Wells Fargo May Loosen Credit Requirements

first_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: credit mortgage Subprime Wells Fargo Wells Fargo May Loosen Credit Requirements Demand Propels Home Prices Upward 2 days ago According to a report by Reuters, Wells Fargo is looking to re-enter the subprime mortgage market by lowering its standards of acceptable credit scores for borrowers. Wells Fargo is the largest U.S. mortgage lender, and a move back into subprime mortgages may signal a sizable shift in the mortgage lending environment.Wells Fargo is interested in customers with credit scores as low as 600, notes the report. Its prior limit was 640, often regarded as the limit between mortgages that are considered prime and subprime. Credit scores range from 300 to 850.Other large banks, however, seem reticent to follow Wells Fargo’s lead, remaining cautious about any return to the subprime market. Lenders are wary of subprime mortgages, due in large part to the passage of the 2010 Dodd-Frank Law. If mortgage borrowers don’t meet the law’s eight criteria to qualify for a mortgage and later default on a loan, a borrower can sue the lender and argue the loan should have never been made.Lenders venturing back into the high-risk loans market are even using a subtle marketing trick to assuage fear and spur demand—subprime loans become “another chance mortgages” or “alternative mortgages,” shedding the stigmatized “subprime” label.Incentivized by rising mortgage rates, lenders have plenty of reasons to target borrowers with lower credit scores. Rising rates are expected to reduce U.S. lending by 36 percent in 2014, according to the Mortgage Bankers Associations (MBA) forecast, due to a large drop in refinancings.Wells Fargo is looking to lend to borrowers with weaker credit, but only under the condition the mortgages can be guaranteed by the Federal Housing Administration (FHA). Since the loans would be backed by the government, Wells Fargo can package them to sell to investors as bonds.Subprime mortgages were at the center of the financial crisis, but many lenders believe that with proper controls the risky business ventures can be properly contained and generate profit. Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Previous: DS News Webcast: Monday 2/17/2014 Next: Williams & Williams Welcomes New Executives The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Headlines, News, Secondary Market Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Share Save Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles credit mortgage Subprime Wells Fargo 2014-02-17 Colin Robins February 17, 2014 759 Views Data Provider Black Knight to Acquire Top of Mind 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 Sign up for DS News Daily About Author: Colin Robins Home / Daily Dose / Wells Fargo May Loosen Credit Requirementslast_img read more

Foreclosures Down, But Delinquencies Up In August

first_imgSign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea Nationwide foreclosures are down both monthly and annually, but mortgage loan delinquencies are up month-over-month in August, according to the Black Knight Financial Services Mortgage Monitor released earlier in the week.In its August 2014 data summary included in the report, Black Knight indicated a nationwide foreclosure inventory rate of 1.80 percent, meaning that 1.80 percent of all residential mortgage loans were in some state of foreclosure in August. This number represented a decline of 2.80 percent from July and 33 percent from August 2013.Black Knight also reported the number of foreclosure starts in August declined by 10 percent from July and by 24 percent year-over-year. The number of nationwide foreclosure starts has dropped from about 107,000 in August 2013 to about 81,000 in August 2014. A foreclosure start is defined as “any active loan that was not in foreclosure in the prior month that moves into foreclosure inventory in the current month.”The mortgage loan delinquency rate was reported at 5.9 percent for August, according to Black Knight’s report, meaning that 5.9 percent of all mortgage loans in the nation were delinquent that month. A delinquent loan is defined as one that 30 or more days late on a payment.The percentage of delinquent loans has dropped from 6.20 percent in August 2013, but experienced a 4.68 percent increase from July after an up and down year. It was the fifth time in the last 12 months the delinquency rate experienced a month-over-month increase, according to Black Knight.The nation’s serious delinquency rate, which is the percentage of mortgages that are either 90 days late on their payment or in foreclosure, dropped slightly from 4.10 percent in July to 4.05 percent in August. The serious delinquency rate has been declining slowly but surely each month for 11 months after a slight uptick from 5.22 percent in August 2013 to 5.26 percent in August 2014, according to Black Knight. Black Knight Financial Services Delinquent Mortgage Loans Foreclosure Inventory Foreclosure Starts Foreclosures Serious Delinquency Rate 2014-10-07 Brian Honea Share Save Data Provider Black Knight to Acquire Top of Mind 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. Tagged with: Black Knight Financial Services Delinquent Mortgage Loans Foreclosure Inventory Foreclosure Starts Foreclosures Serious Delinquency Rate Previous: RedVision Names EVP For Sales, Marketing Next: Fannie Mae: Consumers Growing More Optimistic Toward Housing Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Foreclosures Down, But Delinquencies Up In August Demand Propels Home Prices Upward 2 days ago Related Articles Home / Daily Dose / Foreclosures Down, But Delinquencies Up In August The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Foreclosure, News Servicers Navigate the Post-Pandemic World 2 days ago October 7, 2014 1,134 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Subscribelast_img read more

Will ‘Modest’ Economic Growth Deter the Fed?

