CFPB Moves Against Three Lenders for Falsely Implying Government Representation

first_img The Week Ahead: Nearing the Forbearance Exit 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 in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea CFPB Consumer Financial Protection Bureau Deceptive Advertising Mortgage Lenders 2015-02-12 Brian Honea Share Save Previous: For Sale: Fannie Mae, Freddie Mac MSR Portfolio – $3 Billion Next: Senate Banking Committee Discusses Regulatory Burden on Community Banks, Credit Unions The Consumer Financial Protection Bureau (CFPB) announced Thursday that it has taken action against three mortgage lenders for falsely implying U.S. government endorsement of their products, according to an announcement from CFPB.The Bureau announced it is suing reverse mortgage lender All Financial Services with the intent to halt the lender’s illegal activities and has imposed civil fines on both Flagship Financial Group and American Preferred Lending. The latter two companies were ordered to cease their false advertising in addition to paying civil fines.”Each of these companies has misled consumers with false advertising,” CFPB Director Richard Cordray said. “The U.S. government is very serious about stopping companies from falsely claiming federal authority, and we are particularly concerned about false or deceptive statements made in advertisements about reverse mortgages that target older Americans.”CFPB claims that all three institutions violated the 2011 Mortgage Acts and Practice Advertising Rule, which prohibits misleading claims in mortgage advertising. The three companies involved, which are all private lenders, are not affiliated with the U.S. government even though some loans issued by private lenders are insured by government agencies such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). An investigation conducted by the Bureau revealed that the three lenders implied an affiliation with the U.S. government in their advertising materials despite not being affiliated with the government.The Bureau found that Maryland-based All-Financial Services claimed in its advertisements from November 2011 to December 2012 that the advertisements were sourced by a government entity and falsely implied that the FHA-insured reverse mortgage program was time-limited or had a deadline. CFPB said the company also falsely advertised that borrowers were not required to make monthly payments under a reverse mortgage “as long as you and your spouse live in the home.” The Bureau is seeking a civil fine and an injunction to prevent future violations in the U.S. District Court for the District of Maryland.A CFPB investigation revealed that Utah-based Flagship Financial Group, a licensed broker or lender in 35 states, implied in mailings from August 2011 to December 2012 that VA loans it originated were endorsed by the U.S. Department of Housing and Urban Development (HUD). The company also sent tens of thousands of mailers with the heading that began “Pursuant to the Federal Housing Administration,” according to CFPB. The Bureau ordered Flagship Financial to pay a civil penalty of $225,000 and to cease falsely implying government affiliation in future advertisements.The California-based American Preferred Lending, which originates mortgage credit products that include FHA and VA residential loans, was found to have implied in more than 100,000 mailings that the mailings came from the U.S. government. According to CFPB, the mailings included an FHA-approved lending institution logo and referenced a Web address, www.FHAdept.us. For its actions, American Preferred Lending was ordered to pay a civil penalty of $85,000 and is prohibited from falsely implying an affiliation with the government in future advertising materials. Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Subscribe Related Articlescenter_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 12, 2015 975 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Home / Daily Dose / CFPB Moves Against Three Lenders for Falsely Implying Government Representation Tagged with: CFPB Consumer Financial Protection Bureau Deceptive Advertising Mortgage Lenders CFPB Moves Against Three Lenders for Falsely Implying Government Representation  Print This Post Demand Propels Home Prices Upward 2 days agolast_img read more

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City of Oakland Lawsuit Accuses Wells Fargo of Reverse Redlining

