Bank of America and Justice Department Negotiations Stall

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Bank of America and Justice Department Negotiations Stall The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Bank of America and Justice Department Negotiations Stall Bank of America The Justice Department 2014-06-11 Derek Templeton 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. Demand Propels Home Prices Upward 2 days ago Previous: Job Growth Outpacing New Home Construction Next: Southern Nevada Home Prices Rebound in May Share Save Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, Headlines, Loss Mitigation, News About Author: Derek Templeton The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Ongoing settlement negotiations between Bank of America and the Justice Department to resolve an investigation into the bank’s role in the mortgage crisis reached a stalemate Monday as the government reportedly rejected the bank’s earlier $12 billion offer.Citing “people briefed on the matter,” the New York Times reported late Tuesday that the offer fell far short of the record $17 billion that prosecutors are seeking to resolve the state and federal investigations. Bank of America is seeking to continue negotiations while the government finishes readying its petition to file in federal court.The record settlement sought could signal a more aggressive stance from the Justice Department in resolving investigations into the events leading up to the mortgage crisis. The current record holder, JPMorgan Chase, reached a deal with prosecutors in 2013 for $13 billion, though the bank reportedly issued fewer securities in the run-up to the crash than BofA.According to the report, the deadlock seems to be centered upon two crucial issues: the amount of the settlement and the method of payment. BofA would like to minimize the cash penalty that is paid out and instead put the money towards consumer relief. While consumer relief will be a part of the settlement, the government is pushing for a larger cash payment that will be a meaningful deterrent rather than just the cost of doing business.For its part, BofA is torn between the competing interests in putting the mortgage crisis behind it and resisting penalties that it feels are overly punitive. The bank is resisting partly because of the pressure it says it felt from the Federal Reserve to go through with the purchase of Merrill Lynch in late 2008.Still, prosecutors contend that it is unclear if the bank would have been able to legally back out of the acquisition.Representatives for both the Justice Department and BofA did not immediately return requests for comment.  Print This Post June 11, 2014 1,131 Views Tagged with: Bank of America The Justice Department Subscribelast_img read more

San Francisco’s Cooling Housing Market Depicts Broader “Self-Correcting” Trend

first_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save About Author: Kendall Baer The Best Markets For Residential Property Investors 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Housing Market San Francisco 2016-11-14 Kendall Baer Previous: Industry Insight: Streamlining the Foreclosure Process Next: Up For Bid: HUD Announces Vacancy Loan Pool Sale Tagged with: Housing Market San Francisco Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily November 14, 2016 1,241 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / San Francisco’s Cooling Housing Market Depicts Broader “Self-Correcting” Trend in Daily Dose, Featured, News Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. A new report from CoreLogic’s Andrew LePage found that San Francisco – a market known for its astronomical home prices – has started to show signs of cooling. This is indicative of a broader housing trend of markets “self-correcting” instead of bubbling.In a research report conducted by Realtor.com, it was found that the national housing market has significantly recovered post-crisis with home prices growing significantly in recent years. They predicted that the unstainable price increases seen in San Francisco as well as other cities such as San Jose and Austin would naturally taper off due to people choosing to rent over buy, move in with family or roommates, or relocate to a housing market that is more affordable.This prediction is ringing true when it comes to San Francisco. According to the CoreLogic analysis, the housing market anomaly experienced a decrease in existing home sales through August of 2016 compared to the same period in the year prior. LePage says that this is due to conditions in the market being significantly different from those of pre-crisis.“One key difference between now and a decade ago is that today’s home prices don’t appear to be as far out of line with incomes, even though prices jumped about 60 percent over the past four and a half years,” says LePage. “CoreLogic calculates a long-term sustainable home price level based on the historical relationship between its Home Price Index (HPI) and a region’s per-capita disposable income. In July, this year the price level for the San Francisco metro division was 1.2 percent above the long-term sustainable price level. Near the peak of the last cycle home prices were 20 percent higher than the long-term sustainable level.”The San Francisco-Oakland-Hayward metro area’s market condition indicator was rated as normal by the CoreLogic HPI based on the long-term fundamental values, which are a function of real disposable income per capita. This means that despite the increase in home prices, income is holding pace.Another measure of market “self-correction” is the decreased flipping activity in San Francisco, says the report. Specifically, the third quarter of 2016 had a reported 2.1 percent of the homes flipped in the San Francisco-Oakland-Hayward metro area, which was a decrease from 2.3 percent from the year prior. The report also found that this rate was significantly lower than the 5.9 percent peak in first quarter 2005.Realtor.com postulates that the decrease in flipping is yet another factor pointing toward the market tapering off instead of bubble because flipping is one of the six factors quintessential to the housing bubble and subsequent housing crisis in the 2000’s.In addition to these trends marking “self-correction” and health in the housing market, CoreLogic reports that home purchase loan applications through August were stagnant compared the year prior. Further, the home inventory increased approximately 22 percent year-over-year.LePage says that now the biggest risk factors appear to be external to the market. These include slower job growth, a prolonged stock market sell-off, and higher mortgage rates.“While San Francisco faces a variety of possible external threats, it doesn’t appear to be beset by the same internal risks seen a decade ago,” says LePage.To read the full analysis from CoreLogic, click HERE. San Francisco’s Cooling Housing Market Depicts Broader “Self-Correcting” Trend Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Subscribelast_img read more

