Delinquency Decline Helps Bank of America Reach $3.4 Billion Q4 Net Income

first_imgHome / Daily Dose / Delinquency Decline Helps Bank of America Reach $3.4 Billion Q4 Net Income Tagged with: Bank of America Bank Profits Earnings Statements Mortgage Delinquencies Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News In its Q1 2015 earnings report released Wednesday, Bank of America reported a net income of $3.4 billion, or 27 cents per diluted share, in part due to an increase in mortgage originations and a decline in the number of 60-plus day delinquent mortgages.The megabank, headquartered in Charlotte, North Carolina, originated $17 billion worth of first-lien residential mortgage loans and home equity loans in Q1. The number of first mortgage loans serviced by the bank’s Legacy Assets unit that were 60 or more days delinquent declined year-over-year by 45 percent in Q1, down to 153,000 loans.”Continuing the trend from last quarter, we saw core loan and deposit growth, higher mortgage originations, and increased wealth management client balances,” Bank of America CEO Brian Moynihan said. “We retained a top position in investment banking as our team generated the highest advisory fees since the Merrill Lynch merger. We see continued encouraging signs in customer and client activity, with consumer spending increasing and utilization of credit by our commercial customers rising. This should bode well for the near-term economic outlook. At a time of continued low interest rates, we had good expense control as we focus on responsible growth with a balanced platform to create long-term value for customers and shareholders.”The bank’s net revenue for Q1 was reported at $21.4 billion, which was a decline of $1.3 billion from Q1 2014. The decline can be attributed to a reduction of $757 in equity investment income and $211 million related to additional market-related adjustments on the bank’s debt securities portfolio, due to long-term lower interest rates’ impact. Without those two items and net debt valuation adjustments, the bank’s revenue declined by just 1 percent in Q1, down to $21.9 billion (from $22.1 billion in the same quarter a year earlier).Credit quality improved in Q1 for the bank with adjusted net charge-offs down 28 percent year-over-year, from the record capital and liquidity levels established in Q1 2014.”We continued to strengthen an already strong and liquid balance sheet this quarter,” CFO Bruce Thompson said. “We improved our liquidity, accreted capital, and tightly managed expenses in a challenging interest rate environment. Meanwhile, credit quality remained strong, reflecting both the economic environment and our risk underwriting.” Bank of America Bank Profits Earnings Statements Mortgage Delinquencies 2015-04-15 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Delinquency Decline Helps Bank of America Reach $3.4 Billion Q4 Net Income Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago April 15, 2015 1,121 Views 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. The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily center_img  Print This Post Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea Previous: DS News Webcast: Thursday 04/16/15 Next: Q1 Net Revenues for Goldman Sachs Hit Four-Year High; Citi Profits Despite Lower Revenues The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Subscribelast_img read more

