Mortgage Contracting Services Expands Product Offerings with Acquisition of CoreLogic Business Units

first_imgHome / Featured / Mortgage Contracting Services Expands Product Offerings with Acquisition of CoreLogic Business Units Tagged with: CoreLogic Mortgage Contract Services Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Derek Templeton is an attorney based in Dallas, Texas. He practices in the areas of real estate, financial services, and general corporate transactional law. His experience includes time as an Attorney Adviser for the U.S. Small Business Administration and as General Counsel for a nonprofit organization in Dallas. A self-avowed “policy junkie,” he has a keen interest in the effect that evolving federal policy has on the mortgage, default servicing, and greater housing industries. Mortgage Contracting Services, LLC (MCS), a nationwide provider of property preservation, inspections and REO property maintenance to the financial services industry, announced today that it has broadened its client offerings to include appraisals, Broker Price Opinions, and other valuations-related products through its acquisition of the Collateral Solutions and Field Services business units of Irvine, California-based CoreLogic. The acquisition expands the MCS suite of mortgage services to include valuation products in both the default and loan origination sectors and also represents a significant expansion of its already strong representation in the property preservation industry.“This acquisition will expand our presence across multiple service lines within default servicing and move us beyond the default segment through being able to offer our clients the opportunity to call on MCS for valuations, appraisals and BPOs, as well as field services,” says MCS CEO Caroline Reaves. “This will allow us to service our clients with an expanded product range and ensure their compliance with federal, state and local regulations at every step.”The Collateral Solutions unit, based in Sandy, Utah, will remain in its current location and MCS has no plans to change its management team or operational structure, Ms. Reaves says. The Field Services unit, which is based in Westlake, Texas, will be combined with the MCS operations in Plano, TX.For nearly 30 years, MCS has protected and preserved communities across the nation. Some of the largest and most respected banks and mortgage servicers in the industry trust MCS to perform property inspections, property preservation, REO property maintenance and other default-related services in all 50 states. MCS has a history of providing these services in a highly regulated environment, the proven ability to handle large volumes of properties, and a record of recruiting, managing and monitoring a substantial vendor network. CoreLogic Mortgage Contract Services 2014-09-30 Derek Templeton Subscribe 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 Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Savecenter_img About Author: Derek Templeton Mortgage Contracting Services Expands Product Offerings with Acquisition of CoreLogic Business Units Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Featured, Headlines, News Previous: CFPB Director Says Bureau Will ‘Vigorously Enforce’ Mortgage Servicing Rules Next: Consumer Confidence Slips in September 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  Print This Post September 30, 2014 1,064 Views Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

News Corp to Acquire Move, Inc. in $950 Million Deal

first_img The Best Markets For Residential Property Investors 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 September 30, 2014 950 Views News Corp, one of the world’s biggest mass media companies, is buying online real estate firm Move, Inc., in a $950 million cash deal, the companies announced Tuesday morning.Under the acquisition agreement, which was unanimously approved by Move’s board, News Corp will acquire all of Move’s outstanding shares at the cost of $21 per share. The buy represents a premium of 37 percent over Move’s closing stock price at the end of trading on Monday. News Corp said it will commence a tender offer for all shares of Move’s common stock within 10 business days, following that with a merger to acquire any untendered shares.Through the deal, News Corp says it hopes to become a leading player in the expanding arena of online real estate through Move’s various tools and its listing site, Realtor.com.”We have great faith in America’s potential and the long-term asset value of housing, which is continuing its recovery and has yet to regain its full potency,” said Robert Thomson, chief executive at News Corp. “It is forecast that the number of millennial households will increase from 13.3 million in 2013 to 21.6 million in 2018, and they will spend more than $2 trillion on home purchases and rent by 2018. Many will begin their search online and use tools and content on realtor.com.”The deal comes two months after two of Move’s biggest competitors, Zillow and Trulia, announced plans to merge.Australian-based REA Group Limited, which is 61.6 percent owned by News Corp and operates RealEstate.com.au, will hold a 20 percent stake in Move, acquiring its share for approximately $200 million. News Corp will hold the remainder.Through Realtor.com and its mobile applications, Move displays more than 98 percent of all for-sale properties listed in the United States, sourcing its data from relationships with hundreds of multiple listing services nationwide. The company’s network of websites reaches an estimated 35 million users per month, with 90 percent of page views going to “for sale” property links.In addition, Move benefits from an exclusive relationship with the National Association of Realtors, which has given its consent to the acquisition.”This partnership will help shape the future of real estate,” said National Association of Realtors President Steve Brown. “News Corp’s ability to reach and engage consumers, combined with realtor.com’s quality content and the real insights Realtors provide will transform the current landscape. Working together, Realtors, Move and News Corp will truly make home happen.”Move will continue to remain headquartered in San Jose following the acquisition, the companies said.  Print This Post The Best Markets For Residential Property Investors 2 days ago Related Articles Previous: DS News Webcast: Tuesday 9/30/2014 Next: Single-Family Home Sales Drop in Connecticut Acquisitions Mass Media Move News Corp online real estate Technology 2014-09-30 Tory Barringer Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Acquisitions Mass Media Move News Corp online real estate Technology Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Featured, Headlines, News, Technology News Corp to Acquire Move, Inc. in $950 Million Deal The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Subscribe Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Home / Featured / News Corp to Acquire Move, Inc. in $950 Million Deal Sign up for DS News Daily About Author: Tory Barringerlast_img read more

