Republican Lawmakers Seek to Halt Government Bank Rescues

first_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago February 10, 2015 927 Views Previous: CFPB Fines Nonbank Lender $2 Million For Deceptive Mortgage Advertising, Kickbacks Next: Five Servicers to Pay $123 Million to Service Members for Unlawful Foreclosures 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. Demand Propels Home Prices Upward 2 days ago Bailouts Dodd-Frank Reform Act Republicans Too Big to Fail 2015-02-10 Brian Honea Share Save Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, News About Author: Brian Honea Subscribe Related Articles Republican Lawmakers Seek to Halt Government Bank Rescues Just as they promised when they gained a majority in both the House and Senate in the November elections, Republicans are in talks to chip away at the Dodd-Frank Wall Street Reform and Consumer Protection Act, according to a report from Reuters.Citing sources familiar with the matter, the report stated that Republicans are seeking to repeal the section of Dodd-Frank that allows for government bailouts of banks that are failing, thus ending the highly controversial “Too Big to Fail” among financial institutions.Republicans expect they will be able to at least get attempts to reform Dodd-Frank out of the Senate and onto the president’s desk, though the president has vowed he will fight any GOP efforts to tear down the landmark legislation that was passed in 2010 in response to the financial crisis. Previous Republican efforts to reform Dodd-Frank were always blocked by a Democrat-controlled Senate.The section of Dodd-Frank in question is Title II, or the Orderly Liquidation provision. Title II provides institutions with an alternative to bankruptcy in which the Federal Deposit Insurance Corporation (FDIC), as a receiver, carries out the bank’s liquidation and wind-up. Republicans claim this provision of Dodd-Frank enables government bailouts instead of ending them as the legislation purports. Title II permits FDIC to access a line of credit from the U.S. Department of Treasury to allow the banks to continue operating until they are sold off or wound down.According to a report from Cornell University, the government issued $1.7 trillion to rescue several institutions that were allegedly too big to fail, such as Bear Stearns, CitiGroup, Bank of America, Fannie Mae, and Freddie Mac. Despite the government bailouts, more than 250 banks failed from 2008 to 2010.GOP lawmakers reportedly want to eliminate this provision of Dodd Frank and make bankruptcy the only option for a failing bank. The Republican-controlled House Financial Services Committee issued a report in July entitled “Failing to End ‘Too Big to Fail: An Assessment of the Dodd-Frank Act Four Years Later'” which explains the reasons why they believe Dodd-Frank did not end “Too Big to Fail,” but instead perpetuates it.”In no way, shape or form does the Dodd-Frank Act end ‘too big to fail.’ Not even (former Treasury secretary) Timothy Geithner believed his talking points on that,” Committee Chairman Jeb Hensarling said last July when the report was issued. “Instead, Dodd-Frank actually enshrines ‘too big to fail’ into law. Today, hardworking taxpayers are at greater risk of being forced to fund yet more Wall Street bailouts. Dodd-Frank officially designates an entire category of Wall Street firms as ‘too big to fail’ and then creates a taxpayer-financed bailout fund for their use.”Democrats such as Senator Elizabeth Warren (D-Massachusetts), one of the chief architects of the controversial Consumer Financial Protection Bureau, and Representative Maxine Waters (D-California) have vowed to protect Dodd-Frank, claiming that the law and its provisions are necessary in order to protect America’s financial system and that any changes made to weaken it could potentially result in a repeat of the 2008 financial crisis.”We put this rule in place after the collapse of the financial system because we wanted to reduce the risk that reckless gambling on Wall Street could ever again threaten jobs and livelihoods on Main Street,” Warren said in December in response to Republicans’ attempts to repeal Dodd-Frank. “We put this rule in place because people of all political persuasions were disgusted at the prospects of future bailouts. And now, no debate, no discussion, Republicans in the House of Representatives are threatening to shut down the government if they don’t get a chance to repeal it.” Home / Daily Dose / Republican Lawmakers Seek to Halt Government Bank Rescues Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Bailouts Dodd-Frank Reform Act Republicans Too Big to Fail  Print This Post Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily 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 Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Mortgage Data Protection Efforts

