first_imgHome / Daily Dose / CFPB Fines Two Lenders $35.7 Million for Kickback Scheme Wells Fargo and JPMorgan have agreed to pay a combined $35.7 million in penalties and redress over their roles in an alleged kickback scheme with a Maryland title company, according to an announcement from the Consumer Financial Protection Bureau (CFPB) on Thursday.The CFPB said loan officers at the two banks accepted cash, marketing materials, and consumer information in exchange for business referrals to Genuine Total, a now-defunct title firm formerly headquartered in Owings Mills. Kickback schemes are barred under the Real Estate Settlement Procedures Act (RESPA).”Today we took action against two of the nation’s largest banks, Wells Fargo and JPMorgan Chase, for illegal mortgage kickbacks,” CFPB Director Richard Cordray said. “These banks allowed their loan officers to focus on their own illegal financial gain rather than on treating consumers fairly. Our action today to address these practices should serve as a warning for all those in the mortgage market.”CFPB says it identified more than 100 loan officers at Wells Fargo and at least six at JPMorgan Chase who participated in the scheme, which garnered thousands of referrals for Genuine Title in exchange for consumer information and marketing services. The bureau also alleged that both banks “did not have an adequate system in place” to identify the violations and that Wells Fargo took no action to stop the practice despite multiple warnings and even a federal lawsuit.For its part, Wells Fargo would be required to pay $10.8 million in redress and $24 million in civil penalties under the proposed consent order. JPMorgan would pay approximately $300,000 in redress and $600,000 in penalties. The bureau also filed administrative consent orders against the banks prohibiting future violations.In addition to Wells Fargo and JPMorgan Chase, CFPB says several loan officers at another unnamed institution also participated in the scheme with Genuine Title. Unlike the other two banks, that firm self-identified the problem, terminated the loan officers involved, and cooperated with CFPB, which said it has “resolved that investigation without an enforcement action.”Also included in the action are former Wells Fargo employee Todd Cohen and his wife, Elaine Cohen, who were allegedly involved in the scheme. CFPB says that during his employment as Wells Fargo from April 2009 through August 2010, Todd Cohen received both marketing emails and “substantial cash payments” in exchange for referrals. The payments were allegedly funneled through Elaine Cohen, who was his girlfriend at the time, in order to disguise the kickbacks.Under the proposed consent order, the two would be required to pay a civil penalty of $30,000, and Todd Cohen would be banned from participating in the mortgage industry for two years.JPMorgan Chase commented on the agreement with a statement: “We are fully committed to ensuring that our mortgage bankers comply with all legal and regulatory requirements. These former employees clearly violated our policies, procedures and training.”Wells Fargo spokesman Tom Goyda issued the following statement: “Wells Fargo holds its team members to the highest ethical standards and does not tolerate improper activities or failure to comply with rules, regulations or company policies. We have fully cooperated with the CFPB in this matter and have taken strong corrective action, including terminating team members who were involved and enhancing our procedures to provide greater oversight and monitoring of both the process and our team members.” Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago CFPB Fines Two Lenders $35.7 Million for Kickback Scheme Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Tory Barringercenter_img Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles CFPB Consumer Financial Protection Bureau JPMorgan Chase Maryland RESPA Wells Fargo 2015-01-22 Tory Barringer January 22, 2015 1,365 Views Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, News Previous: Fannie Mae Expects Economy to ‘Drag’ Housing Toward Recovery in 2015 Next: Judge Denies Treasury’s Attempt to Reverse Pershing Square’s Dismissal of GSE Lawsuit Tagged with: CFPB Consumer Financial Protection Bureau JPMorgan Chase Maryland RESPA Wells Fargo Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