first_imgHome / Daily Dose / City of Oakland Lawsuit Accuses Wells Fargo of Reverse Redlining  Print This Post The city of Oakland, California, has filed a lawsuit against Wells Fargo accusing the bank of reverse redlining by targeting minorities for high-cost mortgage loans which later led to foreclosures and blight when the borrowers defaulted.Oakland’s lawsuit, filed in the U.S. District Court, Northern District of California, accuses the nation’s largest mortgage lender of violating the U.S. Fair Housing Act by steering minorities toward high-cost, “predatory” mortgage loans even if they qualified for more affordable loans, according to a report from Reuters. These loans included extra costs such as high interest rates, balloon payments, and large prepayment penalties, according to the suitThe lawsuit alleges that Wells Fargo refused to refinance these high-cost loans to minorities on the same terms for which they refinanced loans to white borrowers, which resulted in a disproportionate number of foreclosures that subsequently led to abandoned properties and neighborhood blight. According to the lawsuit, African-American and Hispanic borrowers in Oakland were 2.4 and 2.5 percent more likely to receive a predatory mortgage loan than comparable white borrowers. The lawsuit also states that loans made for houses in minority neighborhoods were 4.75 times more likely to end in foreclosure. According to the lawsuit, the disproportionate number of foreclosures would not have occurred had the bank applied uniform lending practices.”Wells Fargo has been a part of the Oakland community for more than 140 years and we will vigorously defend our record as a fair and responsible lender.” The City of Oakland is also accusing Wells Fargo of violating the California Fair Employment and Housing Act, which, like the FHA’s Fair Housing Act, bans all forms of discrimination in housing, including discrimination based on race.Wells Fargo spokesman Tom Goyda expressed disappointment at the way the situation was handled and denied the City of Oakland’s allegations. Wells Fargo is headquartered in nearby San Francisco.”The City Attorney’s (Barbara Parker’s) accusations against Wells Fargo do not reflect how we operate in the communities where we do business and it’s disappointing that she has chosen this course of action over a collaborative approach to helping borrowers and homeowners in Oakland,” Goyda said in an email to DS News. “Wells Fargo has been a part of the Oakland community for more than 140 years and we will vigorously defend our record as a fair and responsible lender. We will continue to focus on helping customers in Oakland and its surrounding communities succeed financially, and on expanding homeownership in California and across the United States.”In early September, the 11th U.S. Circuit Court of Appeals revived three lawsuits the were brought about by the City of Miami, accusing Wells Fargo, Bank of America, and Citigroup of discriminatory and predatory mortgage lending practices to minority borrowers. However, a reverse redlining suit against Wells Fargo filed by the City of Los Angeles was dismissed in July. In early September, the City of Los Angeles dropped a reverse redlining case against JPMorgan Chase. Related Articles Share Save September 23, 2015 3,167 Views Previous: Assurant Mortgage Solutions Realigns Business Development, Client Relations Resources Next: Court Dismisses BNY Mellon’s $600 Million RMBS Suit Against JPMorgan Chase 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 Subscribe 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honeacenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago City of Oakland Lawsuit Accuses Wells Fargo of Reverse Redlining Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: City of Oakland California Predatory Lending Reverse Redlining Wells Fargo Demand Propels Home Prices Upward 2 days ago City of Oakland California Predatory Lending Reverse Redlining Wells Fargo 2015-09-23 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Foreclosure, News The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

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GOP Just Keeps Pushing Financial Reform

