Freddie Mac Economist Expects Best Year for Housing Since ’07

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Previous: Castro: HUD Budget Increase Will Help More Americans Achieve Homeownership Next: Fed Requests Changes in Bank of America’s Capital Plan Freddie Mac Homeownership Housing Market U.S. Economy 2015-03-11 Brian Honea Sign up for DS News Daily Freddie Mac Deputy Chief Economist Len Kiefer, who will be a keynote speaker at the upcoming Five Star Government Forum in Washington, D.C., on March 18, predicted in Freddie Mac’s March 2015 Economic and Housing Market Outlook that the coming year would be the best for housing since 2007, immediately prior to the crash.A big reason for the bright outlook for the housing market is improved job prospects for those ages 25 to 34, commonly known as millennials. Analysts agree that housing recovery largely depends on this group finding sufficient enough employment to leave the nest and form new households. Last year at this time, 75.9 percent of millennials were employed; that number has increased by almost a full percentage point in a year, up to 76.8 percent, its highest level since 2008.”This month kicks off the spring homebuying season,” Kiefer said. “Between now and the end of June, we’ll see about 40 percent of all home sales for the year. So these next few months will essentially tell us whether or not 2015 will be a good or bad year for housing markets. Overall, we’re feeling good about housing and we expect this year to be the best year for home sales and new home construction since 2007 when we saw total home sales about 5.8 million for the year.”Steadily rising rents are also expected to drive more buyers to the home market in 2015. Rents have risen by almost 11 percent over the last three years and jumped by an average of about 3.6 percent in 2014 alone. Also, the 30-year-fixed mortgage rate prediction was revised slightly higher to 4.0 percent for 2015 due to recent upward pressure on Treasury bond yields; the rate is predicted to be 4.9 percent in 2016. Home price appreciation is also expected to slow in 2016 (3.9 percent) compared to 2015 (3.4 percent).”With demand rising rapidly given the improved job prospects for younger households and vacancy rates at low levels, we expect to see rents rise at or above the rate of inflation this year as well,” Kiefer wrote in the report. “This may be the tipping point. Many current renters may decide to strike while the iron is hot (mortgage rates are low and home prices not too high) and purchase a home this year.”The good news of Freddie Mac’s report fell right in line with Fannie Mae’s February 2015 Housing Survey, released Monday, March 9. That report found consumer sentiment to be at an all-time high since the survey’s inception almost five years ago, with 47 percent of respondents saying they believe the economy is on the right track. The percentage of survey respondents who said they believe it is easier to get a mortgage today (54 percent) was also at an all-time survey high, according to Fannie Mae.(Editors’ note: The Five Star Institute is the parent company of DS News and DSNews.com) March 11, 2015 2,318 Views The Best Markets For Residential Property Investors 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 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. Demand Propels Home Prices Upward 2 days ago 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 in Daily Dose, Featured, Market Studies, News Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Freddie Mac Economist Expects Best Year for Housing Since ’07 About Author: Brian Honea Freddie Mac Economist Expects Best Year for Housing Since ’07 The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Freddie Mac Homeownership Housing Market U.S. Economylast_img read more

Millennial Desire for Homeownership is Strong, But Financial Hurdles Persist

first_imgHome / Daily Dose / Millennial Desire for Homeownership is Strong, But Financial Hurdles Persist Servicers Navigate the Post-Pandemic World 2 days ago August 21, 2015 1,628 Views in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Some housing experts feel that millennials, the largest generation in U.S. history according to some estimates, are not as interested in homeownership than previous generations and prefer to rent instead. According to a Fannie Mae Commentary and Topic Analysis released Friday, however, millennials who rent have just as much desire to own a home as the general renter population.”Some have argued that millennials are less interested in homeownership than previous generations, preferring the flexibility of renting,” said Sarah Shahdad, strategic planning analyst for Fannie Mae Economic and Strategic Research Group. “Many connected to housing finance are seeking new ways to tap the millennial population considering their potential to generate significant homeownership demand.”According to Fannie Mae’s recent National Housing Survey (NHS) data, millennial renters (ages 25-34) today have as much desire to own a home as the general population of renters.The NHS Q2 2015 data found that 72 percent of millennials indicated in that “owning makes more sense (than renting) because you’re protected against rent increases and owning is a good investment over the long-term.”In addition, 60 percent noted that “owning makes more sense (than renting) because you have more control over where you live and a better sense of privacy and security.”Fannie Mae also found that 91 percent of both 18-24-year-olds and 25-34-year olds said that they are likely to purchase a home a some point, while 9 percent said that they are likely to always rent.Fifty-two percent of millennials noted that personal financial reasons such as income, savings, or debt levels are the most important factor when it comes to choosing the right time to purchase a home. Other factors included: life cycle reasons (36 percent), career factors (30 percent), housing or mortgage market conditions  (22 percent), and economic conditions (17 percent).”The vast majority of millennial renters indicate they do plan to buy at some point in the future, but appear to be exercising caution from a financial perspective,” Shahdad said. “This caution may support more sustainable housing costs for consumers and a healthy housing market overall. While the crisis may have stalled wage growth for younger renters, recent improvements in household income seem to be reflected in consumer perceptions, with increasing shares saying that their household income is significantly higher now than a year ago. These improvements are an encouraging sign for millennial renters aspiring to own in the future.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Millennial Desire for Homeownership is Strong, But Financial Hurdles Persist Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Fannie Maecenter_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles About Author: Xhevrije West Previous: Fannie Mae and Freddie Mac are Exceeding Credit Risk Transfer Goals Next: Divisiveness of Dodd-Frank is Evident Five Years After Its Passage  Print This Post Share Save Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago 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. Fannie Mae 2015-08-21 Brian Honea The Best Markets For Residential Property Investors 2 days agolast_img read more

