Changing With the Times

first_imgHome / Daily Dose / Changing With the Times  Print This Post Share Save Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Joe Iafigliola is the VP of vendor management for Safeguard Properties, the largest mortgage field services company in the U.S. Iafigliola leads the vendor recruiting, sourcing, execution, controls, and field quality control teams. Iafigliola has been in a wide variety of roles in finance, supply chain management, information systems development, and sales and marketing. His career includes senior positions with McMaster-Carr Supply Company, Newell/Rubbermaid, and Procter and Gamble. Joe has an MBA from the Weatherhead School of Management at Case Western Reserve University and a bachelor’s degree from The Ohio State University’s Honors Accounting program. He can be reached at [email protected] Data Provider Black Knight to Acquire Top of Mind 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 in Daily Dose, Featured, News, Technology About Author: Joe Iafigliola Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago April 6, 2017 1,807 Views Previous: Conforming Loans Can’t Keep Up Next: DOJ Requests Argument Time in CFPB Case Related Articles Humans have changed very little over the past few thousand years. The biology and genetics of our ancestors hundreds of generations in the past differ very little from our makeup today. However, our institutions, technology, and environment have no such anchor to biology. Constant change and the embracing of technology have required our 10,000-year-old minds to act differently and become more nimble than ever before. To this challenge, we apply the discipline of change management. Change management is a term that refers to any approach to transitioning individuals, teams, and organizations using methods intended to redirect the use of resources, business processes, budget allocations, or other modes of operation that significantly reshape a company or organization, according to Wikipedia. These types of changes often make headlines, such as when a company introduces a new enterprise resource planning system or revises reporting relationships. However, most changes are on a smaller scale but are just as impactful if done well—or poorly.Change management as a discipline focuses on how people and teams are affected by an organizational transition. It deals with many different functions, from behavioral and social sciences to information technology and business solutions. In a project management context, change management may refer to the change control process wherein changes to the scope of a project are formally introduced and approved.The international bestselling book Leading Change by Dr. John Paul Kotter has been incredibly influential in the field of change management. A New York Times bestselling author, Dr. Kotter is the Konosuke Matsushita Professor of Leadership, Emeritus, at the Harvard Business School and the founder of management consulting firm Kotter International. His work has earned him the reputation of an authority on change in the arenas of business and leadership. In Leading Change, Dr. Kotter outlines a practical eight-step process for change management:Establish a sense of urgency.Create the guiding coalition.Develop a vision and strategy.Communicate the change vision.Empower employees for broad-based action.Generate short-term wins.Consolidate gains and produce more change.Anchor new approaches in the culture.Utilizing both the academic research and practical implementations of this discipline, mortgage field services companies can apply its principles as processes and guidelines to continuously evolve in the ever-changing mortgage servicing industry.Managing ChangeWorking with regulators, federal agencies, state and local governments, code officials, clients, and other parties requires continued vigilance and understanding of specific, unique requirements. When a change is made at any of those entities, it manifests itself into the specific actions of field services companies’ inspector and contractor networks. A simple change requiring language modification of a posting at a property requires the coordination of hundreds and at times, thousands of specific actors. Thus, any time field services companies have to implement a change, they must carefully consider the impact and how they manage the evolving expectations.Field services companies roll out many changes to their inspector and contractor networks and internal users. These changes are either to optimize quality, timeliness, and/or cost or to react to changes in client or investor expectations. Following Dr. Kotter’s established process for change management, field services companies need to be prepared for changes by developing a full set of activities, some of which are not always required but are available to the team as needed. These activities are common examples:Work order requirements reflect the new expectation.Policy documents and job aids are updated.Create a video to promote and explain the change.Send a memo to the applicable inspector and/or contractor network documenting the change that serves as both an explanation of why and a user guide (or a link to a user guide).Training sessions are scheduled for internal and external users.Lesson is created and required on learning management systems for employees, inspectors, and contractors.Utilize social media to broadcast the change.Hold a conference call with internal and external participants.Frequently asked questions generated from the call and promotion are sent out as an addendum to the memo.One month after the initial launch, find champions or subject matter experts for the change and write a case study showing impact. Host another call.Hard audit stop in operations for the change.Have a backend top-down-audit-style review and enforcement of change.Three to five months after the initial change, have an after-action review. One of the biggest property issues field services companies and mortgage servicers face that is difficult to mitigate—mold—can benefit the most from this specific change-management approach. Mold PolicyMold, and the source of moisture feeding mold, is a major challenge to field services companies and property preservation. With properties often sitting vacant for many months or years, properly identifying the source and taking effective action is critical. When the new Mortgagee Letter came out for the Federal Housing Administration in February 2016, field services companies had to rethink their historical approach to identifying mold. Establishing a new mold policy following the change-management procedures should begin with field services companies like Safeguard Properties determining how to describe the new requirements in the work order. The work order will become specific instructions to set the stage for contractors to assess the condition of the property and the resulting actions based on investor or client allowables. The mold policy needs to be specific in detail, but there are base steps:Identify the sources of mold and moisture feeding the growth.Utilize investor/client allowables to address the source.Validate, using a detailed checklist, the potential causes that are not feeding