Cash Sales Decline; Still Dominate Lower-Priced Homes

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Krista Franks Brock Home purchases made with cash are on the decline across the country, according to Zillow, but cash sales still make up a significant portion of the lower-priced home market in many areas.Cash sales declined year-over-year in the first quarter in 102 of the 126 metro areas Zillow observes. Zillow chalked up the decline to waning investor demand and a resurgence of traditional buyers in the market.”[I]t’s heartening to see more buyers armed with traditional financing begin to enter the market,” said Stan Humphries, chief economist at Zillow. “This is a critical step on the way back to a more normal, balanced housing market.”However, despite the recent trend, “it’s pretty clear that cash is still king, especially at the lower end of the market,” according to Humphries.In fact, in the overwhelming majority of the top 30 metro areas—27 markets—Zillow found more than one third of home purchases in the lowest priced third of the market were made with cash.Furthermore, in three of these markets, more than 80 percent of home purchases in the bottom segment were made with all cash. In Miami, 84.7 percent of low-priced home sales were cash deals. Detroit was close behind with 83.2 percent of low-priced home sales coming in as cash deals, while in Tampa, Florida, 81.4 percent of low-priced home purchases were made with cash.Across the full price spectrum, the three metros ranking highest for proportion of cash deals in the first quarter were Miami (64.9 percent), Tampa (57.1 percent), and Cleveland (54.2 percent).Among the top 30 metros, Virginia Beach (17.4 percent), Denver (22.4 percent), and Portland (22.9 percent) had the lowest percentage of cash sales in the first quarter, according to Zillow.In most markets, cash purchasers heavily favored low-priced homes. In 20 of the top 30 metros, the percentage of cash purchases in the bottom third was at least twice that of the percentage of cash purchases in the top-priced segment.One noticeable outlier, however, was Los Angeles, where cash purchases made up 36.1 percent of purchases in the bottom price category and 31.3 percent of purchases in the top price category. Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Cash Sales Decline; Still Dominate Lower-Priced Homes Share Save Tagged with: All-Cash Investors Zillow Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Realtor.com Still Sluggish Amidst DDoS Attack Next: DS News Webcast: Monday 6/23/2014 Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Sign up for DS News Daily Subscribe All-Cash Investors Zillow 2014-06-20 Krista Franks Brock The Best Markets For Residential Property Investors 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. in Daily Dose, Featured, Headlines, Market Studies, News June 20, 2014 1,489 Views Servicers Navigate the Post-Pandemic World 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 Cash Sales Decline; Still Dominate Lower-Priced Homes Demand Propels Home Prices Upward 2 days agolast_img read more

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Freddie Mac’s Mortgage Portfolio Sees Eighth Straight Month of Expansion