Presidential Hopeful Clinton Intends to Get Even Tougher on Wall Street

first_img Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Presidential Hopeful Clinton Intends to Get Even Tougher on Wall Street Presidential Hopeful Clinton Intends to Get Even Tougher on Wall Street Tagged with: Big Banks Dodd-Frank Hillary Clinton Regulation Wall Street The Best Markets For Residential Property Investors 2 days ago Subscribe Related Articles Previous: Will Big Bank Defections from FHA Change Mortgage Lending? Next: Housing Outlook for 2016: Higher Home Sales and Prices, Falling Refi Volumes About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago “No bank or financial firm should be too big to manage.”Hillary ClintonClinton also plans to hold executives more accountable, because no one is “too big to jail.” She said as president she will seek to extend the statute of limitations for major financial crimes from five to 10 years and up the ante by increasing whistle-blower rewards. She also plans to make financial firms admit wrongdoing as part of settlements in addition to the fines they pay to the government—and ensure that those fines cut into the executives’ bonuses.“The proper role of Wall Street is to help Main Street grow and prosper,” Clinton said. “When our financial sector works the right way, it helps families buy their first homes, entrepreneurs start and grow small businesses and hardworking Americans save for retirement. Rather than pursuing the kind of high-stakes speculation that devastated our economy before, Wall Street should focus on building an economy that creates good-paying jobs, rising incomes and sound investments so that more families can achieve the security of a middle-class life.” Share Save in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Hillary ClintonDemocrats have repeatedly vowed to fight any attempts by Republicans to roll back the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Now, one of them is taking it one step further.In an editorial in the New York Times on Monday, former Secretary of State and current Democratic presidential hopeful Hillary Clinton, said that as president she would “go well beyond Dodd-Frank” by vetoing any attempt to weaken financial reform and fighting for “tough new rules, stronger enforcement, and more accountability.”Clinton said the first part of her plan is to “further rein in major financial institutions.” She proposes to do this by imposing a new risk fee on banks with more than $50 billion in assets and other financial institutions deemed “systemically important” in order to discourage activities by those institutions that might lead to another crisis.“I would also ensure that the federal government has—and is prepared to use—the authority and tools necessary to reorganize, downsize and ultimately break up any financial institution that is too large and risky to be managed effectively,” Clinton wrote. “No bank or financial firm should be too big to manage.”Clinton said she also plans to strengthen the Volcker Rule, a key provision of Dodd-Frank, by closing loopholes that allow banks to speculate using deposits backed by taxpayers.The plan also includes the whole financial sector and not just banks, Clinton said, since many of the firms such as AIG and Lehman Brothers that contributed to the financial crisis in 2008 were not traditional banks. Clinton said she plans to strengthen oversight of activities of hedge funds, investment banks, and other non-bank financial institutions by imposing strict margin requirements on the kind of borrowing that led to the crisis. Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 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. Big Banks Dodd-Frank Hillary Clinton Regulation Wall Street 2015-12-07 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Sign up for DS News Daily The Best Markets For Residential Property Investors 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 December 7, 2015 996 Views last_img read more

