Archive : May, 2021

National Groups File Briefs Supporting MetLife’s Suit to Have ‘Too Big to Fail’ Tag Removed

first_img Servicers Navigate the Post-Pandemic World 2 days ago Four national groups have filed Amici Curiae briefs supporting MetLife’s lawsuit against the Financial Stability Oversight Council (FSOC) to remove the nonbank systemically important financial institution (SIFI) designation, more commonly known as “too big to fail,” according to media reports.The National Association of Insurance Commissioners (NAIC), the American Council of Life Insurers (ACLI), the Academic Experts in Financial Regulation (AEFR), and the U.S. Chamber of Commerce all filed briefs backing the New York-based global insurance provider’s attempt to remove the SIFI tag.NAIC’s main argument in support of MetLife was that the FSOC designated the insurance provider as too big to fail based on its large size alone instead of conducting an analysis to determine if supervision from the Federal Reserve would do more to mitigate the “alleged threat” MetLife poses to U.S. financial stability than existing state regulations. ALCI argued that the FSOC used a bank-centric model to designate MetLife as SIFI and ignored insurance regulations. AEFR’s arguments in favor of MetLife were similar to the NAIC’s and ALCI’s briefs, but AEFR argued that the FSOC should have performed a cost-benefit analysis. The Chamber of Commerce, meanwhile questioned in its brief whether or not MetLife is susceptible to material financial distress, as mandated by Section 113 of Dodd-Frank.The FSOC notified MetLife in December 2014 that it had received the nonbank SIFI designation. MetLife countered by suing the FSOC in the U.S. District Court for the District of Columbia in January to have the SIFI designation removed. MetLife is trying to have the designation removed because as a nonbank SIFI, it is subject to heightened regulation which the company says will increase compliance costs, hence increasing costs to consumers without any added safety benefit for the financial system.”The company continues to believe that MetLife is not systemically important under the Dodd-Frank Act’s criteria and has asked the U.S. District Court for the District of Columbia to review the decision,” MetLife wrote on its website.In mid-May, the U.S. Department of Justice made a non-public motion to have MetLife’s suit against the FSOC dismissed. MetLife filed a motion for summary judgment with the U.S. District Court in the District of Columbia on June 16. Earlier this week, MetLife asked the court to force the FSOC to produce hundreds of pages of documents related to the December decision to designate MetLife as a nonbank SIFI.MetLife has set up a portion of its website devoted to providing a “central point for information related to the judicial review of FSOC’s designation.” Other nonbanks to receive the SIFI designation were American International Group (AIG), Prudential Financial, and General Electric. MetLife is the first institution to challenge the SIFI designation. Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea June 30, 2015 1,042 Views Previous: OCC: Interest Rates and Compliance Are Among Issues That Pose the Most Risk to Banks Next: Average Guarantee Fees on GSE Loans Are Two and a Half Times Their 2009 Level Governmental Measures Target Expanded Access to Affordable Housing 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, Government, News 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. Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Share Save Financial Stability Oversighn Council FSOC MetLife Nonbank Systemically Important Financial Institutions SIFIs Too Big to Fail 2015-06-30 Brian Honea The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago National Groups File Briefs Supporting MetLife’s Suit to Have ‘Too Big to Fail’ Tag Removed Home / Daily Dose / National Groups File Briefs Supporting MetLife’s Suit to Have ‘Too Big to Fail’ Tag Removed  Print This Post Tagged with: Financial Stability Oversighn Council FSOC MetLife Nonbank Systemically Important Financial Institutions SIFIs Too Big to Faillast_img read more