first_img About Author: Nicole Casperson  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Headlines Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Breaches HOUSING mortgage 2017-11-01 Nicole Casperson The Best Markets For Residential Property Investors 2 days ago Related Articles Mortgage Data Protection Efforts Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Tagged with: Data Breaches HOUSING mortgage Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Mortgage Data Protection Efforts On Wednesday, National Association of Federally-Insured Credit Unions (NAFCU) Board Treasurer and President and CEO of Mission Federal Credit Union, Debra Schwartz, testified during a hearing titled, “Data Security: Vulnerabilities and Opportunities for Improvement,” held by the Subcommittee on Financial Institutions and Consumer Credit.As data security standards remain a subject of considerable debate in the financial services sector, Schwartz detailed the impact of the recent data breaches on credit unions, and outlined key data security principles Congress can take to hold other entities to similar standards as financial institutions. “Credit unions suffer steep losses in re-establishing member safety after a data breach occurs,” Schwartz’s testimony states. “They are often forced to charge off fraud-related losses, many of which stem from a negligent entity’s failure to protect sensitive financial and personal information or the illegal maintenance of such information in their systems.”Schwartz continued to explain, “Moreover, as many cases of identity theft have been attributed to data breaches, and as identity theft continues to rise, any entity that stores financial or personally identifiable information should be held to minimum federal standards for protecting such data.”According to the subcommittee’s memorandum, as the public is still recovering from the aftermath of Equifax’s breach, “congress must thoroughly examine data security vulnerabilities and the shortcomings of the existing federal and state regulatory regimes to identify any gaps in data security regulation and highlight opportunities for reform.”In the November 2017 edition of DS News’ sister publication, MReport magazine, the cover story “Threat Assessment” explores the top five ways companies are vulnerable to having their data hacked—brute force access, malware attack, phishing, privilege misuse, and physical theft. Additionally, reporting industry experts’ insights. “When it comes to data breaches such as Equifax, the threat doesn’t go away with time,” said Dan Jones, VP of Technology & Sales Support at Churchill Mortgage. “Literally in 10 years, someone could buy that list again and try to take out a mortgage or even attempt a HELOC in someone else’s name.”According to Todd Hougaard, a Software Product Manager at Mortgage Cadence, an Accenture Company, the mortgage industry must be wary of future fraudulent activities.“It’s quite possible that we are entering a new period of criminal fraud activity in this industry,” said Hougaard. “If we are forced to assume that bad actors now have sensitive financial information for most consumers and that these criminals are experts at manufacturing fake online identities based on this new information, what additional protections are going to be required?” MReport has been following the issue of data breaches, delving into detail on the matter—and what can be done to protect yourself—in the November 2017 edition, out now. The Week Ahead: Nearing the Forbearance Exit 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] November 1, 2017 1,583 Views Share Save Demand Propels Home Prices Upward 2 days ago Previous: Delinquencies up for Fannie Mae Next: Fed Retains Rate … For Now Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

