home Owners’ Loan Corporation assigned grades and colored coded residential neighborhoods to indicate their “mortgage security.” Neighborhoods that received an “A” grade were greenlined and those with a “D” grade were red and considered “hazardous.”Redfin states that urban areas with a large share of African-American families were most likely to be redlined, while areas made up of white families were deemed favorable. The Fair Housing Act of 1968 made it unlawful to refuse to rent, sell, or provide financing for a house based on race, religion, and national origin. The 1977 Community Reinvestment Act (CRA) further outlawed redlining. Additionally, Redfin said the national homeownership rate is lower for African-American families than white families—44% compared to 73.7%, respectively. “The expanding homeownership gap between Black and white families can in part be traced back to diminished home equity due to redlining, as it’s one major reason why Black families today have less money than white families to purchase homes either as first-time or move-up homebuyers,” said Redfin Chief Economist Daryl Fairweather. “It’s important to note that other factors play a role in lower homeownership rates for Black families, too. For instance, employment discrimination has prevented Black workers from earning equitable income.”The Office of the Comptroller of the Currency recently released a final rule strengthening and modernizing the CRA. The final rule will increase bank CRA-related lending, investment, and services in low- and moderate-income communities where there is a significant need for credit, more responsible lending, and greater access to banking services. The final rule reflects careful consideration of the more than 7,500 comments stakeholders submitted in response to the notice of proposed rulemaking announced on December 12, 2019. The OCC made several changes to the proposal that respond to stakeholders’ comments, including:Clarifying the importance of the quantity and quality of activities as well as their value.Increasing credit for mortgage origination to promote the availability of affordable housing in low- and moderate-income areas.Clarifying credit for athletic facilities to ensure they benefit and support low- and moderate-income communities.Deferring establishment of thresholds for grading banks’ CRA performance and delineating banks’ deposit-based assessment areas until the OCC assesses improved data required by the final rule.During a January hearing of the House Financial Services Committee, committee member Gregory Meeks noted there is still evidence of discrimination in lending—something the CRA was meant to solve. “Your proposal decouples CRA from outcomes for intended communities, discounts the value of direct lending in mortgages to low and moderate-income communities and communities of color, cuts out community organizations that work directly with these targeted communities, and is just not supported by data,” Meeks said of the now-former Comptroller of the Currency Joseph Otting’s proposal. Meeks added that numerous banks are opposed to the plan and community groups have called possible changes “betrayal of the original intent of the CRA.”  Subscribelast_img read more

first_img Related Articles  Print This Post Subscribe 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 Home / Daily Dose / Despite Improvement, Home Values Lag for Communities of Color The Best Markets For Residential Property Investors 2 days ago Previous: Altisource Poised to Assist Servicers and Borrowers Post Forbearance Next: Bankruptcy Filings at Lowest Level Since 1986 As home prices reach pre-recession levels, the value gap between communities of color and the typical American home remains pronounced, but the disparity is shrinking, according to a Zillow.com study.For Black- and Latinx-owned homes, values have long lagged behind home values overall, Zillow reported.These minority-led households are worth 16.2% and 10.2% less, respectively, than the average American residential property. The gap, however, has narrowed by about 4 percentage points from their widest points following the Great Recession.”While this gap has been shrinking in recent years, the disparity is a glaring example of persistent inequities in wealth building and access to home equity across races in the U.S. housing market,” wrote Economist Treh Manhurtz for Zillow.Communities of color suffered more than others during the Great Recession, and it has taken longer for this population to bounce back.”Predatory loans were targeted and designed to take advantage of the most vulnerable communities. The ensuing wave of foreclosures hurt both Black/Latinx homeownership and home values disproportionately, and growth in these communities was relatively slow for years even after the nation as a whole began to recover,” Manhurtz said. “Year-over-year home value growth turned positive for U.S. homes in August 2012, but the racial gap in home values didn’t start to close for Black and Latinx homeowners until 2014.”Manhurtz said he doesn’t expect a widening of the gap related to the current recession, adding that the same factors that widened the gap in the Great Recession are not surfacing this time.”Thanks to rock bottom rates on the most secure mortgages, extended forbearance programs, and rising home prices, there are no signs of another widening of the gap coming this year. However, through these turbulent times, continued vigilance and targeted intervention by policymakers is crucial to keep the progress going for communities of color.”Zillow’s report breaks down the home-value inequality by region, and shows that large metros with the smallest spread between Black-owned home values include Riverside (1% value gap), San Antonio (3%), Las Vegas (3%), and Portland (4%). Among the most unequal, it showed, are Detroit (46% value gap), Buffalo (43%) Birmingham (43%), St. Louis (41%), and Milwaukee (40%). 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. 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Despite Improvement, Home Values Lag for Communities of Color Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago January 5, 2021 900 Views Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News About Author: Christina Hughes Babb Data Provider Black Knight to Acquire Top of Mind 2 days ago 2021-01-05 Christina Hughes Babblast_img read more