Ask the Economist: The Great Housing Divergence

first_img Servicers Navigate the Post-Pandemic World 2 days ago Ralph McLaughlinRalph McLaughlin is Trulia’s Chief Economist. He leads Trulia’s housing economics research team and provides house hunters with key insights about the economy, housing trends, and public policy. His educational background includes a B.S. in Geography and Regional Development from the University of Arizona and a Ph.D. in Planning, Policy, and Design from the University of California at Irvine (with a specialization in Urban Development). He has more than a dozen publications and research papers in the fields of housing economics, land use and housing policy, and industrial geography, and was previously director of the Certificate in Real Estate Development at San Jose State University. McLaughlin spoke to DS News about the trends seen between the most expensive housing markets and the least expensive markets.What are the trend you are seeing in home values in the most expensive metros versus in the least expensive metros?The most expensive metros are growing even more expensive than the least expensive metros, so in other words the housing rich are getting richer while the housing poor are getting relatively poorer. The priciest metros were about two and a half times more expensive than the least expensive metros 30 years ago, but now the most expensive metros are about four and a quarter times as expensive. We really are seeing a sharp divergence between very costly housing markets and the least costly housing markets.Specifically, what trends do you see occurring in the least expensive metros?The least expensive markets are growing decently but not as much as the other markets. To put it into perspective, those least expensive metros over the last 30 years have only grown by double at best. Homeowners in places like Dayton, Ohio or Greens Point, North Carolina were lucky to double their house value over 30 years. This may sound like a lot, but if you actually adjust for inflation, you really are not experiencing much real gain in home value over those 30 years in those markets. If you contrast that with the most expensive markets (for example, San Francisco, San Jose, and Honolulu), those markets have seen 400 to 560 percent increase in value over 30 years and that is much greater than inflation and almost as much as the stock market changed in that time. It really is quite a difference between those expensive markets and the least expensive market. Another way to look at this as well is if you take the home value gain from the median homeowner in San Francisco over the last 30 years, that is about $900,000. But if you look a 10 of the slowest growing markets combined they only grew by $630,000 so the median homeowner in San Francisco made more on his or her house than all of the median homeowners in the 10 slowest growing markets. These markets include Rochester, Wichita, Fort Worth, El Paso, Memphis, Dallas, Oklahoma City, Tulsa, Greensboro and Dayton. That really symbolizes the divergence in house prices over the last 30 years.For the most expensive metros, what do you forecast for home value growth in the future?History shows that in general anything that grows very fast and grows to be very high priced can’t sustain that indefinitely so at some point there will be a time when most people won’t be able to afford prices in expensive markets. Homeowners and potential homeowners would then look to move elsewhere. We haven’t hit that point yet. We are still seeing strong price growth in the expensive markets, but overall in the last few years, that rate has slowed down and we are starting to see other expensive markets over the last year catching up a little bit. The question is, though, whether or not that will persist enough to bring the least expensive market in line with the most expensive market. At least a 30-year trend is much more of a reliable number than just a one-year trend, so we really have to wait and see whether or not this will play out. There are anecdotal examples of even well paid employees that can’t afford to live where they are currently working so they move to less expensive markets that still do have relatively good paying jobs.What can be done in your opinion to reduce the gap between these two entities?I don’t think that gap is really going to be narrowed much if at all and that is for one primary reason. One of the things that explains the difference between the most expensive metros and the least is how much home building occurs. If for example a household decides to move from San Francisco to Austin, Austin builds a lot of homes where as San Francisco does not so that is likely to keep prices relatively high in San Francisco because there is low supply. In places like Austin, if households move there because it’s cheaper, one of the reasons why it’s cheaper is because Austin builds a lot of home and that will likely keep price appreciation from getting out of control. We certainly have seen prices increase in Austin but this reason is part of what has narrowed the rate increase in places like San Francisco, Portland, or San Jose.To read more about McLaughlin’s thoughts on the trends of housing divergence, click HERE. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Related Articles Ask the Economist: The Great Housing Divergence The Best Markets For Residential Property Investors 2 days ago 2016-09-07 Kendall Baer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Previous: Altisource Expands With Foreclosure Auction Services Next: Black Knight, CRS Data Create One-Stop MLS Shop Demand Propels Home Prices Upward 2 days ago About Author: Kendall Baer Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Commentary, Daily Dose, Featured Home / Commentary / Ask the Economist: The Great Housing Divergence Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago September 7, 2016 1,218 Views last_img read more