first_imgHome / Daily Dose / GOP Just Keeps Pushing Financial Reform Financial Reform Financial Stability Oversight Council H.R. 3340 U.S. House of Representatives 2016-04-19 Brian Honea Subscribe Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago GOP Just Keeps Pushing Financial Reform Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Financial Reform Financial Stability Oversight Council H.R. 3340 U.S. House of Representatives Republicans have been trying to chip away at the Dodd-Frank Wall Street Reform and Consumer Protection Act ever since it was passed nearly six years ago, and they have been making some headway in the last month.The latest victory for the GOP in their fight against Dodd-Frank came in the House of Representatives recently when H.R. 3340, known as the Financial Stability Oversight Council (FSOC) Reform Act, passed by a vote of 239 to 179. The bill was introduced by Rep. Tom Emmer (R-Minnesota) in July 2015 and it passed in the House Financial Services Committee in November.The FSOC, which was created by Dodd-Frank in 2010 along with the Office of Financial Research (OFR), has the power to designate certain financial institutions as “systemically important,” which increases the regulatory burdens for those institutions. H.R. 3340 amends the Financial Stability Act of 2010 and requires the budgets of both the FSOC and the OFR subject to the annual appropriations process; it also establishes requirements for reports and a public notice and comment period.“I am a firm believer in a transparent and accountable government, and if a federal institution is failing to meet these fundamental criteria, Congress needs to fix it,” Emmer said. “Unfortunately, FSOC and OFR currently operate in the shadows, outside of the usual congressional oversight and the democratic process. I cannot stand by while businesses that had nothing to do with the 2008 financial crisis are being unjustly burdened with new regulations that result in Americans paying higher prices for essential financial products like home mortgages, as well as education, auto and business loans.”“I am a firm believer in a transparent and accountable government, and if a federal institution is failing to meet these fundamental criteria, Congress needs to fix it.”Rep. Tom Emmer (R-Minnesota)Emmer continued, “Over the years, Congress has given much of its authority to unelected bureaucrats but this legislation returns the Constitutional ‘power of the purse’ back to Congress. Not only will this legislation reduce mandatory spending by $1.3 billion over the next ten years, but it will make FSOC and OFR transparent and accountable to the American people. Subjecting these entities to the congressional appropriations process, enhancing OFR quarterly reporting requirements and allowing Americans to weigh in on OFR rules and regulations gives Congress the tools it needs to provide the proper oversight of FSOC and OFR.”H.R. 3340, like most proposed legislation that involves financial reform that rolls back Dodd-Frank, passed with an almost exclusively partisan vote. Out of the 239 yeas, only one Democrat voted in favor of it (Rep. Henry Cuellar from Texas), and out of the 179 nays, only one Republican voted against it (Rep. Walter Jones of North Carolina).The passage of H.R. 3340 in the House is the latest in a series of setbacks for Dodd-Frank. Last week, the House Financial Services Committee passed a bill to repeal Dodd-Frank’s bailout fund for large, complex financial institutions. At the same time, the Committee passed a bill to put the CFPB’s spending on a budget in an attempt to make the Bureau more accountable to taxpayers.In late March, a judge dealt a blow to Dodd-Frank and the FSOC when she ordered the “systemically important” designation to be removed from insurance provider MetLife. The FSOC designated MetLife as a nonbank systemically important institution in December 2014 and MetLife had fought to have it removed since.  Print This Post Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea April 19, 2016 1,272 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Previous: Why Will Principal Reduction Benefit So Few Borrowers? Next: DS News Webcast: Wednesday 4/20/2016 The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News Sign up for DS News Daily last_img read more

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Fate of Swing States In 2017 Election May Come Down to Housing Market

first_img Related Articles Home / Daily Dose / Fate of Swing States In 2017 Election May Come Down to Housing Market  Print This Post in Daily Dose, Featured, News Fate of Swing States In 2017 Election May Come Down to Housing Market States that are battlegrounds for Republican and Democratic control could potentially see their dominate political party reverse come 2017, according to Daren Blomquist, SVP for ATTOM Data Solutions.Currently, homeowners in Republican-controlled districts are winning seven out of 11 battleground states including Michigan, Ohio, Nevada, and Florida, according to recent data from RealtyTrac. Blomquist says that this trend is in part due to the suburban or rural nature of these states over all.“There are definitely exceptions here, but the cities that are in these states are still very much struggling and not seeing the renaissance that some of the other markets have,” says Blomquist. “The other thing to notice about these battleground states is that unlike nationwide where the Democratic districts are out performing the Republican districts two to one, in many of these states it is a very close battle between the Democratic and Republican districts when it comes to housing returns.”He notes that another hallmark of these states is that many of them were the epicenters of the housing crisis, meaning homeowners are still struggling to gain back the value that was lost during the housing market downturn.“The Democratic districts tend to be more densely populated areas as well as coastal markets, and that’s where we have seen the housing market recovery centered during this housing boom over the last four years,” says Blomquist. “This housing recovery has really been about a return to urban, walkable locations and those areas tend to be Democratic districts in nature.”This trend of battleground states being Republican dominated could reverse though, says Blomquist. “I think you may actually see some of these swing states flip in a sense as that trend takes hold there. In places like Ohio and Michigan where Republicans are beating the Democratic districts only marginally, I would expect to see those areas flip especially as places like Detroit start to experience that renaissance that other cities are seeing across the country.”While this reverse could change the orientation of these states, Blomquist notes that current trends seen nationwide for the housing market are expected to continue for the next four years.“I think the trend toward more urban locations especially for the young buyers is going to continue into the next administration, says Blomquist. “It is fair to say, though, that having a Democratic president in place probably had some influence on the market trends but it’s hard to quantify that, so there will probably be some influence depending on who wins the presidency. I think more importantly, though, is the trend toward going back to the cities and I foresee that continuing for the next four years.” Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago 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. About Author: Kendall Baer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Savecenter_img ATTOM Data Solutions battleground states RealtyTrac 2016-10-05 Kendall Baer 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 Tagged with: ATTOM Data Solutions battleground states RealtyTrac Previous: The Real Estate Investors of Today and Tomorrow Next: Meet the Winner of Fannie Mae’s Community Impact Pools Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago October 5, 2016 1,111 Views Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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Industry Reacts to September Employment Report

