first_img in Daily Dose, Featured, Headlines, Market Studies, News  Print This Post Freddie Mac Housing Activity Market Growth Multi-Indicator Market Index 2014-03-27 Krista Franks Brock Subscribe The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Freddie Mac Housing Activity Market Growth Multi-Indicator Market Index Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago March 27, 2014 623 Views The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Previous: DS News Webcast: Thursday 3/27/2014 Next: What Industry Executives are Looking for Related Articles Housing markets in half of all states and 35 of the top 50 metros are improving, according to a new report from Freddie Mac. However, only 11 states and four of the top 50 metros are “stable” compared to each market’s individual historical norms, Freddie Mac reported.Freddie Mac’s first Multi-Indicator Market Index (MiMi) was released for the first time Wednesday. The index compares current levels of purchase applications, payment-to-income ratios, the proportion of on-time mortgage payments, and employment and compares them with long-term averages from the past. Both too little or too much activity take a market out of the stable range, according to the MiMi.”In many markets a better employment picture, along with some income growth, makes it possible for more people who are considering buying a home to stay within reasonable payment-to-income ratios on their monthly mortgages,” said Len Kiefer, Freddie Mac’s deputy chief economist.While only four metros are stable, Kiefer said, “As we enter the spring homebuying season, we hope to see recent trends continue with more markets moving closer to their long-term stable range.”States in the stable range include North Dakota, the District of Columbia, Wyoming, Alaska, Louisiana, Montana, West Virginia, Hawaii, Texas, South Dakota, and Vermont.Metros in the stable range include San Antonio, Texas; Houston, Texas; Austin, Texas; and New Orleans.As of January, states where the housing market improved the most over the year include Florida, Nevada, California, Texas, and the District of Columbia.Top-improving metros over the year include Miami; Orlando; Riverside; California; Las Vegas; and Tampa, Florida.With a value of 0 as “stable,” the national housing market sits at -3.08 in January. However, the market has improved from both a month ago and a year ago, according to the MiMi. Also, this compares to an all-time low of -4.49 in November 2010.Commenting on the relevance of the new index, Freddie Mac’s chief economist, Frank Nothaft said, “With recent history demonstrating that housing activity differs substantially from market to market, MiMi offers a fresh perspective on housing at the local level just as we are entering this new purchase market landscape.” Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Housing Markets Improving But Most Metros Not Yet ‘Stable’ About Author: Krista Franks Brock Sign up for DS News Daily 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. Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Housing Markets Improving But Most Metros Not Yet ‘Stable’ Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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first_img Related Articles Subscribe Home / Daily Dose / Fannie Mae Prices First Credit Risk Sharing Transaction Under Actual Loss Framework October 21, 2015 4,451 Views 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 Share Save Tagged with: Connecticut Avenue Securities Credit Risk Transfer Fannie Mae Previous: DS News Webcast: Wednesday 10/21/2015 Next: Single-Family Rental Securitizations Surpass $13 Billion in Issuance in Just Two Years The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img in Daily Dose, Featured, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago Connecticut Avenue Securities Credit Risk Transfer Fannie Mae 2015-10-21 Brian Honea About Author: Brian Honea The Week Ahead: Nearing the Forbearance Exit 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. Fannie Mae announced on Wednesday the pricing of the latest risk sharing transaction under the Connecticut Avenue Securities (CAS) Series at $1.45 billion. The latest transaction is Fannie Mae’s ninth under the CAS Series and first CAS transaction structured for an actual loss framework.The standard for the CAS program going forward will be transactions structured using an actual loss framework, according to Fannie Mae. This transaction, CAS Series 2015-C04, is scheduled to settle on October 27.