first_img Tagged with: Foreclosure Related Articles Fighting Off Foreclosures Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily  Print This Post Home / Daily Dose / Fighting Off Foreclosures Foreclosure 2017-08-08 Alison Rich Alison Rich has a long-time tenure in the writing and editing realm, touting an impressive body of work that has been featured in local and national consumer and trade publications spanning industries and audiences. She has worked for DS News and MReport magazines—both in print and online—since they launched. About Author: Alison Rich The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, Newscenter_img August 8, 2017 1,744 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Siding with CFPB Next: HUD: Enough is Enough Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Fannie Mae and Freddie Mac wrapped up 15,683 foreclosure prevention actions in May, according to the Federal Housing Finance Agency (FHFA) May Foreclosure Prevention Report. This brings the total number of foreclosure prevention actions to 3,914,668 since the inception of the conservatorships back in September 2008. More than half of the actions reported for May—or 10,769—were permanent loan modifications, compared with 11,328 in April. All told, since September 2008, the Enterprises have granted permanent loan mods to 2,076,345 distressed homeowners.Along those same lines, the share of modifications with principal forbearance accounted for 25 percent of all permanent modifications in May, according to the report. Modifications with extend-term only leapt to 45 percent during the month thanks to ongoing positive headwinds in house prices. Additionally, a combined 1,489 short sales and deeds-in-lieu sealed in May. There were 10 percent more—or 1,650—in April.As for the Enterprises mortgage performance metrics, the serious delinquency rate spiraled down further, plunging from 1.01 percent at the close of April to 0.98 percent at the end of May. Loans 30–59 days’ delinquent charted at 402,780 in April; they stood at 348,141 in May. Continuing their downward trajectory, 60-plus-days’ delinquent loans hit 1.3 percent in May, decreasing from April’s 1.34 percent.In terms of Fannie and Freddie foreclosures, third-party and foreclosure sales jumped 9 percent, from 5,523 in April to 6,042 in May. Foreclosure starts tumbled 13 percent from 17,056 in April to 14,905 in May.The top five reasons for delinquency in May included curtailment of income (21 percent), excessive obligations (22 percent), unemployment (7 percent), illness of principal mortgagor or family member (6 percent), and marital difficulties (3 percent). Share Save Subscribelast_img read more

first_img  Print This Post About Author: Brianna Gilpin September 17, 2017 1,529 Views Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Five Star Institute President & CEO Ed Delgado delivers opening remarks.The mortgage industry will soon convene at the 14th annual Five Star Conference and Expo beginning Monday, September 18th and continuing through Wednesday, September 20th at the Hyatt Regency in Dallas, Texas.The Five Star Conference and Expo is the largest mortgage servicing and real estate conference in the nation, with six academic labs presented by subject matter experts. Topics for the Five Star Labs include compliance, foreclosure, property management, REO, servicing, and investing.On the evening of Monday, September 18th, Five Star will honor veterans of the U.S. military with the annual Military Heroes Keys for Life event, which will include the presentation of five mortgage free homes to veterans and their families with the support of Operation Homefront, a national nonprofit whose mission is to build strong, stable, and secure military families.The conference will conclude on the afternoon of September 20th with the Women in Housing Leadership Forum where women leaders in the mortgage industry will deliver inspiring keynotes on promoting inclusion throughout the industry.To find more information on the 2017 Five Star Conference and Expo, click here.Editor’s note: The Five Star Institute is the parent company of DS News and DSNews.com.Other Events in the Week Ahead: Housing Market Index, Monday, 10 a.m. EDTHousing Starts Report, Tuesday, 8:30 a.m. EDTFOMC Forecasts, Wednesday, 2:00 p.m. EDTFed Chair Press Conference, Wednesday, 2:30 p.m. EDTFHFA Home Price Index, Thursday, 9:00 a.m. EDTFreddie Mac Weekly Mortgage Survey, Thursday, 10 a.m. EDT. in Daily Dose, Featured, Foreclosure, News Share Save Tagged with: The Five Star Conference and Expo Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: The Five Star Conference and Expo Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Five Star Conference and Expo 2017-09-17 Brianna Gilpin Previous: The Housing Industry: Then and Now Next: Despite Predicted Rate Hike, RMBS Outlook Remains Strong Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / The Week Ahead: The Five Star Conference and Expo Servicers Navigate the Post-Pandemic World 2 days ago 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] The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Week Ahead: Case-Shiller Home Price Index Demand Propels Home Prices Upward 2 days ago Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Servicers Navigate the Post-Pandemic World 2 days ago On Tuesday, September 26, the Case-Shiller Home Price Index for July will be released, which is the industry benchmark for the current rate of home prices across the country on a national level, a 20-city composite, and a 10-city composite. In the face of increasing home prices and constricted inventory, experts await July’s numbers to see if the trend of home price appreciation will continue.June’s data, released in August, reported a 5.8 percent gain in home prices, which was a small increase from the month prior at 5.7 percent. The 20-city composite showed a 5.7 percent increase