first_img Share Save Freddie Mac Monthly Volume Summary Serious Delinquency Rate 2015-10-29 Brian Honea Demand Propels Home Prices Upward 2 days ago October 29, 2015 1,370 Views The Best Markets For Residential Property Investors 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. in Daily Dose, Featured, News, Secondary Market Data Provider Black Knight to Acquire Top of Mind 2 days ago Freddie Mac’s Mortgage Portfolio Sees Eighth Straight Month of Expansion Previous: Weak Q3 GDP Growth Not Expected to Weigh Down Housing Next: Delinquency Rates Remain Low, Vacancy Rates Stabilize for SFR Securitizations Sign up for DS News Daily Home / Daily Dose / Freddie Mac’s Mortgage Portfolio Sees Eighth Straight Month of Expansion Related Articles Monthly expansion of Freddie Mac’s total mortgage portfolio was rare from 2010 to 2014. With the release of the Enterprise’s September 2015 Monthly Volume Summary on Thursday, Freddie Mac’s total mortgage portfolio has expanded for eight months in a row and 13 of the last 15 months.The total mortgage portfolio expanded at a compound annual rate of 3.1 percent in September, the highest rate of the year for any one month. Overall for the first nine months of 2015, the portfolio has expanded at an average rate of 1.5 percent. It has expanded for eight consecutive months following January’s contraction at a rate of 0.8 percent. The 3.1 percent annual rate of expansion in September translated to an over-the-month increase of $5.01 billion up to approximately $1.931 trillion.With that expansion of the total mortgage portfolio came a drop of four basis points in the serious delinquency rate for loans backed by Freddie Mac, down to 1.41 percent—a year-over-year decline of more than half a percentage point, from 1.96 percent in September 2014. By comparison, the serious delinquency rate on Freddie Mac-insured loans at the start of the crisis in November 2008 was 1.52 percent. The national serious delinquency rate reported by CoreLogic for August was 3.5 percent, nearly two full percentage points higher than Freddie Mac’s rate.Freddie Mac’s total mortgage portfolio has expanded only 20 times in the last 69 months dating back to January 2010 despite September’s increase. At the beginning of the 15-month period (July 2014) that saw 13 months of expansion, the portfolio was valued at $1.895 trillion. It has expanded by about $36 billion since then.The number of homeowners with Freddie Mac loans who received permanent loan modifications in September (4,283) increased slightly from August’s total of 4,137. To date in 2015 through the end of September, 43,079 homeowners with Freddie Mac-insured loans have received a permanent loan modification—an average of about 4,787 per month. This average is down by about 800 from 2014’s monthly average of 5,596.The aggregate unpaid principal balance (UPB) of Freddie Mac’s mortgage-related investments portfolio declined by approximately $2.7 billion in September, while single-family refinance loan purchase and guarantee volume totaled $12.1 billion in September, down substantially from $13.8 billion in August and July’s total of $20.2 billion.The percentage of single-family refinance loan purchase and guarantee volume that comprised the total single-family mortgage portfolio also took a big drop from August to September, from 50 percent to 41 percent. In May, the share was 61 percent. Relief refinance mortgages comprised about 13 percent of all of Freddie Mac’s single-family refi volume during September, up from 10 percent in August.To view the complete 2015 Monthly Volume Summary for September, click here.center_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Freddie Mac Monthly Volume Summary Serious Delinquency Rate 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honealast_img read more

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GSE Profit Allocation Decision Could Take a Total 10 Years

first_img Fannie Mae Freddie Mac 2017-06-19 Brianna Gilpin June 19, 2017 1,135 Views Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / GSE Profit Allocation Decision Could Take a Total 10 Years Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brianna Gilpin Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago GSE Profit Allocation Decision Could Take a Total 10 Years Tagged with: Fannie Mae Freddie Mac The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News, Secondary Market In a recent Bloomberg interview by Joe Light and Erik Schatzker, Fairholme Hedge Fund Manager Bruce Berkowitz said the legal battle with the U.S. government regarding Fannie Mae and Freddie Mac’s profits could last another five years.Back in February, the D.C. Circuit panel gave the U.S. Department of the Treasury and Federal Housing Finance Agency a win over the allocation of profits from Freddie Mac and Fannie Mae to the Treasury. This affirmed a lower court’s ruling that actions taken under the FHFA’s conservatorship of the GSEs cannot be challenged in court, however Fannie and Freddie shareholders sued the two for agreeing to the deal. When the government took over the GSEs in 2008 during the housing crisis, the Treasury had “senior” preferred shares that paid a 10 percent dividend and had warrants to acquire nearly 80 percent of the companies stock. When the company changed the terms in 2012, instead of the 10 percent dividend, the government would receive nearly all profits, but there would be no payouts if the company suffered losses. They believe the profit sweep violates the reasonable expectations that they had when they originally purchased stock in the GSEs.The battle has already lasted more than four years, but Berkowitz said from beginning to end, it could be a 10-year process. He and several other investors were a part of the group that sued the government over its 2012 decision to seize all of Freddie and Fannie’s earnings that federal judges have so far upheld the legality of. According to Bloomberg, lawmakers in the Senate are in the early stages of developing legislation to revamp the housing-finance systems, which even if it succeeds, doesn’t give a clear ending for shareholders.Treasury Secretary Steve Mnuchin said he prefers to work with Congress on bipartisan reform, but hasn’t ruled out taking action without lawmakers. Though Berkowitz said he hasn’t discussed Fannie and Freddie overhaul plans with Mnuchin, if the Trump administration doesn’t stop the profit sweep, Fairholme will “absolutely” go to the Supreme Court.“When you go back and think about it, right, there are issues of breach of contract,” Berkowitz said in reference to the Federal Housing Finance Agency who oversees the GSEs. “There are constitutional issues. How do you create an agency that oversees Fannie and Freddie that doesn’t answer to any branch of government?” Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] Share Save Demand Propels Home Prices Upward 2 days ago Previous: Cost of Living Rises in Tandem with Home Prices Next: Freddie Mac MSR Changes Hands; Fannie Mae to Follow? The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