Nearly One-Quarter of Mortgage Loans Fail Tests for TILA-RESPA Compliance

first_img September 3, 2015 1,208 Views Compliance defects on closed mortgage loans are already a costly problem for lenders, but with the new TILA-RESPA Integrated Disclosure (TRID) rules just one month away, lenders can expect to face even more risks and costs.Recent analysis from ComplianceEase, a provider of automated compliance solutions to the financial services industry, found that 17 percent of loans currently fail for Truth in Lending Act (TILA) reasons and another 6 percent of the loans failed for being outside of the Real Estate Settlement Procedures Act (RESPA) tolerances.In addition, the analysis determined that compliance defects on closed loans is causing the cost of origination to rise, approximately $28 for every loan to fix these errors. This is prior to the TRID rule taking effect October 3, 2015.“Based on our analysis, closing defects are already an expensive problem for lenders under the current rules, and are about to get riskier and more expensive under TRID,” said John Vong, president of ComplianceEase. “Lenders and settlement service providers will need to work together so they can produce higher quality loans and not add to the already high costs of origination.”The ComplianceEase data, taken from a cross-section of 700,000 audits that were performed in ComplianceAnalyzer and RESPA Auditor during the first quarter of 2015, also estimated that the average RESPA reimbursement was $328 for the 6 percent of loans that failed the RESPA tolerance test. For the 2 percent of loans that had an uncured RESPA violation the average reimbursement was $740.”Based on our analysis, closing defects are already an expensive problem for lenders under the current rules, and are about to get riskier and more expensive under TRID.”In addition to this reimbursement, the new TRID rule also has a three-tiered civil money penalty that can range from $5,000 per day to $1 million per day for “knowing violations.”The analysis also showed that one year after the enactment of the Qualified Mortgage (QM) rule, 4.5 percent of QM loans failed Safe Harbor tests and 11 percent of loans were mis-categorized as to their QM status. Related Articles  Print This Post Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. The Best Markets For Residential Property Investors 2 days ago Compliance Mortgage Loans TILA-RESPA TRID 2015-09-03 Brian Honea Sign up for DS News Daily Tagged with: Compliance Mortgage Loans TILA-RESPA TRID Previous: Monitor Credits Citi With $162 Million Toward Settlement Obligation Next: DS News Webcast: Friday 9/4/2015 Home / Daily Dose / Nearly One-Quarter of Mortgage Loans Fail Tests for TILA-RESPA Compliance Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Nearly One-Quarter of Mortgage Loans Fail Tests for TILA-RESPA Compliance About Author: Xhevrije West Share Save Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Fannie Mae, Freddie Mac Continue Aggressive Campaign to Sell Non-Performing Loans

first_img Servicers Navigate the Post-Pandemic World 2 days ago Deeply Delinquent Loans Fannie Mae Freddie Mac Non-Performing Loans 2015-11-10 Brian Honea Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News, Secondary Market About Author: Brian Honea Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save November 10, 2015 1,419 Views Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Subscribe Fannie Mae, Freddie Mac Continue Aggressive Campaign to Sell Non-Performing Loans Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Fannie Mae, Freddie Mac Continue Aggressive Campaign to Sell Non-Performing Loans Sign up for DS News Daily Previous: Foreclosure Completions Skyrocket While Inventory Plummets Next: FHFA Expands Neighborhood Stabilization Initiative to 18 Metros It is not yet midway through the week, and the GSEs have already had a busy week with their aggressive campaign to excise deeply delinquent, non-performing loans (NPLs) from their respective single-family residential mortgage investment portfolios.Fannie Mae announced the winners in its third NPL sale on Tuesday, and on Monday Freddie Mac announced its eighth NPL transaction of 2015. Both transactions total approximately $1.2 billion in unpaid principal balance (UPB).The Fannie Mae transaction totaled approximately 7,000 loans with about $1.24 billion in UPB, divided amongst three pools. Fannie Mae began marketing the loans to potential bidders on October 9 in collaboration with Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, J.P. Morgan Securities LLC and the Williams Capital Group L.P. The breakdown of the three pools is as follows:Pool #1 consists of 1,963 loans with an aggregate UPB of $418.8 million; the average loan size is $213,366, and the loans are delinquent an average of 52 months. The weighted average note rate is 5.21 percent and the weighted average Broker Price Opinion (BPO) LTV is 108 percent. The winning bidder on this pool was Fortress (New Residential Investment Corp.).Pool #2 consists of 3,823 loans with an aggregate UPB of $588.3 million with an average loan size $153,902. The weighted average note rate is 5.32 percent and the weighted average BPO LTV is 70 percent. The loans are delinquent an average of 34 months. The winning bidder on this pool was Goldman Sachs (MTGLQ Investors, L.P.).Pool #3 consists of 1,224 loans with an aggregate UPB of $235.3 million and an average loan size of $192,256. The loans have a weighted average note rate of 4.90 percent and a weighted average BPO LTV of 135 percent. The loans are an average of 34 months delinquent. The winning bidder for this pool was Fortress (New Residential Investment Corp.).The three pools together included an average loan size of $177,251, a weighted average note rate of 5.20 percent, and a weighted average BPO LTV of 95 percent. The average delinquency of the loans in the three pools was 41 months. The transaction is expected to close on December 17.“The non-performing loans included in this sale are severely delinquent and despite our ongoing efforts to offer loss mitigation on these loans, they remain non-performing,” said Joy Cianci, Fannie Mae’s SVP for Credit Portfolio Management. “We are offering non-performing loan sales to investors and their servicers who can help borrowers avoid foreclosure wherever possible by applying a wider range of loss mitigation options than we have available.”Fannie Mae completed its first-ever bulk NPL transaction in April. That sale included approximately 3,200 deeply delinquent residential mortgage loans totaling $786 million in UPB. In July, Fannie Mae completed its second NPL sale, which included about 3,000 NPLs totaling $777 million in UPB and a smaller community pool consisting of 75 loans totaling $11 million in UPB.Meanwhile, Freddie Mac announced an NPL transaction which includes deeply delinquent loans serviced by Wells Fargo totaling $1.2 billion in UPB. It is Freddie Mac’s eighth NPL transaction of 2015. This bundle of NPLs is being marketed in seven pools: five geographically Standard Pool Offerings (SPOs) and two geographically concentrated Extended Timeline Pool Offerings (EXPOs), which target participation by non-profits, minority and women-owned businesses (MWOB), and smaller investors.Bids are due from qualified bidders on the SPO offerings on December 2 and on the EXPO offerings on December 16, and the transactions are expected to settle sometime in the first quarter of 2016.Freddie Mac’s previous NPL sales total approximately $4.26 billion in UPB.For more information on Fannie Mae’s NPL sales, click here.For more information on Freddie Mac’s NPL sales, click here. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Deeply Delinquent Loans Fannie Mae Freddie Mac Non-Performing Loans 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. last_img read more