OCC Says Banking System is in a Position of Strength

first_img About Author: Kendall Baer Demand Propels Home Prices Upward 2 days ago Tagged with: OCC Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Related Articles OCC Says Banking System is in a Position of Strength Data Provider Black Knight to Acquire Top of Mind 2 days ago The U.S. banking system in 2016 is as well capitalized as any in the world as key industry participants continue to apply the basis lessons they learned from the financial crisis of 2008, according to Comptroller of the Currency Thomas Curry in a public address this week.In a speech this week at Harvard Kennedy School, Curry said in the eight years since the crisis, the banking system has progressed to the point where it would be a mistake to change course.“The hard work that U.S. regulators and bankers did in response to the crisis now has U.S. banks in a position of strength,” Curry said. “But my job is to ask how well we—regulators and bankers—are preparing for the next stress event or downturn. And, now is not the time to change course. We must remain vigilant about the levels of capital in good times so it will be there to serve as a bulwark during the next recession. We need to manage the risks of eventually increasing interest rates after this extended period of historic lows.”Curry noted that the banks are stronger today, but that those who have been in the business for more than one cycle know that a downturn is inevitable.“Effective regulation and supervision will help ensure that the trough will not be so deep or so wide,” Curry said.Comptroller of the Currency Thomas CurryThe three basic lessons that the crisis taught financial regulators are the value of strong capital and its corollary the danger of excessive leverage, the need for ample liquidity, and the importance of effective supervision, Curry said.“With regard to capital, our banking system is now as well capitalized as any in the world,” Curry said. “We achieved this level of capital through the concerted effort of regulators and bankers who recognize that stronger capital means stronger banks and that banks should grow their capital during healthier economic periods so that it is available during a downturn.”Curry stated that the danger of excessive leverage is tied to insufficient capital levels, and leverage among financial services firms increased in the period leading up to the crisis—particularly at the “investment banking” firms such as Lehman Brothers.“While it makes perfect sense for banks to hold capital levels commensurate with their risks through the application of aptly named risk-based capital standards, we also have long recognized that such measures are not perfect,” Curry said. “For this reason, we have employed leverage ratios to serve as an additional line of defense, or backstop, to the risk-based capital measures. As noted previously, we have taken a proportionate approach to constraining bank leverage by employing a slightly more sophisticated leverage ratio measure for the largest banks.”A lack of liquidity was a key issue in the solvency issues that banking and finance companies faced in 2008, Curry said, but that problem has been sufficiently addressed by regulators.“Since then we have taken steps in the right direction by implementing the Liquidity Coverage Ratio and proposing the Net Stable Funding Ratio,” Curry said. “These two ratios complement each other and push covered banks to hold sufficient ready resources to meet short-term cash outflows and encourage banks to shift to more stable, longer term funding by relying less on short-term wholesale funding.”Click here to read Curry’s complete speech. The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / OCC Says Banking System is in a Position of Strength Governmental Measures Target Expanded Access to Affordable Housing 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. center_img Share Save OCC 2016-09-18 Kendall Baer Previous: Summer Brings Best Housing Market In Decade Next: Auction.com Welcomes New SVP of Auction Portfolio Operations in Daily Dose, Featured, News 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 The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago September 18, 2016 1,125 Views Subscribelast_img read more

What Demographics Will Fuel Housing Demand in 2017?

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post What Demographics Will Fuel Housing Demand in 2017? Millennials and the baby boomer population will be demographics to watch in the new year, as the housing decisions they make will increase demand for the next 10 years, according to the 2017 National Housing Forecast report from Realtor.com which details the top housing trends and 100 largest metropolitan markets to watch.A demographic that is known for benefiting greatly from low mortgage rates, the millennial market’s share of the buyer population has decreased to 33 percent due to the increase in interest rates. Baby boomers take up 30 percent of the buyers’ market and are expected to be more successful in closing sales.  Home price appreciation is set to slow down to 3.9 percent growth year-over-year after an estimated appreciation rate of4.9 percent in 2016. However, 26 markets will see price acceleration of 1 percentage point growth or more. Greensboro-High Point, North Carolina; Akron, Ohio; and Baltimore-Columbia-Towson, Maryland will encounter the largest increases in price appreciation. The combination of sparse housing inventory and strong demand was the cause of increased home prices in 2016, according to Realtor.com. The lack of home inventory, which is currently down an average of 11 percent in the top 10 metropolitan areas in the United States, is expected to remain constant in 2017. The current median age of inventory is at 68 days, which is a 14 percent increase than the national average. West coast cities are expected to lead the nation in home prices and sales with increases of 5.8 percent and 4.7 percent, respectively. Six out of the top 10 cities listed in Realtor.com’s 2017 top 100 metro housing markets list are located on the west coast. The top 10 housing markets are: 1) Phoenix-Mesa-Scottsdale, Arizona; 2) Los Angeles-Long-Beach-Anaheim, California; 3) Boston-Cambridge-Newton, Massachusetts-New Hampshire; 4) Sacramento-Roseville-Arden-Arcade, California; 5) Riverside-San Bernardino-Ontario; 6) Jacksonville, Florida; 7) Orlando-Kissimmee-Sanford, Florida; 8) Raleigh, North Carolina; 9) Tucson, Arizona; and 10) Portland-Vancouver-Hillsboro, Oregon-Washington. To read the full report, click here. Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Previous: Codilis & Associates Expands to Indiana Next: Fannie Mae’s Home Purchase Sentiment Index Falls Share Save Related Articles Home / Featured / What Demographics Will Fuel Housing Demand in 2017? Tagged with: Housing Forecasts Housing Market Realtor.com Mirasha Brown is a graduate of Florida A&M University and is pursuing a masters degree at Syracuse University. Born and raised in Florida, she has contributed to public relations and marketing campaigns for Rent The Runway and Billboard. She is a communications specialist with The Five Star and a contributing writer to DS News and the MReport. About Author: Mirasha Brown Is Rise in Forbearance Volume Cause for Concern? 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago December 7, 2016 2,060 Views Housing Forecasts Housing Market Realtor.com 2016-12-07 Kendall Baer Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago in Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