the mold. Do the work to address or bid. Prior to the new policy, contractors were simply asked to identify mold and the source of the moisture. Far too often, “humidity/lack of circulation” was identified incorrectly as the main cause. A policy change can correct that behavior. Utilizing software like Sharepoint can aid in storing and establishing a method of version control for documents. After developing the policy and work-order requirements, field services companies should update all policy documents to establish a single source of truth for internal and external users. Case StudyThe following was identified when Safeguard developed its new mold policy utilizing the change-management process as described above:Work-order requirements must reflect the new expectation: After establishing the policy, Safeguard updated all work orders to specifically outline the requirements, including a 13-point checklist. The work order organized all the client and investor allowables available, provided the contractor with all the information related to remaining funds, and was specific as to the photo-documentation requirements. Policy documents and job aids are updated: The work order lays the basis for policy, but the two are interrelated. Safeguard wrote an official policy and linked it into both its internal and external document-sharing sites.Create a video to promote and explain the change: Using the information in the work order, Safeguard works with contractors and its quality-control staff in the field to write a simple script and create an explanatory video. This video is available on Safeguard’s online learning management system. Videos, in addition to other approaches, allow the company to communicate the change in all learning styles—written, verbal, and interactive—to implement the change.Send a memo and a user guide: Safeguard formally documents the policy change via an official memo to the contractor network. This memo is an enhanced policy document with extra photos showing examples it has gathered from the field. Also, the memo links to the videos and job aids, and it provides a schedule of events for additional learning opportunities.Training sessions are scheduled for internal and external users: Partnering with its training department, Safeguard developed a slide deck and comprehensive assessment test to share with internal and external partners. These sessions are hosted in a classroom setting when available and by webinar when not.Lesson is created and required on learning management systems for employees, inspectors, and contractors: After the training session is completed, the content is put into an online learning course for future employees and vendors to utilize. Utilize social media to broadcast the change: Safeguard participates in many social media platforms. Trumpeting the information allows the company to inform all users of the change, including actual contractors in the field, their office staff, and other impacted parties. Safeguard seeks to ensure that it provides the information through as many channels as it can.Hold a conference call with internal and external participants: After contractors have been educated on the new policy, Safeguard understands it is not perfect. It hosts a call that is proctored by a third party to review the material shared, observe, and answer questions.Frequently asked questions (FAQs) generated from the call and promotion are sent out as an addendum to the memo: The conference call generates questions, and Safeguard associates also receive many questions via email. The team that created the mold policy reviews all questions and writes out answers. This FAQ addendum is then published to answer the specific questions asked by the contractor network. As an example, there is a common misconception between a stain-blocker (useful for water stains and graffiti) and a fungicidal paint that includes a stain-blocker. This issue and the brands available were directly addressed in the addendum.One month after the initial launch, find champions or subject matter experts: Safeguard calls on these experts on the change to write a case study showing impact, and then it hosts another call. The field services company did this in a slightly different manner for mold, instead utilizing the quality-control personnel throughout the United States to partner with contractors and share practices on assessment, bids, and treatment methods.Hard audit stop in operations for the change: Every order completed by contractors is subjected to multiple audit processes completed by the field services company. Typically, in the first few weeks of a change, there is a learning curve, and contractors are given reminders and additional resources to adjust to the new policy. In doing so, potential issues can be identified up front and mitigated accordingly. For mold, there is the potential issue of contractors taking photo documentation of sources that were not the source of moisture poorly defined at the start. Field services companies can, in the beginning, provide an additional order to take the proper photos. However, after the initial phase, work orders are not accepted until the proper photos are provided to prove the absence of moisture penetration.Have a backend top-down-audit-style review and enforcement of change: Safeguard’s quality-assurance team performs many backend audits to line up, in sequence, multiple (50 or more) of the same order for an individual vendor. Its other groups typically are looking at singleton events, which may cause a trend to be missed. For mold assessment, Safeguard looked at many orders where mold and sources were either identified or were documented as not causing an issue. This feedback was provided to the company’s contractors, and it goes over the specific opportunities for better performance.Three to five months after the initial change, have an internal after-action review: Following the policy change and implementation of the change-management process, it is important for field services companies to hold an internal action review. The goal of these meetings is to determine what needs to improve, what was done well and can be repeated, and finally, if any clarifications or program changes should be made. For mold, it may be discovered that the number of surfaces with mold varied greatly from home to home and that the expected maximum number of walls with mold occasionally exceeded the previously established maximum. This identified trend can aid in making the policy and work orders encompass a greater number of surfaces with the potential for contracting mold issues.Constant change and innovations in technology have forced businesses to embrace the discipline of change management and focus on how people and teams are affected by an organizational transition. Dr. Kotter’s eight-step process for managing change can be personalized by field services companies, as Safeguard has, to address the continuous changes the servicing industry faces every day.  Changing With the Times Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Change Regulation Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Change Regulation 2017-04-06 Joe Iafigliola The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