“The move to an actual loss structure for CAS places even greater importance on how Fannie Mae manages credit risk, as investors now directly benefit from our comprehensive credit risk management approach,” said Laurel Davis, VP for credit risk transfer at Fannie Mae. “Because we are actively involved from pre-loan delivery through property disposition, investors have greater confidence in the loans in the CAS reference pools and their opportunity to invest in them. The fact that we are setting strong standards and managing the credit risk of loans throughout the lifecycle has helped investors become comfortable and re-enter the residential credit market. We look forward to another strong year for the CAS program in 2016.”Fannie Mae has completed nine CAS transactions since the program began in October 2013. With those nine transactions, Fannie Mae has issued $12.44 billion in notes and transferred a portion of the credit risk to private investors on single-family loans with $437.55 billion in outstanding unpaid principal balance.The CAS series, the Credit Insurance Risk Transfer (CIRT) reinsurance program, and other forms of risk transfer help Fannie Mae achieve its goal of increasing the role of private capital in the mortgage market and reducing taxpayer risk. By the end of 2015, Fannie Mae estimates that through all of its risk transfer programs, it will have transferred a portion of credit risk on single-family mortgage loans for approximately half a trillion dollars in UPB.”The fact that we are setting strong standards and managing the credit risk of loans throughout the lifecycle has helped investors become comfortable and re-enter the residential credit market.”—Laurel DavisPrior to CAS Series 2015-C04, CAS transactions have operated on a fixed severity schedule in calculating write-downs. Credit events typically occurred when reference pool loans become 180 days delinquent. Under the actual loss framework, any losses are passed through based on the realized losses of the loans after the final disposition. With the move to the actual loss framework for the CAS series, Fannie Mae has enhanced CAS disclosure data for investors and made historical data available to support the transition. The enhanced monthly disclosures will help investors monitor the ongoing performance of their investments in CAS securities, according to Fannie Mae.A diversified group of new and existing investors participated in the CAS Series 2015-C04 transaction. The reference pool for CAS Series 2015-C04 contains more than 200,000 single-family mortgage loans with an aggregate UPB of approximately $45 million. The loans in the reference pool were acquired by Fannie Mae from September through November 2014 and it is part of the Enterprise’s new book of business using strong credit standards and enhanced risk controls.Click here for more information on the CAS Series 2015-C04 transaction. Fannie Mae Prices First Credit Risk Sharing Transaction Under Actual Loss Framework  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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March 23, 2016 1,143 Views The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / It’s Still All About the Inventory According to the February 2016 New Residential Home Sales report from HUD and the Census Bureau on Wednesday, new home sales were up by 2 percent over-the month in February but down 6 percent over-the-year, to an annually adjusted rate of 512,000 units.Earlier in the week, the National Association of Realtors reported disappointing numbers for existing-home sales—a 7 percent decline over-the month down to an average annual rate of about 5.08 million.Why have home sales have failed to keep pace with what was widely considered to be a strong start to the year? The reason is what many analysts and housing experts have been talking about for months: inventory.“It’s likely that February is indicative of what we can expect for the rest of this year—annual sales settling somewhere in the 500-550,000 range,” said Ten-X Chief Marketing Officer Rick Sharga. “Inventory is too low to support much higher sales. There’s virtually no inventory available at the entry level, and single family housing starts and permits continue to languish at levels far below where they should be at this point of the recovery.”At least one analyst was not surprised by the recent housing reports.“While the Dow Jones Industrial average, S&P index, and NASDAQ, have some very recent gains, the market had been mostly sluggish in January and February,” said Brian Montgomery, Vice Chairman of the Collingwood Group and former FHA Commissioner. “Throw in a limited housing inventory and I am not surprised by the data.”“It’s likely that February is indicative of what we can expect for the rest of this year.”Rick Sharga, Chief Marketing Officer, Ten-XThe 2 percent over-the-month new home sales gain in February was concentrated in the West, which experienced a 38.5 percent increase. The other three regions all experienced declines: 24.2 percent in the Northeast, 17.9 percent in the Midwest, and 4.1 percent in the South.The presidential candidates may also be playing a role in the recent disappointing home sales numbers.“The turbulence and questions about the future of the economy due to the possibility of Donald Trump or Bernie Sanders as president may be turning people off to long-term economic purchases like homes,” said Tom Booker, managing director of the Collingwood Group and a former top Fannie Mae executive. “Housing is key to the economy and we need presidential candidates who understand this.” About Author: Brian Honea Previous: Non-Profit Gets in on Freddie Mac’s Delinquent Loan Sale Next: The MReport Webcast: Thursday 3/24/2016 Tagged with: Collingwood Group Existing Home Sales Housing Inventory Housing Supply New Home Sales Demand Propels Home Prices Upward 2 days ago Collingwood Group Existing Home Sales Housing Inventory Housing Supply New Home Sales 2016-03-23 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago It’s Still All About the Inventory Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Share Save Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago read more