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Home / Daily Dose / Will ‘Modest’ Economic Growth Deter the Fed? All eyes are on economic data as the country waits to see if the Federal Reserve will raise the federal funds target rate later in June. A rate hike is widely anticipated by economists and analysts; the latest economic data reported by the Fed, however, may put the rate hike on hold at least until late July.According to the Federal Reserve’s latest Beige Book released on Wednesday, most of the Fed’s 12 Districts reported only modest economic growth from April through mid-May, the period covered by the Beige Book. Only San Francisco reported moderate economic growth, while modest growth was reported in Philadelphia, Cleveland, Atlanta, Chicago, St. Louis, and Minneapolis. Kansas City and Chicago reported slower economic growth, Dallas reported marginal economic growth, and New York reported generally flat economic activity since the previous Beige Book was issued six weeks earlier.The Fed reported moderately increased residential real estate activity across most Districts with strong home sales in Boston, Cleveland, Kansas City, and San Francisco. Though residential sales were somewhat lower in other districts, sales were generally reported as positive, according to the Fed.Lower housing inventories, which have been an issue for the housing industry for the greater part of four years now, were reported by contacts in the New York, Cleveland, Atlanta, St. Louis, and Minneapolis Districts, according to the Fed. The lower inventory in those districts led to bidding wars in the Richmond District and at the same time constrained home sales in Philadelphia, the Fed reported. Home prices generally increased across all districts, with Cleveland reporting a 3 percent rise in home prices.The next big economic report to watch will be the May Employment Situation, which will be released by the Bureau of Labor Statistics on Friday morning, June 3, at 8:30 a.m. EST.Click here to see the entire Beige Book. Beige Book Federal Reserve U.S. Economy 2016-06-01 Brian Honea Share Save Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Sign up for DS News Daily About Author: Brian Honea Will ‘Modest’ Economic Growth Deter the Fed? The Week Ahead: Nearing the Forbearance Exit 2 days ago June 1, 2016 1,087 Views center_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Subscribe in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago Previous: Retention Rates ‘Strong’ in SFR Securitizations Next: Issuer of Ginnie Mae RMBS Settles with SEC Tagged with: Beige Book Federal Reserve U.S. Economy Demand Propels Home Prices Upward 2 days agolast_img read more

ValuAmerica Offers Closing Cost Quotes with ClosingCorp’s SmartCalc

first_img The Best Markets For Residential Property Investors 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily February 22, 2017 1,149 Views Related Articles Home / Featured / ValuAmerica Offers Closing Cost Quotes with ClosingCorp’s SmartCalc The Best Markets For Residential Property Investors 2 days ago in Featured, Media, News Data Provider Black Knight to Acquire Top of Mind 2 days ago ata Operations and Product Management ClosingCorp DS News Gerardo Caceres ValuAmerica 2017-02-22 Krista Franks Brock Is Rise in Forbearance Volume Cause for Concern? 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Tagged with: ata Operations and Product Management ClosingCorp DS News Gerardo Caceres ValuAmerica About Author: Krista Franks Brock Governmental Measures Target Expanded Access to Affordable Housing 2 days ago ClosingCorp’s SmartCalc closing costs calculator will now be available on ValuAmerica’s website. ClosingCorp, a provider of closing cost data and technology for the mortgage and residential real estate industries, announced the integration with ValuAmerica, an appraisal, title, closing, and settlement services provider, at the end of January.“ValuAmerica is committed to helping our clients accurately estimate the fees and taxes that go into mortgage transactions and to make this information easy to access and consume, said Shawn Murphy, EVP of ValuAmerica. “ClosingCorp’s SmartCalc will automate this process and make it available 24/7 to our clients nationwide.”With SmartCalc, lenders and real estate agents can access accurate online quotes with title and settlement rates, transfer taxes, and recording fees. Lenders can use SmartCalc to obtain loan estimate and closing cost documents. Real estate agents can offer sellers a view of buyer and seller fees, and access a Seller Net Sheet that details title, settlement services, transfer tax, recording fees, and commission for the closing.“We designed SmartCalc for leading edge title companies, like ValuAmerica, that are committed to accuracy and expediting the origination and closing process. SmartCalc will enable clients and advisors, such as Realtors®, lawyers and accountants, to find the information they need to keep their borrowers and sellers fully apprised of closing costs throughout the home buying/sales process,” said Gerardo Caceres, SVP of Data Operations and Product Management of ClosingCorp. Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Member First Mortgage Offers Hybrid eClosings Next: Leading Real Estate Finance and Credit Industry Law Firm Expands with New Associate Attorney ValuAmerica Offers Closing Cost Quotes with ClosingCorp’s SmartCalc Subscribelast_img read more