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Morgan Stanley Makes Headway on NY Settlement

first_imgSign up for DS News Daily  Print This Post Tagged with: Morgan Stanley Sttlement Demand Propels Home Prices Upward 2 days ago April 3, 2017 1,463 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Morgan Stanley Sttlement 2017-04-03 Seth Welborn Home / Daily Dose / Morgan Stanley Makes Headway on NY Settlement Morgan Stanley Makes Headway on NY Settlement The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Carson: Housing Funding to be Included in Infrastructure Bill Next: Cleveland, Detroit Top Rental Investment Markets Share Save Subscribe Related Articles in Daily Dose, Featured, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago Morgan Stanley has completed 77 percent of its consumer relief obligations under its settlement with the State of New York, after receiving conditional approval of nearly $200 million in credit for a number of recent relief-related activities. The news was announced by Eric D. Green, Independent Monitor of the Morgan Stanley Mortgage Settlement on Monday.According to Green, Morgan Stanley’s recent consumer-relief activities included 14 grants to counties and municipalities to support certified land banks, 75 grants to municipalities and eligible agencies to support housing quality improvement and enforcement programs, and four actions to fund critical-need rental housing developments.These activities amounted to more than $198 million, which included $28 million for certified land banks, $28 million for housing quality improvement and enforcement programs, and $141 million for rental housing units.With the newly approved $200 million, the total amount of Morgan Stanley’s cumulative credit is now at $309.1 million—77 percent of the $400 million it agreed to in its February 2016 case with New York State. The agreement settled claims that the organization had violated state law in its handlings of residential mortgage-backed securities (RMBS.)“With these actions,” Green said, “Morgan Stanley has continued to provide consumer relief to New York communities in need of housing assistance.”The total settlement agreement was $3.2 billion–$550 million of which was to be paid to New York State. The remaining $400 million must be paid in consumer relief by the end of September 2019.In August, the organization began fulfilling its relief obligations by settling debt owed on 19 first-lien mortgage loans totaling $10.4 million in reportable credit. This move represented less than 3 percent of Morgan Stanley’s total obligation.To view the full report, visit MorganStanley.MortgageSettlementMonitor.com. This marks Green’s third report on the bank’s consumer-relief activities. Green is a professional mediator and retired law professor from Boston University. About Author: Aly J. Yale Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