The Industry Pulse: Updates on LRES, Black Knight, and More

first_img About Author: David Wharton Demand Propels Home Prices Upward 2 days ago The Industry Pulse: Updates on LRES, Black Knight, and More Servicers Navigate the Post-Pandemic World 2 days ago May 10, 2018 2,005 Views Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Previous: Energy Efficiency vs. Home Affordability Next: CFPB’s Mulvaney Puts Focus on Cost-Benefit Analysis in Daily Dose, Featured, News From rewards and recognition to new appointments and initiatives, get the buzz on the industry’s latest news in this weekly update.LRES Corporation, a residential and commercial real estate services company based in Orange, Calif. that provides nationwide valuations, REO asset management, and HOA solutions for the mortgage and real estate industry, announced the promotion of their chief strategy officer Mark R. Johnson to the role of the company’s President. “Since joining LRES just over a year ago, Mark has proven himself to be a forward-looking and visionary leader,” said Roger Beane, CEO of LRES. “In that year, he has greatly distinguished himself by propelling the company forward in both our strategy and direction. His passion to improve the valuation industry through efficient workflows and advanced data science will influence our corporate objectives and initiatives as we enter the next phase of our growth.” As chief strategy officer at LRES, Johnson implemented actionable strategic priorities based on changing market conditions, evolving technical advances, and his understanding of the industry’s competitive landscape. He spearheaded numerous core company initiatives that Beane describes as “transformative”, while also developing the company’s business partnerships in order to position LRES for continued growth.____________________________________________________________________________Delaware-based Black Knight Inc, a provider of software, data and analytics solutions to the mortgage and consumer loan, real estate and capital market verticals, has announced that its indirect subsidiary, Black Knight InfoServ, LLC (BKI), a Delaware limited liability company entered into an amended and restated senior secured credit facility, comprised of a $1.25 billion five-year senior secured term loan A facility and a $750 million five-year senior secured revolving credit facility. The Facilities will reduce borrowing costs and enhance financial flexibility and liquidity. The proceeds of the Facilities were used to repay in full the indebtedness outstanding under the previous senior secured credit facility, and pay associated fees and expenses. The Facilities are guaranteed by BKI’s indirect subsidiary, Black Knight Financial Services (BKFS), the Borrower and certain of the Borrower’s existing and future domestic subsidiaries and are secured by substantially all tangible and intangible assets of BKFS LLC, the Borrower and certain of the Borrower’s existing and future domestic subsidiaries._______________________________________________________________________________John Czwartacki has transitioned from the Office of Management and Budget (OMB) to the Bureau of Consumer Financial Protection (CFPB) as its Chief Communications Officer and Spokesperson. His 30 years of experience in public and private sectors will now be applied full time at the Bureau as it fulfills its statutory mission. Czwartacki has been at OMB from the earliest days of the administration and was detailed as a Senior Advisor at CFPB by Acting Director Mick Mulvaney upon his appointment to the dual roles last November. With the transition of Czwartacki to CFPB, he joins the team in their mission to prepare for the yet-unnamed permanent director and create a more effective, efficient, and accountable actor within the federal government and on behalf of the American people, according to the CFPB’s release. “It has been my pleasure to work alongside an extremely talented communications team both at OMB and in the West Wing. I look forward to continuing my service, alongside Mick Mulvaney and his tremendous staff, for the foreseeable future. We have lots of work ahead of us,” Czwartacki said.______________________________________________________________________________Kerry McInernyWilliam TateAtlanta-based McCalla Raymer Leibert Pierce, LLC (MRLP) recently announced that Kerry McInerney has joined as Managing Partner of the firm’s Alabama and Mississippi Litigation and Trial Practice Group. The firm also announced that William Tate, previously a partner in MRLP’s Commercial Litigation Group, has been named Managing Partner of MRLP’s Georgia Litigation and Trial Practice Group. McInerney and Tate will manage teams of experienced litigators handling a variety of complex matters. They will also join the firm’s Management Committee. “Kerry and Will bring a vast amount of experience, goodwill, and enthusiasm to their Groups. We are extremely pleased they are assuming these new leadership roles at the firm,” said Marty Stone, Managing Partner, and CEO at MRLP. “The addition of Kerry and Will to the Management Committee adds undeniable depth and bench strength showcasing the firm’s commitment to both growth and quality of litigation services in Alabama, Mississippi, and Georgia.” Kerry McInerney brings over 22 years of litigation experience with him to the firm. Before joining McCalla, McInerney was a shareholder with Sirote & Permutt, P.C., where he handled complex lender and servicer liability cases and served as co-chair of that firm’s Mortgage Litigation Group. Tate began his legal career as an associate in the creditors’ rights group at Morris, Manning & Martin in Atlanta in 2009. Tate joined MRLP in 2013 as a senior associate in the Commercial Litigation and Transactions Group and was named a partner in that group in 2016. Tate has extensive experience in Georgia foreclosure confirmation law and enforcement of debt instruments. Home / Daily Dose / The Industry Pulse: Updates on LRES, Black Knight, and More Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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] Tagged with: Black Knight CFPB Law Loan LRES mortgage mrlp Servicing The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Black Knight CFPB Law Loan LRES mortgage mrlp Servicing 2018-05-10 David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Nellie Liang Withdraws From Fed Board Nomination

