Month: May 2021

DS News Webcast: Monday 10/7/2013

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post DS News Webcast: Monday 10/7/2013 Share Save Sign up for DS News Daily Previous: Community Bankers Concerned over Secondary Market Reform Next: Bipartisan Policy Commissioner Lays out Secondary Market Reform Plan The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: DSNews Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Featured, Media, Webcasts Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 2013-10-07 DSNews The Best Markets For Residential Property Investors 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Featured / DS News Webcast: Monday 10/7/2013 Subscribe Is Rise in Forbearance Volume Cause for Concern? 2 days ago October 7, 2013 523 Views The Best Markets For Residential Property Investors 2 days agolast_img read more

Foreclosure Completions, Starts on GSE Loans Continue Steady Decline

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago December 23, 2014 858 Views Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Fannie Mae FHFA foreclosure completions Foreclosure Starts Freddie Mac 2014-12-23 Brian Honea Both foreclosure completions and foreclosure starts on Fannie Mae and Freddie Mac loans continued their steady decline in the third quarter, according to the Federal Housing Finance Agency (FHFA)’s Q3 Foreclosure Prevention Report released Monday.The GSEs completed 39,100 foreclosures in Q3, down 9 percent from the 43,000 that were completed in Q2, according to the report. This number hit its peak in Q3 2010 with 138,000 and took a while to begin it steady decline, but it has decreased quarter-over-quarter every quarter since Q3 2012.Foreclosure starts declined from 86,000 in Q2 to 75,000 in Q3, a drop of 13 percent, according to the report. With only a few exceptions (Q4 2011, Q3 2012, and Q1 2013), foreclosure starts have declined quarter-over-quarter in every quarter since hitting their peak of 339,000 in Q3 2010.The number of foreclosure prevention actions for Q3, 72,700, was more than double the number of foreclosures completed, according to the report. About 59,000 of these were home retention actions, most of which (45,700) came in the form of permanent loan modifications. There were nearly 11,000 repayment plans and about 2,800 forbearance plans to keep borrowers in their homes in Q3, according to FHFA.The number of home retention actions, 59,000, was about four and a half times the total of home forfeiture actions (12,878) for the third quarter, according to the report. Home forfeiture actions during the quarter consisted of short sales, which are sales for less than the outstanding balance of a mortgage (9,200) and deeds-in-lieu of foreclosure (3,600).Home retention actions are way down from last year’s pace, however. Nearly 342,000 home retention actions were completed for GSE loans in all of 2013; for the first nine months of 2014, only 199,000 home retention actions were reported. Home forfeiture actions are on the decline as well – nearly 106,000 such actions were reported for all of 2013, compared to just 42,300 for the first nine months of 2014.The total of GSE-backed 60-day delinquent loans in Q3 was at its lowest level since the conservatorships began in September 2008, according to the report. About 666,000 such delinquent loans were reported for Q3, and the number has steadily declined every quarter since hitting a peak of 1.77 million in Q4 2009. The number of 60-day delinquent loans totaled 926,000 in Q4 2008, the first full quarter after the conservatorships began, according to the report. 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. in Daily Dose, Featured, Foreclosure, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Foreclosure Completions, Starts on GSE Loans Continue Steady Decline The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Colorado AG Files Civil Suits Against Two Law Firms For Foreclosure Fraud Next: FHFA Vows to Protect First-Lien Status of GSE-Backed Mortgages Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Tagged with: Fannie Mae FHFA foreclosure completions Foreclosure Starts Freddie Mac Foreclosure Completions, Starts on GSE Loans Continue Steady Decline Subscribelast_img read more

SFR: How Does it Affect Homebuyers?