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Fannie Mae Announces Winner for Non-Performing Loan Sale

first_imgHome / Daily Dose / Fannie Mae Announces Winner for Non-Performing Loan Sale in Daily Dose, Featured, Government, Investment, Journal, News, Secondary Market About Author: David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Fannie Mae Nonperforming loan sales Nonperforming loans 2018-06-28 David Wharton Tagged with: Fannie Mae Nonperforming loan sales Nonperforming loans 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 Week Ahead: Nearing the Forbearance Exit 2 days ago Fannie Mae Announces Winner for Non-Performing Loan Sale Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Fannie Mae has revealed the winning bidder for its thirteenth Community Impact Pool of non-performing loans, with the transaction expected to close on August 20, 2018.This latest pool of Fannie’s non-performing loans includes approximately 667 loans, with a total unpaid principal balance (UPB) of $129.23 million. The loans are geographically focused in New Jersey, New York, Baltimore, Maryland, Cook County, Illinois, and Miami, Florida, according to Fannie. So, who was the lucky winner? The pool will go to VRMTG ACQ, LLC (VWH Capital Management, LP), a minority woman-owned business.Fannie Mae began marketing this batch of non-performing loans to bidders this past May, working in conjunction with Bank of America Merrill Lynch and The Williams Capital Group, L.P. According to the GSE, the loan pools awarded in this most recent transaction include:CIP Pool 1: 667 loans with an aggregate unpaid principal balance of $129,233,129; average loan size of $193,753; weighted average note rate of 4.35 percent; weighted average delinquency of 30 months; and weighted average broker’s price opinion loan-to-value ratio of 99 percent weighted by UPB.Fannie reports that the second-highest bid for the Community Impact Pool came to “71.16 percent of UPB (54.48 percent of broker’s price opinion).”Fannie announced the winners of its twelfth non-performing loan sale back in March, consisting of approximately 5,700 loans, divided into three pools, with a total UPB of more than a billion dollars.Earlier this month, Fannie Mae also priced its second Seasoned Credit Risk Transfer Trust offering of 2018, with the total coming in at around $1.6 billion. As detailed by the GSE, that securitization included both guaranteed senior and unguaranteed subordinate securities. Freddie’s statement explained that “the SCRT securitization program is a key part of Freddie Mac’s seasoned loan offerings to reduce less liquid assets in its mortgage-related investments portfolio and shed credit and market risk via economically reasonable transactions.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily  Print This Post Related Articles Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: HUD Approves Florida Disaster Plan—What You Need to Know Next: Cornerstone Mortgage Among 2018 Top Workplaces June 28, 2018 4,955 Views last_img read more

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How Homes Can Recover From Severe Weather Damage

