Cost of Compliance: Consolidation

first_img The default servicing space is narrowing under new legislated regulations.“The bottom line is that doing the necessary work of protecting our financial system and its customers comes with a cost.”Those words were spoken by Federal Reserve Governor Elizabeth Duke at a California Bankers Association seminar back in January 2012. At that time, the magnitude of the costs that come with compliance in this new era of austere rules and heightened scrutiny was just beginning to present itself.“Every point where you touch a consumer has had to change over the last year or two to ensure compliance with the CFPB’s [Consumer Financial Protection Bureau’s] new rules,” according to Dave Worrall, president of RoundPoint Mortgage Servicing Corporation.Worrall says smaller players are not only dealing with a declining number of distressed loans, but they’re also getting crushed by the cost of complying with new regulations. “It’s not just needing to expand infrastructure to be in compliance, but it’s also the cost of needing to prove that you’re compliant and monitor compliance,” Worrall explained. “Small companies are struggling because of this environmental change. A lot can’t, or are going to have a hard time surviving.”He says just the cost associated with proving compliance adds significant fixed costs to a servicer’s infrastructure. The size of RoundPoint’s compliance area is four times what it was in 2012, according to Worrall. The additional expense that comes with compliance is diametrically opposed to the idea of economies of scale servicing, Worrall notes.Economies of ScaleIn a “Housing Insights” report published last month, the economics team at Fannie Mae noted that the “mortgage servicing business provides perhaps the clearest example of the benefits of scale economies in the primary mortgage market.” The GSE’s economists cite data published by the Mortgage Bankers Association for the period between the second quarter of 2012 and the second quarter of 2013, which shows that direct servicing expenses for servicers of fewer than 2,500 mortgage loans were 13 percent higher per loan than direct servicing expenses for servicers of more than 50,000 loans.This pre-2007 cost-of-service model just isn’t going to work in the post-2014 era because of the cost to comply, according to Worrall, who says that may not necessarily be a bad thing. “I’m not an advocate of the economies of scale model because I think that type of thinking got us into this situation in the first place,” Worrall said. “Large servicers had built businesses to service lots and lots of loans and had not built in the capabilities to handle a default event like what occurred in 2007 and 2008.”  Print This Post Home / Featured / Cost of Compliance: Consolidation Share Save January 16, 2014 1,574 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The pre-2007 cost-of-service model just isn’t going to work in the post-2014 era because of the cost to comply.It’s the same age-old problem with all companies, according to Bill Glasgow, president of Glasgow Management, Inc., and a former servicing executive with OneWest, JPMorgan Chase, Bear Stearns, and IndyMac. “If you expand too fast, you end up finding out that it costs a multiple, several times over, to fix the problems you create, as opposed to growing in a more sustained, methodical way,” said Glasgow, whose consulting firm specializes in improvements in mortgage servicing operations.Market ShiftsAccording to Glasgow, the servicing business is changing hands in direct relation to capital structures. Until now, it’s always been the big national banks that were the primary providers, not only of lending but also the servicing side of the business, Glagsow explains. “And now you see them, in many respects, exiting at least a percentage of that business, and some of them clearly want to get out of managing the default side of the business, which is spawning an avenue of growth for nonbanking companies such as Green Tree, Ocwen, and Nationstar,” he said.In a commentary note released November 18, the analysts at FBR Capital Markets addressed this very topic. “As a result of the current capital and regulatory environment, larger banks are stepping back from the origination and servicing market,” they wrote. “This bodes well for smaller banks and nonbank originator/servicers, as they can step into the hole left by the big, money center banks, allowing them to gain significant market share.”FBR’s analysts went on to say, “Nonbank market share in both the origination and servicing sectors has risen meaningfully during the past four years.Many banks have announced their departure from and lessening involvement in different origination channels and have disclosed layoffs as they have decreased capacity. This trend should continue as Basel III capital standards, headline risk, and tighter regulations discourage banks from maintaining a strong presence in the mortgage market.”Risks of Untethered ExpansionGlasgow, however, worries about the pace of this shift within the marketplace. “If, and only if, the Ocwens, Nationstars, and the Green Trees of this