first_img in Daily Dose, Featured, News, Secondary Market Sign up for DS News Daily SFR: How Does it Affect Homebuyers? The Best Markets For Residential Property Investors 2 days ago Single Family Rental 2017-08-15 Brianna Gilpin Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Home / Daily Dose / SFR: How Does it Affect Homebuyers? Tagged with: Single Family Rental Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Previous: NAR CEO Talks Innovation Next: Out of Their Reach Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save By now you’ve probably heard of the huge business deal that closed in the single-family rental (SFR) market last week. If not—Invitation Homes and Starwood Waypoint Homes, two of the largest SFR landlords merged. It was a $4.3 billion dollar deal with a combined 82,000 homes in 17 metro areas. Pocket change, right?The merger brought up important questions among homebuyers and renters, especially considering the Wall Street Journal described the deal as one that will no longer make homeownership essential to the American dream as more consumers choose to rent. According to the Urban Institute, the trend of consumers switching to renting will continue as more people delay marriage and children until their thirties, but that doesn’t mean that Americans no longer wish to own homes nor that there’s reason to think renters will be worse off under new landlords who don’t “care about the carpet or paint color”.In fact, SFR owned by institutional investors only make up 17.5 million single-family rentals in the U.S., or 40 percent of the country’s rental housing stock. That means the results of this merger will own, at most, 0.7 percent of the 17.5 million units. That equates to 300,000 units.According to Urban Institute, the SFR market grew quickly in just a few years, but that growth has evened out. At the peak of the crisis, prices were down and SFR investors flocked to the market due to the amount of foreclosed homes. The purchases stabilized the market. It’s almost 10 years later—home prices are back within 1.5 percent of their pre-crisis numbers. Investors want economies of scale to cushion falls in profitability and likely will lead to consolidation of the SFR market.On average, institutional investors are buying homes that need $20,000 worth of repair due to their more affordable purchase price. They have teams and investors readily available and can buy appliances at bulk prices. First time homebuyers aren’t in that same position. First of all, they likely don’t have $20,000 on hand to make the repairs and secondly, they wouldn’t be able to do it for $20,000 like institutional investors. According to Urban Institute, this means that even though institutional investors may have the cash advantage, they aren’t competing for the same properties as first time homebuyers.The fourth point Urban Institute makes is they just don’t see a cause for alarm in the new landlords. Rent wont go higher due to these investments—rent is a product of supply and demand, there is no evidence that institutions are worse landlords than more mom-and-pop companies, and the ownership by an institution will likely bring standards and methods to managing the properties—making them, “more like their larger apartment building brethren.”The SFR market could ease America’s housing shortage, and Urban Institute said the government could encourage that sector to help address it.“In the meantime, we should remember that although homeownership remains the best way for most Americans to build wealth, there is no “ideal” homeownership rate,” the article said. “Most families cycle through homeownership and home rental as their situation changes. And as our country’s demographics, economics (the ease with which one can save for a down payment or have the income stability to buy a home), and the timing of major life events (marriage and child bearing) change, the homeownership rate will change accordingly.” Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] August 15, 2017 1,733 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post About Author: Brianna Gilpin The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Why Is Morale Declining in Homebuying Market?

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: FHFA Examines the Appraisals Process Next: Low-Income Rental Housing Shortages Happening Nationwide Servicers Navigate the Post-Pandemic World 2 days ago About Author: Staff Writer The Best Markets For Residential Property Investors 2 days ago March 26, 2018 1,614 Views Buyers consumer report Home Sales Housing Market 2018-03-26 Staff Writer Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Buyers consumer report Home Sales Housing Market Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articlescenter_img Demand Propels Home Prices Upward 2 days ago The National Association of Realtors has released the findings for their Housing Opportunities and Market Experience (HOME) survey for the first quarter of 2018. According to the survey, consumers have indicated that, while a growing number of households feel more confident about the economy and their financial situations, these positive feelings are not translating into the homebuying market. While the majority of consumers surveyed do believe that now is a good time to buy a home, the positive response is down four percent from the previous quarter, coming to 68 percent. Renter optimism has also diminished, coming to 55 percent this quarter, a five percent decrease from Q4 2017. Those with the highest levels of optimism are homeowners and older respondents, as well as those living in the more affordable Midwest and South regions. “There’s no question that a majority of homeowners have amassed considerable equity gains since the downturn,” said Lawrence Yun, Chief Economist for NAR. “Home prices have grown a cumulative 48 percent since 2011 and are up 5.9 percent through the first two months of this year. Supply conditions would improve measurably, and ultimately lead to more sales, if a growing number of homeowners finally decide that this spring is the time to list their home for sale.”Responses from non-homeowners indicated that the top three financial burdens preventing them from saving for a downpayment were limited income (47 percent), student loan debt (30 percent), and rising rents (28 percent). Only 14 percent of respondents indicated that nothing was holding them back from saving for a downpayment. The survey also polled non-homeowners about the potential reasons they would find it difficult to apply for a mortgage. The top three responses listed were income uncertainty (45 percent), a low credit score (34 percent), and too much debt (26 percent). Twenty-nine percent responded that they lacked the financial knowledge or did not know the first step needed for qualification.  Conversely, the share of homeowners who believe now is a good time to sell their homes has risen one percent from the last quarter, with 77 percent responding affirmatively, the overall highest share since the inception of the HOME survey in December 2015. Why Is Morale Declining in Homebuying Market? Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Home / Daily Dose / Why Is Morale Declining in Homebuying Market? in Daily Dose, Featured, Journal, Market Studies, News  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Florida Supreme Court Clarifies Deadline on Foreclosure Surplus Funds