Consumer, Government Spending Boost Revised Q3 GDP Rate Up to 3.9 Percent

first_img Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Bureau of Economic Analysis Capital Economics Commerce Department Consumer Spending GDP Home / Daily Dose / Consumer, Government Spending Boost Revised Q3 GDP Rate Up to 3.9 Percent Previous: Unemployment Rate Falls Year-Over-Year in 42 States, D.C. Next: FHFA Announces Policy Change For GSEs’ Existing REO Sales November 25, 2014 920 Views Bureau of Economic Analysis Capital Economics Commerce Department Consumer Spending GDP 2014-11-25 Tory Barringer The Best Markets For Residential Property Investors 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Consumer, Government Spending Boost Revised Q3 GDP Rate Up to 3.9 Percent Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Subscribe Demand Propels Home Prices Upward 2 days ago About Author: Tory Barringer The U.S. economy continued to outperform in the third quarter as consumer and government spending provided a boost to gross domestic product (GDP).According to a second estimate from the Commerce Department, GDP grew at an annualized rate of 3.9 percent in July, August, and September, down slightly from the second quarter’s growth rate of 4.6 percent and up from the first quarter’s 2.1 percent downturn.A group of economists surveyed by Econoday had forecast a growth rate of 3.3 percent, a slight cut from the government’s initial estimate of 3.5 percent.The Commerce Department said its second estimate received a lift from private inventory investment, which was down less than previously thought, and larger increases in consumer spending and nonresidential fixed investment than were first reported. That was offset in part by a smaller increase in exports.According to the department’s Bureau of Economic Analysis (BEA), consumer spending increased 2.2 percent in the second quarter, up from a first estimate of 1.8 percent. Spending increased for both durable goods (8.7 percent) and non-durables (2.2 percent).The price index for domestic purchases, a gauge of prices paid by American consumers, rose 1.4 percent, 0.1 percentage points higher than in the advance estimate.Meanwhile, nonresidential fixed investment increased 7.1 percent, fueled largely by a 10.7 percent increase in investing in equipment.Government spending also contributed to the third-quarter’s expansion. According to BEA, real federal government consumption expenditures increased 9.9 percent in Q3, a marked turnaround from a decline of 0.9 percent in the second quarter. Much of that increase came from defense spending, which was up 16 percent.The continued good news for the third quarter comes as Japan heads into a new recession and economic woes continue in the eurozone.With GDP looking relatively stable compared to the rest of the globe and employment indicators looking strong, economists say the Federal Reserve—which recently concluded its monthly bond-buying program launched to stimulate the economy—has more reason to consider moving ahead to hike interest rates sooner rather than later. While many investors expect the first increase to be around the middle of the year, some analysts say it could be earlier than that.”The unexpected strength of third-quarter GDP growth … is another reason to expect the Fed to begin normalising interest rates sooner than expected next year,” said Paul Ashworth, chief U.S. economist at Capital Economics. “We still anticipate the first rate hike coming in March next year.” Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Industry Professionals Weigh In On Ocwen Settlement

