Home Prices Increase 6% in May

first_imgHome / Daily Dose / Home Prices Increase 6% in May Share Save in Daily Dose, Featured, Headlines, Market Studies, News Foreclosure Home Inventory Home Prices RealtTrac 2014-06-24 Colin Robins The Week Ahead: Nearing the Forbearance Exit 2 days ago Home Prices Increase 6% in May About Author: Colin Robins June 24, 2014 1,391 Views Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. Servicers Navigate the Post-Pandemic World 2 days ago In the May 2014 Residential & Foreclosure Sales Report, RealtyTrac reported that U.S. properties sold at an estimated annual pace of 5.1 million in May. The pace of sold homes remained virtually unchanged from April, with a small increase of less than 1 percent from May 2013.Including distressed and non-distressed properties, median home prices increased month-over-month by 6 percent to $180,000 in May, up 13 percent from the previous year. May’s increase was the second consecutive month with a double-digit annual increase in U.S. home prices, as well as the biggest annual increase since home prices bottomed out in March 2012.Distressed sales, which the company defines as properties in foreclosure or bank-owned, posted a median price of $120,000, 37 percent below the median price of non-distressed properties. Distressed sales coupled with short sales accounted for 14.3 percent of all U.S. residential sales in May—down from 15.6 percent of sales in April and down from 15.9 percent of all sales in May 2013.”Distressed sales continue to represent a smaller share of the overall sales pie nationwide, helping to boost median home prices higher given that distressed sales tend to be in lower price ranges,” said Daren Blomquist, VP at RealtyTrac. “When broken down by average price range, U.S. sales are clearly shifting away from the lower end.”He continued, “Properties selling below $200,000 represented 50 percent of all sales in May, but that was down from a 55 percent share a year ago. Meanwhile, the share of homes selling above $200,000 increased from a 45 percent a year ago to a 50 percent in May 2014.”RealtyTrac found that higher price ranges are seeing a growth and an increase in market share. Prices in every price range above $200,000 increased as a share of total sales, both monthly and yearly. Increases were “generally higher” in the higher price ranges, according to RealtyTrac.”The share of home sales in the $200,000 to $300,000 price range increased 2 percent from the previous month and were up 6 percent from a year ago, but the share of home sales in all price ranges above $750,000 was up more than 20 percent from a year ago,” the report found.Furthermore, the share of home sales in price ranges below $200,000 saw a decline. Homes priced between $100,000 and $200,000 decreased by 5 percent, while homes in the $50,000 and $100,000 range decreased 13 percent. Homes priced below $50,000 decreased in market share by 22 percent.The company found, “Home sales in the $100,000 to $200,000 price range accounted for one-third of all home sales in May—the largest percentage of any price range—but homes priced between $200,000 and $400,000 were close, accounting for nearly 32 percent of all sales for the month.”Short sales and distressed sales made up 14.3 percent of all sales in May, down from 15.6 percent in April and down from 15.9 percent of all sales in May 2013. The Best Markets For Residential Property Investors 2 days ago Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Subscribe Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Tagged with: Foreclosure Home Inventory Home Prices RealtTrac Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 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 Previous: Bank Collapses Continue to Grow; Failures Total 11 Next: Foreclosure Inventory Continues to Shrink in May Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days agolast_img read more

CFPB Penalizes Texas-Based Servicer for Blocking Borrowers’ Efforts to Stop Foreclosure