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first_img Servicers Navigate the Post-Pandemic World 2 days ago October 4, 2018 3,369 Views Acquisitions merger Ocwen PHH Mortgage 2018-10-04 Radhika Ojha in Daily Dose, Featured, Journal, News, Servicing Ocwen Completes Acquisition of PHH Demand Propels Home Prices Upward 2 days ago  Print This Post Subscribe Tagged with: Acquisitions merger Ocwen PHH Mortgage Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share 1Save The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago On Thursday, Ocwen Financial Corporation announced that it had completed the acquisition of PHH Corporation for approximately $360 million in cash, or $11 per diluted common share. Concurrent with the closing of the PHH merger, Ocwen announced that Glen A. Messina had become the President and CEO of Ocwen and a member of Ocwen’s Board of Directors.“The close of this acquisition marks a new chapter in our history and creates a strong non-bank mortgage servicer, positioned for growth, and better able to serve borrowers and loan investors,” said Phyllis Caldwell, Chair of Ocwen’s Board of Directors, in a statement.The newly combined company, as of June 30, 2018, services approximately 1.7 million loans with an unpaid principal balance of over $296 billion. In 2017, the combined company originated more than $3 billion of residential mortgage loans, including reverse mortgages.“We believe our increased size and scale will create both strategic and financial benefits including accelerating our transition to an industry leading servicing platform, reducing servicing, originating, and overhead costs on acombined basis through the realization of $100 million in targeted cost synergies and improved economies of scale, and providing a foundation to enable Ocwen to resume new business and growth activities to offset portfolio runoff in the future. We are excited to officially welcome Glen Messina and the PHH employees to the Ocwen family,” Caldwell said.The increased size and scale of the merged entity has created strategic and financial benefits such as reduction in servicing and origination costs as well as fixed costs through the reduction of redundant corporate and overhead costs. Ocwen said that the new entity would also provide a foundation to enable the combined servicing platform of both the companies to resume new business and growth activities to offset their portfolio runoff. “The annual run rate synergies are now targeted at $100 million,” Ocwen said. About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Previous: FHFA Seeks Input on Fannie’s Underserved Markets Plans Next: Judge Denies Motion to Transfer in Lehman Indemnity Suit Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Home / Daily Dose / Ocwen Completes Acquisition of PHHlast_img read more

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first_img Related Articles Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Servicers Navigate the Post-Pandemic World 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / A Tug-of-War on Affordable Housing in California Affordable Housing California Governor Gavin Newsom Homes Huntington Beach 2019-01-28 Radhika Ojha The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Market Studies, News Sign up for DS News Daily  Print This Post The Best Markets For Residential Property Investors 2 days ago Previous: Focusing on Home Prices Next: 2018 Natural Disaster Damages Exceed $1 Billion A Tug-of-War on Affordable Housing in Californiacenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Affordable Housing California Governor Gavin Newsom Homes Huntington Beach Governmental Measures Target Expanded Access to Affordable Housing 2 days ago January 28, 2019 1,533 Views Share Save 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 About Author: Radhika Ojha Demand Propels Home Prices Upward 2 days ago The Government of California is taking action to hold its cities accountable for affordable housing. In a first-of-its-kind step, the state has filed a suit against its city, Huntington Beach, for “willfully refusing to comply with state housing law, even after extensive attempts to offer partnership and support from California Department of Housing and Community Development.”Approving this action, Gov. Gavin Newsom said that the Attorney General had filed the suit against the City of Huntington Beach on Friday. “The state doesn’t take this action lightly,” Newsom said. “The huge housing costs and sky-high rents are eroding the quality of life for families across the state. California’s housing crisis is an existential threat to our state’s future and demands an urgent and comprehensive response.”The problem with the City of Huntington Beach began in 2016 when the city’s residents disapproved a proposal to amend the housing plan to add more affordable housing. Since then the city has fallen short of its required quota for affordable housing by 400 units.California cities and counties are required by law to draft and adopt a housing plan that meets the needs of the broader region and its economy. Under this law, the city’s housing plan must accommodate a fair share of the regional housing needs and provide zoning that encourages the development of housing that is affordable to the city’s residents across all income levels, including affordable housing and middle-income housing.Though Huntington Beach had complied with this law in 2013, the Governor’s office said that the city had amended their housing plan by 2015 and significantly reduced the number of new housing units being built. It had also rejected a proposal by the Department of Housing and Community Development to build additional units.