world—and this is a big if—if they can demonstrate that they can grow at the level and pace they are growing today without getting themselves into compliance issues and adversely impacting the consumer, then I would imagine this model will survive for at least the next five years, though a lot will depend on the position or future of the GSEs,” he said.The industry witnessed the ramifications of such maneuvers just last month with the actions taken by federal and state officials against Ocwen Loan Servicing. The CFPB and 49 state attorneys general filed a consent order in federal court requiring $2.125 billion in restitution to remedy what CFPB Director Richard Cordray described as “systemic misconduct.” On a press call with reporters, Cordray noted that Ocwen “has been greatly expanding its business in the years since the housing collapse.” Today, Ocwen is the nation’s fourth-largest mortgage servicer and the largest nonbank servicer.“It has acquired smaller competitors such as Homeward Residential and Litton Loan Servicing. And it has taken on servicing duties for some of the big banks. Today its customers number in the millions,” Cordray said. “Because Ocwen bought the mortgage servicing rights to millions of existing accounts, for many borrowers Ocwen was not their first servicer.For these struggling homeowners, the Consumer Bureau believes that too often trouble began as soon as a loan transferred to Ocwen, with Ocwen failing to honor trial modifications that were agreed upon by previous servicers.”“There’s been consolidation for the past 10, 20, 30 years but nothing like what we’ve seen here in just the last few years,” Glasgow said.Squeezing the Business Model“[W]hile the effects of the economic crisis are receding, bankers are now facing a wave of increased regulatory requirements,” Federal Reserve Governor Duke said in that speech back in January 2012. “For the most part, the new regulations are directed at the largest institutions, whose failure would pose the greatest risk to the financial system, or at the lending practices that led to the crisis. Even so, the changes are so sweeping that many industry analysts have questioned whether the overall weight of regulation poses a threat to the future of the community bank model.”Since the beginning of the recession, the industry has had to deal with paradigm shift after paradigm shift, according to Worrall. As a result, “shops are retooling to performing loans,” he said. Worrall sees the prevailing business model of the future as large loan servicers working with primarily performing mortgages.Indicative of this transformation within the industry, Roundpoint, which has historically been a special servicer, has begun focusing solely on performing loans. Worrall says Roundpoint got into the MSR market in 2012, but activity was limited. In 2013, it ballooned and pricing almost doubled from what the company was paying for MSRs the year before.In order to survive in this new marketplace, Worrall says it’s paramount for any company to allocate significant corporate resources for monitoring and complying with the swiftly changing regulatory environment. Secondly, he says it’s important to provide a good experience for the consumer because whether still trying to hang on as a special servicer or executing the economy of scale model, the only way to succeed is with a business model that stresses customer service.“You look at companies that are truly committed to this business—Wells as an example—that have weathered the storm, and you’re never going to see those types of institutions exit,” Glasgow said. “On the other hand, if we were so worried about the American-US Air merger, then we should be as equally worried about concentrating mortgages with just a handful of servicers.”Glasgow points to Washington Mutual, Fleet, and even Citi as examples of what happens when a single company tries to become the behemoth, large mortgage company with the largest market share. “There have been more failures than successes, and this is something that we at least have to be careful and mindful of,” Glasgow said.Bowing to Numerous InterestsWith Basel III, eminent domain, lawsuits from municipalities, FHA penalties, and hungry attorneys general looking for ways to raise public opinion among their constituents, there’s a multitude of various interests trying to “intervene in the mortgage lending space without concern as to what it will do, at least in the short- and intermediate-term, to the profitability of this business,” according to Glasgow. If those banks and nonbanks are left in doubt as to what the future holds in this business, he says, it only generates more concern and interest in exiting the mortgage business.