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago CFPB Penalizes Texas-Based Servicer for Blocking Borrowers’ Efforts to Stop Foreclosure The Consumer Financial Protection Bureau (CFPB) on Thursday announced a consent order against Fort Worth, Texas-based mortgage servicer Residential Credit Solutions for allegedly blocking borrowers’ efforts to prevent foreclosure on their homes.The CFPB ordered Residential Credit Solutions to pay $1.5 million in redress to consumers and fined the servicer an additional $100,000 civil penalty. The Bureau said an investigation revealed that Residential failed to honor loan modifications transferred from other servicers, treated consumers as if they were in default when in fact they were not, falsely claimed consumers had extra money in escrow and were due a refund, and forced consumers to waive their rights to obtain a repayment plan.”By failing to honor loan modifications already in place, Residential Credit Solutions put consumers through more headaches but in some cases cost consumers their homes,” CFPB Director Richard Cordray said. “Residential Credit Solutions must now compensate its victims $1.5 million as a result of our action.”According to the consent order, Residential Credit Solutions failed to honor trial loan modifications borrowers had entered into previously with other servicers starting in 2009. Residential instead insisted that consumers re-prove they qualified for loan modifications, effectively prolonging consumers’ loss mitigation plans by setting the consumers back as if they had not received a modification. CFPB said the company put consumers in “loan modification purgatory,” confusing them about the status of their loan mods and making it difficult to take appropriate action. In many cases, CFPB said, this confusion over the loan modification status delayed or deprived borrowers of the opportunity to sell their home or save it from foreclosure.CFPB said the actions of Residential Credit Solutions hurt many homeowners by depriving them of the ability to make an informed decision about selling or saving their home, drove borrowers out of the loss mitigation process completely, or drove them into foreclosure. These actions, CFPB said, were in violation of the Consumer Protection Act.A message left by DS News with Residential Credit Solutions seeking comment was not immediately returned.Residential Credit Solutions services mortgages nationwide and has approximately $95 million in total assets. According to CFPB, about 75,000 borrowers have transferred their mortgage loans to Residential since 2009. Residential specializes in servicing delinquent loans and loans on which the borrower is at high risk of default. The company also provides foreclosure alternatives such as short sales and other foreclosure relief programs, to distressed borrowers.To view a copy of the CFPB’s consent order against Residential Credit Solutions, click here. Previous: Nationstar Mortgage Rebounds from Q1 Net Loss Next: Servicers’ Attention to Small Pool of At-Risk Borrowers Negatively Impacts Satisfaction The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago CFPB Consent Orders Foreclosure Prevention Loss Mitigation Mortgage Servicers Residential Credit Solutions 2015-07-30 Brian Honea Demand Propels Home Prices Upward 2 days ago Subscribe 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 Related Articles Sign up for DS News Daily center_img The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Loss Mitigation, News July 30, 2015 2,123 Views Tagged with: CFPB Consent Orders Foreclosure Prevention Loss Mitigation Mortgage Servicers Residential Credit Solutions The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / CFPB Penalizes Texas-Based Servicer for Blocking Borrowers’ Efforts to Stop Foreclosure Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honealast_img read more

