FHA Proposes Enhancements to HECM Program

first_img Demand Propels Home Prices Upward 2 days ago Share Save FHA Proposes Enhancements to HECM Program The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / FHA Proposes Enhancements to HECM Program Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 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. Tagged with: Federal Housing Administration FHA HECM Reverse Mortgages Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea 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 agocenter_img Federal Housing Administration FHA HECM Reverse Mortgages 2016-05-18 Brian Honea Subscribe  Print This Post In order to strengthen its Home Equity Conversion Mortgage (HECM) program and offer protections to seniors who want to age out in their homes, the Federal Housing Administration (FHA) announced on Wednesday it has proposed a new rule.FHA has implemented several reforms to improve the HECM program since the Housing and Economic Recovery Act of 2008 and the Reverse Mortgage Stabilization Act of 2013. One of those changes, implemented in June 2015, helps surviving non-borrowing spouses avoid foreclosure and stay in their home after the death of the borrowing spouse. Other reforms include limited initial withdrawals to ensure financial stability of the program; required financial assessments for HECM borrowers to determine if their reverse mortgage is sustainable in the long-term; and strengthening prohibitions against deceptive advertising of HECM programs.“We’ve gone to great lengths to protect seniors and ensure they can remain in their homes where they’ve raised families and where they hope to live out their days,” said Ed Golding, Principal Deputy Assistant Secretary for HUD. “As we grow older as a nation, we have a responsibility to ensure reverse mortgages remain a safe, secure, and sustainable financial option for future generations of senior homeowners.”The changes proposed on Wednesday to the HECM program will reinforce some of the previous reforms as well as adding new consumer protections to help senior borrowers. Those changes include: requiring HECM counseling before a contract is signed; requiring lenders to fully disclose all HECM loan features; requiring lenders to pay mortgage insurance premiums until the HECM is either paid in full, foreclosed on, or a deed-in-lieu of foreclosure is executed instead of until when the mortgage contract is terminated; and creating a cash for keys program which encourages borrowers to gracefully exit the property by completing a deed-in-lieu instead of through an arduous foreclosure process.Click here to read the proposed rule. in Daily Dose, Featured, Government, News May 18, 2016 1,448 Views Previous: Housing Forecasts Stay Calm Through Economic Storm Next: Subcommittee: Arbitration Ban Raises Costs for Consumers Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Related Articleslast_img read more

Bubble Risk: A City by City Breakdown

first_img  Print This Post The Best Markets For Residential Property Investors 2 days ago Bubble Risk: A City by City Breakdown Previous: First Community Mortgage Announces New Leaders Next: Mortgage Servicing Challenges: LoanCare President Weighs In Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Bubble Risk: A City by City Breakdown About Author: Nicole Casperson The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save HOUSING Housing Bubble mortgage UBS global 2017-10-02 Nicole Casperson Demand Propels Home Prices Upward 2 days ago UBS Global recently released its 2017 Real Estate Bubble Index. The Index score is a weighted average of the following five standardized city sub-indices: price-to-income and price-to-rent (fundamental valuation), change in mortgage-to-GDP ratio, change in construction-to-GDP ratio (economic distortion), and relative price-city-to-country indicator.Some cities across the country show signs of an oncoming housing bubble, even though most home prices in U.S. cities remain below its 2008 peak in real terms. However, San Francisco, California, is an exception, where real prices have increased by almost 65 percent since 2011, according to the report. In addition, the report noted that “the city shows signs of overvaluation but no bubble risk, given its strong economic fundamentals amid the astonishing boom of tech companies.”Los Angeles, California, is an overvalued metro as well, as, since 2012, prices have increased at twice the rate of the national average. Boston, Massachusetts, has grown at a rate of 15 percent in the last four years, in line with the national average, while New York and Chicago, Illinois, oriented toward the financial sector and the overall U.S. market, “has outpaced more traditional industries.” Overall, the report discovered that New York and Boston were fairly valued, while Chicago, Illinois, is undervalued.Compared to the rest of the world, New York is one of the most expensive and unaffordable markets in the world, even though the report mentions that the metro is fairly valued. For an average, highly skilled worker, it would take 11 years to afford a 650 square-foot apartment. The report notes that this could be due to declining population growth and increased financial burden, which if continued, could limit financial affordability even more.Click here to read the full report, along with comparisons to other international metros. The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img October 2, 2017 1,657 Views in Daily Dose, Featured, Headlines, News Related Articles Tagged with: HOUSING Housing Bubble mortgage UBS global 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Rebuilding Paradise

