RynohLive Named One of ALTA’s ‘Elite Providers’

first_img RynohLive Named One of ALTA’s ‘Elite Providers’ Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago ALTA American Land Title Association Mortgage Fraud Prevention RynohLive Software Solutions 2014-11-26 Brian Honea The Best Markets For Residential Property Investors 2 days ago RynohLive, a Virginia Beach-based patented financial management and fraud prevention system for title agents, as recently named an Elite Provider by the American Land Title Association (ALTA).ALTA recently created the Elite Provider designation recognize service providers that are committed to offering the title insurance and settlement industry comprehensive benefits. Elite Provider members meet the industry’s highest standards and provide effective solutions for the critical needs of ALTA’s members. RynohLive and New York-based Real Estate Data Shield were the first two firms selected for Elite Provider designation.”We are extremely excited to accept Real Estate Data Shield and RynohLive as Elite Providers,” said Michelle Korsmo, ALTA’s chief executive officer. “As we continue to provide education and training on ALTA’s Title Insurance and Settlement Company Best Practices framework, we must provide a resource of businesses with a proven track record of valuable services and products for our members. I look forward to more companies enrolling in the ALTA Elite Provider program in the future.”RynohLive, which was founded in 2009, exceeds ALTA’s Best Practice Pillar No. 2 requirements, which include electronic verification of reconciliation. RynohLive’s patented software solutions daily conduct an automated three-way reconciliation of escrow accounts as well as an end-to-end audit of those accounts. With real-time monitoring of escrow accounts, RynohLive’s software solutions work around the clock to help clients stay ahead of would-be fraud perpetrators and identify other audit issues in order to minimize exposure to loss.”ALTA’s Elite Provider list is highly selective, and RynohLive is honored to be part of the program,” said Dick Reass, CEO of RynohLive.  “We are the industry standard for escrow and financial management software for the settlement industry, and it is great to have ALTA recognize the work that we do on a daily basis to keep escrow accounts secure.” Tagged with: ALTA American Land Title Association Mortgage Fraud Prevention RynohLive Software Solutions Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Default Servicing Technologies Hires New VP of Business Development Next: Prudent or Petty: The Government’s Settlement Strategy About Author: Brian Honea November 26, 2014 961 Views Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agocenter_img Home / Featured / RynohLive Named One of ALTA’s ‘Elite Providers’ The Best Markets For Residential Property Investors 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 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 Share Save in Featured, News, Technology Related Articles Is Rise in Forbearance Volume Cause for Concern? 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Freddie Mac Prices Third STACR Offering of 2015 at More Than $1 Billion

first_imgHome / Daily Dose / Freddie Mac Prices Third STACR Offering of 2015 at More Than $1 Billion Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea Freddie Mac Prices Third STACR Offering of 2015 at More Than $1 Billion Freddie Mac has announced the pricing of its third Structured Agency Credit Risk (STACR) debt notes offering for 2015, which has been increased up to $1.01 billion from $720 million due to market demand.The latest offering, STACR Series 2015-DNA1, represents a couple of firsts for Freddie Mac’s STACR program: it is the enterprise’s first transaction in which losses will be allocated based on actual losses realized on related reference obligations instead of using a fixed severity approach to allocate losses. In addition, the latest STACR offering represents the first time the first-loss Class B tranche will be issued as book-entry notes.Pricing for STACR Series 2015-DNA1 is as follows: for the M-1 class, one-month LIBOR (London Interbank Offered Rate) plus a spread of 90 basis points; for the M-2 class, one-month LIBOR plus a 185 basis point spread; for the M-3 class, one-month LIBOR plus a 330 basis point spread; and for the B class, one-month LIBOR plus a 920 basis point spread.The offering is scheduled to settle on or around April 28, according to Freddie Mac. Fitch and Moody’s are rating the M-1, M-2, M-3, and MACR classes, and Freddie Mac holds the senior loss risk in the reference pool as well as a portion of the risk in the M-1, M-2, and M-3 classes and first-loss Class B tranche. STACR Series 2015-DNA1 has a reference pool of single-family mortgages originated in Q4 2014 with an unpaid principal balance of more than $31.9 billion, according to Freddie Mac.”We see actual loss-based risk transfer as more sustainable over the long run than calculated loss risk transfer deals, and we are very happy with the initial positive demand from investors,” said Mike Reynolds, Freddie Mac VP of Credit Risk Transfer. “We look forward to integrating actual loss into future transactions.”The STACR offering priced earlier this week is Freddie Mac’s third this year and 12th overall. Freddie Mac began the STACR program in the second half of 2013 as part of the Enterprise’s goal of reducing risk to taxpayers by increasing private capital’s role in the mortgage market. Freddie Mac has laid off a substantial portion of credit risk for more than $205 billion in unpaid balances on single-family mortgages through STACR transactions. The enterprise has issued $7.8 billion in STACR bonds to date, representing reference pools of $249.6 billion through 11 issuances, not including the current STACR Series 2015 DNA1.Credit Suisse is acting as structuring lead manager for the transaction, and Citi Citigroup is acting as co-lead manager and joint bookrunner, according to Freddie Mac.Click here to see a PDF of a STACR investor presentation, or click here to see more on Freddie Mac’s Credit Risk Offerings. April 23, 2015 1,081 Views The Best Markets For Residential Property Investors 2 days ago Tagged with: Freddie Mac Single-Family Residential Mortgage Loans STACR Structured Agency Credit Risk  Print This Post Share Save 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. Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News, Secondary Market Previous: Bank of America Asks for Removal of $1.27 Billion Penalty, Questions Judge’s Impartiality Next: Will Banks Benefit From Recent Non-Performing Loan Sales by GSEs? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Freddie Mac Single-Family Residential Mortgage Loans STACR Structured Agency Credit Risk 2015-04-23 Brian Honea Related Articles Governmental Measures Target Expanded Access to Affordable Housing 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 Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Non-Foreclosure Solution Totals Are Piling Up