Third-Party Servicing Portfolios for Big Banks Continue Drastic Decline

first_imgHome / Daily Dose / Third-Party Servicing Portfolios for Big Banks Continue Drastic Decline Data Provider Black Knight to Acquire Top of Mind 2 days ago *It should be noted that the total servicing portfolio for each of these banks is larger than the figures seen here, as each of them also services the mortgages they originate and retain. (Photo Courtesy of TREFIS)Wells Fargo and U.S. Bancorp are known to steer toward mortgage lending and experienced the smallest reduction in their third-party mortgage servicing portfolios in recent years. However, banks that are cutting their mortgage business display huge declines in their portfolio size, the report stated.”It should be noted that the decline over recent quarters is not just because of a more risk-averse stand taken by banks towards third-party mortgages,” TREFIS explained. “Although most of these banks have continued to add to their mortgage servicing portfolios, these acquisitions have been unable to match the exceptionally high repayment rates seen in the last few quarters.”Click here to read the full article. Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago (in $ billions)Q1’12Q2’12Q3’12Q4’12Q1’13Q2’13Q3’13Q4’13Q1’14Q2’14Q3’14Q4’14Q1’15Q2’15 Share Save Demand Propels Home Prices Upward 2 days ago Citigroup379359340320305295287281267246229219212204 Servicers Navigate the Post-Pandemic World 2 days ago Third-Party Servicing Portfolios for Big Banks Continue Drastic Decline Major banks across the U.S. are being cautious about adding mortgages that they did not originate to their balance sheets, and in turn, have recorded drastic declines in their third-party mortgage servicing portfolios since early 2009, shortly after the economic downturn in 2008.JPMorgan, Bank of America, Citigroup, Wells Fargo, and U.S. Bancorp all experienced yet another decrease in their third-party mortgage servicing portfolios in the second quarter of 2015, according to an article on TREFIS.”The mortgage serving business fell out of favor with most banks in the aftermath of the economic downturn of 2008, and the three largest banks have reported a notable decline in the size of their mortgage servicing portfolios since early 2009,” the TREFIS team said. “Although Wells Fargo and U.S. Bancorp capitalized on the reduced competition and the sharp increase in mortgage activity over 2011-2012 to bulk up their mortgage servicing operations, even these banks have reported a reduction in their third-party mortgage servicing portfolio over recent quarters.”TREFIS also noted that the five aforementioned banks “still retain a strong grip on the industry–taking up five of the top six positions in the mortgage servicing industry.”Although it is rare that banks buy servicing right for portfolios of student loans, auto loans, or commercial loans from originators, this is a very common practice for banks to purchase home loans, the report explained. When this occurs, banks assume all risk for the portfolio and expect payments from the borrowers within that portfolio.Major Banks Third-Party Mortgage Servicing Portfolios Demand Propels Home Prices Upward 2 days ago Subscribe Banks Mortgage Servicers Third-Party Mortgage Servicing Portfolios TREFIS 2015-09-25 Brian Honea Previous: GDP Growth Revised Up to 3.9 Percent for Final Q2 Estimate Next: Driven By Increasing Equity Trend, Total Value of Mortgage Market Hits $22 Trillion Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Bank of America1,3131,2241,1421,045949759616550527505491474459409 Wells Fargo1,8901,9051,9131,9061,8901,8961,9101,9041,8941,8801,8701,8611,8351,809 Related Articles About Author: Xhevrije West The Week Ahead: Nearing the Forbearance Exit 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. Tagged with: Banks Mortgage Servicers Third-Party Mortgage Servicing Portfolios TREFIS Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago U.S. Bancorp200207211216220224227227227225225225225225 JPMorgan884860811859849832831816803786766752724723 September 25, 2015 13,954 Views  Print This Postlast_img read more

Mnuchin Secures Treasury Secretary Position

first_img Share Save Related Articles in Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Government Steven Mnuchin The U.S. Department of the Treasury Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Previous: VP Pence Hires New Chief Economist Next: Quicken Loans, DOJ Take First Step in Legal Battle About Author: Mirasha Brown Government Steven Mnuchin The U.S. Department of the Treasury 2017-02-13 Mirasha Brown Mnuchin Secures Treasury Secretary Position The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Featured / Mnuchin Secures Treasury Secretary Position February 13, 2017 1,042 Views Sign up for DS News Daily Is Rise in Forbearance Volume Cause for Concern? 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Steven MnuchinAlthough his journey was rough, Steven Mnuchin, former Goldman Sachs and OneWest executive, was confirmed by the U.S. Senate as the 77th U.S. Secretary of the Treasury on Monday evening.Leading up to the final vote, some Democratic members insinuated that his businesses aided in the financial crisis of 2008 during his Senate Confirmation hearing on January 19. When it came time to vote on January 31, Senate Democrats staged a boycott, which Senate Finance Committee Chairman Sen. Orrin Hatch (R-Utah) called “abysmal.”“This has never happened before, that we’ve had this kind of treatment of cabinet officials,” Hatch said. “This is the most pathetic thing I’ve seen in my whole time in the United States Senate.”Ed Delgado, President of The Five Star Institute and former Wells Fargo executive, called Mnuchin a “competent choice” for Treasury Secretary. “His plans to roll back burdensome regulations and advance GSE reform will help foster progress and growth in the industry and the economy,” Delgado said. “He should not be labeled as the architect behind the 2008 financial crisis. The reality is that Mnuchin’s leadership during his tenure at OneWest defended American homeowners by making available programs that offered loan modifications to eligible borrowers.”Michael S. Barr—an architect of Dodd-Frank, the former Assistant Secretary of the Treasury for Financial Institutions, and a financial reform expert at the University of Michigan Law School—issued the following statement regarding Steven Mnuchin’s role as Treasury Secretary:“With a new Treasury Secretary in place, the Administration’s focus will now shift to the substance of financial reform. Will they continue to propose gutting consumer and investor protections and removing the guardrails put in place after the financial crisis, or will they actually focus on investing in communities, including real community bank relief? As I argued in a recent Russell Sage Foundation journal on this topic, the Treasury and independent agencies should work to deepen our oversight of shadow banking, reduce reliance on hot money, and strengthen consumer and investor protections. We need to make the financial system safer and fairer, and focus on helping households and businesses, rather than return to the practices that brought us the devastating Financial Crisis of 2008.” When Mnuchin was nominated by President Trump, he indicated that he would roll back key provisions of the Dodd-Frank Act, signed into law by President Barack Obama in 2010 to regulate Wall Street. He also said he would end the governmental conservatorship of Fannie Mae and Freddie Mac.Mnuchin succeeds Jacob Lew, who served as Treasury Secretary for almost four years before stepping down on January 20. Adam Szubin served as interim Treasury Secretary while awaiting Mnuchin’s confirmation.(Editor’s note: This is a developing story. Please check back for more information.) Demand Propels Home Prices Upward 2 days agolast_img read more