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Home / Daily Dose / Rebuilding Paradise Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago November 22, 2018 6,149 Views in Daily Dose, Featured, News, Print Features, Story Crawl Rebuilding Paradise Demand Propels Home Prices Upward 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Borrowers Claims Disaster FEMA Foreclosures Hazard Homeowners Homes HOUSING Hurricane Maria Insurance Lenders PR18 Puerto Rico Storm 2018-11-22 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago Editor’s Note: This feature originally appeared in the November issue of DS News.With Puerto Rico having marked the one-year anniversary of Hurricane Maria’s landfall on the island this past September, the long road to recovery still seems very long in many respects. USA Today reported in early October that, to date, the Federal Emergency Management Agency (FEMA) had “approved more than 460,000 applications and more than $1.4 billion in direct individual and household assistance funds” for the island. In April, the U.S. Department of Housing and Urban Development announced that Puerto Rico would receive $18.5 billion to go toward rebuilding its housing market. But even those grand totals seem like mere drops in a very large bucket.Even a year later, as other damaging storms have long since eclipsed Maria across the hectic 24-hour news cycles, the shadow of the hurricane looms large over Puerto Rico and her people. The Puerto Rico Builders Association estimated that the devastating storm damaged 250,000 housing units and outright destroyed 35,000. The island’s government estimates it will require $139 billion to rebuild the island, with $33 billion needed to restore and reinvigorate Puerto Rico’s housing.Even more sobering are the death tolls for the storm. An independent study from George Washington University’s Milken School of Public Health, commissioned by Puerto Rico’s Gov. Ricardo Rossello and released in August 2018, raised the official death toll attributed to the storm’s impact on Puerto Rico from 62 to 2,975. A Harvard University study released in May 2018 pegged those numbers even higher, estimating that more than 4,600 people could have died as a result of the storm and delayed medical care during the chaos that followed.Puerto Rico is in need, and the mortgage and servicing industry has the tools to assist—so long as the will is there as well. That call to action underpins PR18, an upcoming leadership summit organized by the Five Star Institute (DS News’ parent organization) and set to unfold this November 14–16 at the San Juan Marriott in San Juan, Puerto Rico. With the challenges many and the needs dire, DS News spoke to some of the participating industry leaders to learn more about the state of the situation on the ground, where the industry can help, and how PR18 hopes to help drive progress toward Puerto Rico’s full restoration.THE LOOMING CHALLENGESWhen Hurricane Maria hit Puerto Rico, it brought with it winds of nearly 160 miles per hour, coupled with storm-surge flooding. The island’s 3.5 million residents were left without power, and repairing that infrastructure took the better part of the intervening year in many cases—the Puerto Rico Electric Power Authority announced in August that service had finally been restored to all parts of the island. All told, the storm caused nearly $90 billion in damages and forced many residents to flee the island, both in the immediate aftermath and in the long months that have followed.The long months that have followed. Dealing with the physical damages alone would be daunting enough. While significant progress has been made in urban areas such as the capital of San Juan, Nickalene Badalamenti-Kalas, President, Five Brothers Default Management Solutions, told DS News that “clean-up efforts in rural areas are understandably lagging.”“Safety has to be in the forefront,” said Angela Hurst, SVP, USRES, Inc. and RESNET. “Statistically, many of the buildings that have been abandoned on the island folded to the wrath of the winds or the rains, more than the surge of the ocean waters. Working with the local government to determine if these properties meet updated building codes is critical to the rebuilding of the island.”Efforts by field services personnel on the island face abundant difficulties, ranging from funding to a lack of materials and skilled labor—and that’s barely scratching the surface. Property access can also be challenging, Badalamenti-Kalas said. Even reaching a property in order to gauge its status can sometimes be difficult if not impossible.Moreover, the damages across the island were in many cases exacerbated by the condition of structures even before the storm arrived. Emilio Colón Zavala, President of the Puerto Rico Builders Association, estimated that as much as 55 percent of the island’s housing stock was built “informally,” without permits or failing to meet the island’s building-code standards.