Industry Reacts to New HUD Secretary

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Home / Daily Dose / Industry Reacts to New HUD Secretary Industry Reacts to New HUD Secretary Related Articles Share Save Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Fed Report Shows Stagnant Real Estate Market Next: Nothing Lasts Forever: An Illinois Appellate Court Rules Truth in Lending Act Counterclaims to Debt Collection Actions Have a Statute of Limitations. About Author: Staff Writer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Ben Carson HUD Secretary of HUD 2017-03-02 Staff Writer Tagged with: Ben Carson HUD Secretary of HUD 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 After months of waiting, on Thursday Ben Carson was confirmed and sworn in as HUD Secretary, with a final Senate vote of 58-41. “I am immensely grateful and deeply humbled to take on such an important role in service to the American people,” said Secretary Carson.Carson wasn’t the only figure making a statement upon this news, the industry was swift to voice their opinion on this next chapter for the housing agency as well.“Dr. Carson should be proud of his achievement. The task at hand is a big one, and we applaud his commitment to the challenges that lie ahead,” said NAR President William E. Brown. “[W]e’ve seen changes in markets, in Washington and in the business of our Realtor members. But there’s a reason that homeownership is called the ‘American Dream,’ and that hasn’t changed one bit.”“Homeownership helps build communities and build wealth for families,” Brown continues. “And we know that the policies set in Washington can make a real difference for Americans as they work to realize their dream of homeownership.”“The Senate’s decision to confirm Dr. Ben Carson as Secretary of HUD displays their faith in the qualities, skills, and experience, which Carson has acquired throughout his impressive career,” stated Ed Delgado, President and CEO of The Five Star Institute and former Wells Fargo and Freddie Mac executive. “We look forward to the advancements that he will bring to the development of housing in under-served areas.”Executive Director of U.S. Mortgage Insurers (USMI) Lindsey Johnson released a statement regarding Carson’s proposed policies. “The U.S. mortgage insurance industry welcomes Secretary Carson’s statements that more private capital needs to be brought into the mortgage market,” said Johnson. “Private MI shields the government and taxpayers from mortgage-related risks in the U.S. housing market that is available during both good and bad housing market cycles.”In their recent statement, the National Community Reinvestment Coalition (NCRC) notes the housing challenges across the country. “There is much work to be done,” said NCRC CEO and President John Taylor. “It is critical that he build on the agency’s work to affirmatively further fair housing, prevent homelessness, increase homeownership opportunities through the Federal Housing Administration, ensure strong enforcement of the nation’s fair housing laws, and ensure that the nation’s housing programs are adequately funded so that all Americans have access to safe, affordable housing.””Dr. Carson has been entrusted with these important duties,” Taylor continues. “He has the opportunity to have an enormous and positive impact in America’s communities, if he carries out those duties thoughtfully and compassionately. We will be closely monitoring the Trump Administration and Dr. Carson’s progress in carrying out the mission of the agency.”Dr. Richard Green, Director and Chair of the USC Lusk Center for Real Estate, spoke to MReport on the challenges Dr. Carson will face in his new role.  “You need technical expertise in order to interpret the financial reporting that comes out of FHA on an annual basis, and for all of his skills, Dr. Carson doesn’t have training or expertise in how you evaluate the financials of a government insurance program,” said Dr. Green. “And he doesn’t need to, but he needs to have someone strong in place to do that for him, and that somebody just doesn’t exist right now.”How Carson will staff HUD is a topic DS News will be following closely now that Carson has been sworn in. March 2, 2017 1,323 Views last_img read more

Hot or Not?

first_imgSign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Long-term growth, equity, and profit are influenced by more than just the structural characteristics, according to recent research by WalletHub. Square footage and a newly renovated kitchen may contribute to property value, but investors are looking at historical market trends and economic health of the area, not just the visual aspects of buying a home.WalletHub compared 300 various sized cities on two measures of criteria: “Real-Estate Market” and “Affordability & Economic Environment.” Using 21 different metrics, which were weighted differently depending on the subject, WalletHub organized the list based on their weight on a 100-point scale, 100 meaning the market is perfectly healthy. The sample was categorized by large cities (more than 300,000 people), midsize cities (150,000 to 300,000 people), and small cities (fewer than 150,000 people).Seattle, Washington came in at No. 1 for large cities, followed by Nashville, Tennessee, and Denver, Colorado.WalletHub asked Kirk McClure, Professor in the Department of Urban Planning at the University of Arkansas, what the top five indicators for evaluating the healthiest housing markets were, to which he replied, “Jobs, jobs, jobs, jobs, and jobs.” the places with the jobs, the income and the urban environments where the “creative class” wants to live. This makes their housing markets hot. But hot is not necessarily healthy.”Out of all the metros, “the places with the jobs, the income, and the urban environments where the “creative class” wants to live . . . makes their housing markets hot. But hot is not necessarily healthy,” McClure said.McClure explained that healthy markets keep the growth of housing stock in line with the growth of households. If you add too many or too few houses, it has negative consequences, such as blight in older neighborhoods or rent that rises faster than renter’s incomes.WalletHub rated Miami, Florida as the third coolest large market in the U.S. followed by Cleveland, Ohio, and last, but not least (unless you mean least hot market), Detroit, Michigan.“I encourage people not to follow price trends,” McClure said. “These can change, as we learned painfully in 2008. Rather, they should look at the growth of incomes among homeowners and renters.”To see the full list, click here. in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Home / Daily Dose / Hot or Not? Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brianna Gilpin Hope Price Appreciation Hottest Markets 2017-08-28 Brianna Gilpin Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articlescenter_img Subscribe The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago August 28, 2017 1,406 Views Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Tagged with: Hope Price Appreciation Hottest Markets Hot or Not? 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] Previous: Delinquencies Take Another Dive Next: Ask the Economist: Eddie Seilerlast_img read more