Weak Loan Performance Offsets Countrywide Settlement

first_img in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Increasing pool losses and riding shares of delinquent loans muted the positive credit effects of recent settlements, according to a release sent by Moody’s analysts on Tuesday.The influx of $7.35 billion of settlement proceeds to deals involving outstanding Countrywide residential mortgage-backed securities (RMBS) was not large enough to significantly affect the transactions’ credit profile going forward, according to the statement.“The $7.35 billion of settlement proceeds distributed thus far to the “settling trusts” we rate accounted for only 9.6% of our current projection of those trusts’ lifetime losses, and the majority of the transactions have delinquency pipelines greater than 10% of current balance,” Moody’s said.Distributions were credit positive for only a limited number of bonds, with 7 percent of bonds recording more than a 10 percent increase in credit enhancement with 19 percent of bonds upgraded.Bond from deals with low settlement shares still benefited because of waterfall features, while the credit profile of bonds from deals with large settlement shares but weak pool performance remain unchanged.“Ultimately, the underlying pool performance, in conjunction with transaction specific waterfall features, and not just the settlement amount factored into the impact of the recoveries,” Moody’s said.On average, the distribution of $7.35 billion from $8.5 billion of the Countrywide settlement funds to Countrywide RMBS bonds Moody’s rates covered 9.5% of the lifetime net loss they project on Alt-A, 9.9% of subprime, 9.9% of prime jumbo and only 9.5% of option ARM product lines.“In addition, the majority of transactions have delinquency pipelines greater than 10 percent,” Moody’s said.The distributions were credit positive for a small number of bonds, as it resulted in partial recoveries of bond losses and minimal to-no write-ups of subordinated bonds that had sustained losses. Of bonds in the major asset classes, 68 percent displayed no positive growth in credit enhancement and 7 percent of bonds displayed an increase in credit enhancement of more than 10 percent. As nearly 61 percent of Countrywide deals had no subordinate bonds prior to the settlement and only 14 deals had subordinate tranches written up from zero, the recoveries, even those as large as 30 percent of the May pool balance, did not offset the depletion of credit enhancement and or losses already incurred on these bonds. The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Phil Banker Tagged with: Countrywide Moody’s Settlements Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Weak Loan Performance Offsets Countrywide Settlementcenter_img Previous: Cordray Shares Expectations for New Administration Next: ServiceLink Fined by Regulators for ‘Improper Actions’  Print This Post Countrywide Moody’s Settlements 2017-01-24 Brian Honea January 24, 2017 1,397 Views The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Weak Loan Performance Offsets Countrywide Settlement Phil Banker began his career in journalism after graduating from the University of North Texas. He has covered a number of communities across Texas and southern Oklahoma, writing news and sports for publications including the Ardmoreite, Ennis Daily News and the Plano Star-Courier. He is currently a contributor to DS News and The MReport. Share Save Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Meet Mr. Cooper