A Closer Look at TRID

first_img A Closer Look at TRID Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: mortgage RMBS TILA-RESPA TRID  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Although it had been several years since the housing crises, in the third quarter of 2015, residential mortgage backed securitizations were still sailing into headwinds as the private label securitization market was still a fraction of its former self. Lenders were finally getting a firm footing after the Dodd-Frank based regulatory changes effective starting with loan applications received January 10, 2014, most significantly introducing the Ability to Repay testing and modifying the federal high cost testing under the Home Ownership and Equity Protection Act. Lenders were preparing for the TILA-RESPA Integrated Disclosure Rule (TRID), effective with loan applications as of October 3, 2015. The 1,888 pages of TRID meticulously rewrote the mortgage disclosure process with thoughtful detail, with the intention of making the mortgage origination process more transparent with easier to understand disclosures for consumers. The new disclosure requirements, also referred to as Know Before You Owe, were developed by the Consumer Financial Protection Bureau (CFPB) to help consumers understand the loan terms, loan features, and charges to facilitate shopping for loans they were considering. Two new disclosures, the Loan Estimate and Closing Disclosure, replaced the existing Good Faith Estimate, Initial TIL Disclosure, Final TIL Disclosure and Settlement Statement. Lenders were unaware of the severity of the storm coming over the horizon.Despite the entirety of the mortgage origination industry focusing its efforts on defining the origination requirements of TRID, the secondary market was left to focus on defining the liability surrounding these new disclosure obligations that was not abundantly clear, specifically attempting to quantify the risk that the investor may face in the event that investor purchased a loan that contained a violation of TRID. The uncertainty surrounding the potential liability was compounded by the extreme scrutiny being placed on the disclosure timing and content that resulted in the perfect storm of compliance exceptions being identified on loans evaluated for secondary market acquisition. The loans being reviewed were evaluated under a microscope with every misstep by the originating lender rendering an exception on the loan cited by the third-party review (TPR), firms as a material exception that required remediation, if remediation was available. It was more than a single rogue wave. The market liquidity for residential loans slowed to a standstill as aggregators, TPR firms, creditors, lawyers, and rating agencies tried to distinguish between significant compliance exceptions and others that could be included in securitizations. Anyone on the boat at that time was sure to put on their life jacket while bracing against the waves and winds that effectively stopped forward progress and threatened to capsize the market. As a result, the Structured Finance Industry Group (SFIG), the trade association to the capital markets, through the SFIG RMBS 3.0 due Diligence, Data and Disclosure Workgroup took on the challenge of tying each and every provision of TRID to the specific liability provision of TILA with the primary goal of creating a uniform testing standard as a result of a consistent Truth-In-Lending Act liability interpretation according to their understanding of prevailing legal precedent and informal written guidance and webinars offered by the CFPB, as it applies to the Know Before You Owe/TILA RESPA Integrated Disclosure Rule.This workgroup included individuals representing prominent law firms, TPR due diligence companies, rating agencies, issuers, and other industry participants. This SFIG effort resulted in the first version of the RMBS 3.0 TRID Compliance Review Scope© published on June 15, 2016, understanding that the conclusions set forth therein do not necessarily reflect how courts and regulators, including the CFPB, may view liability for TILA violations presently, or in the future. The first version of the SFIG TRID Compliance Review Scope proved to be the catalyst that the secondary market needed to confidently commence purchasing loans subject to TRID, providing much needed liquidity to the origination market. Since June of 2016, the rating agencies, TPR firms, and the capital market investors have confidently followed the SFIG TRID Compliance Review Scope effectively placing the private label securitization marketplace back on a strong footing.On October 18, 2018, the SFIG RMBS 3.0 Due Diligence, Data and Disclosure Working Group published an updated version to the RMBS 3.0 TRID Compliance Review Scope© (v2) based on the Amendments to Federal Mortgage Disclosure Requirements under the Truth in Lending Act (Regulation Z) as published in the Federal Register [82 FR 37656] on August 11, 2017, (with an optional compliance date of October 10, 2017, and a mandatory compliance date of October 1, 2018), the updates related to the Black Hole that were effective June 1, 2018, and the Economic Growth, Regulatory Relief, and Consumer Protection Act enacted on May 24, 2018. The RMBS 3.0 TRID Compliance Review Scope v2, as it reflects the amendments made by TRID 2.0, have included additional clarity. The guidance and clarifications made by the CFPB, with TRID 2.0 and the subsequent Black Hole Amendment, effectively reinforced the risk previously identified by the original RMBS 3.0 TRID Compliance Review Scope©, and now with 2.0, this reduced some testing requirements, reduced the materiality of certain tests, and the addition of a few tests. The impact of v2 will be fewer material compliance exceptions with the associated grading that would have otherwise, previously, prevented loans from being purchased by an investor, whereby the mortgage was targeted for a rated transaction. SFIG, and its membership that participated in the drafting of the original RMBS 3.0 TRID Compliance Review Scope and in the updated v2 scope created a new standard in transparency in aiding the entire mortgage lending industry in translating and navigating the complicated mortgage lending regulatory regime with an eye toward building confidence in the secondary market ensuring that high quality mortgages can make their way into rated securitizations, thereby providing the necessary liquidity to the marketplace, and making homeownership a reality for more consumers. Although over two years passed between the initial version of the SFIG RMBS 3.0 TRID Compliance Review Scope and the recently published v2, further refinements will be forthcoming in 2019, as SFIG continues the ongoing standardization of the TRID review scope while incorporating additional feedback from market participants, CFPB enforcement actions, regulatory clarifications, or caselaw. The v2 scope document is part of the ongoing output of the SFIG work groups to bring consistency to the due diligence reviews performed as part of securitization reviews.   In addition to working with market participants, SFIG is actively working directly with the CFPB to share the concerns and impediments to future securitizations based on regulatory uncertainty to attempt to obtain regulatory updates as well as informal guidance to ensure compliant loans are flowing into ongoing securitizations to foster a robust private label securitization for RMBS transactions. There is a common reference regarding the calm before the storm, but the real calm comes after the storm has been faced. One would be remiss to think only smooth sailing lies ahead, but the winds have shifted and with the breeze at our backs and smooth water ahead, the SFIG workgroup strives to see the private label securitization of RMBS under full sail.  Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago January 17, 2019 3,934 Views About Author: Scott McNulla John V. Levonick is special counsel in the Financial Services Practice Group of Pepper Hamilton LLP’s, New York office. His practice focuses on consumer financial services regulatory compliance and technology. Specific areas includeconsumer lending asset origination, servicing, and asset purchase and sale transactions; and assisting creditors, servicers, investors, and service and technology providers with regulatory issues. Home / Commentary / A Closer Look at TRID The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily center_img Demand Propels Home Prices Upward 2 days ago in Commentary, Daily Dose, Featured, News, Servicing The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Scott McNulla is Director – Regulatory Compliance at American Mortgage Consultants, (AMC). He is responsible for leading the Regulatory Compliance team and ensure the systems continue to provide accurate results and the operations staff are trained and prepared to provide top tier residential mortgage compliance reviews to clients. mortgage RMBS TILA-RESPA TRID 2019-01-17 Donna Joseph The Best Markets For Residential Property Investors 2 days ago Subscribe Previous: What Will Affect Home Appreciation in 2019? Next: Statute of Limitations and Demand Letters in the Sunshine State Share Save Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: John V. Levonicklast_img read more