Going Up: Residential Home Sales

first_img Previous: Joseph Otting Sworn in as Comptroller of the Currency Next: Investors: Check Out the Latest SFR Market Stats  Print This Post Going Up: Residential Home Sales Subscribe The Department of Housing and Urban Development (HUD), in conjunction with the U.S. Census Bureau released its report on New Residential Sales for October 2017 on Monday.The sales figures were seasonally adjusted and came to an estimated 685,000, an increase of 6.2 percent (plus or minus 18.0 percent) from September’s revised rate of 645,000, and an 18.7 percent increase (plus or minus 23.5 percent) of October’s estimate a year prior, which totaled 577,000.New houses sold in October had an average price of $400,200; the median sales price came to $312,800. The report also figures that, at the end of October on a seasonally adjusted level, there are currently 282,000 new houses on the market. If the rate of sales of new homes continues, there will be a total supply lasting 4.9 months.According to the report, it’s important to note that these figures are estimated from sample surveys. Therefore, numbers are subject to sampling variability as well as non-sampling error including bias and variance from response, nonreporting, and undercoverage.Estimated average relative standard errors of the preliminary data are shown in the tables of the full report, here.Explanations of confidence intervals and sampling variability can be found at the Census Bureau’s website.The next joint report of New Residential Sales for November 2017 will be released on December 22, 2017. The Best Markets For Residential Property Investors 2 days ago Related Articles data Home Sales HOUSING HUD mortgage U.S. Census Bureau 2017-11-27 Nicole Casperson The Best Markets For Residential Property Investors 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 Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] center_img Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago November 27, 2017 1,570 Views in Daily Dose, Featured, Headlines, Market Studies, News Home / Daily Dose / Going Up: Residential Home Sales Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save About Author: Nicole Casperson Demand Propels Home Prices Upward 2 days ago Tagged with: data Home Sales HOUSING HUD mortgage U.S. Census Bureaulast_img read more