first_img Florida Supreme Court Clarifies Deadline on Foreclosure Surplus Funds  Print This Post Home / Daily Dose / Florida Supreme Court Clarifies Deadline on Foreclosure Surplus Funds Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Auction florida supreme court Foreclosure Lienholder sale Surplus surplus claimant 2018-09-25 Radhika Ojha Share Save The Florida Supreme Court in Glenville recently clarified when the 60-day deadline for surplus claims from a judicial foreclosure sale begins to run, ruling that the 60-day period begins upon the clerk’s issuance of the certificate of disbursement and not upon the public auction of the property.The ruling pertained to the case of Bank of New York Mellon v. Glenville and overturns the previous ruling of the Second and Third Districts which held that the 60 days period runs from the actual Foreclosure Sale date.At the center of the dispute was the question of whether the subordinate lienholder had filed its claim to the surplus amount on time and as per the provisions of Chapter 45 of the Florida Statutes governing judicial sales. Specifically, both parties argued over whether the 60-day period began upon the public auction of the property, the clerk’s issuance of the certificate of title, or some other event.“By concluding that 60 days after the sale means 60 days after the court issues the certificate of disbursements and not the date of the actual sale, the court confirmed the actual triggering event to the calculation of time for a filing of a claim for surplus,” said Robyn Katz, Managing Partner, Florida Foreclosures at McCalla Raymer Leibert Pierce. “Junior lien holders should monitor the court’s docket and clerk’s filing of the certificate of disbursement so as to determine the time bar for the claim to surplus. If the time deadline is not met, the junior lien holders will be cut off from their surplus claims.”This ruling is binding on all counties and circuits in Florida and resolves any pending question about the triggering event to calculate the 60 days to claim a surplus.Katz told DS News that this ruling also resolved a statutory interpretation dispute between the Second and Fourth Districts in Florida regarding when the 60 days following the sale period begins.Prior to this ruling, the districts differed in their interpretation of the statute. According to Kelley A. Chida, Associate, Business, Financial Services, and Real Estate at Quintairos, Prieto, Wood & Boyer, while the Fourth District Court’s interpretation was that the 60 day period ran from the date of the filing of the certificate of title, the Second and Third Districts held that the 60-day period ran from the actual foreclosure sale date.Cases on foreclosure surpluses have gained ground recently thanks to the rise in property values. According to Anthony R. Smith, Attorney at Law at Sirote & Permutt PC, this opinion, resolves the statutory ambiguity and the conflicting appellate court opinions by clarifying that the time to file a claim for those surpluses does not begin to run until after the clerk certifies that a surplus actually exists, is significant. “While this decision gives our clients more time within which to act, they still need to be vigilant in monitoring cases where they are junior lienholder and decide as soon as possible whether they wish to seek any resulting surplus funds,” he said. “The recent Supreme Court Ruling in Bank of New York Mellon v. Glenville is helpful to all parties involved in the foreclosure case—both plaintiff and surplus claimants—in that it clarifies when the 60-day deadline for surplus claims begins to run under section 45.031, F.S.,” Chida said. “The court reasoned that the triggering date for the 60-day claims period is when the Certificate of Disbursements is issued, which is not always the same day as when the Certificate of Title is issued.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Fannie Mae Updates Reverse Mortgage Policies Next: Powell: Interest Rate Hike Reflects Strong Economy About Author: Radhika Ojha Subscribe in Daily Dose, Featured, Foreclosure, News The Best Markets For Residential Property Investors 2 days agocenter_img Related Articles Tagged with: Auction florida supreme court Foreclosure Lienholder sale Surplus surplus claimant September 25, 2018 4,739 Views Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 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. The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Why Have Luxury Home Prices Caught a Cold?