first_img Demand Propels Home Prices Upward 2 days ago Tagged with: building CoreLogic hailstorm Homes HOUSING primary structure Property Preservation roof maintenance severe weather Tornado Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: CFPB Director Talks Regulation and Debt Collection Next: Fannie Mae Announces Reperforming Loan Sale The first quarter of 2019 racked the Southeastern and Midwest regions of the country with severe weather phenomena such as tornadoes and hail, yet according to data shared during a webinar titled “Investigating Tornado & Hail” by CoreLogic’s Hazard HQ, reports from the first quarter represent only a small quarter of annual reports.”In the longer-term so far through March we were above average for tornado reports and slightly lower than average for wind reports,” said Daniel Betten Principal Science and Analytics. Despite these reports, Betten said that the year has seen the “second-fewest hail reports in Q1 over the last 10 years.”Breaking down the severe weather trends, Betten said that in 2018 giant hail actually impacted very few populated areas.  This despite eight of 2018’s billion-dollar disasters being the result of tornadoes, hail, and straight-line winds according to the National Oceanic and Atmospheric Administration.Looking at some of the most recent severe weather, the experts pointed out that the costliest hail storm so far in 2019 occurred in Frisco, McKinney, and Allen, Texas, with early estimated losses in $300-400 million range.The most recent severe weather was felt on April 13, with over 40 confirmed tornadoes, nine fatalities and dozens of injuries and significant hail in the Southeastern region of the country.According to Holly Tachovsky, CEO, BuildFax, the cost of home repairs, especially to primary structures such as roofs can go up exponentially after being impacted by severe weather such as tornadoes or hail. Citing a study conducted by Buildfax on the impact of the six most damaging hailstorms in the U.S. between 2016 and 2018 on properties, Tachovsky said, “Roof maintenance spikes following hail events with repairs that help in recovery from hail damages taking an average of 5.4 months.”However, she pointed out that these weather hazards also impact secondary structures, which can result in additional costs for homeowners, or in case of REO properties to the servicers or property preservation specialists.For servicers, insurance companies, and property preservation firms looking to identify the probable damage areas to properties before a severe weather occurrence, Rose Hancock, Senior Leader, Client Delivery at CoreLogic said that technology such as hail forensics and roof age data can help in identifying properties that had the potential to get damaged during a hailstorm or tornado.At a recent DS News webinar, experts discussed areas where technology is helping property preservation companies to identify cost-effective and timely solutions to protect and preserve homes. They pointed out that the data being used in property preservation at present helped companies understand the story that each house had to tell as well as  “proactively manage anything that can go wrong.” The Best Markets For Residential Property Investors 2 days ago  Print This Post Home / Daily Dose / How Homes Can Recover From Severe Weather Damage Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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. How Homes Can Recover From Severe Weather Damage Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago April 17, 2019 1,587 Views Servicers Navigate the Post-Pandemic World 2 days ago Related Articles About Author: Radhika Ojha The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Loss Mitigation, News Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago building CoreLogic hailstorm Homes HOUSING primary structure Property Preservation roof maintenance severe weather Tornado 2019-04-17 Radhika Ojha Subscribelast_img read more

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Prepayments and Loan-Churning Impacts on VA Loans

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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 Related Articles Home / Daily Dose / Prepayments and Loan-Churning Impacts on VA Loans in Daily Dose, Featured, Government, News, Secondary Market Previous: J. Pamela Price Joins McMichael Taylor Gray Next: Time Is Not on Your Side: Keeping Up With Foreclosure Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Ginnie Mae Investment loan churning loans refinancing VA June 20, 2019 2,244 Views Prepayments and Loan-Churning Impacts on VA Loanscenter_img Demand Propels Home Prices Upward 2 days ago While Ginnie Mae has attempted to “to combat the churning of VA mortgages (which results in unusually fast prepayment speeds),” Urban Institute claimed in a recent report that alleged abuses by some VA lenders may have led to more expensive federal loans, particularly for VA borrowers.Ginnie Mae’s programs convert government mortgages backed by three federal agencies—the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA) Rural Housing Program—into mortgage-backed securities for investors to purchase. Urban’s report states that VA borrowers prepay their mortgages faster and are more responsive to interest rate declines, and claims that some of those accelerated prepayments are due to churning, where the mortgage is originated with the expectation that the loan will quickly refinance.“Churning can cause a VA borrower to pay an above-market rate for a period of time and additional origination fees on the new mortgage,” Urban’s report states. “In many cases, the new mortgage is a cash-out refinance, so the increased balance includes both the fees and some equity taken out for the borrower.”According to Urban, these faster prepayment speeds would require all Ginnie Mae borrowers to pay around an additional 7 basis points per year in interest rates, which Urban’s experts note is not high, but is still significant.“For example,” Urban says, “it would increase the monthly payment on a $250,000, 30-year mortgage with a 4.25 percent interest rate by $175 per year, with no benefit to the borrower.”Faster prepayments may undermine investor confidence, as the loans are removed and refinanced. Ginnie Mae has taken steps to resolve this problem, including a six-month seasoning period for streamlined refinance loans and cash-out refinance loans. However, the solution won’t be easy to find. Ginnie Mae is still seeking advice on further action through a request for information. Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn Subscribe Ginnie Mae Investment loan churning loans refinancing VA 2019-06-20 Seth Welborn Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