Using Intelligent Data to Create ‘Smartloans’

Subscribe Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post California-based loanDepot announced that it aims to radically change mortgage lending with the debut of the mello smartloan™. The mello smartloan is an end-to-end digital mortgage which accommodates today’s online-savvy consumer, reducing the stress and frustration that can come with buying or refinancing a home. loanDepot combines its proprietary mello loan origination technology with expanded, intelligent data sources to create a ‘smartloan.’ mello smartloan, when placed in the hands of the company’s 2,000+ loan officers enables the company to merge technology with counsel—reducing time and cost for across the loan process.The end-to-end digital loan also provides increased surety, security, and reliability when compared to that of traditional mortgage products and processes. For customers, mello smartloan offers optimal convenience with full digital documentation capabilities; for loan officers, the data derived from loanDepot’s proprietary loan engines enables them to deliver the ultimate in mortgage confidence. And, with mello smartloan, customers can learn if they have the potential to close their mortgage as soon as eight days from the date of application, a mark that far surpasses industry norms.“We designed the mello smartloan to mirror the digital experience that today’s consumer wants,” said Anthony Hsieh, Founder and CEO of loanDepot. “The mello smartloan leapfrogs decades of traditional industry reliance on paper documentation and physical files. Our unmatched technology accelerates beyond current front-end data validation techniques to eliminate homebuyers’ biggest stressors: voluminous documentation requirements and extended loan processing and cycle times. The mello smartloan™ eliminates the paperwork and the guesswork while delivering a great product at a great value.”loanDepot stated that it has invested more than $80 million in the proprietary technology that powers the mello smartloan™. The company projects that up to 55 percent of new loanDepot applicants will ultimately be eligible for this innovative digital home mortgage experience, and many of those same customers will also enjoy more favorable loan pricing due to the lower overhead costs.The mello smartloan™ converts every step in the loan’s origination from paper to digital, intelligently interconnecting them in real time:income, asset, and employment verificationcredit checksappraisal, title, and Flood ValidationclosingBy taking advantage of this loan application and processing approach, and the intelligent, digitized validation it brings, the mortgage transaction is expected to become more secure and hassle-free, and the time to close is reduced up to 75 percent.“We built the mello smartloan with one goal in mind–the customer experience, where obtaining a loan complemented our customers’ digital lifestyles,” said Tammy Richards, COO of loanDepot. “We are committed to making the entire end-to-end loan process easier, faster, stress-free and a natural extension of our customers’ lives.” Anthony Hsieh LoanDepot mello smartloan™ Tammy Richards 2019-02-20 Donna Joseph About Author: Donna Joseph Using Intelligent Data to Create ‘Smartloans’ Previous: The Growth Trajectory of Single-Family Rent Prices Next: The End of Housing Inventory Woes? Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago February 20, 2019 1,789 Views Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Anthony Hsieh LoanDepot mello smartloan™ Tammy Richards Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News, Servicing The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Home / Daily Dose / Using Intelligent Data to Create ‘Smartloans’ read more