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The Impact of Amazon’s HQ2

first_imgHome / Daily Dose / The Impact of Amazon’s HQ2  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Affordable Housing amazon Amazon HQ2 Share Save Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Impact of Amazon’s HQ2 Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Affordable Housing amazon Amazon HQ2 2018-03-12 Scott Morgancenter_img Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The hottest question in business for the past six months has been, “Where will Amazon build its second headquarters?” With many cities still in the mix, it’s still anyone’s guess … but Zillow thinks it has it figured out.A new study by Zillow predicts that Amazon will choose either Atlanta or Northern Virginia, near the Capital Region, for its much-sought-after HQ2. Zillow’s prediction is not a capricious one. The firm polled 85 housing experts and economists. Twelve said that Atlanta seems to be the likeliest bet. That’s the largest single consensus of the poll. The city, Zillow said, has an enviable combination of steady growth and appeal with generally affordable housing and rents.In fact, among the 20 cities on Amazon’s list (winnowed from an original list of 238 bids), “Atlanta has the fourth-lowest home values and rents, making it an attractive option for Amazon, which is expected to hire as many as 50,000 people to come work at the new headquarters,” the report stated.Also, Atlanta “is undergoing an urban renaissance with new public infrastructure providing attractive opportunities for employers seeking to lure young urbanites,” said Zillow Senior Economist Aaron Terrazas.In addition to affordability, experts cited land availability, talent, and business-friendly tax codes as a few reasons why they believe Amazon will choose Atlanta as its second headquartersNot so far from Atlanta, Northern Virginia is among the more expensive housing markets on the top 20 list. However, placement here would “put Amazon at the doorstep of the nation’s top policymakers. In other words, exactly the kind of place that a major business could inject with stable and steady job opportunities,” the report claims.“Northern Virginia has its benefits as well,” said Terrazas, “as it’s close to a highly educated workforce and a well-developed public transit infrastructure in the D.C. area.”A growing tech workforce was another major reason by Northern Virginia is in a neck-and-neck tie with Atlanta. As with Atlanta, 12 experts said Northern Virginia would be the place.Close behind Atlanta and the D.C. Area is Austin, one of two Texas cities in the running for HQ2, and the second-likeliest option. Eleven experts said Austin, with its tech growth and strong appeal overall, would be the place for Amazon. The other Texas city still in the hunt, Dallas, is considered the fourth-most-likely home for Amazon.Least likely to win the coveted HQ2 are New York and Los Angeles, Zillow reports. Both markets’ biggest drawback is how expensive it is to live there already—something Amazon is reported to be taking seriously.Wherever HQ2 goes, that city will need to be prepared for some real impact.”The potential economic benefits of hosting Amazon HQ2 are tantalizing, and will tempt the 20 municipalities still in the hunt to dangle significant tax incentives to get a deal done,” said Terry Loebs, Founder of Pulsenomics. “These cities should be prepared not only to justify their financial inducements, but to carefully weigh the social risks and costs that could accompany their HQ2 commitment. The mix and degree of these potential risks, such as diminished affordable housing stock, more congested roadways, and greater income inequality, vary considerably across the 20 markets.”But wherever it goes, if history is any guide, the effects will be sizable.”As the experience of Seattle suggests, Amazon will not only directly bring thousands of high-paying jobs to the chosen city, but also has the potential to transform the regional economy,” Terrazas said.  “The local jobs boom that Amazon’s HQ2 promises will spur demand for the full spectrum of housing types, ranging from urban apartments to suburban single-family homes.”Amazon will let us know who wins the prize later this year. Previous: How Did Texas Housing Weather Hurricane Harvey? Next: Rental Markets vs. Buyer Markets Data Provider Black Knight to Acquire Top of Mind 2 days ago March 12, 2018 2,518 Views in Daily Dose, Featured, Headlines, Journal, Market Studies, News About Author: Scott Morgan Subscribe Sign up for DS News Daily last_img read more