“We as an industry have to get to a point where the intervention by all these various interests is minimized,” Glasgow said. “For example, everyone wants to examine and audit the same company. We have to get to the point where one firm can produce something equivalent to an SAS 70, something that says, ‘I’m in good health and I’m performing in compliance with CFPB requirements.’”According to Glasgow, there’s too much interruption on the part of these various examiners. They are detracting from both banks’ and nonbanks’ ability to service the consumer. And he says the same is true for vendors; they’re encountering the same interference.Third-Party Impact“We’re all audited,” said Caroline Reaves, CEO of Mortgage Contracting Services (MCS), which itself was recently part of a consolidation effort.In August, Concentric Equity Partners and TDR Capital announced the formation of a new holding company to establish a suite of mortgage field services companies comprising MCS and two of its former competitors, Asset Management Specialists (AMS) and Vacant Property Specialists (VPS).According to Reaves, there are a number of factors that come into play when considering combining forces with another company. In addition to the other party’s reputation, their management team, and the location of their facilities, chief among the questions to ask is: “Do they have something that will benefit our business?” she said.Although the pooling of MCS, AMS, and VPS under common ownership just made good business sense, Reaves says compliance is a very big part of all consolidation taking place within the industry today. “Just the sheer volume of new regulations that have come out and the expense of that” is a strong driver, Reaves said.MCS alone has invested $25 million in its technology since 2007, and Reaves says a lot of that has been recently to ensure compliance with new regulations. “If we’re sharing technology and not having to replicate those efforts, we get the best out of all our technologies and can make sure we’re able to handle all the security, data transfer, data backup, and disaster recovery requirements” that are necessary for this business, she explained.“I think we will absolutely see more consolidation just because of the sheer expense of remaining compliant with all of the new regulations, along with the benefits related to technology and quality control,” Reaves said. “Consolidation can be very good. When companies are consolidating to gain the strengths of other companies, it helps our industry and helps our clients.”Todd Mobraten, COO of RES.NET, agrees that it can be a good thing for the industry when vendors consolidate because it tends to align the ratio of suppliers to demand now that the economy is improving and the number of loans in default is declining. These consolidations could essentially represent a reset or a balancing of supply and demand, he explains.However, Mobraten said, “From a supplier’s viewpoint like mine, when there’s a consolidation of mortgage servicers, there becomes less opportunity. We wind up with a large pool of suppliers and a small customer base.”“This business has always been about building relationships and understanding the specific pains that your customer base goes through, and you investing time and dollars into solutions for these particular customers,” Mobraten said. “With an immediate acquisition of some kind, now you’re at risk of that customer and all that time and investment going away in a matter of seconds.”Mobraten said the interesting part to him is that although “every acquisition represents somebody having to sell to survive, it also represents an opportunity for someone else.”One thing those in the industry can count on, according to Mobraten, is constant change, and it’s important to strategize for that change to endure and remain successful.Over-Regulation?Over the last three to four years, regulatory supervision has reached a level that Glasgow can only describe as “ridiculous.” It’s a major distraction and interference with any company performing as it should and working to exceed customer expectations.“You can’t take managers off the line and have them entertain and educate examiners—which is what we’ve been doing—and at the same time expect them to manage your customer base,” Glasgow said. “It doesn’t work.”The burden today is being placed on those lenders and servicers that have had the stamina to withstand this “intervention,” Glasgow says, but it’s not something that can continue without companies concluding the risks of this business outweigh the rewards.“In the next 12 to 24 months, if the extraordinary intervention that has happened in our industry over the last few years doesn’t subside, then this is a business that’s not sustainable based on the servicing fee revenues—it’s just simply not sustainable,” according to Glasgow. “Then you have to ask yourself, ‘Who is going to eventually pay for it? Who is going to have to pay to support today’s broad-based definition of how this business should be conducted?’” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 2014-01-16 Carrie Bay The Best Markets For Residential Property Investors 2 days ago Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English. Related Articles in Featured, Print Featurescenter_img Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Miami Real Estate Agents Sentenced in Multimillion-Dollar Fraud Next: Comparing Valuation Measures About Author: Carrie Bay Servicers Navigate the Post-Pandemic World 2 days ago Cost of Compliance: Consolidation The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