first_img 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  Print This Post January 27, 2016 1,922 Views Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago HOPE NOW Loss Mitigation Non-foreclosure solutions 2016-01-27 Brian Honea Demand Propels Home Prices Upward 2 days ago Subscribe The Week Ahead: Nearing the Forbearance Exit 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. Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: HOPE NOW Loss Mitigation Non-foreclosure solutionscenter_img Previous: DS News Webcast: Thursday 1/28/2016 Next: Ocwen and the City of Milwaukee Combine to Fight Effects of Foreclosure Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles While foreclosure continue to steadily decline, the number of foreclosure alternatives completed is adding up, and the industry completed another 99,000 foreclosure prevention actions in November 2015, according to data released by HOPE NOW on Wednesday.The 99,000 foreclosure prevention actions completed in November included permanent loan modifications, deeds-in-lieu of foreclosure, short sales, and other workout plans. Meanwhile, at the other end of the spectrum, foreclosure sales for the month totaled 24,500, meaning that non-foreclosure solutions still outpaced completed foreclosures by a four to one ratio.”This metric is important as it shows the breadth of solutions available to at-risk homeowners and that these homeowners are likely to receive an alternative solution to foreclosure,” HOPE NOW’s report stated. “It is interesting to note that nearly 40 percent of foreclosure alternative solutions for families were repayment plans. This indicates most families are experiencing short term hardships.”Approximately 26,00o of the foreclosure prevention action were permanent loan modifications, according to HOPE NOW. This number included 19,000 modifications through proprietary programs and 7,691 through the government’s Home Affordable Modification Program (HAMP).”As we turn our attention to 2016, our data continues to indicate recovery in the overall housing market,” said Eric Selk, Executive Director of HOPE NOW. “Our November report shows that key trends remain consistent with previous reports. Specifically, foreclosure starts and foreclosure sales completed are at or near pre-crisis norms. Although fewer modifications are being reported, families are receiving assistance through foreclosure alternative solutions such as retention plans and formal repayment plans. This is reflective of an early intervention process that all servicers are employing. The goal is to keep families in their home and respond quickly when someone goes delinquent.”The number of serious delinquencies in the mortgage market also tumbled year-over-year in November, from 1.97 percent down to 1.65 percent, according to HOPE NOW.”Another key indicator of positive market stability is the decline in serious delinquency,” Selk said. “HOPE NOW tracks those homeowners who are 60+ days delinquent and we have reported a steady total of about 1.65 million borrowers for the past 5 months. This is a far cry from the nearly 2 million borrowers who were seriously delinquent just 18 months ago. This is a true testament to the hard work of the HOPE NOW Alliance and others, as well as the recent jobs report and economic recovery.” About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Non-Foreclosure Solution Totals Are Piling Up Non-Foreclosure Solution Totals Are Piling Up Share Save in Daily Dose, Featured, Government, Newslast_img read more