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What Castro’s Presidential Bid Means for Housing

first_imgHome / Daily Dose / What Castro’s Presidential Bid Means for Housing Governmental Measures Target Expanded Access to Affordable Housing 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 About Author: Rachel Williams Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save On Saturday, former U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro announced his presidential bid at Plaza Guadalupe, an outdoor venue across from Our Lady of Guadalupe Catholic Church, in San Antonio—a city he is the former mayor of and one that been the center of recent immigration debates.”When my grandmother got here almost a hundred years ago, I’m sure she never could have imagined that just two generations later, one of her grandsons would be serving as a member of the United States Congress and the other would be standing with you here today to say these words: I am a candidate for President of the United States of America,” Castro said.While Secretary of HUD, Castro focused his efforts on stabilizing the post-Recession market; helping homeowners who lost their properties in Hurricane Sandy, floods, and other natural disasters; and giving public-housing residents access to high-speed internet through the ConnectHome program.During Castro’s tenure, HUD also worked with the Department of Justice and 49 state attorneys general to protect homeowners from mortgage fraud during the financial crisis. The result was a $25 billion agreement in 2012 with the country’s five largest lenders, providing relief to millions of homeowners across the country.Then HUD Secretary Julián Castro in an interview with Five Star President and CEO Ed DelgadoDuring his time as HUD Secretary, Castro sat down with Five Star Institute President and CEO Ed Delgado to discuss the industry’s pressing issues, including the blight left by abandoned properties.Delgado asked Castro to consider opening up a dialogue with the servicing industry to talk about vacant and abandoned properties.“I have a decent perspective on what you’re talking about, because I used to be a city councilman and then the mayor (of San Antonio),” Castro told Delgado. “So we saw it not just from an individual perspective, but from the perspective that concerns neighborhood associations and community associations and folks that have to deal with the impact of vacant houses on their block, and what it does to everyone and not just the individual.”Read more about Castro’s initiatives at HUD:Five Star’s Delgado Asks Castro to Address Vacant and Abandoned Properties IssueCastro Defends Proposed HUD Budget Increase for FY2017Castro: Housing is a ‘Platform for Opportunity’House Committee Chairman Wants Answers from Castro 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]  Print This Post Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Previous: Bendett & McHugh’s Garden on CMBA Board Next: Ashley Lundquist Joins Cloudvirga Ed Delgado Five Star Institute HOUSING HUD Julian Castro mortgage 2019-01-12 Rachel Williams What Castro’s Presidential Bid Means for Housing January 12, 2019 4,782 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, News Tagged with: Ed Delgado Five Star Institute HOUSING HUD Julian Castro mortgage Related Articles The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

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HUD Releases Proposed Budget for 2020

