Poverty is Growing, Cities Need to Prepare

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Poverty 2017-07-13 Brianna Gilpin About Author: Brianna Gilpin Data Provider Black Knight to Acquire Top of Mind 2 days ago July 13, 2017 1,650 Views Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Among cites like Chicago, Houston, Charlotte, and Orlando, residents are seeing increased suburban poverty, but a report by Apartment List said the concern is whether they have the ability to face it head on.From 2000 to 2015, the Joint Center on Housing Studies at Harvard University found that metro areas classified as “low density,” “medium density,” and “high density” had an increase in poverty. Though poverty is seen as an urban problem, the study showed better affordability in less dense areas drove families to the suburbs. Additionally, the gentrification of urban areas causes homes to become more expensive, thus pushing out poor families.According to the 2017 State of the Nation’s Housing report, the largest share of poverty, 42.7 percent, still resides in dense urban areas. This is down 8.7 percent from 2000 when it was 51.4 percent. As the categories get less dense, the change in poverty increased with medium dense urban 3.8 percent, and least dense urban 5 percent.Suburbs and rural areas experienced roughly 8,000 more high-poverty tracts compared to 15 years ago, which is a 59 percent increase. This is compared to the dense urban areas, which increased by 33.9 percent. However, no other area saw as big of an increase in the number of high-poverty areas as the least dense urban area category, which experienced 123.4 percent increase.Of the total population in high poverty tracts in suburban areas, the top five shares were McAllen-Edinburg-Mission, Texas (97 percent), Jackson, Mississippi (96 percent), Winston-Salem, North Carolina (96 percent), Greensboro-High Point, North Carolina (93 percent), and Knoxville, Tennessee (93 percent).Although suburbanization of poverty isn’t a new concept, it’s something has become increasingly concentrated. In a book Apartment List referenced by Scott Allard called Places in Need, Allard said, “one of the realities in the rise of suburban poverty is that it hasn’t corresponded with a decrease in urban poverty. We just lack the capacity of tackle the problem in suburban areas.”To see the full report, click here. The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Small Step for Women and Minorities, Giant Leap for Mankind Next: OCC: Servicer Report Card The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days agocenter_img Poverty is Growing, Cities Need to Prepare Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Poverty is Growing, Cities Need to Prepare  Print This Post Tagged with: Poverty Share Save 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] Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articleslast_img read more

Five Star President and CEO: Not One Voice, Collective Voices Sharing a Common Vision

first_imgSign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Five Star President and CEO: Not One Voice, Collective Voices Sharing a Common Vision in Daily Dose, Featured, Government, Headlines, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Tuesday evening, Five Star Institute President and CEO Ed Delgado called for a new sense of unity, inclusion, and cooperation within the mortgage industry at the 2017 Five Star Conference and Expo.Throughout his tenure in the mortgage industry, Delgado said he has witnessed some of the most challenging times the industry has had to endure, such as the market collapse, 9/11, and now the hurricanes that have devastated U.S. shores and displaced many families. But through that, he has seen an abundance of good when the industry is faced with these crises.“Competitors become collaborators. Pettiness and vitriol is set aside in the name of compassion and understanding—policy makers spring into action to ensure that fair and responsible solutions are swiftly crafted to address the needs of many,” said Delgado.Despite the competitive nature of the industry, which is valuable for spurring new technologies and solutions, Delgado warned it shouldn’t breed chaos or result in divisiveness.“It doesn’t matter what company has the greatest market share or has been around the longest,” Delgado urged. “It is wrong to suggest that our industry is represented by a single voice, for we are an association of many, each playing a vital role in the pursuit of excellence and progress.”In fact, according to Delgado, the industry is a group of collective voices sharing a common vision to be the best it can be for the sake of homeownership. That is the reason the Five Star Institute themed its conference with one simple word: “include.”“To include all facets of leadership and services. Include stakeholders, officials, and decision makers,” Delgado said. “To demonstrate that we truly can be strong not just in the face of tragedy—but always—for all causes, at all times, for all people.”To see the full transcript of his speech, click here. Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Five Star President and CEO: Housing Microbubble Ahead Next: The 5 Best Practices for Diversity Success September 19, 2017 1,421 Views  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Ed Delgado Five Star Conference and Expo Mortgage Industry Unity 2017-09-19 Brianna Gilpin About Author: Brianna Gilpin Data Provider Black Knight to Acquire Top of Mind 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] Share Save Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Five Star President and CEO: Not One Voice, Collective Voices Sharing a Common Vision Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Ed Delgado Five Star Conference and Expo Mortgage Industry Unity Subscribelast_img read more