The Legal Lowdown on Owning Manufactured Homes

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Share 1Save Chattel Loans Florida Homebuyers Homeowners Manufactured Housing mobile homes mortgage Oregon Property Regulations Vermont 2018-09-05 Radhika Ojha Previous: How Property Investors Can Better Identify Fraud Next: 10 Cities That Provide Value for Money on Homes About Author: Debbie Hoffman Tagged with: Chattel Loans Florida Homebuyers Homeowners Manufactured Housing mobile homes mortgage Oregon Property Regulations Vermont Sign up for DS News Daily Debbie Hoffman is Founder & CEO of Symmetry Blockchain Advisors working with clients in their endeavors related to education, strategy and development of blockchain solutions. With her experience in financial services, law and technology innovation, Debbie brings a unique perspective to blockchain innovation. Debbie was previously the Chief Legal Officer at Digital Risk and a finance attorney at Thacher Proffitt & Wood in New York. She served as a professor at the Florida A&M University College of Law and the University of Central Florida. In 2018 Debbie was named a NAWRB Roaring Thirty Winner.” In 2017 Debbie was named as a Top General Counsel by First Chair Awards, received an Honorable Mention in MReport’s Women in Housing and was a “Hot 100” in Mortgage Professional America. She was selected as a Woman of Influence by Housingwire Magazine multiple times and has been the receipt of two Stevie® Awards. September 5, 2018 4,865 Views About Author: Alexandria Decatur Governmental Measures Target Expanded Access to Affordable Housing 2 days ago There are over 800,000 mobile homes across Florida, according to estimates from the past two years. This is the largest number of mobile homes in any state across the United States. Other types of manufactured housing such as modular homes add to these numbers. With so many manufactured homes in the state, Florida leads in setting advanced laws and regulations concerning manufactured housing.  Florida’s unique and innovative practices in this field have been somewhat overshadowed by the developments in Vermont and Oregon in recent years, nonetheless, Florida’s standards are monumental in their successful implementation and effectiveness as exemplified by the fact that manufactured homes and communities have become more safe and healthy environments for residents. In many ways, Florida has surpassed the regulation and lending requirements established under the Uniform Manufactured Housing Act to improve both the opportunities for owning manufactured homes and the conditions of these homes. Due to the high number of manufactured homes in the Sunshine State, it is especially important to review regulations and procedures enacted in Florida as a model for regulations that work well in states with high volumes of occupied manufactured homes.  Essentially, there are two notable manufactured home practices in Florida that distinguish it from many other states across the U.S.: (1) the strict installation and installation license requirements, and (2) the Florida Department of Health’s publicly-available inspection database.  Strict Installation RequirementsThe United States Department of Housing and Urban Development (HUD) requires that all states set a minimum installation standard and an operating installation program. While HUD has set a national minimum standard that all states must meet, called the HUD-Administered Manufactured Home State Installation Program, several states have elected to adopt more stringent installation standards than those required by this program. Florida is one of those states.  To receive an installation license in Florida, the Florida Department of Highway Safety and Motor Vehicles requires that the installer must comply with a multi-step process. First, the installer must complete a pre-license course and pass a license examination. Next, the installer must secure a $5,000 surety bond. The installer must also hold a liability insurance policy for a minimum of $100,000. Finally, all installers are required to provide new manufactured homeowners with a one-year installation warranty.  It is also mandatory for installers to renew their license annually. Installers who meet all of these requirements can install the manufactured home and complete all the necessary plumbing installation work, but cannot perform any of the electrical setup needed for the home’s installation. These steps require a different license and an electrician must be employed separately to complete this part of the installation process.  These regulations appear to have met the necessary safety purposes for installing manufactured homes. According to data gathered by the Florida Department of Highway Safety and Motor Vehicles between 2004 and 2005, manufactured homes built and installed according to the established state standards did not experience any significant damages despite the intense weather conditions regularly encountered by the state.   Securing the Communities Florida also provides a significant amount of critical information about manufactured home communities to the general public via online databases such as the FloridaHealth website, a source maintained by the Florida Department of Health. It allows users to search for communities by name, county, address, inspection date, and the result of the inspection. The list of search results includes all this information and a link to download the complete inspection report for each community. Compared to most other states, this database provides thorough information about the condition of these communities.  This information is accessible by regular inspections of all registered manufactured home communities located throughout the state by the Florida Department of Health. All conditions essential to the health and safety of those residents of manufactured home communities are examined and their conditions are reported in the state inspection report that is then filed with the Department of Health.  Opportunity for Improvement While Florida has enacted several important practices that have benefitted residents of manufactured homes, best practices enacted in other states that, if followed in Florida, would likely further improve conditions for Florida residents. These changes would advance the rights of residents and increase the information available about manufactured homes and manufactured home communities throughout the state.  Best Practices in OregonIn July 2016, Oregon’s Department of Housing and Community Services created the Oregon Manufactured Home Park Directory, an interactive computer-generated imagery (CGI) map with detailed information about each manufactured home community in the state. The information includes the size of the community, its total resident population, and the area surrounding the community. Supplementing this same type of information to the existing database in Florida would improve the amount of data available to Florida residents about the conditions of manufactured homes and communities throughout the state.  The state of Oregon has also enacted measures and requirements that benefit residents of manufactured home communities throughout the state. According to information provided by the Legal Aid Services of Oregon, owners of manufactured home communities in Oregon must give residents at least 365 days’ notice before they close communities and must also financially assist residents who are forced to abandon or relocate their homes based on the closure of the community.  Based on the size of the resident’s home and the decision to either relocate or abandon his or her home, the owner of the community must pay residents $5,000, $7,000, or $9,000. Residents who live in manufactured home communities in Oregon also have protection against eviction following their violation of rental agreement terms. In Oregon, if a resident violates the terms of his or her rental agreement, he or she cannot be evicted from the community until the receipt of a written notice with a 30 day period in which to cure the matter at stake. If the resident takes this time period to rectify the issue and again violates the same term, the resident must then receive another written notice providing for 20 days in which the matter may be rectified prior to eviction. These requirements help ensure that residents are notified and allowed sufficient time to resolve any problems before they are evicted for violating rental terms of which they might not even be aware. Best Practices in VermontIn Vermont, owners of manufactured home communities are required to give residents a minimum of 18 months’ notice before the closure of a community and 45 days’ notice before any sale or offering for sale of such community. If an offer is made by either a non-profit organization or a tenant-owned group during this sale pending period, the owner must negotiate with these groups in good faith and cannot make a final decision regarding a sale for an additional 120 days. Currently, based on data gathered by Vermont’s Agency of Commerce and Community Development, the state has 58 tenant-owned or non-profit owned manufactured home communities. These groups often have the best interests of the community and residents in mind because their main objective is not to make a considerable profit from their control and ownership of the manufactured home community, but rather to promote the community and improve living conditions for all of the residents. Manufactured Housing and MortgageIn Oregon, a purchaser of a manufactured home can classify it as either real property or personal property (chattel) depending on the state conditions that are met. A manufactured home can be classified as real property if the home and the land on which the structure is placed are both owned by the same person. However, if the land and structure are owned separately, the property will likely be classified as personal property. In Oregon, a manufactured home that is classified as personal property will likely qualify only for a chattel loan and not a traditional mortgage. Often chattel loans offer less favorable terms, including higher interest rates. In Oregon and Vermont, manufactured homeowners can receive financing with favorable terms more easily. In Oregon, these homes can be classified as real property so long as the homeowner has obtained a long-term lease for at least 20 years or owns the land on which the home will be affixed. After being classified as real property, owners of these manufactured homes can obtain loans with more favorable terms. Vermont’s regulations make it easier to receive financing with more favorable terms. In Vermont, certain loans and payment programs are readily available to owners of manufactured homes, regardless of the lease length or property ownership. For example, the Champlain Housing Trust offers a deferred payment program for manufactured homes and the Vermont State Employee Credit Union offers a manufactured home mortgage that is available for all homes that were built after 1976 and were located on either owned property or in a manufactured home community. The terms for these mortgages offer low fixed-interest rates. Getting a Mortgage in FloridaThe laws in Florida currently require manufactured homes to be financed as personal property, secured by financing statements, instead of securing such financing pursuant to a mortgage loan.  Residents of Florida can only secure mortgages for homes that are classified as real property and the title to the property has been retired. In Florida, manufactured homes are not classified as real property until after the home has been permanently affixed to a plot of land and the land on which the home is affixed is either (i) owned by the homeowner or (ii) land on which the homeowner has secured a lease of at least 30 years. Moreover, to retire title for a piece of property, its original title and legal description must be filed with the county clerk for the county in which the home is located. A sworn statement by the owner that iterates the ownership or secure lease of the land is also needed to retire title to the land.  It’s difficult to obtain a 30-year lease on land for a manufactured home because there is no incentive for owners of manufactured home communities to offer long-term leases. Purchasing a new manufactured home and the land on which to place it can also be costly for homeowners making it difficult for individuals to obtain a manufactured home without any mortgage options to offer financial assistance. However, if one can meet the terms necessary to reclassify the manufactured home as real property, then a mortgage can be secured easily and readily.  If a manufactured home is expressly classified as personal property when it is transferred or sold to another party, that home cannot qualify for reclassification as real property because, unlike Oregon, Florida does not offer a reclassification process for these homes. The property must then only be classified as personal property on all loan, security, and financial documents. This introduces a distinct barrier to obtaining mortgages for manufactured homes.  Since the federal funding regulations apply to all loans granted on manufactured homes in Florida, these homes must be classified as real property to receive mortgages with favorable loan terms. However, if residents are unable to meet the set requirements to have the homes classified as real property, the homes must still be classified as personal property.  Individuals obtaining financing on manufactured homes that could only be classified (and secured) as personal property are likely to receive less favorable loan terms than if these homes were classified as real estate secured by mortgage loans. This is unfortunate because this property classification prevents marginal borrowers from obtaining loans with the favorable and necessary terms to successfully purchase a property.  The conditions for buying a manufactured home in Florida could be improved by changing the property classification requirements for these homes.  Residents would greatly benefit from their state adopting the same policies as those of Oregon because manufactured homes could then be reclassified from personal property to real property when sold or transferred between parties.  Since this would greatly improve the loan terms offered to borrowers purchasing manufactured homes in these circumstances, it would further the hope of future homeownership. The practices in Oregon and Vermont that benefit and protect residents of manufactured home communities could also be implemented in Florida to benefit and protect residents of manufactured home communities across the state. Florida has among the highest number of manufactured homes and manufactured home communities across the U.S., therefore it is especially important for such an enormous group to benefit by implementation of policies which safeguard their interests.    Furthermore, there are changes that could be implemented to improve manufactured home financing means and help many other Florida residents successfully achieve their goals of home ownership.   Alexandria Decatur is a rising third-year student at Albany Law School and an aspiring in-house corporate attorney. In addition to being Managing Editor for Production, Research, and Writingon Albany Law School’s Journal of Science and Technology and President of the Business Law Society, she also interns at the Community Development Clinic, which assists local startups and non-profits. Alexandria is also on the Pro Bono Society Executive Board and serves as Directorof the Worker’s Rights and LawHelp projects. Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / The Legal Lowdown on Owning Manufactured Homes The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Legal Lowdown on Owning Manufactured Homes in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Fannie and Freddie Transfer Risk on $281.4B of UPB