first_img Share Save About Author: Brianna Gilpin Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe October 6, 2017 1,214 Views Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Tagged with: Employment Report hurricane harvey Hurricane Irma Previous: Inclusionary Housing: A Potential Solution? Next: Mortgages Facing Risk of Fraud The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Headlines, Market Studies, News Related Articles The U.S. Department of Labor released its September 2017 Employment Situation Friday revealing that the effects of Hurricanes Harvey and Irma caused no distinct changes in the overall unemployment rate. However, according to an industry expert, the areas the hurricanes did effect could boost residential construction jobs going forward.According to the report, non-farm payroll experiences a 33,000 jobs decline, likely due to the hurricanes. Food services and drinking places also felt the impact with a 105,000 job loss compared to their 12-month trend of adding 24,000 jobs a month.First American Chief Economist Mark Fleming said the good news is that the impact is only temporary and is expected to rebound quickly based on the trends that were seen after Katrina.“Demand for construction workers is likely to reap the benefits of the disaster driven need for repair and rehabilitation demand,” Fleming said. “Hurricane Harvey significantly damaged or destroyed more than 30,000 homes and Irma similarly damaged over 4,000 homes.”Residential construction employment also declined by 3,900 with plumbers, electricians, and other specialized labor associated with renovation projects seeing the brunt of the decline. However, Doug Duncan, Chief Economist at Fannie Mae, said the headline-grabbing drop shouldn’t come as a surprise.“The Bureau of Labor Statistics noted that the number of workers who had a job but were not at work due to bad weather jumped to a two-decade high,” Duncan said. “The hurricane impact will dissipate over time, as we have observed during the aftermaths of previous major storms.”Source: BloombergSource: BloombergAfter its release, the U.S. markets reacted, as well. According to Bloomberg Markets, Treasury bond buyers looked past the decline and focused on average hourly earnings and higher participation rates. Stock investors, on the other hand, didn’t react positively, as a rise in average hourly earnings could lead to higher labor costs for large companiesBrett Ewing, Chief Market Strategist from First Franklin Financial Services, said the effect these numbers will have on the Fed and monetary policy could go either way. Though the Fed has said that low inflation numbers are transitory, their expectations for it to change continue to be pushed out.“In June [Janet Yellen] said it was a couple month blip and in her latest press conference she said it could be a year before it starts showing up,” Ewing said. “Translation: they have no idea.”center_img Data Provider Black Knight to Acquire Top of Mind 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 Industry Reacts to September Employment Report Home / Daily Dose / Industry Reacts to September Employment Report The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post 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] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Employment Report hurricane harvey Hurricane Irma 2017-10-06 Brianna Gilpin Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

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Diving Into New Mortgage Data

first_imgHome / Daily Dose / Diving Into New Mortgage Data  Print This Post 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] On Monday, the Data & Analytics division of Black Knight, Inc. released its latest Mortgage Monitor Report for November 2017.According to the data, as of the end of Q3 2017, 42 million homeowners with a mortgage now have an aggregate of nearly $5.4 trillion in equity available to borrow against.Ben Graboske, EVP of Data & Analytics at Black Knight, said that this represents an all-time high, and up more than $3 trillion since the bottom of the market in 2012—as over 80 percent of all mortgage holders now have available equity to tap via first-lien cash-out refinances or home equity lines of credit (HELOCs).“We’ve noted in the past that as interest rates rise from historic lows, HELOCs represented an increasingly attractive option for these homeowners to access their available equity without relinquishing interest rates below today’s prevailing rate on their first-lien mortgages,” Graboske explained. “However, with the recently passed tax reform package, interest on these lines of credit will no longer be deductible, which increases the post-tax expense of HELOCs for those who itemize.”There are many factors to consider before a borrower determines which method of equity extraction is the most economical, but Graboske noted that in many cases for those with high unpaid principal balances (UPB) who are taking out lower line amounts, the math still favors HELOCs.“However—assuming interest on cash-out refinances remains deductible—for low-to-moderate UPB borrowers taking out larger amounts of equity, the post-tax math for those who will still itemize under the increased standard deduction may now favor cash-out refinances instead, even if the result is a slight increase to first-lien interest rates,” said Graboske.The report also takes an in-depth look at how the increase in equity, driven by rising home prices, has also continued to decrease the population of underwater borrowers.Black Knight’s analysis notes that the number of underwater borrowers declined by 800,000 over the first nine months of 2017—representing a 37 percent decline in negative equity. Only 2.7 percent of homeowners with a mortgage, which is an estimated 1.36 million borrowers, now owe more than their home is worth, which is the lowest rate since 2006.Additionally, Black Knight’s data found that the national delinquency rate jumped by 2.5 percent from last month, attributing the increase to “typical seasonality.” Meanwhile, November experienced the second-fewest foreclosure starts in 2017 and the third fewest of any month since 2004. In addition, prepayment activity dropped by 12.41 percent month-over-month, falling to 31.47 percent below last year’s level.To view the full report, click here. Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Black Knight HOUSING mortgage Mortgage Monitor 2018-01-08 Nicole Casperson in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img About Author: Nicole Casperson Diving Into New Mortgage Data Tagged with: Black Knight HOUSING mortgage Mortgage Monitor The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago January 8, 2018 2,209 Views Servicers Navigate the Post-Pandemic World 2 days ago Previous: CoreLogic Announces General Counsel Appointment Next: Freddie Mac Expands Credit Risk Transfer Program The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