first_imgSign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The supply of homes priced $ 2 million or more fell 6 percent from a year earlier even as the home prices for luxury properties saw their lowest growth since the fourth quarter of 2016, according to a Redfin report on luxury home prices.The report, which tracks luxury home sales in more than 1,000 cities across the country, indicated that luxury home prices rose 3.2 percent year-over-year to approximately $1.7 million in the third quarter. The average price for the bottom 95 percent of homes was $343,000, up 3.6 percent in the third quarter compared to a year earlier, but the growth rate was down from 5.1 percent in the second quarter.The vagaries of the stock market were one of the key reasons that had kept homebuyers for luxury properties away from the market, according to Daryl Fairweather, Chief Economist at Redfin.“The stock-market fluctuations that began last quarter likely caused some uncertainty among wealthy individuals, which has made luxury buyers more sensitive to price,” she said. “The swings many people have been watching in their stock portfolios have only grown more frequent in recent weeks, so we expect this trend of slowing luxury home price growth to continue at least into the end of the year.”Looking at contract signings on luxury homes, the report indicated that they went under contract after an average of 65 days on the market, a decrease of eight days from the same period last year.San Jose, California led the cities where luxury homes sold the fastest with an average of 19 days on the market, followed by Ashburn, Virginia at 23 days; Oakland, California (28 days); Seattle, Washington (29 days); and San Francisco, California at 44 days.The report revealed that cities in Florida and Nevada saw the largest gains in luxury home prices in the third quarter. The growth in average sales price was the most in West Palm Beach, Florida where the average sale price of luxury homes shot up 54.5 percent over last year. In Reno, Nevada, luxury home prices increased by 29.6 percent as more buyers from the Bay area looked at properties in this area, while they increased by 26 percent in Boca Raton, Florida. About Author: Radhika Ojha The Best Markets For Residential Property Investors 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Contract Daryl Fairweather Home Sales Homes Prices HOUSING Luxury Homes Properties Redfin Previous: The Challenges in Financial Services Next: Examining FHFA’s Capital Standards Proposal in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img November 29, 2018 1,513 Views Home / Daily Dose / Why Have Luxury Home Prices Caught a Cold? Related Articles Why Have Luxury Home Prices Caught a Cold? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Subscribe 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Contract Daryl Fairweather Home Sales Homes Prices HOUSING Luxury Homes Properties Redfin 2018-11-29 Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Foreclosure Activity’s Ups and Downs

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Share 1Save Demand Propels Home Prices Upward 2 days ago September 12, 2019 1,899 Views Home / Daily Dose / Foreclosure Activity’s Ups and Downs Foreclosure Activity’s Ups and Downs Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: ATTOM default Foreclosure Reposessions About Author: Seth Welborn 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Foreclosure activity has increased month-over-month, according to the latest report from ATTOM Data Solutions. According to the report, there were 53,007 U.S. properties with foreclosure filings in August 2019, up 4% from July 2019 but down 24% from a year ago. Nationally, one in every 2,554 U.S. properties received a foreclosure filing during the month of August.Foreclosure starts increased by 7% month-over-month in August, with lenders beginning the foreclosure process on 27,886 property owners that month. Counter to the national trend, 21 states and the District of Columbia posted month-over-month decreases in foreclosure activity in August. Including the District of Columbia (down 49%); Alaska (down 30%); Arkansas (down 29%); Arizona (down 28%); and Rhode Island (down 27%).Also counter to the national trend, 19 states posted year-over-year increases in foreclosure starts, including Georgia (up 43%); Louisiana (up 41%); Michigan (up 18%); Hawaii (up 13%); and Ohio (up 9%). Additionally, 81 of 220 metro areas analyzed posted year-over-year increases in foreclosure starts, including Atlanta, Georgia (up 50%); Cleveland, Ohio (up 55%); Dallas-Fort Worth, Texas (up 5%); Detroit, Michigan (up 18%); and Cincinnati, Ohio (up 2%).Meanwhile, repossessions fell in August year-over-year by 47%, after 10 consecutive months of year-over-year decreases, but increased by 4% from the previous month. ATTOM also reported 16 out of 220 metro areas analyzed posted year-over-year increases in REOs in August, including Beaumont, Texas (up 81%); Honolulu, Hawaii (up 27%); Port St. Lucie, Florida (up 27%); Salisbury, Maryland (up 19%); and Des Moines, Iowa (up 6%).Hawaii (up 8%) was the only state to experience an annual increase in completed foreclosures in August. States with the greatest decreases in completed foreclosures in August, included: Kansas (down 92%); Mississippi (down 82%); Idaho (down 80%); Wyoming (down 79%); and Utah (down 79%).center_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Wildfires and Housing: Knowing the Risks Next: The Industry Pulse: Update on Altisource, Fund That Flip, and More Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Foreclosure, News, Secondary Market ATTOM default Foreclosure Reposessions 2019-09-12 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Related Articles Subscribelast_img read more