first_img The Best Markets For Residential Property Investors 2 days ago About Author: Stephanie Bacot 2020 Budget Ben Carson Fair Housing Homelessness Homeownership HOUSING HUD Mortgage Loans 2019-03-11 Staff Writer Tagged with: 2020 Budget Ben Carson Fair Housing Homelessness Homeownership HOUSING HUD Mortgage Loans Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Featured, Government, Headlines, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Featured / HUD Releases Proposed Budget for 2020 Share Save Demand Propels Home Prices Upward 2 days ago Related Articles Subscribe HUD Releases Proposed Budget for 2020 President Donald Trump announced today a proposed Fiscal Year 2020 Budget for the U.S. Department of Housing and Urban Development (HUD). The plan expands resources to prevent/end homelessness and invests record funding—to the tune of  $44.1 billion—to support HUD initiatives such as supporting homeownership, reducing lead and other home health and safety hazards, and preserving rental assistance to HUD-assisted households.HUD Secretary Ben Carson said about the proposal, “This budget advances our key priorities, including empowering HUD-assisted families to achieve self-sufficiency. For generations, the idea of the federal government providing housing assistance meant only one thing—helping to pay the rent so families can have a roof over their heads. But we must also think about how we can help families to access financial programs, educational opportunities, and higher paying jobs. In short, we must think beyond investing in bricks and mortar, and think about investing in people.”The 2020 budget is seeking nearly $2.6 billion to support thousands of local housing and service programs assisting the homeless and homeless shelters. This amounts to a $215 million increase over the administration’s 2019 budget request.The 2020 budget also continues to support homeownership through the FHA mortgage insurance programs, providing up to $400 billion in new single-family loan guarantee authority that includes critical funding to support targeted improvements to FHA’s information technology systems.  In addition, the budget requests up to $30 billion in new loan guarantee authority for FHA’s multifamily, hospital, and healthcare mortgage insurance programs.To further support homeownership opportunities, the budget seeks $550 billion in new guarantee authority for Ginnie Mae, a part of HUD. Ginnie Mae makes affordable housing a reality for millions of low- and moderate-income households across America by channeling global capital into the nation’s housing markets. Specifically, Ginnie Mae provides significant liquidity, allowing lenders to obtain a better price for their mortgage loans in the secondary mortgage market. The lenders can then use the proceeds to fund new mortgage loans.The proposal is also seeking a combined $290 million for HUD’s Office of Lead Hazard Control and Healthy Homes aimed to help protect families and young children from potentially dangerous lead-based paint and other home health and safety hazards. This doubles the investment sought last year and represents a historic contribution to state and local governments.  HUD-assisted households could see a $4.7 million increase in rental assistance, for a total of  $37.9 billion, in order to maintain current support to participating households. This request includes $22.2 billion for HUD’s Housing Choice Voucher Program and $12 billion to renew rental subsidies to privately owned multifamily housing developments through the Project-based Rental Assistance (PBRA) Program. The Housing for the Elderly (Section 202) program seeks a $43 million increase and the Housing for Persons with Disabilities (Section 811) program seeks a $17 million increase, a total of $644 million in total additional funding.Similar to last year, the budget is seeking $62.3 million to support HUD’s fair housing mission. According to HUD’s media release, the Trump administration believes the current structure generates significant and increasing costs to the federal government and represents a one-size-fits-all approach that adequately considers local community needs. With the Making Affordable Housing Work Act (MAHWA), submitted to Congress in April 2018, HUD proposed to reform rental assistance to address these issues.Read the full report here. The Best Markets For Residential Property Investors 2 days ago Previous: Time and Policy to Heal New York Foreclosure Backlog Next: Economist on the Housing Market: “A Complete Wreck” The Week Ahead: Nearing the Forbearance Exit 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 Sign up for DS News Daily Stephanie Bacot is an experienced multimedia writer having created content for print, web, television, and more. She is the past producer of BIZTV, a national television network for businesses and entrepreneurs that reached more than 200,000 professionals. She has more than 15 years’ experience in healthcare marketing and was an advertising exec for Healthcare Journal of Baton Rouge, a trade publication focused on the healthcare industry, as well as the marketing director for a $5 million surgery center. Bacot is a graduate of Louisiana State University with a degree in Marketing and Communications. She resides in Dallas when she’s not pursuing her love of travel. Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post March 11, 2019 2,309 Views last_img read more

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HSBC Head of Mortgage Raman Muralidharan Talks Reevaluation