“Homes that were not built up to code were left especially vulnerable to hurricane devastation,” Badalamenti-Kalas told DS News.With so much damage and so many people leaving the island both before and after Maria, it’s no surprise that the island continues to face both an economic and a foreclosure crisis.“Even before the hurricane, we were seeing a lot of issues in Puerto Rico financially,” said Andrea Tromberg, Owner, Tromberg Law Group. “There was already economic hardship and issues within the court system and government that the people were trying to improve and resolve. When you take that situation and compound it with a devastating hurricane, it only made matters worse.”“The biggest challenge our industry faces is the lack of identifiable information,” Hurst said. “Puerto Rico has an MLS (multiple listing service), but it is not widely or consistently utilized, so the information contained within it is not reliable. In our industry, the reliability of values, comparables, and returns is critical and the accuracy of that information determines whether a buyer will make an offer on a property or if an investor will enter the market. The Puerto Rican market is gaining a lot of interest from the states for investment opportunities or vacation properties, but the lack of reliable information is a deterrent.”Hurst cited First Bank Puerto Rico as an example. She explained that the bank, one of the largest lending institutions on the island, “recognized the challenge they were having gaining outside interest into the island because of the fragmented methods of marketing properties. RES.NET built First Bank Puerto Rico a website in their dialect so their properties can be found and so they can best market their repossessed bank-owned properties.” The bank and RES.NET then sent out a press release in both the U.S. and in Latin American markets in Puerto Rico and the Caribbean. “Since the release of the site, First Bank has tripled the number of buyers interested in their listed assets.”The island also faces a foreclosure crisis. While foreclosure moratoriums snapped into place in the days after the storm, the timelines inherent in those moratoriums are usually not well suited to a disaster of Maria’s scope or the length of the island’s ongoing recovery. In July 2018, The New York Times reported that “over the [preceding] four months, nearly 300 new foreclosure actions were filed in federal court in San Juan and in local courts across the island.”While some Puerto Rican homeowners may have relocated and now lack either the means or the desire to return to their properties, servicers are faced with a difficult process in even tracking down those owners in the first place.“The biggest complexity we face when processing the foreclosures is the clear communication with the borrowers,” said Genevieve López-Stipes, Founder and Managing Attorney of GLS Legal Services, a firm founded in 2008 and headquartered in San Juan. “If the investors are located in the states, there is a language barrier. Whenever we are in the process of a foreclosure in which we see that there is a lack of communication we interfere using a third party, so as not to have any conflict of interest, and assist the borrower in getting direct communication with the investor.”“In many respects, the Puerto Rican recovery effort is similar to the housing crisis recovery a decade ago,” said Steven Horne, Founding Member of HMB Law Group, a new firm Horne formed in October with attorneys Stephen M. Hladik, Miguel Maza, and Rose Marie Brook. “Both involved large populations of borrowers unexpectedly thrown into default,” Horne continued. HMB also operates out of San Juan and was, according to the initial press release, “designed from the ground up to meet the dynamic legal challenges of both financial institutions and Puerto Rican community members as the island recovers.”“Applying the lessons learned from the housing recovery, we have learned that law firms can be an important safety net to identify and facilitate alternatives for borrowers with the desire and ability to retain their homes,” Horne said.HOW THE INDUSTRY CAN HELPHelping facilitate communication between borrowers, servicers, attorneys, government agencies, and field services companies were cited as key needs by many DS News spoke to for this piece.