The Week Ahead: What’s in Store for Delinquencies

first_imgSign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago October 23, 2016 1,042 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 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. The Best Markets For Residential Property Investors 2 days ago The Week Ahead: What’s in Store for Delinquenciescenter_img Previous: Justice Department Prepares Suit Against Moody’s Next: Altisource Originations Services Rebrands as Trelix in Daily Dose, Featured, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / The Week Ahead: What’s in Store for Delinquencies About Author: Kendall Baer Tagged with: Black Knight Financial Services Delinquency Rate First Look With the release of the latest Black Knight Mortgage Monitor Report, DS News sat down with Black Knight Financial Services’ Ben Graboske to discuss current foreclosure and delinquency trends found in the monitor and discover the factors behind the full monthly recovery in the national delinquency rate from the previous month.Why is it unusual to see full recovery in the national delinquency rate in a month following a Sunday month-end?It’s typical for there to be a sizable significant partial recovery in the month following the month end on a Sunday, however, it is important to note that our borrowers impacted by Sunday month-ends are already making their payments towards the end of the month to begin with because they’re due at the beginning of the month, and so if they’re near the end then they’re probably more on the distressed end of the spectrum. That suggests that these are borrowers who are struggling to meet their obligations and it just may take them a little bit longer to get back on track.What factors contributed to August’s delinquency rate rebound?In addition to the typical rebound seen in the month following a Sunday month-end, we also see seasonal month-over-month decline in delinquency rates in the month of August. There’s just a seasonal, natural trend in August where there’s an improvement in delinquencies. There’s the combination of coming back from the July spike with the normal seasonality and if you look at March through August and you take July out of the equation because it obviously is a spike, August is very much in line with those five months without July.What will the next month’s data reveal in Black Knight’s First Look on Tuesday, October 25?To read the full interview with Ben Graboske, click here. Black Knight Financial Services Delinquency Rate First Look 2016-10-23 Kendall Baer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