year-over-year, and the 10-city composite posted a 4.9 percent year-over-year increase despite a 0.1 percent drop from the year before.The July Case-Shiller Home Price Index will be released at 10 a.m. EDT on Tuesday.Other Events in the Week Ahead: Freddie Mac Weekly Mortgage Survey, Thursday, 10 a.m. EDTJanet Yellen Speaks about Prospects for Growth, Tuesday, 11:50 a.m. EDTPending Home Sales Index, Wednesday, 10 a.m. EDTConsumer Sentiment, Friday, 10 a.m. EDT Sign up for DS News Daily Tagged with: Case-Shiller HPI Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Case-Shiller HPI 2017-09-24 Joey Pizzolato Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Headlines Home / Daily Dose / Week Ahead: Case-Shiller Home Price Index September 24, 2017 1,424 Views About Author: Joey Pizzolato Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Share Save Previous: Fed: Household Worth Climbs with Stock and Housing Market Next: Home Price Appreciation Growth Rate Slows Related Articles Demand Propels Home Prices Upward 2 days agolast_img read more

first_imgSign up for DS News Daily Previous: Credit Card Debt Is Rising, and Housing Costs Aren’t Helping Next: Home Sales Prices Remain Strong on East Coast Tax Changes Could Drive Migration, Slow Home Sales in Daily Dose, Featured, Journal, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Existing Home Sales Mortgage Payments Redfin salt deduction state and local taxes tax bill tax deductions Tax Reform About Author: David Wharton December 11, 2017 2,198 Views Related Articles Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Servicers Navigate the Post-Pandemic World 2 days ago Existing Home Sales Mortgage Payments Redfin salt deduction state and local taxes tax bill tax deductions Tax Reform 2017-12-11 David Wharton If state and local tax (SALT) deductions are eliminated by the tax bill currently wending its way through Congress, expect to see migration kick up as people move from higher-tax states to lower-tax states. New 2018 predictions from real estate brokerage Redfin anticipate high-tax states such as California, New York, New Jersey, Maryland, Massachusetts and Illinois could take a serious hit if they lose the SALT tax deduction.In a Redfin survey, a third of respondents said they would consider relocating to a different state if deducting SALT was no longer an option. This would only exacerbate trends Redfin’s migration data is already seeing occur, with many people looking to relocate from expensive coastal cities to more affordable metros such as Sacramento, Phoenix, and Atlanta.But while many homebuyers might be looking to move to a different state if the SALT deductions vanish, they might have a hard time finding a new home once they get there. Both the House and Senate versions of the tax bill include changes to tax deductions for homesellers. Currently, single homeowners can deduct $250,000 of sale proceeds from capital gains taxes, so long as they’ve lived in their current home for two out of the five previous years. Couples can deduct up to $500,000 if they meet the same standard. However, the new proposal would increase that from five years to eight years. This could convince some sellers to hunker down and wait until they meet that qualification. With housing inventory already tight around the country, this could mean even fewer homes on the market.On a broader scale, Redfin also predicts that homes will sell even faster in 2018 than they have this past year. “The 2017 housing market was fast, with 25 percent of homes selling in two weeks or less during the peak of the buying season, and nearly 1 in five homes (19 percent) off-market in less than a week,” said Redfin. “We expect 2018 to be even faster.”Mortgage payments are also expected to increase in 2018. With the Federal Reserve shrinking its asset portfolio, Redfin expects mortgage payments to increase at the highest rate in a decade. “The combination of higher home prices (6+ percent) and higher interest rates means mortgage payments will be higher in 2018 for the same home,” said Redfin. According to Corelogic, monthly payments of principal and interest rose 13 percent in 2017 compared to a year prior. Redfin predicts they may climb as high as 15 to 20 percent in 2018.You can read all of Redfin’s 2018 Housing Market Predictions by clicking here. Home / Daily Dose / Tax Changes Could Drive Migration, Slow Home Sales Share Save Subscribelast_img read more