Court: Loan Originator is Not a Debt Collector

first_img The Eleventh Circuit Court of Appeals recently affirmed the district court’s dismissal of a complaint seeking relief against JP Morgan Chase Bank (“Chase”) and its attorney under the Federal Debt Collection Practices Act (“FDCPA” or “the Act”) for alleged violations of § 1692 of the Act. Anderman v. JP Morgan Chase Bank, Nat’l Ass’n, (11th Cir. Feb. 11, 2020). The plaintiffs in Anderman were prior defendants in Chase’s foreclosure action against their deceased brother, Clinton Arbuckle. Arbuckle defaulted on his Chase mortgage, so Chase hired its law firm, Phelan Hallinan Diamond & Jones PLLC (“Phelan”), to initiate foreclosure proceedings against Arbuckle and his “possible heir[s].”Chase served the heirs with the complaint which identified their potential interest in the property. Within the complaint, Chase requested the court enter a foreclosure judgment and retain jurisdiction to enter a deficiency judgment. The summons served with the complaint provided the standard language regarding the risks of failing to timely respond to the complaint, including “los[ing] the case, …your wages, money and property…without further warning from the court.” The heirs filed a complaint against Chase and Phalen alleging the foreclosure complaint and summons violated § 1692 of the FDCPA. Specifically, the Heirs argued Chase and Phelan were debt collectors who used “false, deceptive, or misleading representations” and/or “unfair or unconscionable means” to collect a debt. Chase and Phelan moved to dismiss the Heirs’ complaint arguing the pleading failed to establish Chase or Phelan were debt collectors or that they engaged in conduct which constituted debt collection against the heirs. The lower court granted the motion to dismiss and the heirs appealed.The Eleventh Circuit agreed with the lower court’s dismissal finding Chase was not a debt collector as defined by the Act nor was the complained of behavior “attempts to collect debt” from the Heirs. The court explained the FDCPA defined a debt collector as a person who “regularly collect[ed] or attempt[ed] to collect debts for others.” Since Chase originated Arbuckle’s mortgage it could not be a debt collector because it was collecting its own debt not collecting a debt “for others.” The Court also found the heirs’ complaint deficient as to Phelan because it lacked “sufficient factual content showing that either Phelan’s ‘principal purpose’ is debt collection or that Phelan ‘regularly collects’ debt that is ‘owed or due another.’”The court also disagreed with the Heirs’ position that the summons and complaint was an attempt to collect a debt against the heirs. The court explained the language in the complaint seeking a deficiency pertained only to Arbuckle and pointed out the complaint allegations pertaining to the Heirs was limited to their interest as heirs. Lastly, the court found language in the summons to be the form language suggested in rule 1.902 of the Florida Rules of Civil Procedure. It surmised the summons did “not constitute an implicit or explicit demand for the [Heirs] to pay any debt.” The court concluded the Heirs were only joined because of their potential interest in the property “not because they owed any payment.” This decision affirming dismissal of the heirs’ complaint is an accurate statutory interpretation in the context of FDCPA claims and will prove to be useful precedent for disposing of similar claims early in the case without protracted litigation. Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Richard Cordray on Protecting the CFPB Next: The Week Ahead: Federal Reserve Updates on Economic Activity Tagged with: Debt Collection Home / Commentary / Court: Loan Originator is Not a Debt Collector The Best Markets For Residential Property Investors 2 days ago Debt Collection 2020-03-20 Seth Welborn Share Save  Print This Post Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago March 20, 2020 11,424 Views Demand Propels Home Prices Upward 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago in Commentary, Daily Dose, Featured, News Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Court: Loan Originator is Not a Debt Collector About Author: Roy Diaz Roy A. Diaz is the Managing Shareholder of Diaz, Anselmo Lindberg, P.A. The firm provides representation in Florida, Illinois, Ohio, Indiana, Kentucky, Wisconsin and Michigan. Diaz has been a member of the Florida Bar since 1988. He has concentrated his practice in the areas of real estate, litigation, and bankruptcy. He has represented lenders, servicers of both conventional and GSE loans, private investors, and real estate developers throughout his career with an emphasis on the mortgage servicing industry for over 25 years. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articleslast_img read more