“Our clients need to understand what the borrower’s intentions are,” Tromberg said. “We need to know if they do not want the property so that we know to do a deed-in-lieu or cash for keys, or whatever we can do to move that property so that it can be put into REO and resold and rehabilitated. If people are looking to modify their loan based on their circumstance, we need to secure the proper documentation so that the lenders can consider a modification. If we aren’t able to get ahold of people, or if people are too afraid to call or communicate, then we won’t be able to resolve the situation.”The challenges, from a legal standpoint, are numerous. “One of the unique issues is service of process,” Tromberg continued. “It is difficult to serve people on the island. They are very strict about the rules if you do not serve timely.” Failing to abide by those standards could lead to the dismissal of a case, forcing the entire process back to the starting line.“Our country has never experienced so much devastation in one year,” Hurst said. “Our emergency management infrastructure remains taxed. The best way to work on reconstruction is to look to the future and place priority on avoiding the same mistakes. There is a strong desire to act swiftly and assist Puerto Rico, however, the lines of communication remain fractured due to a difference in local vernacular, custom, and use of resources such as technology and social media.”“One lesson from the housing crisis a decade ago is that the states that did the best job in quickly acknowledging and resolving the legal issues surrounding real estate were the quickest to recover,” Horne said. “Beyond the core legal processes, our job is to find each borrower, determine their intention—are they coming back to the island, do they still want their house?—and work with the lender to find the solution that best meets their needs.”“Local law firms have the knowledge to handle all the different hurdles we face on a daily basis with the local government entities, such as property taxes and title issues,” López-Stipes said. “Expeditious delivery of construction materials; rapid evaluation, filing, and review of hazard claims; timely appropriation of local and foreign vendors to facilitate repairs is a start,” Badalamenti-Kalas said. “An estimated 5,000–8,000 small businesses have closed, and there has been a mass exodus of almost 200,000 residents.”“Improving the availability of materials and a conscious effort to expedite the bid/repair cycle may improve the speed to market,” BadalamentiKalas continued. “The creation of low-income housing, in which vacant units are converted into affordable housing to accommodate the families that lost their homes, may be a viable solution.” She also added that investment in the island, as well as the creation of private-sector jobs to stimulate the economy, will continue to be critical to Puerto Rico’s recovery.THE WAY FORWARDThis November, the PR18 summit will bring together executives and representatives from mortgage banks, servicers, suppliers, nondepository institutions, government agencies, and officials for a series of discussions abouthow to best help move Puerto Rico forward into recovery and renaissance.Scheduled topics include an overall “State of the Island,” a look at the policies and programs shaping the island’s recovery, an examination of Puerto Rico’s ongoing foreclosure crisis, borrower outreach options, a legal services update, and a breakdown of the unique property preservation challenges presented by Maria’s aftermath.“When crises happen, we must all react quickly and collaboratively to effect change,” said Ali Haralson, Chief Business Development Officer, Auction.com. “This proactive response is in line with the message of PR18: hope and restoration. By convening in Puerto Rico for this important summit, our industry leaders will be bringing visibility to the needs of the island and supporting relief and recovery efforts collectively.”“The biggest challenge facing Puerto Rico’s recovery right now is the need to build relationships between all the parties that need to work together for a more successful recovery,” Horne said. “Mainland firms are not familiar with Puerto Rico, and parties based in Puerto Rico need to work with mainland partners they can trust. The beauty of the Five Star PR18 Conference is that it is the perfect time in the recovery process to build those relationships.” About Author: David Wharton Previous: How Fire-Ready Are Americans? Next: The Industry Pulse: Updates on Equator, LERETA, Radian, and More … David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Borrowers Claims Disaster FEMA Foreclosures Hazard Homeowners Homes HOUSING Hurricane Maria Insurance Lenders PR18 Puerto Rico Storm Sign up for DS News Daily Subscribelast_img read more