first_img About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago CoreLogic, a leading global property information, analytics, and data-enabled solutions provider, today released its latest monthly Loan Performance Insights Report, tracking delinquencies and foreclosure data during the month of September 2017. Although the Report shows an uptick in early-stage delinquencies owing to the impact of hurricane season, overall delinquency rates were the lowest they’ve been in a decade.On a national scale, CoreLogic reports that 5 percent of mortgages were in some stage of delinquency in September 2017. That’s down 0.2 percent below the September 2016 rate of 5.2 percent.The foreclosure inventory rate—a measure of the mortgages that are in some stage of the foreclosure process—dropped from 0.8 percent to 0.6 percent in September 2017. Moreover, the foreclosure inventory rates for both August and September were at 10-year lows, matching the June 2007 rate of 0.6 percent. In fact, September’s rates were the lowest they’ve been during the month of September in 11 years—rates were at 0.5 percent in September 2006.Early-stage delinquencies (those between 30-59 days past due) did tick upward in September 2017, however, hitting 2.4 percent as compared to 2.1 percent the year prior. Mortgages 60-89 days past due remained steady at 0.7 percent, matching the September 2016 numbers. The rate for serious delinquencies, over 90 days past due, declined to 1.9 percent in September 2017, down 0.4 percent year over year. According to CoreLogic’s report, “The 1.9 percent serious delinquency rate in June, July, August, and September of this year marks the lowest level for any month since October 2007 when it was also 1.9 percent, and is also the lowest for the month of September since 2007 when the serious delinquency rate was 1.8 percent.”Dr. Frank Nothaft, Chief Economist for CoreLogic, attributed the increase in early-stage delinquencies to the effects of the hurricanes that hit Texas, Florida, and Puerto Rico earlier this year. “September’s early-stage delinquency transition rate rose to 2.6 percent in Texas and it rose to 3.2 percent in Florida, which is higher than the 1 percent that’s typical for both states,” Nothaft said. “Texas and Florida’s early-stage delinquency transition rates in September are much lower than New Orleans in September 2005 when the transition rate reached 17.4 percent as a result of Hurricane Katrina.”The share of mortgages that transitioned from current to 30 days past due was at 1.3 percent for September 2017, as compared to 0.9 percent for September 2016. The September 2017 rate was the highest for any month since November 2014 (1.4 percent). It peaked in November 2008 at 2 percent.Frank Martell, President and CEO of CoreLogic, said, “While natural hazard risk was elevated in 2017, the economic fundamentals that drive mortgage credit performance are the best in two decades. The combination of strong job growth, low unemployment rates, steady economic performance, and prudent underwriting has led to continued improvement in mortgage performance heading into next year.”You can read CoreLogic’s full Loan Performance Insights Report for September 2017 by clicking here. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Tagged with: CoreLogic Foreclosure hurricanes Loan Performance Insights Report Mortgage delinquency Previous: The 10 Safest U.S. Cities to Call Home Next: Homeowner Perceptions in Sync with Appraisers Related Articles 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 agocenter_img Mortgage Delinquency Hits Lowest Rate in a Decade 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] Home / Daily Dose / Mortgage Delinquency Hits Lowest Rate in a Decade The Best Markets For Residential Property Investors 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Subscribe December 12, 2017 1,732 Views Share Save in Daily Dose, Featured, Foreclosure, Journal, News CoreLogic Foreclosure hurricanes Loan Performance Insights Report Mortgage delinquency 2017-12-12 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

first_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 Data Provider Black Knight to Acquire Top of Mind 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 Home / Daily Dose / 2019 Trends in Real Estate Investments Tagged with: GDP Households Investment Property real estate REITs Wells Fargo 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. Servicers Navigate the Post-Pandemic World 2 days ago About Author: Radhika Ojha  Print This Post Related Articles GDP Households Investment Property real estate REITs Wells Fargo 2018-12-06 Radhika Ojhacenter_img Demand Propels Home Prices Upward 2 days ago Share Save 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 December 6, 2018 2,872 Views The next year could be a balancing act for investors in real estate, according to a 2019 Outlook published by the Wells Fargo Investment Institute.The outlook, which has projected a number of long-term investment trends shifting, said that investment in private real estate would be unfavorable in 2019. “A lesson of the long U.S. expansion is that real estate supply and demand conditions eventually deteriorate, often as interest rates rise and negatively affect U.S. property capitalization rates and property values,” the report noted.It also indicated that real estate investment trusts (REITs) were likely to underperform compared to other real assets in 2019. The report noted that while REITs had outperformed over the past few years, they were facing two strong headwinds going into 2019. The first was an aging economic cycle and the second was rising long-term rates. Both these factors have slowed the performance of REITs.”Some REIT fundamentals are beginning to show the signs of a maturing economic cycle such as slowing net operating income growth, peaking