first_imgSubscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Fannie and Freddie Transfer Risk on $281.4B of UPB in Daily Dose, Featured, Foreclosure, News November 13, 2019 1,566 Views  Print This Post FHFA 2019-11-13 Seth Welborn Previous: 11 State Attorneys General Challenge CFPB Leadership Structure Next: Fed’s Jerome Powell Says Economy Will Continue to Grow Share Save Fannie Mae and Freddie Mac transferred 84% and 89%, respectively, of the allocated credit risk capital on 2018 acquisitions covered by credit risk transfer, according to the Federal Housing Finance Agency (FHFA) has issued its semi-annual Credit Risk Transfer Progress Report.In the first half of 2019, the GSEs transferred risk on $281.4 billion of UPB with a total Risk in Force (RIF) of $10.5 billion. Securities issuances accounted for 56% of RIF, reinsurance transactions accounted for 26% of RIF, and lender risk sharing accounted for 18% of RIF.Additionally, the FHFA measured the foreclosure prevention actions undertaken by Fannie Mae and Freddie Mac in its FHFA Foreclosure Prevention, Refinance and FPM Report. Fannie Mae and Freddie Mac completed 8,464 foreclosure prevention actions in August, bringing the total to 4,372,944 since the start of the conservatorships in September 2008.Additionally, the GSE’s serious delinquency rate remained unchanged at 0.65% at the end of August from July. Total refinance volume increased in August 2019 as mortgage rates fell in previous months. Mortgage rates decreased in August: the average interest rate on 30‐year fixed rate mortgage fell to 3.62% from 3.77% in July.Freddie Mac recently announced that its Single-Family Credit Risk Transfer (CRT) programs have surpassed the $50 billion mark in transferring credit risk to private investors and (re)insurers. From program inception to date, the company has transferred a portion of the credit risk on more than $1.3 trillion of Single-Family mortgages based on unpaid principle balance (UPB) at issuance.Per FHFA guidelines, Freddie Mac now transfers the credit risk on more than 90% of the UPB on CRT-eligible, newly-acquired Single-Family mortgages.The goal of Freddie Mac’s Single-Family CRT programs is to transfer credit risk away from U.S. taxpayers to global private capital via securities and (re)insurance policies. Earlier this year, Freddie Mac reported a slight increase in comprehensive income in Q2 2019 from the previous quarter, up to $1.8 billion.Since the start of the CRT programs in 2013 through the end of June 2018, Fannie and Freddie have transferred a portion of credit risk on approximately $3.1 trillion of UPB with a combined RIF of about $102 billion, or 3.3% of UPB. About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articlescenter_img Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: FHFA The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Fannie and Freddie Transfer Risk on $281.4B of UPB Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily 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. last_img read more