Facebook Accused of Letting Discriminatory Housing Ads Slip Through

first_img The Best Markets For Residential Property Investors 2 days ago advertising facebook Fair Housing Act Home Rental Market Housing Discrimination Rental Properties 2017-11-22 David Wharton The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Headlines, Journal, News November 22, 2017 2,501 Views Earlier this year, Facebook vowed to increase enforcement to prevent discriminatory advertising on the social media site. However, a new study by ProPublica suggests that their enforcement efforts aren’t living up to those promises.To see just how well Facebook’s anti-discrimination policies were working, ProPublica purchased dozens of rental housing ads on the site, but specifically requested that they not be shown to a variety of groups protected under the federal Fair Housing Act. That act makes it illegal to run ads that indicate “any preference, limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin.”The ads targeted men and women, aged 18-65, living in New York City, and highlighted categories such as “first-time buyer,” “house hunting,” and “buying a house.”However, ProPublica requested that their Facebook ads exclude a wide variety of groups, including  “African Americans, mothers of high school kids, people interested in wheelchair ramps, Jews, expats from Argentina, and Spanish speakers.” The results speak for themselves: all of the ads were approved by Facebook. Most of the ads were approved in less than five minutes. One ad proposing to exclude potential renters “interested in Islam, Sunni Islam, and Shia Islam” took the longest to get approval—a whopping 22 minutes.As ProPublica explains, according to its own policies Facebook should have flagged these ads and either blocked them entirely or asked ProPublica to “self-certify” that the ads complied with federal anti-discrimination law. ProPublica says they never encountered a single self-certification screen during their purchase of the ads.When confronted about the situation, Facebook emailed ProPublica a statement. In it, Ami Vora, VP Product Management, Facebook, said, “This was a failure in our enforcement and we’re disappointed that we fell short of our commitments.” While pointing out that their safeguards have successfully flagged millions of ads, in this case the ads slipped through due to a “technical failure.”Vora added, “While we currently require compliance notifications of advertisers that seek to place ads for housing, employment, and credit opportunities, we will extend this requirement to ALL advertisers who choose to exclude some users from seeing their ads on Facebook to also confirm their compliance with our anti-discrimination policies—and the law.”You can read more about ProPublica’s investigation, as well as see screenshots of the ad-purchase process, by clicking here. Demand Propels Home Prices Upward 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Catching Up With HUD Next: And the Winner Is… Servicers Navigate the Post-Pandemic World 2 days agocenter_img Tagged with: advertising facebook Fair Housing Act Home Rental Market Housing Discrimination Rental Properties 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] About Author: David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Home / Daily Dose / Facebook Accused of Letting Discriminatory Housing Ads Slip Through Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Facebook Accused of Letting Discriminatory Housing Ads Slip Throughlast_img read more