Banking and Housing Lobby Petitions for CFPB Structural Changes

first_imgHome / Daily Dose / Banking and Housing Lobby Petitions for CFPB Structural Changes About Author: Staff Writer Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Banking and Housing Lobby Petitions for CFPB Structural Changes ABA Banking and Housing Lobby CFPB NAFCU NAR 2017-06-27 Staff Writer The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: ABA Banking and Housing Lobby CFPB NAFCU NAR Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save June 27, 2017 1,161 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Ever-Changing TRID Demands Companies Pivot to Stay Current Next: Lowest Home Appreciation in the U.S. in Daily Dose, Featured, Government, Headlines, News  Print This Post The banking and housing lobby has recently sent a letter to the leaders of the Senate and House appropriations committees expressing their position that the Consumer Financial Protection Bureau should be restructured from a single director to a bipartisan panel of five people. A total of 22 organizations signed on, including the American Bankers Association, the National Association of Federally-Insured Credit Unions, and the National Association of Realtors, amongst others. In the collective letter, the authors make their case: “A Senate confirmed, bipartisan commission will provide a balanced and deliberative approach to supervision, regulation, and enforcement for consumers and the financial institutions the CFPB oversees by encouraging input from all stakeholders. The current single director structure leads to regulatory uncertainty and instability for consumers, industry, and the economy, leaving vital consumer financial protection subject to dramatic political shifts with each changing presidential administration. Moreover, a commission is the traditional and customary structure for the regulators of our nation’s depository institutions.” It is not immediately clear why the letter was sent to the appropriations committee.  However, Victor Whitman at imagines it has to do with the fact that these two committees control the budget process. “Certain bills can be fast-tracked through budget resolutions employing special rules in what is known as reconciliation, and would not require 60 votes in the U.S. Senate to pass. This is how the Senate Republican leadership plans to pass its version of the Obamacare repeal bill and replacement, but legal experts have told Scotsman Guide News that changes to the CFPB couldn’t be done this way.” Currently, the director can only be removed by the president, “for cause,” however, many analysts don’t believe that Congress will be able to pass legislation before Richard Cordray’s appointment is up in 2018.  Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Freddie Mac Takes Q4 Hit