first_img January 8, 2019 1,662 Views Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Fed Board Lindsay Walters Nellie Liang 2019-01-08 Donna Joseph Previous: FHA Calls on Lenders to Assist Federal Workers Next: Mortgage Delinquency Rates Reach a New Low Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 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 Sign up for DS News Daily Tagged with: Fed Board Lindsay Walters Nellie Liang In an unexpected turn, The White House said that Nellie Liang, an economist and financial regulation expert nominated by President Trump for a seat on the Federal Reserve’s board of governors, had withdrawn her name from consideration.“We regret to announce that today Nellie Liang notified us that she has withdrawn from nomination to the Federal Reserve Board of Governors,” Lindsay Walters, a White House spokeswoman, said in a statement. “We supported her nomination and believe she would have made a good governor. We thank Nellie for her long career of public service and wish her well.”“I have decided to withdraw my name from consideration to be a member of the Board of Governors of the Federal Reserve because the likelihood of a prolonged process could have left me in professional limbo for too long,” Liang said in an email, as reported in an article by Bloomberg.The article pointed out that Liang dropped out of her own accord and wasn’t pressured by the White House. “There haven’t been any White House discussions of withdrawing the other pending nominee for a vacancy on the Fed board, Carnegie Mellon University professor Marvin Goodfriend”, according to sources, Bloomberg said.The Fed would have had its first Asian-American, and just the 10th woman to serve on its board in the form of Liang. She was nominated in September. According to The New York Times, several current and former Fed officials applauded Liang’s nomination including Jerome H. Powell, the Fed’s chairman, who encouraged the Senate Republicans to confirm her. As the Senate Banking Committee did not schedule a confirmation hearing in the fall, and Ms. Liang’s nomination expired when the 115th Congress ended this month. Liang has served at the fed for most of her professional life, helping organize stricter postcrisis oversight of the financial industry—the annual “stress tests” to determine whether the nation’s banks could withstand a severe economic downturn—being one of her significant initiatives, the article pointed out. Liang’s nomination caused unease among some Republican lawmakers over her role in helping to construct the post-crisis regulatory structure for banks. That, in turn, has triggered accusations that “Wall Street’s biggest banks were out to block her nomination,” stated Bloomberg.Liang is a fellow at the Brookings Institution and has served as a Fed staff for 30 years. She joined the Fed as a Research Economist immediately after completing her doctorate from the University of Maryland in 1986. Following the financial crisis, she was in charge of the department that monitored financial stability. Liang graduated from the University of Notre Dame in 1979. Liang’s decision to withdraw from consideration leaves two vacancies on the Fed’s seven-member board. Related Articles 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] center_img Share Save The Best Markets For Residential Property Investors 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Nellie Liang Withdraws From Fed Board Nomination Nellie Liang Withdraws From Fed Board Nomination About Author: Donna Joseph Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Postlast_img read more