LenderLive Appoints Chief Information Security Officer

first_img Rachel Williams attended Texas Christian University (TCU), where she graduated with Magna Cum Laude with a dual Bachelor of Arts in English and History. Williams is a member of Phi Beta Kappa, widely recognized as the nation’s most prestigious honor society. Subsequent to graduating from TCU, Williams joined the Five Star Institute as an editorial intern, advancing to staff writer, associate editor and is currently the editor in chief and head of corporate communications. She has over a decade of editorial experience with a primary focus on the U.S. residential mortgage industry and financial markets. Williams resides in Dallas, Texas with her husband. She can be reached at [email protected] The Week Ahead: Nearing the Forbearance Exit 2 days ago LenderLive Appoints Chief Information Security Officer Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Previous: The Reality of Home Prices vs. Home Sales Next: Economic Fundamentals Remain Positive Despite Q1 Lows March 19, 2018 1,592 Views Related Articles HOUSING LenderLive mortgage real estate 2018-03-19 Rachel Williams Home / Featured / LenderLive Appoints Chief Information Security Officer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribecenter_img in Featured, Headlines, Journal, News, Technology Sign up for DS News Daily About Author: Rachel Williams LenderLive Holdings, Inc., a mortgage services provider based in Denver, that Ian Morgan has been promoted to Chief Information Security Officer (CISO).In this role, Morgan will be responsible for the confidentiality, integrity, and availability of the company’s information assets, partnering with LenderLive’s business lines to strengthen existing security controls, setting the strategic direction of information security at LenderLive and adhering to regulatory requirements. He will report to Lorie Helms, Chief Information Officer (CIO).Morgan joined LenderLive in September 2010. Throughout his career with LenderLive, he has held positions of increasing management responsibility within the organization. Most recently, Mr. Morgan served as vice president, Technology Solutions, where he guided the build-out of the company’s workflow system, strengthened the company’s eSign, eMortgage, and document imaging platforms, and strove to secure business systems by meeting comprehensive audit requirements.Prior to LenderLive, Morgan held IT management positions with Alameda Mortgage Corporation, Assurity Financial Services, Information Management Research, and Optimus Corporation. He holds a bachelor’s in Business Administration from Colorado State University and holds multiple certifications including the Certified Information Systems Security Professional, Certified Secure Software Lifecycle Professional, Microsoft Certified Systems Engineer, Cisco Certified Networking Associate, Certified Scrum Master (CSM), and ITIL Foundations v3.“Information security has become a critical and essential priority for our clients.By creating a dedicated executive level position, we are demonstrating our commitment to protecting client and customer information entrusted to LenderLive,” said Rob Clements, Chairman, and CEO of LenderLive. “During his tenure at LenderLive, [Morgan] has demonstrated proven success in building strong teams to achieve a streamlined and cohesive operation. I am confident that Ian will continue to be a critical contributor as we grow and evolve.” Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: HOUSING LenderLive mortgage real estate 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 Servicers Navigate the Post-Pandemic World 2 days ago  Print This Postlast_img read more

HUD Approves $1.5B Disaster Aid for Puerto Rico

first_img Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / HUD Approves $1.5B Disaster Aid for Puerto Rico HUD Approves $1.5B Disaster Aid for Puerto Rico July 30, 2018 5,341 Views Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: HOUSING HUD hurricanes Irma Maria Puerto Rico Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Kristina Brewer is the Editorial Assistant of Publications for the Five Star Institute, including DS News and MReport magazine. She is a graduate of the University of North Texas (UNT), where she received her Bachelor of Arts in English with a concentration in rhetoric and writing and a minor in global marketing. During this time, she served as Director of Philanthropy in the national women’s fraternity Zeta Tau Alpha, of which she is an alumna. Her passion for philanthropy continued after university when she was an intern at Keep Denton Beautiful, a local partner of Keep America Beautiful, where she drove membership, organized events, and led social media campaigns. Brewer honed her writing at the North Texas Daily, UNT’s student-run newspaper where she wrote about faculty, mentorship, and student life. Brewer also previously worked at Optimus Business Plans where she helped start-ups create funding proposals, risk assessments, and management plans.  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago In September 2017, President Donald Trump signed the Additional Supplemental Appropriations for Disaster Relief Requirements Act, 2017, appropriating $7.4 billion in CDBG-DR funding for major disasters declared within that year. The Act requires the U.S. Department of Housing and Urban Development (HUD) to direct the funds to the areas most impacted by last year’s major disasters. On February 1, 2018, HUD allocated $1.5 billion of that appropriation to Puerto Rico to address the needs on the island.Now, the department has approved the disaster recovery plan that will implement these funds in an area still struggling to recover most.“Today, we turn an important corner in our long-term effort to rebuild hard-hit communities in Puerto Rico,” HUD Secretary Dr. Benjamin Carson, said. “This is just the beginning—billions in federal disaster recovery funding will soon be put to work and help our fellow citizens in Puerto Rico rebuild their homes and their lives.”Puerto Rico recently submitted the plan for HUD’s review, which primarily focuses on the restoration of damaged and destroyed homes, businesses, and infrastructure.The funds will be focused and distributed in the following ways, according to the statement:Housing ($1 billion) – Puerto Rico is investing more than $1 billion to restore the island’s severely damaged housing stock. As part of the plan, Puerto Rico intends to provide up to $120,000 to rebuild destroyed homes for each qualified homeowner and up to $48,000 to repair each eligible damaged property. Additional housing investments include funding for rental assistance ($10,000,000), specifically for properties serving the elderly and other vulnerable households. Puerto Rico has also proposed a $36 million Home Emergency Resilience Program that provides up to $6,000 per household for individual solar appliances to help families.Economic Revitalization ($145 million) – Puerto Rico’s recovery plan provides $145 million for several activities to help revitalize the post-disaster economy, grants of up to $50,000 for eligible businesses. The plan also targets grants of up to small business incubators and accelerators ($10,000,000) awards of up to $2,500,000 for each eligible incubator operation, a workforce training program ($10,000,000) awards of up to $2,000,000 to train eligible Section 3 residents , and a construction and commercial revolving loan program ($35,000,000) that will provide up to $1,000,000 per loan to eligible businesses.Infrastructure ($100 million) – To support the repair of damaged infrastructure on the island, Puerto Rico intends to target $100 million to match federal investments through the Federal Emergency Management Agency’s (FEMA) Public Assistance and Hazard Mitigation Grant Program projects.HUD’s Community Development Block Grant—Disaster Recovery (CDBG-DR) Program supports Puerto Rico’s long-term recovery and requires grantees to develop thoughtful recovery plans informed by local residents. Data Provider Black Knight to Acquire Top of Mind 2 days ago HOUSING HUD hurricanes Irma Maria Puerto Rico 2018-07-30 Kristina Brewer in Daily Dose, Featured, Government, Headlines, Journal, News About Author: Kristina Brewer Share 1Save Previous: Delinquencies and Home Equity Next: Which Cities Have Homeowners Struggling to Save? Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