occupancy rates, declining demand for commercial real estate loans, and increasing sensitivity of REIT prices to higher interest rates,” Wells Fargo said in the report.The report also recommended ways in which investors could position their portfolios to prepare for these headwinds, calling for lower allocations for these assets.Giving the economic and market forecast for 2019, the report pegged GDP in the coming year to fall slightly to 2.7 percent, even though it expected the “U.S. consumer price inflation to support the economy.” The report said that three Fed rate hikes could be expected in 2019. Factors such as rising wages that would eventually slow job growth and the tax reform and federal government spending stimulus that was likely to pass its peak in 2019, were likely to moderate household and fiscal policy contributions to the overall economic growth.Click here to read the full report. Previous: What Kraninger Brings to the Table Next: Who are the Industry’s Top Leaders? Servicers Navigate the Post-Pandemic World 2 days ago 2019 Trends in Real Estate Investments in Daily Dose, Featured, Market Studies, News Subscribelast_img read more

first_img Economy Forecast Freddie Mac GDP Home Construction Home Prices Home Sales Labor Market mortgage origination Sam Khater 2019-03-05 Radhika Ojha March 5, 2019 2,699 Views The decline in mortgage rates, that fell at the start of 2019 after peaking last fall, is likely to provide some welcome relief to the housing market, according to Freddie Mac’s latest monthly forecast.The forecast projected a slight deceleration in the overall economic growth predicting the U.S. GDP growth at 2.5 percent in 2019 and 1.8 percent in 2020. Despite uncertainties in other areas of the economy, the forecast said that the labor market would hold strong. It expected unemployment to drop slightly to 3.6 percent by the end of 2019, “before returning to a more sustainable long-term rate of 3.9 percent in 2020.”The forecast also revised its projections for mortgage originations as well as the refinance share of originations in 2019. “We expect single-family mortgage originations to increase 2.6 percent to $1.69 trillion in 2019 and remain around that level in 2020,” said Sam Khater, Chief Economist, Freddie Mac. “With mortgage rates easing up since the end of 2018, we revised up our forecast of the refinance share of originations to 27 percent and 24 percent in 2019 and 2020, respectively.”The forecast predicted the 30-year fixed-rate mortgage rate to remain unchanged from 2018 averaging 4.6 percent in 2019 before increasing to 4.9 percent in 2020. The low mortgage rates and increase in originations are also expected to drive home sales, Freddie Mac said in its forecast. It projected sales to “slowly regain momentum” and increase to 6.10 million by the end of 2019 and 6.12 million in 2020. The growth will be mostly driven by existing home sales, while new home sales are expected to remain at their current levels, Freddie Mac said.However, total housing starts are expected to remain below the long-run demand, increasing to 1.29 million units in 2019 and 1.36 million units in 2020, the forecast predicted. Freddie Mac said that this was due to a lack of labor and other factors that will keep the recovery in housing construction constrained. Home price growth is also expected to decelerate with prices expected to increase 4.1 percent in 2019 before decelerating further to 2.8 percent growth in 2020, the forecast said. Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Home / Daily Dose / Freddie Mac: How Will the Housing Market Perform? in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago Tagged with: Economy Forecast Freddie Mac GDP Home Construction Home Prices Home Sales Labor Market mortgage origination Sam Khater Freddie Mac: How Will the Housing Market Perform? The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Subscribe Previous: A New Angle to Tackle Affordable Housing Next: The Ups and Downs of Home Prices Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post 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. Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

first_img Previous: Charting the Path Forward for Mortgage Servicing Next: Working Toward Freddie Mac’s Universal Mortgage-Backed Securities Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 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 Tagged with: Charity Operation Homefront Veterans Financial Services Advisory Council VFSAC VFSAC Golf Classic Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 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. in Daily Dose, Featured, Government, Journal, Newscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Veterans Financial Services Advisory Council (VFSAC), an organization that helps veterans and their families in search of support related to housing and critical services, is holding its First Annual VFSAC Golf Classic this May.The tournament, which will be held at Stonebriar Country Club in Frisco, Texas, on May 14, will bring together industry leaders as they hit the greens to support our nation’s