first_img Servicers Navigate the Post-Pandemic World 2 days ago Previous: Exploring Ethics in REO Next: Drop-In Centers Working to Assist Hurricane-Impacted Texans Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Fannie Mae Freddie Mac GSE The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, Headlines, Journal, News Subscribe Freddie Mac Takes Q4 Hit Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img February 15, 2018 2,064 Views  Print This Post Home / Daily Dose / Freddie Mac Takes Q4 Hit Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Like its sister agency, Freddie Mac this week reported large Q4 losses that will require government bailout money for the first time since 2012. The major difference is that Freddie won’t need as much money as Fannie Mae.On Thursday, Freddie released its Q4 and overall 2017 financial report, showing a $3.3 billion loss in the fourth quarter that will require $300 million in federal assistance. The report comes one day after Fannie Mae released its report for the same time period and posted a $6.5 billion downturn in the quarter that requires a $3.7 billion bailout.Overall, Freddie reported $5.6 billion in annual net income in 2017. A $4.5 billion benefit from a litigation settlement ($2.9 billion after taxes) and a $5.4 billion write-down of the net deferred tax asset resulting from December’s tax overhaul by Congress were the two main contributing factors to the GSE’s net income last year.Like Fannie Mae, Freddie is putting on an optimistic face, despite the loss. The report stated that Freddie’s total guarantee portfolio grew 6 percent, exceeding $2 trillion for the first time. The growth rate is the highest for Freddie in a decade. The agency’s total mortgage-related investments portfolio declined 15 percent to $253 billion, while the total investments portfolio declined 13 percent to $342 billion.Freddie CEO Donald Layton called 2017 “a landmark year in Freddie Mac’s transformation.” He lauded the agency’s efforts to help put more than 2 million people in homes last year, and especially new buyers.“The number of first-time homebuyers we funded hit a 10-year high and we were once again the nation’s top multifamily financier,” Layton said. “At the same time, we significantly lowered taxpayer exposure to our risks, having reduced impaired assets in the investment portfolio by nearly 30 percent through cost-effective transactions, while integrating credit risk transfer extensively across both guarantee businesses.”According to the report, Freddie provided approximately $429 billion in liquidity to the mortgage market, funded nearly 1.5 million single-family homes and 820,000 multifamily rental units, and guaranteed nearly 11 million single-family homes and nearly 4 million multifamily rental units at year-end. The GSE also returned $11 billion to taxpayers in 2017. Demand Propels Home Prices Upward 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 Fannie Mae Freddie Mac GSE 2018-02-15 Scott Morgan Share Save Sign up for DS News Daily About Author: Scott Morganlast_img read more