first_imgHome / Daily Dose / Meet Mr. Cooper Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Previous: Week Ahead: Ten-X EVP Talks Housing Bubble Next: Freddie Mac is ACE About Author: Joey Pizzolato The Best Markets For Residential Property Investors 2 days ago  Print This Post Nationstar Mortgage officially announced at the opening bell of the NYSE Monday morning its rebranding as Mr. Cooper. DS News sat down with their CEO, Jay Bray, to discuss this monumental change in an exclusive interview. This change has been in the works for some time now. Could you talk a little about all the moving parts that come into play when trying to rebrand a national corporation?When you think of an incredible customer experience, the mortgage industry doesn’t come to mind. And it’s time for a change. As the leading nonbank servicer, change has to start with us, and now our goal is to completely transform our company and the industry. Monumental change like that is no easy task, so we knew we needed to start from the inside out. We started our journey by building our business on the foundation that happy team members lead to happy customers—it was a cultural shift we knew would take time. To convince our team that we were dedicated to this new journey, we have redefined our values, improved benefits, offered additional training and mentoring opportunities, listened to team member feedback, created engagement teams, and opened additional channels of communications for our team members.We simultaneously focused on our brand name change, researching names that would resonate with both our team and customers. We needed to pick a bold name that matched our bold aspirations. Once we selected Mr. Cooper, we developed creative assets to bring the brand to life and fostered an understanding internally to breathe life into the name with all 7,000 of our team members who are the embodiment of the Mr. Cooper brand and strive to be advocates for our customers.In a parallel path, we’ve been investing in the customer experience, creating new tools and features that will make the home loan journey more rewarding for our more than 3 million customers.Now, on August 21, we take our next big step in our transformation journey—officially changing our name to Mr. Cooper.What sort of obstacles did you encounter on the road to renaming Nationstar?With any major transformation, as was true with our company transformation to Mr. Cooper, there are goals to meet and perhaps even more challenging perceptions to change. With happy team members and happy customers as our north stars, we knew we had to prioritize communication and develop a better experience for both of those audiences.We spent an entire year rolling out this transformation to our team members, ensuring their understanding and embodiment of the ideals of Mr. Cooper, to align our entire company. This involved months of trainings, information and goal sharing and two-way communication. The impact of our investments in our team are infectious and it is amazing to see how our team has embraced Mr. Cooper.Following our rollout of our internal transformation, we sought to transform the customer experience–we needed to do more than just talk about an exciting rebrand—we had to walk the walk. In taking a close look at customer feedback, we made real, substantial changes: we launched a new website and mobile app, with user-friendly tools and features and completely changed our operational and customer-facing technology. We have also moved all of our customer service operations back to the U.S., removed all fees for on-time online payments and offered more robust, easy to understand content. To do this we’ve invested more than $90 million in our technology and infrastructure and completed more than 50,000 hours in customer service training company-wide. We think it’s working too. Our complaints are down over 70 percent in the past two year. Looking forward, what do you hope to accomplish with the rebranding?I’m glad you asked that. It’s been an incredible transformation—but we still have work to do. We want to build trust by putting the service back in the servicing industry, using innovation and technology to create an incredible customer experience. To grow our business by retaining existing customers and reaching new customers, we had to give our customers a reason to believe in us. We had to change from the inside out, and we are excited to have a tangible representation of that promise in our rebrand to Mr. Cooper.In the near future, Mr. Cooper will be launching exciting new technology that will further assist current customers and prospective homeowners as they prioritize their finances. Can you tell me a little bit about the significance of the name Mr. Cooper?After extensive research and testing, Mr. Cooper was selected as our new brand name. It personifies the next generation of home loan servicing and lending for the company and represents a more personal relationship with customers can have with their home loan provider. We recognize the critical role of a customer advocate in delivering a positive experience and aligns the entire company behind the spirit of customer advocacy.The New York Stock Exchange is quite the stage. What were your goals or intentions behind unveiling this move here?   Our sentiments exactly. We can think of no better way to literally ring in a new day and new brand than with the honor of ringing the bell at the NYSE. We are also very excited to have ten team members join us on the podium—each selected for their role in the successful launch of Mr. Cooper and their embodiment of Mr. Cooper core values. The launch of Mr. Cooper is really a celebration of our team and their hard work and we look forward to showcasing their achievements. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Meet Mr. Cooper Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Headlines Demand Propels Home Prices Upward 2 days ago Subscribecenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Mr. Cooper Nationstar 2017-08-21 Joey Pizzolato Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Mr. Cooper Nationstar 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] Servicers Navigate the Post-Pandemic World 2 days ago August 21, 2017 1,902 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days agolast_img read more