FHFA’s Final Rule on Uniform Mortgage-Backed Security

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago FHFA’s Final Rule on Uniform Mortgage-Backed Security March 6, 2019 2,521 Views Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] As part of its goal to significantly improve the predictability of cash flows to MBS investors, the Federal Housing Finance Agency (FHFA) has issued a final rule that requires Fannie Mae and Freddie Mac (the Enterprises) to align programs, policies, and practices that affect the cash flows of “To-Be-Announced” (TBA)-eligible Mortgage-Backed Securities (MBS). The agency statement indicated that this is a major step forward. “This rule demonstrates FHFA’s commitment to the success of the UMBS, which will promote liquidity and efficiency in the secondary mortgage market,” said Joseph Otting, FHFA Acting Director. FHFA’s final rule addresses feedback expressed by commenters on the Notice of Proposed Rulemaking by refining alignment requirements to assure market participants that the GSEs will maintain consistent cash flows. The rule also explicitly outlines the ramifications to the Enterprises of misalignment. The announcement also stated that the preamble to the final rule also notes that FHFA has instructed the Enterprises to lower the maximum mortgage note rate eligible for inclusion in an MBS. It indicated that the requirements apply to the GSE’s current offerings of TBA-eligible MBS and to the new Uniform Mortgage-Backed Security (UMBS).As reported in DS News earlier, the GSEs will begin issuing the UMBS beginning June 3, 2019. Formulating the common securities are aimed at replacing the Enterprises’ current offerings of TBA-eligible MBS, which will be issued through the Enterprises’ joint venture, Common Securitization Solutions (CSS), using the Common Securitization Platform (CSP). The FHFA statement issued in March explained that after the June 2019 launch, “CSP and CSS “will expand to include the administration of multi-class securities and commingled Enterprise UMBS and the production of UMBS disclosures.” CSS and CSP will thereafter begin performing bond administration functions for close to 900,000 securities backed by nearly 26 million loans. Followed by this, the agency in September 2018 announced that it is issuing a proposed rule to require Fannie Mae and Freddie Mac to align programs, policies, and practices that affect the prepayment rates of TBA-eligible mortgage-backed securities. According to the FHFA, the purpose of the proposed rule is to enhance the overall liquidity of GSETBA-eligible MBS without regard to which GSE is the issuer. Specifically, the rule is designed for maintaining and improving the efficiency and liquidity of the secondary mortgage market.   Previous: The Hurdles Ahead for Real Estate Professionals Next: Freddie Mac Fund to Help Homeless and Displaced Demand Propels Home Prices Upward 2 days ago Subscribe  Print This Post About Author: Donna Joseph Demand Propels Home Prices Upward 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img in Daily Dose, Featured, News, Secondary Market Tagged with: Fannie Mae FHFA Freddie Mac Joseph Otting UMBS Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / FHFA’s Final Rule on Uniform Mortgage-Backed Security Fannie Mae FHFA Freddie Mac Joseph Otting UMBS 2019-03-06 Donna Joseph The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

Leveraging Assets for Investment

first_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Assets Investment Rent Servicing 2019-07-17 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. The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn Leveraging Assets for Investment 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 Tagged with: Assets Investment Rent Servicing The Five Star FORCE recently hosted a webinar on financing options for housing market investors, speaking on how establishing a relationship with a private lender is a highly effective way to support the clients that are most likely to acquire your assets, while generating extra revenue in the process. The webinar titled, “Connecting the Dots: Turn Over Inventory Faster with Private Lending” and presented by RCN Capital discussed how establishing a relationship with a private lender can become a highly effective way to support the investor clients that are most likely to acquire an REO asset, while generating extra revenue in the process for the REO agent.The webinar was presented by RCN Capital CEO Jeffrey Tesch.As the gatekeeper for these assets, having financing options for clients that invest in single-family homes, condos, townhomes, and multifamily properties are necessary to grow your business. Listeners found out  how establishing a relationship with a private lender is a highly effective way to support the clients that are most likely to acquire your assets, while generating extra revenue in the process.Tesch stated that single family investors are blowing up, noting that 7.2% of all home sales in Q1 2019 were flips, and 37.5% of these flips were purchased with financing. According to Tesch, single family rental needs to be considered, as U.S. single-family rent prices increased 3.0% year over year in April 2019. “You as REO managers and real estate professionals, have the inventory that investors are looking for,” said Tesch. Residential loans, or owner occupied loans, do not comply with investor needs. Instead, investors can take advantage of commercial loans for residential homes, if they are non-owner occupied. Typical loans include investor and flip financing, long-term rental property financing, ground-up construction financing, bridge financing, and build-to-rent financing. One example of a loan Tesch covered was a short term fix and flip loan. Short term fix and flip loan offer financing for both the purchase price and the renovations costs, with a LTV not to exceed 75%. Listen to the complete webinar recording here. Related Articles Share Save in Daily Dose, Featured, Investment, News, Secondary Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago July 17, 2019 988 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Politics, Housing, and its Impact on Foreign Buyers Next: Credit Risk: The Highs and Lows Home / Daily Dose / Leveraging Assets for Investment Sign up for DS News Daily Subscribelast_img read more