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

first_img The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Tagged with: Black Knight Flagstar industry pulse Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Making Housing Work for Vets Next: The Value of Rent Payment Reporting Data Provider Black Knight to Acquire Top of Mind 2 days ago Black Knight Flagstar industry pulse 2019-07-04 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Industry Pulse: Updates on Black Knight, Flagstar, and More in Daily Dose, Featured, Investment, Market Studies, News, Technology Share Save Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Black Knight Inc. has announced new enhancements to its MSP servicing system in support of Freddie Mac’s new Investor Reporting Change Initiative (IRCI). The IRCI, required for Freddie Mac mortgage sellers/servicers, was implemented in May 2019 to help bring Freddie Mac’s single-family investor reporting requirements closer to an industry standard and update its remittance cycles.Black Knight said that these changes were designed to streamline the reporting process, improve operational efficiencies and provide Freddie Mac mortgage sellers/servicers with a more complete view of investor reporting data.“The Freddie Mac team extends our thanks and appreciation to Black Knight for the collaboration, dedication and hard work put forth by everyone on the IRCI initiative,” said John Felix, Loan Servicing Director, Freddie Mac. “By enhancing the MSP servicing system to support the IRCI, Black Knight is helping its servicer clients see the benefit of increased efficiencies that come with streamlining the investor reporting process. This was truly a team effort, and we look forward to our continued partnership.”_____________________________________________________________________Troy, Michigan-headquartered Flagstar Bank is acquiring the default servicing operations of a vendor supporting its serviced loan portfolio. Flagstar said that it anticipates continuing operations at the vendor’s Jacksonville, Florida facility and making offers of employment to the vendor’s Jacksonville staff.The bank announced that the transition is expected to be seamless for both customers and employees, as there are no planned system changes, no loan or data transfers, and borrowers’ points of contact will remain the same. Following the closing of the transaction, Flagstar will maintain its default servicing operations in Jacksonville, at its headquarters in Troy, Michigan, and in Bellevue, Washington. The transaction is subject to customary closing conditions and is expected to close Sept. 27, 2019.“Default servicing is a critically important service we provide to our mortgage servicing and subservicing clients,” said Lee Smith, COO at Flagstar. “With the rapid growth of our subservicing portfolio, it makes sense to strengthen our capabilities on the default side. This acquisition further leverages our industry-leading oversight and monitoring, while providing clients the compliance infrastructure and other benefits that Flagstar, as the nation’s third-largest federal savings bank, can offer.”_____________________________________________________________________Rushmore Loan Management Services, LLC,  a residential mortgage servicer, announced that it has signed an Asset Purchase Agreement to acquire the correspondent lending channel ofFirstBank, a Florida-based correspondent platform, and accompanying proprietary Fusion lending technology.“We are thrilled about this transaction,” said Terry Smith, CEO of the California-based Rushmore. “FirstBank has developed an outstanding correspondent lending business under Bill Scammell’s leadership and we are very excited to welcome him and his team to our organization. In addition to expanding the universe of loan servicing offerings that we are able to provide to our customers, we expect that it will also increase our visibility into the broader mortgage lending space— enabling us to gain valuable market insights that can be leveraged across many different facets of our business.”“We are very excited to join the Rushmore platform, build this business to a larger scale, and take advantage of new opportunities such as having a strong appetite for government loans,” said Bill Scammell, FirstBank’s Director of Correspondent Lending. “These are highly complementary businesses, and we fully expect that joining Rushmore will enable us to accelerate the growth of both Rushmore’s core servicing platform and the correspondent channel.” The Best Markets For Residential Property Investors 2 days ago 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. From technology enhancements and acquisitions to key hires, click through to learn the latest industry buzz. Home / Daily Dose / The Industry Pulse: Updates on Black Knight, Flagstar, and More Sign up for DS News Daily July 4, 2019 1,527 Views About Author: Seth Welborn Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