Law Firms and Mortgage Servicers Convene in Dallas

first_img Tagged with: Legal League 100 Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 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. Home / Daily Dose / Law Firms and Mortgage Servicers Convene in Dallas  Print This Post Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Subscribe Related Articlescenter_img Demand Propels Home Prices Upward 2 days ago Legal League 100 2019-05-07 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Five Star President & CEO Ed Delgado addresses the Summit.On Tuesday, the Five Star Institute hosted various default servicing industry experts at the 2019 Legal League 100 Spring Servicer Summit. The Spring Servicer Summit brought together representation from mortgage servicers, financial services law firms, and federal government agencies to discuss best practices and policies impacting professional legal services supporting the mortgage industry.“Legal League 100 members play a critical role within the mortgage servicing industry,” said Ed Delgado, President and CEO of Five Star Global. “Today’s conversations are an important step in continuing to strengthen best practices that benefit both the industry and homeowners.”“I’m looking forward to more in depth conversation about newer issues and looking forward to hearing from industry leaders from the servicing and legal side,” said Caren Castle, The Wolf Firm.Legal League 100 Chair Roy Diaz of SHD Legal opened the day’s activities, noting some of the year’s major developments such as the Supreme Court’s ruling in Obduskey v. McCarthy & Holthus, in which the justices ruled 9-0 that businesses engaged in nonjudicial foreclosure proceedings are not considered “debt collectors” under the Fair Debt Collection Practices Act.Diaz then introduced the first panel of the day, entitled “Critical Developments in Default Litigation.” Moderated by Stephen Hladik, Partner at Hladik, Onorato & Federman, LLP, the panel also included insights from Jane Bond, Managing Partner for Florida Litigation at McCalla Raymer Leibert Pierce, LLC; Kent Pearson, Associate General Counsel for Fannie Mae; Matthew E. Podmenik, General Counsel & Managing Partner for McCarthy Holthus, LLP; and AnneMarie Bui Tedford, Assistant General Counsel for Citibank.The Obduskey case was once again a hot topic within the day’s first full panel, with Podmenik providing the firm’s perspective and the panel then discussing some of the aftermath they’re seeing. Discussion turned to how some state governments are working to institute more of their own laws regarding debt collection or even implementing their own state-level versions of the Consumer Financial Protection Agency. This will only make it all the more critical that servicers and their partner law firms are attentive to issues of compliance and stay abreast of the latest developments.”If you look at the attendees and the panelists, they’re extraordinary,” said Matthew Podmenik, Managing Partner, McCarthy & Holthus, LLP. “There’s been plenty of time to network, but to me it’s been more of an educational experience, and I have a lot of information to take back to my shop.”The panel discussion also included a discussion of super-lien issues in states such as Maine, Massachusetts, and Nevada, as well as an update about how some borrowers are using the CFPB’s Mortgage Servicing Rules to mount a defense in foreclosure cases.Next up was the “Unrecorded Loan Modifications and Title Issues in Default Servicing” panel, moderated by Ryan Bourgeois, General Counsel and Partner for BDF Law Group. Also participating were John Dunnery, VP of Government Loan Servicing for Bayview; Robert L. Galbraith, Jr., Managing Partner of Davidson Fink, LLP; Richard M. Nielson, Managing Shareholder for Reimer Law; and Steve Roark, Director of Sub-Servicing Performance for LoanDepot.The next panel was “Building Better Partnerships: Collaborating to Improve Communication,” moderated by Alexander Wolfe, Supervising Attorney of Texas Foreclosure for The Padgett Law Group. Other participants included Amy Neumann, VP of Foreclosure and Attorney Manager for Flagstar Bank; Jacquelyn S. Pardue, Director of Purchasing and Vendor Management for Gateway First Bank; Lee S. Raphael, Owner and Managing Attorney of Prober & Raphael, A Law Corporation; Jonathan Grim, Director of Research and Recovery for Carrington Mortgage Services, LLC; and J. Anthony Van Ness, Founder of Van Ness Law Firm, PLC.“The Legal League Summit is a great opportunity for servicers and our vendors and attorneys we work with to have a level of facetime that can be rare otherwise,” Pardue told MReport. “Servicers are sharing what works, what hasn’t worked, and those are important conversations for everyone. It provides an opportunity for level-setting and allows everyone to take away different ideas to bring back to their organization.”After the lunch service, John Abel, Senior Deputy Attorney General for the Pennsylvania Office of the Attorney General delivered a keynote address before the panel sessions resumed.”Navigating the Non-Standard Default” kicked off the after-lunch sessions, with Michelle Garcia Gilbert, Managing Partner of Gilbert Garcia Group, P.A., overseeing the panel as moderator. Her panel included Caren Jacobs Castle, Senior Mortgage Servicing Attorney at The Wolf Firm; Michelle Maccagnano, Managing Partner of Litigation for New York at Frenkel Lambert Weiss; and Kristin Synan, Foreclosure Manager at LendingHome Funding Corp.The final panel of the day focused on “The State of the Industry,” with LL100 Chair Roy Diaz moderating. The discussion included Kevin Brungardt, CEO of RoundPoint Mortgage Servicing Corporation; Allen C. MyersAssistant General Counsel and VP for JPMorgan Chase Bank; Kathy E. Rentas, Associate General Counsel for Fannie Mae; and Courtney Thompson, Director of Default Servicing Operations for Flagstar Bank.The “State of the Industry” panel included a wide ranging discussion that touched on the benefits and challenges of multistate vs. single-state law firms, the risks posed by hackers and data security breaches, and what servicers look for when partnering with a law firm. Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Law Firms and Mortgage Servicers Convene in Dallas Previous: Congress Targeting Robocalls: What It Could Mean for the Industry Next: Privacy in Fintech and Housing May 7, 2019 3,590 Views Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Economists: More Rate Cuts on the Way