first_img December 23, 2014 968 Views Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Five Star Institute Ocwen Settlements Subscribe Sign up for DS News Daily  Print This Post Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago A day after Ocwen Financial Corp. announced a multi-million dollar agreement to resolve investigations by New York’s top regulator, investors and market watchers remain skeptical that the company’s problems are settled.On Monday, the Atlanta-based firm—one of the biggest mortgage servicers in the nation and the largest subprime servicer—announced it had agreed to pay $150 million for homeowner relief over allegations it conducted improper foreclosure procedures, used outdated and conflicting systems in managing its portfolio, and was involved in transactions with related companies that constituted conflicts of interest.In addition to the monetary settlement, Ocwen agreed to add two independent directors to its board and to install an independent monitor to supervise processes for up to three years. The agreement also included the resignation of Ocwen founder and executive chair William Erbey, who will leave the company in January.While the settlement brings an end to ongoing probes conducted by the New York Department of Financial Services and its chief, Benjamin Lawsky, the firm’s investors appear to remain shaken. Ocwen’s stock dropped 31 percent on Monday following the announcement, recovering slightly to finish the day at $16.01 (down 27 percent). The stock fell another 6.2 percent on Tuesday to close at $15.02.Meanwhile, Fitch Ratings maintained its negative watch on Ocwen’s servicer ratings. The agency downgraded the company’s ratings following reports that it had backdated potentially thousands of notes to borrowers regarding loan modifications and foreclosure notices.In a note released late Monday, Fitch noted it has had “long-standing concerns with Ocwen’s aggressive growth, heavy concentration of off-shore resources, and use of related companies” dating as far back as December 2011.Ocwen’s portfolio has seen massive growth in the last two years as the servicer pushed to acquire new business from banks burdened by heavy regulation. That growth has attracted scrutiny in the last year from regulators and experts concerned about its ability to manage its quickly expanding portfolio of troubled loans.For the servicing industry, the company’s difficulties in the last year serve as a warning against too-rapid expansion. Ed Delgado, president and CEO of the Dallas-based trade group the Five Star Institute, said servicers in the future are more likely to take pause when considering new acquisitions.”This settlement ensures that there will be a heightened sense of responsibility for servicing loans or portfolios being acquired,” Delgado said. “Organizations have to be better equipped to provide the highest measure of service, no matter the circumstance or the condition of the book of business.”Editor’s note: The Five Star Institute is the parent company of DSNews and DSNews.com. Industry Professionals Weigh In On Ocwen Settlement Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Industry Professionals Weigh In On Ocwen Settlement Five Star Institute Ocwen Settlements 2014-12-23 Tory Barringer Previous: Former Fannie Mae Exec Joins Redwood Trust Next: DS News Webcast: Wednesday 12/24/2014 Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Tory Barringer Demand Propels Home Prices Upward 2 days agolast_img read more

Report: Mortgage Loan Delinquencies, Write-Offs Way Down

first_img About Author: Brian Honea Tagged with: Equifax Home Equity Lines of Credit Mortgage Loan Delinquencies Mortgage Loan Write-Offs Report: Mortgage Loan Delinquencies, Write-Offs Way Down Demand Propels Home Prices Upward 2 days ago December 16, 2014 1,060 Views Last week, TransUnion predicted that the steadily declining number of mortgage loan delinquencies in the U.S. would fall to below pre-recession levels by the end of 2015. This week, Equifax released data that seems to go right along with that forecast.According to the latest National Consumer Credit Trends Report released on Monday by Equifax, the cumulative balance of seriously delinquent mortgages (those 90 days or more overdue or in foreclosure) totaled $198.8 billion for November, the lowest level in five years. That amount represented more than a 29.8 percent decrease from November 2013.Lenders are also writing off the fewest number of loans since before the housing bubble burst. The balance of home-finance write-offs year-to-date through the first 11 months of 2014 was $91.2 billion, its second-lowest level in eight years, according to Equifax.The number of delinquent first mortgages, which are those 30 days or more past due, comprised 4.54 percent of outstanding mortgage balances in the U.S. in November, according to Equifax. This percentage represented a decline of 5.87 percent from November 2013.The collective outstanding balance for home equity lines of credit (HELOCs) is also on the decline The November 2014 HELOC balance was $515.4 billion, also the lowest level in five years, and a decrease of 3.6 percent year-over-year, according to Equifax. The total number of outstanding HELOCs in the U.S. dropped down to 11.1 million, the lowest level in 10 years. Delinquent balances on HELOCs accounted for 2.37 percent of outstanding balances in the U.S. in November, dropping from 2.70 in November 2013, according to Equifax.The percentage of delinquent balances on home equity installment loans declined year-over-year, down from 3.22 percent in November 2013 to 2.45 percent in November 2014, according to Equifax. Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Previous: Community Lending Group Asks Government To Amend GSE Bailout Terms Next: Bank Claims $2.2 Billion in Consumer Relief Toward Settlement Requirement Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Equifax Home Equity Lines of Credit Mortgage Loan Delinquencies Mortgage Loan Write-Offs 2014-12-16 Brian Honea  Print This Postcenter_img Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Report: Mortgage Loan Delinquencies, Write-Offs Way Down Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