Under Construction: Housing Finance Reform

first_img Demand Propels Home Prices Upward 2 days ago April 17, 2019 1,945 Views in Daily Dose, Featured, Government, News  Print This Post Related Articles Share Save Conservetorship Fannie Mae FHFA Freddie Mac 2019-04-17 David Wharton Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 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: Conservetorship Fannie Mae FHFA Freddie Mac The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Fannie Mae Announces Reperforming Loan Sale Next: LRES Adds New CTO Demand Propels Home Prices Upward 2 days ago Under Construction: Housing Finance Reform Home / Daily Dose / Under Construction: Housing Finance Reform The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: David Wharton Subscribe From the moment the Federal Housing Finance Agency placed Fannie Mae and Freddie Mac into conservatorship in September 2008, the topic of GSE reform has been the subject of heated policy debates everywhere from inside the Capitol rotunda to around countless industry water coolers. Although it’s remained a popular hot topic in industry and government circles during the ensuing decade, questions of GSE reform—how to manage it, what needs to change, or whether it’s even necessary in the first place—have been seeing renewed prominence in the months since the November elections.The status quo, suggests Tim Rood, Chairman of the Collingwood Group, is not tenable. “The GSEs are in such a tenuous position, and therefore so is the housing market, because if you have another credit event—which you’re likely to have—the taxpayers are in a first-loss position.”Such a complex problem, which affects so many different facets of a complex industry, unsurprisingly lends itself to a multitude of possible solutions and viewpoints. In February 2019, Sen. Mike Crapo, Chairman of the Senate Banking Committee, introduced a five-point outline designed to help create a more sustainable housing finance system. His proposal included: private companies as guarantors for the timely repayment of principal and interest to investors of eligible mortgages that are securitized through a platform operated by Ginnie Mae changing the Federal Housing Finance Agency’s (FHFA’s) structure to run it as a bipartisan board of directors instead of a single director to charter, regulate, and supervise the guarantors utilizing Ginnie Mae to guarantee timely repayment of principal and interest on securities that receive credit enhancement from guarantors that are approved and regulated by the FHFA putting a cap on the percentage of all outstanding guaranteed eligible mortgages that a guarantor is permitted within a stipulated timeline as well as ensuring a timeline within which all guarantors are required to be fully capitalized after the enactment of the legislation replacing the current affordable housing goals and duty-to-serve requirements with a new Market Access Fund which will provide grants, loans, and credit enhancements to address the homeownership and rental housing needs of the underserved and low-income communities.In a statement at the time, Crapo said, “We must expeditiously fix our flawed housing finance system. My priorities are to establish stronger levels of taxpayer protection, preserve the 30-year fixed rate mortgage, increase competition among mortgage guarantors, and promote access to affordable housing.”Treasury Secretary Mnuchin supported the plan, saying, “Protecting American taxpayers by ensuring the safety and stability of the United States housing finance system is a priority for the Treasury Department. The outline for housing reform legislation released by Chairman Crapo is a productive first step toward that goal, and I applaud him for his efforts.”Crapo’s plan came only weeks after Politico reported that FHFA Acting Director Joseph Otting reportedly told staffers that the agency would be announcing plans to remove the GSEs from conservatorship soon. The White House swiftly walked those remarks back, with White House Spokeswoman Lindsay Walters releasing a statement that read, “The White House expects to announce a framework for the development of a policy for comprehensive housing finance reform shortly. At this time, no decisions have been made on any reform plan. As part of the process, however, the administration will work with Congress to formulate a plan that fully addresses the risks to taxpayers presented by the current housing finance system and that improves the ability of creditworthy Americans to buy a home.THE CASE FOR THE CURRENT SYSTEMUnsurprisingly, the topic again came up during the Congressional confirmation hearings for new FHFA Director Mark Calabria in February. When it comes to any potential GSE reforms, Calabria said that his role as Director of FHFA would be to “carry out the clear intent of Congress, not impose my own vision.”Just because GSE reform is a topic that inspires debate, that doesn’t mean it’s a given that broad reforms of the existing system are a universal desire among those who interact with or within that system.“The GSEs are doing a good job ensuring broad access to long-term fixed-rate lending while pushing off the lion’s share of the credit risk into the private market,” said Jim Parrott, Owner, Falling Creek Advisors and a Nonresident Fellow at the Urban Institute. However, Parrott points out that the current system still remains beholden to a privately owned ‘too big to fail’ duopoly, “which doesn’t pose a systemic risk only because they have been put into conservatorship.” He added, “We need to be clearer about the role we want private capital to play in the system and what role we want the government to play in the system—as right now the roles are utterly conflated.”Michael Bright, President and CEO, Structured Finance Industry Group, previously served as the EVP and COO of Ginnie Mae, where he worked to advance a “commitment to modernization.” He also threw his name into the GSE reform fray in September 2016, when Bright and former FHFA Acting Director Ed DeMarco co-authored a paper entitled “Toward a New Secondary Mortgage Market.” The paper proposed broad GSE reforms that would “end the conservatorships, reconstitute Fannie Mae and Freddie Mac as lender-owned mutuals, and build on the credit risk transfer (CRT) initiative to create a private market for mortgage credit risk while preserving a government-guaranteed rates market for mortgage-backed securities.” In addition, Bright and DeMarco proposed removing Ginnie Mae from the Department of Housing and Urban Development (HUD) and converting it into a standalone government corporation like FDIC, “with authority over its own budget, hiring, and compensation.”With the current subsidized system allowing Fannie and Freddie to issue debt at Treasury rates in order to buy delinquent loans out of pools, and with the Federal Reserve then buying most of the product they issue, Bright told DS News that the paramount strength of the current system is that it is very good at making mortgages cheap. However, that doesn’t mean it’s without its flaws.