48,000 Foreclosures Completed in March

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, News Previous: Case-Shiller Index Shows Slight Increase; Home Prices Steady Next: Mortgage Contracting Services Announces 90-Job Louisiana Expansion The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. 48,000 Foreclosures Completed in March Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Home / Daily Dose / 48,000 Foreclosures Completed in March Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago April 29, 2014 760 Views CoreLogic’s latest National Foreclosure Report, utilizing data through March 2014, found that foreclosure inventory is down 5.1 percent from February. The percentage of homes seriously delinquent on their mortgages fell as well to 4.7 percent, the first time the seriously delinquent rate has been this low since October 2008.Foreclosure inventory is back to November 2008 levels, according to the company.Completed foreclosures for the month totaled 48,000, an increase of 5.9 percent from February. Regardless, completed foreclosures fell 10 percent over the year, dropping from 53,000 recorded foreclosures in March 2013.By comparison, before the decline in the housing market in 2007, foreclosures averaged 21,000 per month nationwide between 2000 and 2006, the company said. Since the financial crisis began, 5 million homes have completed the foreclosure process.”The inventory of homes in foreclosure and serious delinquency status are back to 2009 levels, yet remain elevated from a historical perspective,” said Dr. Mark Fleming, chief economist for CoreLogic.”While getting healthier, the housing market is a long way from being fully recovered. By way of comparison, distressed stock inventories are more than three times higher than the levels of the early 2000s, before the most-recent housing boom and subsequent financial crisis,” Fleming added.Nationally, the inventory of homes in foreclosure is down 3.1 percent from February. March’s inventory reflects a yearly drop of 37 percent, from 1.1 million homes in foreclosure in March 2013 to 720,000 as of March 2014.Foreclosure inventory has recognized 29 consecutive months with a year-over-year decline. Foreclosure inventory represents 1.8 percent of all homes with a mortgage, down from 2.8 percent the previous year.”The pathway to a full recovery in housing is proving to be a very long one, but lower distressed stock levels are one clear indicator that we continue to make slow-but-steady progress,” said Anand Nallathambi, president and CEO of CoreLogic.He continued, “Most states have made good progress clearing their foreclosure inventories, but states that have a longer judicial foreclosure process, such as Florida, New Jersey and New York, continue to struggle with elevated distressed stock inventories.”States with the highest foreclosure inventory as a percentage of mortgaged homes include New Jersey (6.0 percent), Florida (5.8 percent), New York (4.6 percent), Maine (3.2 percent), and Hawaii (3.1 percent).”Thirty-seven states show declines in year-over-year foreclosure inventory of greater than 30 percent, with Arizona, California and Utah experiencing declines of more than 50 percent,” CoreLogic said.States with the highest number of completed foreclosure during the past 12 months include Florida (122,000), Michigan (49,000), Texas (39,000), California (34,000), and Georgia (33,000). CoreLogic Foreclosure National Foreclosure Report Seriously Delinquent Rate 2014-04-29 Colin Robins Tagged with: CoreLogic Foreclosure National Foreclosure Report Seriously Delinquent Rate The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Colin Robinslast_img read more

DSNews Webcast: Tuesday 9/2/2014

first_imgHome / Featured / DSNews Webcast: Tuesday 9/2/2014 September 1, 2014 535 Views In accordance with the Housing and Economic Recovery Act of 2008, the Federal Housing Finance Agency announced Friday that it has proposed a rule to establish new housing goals for 2015 through 2017 for Fannie Mae and Freddie Mac. For single-family housing goals, FHFA is requesting comment on three alternative approaches. The first alternative involves using Home Mortgage Disclosure Act data to calculate both a prospective benchmark level and a retrospective market measure; the second alternative involves setting only benchmark levels; and the third involves setting only the retrospective market level measure.Under the first alternative, prospective benchmarks for the percentage of all single-family purchases would remain at their current levels of 23 percent for low-income families and 7 percent for very low-income families for 2015 through 2017, encouraging the GSEs to promote more “safe and sound lending” to low-income borrowers. Under the second alternative, single-family benchmark levels would be lower than the levels that have been proposed; and under the third alternative, prospective benchmark levels would not be set.In Fannie Mae’s July 2014 Monthly Summary released Friday, the GSE reported that July’s serious delinquency rate of 2.0 percent for single-family properties is the lowest it has been since October 2008. The percentage of single-family properties that were in serious delinquency, which is defined as having a mortgage loan where the payment is more than three months overdue or the property is in foreclosure, experienced a month-over-month decline from 2.05 percent from June and a drop from 2.7 percent from July 2013. DSNews Webcast: Tuesday 9/2/2014 Servicers Navigate the Post-Pandemic World 2 days ago in Featured, Media, Webcasts The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles  Print This Post About Author: Jordan Funderburk Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Share Save 2014-09-01 Jordan Funderburk Previous: Experts to Lecture on Opportunities, Strategy in Investment Lab at FSC Next: Report: Housing in U.S. Not Set Up to Handle Aging Population Is Rise in Forbearance Volume Cause for Concern? 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days agolast_img read more