Ginnie Mae: MBS Remain Source of Affordable Financing for Homeownership

first_img Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Home / Daily Dose / Ginnie Mae: MBS Remain Source of Affordable Financing for Homeownership Governmental Measures Target Expanded Access to Affordable Housing 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. April 8, 2021 732 Views Ginnie Mae: MBS Remain Source of Affordable Financing for Homeownership Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save 2021-04-08 Christina Hughes Babb in Daily Dose, Featured, News Ginnie Mae on Thursday announced that mortgage-backed securities (MBS) continue to be a source of affordable financing for homeownership and rental housing.For March, Ginnie Mae reported an MBS issuance volume of $82.25 billion in March, up from $77 billion issued in February.Issuance continues to be fueled by across-the-board demand for government-backed mortgages as consumers increase home refinance and home purchase volume during this period of very low interest rates. Approximately 294,072 homes and apartment units were financed by Ginnie Mae guaranteed MBS in March.”Although mortgage rates have increased from their all-time lows, strong consumer appetite for the mortgage programs of our federal insuring and guaranteeing partners continues to drive home purchase and mortgage refinancing and fuel MBS issuance and investment,” said Ginnie Mae Acting EVP Michael Drayne.A breakdown of March issuance of $82.25 billion includes $76.81 billion of Ginnie Mae II MBS and $5.44 billion of Ginnie Mae I MBS, which includes $5.35 billion of loans for multifamily housing.Ginnie Mae’s total outstanding principal balance as of March 31 was $2.1 trillion, not significantly different from $2.105 trillion in February, and down slightly from the March 2020 level of $2.14 trillion.The following explains the two types of Ginne Mae MBS:Ginnie Mae I MBS are modified pass-through mortgage-backed securities for which registered holders receive separate principal and interest payments on each of their certificates. Ginnie Mae I securities can include single-family, multifamily, manufactured home, and project construction loans.Ginnie Mae II MBS are modified pass-through mortgage-backed securities for which registered holders receive an aggregate principal and interest payment from a central paying agent. An Issuer may participate in the Ginnie Mae II MBS either by issuing custom, single-Issuer pools or through participation in the issuance of multiple-Issuer pools, which combine loans with similar characteristics.Ginnie Mae in 2013 began releasing monthly loan-level data for existing, active single-family mortgage-backed securities (MBS).”The release of loan-level data for existing single-family MBS is an important step toward improving our transparency,” Ginnie Mae President Ted Tozer said at the time. “Enhancing MBS disclosures assists Ginnie Mae in attracting global capital by meeting the needs of investors more effectively and enabling them to make better-informed investment decisions.The company has since been continuing to enhance its MBS data disclosure system.For more information on monthly MBS issuance, UPB balance, REMIC monthly issuance and global market analysis visit Ginnie Mae Disclosure. Related Articles Subscribe The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Michael Anselmo Joins the Codilis Family of Firms Next: Seller’s Market Continues to Flourish About Author: Christina Hughes Babb  Print This Post Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Adverse weather and blight puts Donegal potato farmers under pressure

first_img NPHET ‘positive’ on easing restrictions – Donnelly Google+ RELATED ARTICLESMORE FROM AUTHOR Facebook Guidelines for reopening of hospitality sector published Adverse weather and blight puts Donegal potato farmers under pressure Help sought in search for missing 27 year old in Letterkenny WhatsApp By News Highland – August 3, 2012 Frost, Rain and Blight experienced this year so far is putting increasing pressure on Donegal’s potato farmers.That is according the IFA which says  the poor conditions will inevitably drive up the price of the product to the consumer.The Irish Farmers Association was responding to media claims that Donegal potato farmers are damaging their own business by over-pricing their productBut Donegal spokesperson for the IFA Charlie Doherty says costs will have to go up: Twitter Google+center_img Pinterest WhatsApp News Previous articleGovernment’s Internal review into Donegal planning to be examinedNext articlePlanning board upholds residents objection to St Eunan’s development News Highland Calls for maternity restrictions to be lifted at LUH Twitter Pinterest 448 new cases of Covid 19 reported today Three factors driving Donegal housing market – Robinson Facebooklast_img read more