Unlocking the Future of Property Preservation

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Unlocking the Future of Property Preservation Home / Daily Dose / Unlocking the Future of Property Preservation May 6, 2018 3,553 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Cyprexx HOUSING mortgage Property Preservation Servicers Navigate the Post-Pandemic World 2 days ago Related Articles in Daily Dose, Featured, Foreclosure, News, REO About Author: Ed Mullen Cyprexx HOUSING mortgage Property Preservation 2018-05-06 Rachel Williams Servicers Navigate the Post-Pandemic World 2 days ago Previous: Recognizing the Top Women of Housing Next: The Week Ahead: Catching Up With the Fedcenter_img As an industry, property preservation is focused on providing the services to maintain and protect assets. To date, the industry has not really explored how software for the “Internet of Things” (IoT) can add a new dimension of control and help reduce costs. Is the industry missing out on an opportunity? Can the IoT help industry professionals do a better job with property preservation management?The answer is yes. The good news is, there is a solution in the entry management space.First, let’s look at the problems with traditional keys. They can be easily lost or copied, and rekeying costs money. What if there was a software that, if paired with a Bluetooth lock device, could ensure that the investor, servicer and property owner all know who enters the property, when they do so, and how long they remain inside?Imagine a digital keyless entry management system that enhances security and simplifies the management of access to properties. The good news is that digital entry management has arrived, allowing for a “keyless” environment. This technology eliminates issues with traditional keys being lost or duplicated, reduces the potential for theft and vandalism, and provides an audit trail of property entry.Many properties in default are either without power or do not have Wi-Fi connectivity. This is where a Bluetooth lock becomes important. Bluetooth is cost-effective, provides a stable environment, is simple to deploy and requires neither power nor a Wi-Fi hub—nor the associated maintenance. Furthermore, some of the locks on the market require proximity and a physical touch to awaken. This is critical for security. The software also encrypts all communication and the battery life can extend to approximately two years.The lock and associated software are relatively easy to install and set up. Software with a web-based console facilitates entry management to numerous properties and allows for administration from any location. The software is built to manage from one to several thousand properties. For small quantities, the mobile app is ideal, and for large property volumes, the web-based management console has a sophisticated hierarchy, allowing users to decide how they want the day-to-day control and reporting established. The software informs users of the remaining estimated battery life and will send warnings when the power drops to 30 percent and below, providing ample time to change the batteries (which is a two-minute process).Ownership can also be transferred in a matter of seconds, there is no more rekeying required, and all previous entry permissions can be certified as wiped from the device. In the event a user does not have a working smartphone, the lock software can accept an authorized RFID or fob. Just as easily as you can grant entry to a property, you can revoke it. Simply revoke the access permission from within the software and ability to enter a property will no longer be available. You can restrict date and time either on a regular schedule or as a one-off event.In the unlikely event that a smart lock is installed on the wrong property or there is a need to give access to an owner who may have been in payment arrears and is now current, within a few minutes, assuming the owner can prove their identity, a link can be sent to the individual’s smartphone to allow entry.Nothing screams “vacant” more than a lockbox. Lockboxes can draw the attention of the wrong crowd, often leading to vandalism and neighborhood blight. Smart locks powered with entry management software add to the curb appeal, do not attract unwanted attention and alert you when they are opened. We are looking forward to seeing the industry adopt the technology, adding greater control and avoiding rekey costs. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Sign up for DS News Daily Subscribe As the CEO of Cyprexx Services LLC a national Field Service company that provides quality, cost effective Property Preservation Services, Ed Mullen is responsible for running all facets of the business. Mullen has a proven track record of accomplishments including several years of transactions in the private equity sector. He formerly served as CFO of Cunningham Lindsey Group Limited. He managed Cunningham Lindsey through significant growth on behalf of private equity owners through to a successful divestiture. Mullen also served as the COO, CFO, and EVP for Broadspire Services, Inc. The Best Markets For Residential Property Investors 2 days ago 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 agolast_img read more