“It’d be nice to get to a place where these rates can be low, but not quite as subsidized, where the market can stand on its own two feet,” Bright said. “The idea of countercyclicality is supposed to be that when things are bad, the government steps in, and then when things are good, the government backs away.” However, Bright observed that Washington sometimes only follows part of that protocol. “When things are bad, the government steps in … and then the government stays in,” he joked. “We haven’t figured out that part of the cyclicality agenda yet, but we’ll see.”Collingwood’s Rood also credits the GSEs for leading in the field of technological innovations, “creating new tools to drive efficiencies, mitigate risk, and offload risk for lenders at a time where they would probably struggle to make those investments themselves.” He added that the GSEs are also doing this work “when they have no financial incentive to do so.”Rood added that both Fannie and Freddie are doing “a good, thoughtful job” of making the servicing of GSE loans less expensive and less risky. “They’re automating many of the claims-related activities, which generally carried a lot of tail risk because you could find yourself liable for bad claims at some point in the future.”10 YEARS OF CHANGEOf course, it would be a mistake to view the notion of housing finance reform as a binary—either a huge, all-encompassing reform bill is passed or it isn’t. As those DS News spoke to pointed out, that ignores all the ways that the system has course-corrected over the years since the crisis, in big ways and small.Rood said that the GSEs as they exist now are “far more prescriptive, and there are tools now available to servicers to help them with loss mitigation, foreclosure prevention, and default management. Most of those tools didn’t exist in the past, so it makes it all more predictable, more rote, and less risky. The tools the GSEs have put out there have helped manage the costs of servicing delinquent or defaulted borrowers.”“Since the companies were taken to conservatorship, Congress has performed a lot of oversight and a lot of big idea creation,” Bright said. “There hasn’t been some major big-bang legislative effort that’s passed into law. Congress has also played an oversight function, and has undone some things that the FHFA has done here and there, or encouraged the FHFA to do more. Meanwhile, the FHFA and the enterprises—who know the details of their business better than a member of Congress does, by definition—are experimenting within the system.” Bright posited that, while there hasn’t been a single large-scale piece of reform legislation passed, “eventually, a law will be signed that codifies many of these ideas.” Until then, housing finance reform will likely remain an evolutionary process.That more measured approach is one that has no shortage of supporters. In early March, several industry groups sent a letter to the FHFA urging it to take a cautious approach to reforms going forward, recommending that the agency leverage and build upon the current structures of the GSEs. The letter also urged that a commitment to facilitating more affordable housing remain paramount throughout the process.Addressed to FHFA Acting Director Joseph Otting, the letter stated, in part, that “any efforts to meaningfully change the GSEs’ market presence must be undertaken carefully, with vigilant monitoring and frequent recalibration (if necessary) to avoid disruptions to the flow of mortgage credit into the singlefamily and multifamily real estate markets. Efforts to reduce the GSEs’ footprint should not move forward unless there is compelling evidence that the private market is able to assume an expanded role.”A MOVE TOWARD CONSOLIDATIONOne major change on the near horizon, of course, is the impending launch of the GSEs’ universal mortgage-backed security. First announced in March 2018, the universal mortgage-backed security (UMBS) are set to launch on June 3, 2019. The common securities will replace the Enterprises’ current offerings of To-Be-Announced-eligible mortgage backed securities. The UMBS will be issued through the Enterprises’ joint venture, Common Securitization Solutions (CSS), using the Common Securitization Platform (CSP).At the time of the announcement, the FHFA explained that, after the June 2019 launch, CSP and CSS “will expand to include the administration of multi-class securities and commingled Enterprise UMBS and the production of UMBS disclosures.” CSS and CSP will thereafter begin performing bond administration functions for close to 900,000 securities backed by nearly 26 million loans.“The UMBS and CSP, that’s a bit of a rabbit hole,” Bright told DS News. “I think that the jury’s very much out on that. Continuing to evolve the GSEs’ role so that they’re not systemic holders of all those credit risks is important, but they need to have a more unified set of rules, technology, and architecture for managing the distribution of credit risk in an efficient manner.”“The development of the platform and credit-risk-transfer process are both critical building blocks for a system like the one I’ve described,” Parrott said. “Right now we’re overly dependent on the GSEs for both their assumption of credit risk and their management of the securitization infrastructure. In order to free the system from its dependence on a TBTF duopoly, you have to address both. The CRT helps address the credit-risk concentration and the CSP helps address our reliance on them for the securitization infrastructure. However, both need to be expanded for this transition to work. The CRT needs to be made more durable by attracting more institution-based capital into the deals, institutions that will be there even when the markets get choppy. The CSP needs to be expanded to allow others to use it, so it is a tool to reduce barriers to entry rather than yet another barrier to entry.”WHERE DO WE GO FROM HERE?Parrott recently wrote a piece for the Urban Institute’s Housing Finance Policy Center entitled “Clarifying the Choices in Housing Finance Reform.” In it, he walked readers through the history of the housing finance system