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Presidential Candidate Elizabeth Warren Proposes Bankruptcy Plan

first_imgHome / Daily Dose / Presidential Candidate Elizabeth Warren Proposes Bankruptcy Plan 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. Sign up for DS News Daily Share Save Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, News Previous: MReport Debuts Award for Fintech Innovators Next: Fannie Mae CAS Deals Receive NAIC Designations Bankruptcy default Warren 2020-01-08 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Seth Welborn  Print This Postcenter_img Presidential candidate Senator Elizabeth Warren has proposed a plan which would, according to Reuters, streamline bankruptcy law by creating a single process and offering families far more flexibility in deciding how to discharge their debts.The plan would merge Chapter 7 and Chapter 13 into a single process.“The banking industry spent more than $100 million to turn that bill into a law because they knew it would be worth much more than that to their bottom lines,” Warren wrote. “But it was terrible for families in need.”Warren argued that her research showed most families go bankrupt not because of financial misbehavior but because of events out of their control: a lost job, a medical problem or a divorce. As part of her plan, Warren seeks to repeal a 2005 law originally intended to slow the pace of bankruptcies.According to Warren, the legislation resulted in fewer bankruptcies and more insolvencies and caused hundreds of thousands of additional mortgage defaults and foreclosures in the wake of the 2008 recession.In November 2019, Warren pledged to create a Tenant Protection Bureau as part of her previously announced $500 billion affordable housing plan. According to Senator Warren, the Bureau will be modeled after the Consumer Financial Protection Bureau (CFPB).“Before the financial crash, I came up with the idea for a consumer financial protection agency—a new federal agency dedicated to protecting American consumers. I fought for that agency, helped build it from scratch, and now the CFPB has returned nearly $12 billion directly to consumers scammed by financial institutions,” Warren said, according to The Hill.Warren also notes that, as President, she would create a national public database of information about large corporate landlords, including information like corporate landlords’ median rent, the number and percentage of tenants they evicted, building code violations, the most recent standard lease agreement used, and the identity of any individuals with an ownership interest of 25% or more, either directly or indirectly, in large landlords’ corporations, LLCs, or similar legal entities. 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 January 8, 2020 1,081 Views Presidential Candidate Elizabeth Warren Proposes Bankruptcy Plan Tagged with: Bankruptcy default Warren 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

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Microsoft Invests $250M in Seattle Housing

first_img 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago In January 2019, Microsoft announced an investment of $500 million in affordable housing in the Seattle area. This month, the tech giant followed up the announcement with a $250 million increase to their affordable housing initiative in the form of a line of credit to the Washington State Finance Commission.According to Microsoft, this line of credit will enable the WSHFC to finance approximately 3,000 additional units of much-needed affordable housing. Making the original announcement, Brad Smith, President and Chief Legal Officer at Microsoft said that as a company Microsoft, which is headquartered in the neighboring city of Redmond, was very focused for the past 15 years on the health of the region and had “pursued this by focusing on two issues above all else—education and transportation.”Smith said that the changing times have made the company think about expanding their focus to include “the affordability of housing.”Microsoft is not the only major tech company to announce housing partnerships and investments. In October, Facebook that it will be committing $1 billion toward affordable housing in Silicon Valley. The aim is to produce up to 20,000 new housing units for workers over the next decade. Much of the new units are aimed at teachers, police, and other middle-class workers in the Menlo Park area, Wall Street Journal reports.Facebook is following Google’s announcement earlier this year in which the company announced that it will spend $1 billion on efforts aimed at increasing affordable housing in the San Francisco Bay area, in part by utilizing some of Google’s land.Microsoft’s data science team found that the year-over-year growth rate of the affordable housing gap has slowed from 10.8% in 2017 to 10.5% in 2018 and to 3.6% in 2019.“While we’re encouraged to see this growth rate fall, it’s clear that what we really need to do is see the housing gap fall, not continue to increase,” said Jane Broom, Senior Director, Microsoft Philanthropies. “To achieve this, our community needs to come together and act with greater urgency, creativity and shared accountability. It will require a spectrum of new financial, technical and societal approaches that are created in partnership with people who share a collective vision.” Data Provider Black Knight to Acquire Top of Mind 2 days ago January 19, 2020 842 Views Finance Investment Microsoft seattle 2020-01-19 Seth Welborn Microsoft Invests $250M in Seattle Housing The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Microsoft Invests $250M in Seattle Housing About Author: Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles  Print This Postcenter_img Share Save Previous: LERETA Taps New SVP, Tax Operations Next: The Applicability of Contempt Sanctions in Bankruptcy The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Finance Investment Microsoft seattle Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Investment, News Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