The Top 25 Women of Law, Part 1

first_imgHome / Daily Dose / The Top 25 Women of Law, Part 1 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, News, Print Features Previous: New York AG Leads the Fight Against Zombie Homes Next: Jeffrey Axelrod Joins Riivos Mortgage as Group Executive The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Editor’s note: This feature originally appeared in the January issue of DS News.From breaking through the glass ceiling to fighting for the rights of their clients, these formidable women lawyers have made their mark in the industry. In the first of this three-part series, we spotlight the accomplishments of these women in law.DAWN ALLI Randall S. Miller & Associates – VP  of Operations – Default ServicingNumber of Years Practicing Law: 24There’s never a dull moment at a financial services law firm, according to Dawn Alli, VP of Operations at Randall S. Miller & Associates. Her unique perspective comes from years of work both within default services law firms and working directly with servicers, running operations for US Default Management. “My past experiences have assisted me in developing streamlined procedures that not only keep the law firm operating at peak performance but also assure our clients that we are a true and trusted partner,” Alli said. Her unique experience has helped her to separate Randall S. Miller & Associates from the competition by focusing on the needs of clients while maintaining excellence in positive office culture, timeline management, and compliance. Looking ahead to 2019, Alli said she believed that efficiency and technology are the keys to maintaining excellence while staying on top of an ever-evolving industry._______________________________________________________________HEIDI B. CAREYRiley Pope & Laney, LLC – Managing Partner of Default ServicesNumber of Years Practicing Law: 24To Heidi Carey, the most enriching part of her job is the interaction with clients and their customers, the judiciary, and employees. “I see my job as an attorney to bridge the gap between our client’s business needs and how to get it done through the court system,” Carey said. Though at times her job can be challenging, Carey enjoys figuring out the puzzle of problem-solving through the court system. She’s dedicated to improving her firm’s internal processes for efficiency and accuracy. “Another great part of the job is being the face of our client in the courtroom. In default cases, I always try to talk to debtors prior to the hearing to explain what is happening and put them at ease in front of the judge. Most debtors have not been in a courtroom before and are appreciative of my respect and courtesy,” Carey said. Though Carey has worked her way up to being a partner in her firm—a feat that she counts as a career highlight—she didn’t always set out to be an attorney. In college, Carey majored in cello performance with a minor in business. Once she decided that she did not want to be a cello teacher, she decided to give law school a try. “My first semester was a big wake-up call after being a musician! After I figured out the game of law school, I did well and ended up working for a mortgage servicing company prior to entering private practice representing lenders in 2001,” Carey shared._______________________________________________________________MAGALIE A. CREECH Finkel Law Firm LLC – Member – Civil Litigation, Bankruptcy, Lender Liability, Real Estate, Business LitigationNumber of Years Practicing Law: 8Magalie A. Creech has been with Finkel Law Firm LLC for more than 10 years, first starting out as a summer law clerk. During those years, she not only learned about the practice of law but also came to discover how important it is to be part of a dedicated and reliable team. Given the sensitive nature of the information the firm handles, it is critical to have a team of dependable, conscientious employees. This can be especially challenging in a field where the regulatory and policy landscape is constantly evolving. Creech is thankful to be part of a talented group of professionals whose collective experience handling a broad spectrum of regulatory and litigation issues qualifies them to offer comprehensive legal representation. “I consider them family, and that is what makes my legal practice so rewarding,” Creech said. Creech practices in the litigation division of the Finkel Law Firm and manages the firm’s creditor bankruptcy department. She represents national banking associations and loan servicers state-wide in commercial and real property-related litigation, with an emphasis in contested foreclosures, bankruptcies, debt collections, and real estate matters. She also handles a variety of civil litigation in both state and federal court. Creech received her Juris Doctorate from the Charleston School of Law in 2010, graduating cum laude, and was admitted to the South Carolina Bar the same year._______________________________________________________________ELIZABETH CRUIKSHANK Cruikshank Ersin, LLC – Attorney – PropertyNumber of Years Practicing Law: 16Elizabeth Cruikshank ranks helping people, finding solutions to problems, learning new things, and being in court among the best aspects of her job. These passions make her uniquely equipped to handle the challenges of the mortgage market. Cruikshank sees more of these challenges on the horizon, in the form of a rise in foreclosures, bankruptcies, and evictions. She has also noticed a decline in new homeowners and an uptick in renters. To meet these obstacles, Cruikshank has found education to be the key to staying on top of new legislation. Cruikshank has seen her firm expand from one state to four in the Southeast, as well as increasing their areas of focus to include default work, litigation, and collections, among others. Cruikshank Ersin, LLC, now handles legal needs in Georgia, Florida, Tennessee, and Mississippi. While these tasks may seem daunting for some, for Cruikshank it’s all part of a lifelong dream. “I have wanted to be an attorney since I was five years old and can’t imagine doing anything else. Being a direct descendant of Thomas Jefferson—I think it is just in my blood,” Cruikshank noted. Along with Abby Ersin, Cruikshank founded her firm based on the core principles of always returning phone calls; keeping the client up to date on all pending matters; listening first; working with clients, not against them; and