Industry Groups Petition FCC for Autodialer Clarification

first_imgHome / Daily Dose / Industry Groups Petition FCC for Autodialer Clarification 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] The Best Markets For Residential Property Investors 2 days ago Share Save May 9, 2018 2,087 Views Industry Groups Petition FCC for Autodialer Clarification More than a dozen trade associations are seeking clear guidance from the FCC on just what constitutes an autodialer under the Telephone Consumer Protection Act (TCPA).The groups recently united to send a petition to the FCC following a recent decision by a D.C. appeals court in the case of ACA International v. FCC. The case challenged the FCC’s interpretations of the TCPA, as laid out in a July 2015 Omnibus Declaratory Ruling and Order. At issue were four particular questions pertaining to the interpretation of TCPA rules. As laid out on ACA International’s website, ACA focused their arguments on three areas: “the definition of an ‘automatic telephone dialing system,’ the identity of the ‘called party’ in the reassigned number context, and the means by which consent can be revoked.”On the topic of what constitutes an autodialer or “automatic telephone dialing system,” the Court sided with ACA, pointing out that the FCC’s previous interpretation could lead to unintended consequences such as ordinary people suddenly finding themselves in violation of the law simply by making use of their smartphone. The opinion reads:“Imagine, for instance, that a person wishes to send an invitation for a social gathering to a person she recently met for the first time. If she lacks prior express consent to send the invitation, and if she obtains the acquaintance’s cell phone number from a mutual friend, she ostensibly commits a violation of federal law by calling or sending a text message from her smartphone to extend the invitation.”In the new petition, the groups request a declaratory ruling from the FCC that will “confirm that to be an ATDS, equipment must use a random or sequential number generator to store or produce numbers and dial those numbers without human intervention” and “find that only calls made using actual ATDS capabilities are subject to the TCPA’s restrictions.”The topic of robocalls/autodialers was also the subject of a recent Senate hearing. Scott Delacourt, Partner, Wiley Rein LLP and a representative of the U.S. Chamber of Commerce who testified at the Senate hearing, said: “Unfortunately, the Commission’s implementation of the Telephone Consumer Protection Act over many years has fostered a whirlwind of litigation. Interpretations by courts and the FCC have strayed far from the statute’s text, Congressional intent, and common sense, turning the TCPA into a breeding ground for frivolous lawsuits brought by serial plaintiffs and their lawyers, who have made lucrative businesses out of targeting U.S. companies.”According to Delacourt, the number of TCPA case filings exploded to 4,860 in 2016, and TCPA litigation grew 31.8 percent between 2015 and 2016.However, fraudulent robocalls remain a persistent challenge for the Federal Trade Commission (FTC), Federal Communications Commission (FCC), and for the industry and lawmakers.In 2017, the Federal Trade Commission (FTC) received 7.1 million complaints from consumers against robocalls. Of these, 771,000 complaints were about fraudulent calls that allegedly helped consumers reduce debt. About Author: David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img autodialer automatic telephone dialing system FCC Petitions Robocalls TCPA Telephone Consumer Protection Act 2018-05-09 David Wharton  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: “It Just Appealed to Me”: Robert Klein’s Property Preservation Legacy Next: Examining Single-Family Rental Return on Investment Tagged with: autodialer automatic telephone dialing system FCC Petitions Robocalls TCPA Telephone Consumer Protection Act Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, Journal, News Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Hurricane Michael Threatens Homes in Florida

first_img Previous: The Week Ahead: Anticipating Mortgage Loan Performance Next: The State of the Economy and Housing  Print This Post Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Florida Homes HOUSING Hurricane Hurricane Michael Residents 2018-10-08 Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Florida Homes HOUSING Hurricane Hurricane Michael Residents Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Loss Mitigation, News Share Save Servicers Navigate the Post-Pandemic World 2 days ago October 8, 2018 2,683 Views 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. Home / Daily Dose / Hurricane Michael Threatens Homes in Florida Data Provider Black Knight to Acquire Top of Mind 2 days ago A fast-moving tropical storm off the Gulf of Mexico was upgraded to a Category 3 Hurricane Michael by the  National Hurricane Center (NHC) on Monday, threatening residences around the Florida panhandle. In an advisory, the center said that the hurricane would make landfall with sustained winds of at least 111 miles per hour.Declaring a state emergency in Florida, Gov. Rick Scott directed the national guard to activate 500 guardsmen to assist with the planning and logistics and to prepare for response in the impacted areas, according to a statement issued by the governor’s office on Sunday.According to the NHC advisory, a hurricane watch is in effect for the Alabama-Florida border, with a storm surge expected in the Navarre, Anna Maria Island and Tampa Bay regions of Florida, with the possibility of life-threatening inundation from rising water moving inland from the coastline over the next 48 hours.A Category 3 storm is considered a major hurricane because of its ability to cause damage to life and property. For example, the category 3 Hurricane Sandy in 2012 inflicted nearly $70 billion in damages.”Well-built framed homes may incur major damage or removal of roof decking and gable ends,” the advisory said. “Many trees will be snapped or uprooted, blocking numerous roads. Electricity and water will be unavailable for several days to weeks after the storm passes.””On the forecast track, the center of Michael will move northward near the western tip of Cuba this afternoon and into the southeastern Gulf of Mexico by tonight. Michael will move across the eastern Gulf of Mexico Tuesday and Tuesday night and is expected to move inland over the Florida Panhandle or Florida Big Bend area on Wednesday, and then move northeastward across the southeastern United States Wednesday night and Thursday,” NHC said in its advisory on Monday. Additionally, it urged residents to follow the advice given by local officials especially in areas where a storm surge was expected.With very little notice before the hurricane hits, the Florida State Emergency Response Team (SERT) has activated, enhancing coordination between federal, state and local emergency management agencies, the governor’s office said in its statement.”This storm will be life-threatening and extremely dangerous,” Scott said during a news conference in Southport, Florida, according to The New York Times. “Michael can still change direction and impact any part of the state.”Local officials were considering evacuations for some communities in the path of the hurricane, the Times reported, adding that with Hurricane Michael, officials were particularly concerned about the storm surge in vulnerable regions.A hurricane of this sort can have a lasting impact on a community. Take for example Hurricane Maria that hit Puerto Rico last year. On November 14-16, Five Star will host the PR18 Summit in San Juan, Puerto Rico to focus on rebuilding efforts and the current state of the island following Hurricane Maria. Housing industry executives from banks, servicers, and suppliers, as well as key stakeholders in the affected regions, local officials, and representatives from related governmental agencies will be in attendance to collaborate and discuss Puerto Rico’s affairs and brainstorm long-term solutions to the housing crisis on the island.Click below for more information and to register for this event: Data Provider Black Knight to Acquire Top of Mind 2 days ago Hurricane Michael Threatens Homes in Florida About Author: Radhika Ojha Related Articles Subscribelast_img read more