Breaking Down the Homebuying Process

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Breaking Down the Homebuying Process Tagged with: homebuyer Homebuying 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. The Week Ahead: Nearing the Forbearance Exit 2 days ago Allen AlishahiShelter Zoom President and Co-FounderLet’s not sugarcoat things: the homebuying process can be difficult. Weeks, if not months, are spent with a real estate agent looking for houses. Suburbs? City living? Who knows. Then you need to find a lender, see what your options are with down payments, mortgage rates, interest rates, FHA and traditional loans. Wait, the seller has a counter offer. Back to the real estate agent to negotiate some more. Finally, a deal is struck, and now you need to close. Make sure you have pay stubs, W2s, credit history, and be prepared to write your signature, alot. Anyone else exhausted? According to a recent survey, most Americans are, too. ShelterZoom, a New York-based creator of a blockchain-based real estate purchase and rental platform, recently surveyed more than 1,000 Americans on what they thought about the home buying and selling process. Apparently, the process isn’t well received. When surveyed, 39% said there’s too much paperwork; 36% said the process takes too long; 28.2% said it is too confusing; and 21% said there are too many people involved. Allen Alishahi, co-founder and President of ShelterZoom, said, despite the grievances of many Americans, the homebuying process has changed drastically over the past several years. “So many capabilities have come online with the searching for a home. To that extent, there has been a tremendous amount including access to mobile search capabilities, which really, if they existed, they were very minuscule in usage, but now there is a tremendous amount of reliances,” Alishahi said. While also noting transaction aspects have improved greatly, the negotiation side of home buying and selling has been “lacking.” It is his belief that the technology is available for consumers to use and for brokers to benefit from. Alishahi said technology has provided a great deal of innovation to the home buying process, giving buyers the ability to make an offer online, negotiate, communicate with brokers online, and give the brokers the ability to talk to the buyer and/or the seller. “You can see it is bringing in a tremendous amount of innovation to the market. So, it really is incredible, the tsunami of technology coming into open up new horizons for the real estate market,” Alishahi said. The sector driving the real estate industry further into the digital age is the millennials. Alishahi said they have different demands of the market, and can’t comprehend a time with manual processes. “It’s too much part of their life—having their mobile phone—they want to see everything on the mobile phone,” he said. “They want to be able to communicate, and they’re not really interested in face to face communication. Sit, like in the old days, you get in your car, drive to the broker’s office and find a parking space, sit there, and he’ll give you a paper to sign. They really don’t want to have anything to do with that. They like the new capabilities that are coming through technologies, giving them access to quick moves and buy, sell, rent online. So, these things are very important to them.”Alishahi welcomes the changes technology brings with it. He said that the innovations created because of it are great for the industry. “I can tell you it’s a lot easier to negotiate on your mobile phone than to drive around town trying to find a buyer with the seller and them to sign things,” he said. And the move to technology is nothing that will be going away anytime soon, as more and more millennials are expected to flood the market. A report by the Jacksonville Daily Record in July revealed that millennials (aged 23-38 years) made up 51.9% of new-home sales in the area over the past year. For the most part, Alishahi said, it is the millennials who express the most happiness when buying a home, partly because it is a new and exciting experience. Also, he added millennials express more happiness because they are gaining more control over the process. “They do their own search, they do their own research, they can check public records and various other sources that … So, they’re actually, because they’re more in control of what they are doing, there’s also less known for millennials because, that they’re so technologically savvy, that they can find out things you know about the property they’re buying,” he said. “Everything from, say, crime in the neighborhood. In certain cases, figure out how much it cost them now because they’re buying this house to, basically, commute back and forth to the house.” An important aspect, however, to watch in the coming months is how the market responds to its recent dip. The market fell off the cliff on August 21, as the Dow Jones fell more than 800 points. The market recovered in the coming days, but many economists are still predicting a recession could hit in 2021, or as early as 2020. Alishahi said during a declining market everything slowdown, including the housing market. “Buyers now, they are more hesitant, they always think it’s better to wait and see what else comes in the market,” he said. “So, the entire process in a declining market is slow with one exception and that’s the declining prices. That goes down real fast.” Respondents in ShelterZoom’s survey, when asked how long they’d be willing to wait to lower prices if their property is not selling, 3.5% said after one week, 19.7% said one month, and 33.2% said after three months. Seventeen-percent of sellers would drop the price after five months and just 9.4% would slash the price after a year. Of all responded, just 12.3% said they would not lower the price of their home. What does the future hold for the homebuying process? For Alishahi, it starts and ends with technology. Items such as virtual tours, to negotiations, and the closing and contract process, are all becoming digitized. He added that the homebuying process is much more geared toward the millennial, as senior buyers are slowly moving out of the housing market.  Home / Daily Dose / Breaking Down the Homebuying Process Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Mike Albanese Previous: The Most Affordable Markets for Techies Next: Earthquake Insurance on Shaky Ground The Best Markets For Residential Property Investors 2 days ago Related Articles  Print This Post Servicers Navigate the Post-Pandemic World 2 days agocenter_img in Daily Dose, Featured, News Demand Propels Home Prices Upward 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily homebuyer Homebuying 2019-09-27 Mike Albanese September 27, 2019 958 Views Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