first_imgFor people who want a different treatment, like maybe extending the missed payments out, as a balloon, to the end of the loan, that’s available. That’s available in a very streamlined way, with very limited or no documentation.There are other modification treatments like term extension, principle reduction, interest rate reduction, which all can be discussed on a case-by-case basis. And, again, our ability as a portfolio lender, who keeps our loans on our balance sheets, it just gives us a lot more flexibility to work with borrowers and find a way to always keep them in their home and do what’s right for them. Sign up for DS News Daily About Author: Mike Albanese The Week Ahead: Nearing the Forbearance Exit 2 days ago August 12, 2020 1,796 Views HSBC Head of Mortgage Raman Muralidharan Talks Reevaluation in Daily Dose, Featured, News, Print Features 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 As the head of mortgage, he’s responsible for the entire mortgage profit and loss, including sales, underwriting, fulfillment, servicing, and collections. At HSBC, he was previously the Head of Customer Value Management, Head of Intelligence and Chief Marketing Officer and Consumer in Mortgage Lending.Muralidharan spoke with DS News on how mortgage originators may reevaluate business operations. And how servicers can assist homeowners leaving forbearance plans.What can mortgage servicers do to assist homeowners exiting forbearance plans?We had numerous customers who called and asked for forbearance and we had a little bit of head start in helping them in the sense that us, like many others in the industry, already had forbearance programs in place, which we’d used before for natural disasters. We were able to take those programs, adapt them to the requirements of the CARES Act, and other things that are COVID specific, and really begin to use them. Working with our sub-servicer, we were able to field all customer calls, inquiries, whether they came in via mail, via call, digitally via the web, and we were able to make it easy for our customers to contact us and request forbearance. Customers who requested forbearance got it with no questions asked. Subscribe Home / Daily Dose / HSBC Head of Mortgage Raman Muralidharan Talks Reevaluation Tagged with: HSBC Raman Muralidharan Previous: Preparing for the End of Forbearance Next: RealtyTrac Names Rick Sharga EVP of Marketing 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.  Print This Post Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago How could COVID-19 cause mortgage originators to reevaluate business operations?We’ve been facing some unique challenges across the mortgage industry. As interest rates have come down, a lot of customers have looked to the industry to help us help them in this time, and lower payments by refinancing their mortgage. We’ve had a lot of volume but a lot of the things we do to serve that volume have gotten more complicated during the lockdown. It’s been harder to do appraisals. County offices have closed. Title searches have become more difficult. So, we’re trying to deal with both record volumes and difficulties in operations. A lot of us are working from home. So how do we make all that work? Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Editor’s note: This piece originally appeared in the August 2020 edition of DS News, now available.Raman Muralidharan, EVP and Head of Mortgage, HSBC has been with the bank for more than 16 years, has been Head of Mortgage for the past five years. HSBC Raman Muralidharan 2020-08-12 Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Our average answer times were within 10 to 20 seconds. Our abandonment rateswere two to 3%, so we did a lot better than the rest of our industry in helping people request forbearance, and we continue to do that. Now that we have the first set of people who request forbearance in March, coming to a 90-day point, where we’re checking in with them and seeing what next? We’re contacting these customers and having conversations with every one of them to figure out what is the best option for the customer. We work through this one customer at a time making sure that we’re offering the customer all the options that are appropriate for them.With some customers, it’s very appropriate to come out of forbearance and resume making payments. About 31% of our customers, who are on forbearance, have already been making, at least, one payment through the forbearance period. Many of them maybe ready to come out of forbearance and catch up. And that’s great, we’ll help them do that. For those who want to catch up, but do that over a period of a few months, say six to 12 months, over a repayment plan, that lets them do so.For others, people who want to extend their forbearance, the CARES Act allows you to extend your forbearance for a full year, and we’ll make that option available. Related Articles We needed to adapt and at HSBC, we’ve been able to do that very well. A lot of things have helped us. First, we’re largely a portfolio lender, which means we keep the loans we make, for the most part, on our balance sheet. And then we service them ourselves. We have a lot of flexibility in deciding how we originate and how we continue to serve our customers well through difficult times. We have flexibility on where we could, for example, use an alternative appraisal method—like a desktop appraisal. That has really helped us in being able to keep more of our loans on our books, and be more flexible, and be more nimble go forward.We’ve also had a focus on international mortgages, and we work with borrowers from all over the world. We’ve always been prepared, and had the infrastructure in place, to work with borrowers remotely, people who can’t meet with us face-to-face. All of that work, which we’ve done in building up our digital infrastructure, and letting borrowers interact with us digitally through a point of sales system, the one we have is Roostify, and through automated underwriting, et cetera, has really helped us transition very seamlessly into a remote work, work from home, environment.I think that has all helped us really deal with record volumes. I’m really pleased to say that, not only have we had record origination volumes through the past few months, we’ve also delivered a great customer experience. Our net promoter score, which is the method by which we measure customer experience, is at all time high levels. It’s over 60 for the month of May, and anything over 60 is considered world class. In June our NPS increased further to 70. The mortgage industry average is about a 38, so this has worked well for us, and I’m glad we’ve been able to help our customers at a time where they really needed help in lowering their payments.last_img read more