being enthusiastic and passionate about the firm._______________________________________________________________LEISHA DELGADO Hello Solutions – Owner – Default ServicingNumber of Years Practicing Law: 5“I’ve always felt proud to be a successful woman in a historically male-dominated industry,” said Leisha Delgado, Owner of Hello Solutions. She added that “my passion for the legal aspect of mortgage grew out of a keen interest in the complexities and cyclical nature of the industry. Initially focused on resolving title issues, I developed strong and meaningful relationships in the default servicing space.” During her time in the industry, Delgado has become exceedingly familiar with the ongoing volatility in the area of default servicing. She assists her clients in meeting this challenge by developing efficiencies that support scalability and innovation. Delgado noted that the industry can best face 2019 by working to streamline processes through technology and develop partnerships that alleviate distractions, so lenders and servicers can focus on core competencies. No stranger to flourishing in the face of adversity, Delgado survived a battle with stage 3 breast cancer this year amidst growing her business. Her warrior spirit has served her both professionally and personally. “Helping my clients grow their business despite the current climate aligns with my mentality as a breast cancer survivor. I believe integrity, hard work, and customer-centricity go a long way,” Delgado said, and it is this determination and passion behind Hello Solutions that has led to her clients’ evolving success._______________________________________________________________MARCY FORD Trott Law, P.C. – Managing Attorney – Mortgage Default, BankruptcyNumber of Years Practicing Law: 25Marcy Ford counts herself lucky that her job allows her to be both a problem-solver and an advocate. “I still love working the nuanced case that others have given up on and figuring out how to break it down and look at the facts from a legal, compliance, and business-process perspective. Changing processes, filling in technology gaps, or simply increasing training to solve problems is the big payoff for me,” Ford said. Ford believes that it is Trott Law’s attention to detail, high ethical standards, and employment of some of the brightest legal minds that will ensure the firm’s future. She has made it a priority to be present and involved both locally and nationally so that her firm stays abreast of the communications that are vital to success. The highlight of Ford’s career has not been winning an individual case but rather being part of a growing and phenomenal practice that has stood the test of time and industry upheaval. “When volumes were high, we certainly faced challenges, but it was when volumes declined, combined with never-before-contemplated compliance standards, that Trott Law’s star really shined,” Ford said._______________________________________________________________JEANETTE F. FRANKENBERG Stern, Lavinthal & Frankenberg, LLC – Managing Member – Full-Service Default, Commercial and Real Estate Transactions, Commercial and Residential Leasing, Bankruptcy, Commercial and Consumer Finance, Evictions, REO, Environmental Law, Land Use and Development, Commercial LitigationNumber of Years Practicing Law: 31Jeanette F. Frankenberg, a leader in the default and REO arena, is the Managing Member of Stern, Lavinthal & Frankenberg, LLC, the only solely woman-owned full-service default law firm in New Jersey. She attributes her success to her strong business acumen, hands-on enthusiasm, and forward-thinking approach in an ever-evolving field. “We continually invest in programming enhancements to create processing efficiencies, quality control checkpoints, and cutting-edge data security. These enhancements result in a superior product with cost savings for our clients,” Frankenberg said. Frankenberg is a formidable force in the industry who will never settle for the status quo. She understands servicers’ requirements and continuously adapts to meet their needs. Presently, she is pursuing controlled expansion into new jurisdictions beyond New Jersey. This strategic growth will allow Stern, Lavinthal & Frankenberg, LLC, to bring its experience and innovation to a broader audience without sacrificing quality product and service._______________________________________________________________MICHELLE GARCIA GILBERT Gilbert Garcia Group, P.A. – Managing Attorney – Real Estate, Business, ProbateNumber of Years Practicing Law: 32Michelle Garcia Gilbert told DS News, “It sounds cliche, but helping people, whether it be clients, colleagues, family, or friends, motivated me to become an attorney.” While most of her work now involves representing businesses and executives, she continues to handle pro bono cases, especially for special needs adults, the homeless, and military veterans. To Garcia Gilbert, her dedication to her work at the firm is about more than just the ins and outs of the legal practice. “My highlight has a different twist,” she said. “I am the mother to six children—five daughters and one son—and my career has allowed me to raise my children in their faith and education.” To adjust to today’s challenging legal landscape, Gilbert Garcia Group looks for other business opportunities, such as networking with note-buyers and signing up for local referral programs. They have also launched other non-law businesses, such as leasing co-working space in a segregated part of their building, and they are looking to set up a commercial kitchen to lease to catering companies. To assist their lender and servicer partners, her firm relies on technology. “The use of technology to continuously streamline processes in legal proceedings enures to clients seeking to reduce legal expenses while allowing firms to provide the best legal services where needed,” Garcia Gilbert said. 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. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Black Book Foreclosure Law Litigation REO Servicing Related Articles Black Book Foreclosure Law Litigation REO Servicing 2019-01-29 Radhika Ojhacenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago January 29, 2019 2,655 Views Share Save The Top 25 Women of Law, Part 1 About Author: Radhika Ojha  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Taking Legislative Action Against Foreclosure Challenges