prior to the conservatorships and provided a detailed examination of three prominent recent reform proposals:»» MBA Proposal: Suggests turning Freddie and Fannie into privately owned utilities “with regulated rates of return and opening them up to the threat of competition from newly chartered guarantors.”»» The “Promising Road” Proposal: Coauthored by Parrott, this plan would utilize a common securitization platform and combine Freddie and Fannie into “a single government corporation that issues government-backed securities, sells off all the non-catastrophic credit risk on those securities, and guarantees interest rate investors the timely payment of principal and interest on their investments.”»» Bright and DeMarco’s Proposal: Leverages and expands existing Ginnie Mae infrastructure to allow Ginnie Mae–approved issuers to get credit enhancement from private and government institutions, while also allowing Ginnie Mae to issue securities. Fannie and Freddie would “compete over the management of non-catastrophic credit risk.”All three of these plans share some common elements: a government corporation overseeing securitization and guaranty of MBS, while allowing for more competition and a larger role for the private market.Bright told DS News that his and DeMarco’s proposal to disaggregate the functions of issuer and guarantor was, on some level, intentionally provocative. Since Fannie and Freddie buy delinquent loans “in a subsidized way because they issue debt that trades basically flat to Treasury debt,” Bright explained that “no new company could ever come in and compete with that because they wouldn’t be able to replicate the funding cost of being the issuer.” If you disaggregate those functions, however, you could “open up a pathway to competition.”Speaking of why he and DeMarco determined that expanding Ginnie Mae’s role made the most sense, Bright said, “The Ginnie Mae security was a platform that had been able to onboard a variety of different types of issuers onto it, and it was globally accepted as a security. The name ‘Ginnie Mae’ is already written into investor guides all over the world.”Bright said that this viewpoint was only hammered home further during his time at Ginnie Mae. “Fannie, Freddie, the UMBS—whatever new security or new credit wrap Congress could create, there would inherently be a long process of going around and explaining it to central banks in China and Japan and Thailand and Dubai and everywhere, saying, ‘This is how this bond works.’ Whereas with Ginnie, it already has the name recognition, so that also means it has legal recognition.”Bright further explained that it can be difficult explaining the nuances of the American mortgage market even to policymakers in Washington, but “at least in America, we’re all used to 30-year fixed-rate pre-payable mortgages and stuff like that. In Europe and Asia, you might have to start that discussion more from the ground up.” Ginnie, however, is already a known quantity in those markets. Bright continued, “To try and rebuild all of that global awareness for a totally new bond seemed a bit silly and unnecessarily complex in our view.”Parrott also put Sen. Crapo’s proposed outline for housing finance reform under the microscope recently, examining the ins and outs in an Urban Institute paper entitled “How Chairman Crapo’s Outline for Housing Finance Reform Can Work.” Crapo’s plan would allow lenders to sell their loans to chartered guarantors, who would then issue securities through Ginnie Mae. Lenders could also securities themselves via Ginnie Mae, and could also sell their loans to a loan aggregator. Under this system, guarantors would issue insurance to cover the credit risk on the lenders’ pools.Although Parrott’s examination of the Crapo outline did spotlight several issues that still needed to be addressed, including how to integrate existing systems and “what capital and regulatory regime to impose on guarantors to ensure that they are protecting the taxpayers standing behind the system,” Parrott’s write-up nevertheless concluded that the proposal held “significant promise, making it a worthy place to renew the much delayed, but still badly needed, effort to overhaul the housing finance system.”For all the talk earlier this year of the White House trying to make a move on the GSE reform front, Rood told DS News that he doesn’t see any likely path forward outside of administrative reform, at least not in the foreseeable future. “Most legislation tends to get passed when one of two conditions are present,” Rood said. “Either 1) there’s an emergency and everybody has to rally together against an outside foe or event, or 2) they pass legislation when it doesn’t matter anymore. At that point, people are just tired of talking about it, so it’s less relevant and you’re more likely to see a bipartisan solution passed.”“To be honest, it’s FHFA with most of the power here,” Parrott said. “Anything Treasury or the White House wants to do, they can only do through an agreement with the regulator and conservator of the GSEs. The FHFA, on the other hand, can move unilaterally, imposing a new capital regime, changing pricing—and with it the amount of cross-subsidy the GSEs provide—the size and nature of their footprint, and so forth.”As for Bright, have the intervening years— and a stint at Ginnie Mae—altered his view on how best to proceed with these reforms?“I believe that if we want more than just two companies in this space, it’s going to be hard to get new entrance if they have to be issuer as well because they won’t have a funding advantage,” Bright said. “Some people don’t see it as a problem in the first place. That’s a different level of policy debate. We were basically saying, if you want competition, here’s one way that you probably can get it.”Bright joked that lenders and servicers may have occasionally had something of a “frenemy” relationship with the GSEs, but that further reforms could help put all the players on more equal footing.“It would be more of a pure B-to-B dynamic where you have an origination business and then you have a secondary market business,” Bright said. “Fannie and Freddie work hard to innovate for their customers, but they’ve inherently got a lot of weight on their side given the fact that they’re government chartered enterprises. If you’re going to have a system where it’s private actor interacting with private actor, there could be some advantages to having both aspects, both silos, be more pure businesses that are actually competing for each other’s products and innovation.” Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