Exclusive: Mr. Cooper’s Bray, Ebers on Rawls’ Xome Promotion

first_img About Author: Mike Albanese After Mr. Cooper Group on Thursday announced that Mike Rawls had been named as CEO of Xome Holdings LLC., the company’s real estate services subsidiary, two Mr. Cooper executives have provided DS News with exclusive quotes about the change. “Given Mike’s track record with our servicing business, he is in a unique position to help Xome achieve its full potential as a leading integrated services provider for the mortgage industry. Mike has led our servicing and originations businesses in his tenure with Mr. Cooper,” said Jay Bray, Chairman and CEO, Mr. Cooper Group, in a quote provided exclusively to DS News. “He understands the process and complexities in these businesses and will work with clients to reduce pain points and deliver a better client experience.”Tony Ebers, COO, Mr. Cooper Group, also told DS News: “Mike has done a tremendous job growing and transforming the Mr. Cooper servicing organization as we’ve worked to create franchise value for our customers,” said Tony Ebers, COO, Mr. Cooper Group. “I am very excited to work more closely with our servicing team as we continue to focus on enhancing the experience for our customers, giving them a seamless and rewarding experience across their homeownership journey.”In the initial announcement, Rawls said of the appointment: “I’m excited to be working with the very strong team in place at Xome. The focus of the organization will remain on delivering best-in-class performance at the highest levels of service to our partners. In addition, we are going to continue to actively listen to our clients and build integrated and innovative solutions that move the marketplace.”Rawls will transition operational leadership for the servicing segment to Tony Ebers, Mr. Cooper’s EVP and COO. Xome’s prior CEO, Rayman Mathoda, will remain with the company as a strategic advisor.Rawls previously served as the EVP of Servicing for Mr. Cooper Group, where he held operational responsibility for the company’s entire servicing portfolio. Rawls joined Mr. Cooper in 2000 and was named EVP of Servicing for the company in 2015. Previously, he held key leadership positions in both servicing and originations.  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Near 50-50 Split in Affordability For Renting vs. Homebuying Next: Veteran Homeownership Rate Surpasses That of Overall Population January 9, 2020 5,166 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Exclusive: Mr. Cooper’s Bray, Ebers on Rawls’ Xome Promotion 2020-01-09 Mike Albanese Share Save in Daily Dose, Featured, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Exclusive: Mr. Cooper’s Bray, Ebers on Rawls’ Xome Promotion Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Savvy Homeowners Aim to Profit in Strong Sellers’ Market