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Economists: More Rate Cuts on the Way Servicers Navigate the Post-Pandemic World 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 Economy Federal Reserve Interest rates 2019-09-10 Seth Welborn 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 Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Market Studies, News Home / Daily Dose / Economists: More Rate Cuts on the Way Tagged with: Economy Federal Reserve Interest ratescenter_img Sign up for DS News Daily Related Articles Interest rates are likely to be cut again, according to a survey from Bankrate, meaning the first interest rate in around a decade earlier this year may be just the start. According to Bankrate, despite Fed Chairman Jerome Powell’s previous statements, economists are not convinced that another rate cut is unlikely.According to Bankrate’s survey, 67% of economists believe the Fed will make two or more cuts, while 14% predicted one more. Additionally, another 10 percent predict rate cuts as well as the return of quantitative easing.The likelihood of more rate cuts is due in part to a deteriorating economic outlook. Ninety percent of economists in Bankrate’s survey said that the risks to the outlook were tilted toward the downside, up from 80 percent in the second quarter.“The question we keep asking ourselves is, how many more blows can this aging business cycle take?” Bernard Baumohl, Chief Global Economist at the Economic Outlook Group told Bankrate. “We expect the economy will barely avoid a recession next year, and the consumer should get credit for that. But the escalating trade dispute, along with the havoc it has caused to supply chains and how it dampened economic growth worldwide will all be with us — at least until 2021.”Powell, on the other hand, has described the economic outlook as “favorable”. During the Fed’s post-meeting press conference on July 31, he stated that the 25-basis-point reduction was largely meant to keep it that way at a time when a number of uncertainties are threatening the outlook.Bankrate’s survey also revealed that economists see a recession on the way. According to survey respondents, there is a 41% chance of the U.S. entering into a recession by November 2020. However, there is little chance of hitting a rough patch anytime soon, as economists also predict continued employment and wage growth.“The economy has been chugging along, with low unemployment and rising incomes. But 90 percent of the economists polled see the risks as tilted toward the downside,” said Bankrate Chief Financial Analyst Greg McBride in a note to consumers. “Heed the warning and stabilize your finances now. Boost your savings, pay down and pay off high-cost debt to create some breathing room in your budget that may come in handy whenever the economy slows and your income is reduced.” September 10, 2019 964 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save About Author: Seth Welborn Previous: FHA Loans to be Focus of Next Webinar Next: Hurricane Season Hitting its Peak  Print This Post Subscribelast_img read more