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Improving the Lending Process at ServiceMac

first_imgHome / Daily Dose / Improving the Lending Process at ServiceMac Demand Propels Home Prices Upward 2 days ago Related Articles Tagged with: Borrowers digital mortgage EXOS Technologies Lenders mortgage Service ServiceLink ServiceMac Previous: Fiserv First Data Could Generate $4B in Cash Flow Next: Delgado to CNBC: “We’re Not Ready” The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago January 16, 2019 2,912 Views Servicers Navigate the Post-Pandemic World 2 days ago Borrowers digital mortgage EXOS Technologies Lenders mortgage Service ServiceLink ServiceMac 2019-01-16 Radhika Ojha Subscribe Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Share Save Demand Propels Home Prices Upward 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News, Technology Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha Cloud-based digital technologies are changing the way lenders and servicers interact with borrowers. From loan origination to servicing, technology—whether it’s via the web, mobile, voice, or even artificial intelligence—is being used to enhance the borrowing experience.One example is the EXOS Servicing platform from ServiceLink’s EXOS Technologies, which provides an intuitively designed, market-proven mobile app that offers digital touchpoints throughout the life of the loan. It is these features of the platform that led ServiceMac to choose the EXOS platform for its consumer digital solution.“As an innovative customer-focused company, we need digital solutions via web/mobile/voice/wearables that would elevate consumer satisfaction, provide a high level of self-service capabilities and the market maturity to understand the overall customer experience,” said Bob Caruso, President and CEO of ServiceMac. “We believe the EXOS platform will deliver on this strategy and we’re excited to work with EXOS to provide our omnichannel digital strategy.”ServiceMac provides technology, products, and services for the mortgage industry backed by personalized service and support. Its offerings comprise personalized solutions across the mortgage space along with enhanced security and customer satisfaction.Some of the features in the EXOS platform include real-time loan information for customers such as account status, statements, and payment information that can be accessed through the mobile or a wearable device. The platform was developed by EXOS Technologies which is a part of ServiceLink.“ServiceLink is focused on transforming consumers’ experiences and expectations around the digital mortgage process,” said Chris Azur, CEO of ServiceLink. “Our EXOS technology provides a new level of transparency and accessibility that will help ServiceMac engage its customers now and in the future. We are thrilled that ServiceMac chose EXOS Servicing as its consumer digital platform.”EXOS Technologies provides cloud-based digital technologies to real estate lenders and servicers. Its services include mobile apps, voice interaction, APIs, and Predictive Analysis. Data Provider Black Knight to Acquire Top of Mind 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Improving the Lending Process at ServiceMaclast_img read more

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What Drives Early-Stage Delinquency Rates?