Top 5 Cities to Rent and to Own a Home

first_img Tagged with: Appreciation Baltimore Buy costs Down Payment Home Homeownership New York Realtor.com Rent Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Staff Writer Manhattan, New York and Santa Barbara, California are among the most expensive places to buy a home, but the best places to rent, while Baltimore, Maryland and Clayton County, Georgia, are the best counties to buy a home according to Realtor.com on Monday.  To assist prospective homebuyers determine if renting an apartment or buying a home is the better option, Realtor.com used 2017 median prices and incomes in 500 counties. The research was geared for urban and suburban dwellers—as an average monthly house payment and rent may be close to the same figure with both continuing to rise.The report, listed several financial indicators to compile a list of home prices versus monthly rent in various U.S. counties: annual median rent, median house payment, mortgage, taxes, and insurance, along with median income. However, it did not factor in the costs of down payments or annual maintenance, as well as home appreciation, which can increase the value of a home over the years.The report indicated that if money were the only factor, the top county to rent and not buy a home is New York, New York, specifically Manhattan, where the rent may be $1,915 but home prices are approximately $2.2 million.  Coming in second is Santa Barbara, California, where rent is $1,958 and homes cost approximately under $1 million.Other communities that made it to the top five rent don’t buy list included: Kings County, New York (Brooklyn); Monterrey County, California; and Suffolk County, Massachusetts (Boston).“Homeownership is the opportunity to build wealth. It also helps people be more stable. If there’s a recession and you lose your job for a year, then people can take out a home equity loan and get through the hard times,” said Joseph Kirchner, Senior Economist at Realtor.com.According to the report, the best areas to buy a home instead of rent were in Baltimore County, Maryland, where median rent is $1,443 compared to homes available for $257,000. With a median rent of $1,185 and a median home sale price of $130,000, Clayton County, Georgia (just outside Atlanta) came in second on the buy don’t rent list. Schuylkill County, Pennsylvania; Cumberland County, New Jersey; and Wayne County, Michigan (Detroit) rounded off this list. Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Top 5 Cities to Rent and to Own a Home The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Share Save Previous: Reverse Mortgage Volume Hits Its Highest Point Since 2011 Next: As Stocks Tumble, Lenders Take a Hit Data Provider Black Knight to Acquire Top of Mind 2 days ago Top 5 Cities to Rent and to Own a Home Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Appreciation Baltimore Buy costs Down Payment Home Homeownership New York Realtor.com Rent 2018-02-05 Staff Writer Servicers Navigate the Post-Pandemic World 2 days ago February 5, 2018 2,110 Views Subscribelast_img read more

Can Consumers Fulfill Their Debt Obligations?