Consumer Expectations are Making a Comeback

first_imgHome / Daily Dose / Consumer Expectations are Making a Comeback The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles About Author: Brian Honea Demand Propels Home Prices Upward 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. Consumer Expectations are Making a Comeback Servicers Navigate the Post-Pandemic World 2 days ago Consumer Expectations House Prices Household Income New York Fed Survey of Consumer Expectations 2016-03-14 Brian Honea March 14, 2016 2,777 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News Share Save The expectations of consumers toward inflation, the economy, housing, personal finances, and the labor market were up across the board, which suggests that expectations are on the rebound, according to the results from the February 2016 Survey of Consumer Expectations (SCE) released by the New York Fed on Monday.As core inflation is rising heading into the Federal Open Market Committee’s second meeting of 2016, which starts Tuesday and concludes Wednesday afternoon, the median inflation expectations of consumers increased over-the-month at both the one-year horizon (from 2.4 percent to 2.7 percent) and at the three-year horizon (from 2.5 percent to 2.6 percent).“The increase was most pronounced among respondents with lower income, lower education and lower numeracy,” the New York Fed said, noting that the median inflation expectations at both horizons remained at the low end of the range observed in the last two and a half years.The median home price expectation rose by 0.1 percentage point from January to February, up to 3.1 percent, according to the SCE. The home price expectation was broad-based, though it was most pronounced in the West and Northeast. Despite the increase, the median home price expectation remains below the series average, according to the New York Fed.The median one-year ahead expected earnings growth reversed two months of decline by jumping up to 2.5 percent in February, the level it was at for most of last year. Though the increase was broad-based, the respondents with a high school degree or less saw the most pronounced increase. The results of the February SCE indicated that expectations in the labor market were more positive—the mean number of respondents who said they thought the unemployment rate would be higher a year from now declined from 38.1 percent in January to 37.9 percent in February. Also, the mean probability of losing one’s job in the next 12 months ticked slightly downward to 13.9 percent.Consumers’ expectations of their finances jumped in February—the median expected household income growth rose from 2.2 percent to 2.5 percent over-the-month, driven by older, less educated, and lower income respondents, according to the New York Fed. Despite the increase, it remained below 2015 levels.Click here to view the entire SCE for February 2016.center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Subscribe Tagged with: Consumer Expectations House Prices Household Income New York Fed Survey of Consumer Expectations Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Fannie Mae and Freddie Mac Make First Contribution to Housing Trust Fund Next: Counsel’s Corner: Digging Deeper Into the 9th Circuit Court Decision on GSEs Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Another Decision by Semantics

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago August 14, 2017 1,218 Views About Author: Joey Pizzolato  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Legal Mortgage Recording 2017-08-14 Joey Pizzolato The Best Markets For Residential Property Investors 2 days ago Share Save Tagged with: Legal Mortgage Recording The Best Markets For Residential Property Investors 2 days ago The Eleventh Appellate District Court in Geauga County, Ohio, held up the Geauga Country Court of Common Places dismissal ruling in the case, State of Ohio, ex rel. Flaiz, Prosecuting Atty of Geauga County, Ohio, et al.  v. MERSCORP, Inc., et al., which alleged that MERSCORP was liable for damages in unpaid filing fees for failing to record mortgages and mortgage assignments in the county recorder’s records.The county’s (plaintiff) position was based off an interpretation of a phrase in Ohio recording statutes R.C. 5301.25 and R.C. 5301.32 that say mortgages and mortgage assignments “shall be recorded” mandates a legal obligation to record with the county recorder’s office. As the county is legally permitted to charge a fee for this service, the plaintiff’s notion was that, pursuant to R.C. 309.12, which authorizes prosecutors to file suit when “money is owed to the county,” the case should be reheard.MERSCORP argued that the language did not constitute a statutory obligation to file with the county, and that because there was no obligation, any money that was allegedly owed was potential rather than a liability or settled obligation.The trial court sided with MERSCORP, saying:“Mortgagees and assignees have very strong reasons to record mortgages and mortgage assignments; the recording of those instruments provides notice and establishes at least the presumption of priority. It would seem that only a foolhardy mortgage assignee would choose not to record a mortgage assignment with the County Recorder and run the risk of another entity filing a subsequent mortgage assignment and claiming priority. And yet, that is exactly what the Defendants have chosen to do with the MERS system. Without giving too much credit to financial institutions that have been substantially responsible for the recent recession, those financial institutions have chosen the benefits of the MERS system over the protections of the public recording statutes. The laws of the State of Ohio as presently constituted permit those financial institutions to make that choice.”The Eleventh Appellate District Court, in a 2-1 decision, held up that opinion.This isn’t the first decision MERSCORP has won when it comes to similar statutes. The company has also been victorious in, Union County, Illinois v. MERSCORP, Inc., Montgomery Co., Pennsylvania v. MERSCORP, Inc., and County of Ramsey v. MERSCORP.  “We are pleased the court affirmed that Ohio law does not impose a duty to record mortgages or assignments of mortgages,” said MERSCORP Holdings VP for Corporate Communications, Janis Smith. “This ruling is consistent with the purpose and intent of the recording statute, as courts across the country with similar state statutes have concurred.” Previous: The Week Ahead: Interview with NAR CEO Next: What a Reduced Balance Sheet Could Mean . . . Demand Propels Home Prices Upward 2 days ago Related Articles in Daily Dose, Featured, Headlines, Magazine, News, State Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Another Decision by Semantics Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Another Decision by Semantics Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Energy Efficiency vs. Home Affordability