Texas Still Among Nation’s Lowest in Foreclosure Inventory

first_img Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily About Author: Brian Honea CoreLogic Foreclosures Housing Recovery Texas 2014-10-06 Brian Honea The Best Markets For Residential Property Investors 2 days ago Despite having the third highest number of completed foreclosures of any state for the 12-month period ending August 31, 2014, Texas still had the 10th lowest foreclosure inventory percentage of any state for the month of August, according to CoreLogic.The Lone Star State’s total of 36,466 completed foreclosures during that 12-month period were third only to Florida (120,842) and Michigan (42,960), but at the same time, the foreclosure inventory (number of homes in any state of foreclosure) for Texas came in at 0.7 percent for August. This number represented a decline of 0.3 percentage points from August 2013 for Texas (a 30 percent decline) and is well below the national foreclosure inventory average of 1.6 percent, according to CoreLogic.Texas was not the only state where foreclosure inventory was way down, however. In all, 28 states reported a year-over-year decline in foreclosure inventory of more than 30 percent, led by Utah and Idaho at 46 percent each, according to CoreLogic.Completed foreclosures for the 12-month period ending in August were down 20 percent in Texas, which reported nearly 46,000 completed foreclosures for the same period in 2013, CoreLogic reported. The decline in completed foreclosures in Texas mirrored that of the entire nation, which sank from 719,601 down to 575,706, a decline of 20 percent. And August was the 19th consecutive month in which there was a 20 percent or greater year-over-year decrease in foreclosure inventory, all signs that seem to point to a housing market that back on the rise.”The number of foreclosures completed during the last 12 months is at the lowest level since November of 2007,” said Anand Nallathambi, president and CEO of CoreLogic. “At current foreclosure rates, the shadow inventory could fall below 500,000 units by year-end which could provide a solid boost to the recovery in housing in 2015.” in Daily Dose, Featured, Foreclosure, News The Best Markets For Residential Property Investors 2 days ago Texas Still Among Nation’s Lowest in Foreclosure Inventory Previous: Former FHFA Official Burns Joins Collingwood Group Next: Fed’s Labor Market Index Shows Signs of Recovery In September  Print This Post October 6, 2014 985 Views Tagged with: CoreLogic Foreclosures Housing Recovery Texas Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Texas Still Among Nation’s Lowest in Foreclosure Inventory Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save 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 Data Provider Black Knight to Acquire Top of Mind 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. Subscribelast_img read more

Key Posts Collecting Dust

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post About Author: Brianna Gilpin Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Key Posts Collecting Dust Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Tagged with: Cabinet Positions HUD President Trump 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] Cabinet Positions HUD President Trump 2017-08-24 Brianna Gilpin The Best Markets For Residential Property Investors 2 days ago August 24, 2017 1,290 Views Subscribecenter_img Demand Propels Home Prices Upward 2 days ago The Trump administration has yet to fill many gaps in in the Department of Housing and Urban Development (HUD), as well as other positions that affect the mortgage industry.Former Federal Housing Administration (FHA) Commissioner under George W. Bush, Brian Montgomery, current Collingwood Group Vice Chairman, has long been considered the frontrunner for the FHA leadership post, a position held on an interim basis by Dana Wade. Wade is a former staffer for the Senate Banking and Appropriations Committee, as well as the House Budget Committee. Montgomery has been highly influential in the industry and a champion of Home Equity Conversion Mortgage program—which he helped administer.The pressure to fill additional positions continues to stretch into other areas impacting housing. Pam Patenaude, whose confirmation hearing in mid-June for Deputy HUD Secretary, has not received a vote by the Senate, despite bipartisan support from the committee. Patenaude served as a HUD official under former President George W. Bush, and was a possible candidate for HUD Secretary before the nomination and appointment of Dr. Ben Carson.The Office of the Comptroller of the Currency is also without a Senate-confirmed leader, despite Joseph Otting, former CEO of OneWest Bank, being nominated back at the beginning of June to take the place of Keith A. Noreika, who has been serving as Acting Comptroller since May 5, 2017.Randal Quarles’ nomination hearing for the Federal Reserve’s Vice Chairman for Supervision was held in conjunction with Otting’s. If confirmed, Quarles would be the first person to fill the role since its creation in 2010; President Barack Obama did not nominate anyone during his two terms in office. Related Articles Key Posts Collecting Dust Previous: Paradatec’s WriteUCD Is Approved by Freddie Mac Next: Next Post 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 in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily last_img read more