The Week Ahead: Examining Mortgage Data Privacy

first_imgHome / Daily Dose / The Week Ahead: Examining Mortgage Data Privacy blockchain data 2019-10-18 Seth Welborn About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News This week, the Senate Committee on Banking, Housing, and Urban Affairs Hearing will hold a hearing to examine data ownership, focusing on exploring implications for data privacy rights and data valuation. Earlier this year, the Banking Committee discussed the structure and practices of the data broker industry and technology companies, such as large social media platforms and the gaps that exist in federal privacy law as well as the changes to federal law, including the Fair Credit Reporting Act (FCRA), that should be considered to give individuals real control over their data.Dr. Alicia Cackley, Director of Financial Markets and Community Investment at the Government Accountability Office (GAO); and Pam Dixon, Executive Director of the World Privacy Forum answered the committee’s questions at this hearing titled, “Data Brokers and the Impact on Financial Data Privacy, Credit, Insurance, Employment, and Housing.”Opening the proceedings, Sen. Mike Crapo, Chairman of the Senate Banking Committee said that more personal information was available to companies than ever before “as a result of an increasingly digital economy.”“In particular, data brokers and technology companies, including large social media platforms and search engines, play a central role in gathering vast amounts of personal information, and often without interacting with individuals, specifically in the case of data brokers,” Crapo said.Giving an example of how fintech was impacting unregulated credit scores, Cackley said, “Fintech lenders offer a variety of loans such as consumer and small business loans and operate almost exclusively online. In our 2018 report, we noted that while these lenders may still assess borrowers’ creditworthiness with credit scores, they also may analyze large amounts of additional or alternative sources of data to determine creditworthiness.”Additionally, she said that the report also found that some fintech firms collected more consumer data than traditional lenders. “For example, fintech lenders may have sensitive information such as consumers’ educational background or utility payment information, and according to certain stakeholders, these data may contain errors that cannot be disputed by consumers under FCRA,” Cackley told the committee.Here’s what else is happening in The Week Ahead:NAR Existing Home Sales (October 22)Census Bureau New Residential Sales Survey (October 24)Consumer Sentiment Index (October 25) 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 Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Subscribecenter_img The Week Ahead: Examining Mortgage Data Privacy Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Tagged with: blockchain data October 18, 2019 1,217 Views Previous: Zombie Homes: The ‘Post-Housing Crisis Hangover’ Next: NTC to Donate $25K to Carrington Charitable Foundation The Best Markets For Residential Property Investors 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Studying Foreclosure Numbers in New York City