first_img Tagged with: builders California Energy Commission Construction Energy Efficient Homes home affordability Homebuyers Homes Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Radhika Ojha  Print This Post Share Save in Daily Dose, Featured, Market Studies, News builders California Energy Commission Construction Energy Efficient Homes home affordability Homebuyers Homes 2018-05-10 Radhika Ojha Long seen as a frontrunner in clean energy goals, The Golden State has done it again by introducing a regulation that will make it mandatory for all new homes to install solar panels starting January 2020.  The California Energy Commission recently voted unanimously to adopt building standards that require all new homes to have solar panels as part of the energy council’s 2019 Building Energy Efficiency Standards that focus on four key areas—smart residential photovoltaic systems, updated thermal envelope standards, residential and nonresidential ventilation requirements, and nonresidential lighting requirements.According to the council, the move aims to cut energy use in new homes by more than 50 percent. While these new norms are likely to save consumers $80 on monthly heating, cooling, and electricity, they’re likely to add $40 to an average monthly mortgage payment for a typical 30-year mortgage for homeowners.“Under these new standards, buildings will perform better than ever, at the same time they contribute to a reliable grid,” said Andrew McAllister, Commissioner at the California Energy Commission. “The buildings that Californians buy and live in will operate very efficiently while generating their own clean energy. They will cost less to operate, have healthy indoor air and provide a platform for ‘smart’ technologies that will propel the state even further down the road to a low emissions future.”The new requirement, which got a unanimous vote at the commission, will come into effect in two years and according to The New York Times is “likely to add thousands of dollars to the cost of home when a shortage of affordable housing is one of California’s most pressing issues.”However, the council, as well as builders in California, are saying that the extra cost at the beginning will be recovered thanks to the lower energy bills. “With this adoption, the California Energy Commission has struck a fair balance between reducing greenhouse gas emissions while simultaneously limiting increased construction costs,” said Dan Dunmoyer, CEO and President of the California Building Industry Association.Dunmoyer said that it had worked with the Commission over the past 18 months on this regulation to make it possible to create a set of cost-effective standards to ensure that homebuyers could recoup the additional cost of home purchase due to these standards “over the life of the dwelling.” Home / Daily Dose / Energy Efficiency vs. Home Affordability Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago 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. Sign up for DS News Daily Subscribecenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Energy Efficiency vs. Home Affordability May 10, 2018 1,789 Views The Best Markets For Residential Property Investors 2 days ago Previous: Which Region Has the Best Return on Rental Investment? Next: The Industry Pulse: Updates on LRES, Black Knight, and More Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