first_img What Drives Early-Stage Delinquency Rates? Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, News Subscribe 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 Delinquency rates have been declining around the U.S., but not for everyone, according to the latest Mortgage Monitor report from Black Knight. Early-stage delinquencies have been on the rise, and these increases were the most pronounced among first-time homebuyer loans.“We’ve seen early-stage delinquencies rise over the last several years, with the increase being driven primarily by purchase loans,” said Black Knight Data & Analytics President Ben Graboske. Black Knight’s data reveals that the increase has primarily been driven by a rise in early-stage delinquencies among purchase loans.Nearly 1% of Q1 2019 originations were delinquent six months post-origination. However, the report notes that while less than a third of the 2000-2005 delinquency average of 2.93%, this figure is up more than 60% over the past 24 months and the highest since 2010.Additionally, despite rising early-stage delinquencies among first-time homebuyers, mortgage performance has been improving overall. According to Black Knight, strong performance in September saw the national delinquency rate ticking up just 0.08% seasonally, a 2% increase from one month prior and less than half the seasonal increase typically seen for September over the past 19 years.“Though there has been some softening in GSE purchase loan performance, it hasn’t been to the extent seen among entry-level buyers,” Graboske adds. “All in all, first-time homebuyer originations combined between the GSEs and GNMA increased by nearly 50% between 2014 and 2018. However, whereas first-time homebuyers represent just over 40% of GSE purchase loans, they make up 70% of the GNMA purchase market.”The national delinquency rate remains within 0.17%, and is 1.13% below its pre-recession (2000-2005) average. However, the rate of improvement has begun to slow noticeably. Excluding hurricane-impacted areas, the six-month average annual rate of decline had narrowed to less than 1% in recent months, suggesting that while performance remains strong, we may be nearing the trough in the national delinquency rate. Serious delinquencies continue to fall as well, and are now down 14% from last September, the lowest serious delinquency rate since June 2006. Foreclosure sales are down 14% year-over-year. Sign up for DS News Daily Previous: FHFA Seeks Input on Universal Mortgage-Backed Securities Practices Next: The Rise of the Mid-Size Single Family-Rental Investor Delinquency Foreclosure mortgage 2019-11-04 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Related Articles Home / Daily Dose / What Drives Early-Stage Delinquency Rates? November 4, 2019 1,039 Views Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 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  Print This Post About Author: Seth Welborn Tagged with: Delinquency Foreclosure mortgage Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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GAA – McGuinness to build and be more offensive

first_img Help sought in search for missing 27 year old in Letterkenny Facebook Google+ 448 new cases of Covid 19 reported today Calls for maternity restrictions to be lifted at LUH GAA – McGuinness to build and be more offensive NewsSportx Adverts WhatsApp Twitter Previous articleParties involved in Quigley’s Point dispute urged to accept mediationNext articleNew Chief Executive announced for Derry City Council admin WhatsApp With the focus now on the club championship in the county, Jim McGuinness has been reflecting back on the summer where for the first time in 19 years Donegal won an Ulster title and also reached the semi final of the All Ireland series. For some it’s still hard to grasp the reality that Donegal where minutes away from an All Ireland Final. On the positive side it has been the most successful year for the county outside of 1992. The Donegal boss has also been hitting out at those who have been critical of his players and the Donegal style of football. Speaking with Charlie Collins, McGuinness says the new challenge for Donegal is to build for next year and move forward.[podcast]http://www.highlandradio.com/wp-content/uploads/2011/09/JIMMCG.mp3[/podcast]center_img Pinterest Twitter By admin – September 6, 2011 Pinterest GAA decision not sitting well with Donegal – Mick McGrath NPHET ‘positive’ on easing restrictions – Donnelly Facebook Three factors driving Donegal housing market – Robinson Google+ RELATED ARTICLESMORE FROM AUTHORlast_img read more

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Highland’s Farming News – Thursday 28th May

first_img Pinterest RELATED ARTICLESMORE FROM AUTHOR WhatsApp News, Sport and Obituaries on Wednesday May 26th Twitter Pinterest Google+ Previous articleDonegal return to All Ireland Pool FinalsNext articleA wet and cold bank holiday weekend in store – Met Eireann admin Nine Til Noon Show – Listen back to Wednesday’s Programme WhatsApp A 15 Minute Programme presented by Chris Ashmore every Thursday at 7.05pm highlighting all that’s happening in the farming community.Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/05/Farming-29.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Highland’s Farming News – Thursday 28th Maycenter_img 448 new cases of Covid 19 reported today NewsPlayback Google+ Twitter Facebook Three factors driving Donegal housing market – Robinson By admin – May 29, 2015 NPHET ‘positive’ on easing restrictions – Donnelly Help sought in search for missing 27 year old in Letterkenny Facebooklast_img read more

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