military families. All the proceeds from this tournament will be donated to Operation Homefront, a national 501(c)(3) that partners with VFSAC to address the ongoing housing needs of veterans and their families.Former Wells Fago executive and VFSAC council member JK Huey told DS News, “I’ve participated in many golf tournaments over the past 30 years, and while many of them were for very good causes, this is one that I’m most proud of and excited about.”Founded by Five Star Global President and CEO Ed Delgado in 2016, VFSAC’s Executive Council includes leaders from Auction.com, Alacrity Services, Aspen Grove Solutions, Five Brothers Asset Management, The Five Star Institute, Home Depot, Operation Homefront, Rushmore Loan Management Services, Safeguard Properties, and ServiceMac. The organization’s current Chair is Terry Smith, CEO for Rushmore Loan Management Services LLC.The organization’s ongoing initiatives include the “Homes on the Homefront” program that provides mortgage-free homes to veterans and their families looking to reintegrate into the civilian community. Through this plan, VFSAC receives industry donations of distressed residential assets in an “as-is” condition. Through a collaborative effort, it conducts repairs and necessary rehab to restore these homes into a move-in-ready condition for veterans. The program also accepts rehabbed homes from investors, asset management companies, and mortgage companies. Once these homes are move-in ready, they become available as mortgage-free homes to qualified veteran families.Sponsors for the 2019 VFSAC Golf Classic include ALAW; Aspen Grove Solutions; Auction.com; Carrington; Five Brothers Asset Management; Ginali Associates; Goldman Sachs; Google; LoanCare; National Field Representatives, Inc.; Novare National Settlement Service (A Division of Fidelity National Title); Prominent Escrow Services, Inc. and FIN Title; RSMA Law; Rushmore Cares; Safeguard; ServiceLink; Xome; and York-Jersey Underwriters.To register for the tournament, click here. You can learn more about sponsorship opportunities here.Editor’s note: Although VFSAC was founded by Five Star Global President and CEO Ed Delgado, it is an independent working group and is not affiliated with Five Star Global, Five Star Institute, or any of its companies. Share Save Home / Daily Dose / VFSAC Golf Classic: Supporting Military Veterans’ Housing Needs The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Charity Operation Homefront Veterans Financial Services Advisory Council VFSAC VFSAC Golf Classic 2019-04-24 Radhika Ojha VFSAC Golf Classic: Supporting Military Veterans’ Housing Needs The Best Markets For Residential Property Investors 2 days ago April 24, 2019 2,370 Views About Author: Radhika Ojha Subscribelast_img read more

first_imgHome / Daily Dose / The Week Ahead: Mortgage Leaders Discuss Pandemic Response  Print This Post Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 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. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago About Author: Seth Welborn May 1, 2020 1,206 Views 2020-05-01 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Previous: Court: Borrower Waived Pre-Foreclosure Right to Meeting Next: Wells Fargo: No New HELOCs Due to Current Market Conditions The Week Ahead: Mortgage Leaders Discuss Pandemic Response Subscribe in Daily Dose, Featured, News On May 6, join industry leaders in a virtual summit to discuss how COVID-19 is affecting the industry. The Mortgage Industry Pandemic Summit, hosted by Altisource and Lenders One in partnership with The Five Star Institute, MBA, Forrester, and National Mortgage News, will feature leading experts discussing the major operational challenges facing mortgage and real estate companies and the financial industry at a time when people are avoiding face-to-face contact during the COVID-19 outbreak. It will include live webinars, roundtable discussions, and panels online so attendees can watch and learn from the convenience and safety of their offices or homes.The COVID-19 virus is quickly changing the way we live and conduct business in every industry, including mortgage and real estate. This multi-session event will provide vital and insightful information on maintaining service stability and client commitment during the evolving challenges ahead.The agenda includes:Keynote: State of the Mortgage Industry Based on the Impact of COVID-19The Economists Magic 8 Ball: What to Expect in the Next YearLessons Learned: What the 2008 Mortgage Crisis Can Teach UsWorkforce Tetris: Lining Up Resources With Today’s NeedsGovernment Update: How Emergency Actions Are Impacting the MarketThe Summit will also include four industry roundtable breakout sessions delving into:ServicingOriginationsVendor ManagementBusiness Continuity Planning and Execution During a PandemicYou can register for the Summit here.Here’s what else is happening in The Week AheadSitus MSR Asset Monthly Snapshot (May 7)BLS Unemployment Rate (May 8)DS5: Inside the Industry (May 4, 6, 8)Chicago Fed National Financial Conditions Index (May 6) Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more