Mortgage Delinquencies Experience Historic Spike

first_img 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 Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago May 21, 2020 2,366 Views Sign up for DS News Daily Share Save Previous: Helping Servicers Interact with Borrowers Next: Five Star Academy Courses Free For the Next Month Tagged with: Delinquency mortgage The nationwide delinquency rate hit its highest single-month increase in history in April, according to the First Look at April mortgage performance data from Black Knight. According to Black Knight, some 3.6 million homeowners were past due on their mortgages as of the end of April (including the roughly 211,000 who were in active foreclosure)—the highest number since January 2015.This is an increase of 1.6 million since March, the largest single-month jump on record. This number includes homeowners past due on mortgage payments who are not in forbearance, as well as those currently enrolled in forbearance plans and who did not make an April mortgage payment.The national delinquency rate nearly doubled to 6.45% from March, the largest single-month increase ever recorded, and nearly three times the previous record for a single month from back in late 2008. Delinquency increases in Nevada (+5.2%), New Jersey (+5.1%), and New York (+4.9%) led the states, while Miami (+7.2%), Las Vegas (+6.2%), and New York City (+5.4%) topped the 100 largest metro areas.Despite the delinquency increase, both foreclosure starts and foreclosure sales hit record lows in April as moratoriums and forbearances halted foreclosure activity across the country.Close to 9% of all active mortgage loans are in forbearance as of this week, according to the latest data from Black Knight’s McDash Flash.Looking ahead, Black Knight estimates there could be 4.9 million loans in forbearance by the end of this month if the number of loans entering forbearance declines by 10% per day moving forward. By the end of June, there would be 5 million loans in forbearance, accounting for 9.4% of all active mortgages in this scenario.Under a “more pessimistic scenario,” with the two-week average going forward and a 10% decline beginning in mid-June, 5.4 million loans would be in forbearance at the end of this month, according to Black Knight’s calculations. This would account for 10.1% of all active mortgage loans. Servicers Navigate the Post-Pandemic World 2 days ago Mortgage Delinquencies Experience Historic Spike The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Mortgage Delinquencies Experience Historic Spike 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Delinquency mortgage 2020-05-21 Seth Welborn About Author: Seth Welborn Subscribelast_img read more

Decision on Lifford and Ballyshannon community hospitals by ‘early summer’

first_img Google+ Guidelines for reopening of hospitality sector published Pinterest WhatsApp Three factors driving Donegal housing market – Robinson Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Twitter Pinterest WhatsApp Previous articleHealth Minister stands by Sligo General cancer services decisionNext article50 Donegal schools included in summer works’ scheme News Highland Almost 10,000 appointments cancelled in Saolta Hospital Group this week By News Highland – April 19, 2010 center_img Decision on Lifford and Ballyshannon community hospitals by ‘early summer’ Facebook Twitter Facebook Google+ Calls for maternity restrictions to be lifted at LUH News LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton The HSE’s Local Health Manager for Donegal says decisions will be made on the future of Community Hospital Services in the county by the early summer.John Hayes was responding to ongoing fears about the future of Lifford Community Hospital, and The Rock in Ballyshannon, both of which are believed to be facing closure as part of an ongoing review.Speaking after a meeting with unions this morning, Mr Hayes told Highland Radio News that while no decisions have been made, there are serious challenges underpinning the review.[podcast]http://www.highlandradio.com/wp-content/uploads/2010/04/hayes3pm.mp3[/podcast] RELATED ARTICLESMORE FROM AUTHORlast_img read more