The Week Ahead: GSEs Prepare to Launch UMBS

first_imgHome / Daily Dose / The Week Ahead: GSEs Prepare to Launch UMBS The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Mike Albanese Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Fannie Mae Freddie Mac UMBS Fannie Mae and Freddie Mac will launch their uniform mortgage-backed securities (UMBS) on Monday, June 3.Regarding the combined bond from the GSEs, a report by Bloomberg stated that this change would “virtually eliminate the distinction between bonds issued by Fannie Mae and Freddie Mac, which guarantee nearly half of U.S. residential mortgages,” with the combined security intended to help improve market market liquidity and mitigate investor risk.While some believe this change will lower mortgage rates, critics argue the opposite may happen. Some see the combined bond as “more than five-year process to unify a roughly $4.4 trillion pile of agency MBS currently split between the two government-sponsored enterprises.”“It already was the most liquid market in the world in many respects. What are they trying to fix, exactly?” Walt Schmidt, Head of Mortgage Strategies at FTN Financial in Chicago, told Bloomberg.The final outcome can’t be determined until the combined bonds launch.“To some extent June 3 will be a bit analogous to Y2K, you don’t know if everything will be successful until after the fact,” Jay Bacow, head of Morgan Stanley’s MBS research team, told Bloomberg. He added that “the mortgage market is second to Treasuries in terms of fixed-income liquidity and it’s challenging for us to see it losing that distinction under UMBS (Uniform Mortgage Backed Securities).”In April, Freddie Mac announced that its Investor Reporting Change Initiative (IRCI) would revise single-family investor reporting requirements beginning in May 2019, including moving the investor reporting cycle from mid-month to end-of-month and updating remittance cycles.The GSE states that it is making the changes to promote alignment and industry standards for the UMBS. In March, the Federal Housing Finance AgencyHere’s what else is happening in The Week Ahead:Black Knight Mortgage Monitor—June 3CoreLogic Home Price Insights Report—June 4Ellie Mae Millennial Tracker—June 5Banking, Housing, and Urban Affairs Nomination Hearing—June 5Bureau of Labor Statistics Labor Date—June 7 Subscribe The Best Markets For Residential Property Investors 2 days ago Previous: Mortgage Servicing: Trends and Challenges Next: Morningstar Completes DBRS Acquisition Demand Propels Home Prices Upward 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, News  Print This Post The Week Ahead: GSEs Prepare to Launch UMBS Governmental Measures Target Expanded Access to Affordable Housing 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 Fannie Mae Freddie Mac UMBS 2019-05-31 Mike Albanese Related Articles May 31, 2019 1,392 Views Share Savelast_img read more

Fannie Mae and Freddie Mac Launch UMBS

first_imgSign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 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. Demand Propels Home Prices Upward 2 days ago Fannie Mae and Freddie Mac Launch UMBS On Monday, Fannie Mae and Freddie Mac marked the completion of their Single Security Initiative with the launch of the Uniform Mortgage-Backed Security (UMBS).“UMBS is the result of close collaboration with FHFA, Freddie Mac, Common Securitization Solutions, and hundreds of housing finance stakeholders and we congratulate all involved on this achievement,” said Renee Schultz, SVP, Capital Markets, Fannie Mae in a statement. “We remain focused on ensuring that all market participants continue to make a smooth transition to UMBS and maintaining a highly liquid housing finance market.”“The UMBS is one of the most significant accomplishments in our decade-long effort to improve the U.S. housing finance system,” said Mark Hanson, SVP, Securitization, Freddie Mac in a statement. “Americans will benefit from the efficiency and standardization brought about by this new common security. The success of the initiative is a direct result of Freddie Mac’s collaboration with Fannie Mae, Common Securitization Solutions, FHFA, and thousands across the U.S. housing finance industry. We are grateful for their hard work, and we join them in celebrating this achievement.”Critics of the new Security argue that it may not lower mortgage rates as intended.  Some see the combined bond as “more than five-year process to unify a roughly $4.4 trillion pile of agency MBS currently split between the two government-sponsored enterprises.”“It already was the most liquid market in the world in many respects. What are they trying to fix, exactly?” Walt Schmidt, Head of Mortgage Strategies at FTN Financial in Chicago, told Bloomberg.According to experts, the final outcome can’t be said until today’s launch.“To some extent June 3 will be a bit analogous to Y2K, you don’t know if everything will be successful until after the fact,” Jay Bacow, head of Morgan Stanley’s MBS research team, told Bloomberg. He added that “the mortgage market is second to Treasuries in terms of fixed-income liquidity and it’s challenging for us to see it losing that distinction under UMBS.” Fannie Mae FHFA Freddie Mac UMBS 2019-06-03 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Previous: A Snapshot of Mortgage Market Performance Next: HUD’s Plan for Housing Counseling Services  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save June 3, 2019 4,592 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Fannie Mae and Freddie Mac Launch UMBS in Daily Dose, Featured, Government, Market Studies, News, Secondary Market The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Fannie Mae FHFA Freddie Mac UMBS Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more