“Cities and counties are important partners in addressing this housing crisis, and many cities are making herculean efforts to meet this crisis head-on,” Newsom said. “But some cities are refusing to do their part to address this crisis and willfully stand in violation of California law. Those cities will be held to account.”Simply Not Enough Housing?The steps being taken by the state government may just be what California needs to tackle its affordable housing crisis.In his first budget, after being elected in 2018, Gov. Newsom allocated $500 million for incentives for cities that allow for new housing production and $250 million to provide technical assistance for cities to responsibly ramp up zoning and permitting processes. The Governor’s budget also includes another $1 billion in other funding for housing construction.According to a commentary in the Voice of San Diego by Brendan Dentino, co-Chair of the YIMBY Democrats of San Diego County Policy Committee and a housing policy consultant, and Maya Rosas, Founding President of the YIMBY Democrats of San Diego County and an urban planner, advocates are building more homes in more neighborhoods to combat the housing affordability crisis in the Golden State. They said that in the last few years, elected officials have also begun to take action to mitigate this crisis.  However, despite the “positive legislative and electoral developments,” Dentino and Rosas said that merely to satisfy the current household growth in California, the state needed to build 1.8 million dwelling units.A recent article in Forbes by Ingo Winzer, President, Local Market Monitor, revealed that while some markets in California had seen a more stable housing growth, certain California markets, especially those like San Francisco, Anaheim, Riverside-San Bernardino, Oakland, San Jose, and Los Angeles had seen home prices that were 25 percent or more above the income price (a calculated price closely tied to local income).  “The reason these markets are so over-priced, of course, is that the local economies have created demand for housing much faster than builders can produce new supply,” Winzer wrote, while cautioning investors that while they could still find opportunity in these markets, they needed to carefully check for the risks.last_img read more

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first_img Previous: Shifting Priorities for Single-Family Zoning Next: Google Pledges $1 Billion to Fund Affordable Housing. Servicers Navigate the Post-Pandemic World 2 days ago The Fed’s Decision on Interest Rates Related Articles June 19, 2019 1,085 Views Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / The Fed’s Decision on Interest Rates  Print This Post Federal Reserve Interest rates 2019-06-19 Mike Albanese 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. center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Tagged with: Federal Reserve Interest rates Those waiting for interest rates to drop for the first time in almost 10 years will have to wait a bit longer, as the Federal Reserve decided Wednesday not to reduce rates.“The Fed held rates steady today as it navigated a challenging balancing act between the easing of global central banks, investor speculation that cuts are necessary to combat slowing economic growth, and the futures markets pricing a high likelihood of a rate cut by July,” said Danielle Hale, Chief Economist for realtor.com. “The Fed ditched the previous ‘patient’ language it used and instead pledged to ‘closely monitor’ the data and ‘act as appropriate to sustain the expansion.’ This language shift opens up the possibility of a rate cut as soon as July if incoming data suggests weaker growth on the horizon.”Hale said the Fed has two goals: maximize employment and stable prices. While the May Jobs report was below expectations, unemployment remains at record lows.“This month, the Fed could have easily made the case for a scenario of more patience or a precautionary rate cut, but instead focused on responding as necessary to the incoming data,” Hale said. “We’ll see if [Wednesday’s] decision to hold rates steady unnerves investors, consumers, or businesses or if they find the Fed’s flexible posture reassuring.”A survey from WalletHub found that there was a 23% chance that the Fed will reduce interest rate on Wednesday’s meeting. The chances of an increase, though, increase to 97% by September 18.The Fed has increased interest rates nine times, with no decreases, since December 2015.The survey stated that 76% of people support a rate cut, and around the same amount said it would be good for the economy.“The Fed probably won’t cut its target rate at its June meeting,” said WalletHub CEO Odysseas Papadimitriou. “But future pricing indicates we’re almost certain to see a rate reduction this summer or early fall.” in Daily Dose, Featured, Government, News About Author: Mike Albanese Sign up for DS News Daily 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 agolast_img read more