first_imgHome / Daily Dose / Can Consumers Fulfill Their Debt Obligations? The Best Markets For Residential Property Investors 2 days ago Consumers expectations of home price growth cooled slightly in June while the percentage of consumers who think credit will become easier to access over the next year declined, according to the July 2018 Survey of Consumer Expectations, released Tuesday by the Federal Reserve Bank of New York.After climbing to a recent survey high of 3.9 percent in June, the median home price change expectation declined to 3.7 percent. The dip in July still leaves the number elevated from its trailing 12-month average, which is 3.4 percent. When it comes to credit access, the Federal Reserve said, “Perceptions of credit access compared to a year ago improved slightly, while expectations for year-ahead credit availability deteriorated, with a slightly smaller proportion expecting improving conditions.” In July, 19.65 percent of consumers surveyed said they believe it will be easier to gain access to credit in a year, while 30.53 percent said it will be harder. In June, 21.69 percent of respondents said they thought it would be easier to access credit a year down the road, while 30.62 percent said it would be harder. The percentage of consumers who said credit is easier to access today than a year ago in July was 23.68 percent, compared to 23.58 percent in June. The percentage who said it is now harder to obtain access to credit dipped from 27.96 percent in June to 27.13 percent in July. Expectations of household income growth rose just slightly in July, while expectations of earnings a year from now decreased over the month. Median household income growth is expected to be around 2.8 percent, according to the July survey, up 0.1 percentage points from a month earlier. Consumers expect earnings growth one year into the future to be about 2.4 percent as of July, down from 2.7 percent expected in the June survey. The Federal Reserve Bank of New York pointed out that this puts the percentage just below “its 2.5 percent -2.7 percent range since November 2017,” adding that, “The decline was broad-based across income groups, but largest among younger (below age 40) respondents.” When it comes to paying off debts, consumer optimism increased in July. Consumers believe the probability they will miss a minimum debt payment sometime in the next three months is about 11.8 percent, down from 12.4 percent in June. Since the start of the survey in June 2013, the lowest perceived probability of missing an upcoming debt payment has been 10.7 percent, while the highest was 17.2 percent. July’s number sits near the lower end of this spectrum. Consumers are continuing to expect increases in taxes with the median expectations of year-ahead changes in taxes, assuming the same income level, reaching 2.2 percent in July after rising steadily since February when it reached a low of 1.5 percent. Consumers expect to spend a little less moving forward in July than they reported expecting to spend in the June survey. Median household spending growth is expected at 3.2 percent, down from 3.3 percent a month earlier but still a little stronger than its 12-month trailing average of 3 percent. Also notable in the Fed survey, the share of consumers who expect stock prices to be higher 12 months in the future fell to its lowest level since October 2016, reaching 40.3 percent in July. Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: The Top 10 Cities for Retirement Next: Why Is Mortgage Default Risk Rising? About Author: Krista Franks Brock in Daily Dose, Featured, Market Studies, Newscenter_img Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago August 14, 2018 1,482 Views consumers credit debt Home Prices Homes HOUSING loans New York Fed 2018-08-14 Krista Franks Brock The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: consumers credit debt Home Prices Homes HOUSING loans New York Fed Demand Propels Home Prices Upward 2 days ago Can Consumers Fulfill Their Debt Obligations? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Sign up for DS News Daily  Print This Postlast_img read more

Sagent Lending Technologies Announces Appointment of Matthew Tully

first_img Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Sign up for DS News Daily in Featured, Headlines, News Tagged with: bret leech Matthew Tully Sagent Lending Technologies January 18, 2019 2,083 Views About Author: Donna Joseph Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Featured / Sagent Lending Technologies Announces Appointment of Matthew Tully Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Travis LaMar Joins Blue Water Financial Technologies, LLC Next: Trulia Names New Chief Economist The Best Markets For Residential Property Investors 2 days ago Pennsylvania-based Sagent Lending Technologies announced the appointment of Matthew Tully to its executive leadership team as Vice President of Agency Affairs and Compliance. The role is responsible for furthering Sagent Lending Technologies’ interests with key lending industry stakeholders and influential organizations in the Washington, D.C., area.“I am excited about the opportunity to advocate for Sagent’s innovative work within the lending technology space as well as the opportunity to increase the company’s engagement with the housing agencies in Washington,” said Matthew Tully regarding his new role. “Sagent is a great place to work because they recognize the need for a boots-on-the-ground focus to their compliance and agency outreach efforts.”Tully brings 15 years of government compliance and industry relations experience to this new role – giving voice to Sagent Lending Technologies’ goals in the important lending industry conversations happening every day in our nation’s capital.“Matt is joining us from Essent Guaranty and we are excited to have him join the Sagent team today. Our clients will directly benefit from his compliance and housing policy expertise as together we make the lending experience better for everyone,” said Bret Leech, CEO, Sagent Lending Technologies. “This increased focus on compliance and agency relationships is a testament to the value we create for our clients and the lending community as Sagent Lending Technologies.”Sagent Lending Technologies is dedicated to improving the lending experience for everyone. The company’s suite of origination, servicing, and processing offerings aims to deliver flexible, scalable, and configurable solutions. Sagent is a joint venture that combines Fiserv Inc.’s decades of lending expertise with Warburg Pincus’ skill in growing technology companies. Subscribe bret leech Matthew Tully Sagent Lending Technologies 2019-01-18 Donna Joseph Sagent Lending Technologies Announces Appointment of Matthew Tully 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] last_img read more