Leading Dems Seeking Funds for Servicers

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Related Articles Servicers Navigate the Post-Pandemic World 2 days ago April 17, 2020 1,360 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Federal Reserve housing market 2020 Mortgage Servicers 2020-04-17 Mike Albanese About Author: Mike Albanese Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 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. Share Save Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Tagged with: Federal Reserve housing market 2020 Mortgage Servicers Sign up for DS News Daily Bloomberg reports that several Democrats with the U.S. House and Senate are requesting Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell to provide funds to mortgage servicers. “The Fed and Treasury should use powers given to them under recent stimulus measures to provide liquidity to servicers facing shortfalls,” House Financial Services Chairwoman Maxine Waters and Sherrod Brown, the top Democrat on the Senate Banking Committee, said in a letter Wednesday. Steps that government-sponsored Ginnie Mae has taken may not be enough, the lawmakers wrote.“Mortgage servicers are expected to face increased strain as millions of homeowners and renters lose jobs, are furloughed, or see reduced hours, all of which will keep them from making mortgage and rent payments, as a result of this public health crisis,” the letter states. “We must not allow the pandemic to destabilize critical markets, including our housing market.”Ginnie Mae recently announced an All Participants Memorandum (APM)], expanding its servicer assistance program in response to the spread of COVID-19. The APM introduces a new version of the existing Pass-Through Assistance Program (PTAP) for servicers facing a temporary liquidity shortfall related to coronavirus. Ginnie Mae states the application of the PTAP to the  COVID-19 National Emergency allows servicers to apply for assistance meeting their contractual obligations to make “timely and full principal and interest payments” due to mortgage-backed securities (MBS) holders without being held in default.“This assistance is intended to minimize disruptions in the mortgage servicing and MBS capital markets as borrower forbearance and loss mitigation programs are implemented to provide relief to homeowners affected by the COVID-19 National Emergency,” the release states. Democrats aren’t the only ones requesting funds to aid servicers, as 20 Republican members of the House of Representatives also sent a letter to Mnuchin requesting assistance to servicers. “The mortgage industry cannot shoulder the entire onus of government actions to protect American homeowners impacted by COVID-19 when it does not have access to needed liquidity to execute on those government actions,” the letter states. The letter continued by saying, “the best way to protect the American taxpayer would be to create a facility now—in hope that it never needs to be used—than to wait for a market disruption when it may be too late. The mere creation of such a facility may provide a level of support to the market without its even being utilized.”Bloomberg reports that Powell said last week that the Fed is watching the situation carefully, and Mnuchin said earlier this week that the Treasury is “going to make sure that the market functions properly.”Additionally, Benjamin Carson, Secretary of the U.S. Housing and Urban Development said that money should be set aside to help mortgage-servicing companies that are at risk due to millions of borrowers missing payments. “Obviously, we want there to be money to help the servicers of these mortgages because some of them don’t have deep pockets,” Carson said in a Thursday interview with Fox News. “The housing-finance structure needs to be maintained. It’s not just the people who took out the mortgage.”A new survey by the Mortgage Bankers Association (MBA) found that the number of home loans in forbearance rose from 2.73% to 3.74% during the week of March 30 to April 5.  The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Leading Dems Seeking Funds for Servicers Demand Propels Home Prices Upward 2 days ago Previous: Wells Fargo Nears $18.5M Foreclosure Settlement Next: With Your Permission: Data and Default Servicing Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Leading Dems Seeking Funds for Servicerslast_img read more