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first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Freddie Mac Transfers $2.5B in Credit Risk in Daily Dose, Featured, News, Secondary Market Share Save  Print This Post Demand Propels Home Prices Upward 2 days ago Tagged with: Capital CRT Freddie Mac Servicers Navigate the Post-Pandemic World 2 days ago November 6, 2019 2,589 Views Subscribe Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Freddie Mac’s Single-Family business recently announced that its Credit Risk Transfer (CRT) program transferred approximately $2.5 billion of credit risk on $69 billion of single-family mortgages from U.S. taxpayers to the private sector in the third quarter of 2019. This brings the year-to-date total of credit risk transferred to $7.3 billion on $196 billion of single-family mortgages.“Freddie Mac is committed to the stability of the U.S. housing finance system, and CRT is a key component,” said Mike Reynolds, VP, Credit Risk Transfer. “We will continue to offer attractive opportunities for private capital to participate in our program as we expand CRT coverage across our book of business.”Freddie Mac issued a total of six STACR and ACIS transactions in the third quarter—three on-the-run deals (DNA and HQA) and three seasoned deals (ARMR and FTR). As a result of STACR and ACIS on the run transactions this quarter, Freddie Mac transferred between 80% (high LTV HQA series) and 90% (low LTV DNA series) of the credit risk on the underlying reference pools. Since the first CRT transaction in 2013, Freddie Mac’s single-family CRT program has cumulatively transferred $51 billion in credit risk on nearly $1.4 trillion in mortgages.Freddie Mac posted a $1.7 Billion net income for Q3 2019. According to the GSEs, these incomes represent yet another step toward adding the capital necessary to move toward private ownership.“In the third quarter, Freddie Mac took an important first step toward exiting conservatorship by adding more than $1.8 billion to our total equity, bringing our capital reserve to $6.7 billion,” said David M. Brickman, Freddie Mac CEO. “As we look to the future, we are squarely focused on serving our mission and meeting the milestones necessary to move the company forward.”Freddie Mac reports that conservatorship capital reduced by $5.2 billion from the prior year, due in part to credit risk transfer (CRT) activity, home price appreciation, legacy asset dispositions, and a decrease in deferred tax assets. About Author: Seth Welborn Home / Daily Dose / Freddie Mac Transfers $2.5B in Credit Risk 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 The Best Markets For Residential Property Investors 2 days ago Previous: HLP CEO Discusses the Company’s Closure Next: The Danger Beyond the Storm Capital CRT Freddie Mac 2019-11-06 Seth Welborn 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. last_img read more

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first_img Demand Propels Home Prices Upward 2 days ago Subscribe 2020-05-29 Seth Welborn About Author: Seth Welborn May 29, 2020 1,169 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Mortgage Servicers to Advance $3.6B to Mortgage-Backed Securities Share Save in Daily Dose, Featured, Market Studies, News Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Mortgage Servicers to Advance $3.6B to Mortgage-Backed Securities The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: SFR’s Place in the Housing Market Next: Will Housing Lead Post-Pandemic Recovery? 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.  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Volumes of forbearance plans have flattened, according to new data from Black Knight. As of May 26, 4.76 million homeowners are in forbearance plans, with a net increase of just 7,000 new forbearance plans since last week.At these levels, mortgage servicers need to advance a combined $3.6 billion a month to holders of government-backed mortgage securities on COVID-19-related forbearances. That’s on top of the $1.5 billion in T&I payments they must make on behalf of borrowers.P&I advance payments have been capped at four months for servicers of GSE-backed mortgages. Given today’s number of loans in forbearance, servicers of GSE-backed loans still face up to $8.8 billion in advances over that four-month period.According to a survey from LendingTree, most homeowners who have been approved for a mortgage forbearance may not need one. Of the 25% of homeowners surveyed that applied, 80% were approved for a forbearance. However, while the majority of people who applied were approved, only 5% said they wouldn’t have been able to pay their mortgage without forbearance. Another 72% of those who received forbearance reported feeling at least a little guilty about it.Those who applied for forbearance differed along with gender, generational, and income divides. In general, women were less likely