NFIP Issued $400m in Reinsurance Protection

first_img  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Disaster FEMA flood nfip 2020-03-02 Seth Welborn Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Related Articles Tagged with: Disaster FEMA flood nfip The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Experts Predict: Interest Rate Cuts are Likely Next: The Impact of Renters on the Presidential Election Servicers Navigate the Post-Pandemic World 2 days ago NFIP Issued $400m in Reinsurance Protection Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Savecenter_img Sign up for DS News Daily Demand Propels Home Prices Upward 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. Home / Daily Dose / NFIP Issued $400m in Reinsurance Protection Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe The US Federal Emergency Management Agency (FEMA) has successfully transferred $400 million of the National Flood Insurance Program’s (NFIP) flood risk to the capital markets through the issuance of its third catastrophe bond transaction, Reinsurance News reports.Under the terms of the latest agreement, FEMA is set to pay $50.28 million in premiums for the first year of reinsurance protection. At the same time, FEMA states that the agreement will cover 33.3% of losses for any single flood event with losses between $6 billion and $9 billion, and 30% if that same event has losses of between $9 billion and $10 billion.David Maurstad, FEMA’s Deputy Associate Administrator for Insurance and Mitigation, and the senior executive in charge of the NFIP, commented: “Reinsurance is a lynchpin to help strengthen the financial framework of the flood insurance program. By engaging capital markets, FEMA is able to access alternative capital and grow its reinsurance program in a way that benefits policyholders and taxpayers, and expands the role of the private markets in managing flood risk in the United States.”After the NFIP’s short-term extension, the next steps will be reforming the program. In a report by Christa Nadler, EVP of Risk Placement Services, she dives into what problems the NFIP has faced, and what the future of the program looks like.According to Nadler, open-market flood coverage is becoming more and more vital, and “data is king.” With additional sources of data available, more carriers than the NFIP alone are looking at providing insurance.Part of the next steps for the NFIP involves private sector reinsurance. As part of the next steps for NFIP, the Federal Emergency Management Agency announced earlier this month that it has transferred an additional $1.33 billion of the NFIP’s financial risk to the private reinsurance market in its 2020 reinsurance placement for the program. March 2, 2020 1,924 Views The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welbornlast_img read more