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Executive Order Instructs HUD to Examine Disparate Impact Rule

first_img Demand Propels Home Prices Upward 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Previous: FHA Announces New Deadline to Request Mortgage Forbearance Next: Florida Supreme Court Rejects ‘No Standing = No Fees’ Rule About Author: Christina Hughes Babb President Joe Biden Tuesday issued a string of executive actions related to racial equality; those included a directive to the Department of Housing and Urban Development (HUD) to examine the effects of the September 24, 2020, rule entitled “HUD’s Implementation of the Fair Housing Act’s Disparate Impact Standard,” along with additional related instructions.Biden’s memorandum acknowledged the historic role of the federal government in discriminatory housing policy.The President asked HUD to reassess Trump-era edicts, such as the above-mentioned disparate impact rule, which made it harder for plaintiffs to meet the legal threshold for proving unintentional discrimination.The definition adopted under Trump and former HUD Secretary Ben Carson would also grant defendants more latitude to rebut those claims, but a federal court has put the rule on hold pending an ongoing court challenge, Politico reminds readers in an article about today’s executive orders.Acting HUD Secretary Matthew E. Ammon says Biden’s order represents an important step toward “redressing the federal government’s legacy of housing discrimination and securing equal access to housing opportunity for all.”Ammon says that acknowledging housing discrimination is the first step toward lifting barriers to safe affordable housing for all Americans.”Racially discriminatory housing practices and policies have kept communities of color from accessing safe, high-quality housing and the chance to build wealth that comes through homeownership,” he said. “To this day, people of color disproportionately bear the burdens of homelessness, pollution, climate-related housing instability, and economic inequality because of deliberate and systemic efforts to deny them fair and equal access to housing opportunities. “During the signing ceremony at the White House, Biden said he believes the majority of Americans, no matter their political party, share these values.”We have never fully lived up to the founding principles of this nation, to state the obvious, that all people are created equal and have a right to be treated equally throughout their lives.” The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News January 26, 2021 1,111 Views Home / Daily Dose / Executive Order Instructs HUD to Examine Disparate Impact Rule Related Articles Sign up for DS News Daily 2021-01-26 Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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 Executive Order Instructs HUD to Examine Disparate Impact Rule Subscribe  Print This Post The Week Ahead: Nearing the Forbearance Exit 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. Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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Donegal farmers welcome potato compensation announcement

first_img 365 additional cases of Covid-19 in Republic Twitter Further drop in people receiving PUP in Donegal Facebook Donegal farmers welcome potato compensation announcement RELATED ARTICLESMORE FROM AUTHOR News WhatsApp Man arrested on suspicion of drugs and criminal property offences in Derry Pinterest Gardai continue to investigate Kilmacrennan fire Main Evening News, Sport and Obituaries Tuesday May 25th center_img Previous articleDail to consider “Lost at Sea” reportNext articleGovernment and IDA must do more for Inishowen – Mac Lochlainn News Highland WhatsApp The IFA in Donegal is welcoming confirmation of a compensation scheme for farmers who suffered damage to potatoes and vegetable crops during the severe frost in December and January. The government says the scheme is designed to provide a limited and targeted financial contribution to certain potato and vegetable growers who suffered losses of at least 30% of the total crop.Application forms will be available from next Monday, with Tuesday week the closing date for applications.Charlie Doherty is the IFA’s potato spokesperson in Donegal, he says the IFA is looking for more information about how the scheme will work. Google+ Google+ Facebook By News Highland – February 4, 2010 Pinterest 75 positive cases of Covid confirmed in North Twitterlast_img read more

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