RSA plans will do nothing to stop carnage on our roads – Cllr Harte

first_img RSA plans will do nothing to stop carnage on our roads – Cllr Harte Pinterest Guidelines for reopening of hospitality sector published Facebook The recent plans put forward by the Road Safety Authority is missing the point and will do nothing to stop the carnage on our roads, according to Cllr Jimmy Harte.The authority plans to introduce nine changes over the next two years that will result in an expansion of the driver theory exam and a significantly revised driving test format.A range of new sentencing options for driving offences by learners caught speeding, not wearing a seatbelt or breaking traffic lights will also be introduced.Cllr Harte says whilst the measures go a long way to combat wreckless driving, he says it’s too late at 16 or 17 to instill discipline into young drivers.[podcast]http://www.highlandradio.com/wp-content/uploads/2010/09/jim1pm.mp3[/podcast] Previous article4,000 school children in Donegal are in class sizes of between 30 and 40Next articleDonegal South-West bye-election set for March 2011? News Highland LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Facebook RELATED ARTICLESMORE FROM AUTHOR Almost 10,000 appointments cancelled in Saolta Hospital Group this week Google+ Newscenter_img Pinterest By News Highland – September 6, 2010 Twitter Google+ NPHET ‘positive’ on easing restrictions – Donnelly Calls for maternity restrictions to be lifted at LUH Three factors driving Donegal housing market – Robinson WhatsApp WhatsApp Twitterlast_img read more

Fine Gael delegation meet with management at Letterkenny General

first_img LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Pinterest A delegation from Fine Gael met with management at Letterkenny General Hospital yesterday in relation to the ongoing situation there.Donegal North East Deputy Joe McHugh says Letterkenny General has become a victim of its own sucess.He says the hospital has gained a number of new services over the years, and if staff are to go, then these new services will go.And he says the governement has to realise this:[podcast]http://www.highlandradio.com/wp-content/uploads/2010/08/joemc1pm.mp3[/podcast] Twitter Twitter Calls for maternity restrictions to be lifted at LUH Three factors driving Donegal housing market – Robinson Google+ WhatsApp Facebook Guidelines for reopening of hospitality sector published RELATED ARTICLESMORE FROM AUTHORcenter_img Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey WhatsApp Previous articleLetterkenny Hospital management handed a poisoned chalice – Cllr QuinnNext articleDonegal in Top 10 for “staycations”, but Kerry comes out on top News Highland News Facebook Fine Gael delegation meet with management at Letterkenny General Almost 10,000 appointments cancelled in Saolta Hospital Group this week Google+ By News Highland – August 11, 2010 Pinterestlast_img read more

Lord Carlisle’s report on Derry murder due within a month

first_imgNewsx Adverts Google+ Need for issues with Mica redress scheme to be addressed raised in Seanad also Lord Carlisle’s report on Derry murder due within a month Twitter Guidelines for reopening of hospitality sector published Pinterest WhatsApp Lord Carlisle’s report in to allegations that MI5 was involved in the death of Derry man Kieran Doherty’s will be given to the Northern Ireland secretary within four weeks.31-year-old Kieran Doherty was a member of the Real IRA and was murdered by the organisation in February of last year.However, his family has alleged MI5 was involved.In October of last Lord Carlisle expressed his confidence that he would detect any attempt to withhold information about the murder.The SDLP MLA for Foyle Pol Callaghan met with Lord Carlisle this morning – he has welcomed the fact that the report will soon be handed over:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/01/polc1pm.mp3[/podcast] Almost 10,000 appointments cancelled in Saolta Hospital Group this week Twitter By News Highland – January 6, 2011 center_img Google+ WhatsApp Minister McConalogue says he is working to improve fishing quota Pinterest Calls for maternity restrictions to be lifted at LUH Facebook LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Facebook RELATED ARTICLESMORE FROM AUTHOR Previous articleBrogan declines to comment on speculation that he may go it alone in electionNext articleDerry men before court on drug charges News Highland last_img read more