Ginnie Mae Hits $32B in Platinum Securities

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News, Secondary Market Share Save October 15, 2019 1,356 Views Ginnie Mae MBS Securites 2019-10-15 Seth Welborn  Print This Post Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn Sign up for DS News Daily Ginnie Mae announced that investors purchased a record $32 billion of Platinum Securities spread across 217 pools in the fiscal year that ended September 30. Platinum Securities volume in fiscal year 2018 was approximately $20 billion.Ginnie Mae Platinum Securities are issued through the Ginnie Mae Multiclass Securities Program and, according to Ginnie Mae, “provide investors of mortgage-backed securities (MBS) with greater market and operating efficiencies.”Investors who hold multiple pools of MBS can combine new or existing MBS into a single Ginnie Mae Platinum Certificate. Once a Ginnie Mae Platinum Certificate has been created, it can be used in structured finance transactions, repurchase transactions and general trading.”The record volume caps a strong year for the Ginnie Mae Platinum program,” Ginnie Mae said in a statement.In April, Ginnie Mae introduced a Platinum product for Home Equity Conversion Mortgages (HECMs), known as HMBS, part of the modernization of Ginnie Mae’s Platinum Securities Program. Investors can create Platinum products using fixed-rate MBS (15- and 30-year mortgages); Weighted Average Coupon (WAC) Adjustable Rate Mortgage (ARM) and Jumbo Only Fixed mortgages.”The market adoption of the modernized process for Platinum products has been strong: prior to modernization, fiscal year 2017 production of Platinum securities with fixed-rate collateral was only $7.88 billion,” Ginnie Mae noted. “Following modernization and automation inside the new MyGinnieMae portal, volume grew to more than $20 billion in fiscal year 2018.”“The results this year clearly demonstrate that our Platinum program modernization efforts are aligned with the needs of investors,” said John Daugherty, SVP, Office of Securities Operations. “Making it simpler for investors to manage their portfolio of Ginnie Mae securities, while enhancing the liquidity of their Ginnie Mae investments, supports our mission to foster a strong secondary mortgage market for government mortgage loans. We’re helping borrowers across the U.S. obtain the lowest mortgage rates an efficient market can offer.” Home / Daily Dose / Ginnie Mae Hits $32B in Platinum Securitiescenter_img Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Ginnie Mae MBS Securites Ginnie Mae Hits $32B in Platinum Securities Previous: Financial Stress and Foreclosure Activity Next: The Rise of Mom-and-Pop REO Investors 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