PARC concerned that Donegal Rally will lead to copycat driving

first_img Previous articleFormer Finance Minister Brian Lenihan passes awayNext articlePresidential hopeful looking for backing of Donegal County Council News Highland Pinterest By News Highland – June 10, 2011 Facebook Pinterest Facebook Twitter RELATED ARTICLESMORE FROM AUTHOR LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton WhatsApp The Head of the Donegal Road Safety Group PARC has expressed concern that gardai will not have the resources to deal with drivers who she believes will mimic those taking part in the Donegal International Rally.Susan Grey has also called on the Rally organisers to ensure that rally cars stick to the route over the course of the event to ensure publicly safety.She has also expressed concern at figures released at a road safety seminar in Donegal which showed that over a 13 year period, 307 were killed on the roads in the county, with 1,184 injured.Ms Grey says the injury figures are very much under-reported:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/06/rally-susan.mp3[/podcast] Google+center_img PARC concerned that Donegal Rally will lead to copycat driving WhatsApp Minister McConalogue says he is working to improve fishing quota Guidelines for reopening of hospitality sector published Twitter Need for issues with Mica redress scheme to be addressed raised in Seanad also Newsx Adverts Google+ Almost 10,000 appointments cancelled in Saolta Hospital Group this week 70% of Cllrs nationwide threatened, harassed and intimidated over past 3 years – Reportlast_img read more

One man dies following Lough Ree rescue

first_img Facebook Twitter By News Highland – March 21, 2014 Previous article“Into the West” seeks clarity on Kennedy’s transport hub proposalNext articleGas fitter jailed for the manslaughter of two teenagers in Castlerock News Highland Google+ News Google+ WhatsApp RELATED ARTICLESMORE FROM AUTHOR A man who was rescued from Lough Ree after a boating accident yesterday afternoon has died in hospital.The man in his 20’s was one of two who were taken from the water and brought to Portiuncula hospital in a critical condition.He was later transferred to University College Hospital in Galway where he passed away overnight.Meanwhile, search efforts have resumed this morning to find a third man also believed to have been on the fishing boat when it got into difficulty.The operation is being coordinated by Malin Head Coastguard PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Man arrested in Derry on suspicion of drugs and criminal property offences released center_img Pinterest WhatsApp Man arrested on suspicion of drugs and criminal property offences in Derry Pinterest Dail hears questions over design, funding and operation of Mica redress scheme One man dies following Lough Ree rescue Twitter HSE warns of ‘widespread cancellations’ of appointments next week Facebook Dail to vote later on extending emergency Covid powers last_img read more

Hanafin promises to defend Derry Dublin air link at cabinet table

first_img Previous articleLYIT Director says Donegal retains more graduates than any other rural countyNext articleNight work not an option in Milford – Mc Bride News Highland Newsx Adverts WhatsApp Tourism Minister Mary Hanafin has promised to support the retention of EU and government support for the Dublin – Derry air link provided by Aer Arran.The issue was raised with Minister Hanafin during a visit to Donegal on Friday last.Local business leaders, including Pramerica CEO Henry Mc Garvey say the Derry Dublin link is hugel;y important to the North West economy, and it should be maintained. Senator Cecilia Keavney says when she raised it with Minister Hanafin in Donegal, the response she got was very positive……[podcast]http://www.highlandradio.com/wp-content/uploads/2010/09/55555cecil1pm.mp3[/podcast] Twitter Pinterest Google+ Main Evening News, Sport and Obituaries Tuesday May 25th Gardai continue to investigate Kilmacrennan fire Facebook RELATED ARTICLESMORE FROM AUTHOR By News Highland – September 20, 2010 center_img 365 additional cases of Covid-19 in Republic Twitter WhatsApp Further drop in people receiving PUP in Donegal Hanafin promises to defend Derry Dublin air link at cabinet table Google+ Pinterest Man arrested on suspicion of drugs and criminal property offences in Derry 75 positive cases of Covid confirmed in North Facebooklast_img read more