The Debate Over High-Density Housing

first_img Affordability high density housing Housing Market 2019 SIngle-family 2019-10-30 Mike Albanese Share Save The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Mike Albanese The move to higher-density housing and less single-family zoning is taking hold in markets across the nation. Kim Hart, Managing Editor of AXIOS, recently appeared on CNBC to discuss the latest “YIMBY” movement. Hart said San Francisco, California, was “ground zero” for the rising home prices since the Great Recession, as median home prices rose to $1.7 million with prices nearing $1 million in the surrounding Bay Area. “You’re starting to see more and more people say, ‘well, you know what, the answer to this is to increase the supply. To help meet that demand. We have to build more houses and we have to build more units beyond single-family houses,’” Hart said. The pressure, though, is no longer solely on coastal markets, as areas once deemed affordable are seeing home prices rise and affordability become an issue.  A Los Angeles Times report details how California lawmakers successfully passed pieces of legislation over the past several years that have chipped away at single-family zoning. The report says that California Gov. Gavin Newsom signed multiple bills into law this week that allowing property owners to build a backyard home of at least 800-square-feet. The bill would also allow homeowners to convert a garage, office, or space room into living quarters. New legislation would allow for three homes on land previously zoned for single-family.“We’re on the precipice of single-family zoning functionally not existing,” said Ben Metcalf, former Director of the state’s Department of Housing and Community Development.Other markets such as Durham, North Carolina; Minneapolis, Minnesota; and Oregon have enacted similar laws to allow for higher-density homes. Hart said there is beginning to be a clash between YIMBYs (yes in my backyard) and NIMBYs (not in my backyard), as many YIMBYs are having issues finding affordable places to live and want to enact change. “This constant debate over whether development is good, does it actually lead to gentrification, does it lead to displacement—and then I think the YIMBYs are looking at how can we find ways to decrease that,” she said.  Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 30, 2019 1,376 Views 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. Previous: What’s at Stake in the Constitutionality CFPB Case Next: Are Loans Originated by GSEs Less Likely to Default? Demand Propels Home Prices Upward 2 days agocenter_img Home / Daily Dose / The Debate Over High-Density Housing Subscribe The Debate Over High-Density Housing Governmental Measures Target Expanded Access to Affordable Housing 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 Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Tagged with: Affordability high density housing Housing Market 2019 SIngle-familylast_img read more