first_img 2021-05-19 Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News About Author: Christina Hughes Babb 11 days ago 686 Views  Print This Post Data Provider Black Knight to Acquire Top of Mind 1 day ago Demand Propels Home Prices Upward 1 day ago The Best Markets For Residential Property Investors 2 days ago 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. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 1 day ago Share 3Save Data Provider Black Knight to Acquire Top of Mind 1 day ago Previous: FHFA Publishes GSE Goals for Market Improvements Next: First Mortgage Default Rates Slide in April Savvy Homeowners Aim to Profit in Strong Sellers’ Market The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Home / Daily Dose / Savvy Homeowners Aim to Profit in Strong Sellers’ Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily A good portion of sellers is taking advantage of today’s highly competitive house-hunting environment. Data researchers at Realtor.com found that 29% are asking for more than they think their home is worth.While the strongest reasons for relocating remain the desire for more space and meeting the needs of a growing household, the second-highest motivator is the desire to take advantage of the current market to make money on a home sale, noted Realtor.com Economist George Ratiu Multiple offers and high prices are just the beginning of what sellers expect, according to the survey of 657 homeowners who plan to sell within the next 12 months between March 26-April 7.”Low mortgage rates and a lack of available homes for sale have created a strong seller’s market, and these survey results show that homeowners think that they have the upper hand if they list their home soon,” Ratiu, said. “However, after a year of challenges which kept homeowners from listing their home, we are seeing sellers coming back which should help moderate prices and bring more balance to the housing market over the coming months. For homeowners planning to sell this year, research your local market conditions to ensure that your home’s price reflects neighborhood trends.”Fifty-three percent of sellers expect to get their asking price and 24% expect to get more than asking. Sixteen percent of sellers expect a bidding war to take place and to have multiple offers to choose from, Realtor.com reported.”With home prices up 17% in just the last year, it’s no wonder that 94% of home sellers expect to get more than what they originally paid when they bought their home. One in 10 sellers expects to get double what they paid for the home,” said the report’s authors.Homes nationwide are selling 41% faster than one year ago. They average 43 days on the market. Considering the conditions, 25% of sellers expect an offer within a week of listing, and 16% expect a cash offer.It’s possible to land one’s dream home right now, but shoppers must be battle-ready and focused, note the experts.”If you want to be competitive in today’s housing market, it’s important to have all of your finances in order and be ready to move quickly when you find a home you love,” said Rachel Stults, Deputy Editor, Realtor.com. “A good tip is to get pre-approved before you begin house hunting, and then look at homes under your budget. That way, if you need to offer above asking to be competitive, you can do so without stretching your wallet.”The full Realtor.com report on the company’s website. Related Articles Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Cope calls for overhaul in Social Protection payments to address plight of seasonal workers

first_img Google+ Nine Til Noon Show – Listen back to Wednesday’s Programme RELATED ARTICLESMORE FROM AUTHOR Previous articleScottish nurse who contracted Ebola in 2014 taken back to hospitalNext articleFourteen people awaiting admission to Letterkenny University hospital today admin Twitter Pinterest Pinterest WhatsApp Guidelines for reopening of hospitality sector published By admin – October 6, 2016 Calls for maternity restrictions to be lifted at LUH Homepage BannerNewscenter_img Cope calls for overhaul in Social Protection payments to address plight of seasonal workers Twitter Facebook Three factors driving Donegal housing market – Robinson Google+ NPHET ‘positive’ on easing restrictions – Donnelly A Donegal Deputy has proposed an overhaul in Social Protection payments to address the plight of seasonal workers.Deputy Pat the Cope Gallagher has written a submission to his party, outlining how the daily subsidiary income from a secondary income should be raised from the present €12.70 a day to €50 a day.This, he believes, would allow seasonal workers qualify for Jobseekers’ Benefit.Deputy Gallagher says the income workers are receiving at present is simply not sustainable:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/10/copeseaonal1pm.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. GAA decision not sitting well with Donegal – Mick McGrath Facebook WhatsApplast_img read more