first_imgHome / Daily Dose / Studying Foreclosure Numbers in New York City  Print This Post Tagged with: Foreclosure new york city Share Save February 13, 2020 4,031 Views Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Foreclosure, News The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: A Proactive Approach to Loss Mitigation Next: Fannie Mae Net Worth Rises to $14.6Bcenter_img Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Information from PropertyShark reveals foreclosures in New York City fell annually 6% with pre-foreclosures falling 7% in 2019. Manhattan was the lone borough with an annual increase in foreclosure activity, rising 39%. Brooklyn’s 11236 zip code accounted for 4% of all city-wide foreclosure activity. The report found foreclosure activity during Q3 2019 was overall flat in New York and first-time foreclosure in 2019 came in 6& lower than 2018. Manhattan had the lowest number of foreclosures—149 cases in 2019. Queens led the nation in foreclosure cases with 1,164. New York City recorded a total of 3,056 first-time foreclosures cases in 2019 compared to 2018’s 3,237—the second consecutive year of falling foreclosure activity. Also, 2019 saw New York City have its lowest foreclosure volume since 2016. First-time foreclosures trends in 2019 were more than double the amount recorded in 2014.Brooklyn registered a 187% higher activity of foreclosure in 2019. Foreclosure activity in Staten Island was 313% higher than it was in 2014. Pre-foreclosure in the city also fell in 2019, as 7% fewer filings were recorded last year. Queens reported the largest annual drop with 20% fewer pre-foreclosure cases than in 2018. Staten Island had 4% more lis pendens last year than in 2018. The report states that pre-foreclosure activity was the lowest volume since 2014. The 9,185 lis pendens filings in New York City was a 35% drop compared to 2014 numbers. Brooklyn foreclosure fell 9% last year with 806 unique cases, which is the second-highest volume among the five boroughs. The foreclosure hotspot was in zip code 11236—including parts of Canarsie, Flatlands, Marine Park, Mill Basin, and Bergen Beach. These areas were responsible for 120 first-time foreclosures, or 15% of the borough’s annual volume. This was also the highest number of foreclosures in any New York City zip code last year—accounting for 4% of all first-time foreclosures in the city. While activity was flat in Staten Island, first-time foreclosures spiked in 2017 to 428 from 2016’s 183. Staten Island recorded 136 first-time foreclosures in 2014. Studying Foreclosure Numbers in New York City Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Foreclosure new york city 2020-02-13 Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Mike Albanese Subscribelast_img read more