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The Week Ahead: Update on Unemployment

first_img Previous: Single-Family Rental Investment Amid COVID-19 Next: BSI Financial Announces Key Executive Promotions 2020-08-28 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Update on Unemployment Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / The Week Ahead: Update on Unemployment About Author: Christina Hughes Babb in Daily Dose, Featured, News The Week Ahead: Nearing the Forbearance Exit 2 days ago August 28, 2020 985 Views On Wednesday, September 2, the U. S. Bureau of Labor Statistics will release its monthly update on Unemployment in States and Local Areas.The report will include monthly and annual-average estimates of civilian labor force, employed people, unemployed people, and unemployment rates for different geographies.These data are based on the Current Population Survey (CPS), the household survey that is the source of the national unemployment rate.The nation’s economy continues to struggle with the economic fallout from the ongoing COVID-19 pandemic, with jobless claims having spiked into the millions over the summer.For more information about the Local Area Unemployment Statistics, visit the FAQ page.Here’s what else is happening in The Week Ahead:Tuesday, September 1: St. Louis Fed, Construction Spending report.Friday, September 5: Bureau of Economic Analysis Personal Income and Outlays report Demand Propels Home Prices Upward 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago 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. Sign up for DS News Daily Share Save Servicers Navigate the Post-Pandemic World 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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Northwest MEP backs late ferry compensation proposals

first_img Ferry passengers who get delayed substantially will be entitled to the same kind of compensation that air passengers currently enjoy if the European Commission adopt proposals passed by MEPs this week.The same could apply to passengers who are inconvenienced because of delays to bus and rail transport.The MEPs are proposing a raft of measures that will provide a uniform compensation policy across all modes of transport for passengers who experience hardships as a result of problems with their carrier.Northwest MEP Jim Higgins – who is on the European Parliament’s Transport Committee now explains:[podcast]http://www.highlandradio.com/wp-content/uploads/2012/10/jhiggs1FERRY.mp3[/podcast] Pinterest Facebook By News Highland – October 26, 2012 Pinterest Northwest MEP backs late ferry compensation proposals Twitter WhatsApp News Facebook Twitter Google+center_img Calls for maternity restrictions to be lifted at LUH 448 new cases of Covid 19 reported today Previous articleSex offender named as teen drops anonymityNext articleDonegal TD questions economic recovery claims News Highland Google+ NPHET ‘positive’ on easing restrictions – Donnelly Help sought in search for missing 27 year old in Letterkenny Three factors driving Donegal housing market – Robinson RELATED ARTICLESMORE FROM AUTHOR WhatsApp Guidelines for reopening of hospitality sector publishedlast_img read more

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Emergency Department takes up new home at Letterkenny General

first_img Three factors driving Donegal housing market – Robinson Emergency Department takes up new home at Letterkenny General Guidelines for reopening of hospitality sector published Calls for maternity restrictions to be lifted at LUH Google+ Twitter Pinterest WhatsApp NPHET ‘positive’ on easing restrictions – Donnelly Facebook News By News Highland – September 13, 2012 center_img RELATED ARTICLESMORE FROM AUTHOR Pinterest Google+ WhatsApp Facebook Previous articleLetterkenny schools asked to stagger opening times to ease trafficNext articleCouncil’s decision to refuse permission for new St Johnston estate reversed News Highland Twitter The new emergency department and medical bloc at Letterkenny General Hospital has opened this morning.The Emergency Department was relocated at 8 o’clock this morning.Other services will be transferred in the coming weeks.Hospital Management are seeking the co-operation of the general public by asking them to avoid attending the Emergency Department in Letterkenny General Hospital if at all possible today.Patients should consult with their GP in the first instance LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Almost 10,000 appointments cancelled in Saolta Hospital Group this weeklast_img read more

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