Negative Equity Hits Record Levels

first_img Related Articles 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 amount of homes in negative equity fell to the lowest level in nine years, according to the latest CoreLogic Equity Report. Additionally, the amount of equity in mortgaged real estate increased by nearly $427 billion in the second quarter of 2019 from the second quarter of 2018, an annual increase of 4.8%.CoreLogic notes that Q2’s increase in equity was the lowest such gain in equity since the fourth quarter of 2012. Despite the lower growth rate, borrower equity hit a new high in the second quarter of 2019, and borrowers have gained $5.9 trillion in equity since the end of 2011 when equity stopped declining.The nationwide negative equity share for the second quarter of 2019 was 3.8% of all homes with a mortgage, the lowest share of homes with negative equity since CoreLogic started tracking it in the third quarter of 2009.  The number of underwater properties decreased by 201,000 from the second quarter of 2018 to the second quarter of 2019.By state, Nevada’s 1.9-percentage-point decrease in negative equity between the second quarter of 2018 and the second quarter of 2019 represented the nation’s largest year-over-year decline, and the drop from a high of 72.7% in the first quarter of 2010 to 3.7% in the second quarter of 2019 represented the largest decline from the peak.On a city level, San Francisco has the largest average amount of negative equity, but the negative equity share is only 0.6%. Miami has the smallest average amount of negative equity, but has a negative equity share of 9.4%, which is more than double the national rate.Earlier this month, Black Knight reported that tappable equity rose for the second quarter in a row, gaining $335 billion in Q2 2019, now at an all-time high of $6.3 trillion.“The not-so-good news is that – in an environment of record-high levels of tappable equity and low interest rates that makes cash-out refinances an affordable option for accessing that equity – servicers are retaining just one in five cash-out borrowers,” said Black Knight Data & Analytics President Ben Graboske. “Even though rate-term refis are surging right now, cash-outs still made up some 62% of all refinances in the second quarter. Add to that the fact that borrowers refinancing out of 2012-2017 vintage loans account for nearly half of all refis so far in 2019, nearly 80% were cash-out transactions.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Negative Equity Hits Record Levels About Author: Seth Welborn Share Save Demand Propels Home Prices Upward 2 days ago Previous: The Industry Pulse: Updates on Total Expert, a360inc, and More Next: Recognizing Exemplary Working Cultures Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Negative Equity Hits Record Levels September 20, 2019 1,427 Views center_img Tagged with: Equity Home Prices Negative Equity Sales Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post in Daily Dose, Featured, Market Studies, News, Secondary Market Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Equity Home Prices Negative Equity Sales 2019-09-20 Seth Welborn Subscribelast_img read more