Housing Peak Levels Then Vs. Now

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Housing Peak Levels Then Vs. Now in Daily Dose, Featured, Headlines Related Articles CoreLogic Principal Economist Molly Boesel recently took a look at the overall boom and bust cycle for the housing market in 2017. Looking at the length of the decline and how far prices fell, CoreLogic is revealing parallels between the peak levels of the past and the present.According to Boesel, while 11 years have gone by since the start of the housing crisis in 2006, U.S. home prices are nearly back to the peak level they were at in April of 2006. “After hitting peak in 2006, the national price level fell for five years, finally reaching bottom in March 2011 after falling 33 percent nationally,” Boesel said.Today, CoreLogic’s data indicates that the U.S. home price index is almost back to those peak levels, but regionally, some locations are still far from it. When considering the U.S. housing crisis home price declines compared to some other historical declines, this is what CoreLogic’s data discovered.According to Boesel, in the mid-1980’s, Texas experienced an oil bust that caused home prices to fall by 16 percent over three and a half years.“At that time, Texas home prices took nearly nine years to recover,” Boesel said.Another example is California’s market in the early 1990s. Boesel noted that “defense and manufacturing job losses” led to home price declines. And after falling by 15 percent over five years, “home prices in California fully recovered after eight years.”CoreLogic’s data discovered that after peaking in March 2006, prices in Nevada fell 60 percent. After more than 11 years, home prices in Nevada through July 2017 were still 27 percent below the peak level.“Not all areas saw such deep declines in home prices, and some areas are far above where they were before the start of the housing crisis,” said Boesel. “For example, Colorado hit a peak in the home price index in August 2007, fell by 14 percent over four years, but since then has surpassed the 2007 peak by 42 percent.”Overall, the insights noted that 34 states, including the District Columbia, have surpassed their pre-crisis home price levels today.View the full report by clicking here. Sign up for DS News Daily Tagged with: HOUSING mortgage price peak Previous: Mortgages More Difficult to Acquire Next: Stepping Up To CWCOTs 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 About Author: Nicole Casperson HOUSING mortgage price peak 2017-10-13 Nicole Caspersoncenter_img Home / Daily Dose / Housing Peak Levels Then Vs. Now 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] Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 13, 2017 4,846 Views Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

What’s the Price? More Than We Ask, Say Homesellers

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News January 12, 2018 1,516 Views asking price Homebuyers HOUSING list price market sellers trend 2018-01-12 Staff Writer Related Articles Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: The Top 25 Women of Law, Part 1 Next: Freddie Mac Marks Single-Family Rental Milestone Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / What’s the Price? More Than We Ask, Say Homesellers The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Homesellers have had a windfall in 2017 with buyers paying more than the list price on 24.1 percent of home sales during the year according to a report by real estate website Zillow. The report said that approximately one in four U.S. homes sold above the asking price as a combination of factors led to sellers netting an average of additional $7,000 over their initial price over.The report indicated that the share of homes selling above list price has grown considerably since the beginning of the housing recovery in 2012 when slightly more than one in six home sales closed above asking price. This share of homes selling above their asking price has risen every year in the past three years. The typical price increase for homes that sold above the listed price was 3.1 percent in 2017.Low mortgage rates, limited supply and high demand, demographic shifts, and a strong economy were some of the factors that have led to this surge in prices, the report said. Additionally, a shortage of home inventory, especially at the entry level and a growing demographic of young first-time buyers looking to start families have also been responsible for this kind of a market. Cities where the lucrative tech market is booming were more likely than others to see this trend, according to the report. More than half the sellers in San Jose, San Francisco, Salt Lake City, Seattle, and Provo sold their homes for more than their asking price. The report indicated that in each of these markets, on an average, sellers made at least an additional of $20,000 over their initial asking price. The largest difference in asking price and what a house sold for was found in  San Jose, where the average home sold above list netted sellers an additional $62,000. Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: asking price Homebuyers HOUSING list price market sellers trend Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago What’s the Price? More Than We Ask, Say Homesellers Share Save Subscribelast_img read more