to apply for forbearance than men, with 10.2% of women and 37.8% of men surveyed applying because of the coronavirus pandemic. While men were far more likely to apply than women, approval rates between the genders were similar, with 75% of women and 81% of men being approved.Of all the generations, millennials and Gen Xers were more likely to say that they wanted a break from payments. Notably, 71% of respondents from these age groups said they could’ve made their payment but just wanted a pause. An average of only 4.3% of millennials and Gen Xers said they wouldn’t have been able to pay their mortgages without forbearance.While fewer baby boomers applied for forbearance, as older homeowners are more likely to own their homes outright or are closer to paying off their mortgages, those who did were in much greater need. In fact, 20% of baby boomers said they needed forbearance to avoid missing their monthly payment. The Best Markets For Residential Property Investors 2 days agolast_img read more

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first_imgSign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Targeted Training for Brokers Announced in Daily Dose, Featured, Headlines, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles 2020-10-05 Christina Hughes Babb Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Delinquencies Above Pre-Pandemic Levels Predicted Into 2022 Next: Economic Analysis Points to Recovery Data Provider Black Knight to Acquire Top of Mind 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. About Author: Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago 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 ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Carrington Mortgage Services (CMS), a large, privately held non-bank lender, recently announced specialized training for brokers, according to a press release first published on businesswire.com. Because today’s lending market is changing at such a rapid pace, CMS reports, it is essential for brokers to be intimately familiar with the latest trends and products, so they can provide their clients with the best solutions.To help brokers maintain their competitive edge, CMS is now offering webinars and virtual consultations. Facilitated by Carrington Wholesale and Correspondent business leaders, these sessions can show brokers and sales teams how to:Identify and reach potential government, conventional and non-agency borrowersAssist loan officers and processors with non-agency loan guidelinesQualify more borrowers through manual underwritingUse Carrington’s suite of government and conventional loans to expand their sales pipelines“The primary focus is for us to be a better partner to our brokers,” said Kevin DeLory, SVP, Wholesale and Correspondent, for CMS. “We want to let them know all about the products we offer, and the ways we can partner with them to make their business successful.”Although initially introduced to CMS Wholesale brokers and Correspondent sellers who previously had worked with Carrington, the program has quickly expanded to serving all brokers who would potentially be interested in offering Carrington’s diverse loan options to their customers. The sessions are also designed to accommodate individual questions and scenarios from brokers. A recent conversation with a broker who is new to the mortgage business involved a discussion of the products offered by Carrington and an examination of what products would work best for borrowers with different home loan needs.So far, more than 100 brokers have signed up for the sessions, as well as a large group training event focused on manual underwriting. The webinars and conversations concentrate on the areas where brokers and sellers have questions, as well as the products and services that make the most sense for their business.“Carrington is committed to its broker and seller partners and helping them any way we can,” said Greg Austin, EVP, Mortgage Lending, for CMS. “We understand that not every client has a learning and development department, so we want them to have the opportunity to benefit from our expertise and offer a wider range of products to more borrowers.”CMS’s considerable market advantages include “very competitive” conventional pricing, diverse agency products, FICO scores down to 500 (550 for non-agency products), extensive manual underwriting expertise, best-of-breed technology, superior customer service and a robust nationwide network of mortgage brokers. CMS offers brokers and borrowers a diverse range of conventional Fannie Mae, Freddie Mac, FHA, VA and USDA products, as well as a wide spectrum of non-agency offerings. In addition, Carrington’s considerable ongoing investment in technology—including process automation, machine learning and industry-leading mortgage industry applications—is available to all brokers who work with CMS. Such technology allows brokerages of all sizes to utilize CMS’s systems to disclose to borrowers at best-in-class speed—accelerating brokers’ ability to process loan scenarios, identify loan products that will work best for their borrowers and provide exceptional personalized service to their customers.