CFPB Director Provides Update on Protection Practices

first_imgHome / Daily Dose / CFPB Director Provides Update on Protection Practices CFPB 2020-02-06 Seth Welborn in Daily Dose, Featured, Government, News Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Tagged with: CFPB In the Consumer Financial Protection Bureau’s (CFPB) semiannual report to Congress, CFPB Director Kathleen Kranginger outlined the Bureau’s focus and advancements. According to Kraninger, she is focusing on two areas: “encouraging saving and unleashing innovation wherever appropriate and possible,” with the focus on giving power to consumers when choosing financial products.“As I have said before, the Bureau cannot be everywhere, with everyone, at every transaction,” Kraninger said in her opening statement. “Therefore, empowering consumers to help themselves, protect their own interests, and choose financial products and services that best fit their needs is essential to preventing consumer harm and building financial well-being.”During the hearing, House Financial Services Chairwoman Maxine Waters was critical of Kraninger’s stance on the Bureau, as Kraninger herself reversed the Bureau’s course and agreed that the “for-cause” removal provision, which states that the president can only remove CFPB’s director for “inefficiency, neglect of duty or malfeasance in office,” does violate the U.S. Constitution’s separation of powers, according to a brief filed earlier this year in the high court by U.S. Solicitor General Noel Francisco and in letters sent to Congress.“You’ve made it harder for your own agency to crack down on abusive acts by financial institutions,” Waters said. “With this policy statement, you have made it clear that under your watch bad actors will come first and consumers will come last.”Rep. Patrick McHenry, on the other hand, praised Kraninger’s position on the Bureau’s structure, saying he believes the structure will be found to be unconstitutional and that Congress should be prepared to step in and restructure the agency.In the case of Seila Law LLC V. Consumer Protection Bureau, Seila Law alleges that the structure of the agency grants too much power to its director. According to court papers, given the CFPB’s broad law enforcement powers, the fact that the president may only remove the director of the CFPB “for inefficiency, neglect of duty, or malfeasance in office” is unconstitutional. In May, the CFPB beat Seila Law before a panel of the 9th U.S. Circuit Court of Appeals.The U.S. House of Representatives alleging that the case has no bearing on the constitutionality of the Bureau, and as such, the Supreme Court should resolve this case without deciding on the constitutionality of the Bureau. Related Articles Previous: Tax Abatements and Home Loan Performance Next: Finding Your Voice in the Servicing Industry Governmental Measures Target Expanded Access to Affordable Housing 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days agocenter_img  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago February 6, 2020 1,168 Views CFPB Director Provides Update on Protection Practices Subscribelast_img read more

Industry Representatives Urge Congress to Pass COVID-19 Relief

first_img Demand Propels Home Prices Upward 2 days ago Related Articles Industry Representatives Urge Congress to Pass COVID-19 Relief About Author: Christina Hughes Babb October 2, 2020 1,046 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Industry Representatives Urge Congress to Pass COVID-19 Relief Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post The House passed a $2.2 trillion COVID-19-relief bill Thursday, but that reportedly is unlikely to move through the Republican-led Senate. As negotiations continue, the National Association of Home Builders (NAHB) are among housing-industry professionals urging the White House and Republican and Democratic leaders to, as the association puts it in a statement, “move swiftly to advance a bill that will provide relief to American home owners and renters, create a streamlined, simplified forgiveness process for Paycheck Protection Program (PPP) loans, and provide state and local home builders associations (HBAs) access to PPP loans.”In a letter sent to said leaders, the NAHB promised that housing will create jobs and lead the economy forward, but can only do so if relief-geared legislation is put into place, specifically, laws to “help struggling renters with dedicated rental assistance; legislation that provides relief for small businesses from burdensome loan forgiveness requirements; and action that assists HBAs that have largely been excluded from previous relief measures. “NAHB asked for “immediate emergency rental assistance to prevent a massive housing crisis,” noting that eviction moratoriums though the end of the year do not exclude tenants back-rent payments, which, in cases date back to March.“Emergency rental assistance will provide a solution for residents and housing providers alike, and is necessary to help those with financial hardships, without undermining the stability of the housing market and the financial health of our communities,” NAHB’s letter to lawmakers stated.NAHB also called on Congress to make the PPP loan forgiveness process simpler, “to ensure small businesses can focus their time, energy, and resources back into their business and communities instead of allocating significant time and resources into completing complex forgiveness forms.”NAHB reportedly is “pleased that House and Senate leadership recognize the important need for 501(c)(6) organizations (that include state and local HBAs) to access small business loans under the PPP by including this provision in both the HEALS Act and the HEROES Act.”“It is critically important that these non-profits receive the help they so desperately need in the next COVID-19 recovery package,” NAHB told lawmakers. “We strongly urge Congress to work in a bipartisan fashion to pass COVID recovery legislation without delay.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. 2020-10-02 Christina Hughes Babb in Daily Dose, Featured, News Previous: High Unemployment Hasn’t Curbed ‘Robust’ Housing Market Next: MBS Performance at Five-Year Low Share 1Save Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days agolast_img read more