DS5: The Role of Tech in the Mortgage Process

first_img About Author: Mike Albanese  Print This Post DS5: The Role of Tech in the Mortgage Process Share Save Tagged with: FinTech Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Appraisals at a Distance Next: The Week Ahead: Talking COVID-19 and Regulation Home / Daily Dose / DS5: The Role of Tech in the Mortgage Process The newest version of DS5: Inside the Industry features a conversation with Austin Niemiec, EVP, Quicken Loans Mortgage Services.He will be discussing the role technology will play in the mortgage process post-COVID-19, and also what the industry can do to protect homeowners from foreclosure once they exit forbearance.You can watch the full video in the embed below or at the following link. June 19, 2020 1,419 Views Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img FinTech 2020-06-19 Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News, Technology Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago 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 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. Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Sign up for DS News Daily last_img read more

Can’t Pay Won’t Pay campaign says people should ignore council letters

first_img Campaigners in Donegal say people should not be alarmed by the Minister for the Environment’s instruction to local authorities to start sending out letters to people who haven’t paid the household charge – within weeks.The Can’t Pay, Won’t Pay campaign in Donegal says what they call the latest threats from Minister Phil Hogan should be ignored, claiming that he is overstating the percentage of households which have paid.Francis McCafferty of the campaign steering committee said this afternoon that such a letter does not constitute an official notice, and should be ignored.He also noted that Phil Hogan was silent during the referendum campaign, particularly in Donegal……[podcast]http://www.highlandradio.com/wp-content/uploads/2012/06/fran3pm.mp3[/podcast] Previous articleOne man still critically ill as PSNI probe Magherafelt armed robberyNext articleRallying – Donegal International Launched News Highland Newsx Adverts Google+ Twitter NPHET ‘positive’ on easing restrictions – Donnelly RELATED ARTICLESMORE FROM AUTHOR WhatsApp Pinterest Facebook Almost 10,000 appointments cancelled in Saolta Hospital Group this week Guidelines for reopening of hospitality sector published center_img By News Highland – June 6, 2012 WhatsApp Can’t Pay Won’t Pay campaign says people should ignore council letters Twitter Facebook Three factors driving Donegal housing market – Robinson Calls for maternity restrictions to be lifted at LUH Google+ LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Pinterestlast_img read more

Home help restrictions must be re-assessed in forthcoming budget – Cope

first_img Pinterest Homepage BannerNews Twitter Google+ GAA decision not sitting well with Donegal – Mick McGrath By admin – August 10, 2016 WhatsApp Nine Til Noon Show – Listen back to Wednesday’s Programme Google+ Facebook Home help restrictions must be re-assessed in forthcoming budget – Cope Facebookcenter_img Three factors driving Donegal housing market – Robinson WhatsApp RELATED ARTICLESMORE FROM AUTHOR Previous articleSinead Jennings back in Olympic action todayNext articleSearch for missing singer stepped up as gardai appeal to public not to get involved admin A Donegal Deputy is urging the Government to increase the hours of Home Help Service which is provided to elderly and vulnerable people.Currently the time allocated to Home Helpers to carry out various work is 30 minutes a day.Deputy Pat the Cope Gallagher says the number of people aged over 65 next will double over the next 20 years with those over 85 increasing even more.He says it’s imperative Budget 2017 must take take these statisitics into account and consider our future elderly……….Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/08/copehomehelp.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Pinterest Twitter Calls for maternity restrictions to be lifted at LUH Guidelines for reopening of hospitality sector published LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamiltonlast_img read more

London~Derry Connections to broaden networking brief

first_img Need for issues with Mica redress scheme to be addressed raised in Seanad also WhatsApp By News Highland – February 15, 2011 Pinterest RELATED ARTICLESMORE FROM AUTHOR LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton WhatsApp Twitter London~Derry Connections to broaden networking brief A new group seeking to forge closer business ties between Derry and London is inviting firms in Donegal and Tyrone to come on board.London~Derry Connections say in 2006, Greater London purchased over £123 billion worth of goods and services from the rest of the UK and Ireland.The group wants to network with business leaders with links to the North West to increase the share of that spend coming to this region.Last week, the second in a series of networking sessions took place in London.Spokesperson Joe Doherty says while the name of the group can be taken as a pun, it does reflect a very serious opportunity:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/02/londerry.mp3[/podcast] Facebook Facebookcenter_img Twitter Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Google+ Google+ Previous articleLetterkenny councillors seek improvements at Main Street Post OfficeNext articleDonegal benefitting from new cross border health programme News Highland Guidelines for reopening of hospitality sector published Calls for maternity restrictions to be lifted at LUH Almost 10,000 appointments cancelled in Saolta Hospital Group this week Pinterest Newsx Advertslast_img read more