“We are the premier underwriter who has it all under one roof, and we offer products and services some brokers may not be used to offering,” said DeLory. “That may include $100 down for eligible FHA loans, and refi simple for FHA, which allows brokers and borrowers to take advantage of reduced income and asset requirements, a wealth of non-agency offerings and much more. We also know that manual underwriting is an important part of the mortgage business, and at Carrington we do it really, really well.”A Carrington spokesperson said the company offers a variety of home buying and refinance loan programs to fit the needs of clients and consumers. Carrington also has a non-delegated Correspondent channel. Launched in 2018, Carrington Correspondent is dedicated to bringing the highest value to non-delegated correspondent lending. “We work diligently with our valued sellers in establishing an ongoing partnerships to build growth and profitability. For more information on CMS Wholesale and Correspondent products and services, please visit CarringtonWholesale.com or CarringtonCorrespondent.com.”Carrington is a holding company whose primary businesses include asset management, mortgages and real estate transactions. Collectively, the businesses are vertically and horizontally integrated, and provide a broad range of real estate services encompassing nearly all aspects of single family residential real estate transactions in the United States. To read more visit: carringtonhc.com.Through its collective associates made up of Carrington leaders and employees, the company’s nonprofit organization, Carrington Charitable Foundation, contributes to the community through causes that reflect the interests of Carrington Associates. For more information about Carrington Charitable Foundation, and the organizations and programs it supports through specific fundraising efforts, please visit: carringtoncf.org. Home / Daily Dose / Targeted Training for Brokers Announced Demand Propels Home Prices Upward 2 days ago October 5, 2020 997 Views Share Save Subscribelast_img read more

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first_img  Print This Post Sign up for DS News Daily About Author: Christina Hughes Babb February 9, 2021 1,108 Views As a pandemic continues to prevent consumers from spending on vacations, entertainment, dining, and the like, more discretionary funds are going toward home improvements and the stock market. Members of The Conference Board — a nonpartisan, nonprofit research and insights think tank — expound on this and more of their findings in the U.S. Consumer Dynamics Report: Q4 2020.The Q4 survey confirmed that, overall, “pandemic-related forces” (more time at home, reduced opportunities to spend, and enhanced fiscal support from the government) continue to shape consumer behavior in the United States.”The booms and busts of a few unlikely ‘meme stocks’ have grabbed recent headlines, but the rise of individual investors tells a broader story about spending habits during COVID-19,” said Denise Dahlhoff, Senior Researcher at The Conference Board. “Trends like low interest rates and declining debt concerns — alongside below-normal spending on vacations and out-of-home entertainment due to pandemic restrictions —have left a portion of Americans with more disposable income and fewer ways to spend it.”While consumer spending shrank in almost every category of the survey during the fourth quarter of last year, the share of Americans spending discretionary money on stocks and home improvements rose.The authors say historic declines in the relative cost of housing have fueled a decline in spending on essentials.”In Q4 2020, the share of US consumers’ budget devoted to housing costs fell to 18%, a record low and down −3.5 percentage points compared to Q2 2020. Plummeting rental rates in city centers, rent abatements and cuts, temporary rent and mortgage non-payments, and historically low mortgage rates all drove this decline,” the study showed. “With these housing savings, total spending on essential goods and services (including food/beverage at home, routine transportation, education, and medical) fell −4.1 ppts in Q4 2020 compared to Q2. Consumers shifted their spending, in large part, to discretionary products (+3.8 percentage points).”Not surprisingly, most respondents named the economy (26%), health (18%), or job security (9%) as their top concern for the upcoming months. Of note, the researchers said, is that the focus of all three dropped in Q4 from Q3/Q2, the early months of the COVID-19 crisis. ‘Historic Declines’ in Housing Costs Steer Consumer Spending Home / Daily Dose / ‘Historic Declines’ in Housing Costs Steer Consumer Spending The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 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. Related Articles Previous: Urban Exodus Isn’t a Nationwide Phenomenon Next: Declining Delinquency Rate Points to ‘Increasing Stabilization’ in Daily Dose, Featured, Market Studies, News Tagged with: Consumer behavior Consumer Spending Servicers Navigate the Post-Pandemic World 2 days ago 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 Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Consumer behavior Consumer Spending 2021-02-09 Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

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