Ginnie Mae Issues $61B in MBS in June

first_img Demand Propels Home Prices Upward 2 days ago Share Save Chuck Green has contributed to the Wall Street Journal, Washington Post, Los Angeles Times, San Francisco Chronicle, Chicago Tribune and others covering various industries, including real estate, business and banking, technology, and sports. Servicers Navigate the Post-Pandemic World 2 days ago Ginnie Mae Issues $61B in MBS in June The 233,000 homeowners and renters could hardly be faulted for having their hands extended, lured by the $61.33 billion of mortgage-backed securities issued last month for them by Ginnie Mae, it announced today in a report.The issuance breaks out this way: it includes $58.22 billion of Ginnie Mae II MBS and $3.11 billion of Ginnie Mae I MBS, with multifamily housing earmarked for loans totaling $2.87 billion.Ginnie Mae’s total outstanding principal balance rose $2.07 trillion since June 2019.Last month, Ginnie Mae maintained its reign as the housing finance source relied upon by homeowners and renters, said Ginnie Mae Principal EVP Seth Appleton. Its helped more than 231,000 families secure safe and affordable housing, he continued.Appleton said MBS issuance topped $60 billion for the third consecutive month in June.The program “has the capacity and flexibility to align the capital needs of Issuers originating mortgages with investors around the world seeking high-quality assets, while minimizing risks to taxpayers,” he said.Earlier this month, Ginnie Mae announced a pair of temporary borrower relief options—the Federal Housing Administration’s (FHA) National Emergency Standalone Partial Claim and USDA’s Mortgage Recovery Advance. The goal was to `circumvent lingering doubts and ensure the rate of transactions, according to DS News.The pooling of restriction surrounding eligibility—while extending appropriate and integral buyout transactions, in place already—was implemented by Ginnie Mae to guarantee loan activity with borrowers and the interests of the MBS program.In April, Ginnie Mae set an all-time record, issuing $63.81 of its mortgage-based securities, doling out financing to more than 246,000 homeowners and renters, reported DS News.In May, almost $64 billion in securities, financing housing for more than 246,00 families, was generated by the Ginnie Mae MBS program, said Appleton.“Housing finance is a key component of the nation’s economic well-being. Ginnie Mae’s steadfast in its mission to ensure the safe and consistent flow of money to communities across the United States, while minimizing risks to taxpayers,” he said. About Author: Chuck Green in Daily Dose, Featured, Government, News Previous: Mark Calabria Applauds Decision to Review Secondary Mortgage Market Next: Pandemic’s Impact on JPMorgan, Wells Fargo Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Ginnie Mae Issues $61B in MBS in June The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Subscribe Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago July 15, 2020 1,043 Views The Best Markets For Residential Property Investors 2 days ago Tagged with: Ginnie Mae Mortgage-Backed Securities Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Ginnie Mae Mortgage-Backed Securities 2020-07-15 Mike Albanese Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img

While Forbearance Activity Decreases, Many Homeowners Remain in Plans

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago March 16, 2021 1,204 Views Home / Daily Dose / While Forbearance Activity Decreases, Many Homeowners Remain in Plans Share Save Servicers Navigate the Post-Pandemic World 2 days ago Related Articles 2021-03-16 Christina Hughes Babb About Author: Christina Hughes Babb While Forbearance Activity Decreases, Many Homeowners Remain in Plans Servicers Navigate the Post-Pandemic World 2 days ago Previous: Federal Home Loan Bank of San Francisco Names New CEO Next: Toomey: Congress Must Address ‘Fundamental Flaws in the System’ Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News house, neighborhoodBased on the latest forbearance and call volume survey from Mortgage Banker’s Association (MBA), the number of loans actively in forbearance decreased 6 basis points, to 5.14% from 5.20% of servicers’ portfolio volume from March 1-7.The MBA estimates that 2.6 million homeowners are in forbearance plans.By lending agency, the share of Fannie Mae and Freddie Mac loans in forbearance decreased to 2.88%, a 6-basis-point improvement.Ginnie Mae loans in forbearance decreased 12 basis points to 7.16%.For portfolio loans and private-label securities (PLS), the numbers remained unchanged from a week before at 9.05%.The percentage of loans in forbearance for independent mortgage bank (IMB) servicers decreased 6 basis points to 5.45%, and the percentage of loans in forbearance for depository servicers declined 9 basis points to 5.19%.”One year after the onset of the pandemic, many homeowners are approaching 12 months in their forbearance plan. That is likely why call volume to servicers picked up in the prior week to the highest level since last April, and forbearance exits increased to their highest level since January. With new forbearance requests unchanged, the share of loans in forbearance decreased again,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Homeowners with federally backed loans have access to up to 18 months of forbearance, but they need to contact their servicer to receive this additional relief.”Fratantoni added, “The American Rescue Plan provides needed support for homeowners who are continuing to struggle during these challenging times, and stimulus payments are being delivered to households now. We anticipate that this support, along with the improving job market, will help many homeowners to get back on their feet.”Frantanoni is one of several insiders who have weighed in on the Rescue Plan. and what it means for the industry.The Federal Housing Finance Agency (FHFA) recently announced extensions of several measures that the agency says will align COVID-19 mortgage relief policies across the federal government. This announcement, which extends temporary measures (previously set to expire March 31) until the end of June follows the White House’s February 16 moratoria extension applied to all federally backed mortgages through the same period.Said measures include provisions for borrowers with Fannie Mae or Freddie Mac-backed mortgages who may be eligible for an additional three-month extension of COVID-19 forbearance, according to a press release. This additional three-month extension allows borrowers to be in forbearance for up to 18 months. The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 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 The Best Markets For Residential Property Investors 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Subscribelast_img read more