Best in Legal Guide: McCalla Raymer Leibert Pierce

first_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Best in Legal Guide: McCalla Raymer Leibert Pierce in Daily Dose, Featured, Print Features January 12, 2021 1,028 Views The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Tagged with: Black Book Black Book 2021 McCalla Raymer Leibert Pierce Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe 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] Related Articles Demand Propels Home Prices Upward 2 days agocenter_img About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Best in Legal Guide: McCalla Raymer Leibert Pierce Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: DS5: Adjusting to Modern Property Preservation Challenges Next: Fitch Ratings on Servicer Performance: ‘It Showed Resilience’ Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Black Book Black Book 2021 McCalla Raymer Leibert Pierce 2021-01-12 David Wharton Back Row first page: Robyn Katz, Melody Jones Rickels, Rich Haber, Wendy Reiss. Seated First Page: Carl McGehee, Geoffrey Milne. Back Row Second Page: Donna “Casey” Case-Rossato, Richard Leibert, Marty Stone, Anthony Risalvato. Seated Second Page: Adam Silver, Jill ReinToday’s default-servicing landscape can be challenging for even the most seasoned industry professionals. Continually shifting regulations—at both the state and national level—require everyone in the industry to remain updated on all aspects of what the law requires, while also balancing the realities of costs and top-tier customer service.For the 15th year in a row, DS News is proud to present the annual Black Book directory of default servicing law firms. These are some of the industry’s top organizations and professionals, all committed to working diligently for their servicer partners, ensuring compliance and efficiency while building a better future. Today, we bring you a profile of McCalla Raymer Leibert Pierce, LLC.”At McCalla Raymer Leibert Pierce, we believe that a successful firm is made up of dedicated and knowledgeable people who strive to be the best in their field and do their best for our clients.” SERVICES PROVIDED: McCalla Raymer Leibert Pierce, LLC, is a full-service residential and commercial real estate law firm with over 38 years’ experience, specializing in foreclosure, bankruptcy, eviction, commercial origination and workout transactions, complex litigation, title curative litigation, defensive litigation, closing services, national bankruptcy, and eviction platforms. The firm represents financial institutions and investors in Alabama, California, Connecticut, Florida, Georgia, Illinois, Mississippi, Nevada, New Jersey, New York, Oregon, Texas, and Washington, uniquely offering offices throughout its footprint to provide its clients with exceptional service.MISSION/FOCUS: Our mission is to be an integral partner for our clients by providing sound legal advice and exceptional services while being sensitive to their need for cost-effectiveness, quality control, and risk management.PARTNERS: Over 50 partners.SHAREHOLDERS: Owners/Members: Marty Stone (CEO and Managing Partner), Carl McGehee, Adam Silver, Wendy Reiss, Richard Leibert, Melody Rickels, Rich Haber, Anthony Risalvato, Jill Rein, Geoffrey Milne, Donna “Casey” Case-Rossato, Robyn Katz, and Doug Oliver.STATES SERVED: Alabama, California, Connecticut, Florida, Georgia, Illinois, Mississippi, Nevada, New Jersey, New York, Oregon, Texas, and WashingtonAFFILIATIONS/MEMBERSHIPS: MBA, Alabama MBA, California MBA, Connecticut MBA, Georgia MBA, Illinois MBA, Legal League 100, USFN, ALFN, National Creditors Bar Association, REO MAC, TMBA, and UTA.WHAT SETS THE FIRM APART: McCalla Raymer Leibert Pierce, LLC, is laser-focused on establishing a positive and diverse working environment, which allows our employees to grow and expand their skills. We believe a diverse workforce allows for the best solutions to client challenges. The strong emphasis on our employees and culture fosters pride in the firm and a desire to provide exceptional customer service to clients.GREATEST ACCOMPLISHMENT: Change can be difficult but is necessary for growth and progress. At McCalla Raymer Leibert Pierce, LLC we embrace change; from working creatively and tirelessly in an industry in flux to combining with another longstanding, respected firm to increase coverage for our clients. Our greatest accomplishment is not only keeping up with change but being a leader of change over the past 38 years and beyond. MOTTO: Client focused. Results-driven. We earn your trust.AWARDS: Twenty years as a USFN Diamond Award Winner, MReport’s Top 25 Companies, ALFN ASSURE Member Award Winner.STANDARD OF SERVICE: McCalla Raymer Leibert Pierce, LLC, consistently raises the bar for service level within the industry. We strive to provide exceptional service in a timely manner while maintaining the integrity of the work product.CHARITABLE INTERESTS: McCalla Raymer Leibert Pierce, LLC, is very involved in the communities we serve. The firm and its employees participate in monthly, firm-wide charitable events. Employees submit recommendations of charities to support and the firm selects a charity each month for fundraising. These charities have included organizations that support children and adult health concerns, veteran’s issues, and animal rescue organizations. FINAL THOUGHTS: The past several years have brought challenges to so many aspects of our industry, and MRLP continues to rise to the challenge of forward-thinking and changing to adapt, all the while providing consistent and best-in-class services for our clients.CONTACT INFORMATION: 1544 Old Alabama Road, Roswell, GA 30076 » 770.643.7200 (p) »777 108th Ave. NE, Suite 1895, Bellevue, WA 98004 » 425.615.7979 (p)Marty Stone, [email protected] » McCalla.com The Best Markets For Residential Property Investors 2 days ago Share Savelast_img read more