first_imgSubscribe New Jersey Gov. Phil Murphy, aiming to reverse the state’s ongoing foreclosure crisis, signed what he called a “bipartisan legislative package” of nine bills into law Monday that are geared toward expanding homeowner protections.Patch.com reported that many of these measures were recommended in a September 2018 report by the Special Committee on Residential Foreclosure, which was created by Chief Justice Stuart Rabner.“The foreclosure crisis has hurt our economy and jeopardized economic security of too many New Jersey families,” Murphy said. “Our communities cannot succeed while vacant or foreclosed homes sit empty or while families live in limbo. I am proud to sign these bills into law [Monday] and get New Jersey closer to ending the foreclosure crisis.”Black Knight’s 2018 Mortgage Monitor report had New Jersey’s foreclosure rate at the end of 2018 at 1.77%, trailing only Mississippi (2.36%), Louisiana (2.05%), and West Virginia (1.81%).One new law (A-4997), also known as the “Mortgage Servicers Licensing Act,” requires anyone working as a mortgage servicer to obtain a license from the Commissioner of Banking and Insurance for each main office and each branch office where business is conducted, unless the person is exempt under provisions outlined in the bill.“A major part of the foreclosure crisis has been mortgages that were serviced by individuals who were not properly trained and in many cases, simply operated using unethical practices,” said Vincent Mazzeo of Atlantic County, one of the bill’s co-sponsors. “This new law creates checks and balances of sorts as it pertains to mortgage services.”A mortgage servicer that is exempt from licensure will still be required to maintain records of each residential mortgage loan transaction and produce related records as requested. Upon assigning the servicing rights on a residential mortgage loan, the servicer will be required to make certain disclosures to the mortgagor as per the law.Insider New Jersey stated the Commissioner of Banking is now authorized to investigate and examine mortgage servicers and suspend, revoke, or refuse to renew a servicer license for reasons defined in the bill. Violators can be penalized with a third-degree crime and subjected to civil penalties up to $25,000.The law will take effect in 90 days.“The nine bills signed into law [Monday] are the first of many steps we’ll take to address foreclosure process concerns in the state,” Assembly Speaker Craig Coughlin of Middlesex County said. “More efficiency and ensuring fairness in the current system protects the interests of our homeowners, our neighborhoods and communities. These creative solutions to this complex problem will better the lives of thousands of New Jersey residents.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily  Print This Post Tagged with: avoiding foreclosure foreclosure rate Lenders and Servicers New Jersey Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Taking Legislative Action Against Foreclosure Challenges Previous: HUD Working Toward Affordable Housing Innovations Next: State Senate Kills Foreclosure Notification Billcenter_img About Author: Mike Albanese April 30, 2019 1,974 Views The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago avoiding foreclosure foreclosure rate Lenders and Servicers New Jersey 2019-04-30 Mike Albanese The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Taking Legislative Action Against Foreclosure Challenges Share Save Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, Government, Newslast_img read more

Is Housing Prepared for Recession?

first_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: default Economy Recession default Economy Recession 2019-12-03 Seth Welborn Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Is Housing Prepared for Recession? Previous: FHFA Updates on Fannie and Freddie NPL Sales Next: The Trends and Challenges Facing Mortgage Servicing Share Save 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. Scott Brinkley is the CEO of a360inc. Brinkley recently spoke with DS News about the challenges and trends facing mortgage servicing heading into 2020, technological advancements impacting the industry, and the arc of the economy.”Some of the general trends I’m seeing right now is a head toward recession,” Brinkley said.”It obviously is not going to be anything major, but as interest rates continue to play around, that strengthens the origination market a little bit,” he adds.Brinkley goes on to discuss the impact of reforms and changes in the “market ecosystem.” in Daily Dose, Featured, Market Studies, Newscenter_img December 3, 2019 974 Views Subscribe The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn Home / Daily Dose / Is Housing Prepared for Recession?last_img read more