Caliber Sold to New Residential for $1.7 Billion

first_img April 14, 2021 6,134 Views The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Previous: Profit-Per-Loan Hits Record High in 2020 Next: To What Extent Have Homeowners Prepared for Disaster? Demand Propels Home Prices Upward 2 days ago  Print This Post New Residential Investment Corporation has entered into an agreement with an affiliate of Lone Star Funds to acquire Caliber Home Loans Inc., bringing together the platforms of Caliber and NewRez LLC. Under the terms of the agreement, New Residential will pay a cash consideration of $1.675 billion to acquire Caliber.Through the acquisition New Residential expects to broaden its customer retention efforts; enhance its purchase origination capabilities; add to its asset base with a portfolio of mortgage servicing rights (MSRs); and accelerate New Residential’s mortgage platform objectives.“We believe this is a terrific acquisition for our company,” said Michael Nierenberg, Chairman, CEO, and President of New Residential. “Over the years, Caliber’s experienced team has built a differentiated purchase-focused originator with an impressive retail franchise and solid track record in customer retention. The combination of NewRez and Caliber’s platforms will create a premier financial services company with scale, talent, technologies, and products to accelerate our mortgage company objectives and generate strong earnings for our shareholders. With this acquisition, we have significantly strengthened our capabilities to perform across interest rate environments.”Caliber reported $80 billion in unpaid principal balance (UPB) of funded origination volume in 2020. Caliber’s servicing portfolio as of December 31, 2020 featured $153 billion in UPB, with approximately 630,000 customers.“We are excited to be joining the New Residential family,” said Sanjiv Das, CEO of Caliber. “By combining platforms with NewRez, we will join another industry pioneer that has complementary strengths and is committed to delivering the dream of homeownership. Our combination of strategies will allow us to accelerate our leading position in purchase lending, grow our digital direct to consumer and broker initiatives, and further propel our retail franchise. As we leverage our digitization investments, we will make the entire mortgage process faster, easier, and more efficient. We are thrilled to have the opportunity to deepen our customer relationships, expand our customer reach and provide more industry-leading products and options to our customers.” Home / Daily Dose / Caliber Sold to New Residential for $1.7 Billion Related Articles Tagged with: Caliber Home Loans Inc Lone Star Funds Michael Nierenberg New Residential Investment Corporation NewRez LLC Sanjiv Dascenter_img Demand Propels Home Prices Upward 2 days ago Caliber Home Loans Inc Lone Star Funds Michael Nierenberg New Residential Investment Corporation NewRez LLC Sanjiv Das 2021-04-14 Eric C. Peck in Daily Dose, Featured, Journal, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Caliber Sold to New Residential for $1.7 Billion Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Eric C. Peck Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

People right to be angry about cost of wasted water – Shiels

first_img Google+ GAA decision not sitting well with Donegal – Mick McGrath Twitter Facebook Previous articleConcerns about when Gaelscoil na gCeithre Máistrí will receive promised fundingNext articleMcIlroy wants to end season as Europe’s No1 admin RELATED ARTICLESMORE FROM AUTHOR Dessie SheilsA Donegal County Councillor has claimed 45% of the treated water supply in Donegal is being lost to leaks, and Irish Water will end up charging consumers an 80% premium for water supplied.According to Councillor Dessie Shiels, a recent Local and Economic Community Plan released to County Councillors has revealed that between 2008 and 2013, almost half of the supply had been wasted by the time water gets to our taps.Councillor Shiels says people have a right to be annoyed about the idea of paying for a product that is being effectively lost………….Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/11/dessiwaterwaste.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Three factors driving Donegal housing market – Robinson WhatsApp Facebook Pinterest Nine Til Noon Show – Listen back to Wednesday’s Programme center_img Google+ Pinterest WhatsApp People right to be angry about cost of wasted water – Shiels NPHET ‘positive’ on easing restrictions – Donnelly Guidelines for reopening of hospitality sector published Calls for maternity restrictions to be lifted at LUH By admin – November 18, 2015 Twitter Homepage BannerNewslast_img read more

Donegal group claims 1,000’s of penalty points go unawarded

first_img Need for issues with Mica redress scheme to be addressed raised in Seanad also By News Highland – July 6, 2011 Facebook Pinterest Google+ Facebook Twitter Pinterest RELATED ARTICLESMORE FROM AUTHOR Previous articleDonegal and Derry groups awarded International Fund for Ireland moniesNext articleDonegal milk producers warned they could face EU superlevy News Highland LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Guidelines for reopening of hospitality sector published center_img Google+ WhatsApp Newsx Adverts WhatsApp Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Twitter Calls for maternity restrictions to be lifted at LUH Almost 10,000 appointments cancelled in Saolta Hospital Group this week Donegal Road Safety Group PARC says thousands of drivers are still not receiving penalty points due to them because the current government is foot dragging in enforcing new legislation.In simple terms, It is claimed that many drivers convicted of motoring offences are escaping their penalties by either not producing their license in court or by claiming they have not received a summons.The last government changed legislation to prevent this happening but PARC claims that the current government has yet to enforce that legislation.Spokesperson Susan Grey says they have been assured enforcement will begin in weeks, but that promise has been made before:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/07/susansections.mp3[/podcast] Donegal group claims 1,000’s of penalty points go unawardedlast_img read more