Police concerned about missing 15 year old from Derry

first_img Police in Derry are becoming increasingly concerned about the whereabouts of a 15 year old girl from the Cornshell area of the city.Aoife O’Hagan was last seen in the Omagh area on Monday last. She has been in touch with family members on various occasions via her mobile phone however she has not returned home and her family are very concerned.Aoife was last seen wearing a burnt orange cardigan, grey ‘skinny’ jeans, a cream flowery vest top and light coloured brown boots with white fur around the tops.Aoife, or anyone who knows of her whereabouts, is asked to contact police on 0845 600 8000. Twitter NPHET ‘positive’ on easing restrictions – Donnelly Google+ Three factors driving Donegal housing market – Robinson Calls for maternity restrictions to be lifted at LUH Police concerned about missing 15 year old from Derry Facebook Facebook 448 new cases of Covid 19 reported today Help sought in search for missing 27 year old in Letterkenny Pinterestcenter_img Pinterest Google+ WhatsApp WhatsApp Twitter Newsx Adverts Previous articleIrish Cancer Society to provide information service at Letterkenny General HospitalNext articleDonegal has lowest level of disposable income in the state News Highland RELATED ARTICLESMORE FROM AUTHOR By News Highland – January 26, 2012 Guidelines for reopening of hospitality sector publishedlast_img read more

Chief Executive slammed for not providing reasons for Donegal post office closures

first_img By News Highland – April 27, 2012 Facebook RELATED ARTICLESMORE FROM AUTHOR WhatsApp Pinterest Google+ Pinterest Twitter Twitter Previous articleDerry protest against RAAD will go ahead tomorrow at 3pm despite latest shootingNext articleMan gets bail after Donegal judge said: ‘I’ll spit you out’ News Highland Google+ WhatsAppcenter_img Donegal Senator Brian Ó Domhnaill has slammed the Chief Executive of An Post for failing to provide any clarity on the reasons behind the closure of two post offices in Donegal.An Post CEO Donal Connell appeared before the Oireachtas Communications Committee in Leinster House this week.Senator O Domhnaill asked Mr Connell about the closure of Laghey and Meenlaragh Post Offices, and the future of other small post offices in Donegal and across the North West.But Senator Ó Domhnaill said he was extremely disappointed by the series of vague answers provided by Mr Connell to TDs and Senators at the Commitee…..[podcast]http://www.highlandradio.com/wp-content/uploads/2012/04/bod1pm1.mp3[/podcast] Calls for maternity restrictions to be lifted at LUH Almost 10,000 appointments cancelled in Saolta Hospital Group this week Chief Executive slammed for not providing reasons for Donegal post office closures Facebook Guidelines for reopening of hospitality sector published News LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Need for issues with Mica redress scheme to be addressed raised in Seanad alsolast_img read more

Dail to consider “Lost at Sea” report

first_img Almost 10,000 appointments cancelled in Saolta Hospital Group this week Need for issues with Mica redress scheme to be addressed raised in Seanad also By News Highland – February 4, 2010 The Ombudsman says that despite her best efforts, the Department of Agriculture and Fisheries continues to dispute her findings and recommendations relating to the lost at sea scheme.Emily O’Reilly made her comments as the Dail prepares to hear statements on the scheme today.In a statement the Ombudsman has said that the Oireachtas has the task of deciding who is right in relation to her findings of the Lost at Sea scheme.The Ombudsman published her report after her recommendations were rejected by a government department for only the second time in the 25-year history of the Office.An application by the Byrne family from Donegal, was rejected by the Department of Communications, Marine and Natural Resources, which had control of fisheries at the time. The application was made after the deadline had expired.The Ombudsman found that the advertising process regarding the scheme should have been more thorough, comprehensive and targeted. She recommended financial compensation of €245,570 be paid to the Byrne family.The Department of Agriculture rejected this and said it handled the Byrne family’s application fairly. Facebook Pinterest Pinterest Facebook RELATED ARTICLESMORE FROM AUTHOR Twitter News Google+center_img Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Google+ LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Twitter Calls for maternity restrictions to be lifted at LUH Guidelines for reopening of hospitality sector published Previous articleCitizens’ Information Board calls for integrated transport systemNext articleDonegal farmers welcome potato compensation announcement News Highland WhatsApp WhatsApp Dail to consider “Lost at Sea” reportlast_img read more

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