The Challenges of Investing in REO

first_img The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Nicole Casperson November 13, 2017 1,231 Views Tagged with: Foreclosures HOUSING mortgage REO DS News talks with Eddie Speed, Founder of NoteSchool to discuss some of the challenges professionals face investing in real estate owned properties—along with solutions and tips moving forward. What can mortgage professionals learn from this? See the exclusive interview here. Subscribe tweet Home / Daily Dose / The Challenges of Investing in REO Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, News Share Save Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago 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 Servicers Navigate the Post-Pandemic World 2 days ago Previous: Four Pools of Loans, One Winning Bid Next: How Oil Prices Impact Mortgage Default Related Articles Governmental Measures Target Expanded Access to Affordable Housing 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] The Challenges of Investing in REO The Best Markets For Residential Property Investors 2 days ago  Print This Post Sign up for DS News Daily Foreclosures HOUSING mortgage REO 2017-11-13 Nicole Caspersonlast_img read more

Examining Third-Party Purchasers’ Role in Foreclosure Proceedings

February 20, 2019 2,211 Views  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Natalie Burris is a Lead Attorney and member of the appellate practice group at Codilis & Associates, P.C. She received her Juris Doctor in 2012 from DePaul University College of Law, and her Bachelor of Arts in 2005 from Wheaton College, Illinois. Previous: How Millennials Are Moving the Housing Market Next: The State of Default Servicing in a Low-Volume Environment in Commentary, Daily Dose, Featured, Foreclosure, News, Servicing Tagged with: Foreclosure Illinois Supreme Court Rule mortgage Share Save The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Natalie Burris 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 Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Related Articles Foreclosure Illinois Supreme Court Rule mortgage 2019-02-20 Donna Joseph The First Appellate District of Illinois recently held that Illinois Supreme Court Rule 305(k) applies to appeals involving residential mortgage foreclosures. See Deutsche Bank National Trust Co. v. Roman, 2019 IL App (1st) 171296. Rule 305(k) provides that if the appellant fails to perfect a stay of judgment within the time for filing the notice of appeal, “the reversal or modification of the judgment does not affect the right, title, or interest of any person who is not a party to the action in or to any real or personal property that is acquired after the judgment becomes final and before the judgment is stayed […].” Ill. S. Ct. R. 305(k). As such, absent a stay, the appeal is moot.An Illinois Supreme Court case, Steinbrecher v. Steinbrecher, 197 Ill. 2d 514, 523-24 (2001), established the elements for a court when considering whether a third party’s acquisition renders an appeal moot: (1) the property passed pursuant to a final judgment, (2) the right, title, and interest of the property passed to an individual or entity who is not a party to the action, and (3) the appellant failed to perfect a stay of judgment within the time allowed for filing a notice of appeal. In Roman, the Appellate Court found that all three elements were satisfied. At the judicial sale, a third party purchaser was the successful bidder. The mortgagors timely appealed after the circuit court confirmed the judicial sale. However, the mortgagors unsuccessfully sought a stay in the trial court and failed to request a stay from the Appellate Court. The Appellate Court found that the property passed pursuant to a final judgment when the circuit court confirmed the judicial sale. The main point of contention in Roman was whether the third party purchaser was considered a party to the foreclosure proceedings. The Appellate Court pointed out our Supreme Court clearly set forth in Steinbrecher that when a third party acquires title pursuant to the judgment and sale, that third party was not “one by or against whom a lawsuit is brought,” nor did it have a stake or standing in the lawsuit. The Appellate Court noted the public policy undergirding Rule 305(k): to safeguard the integrity and finality of judicial sales, and without a policy of finality and permanence, “no person would purchase real property involved in a judicial proceeding, if afterwards he incurred the hazard of losing the property due to facts unknown to him at the time of the sale.” Accordingly, the Appellate Court found in Roman that the third party purchaser was merely a purchaser who had no interest in the litigation other than to protect its future possessory interest in the subject property, and dismissed the appeal as moot pursuant to Rule 305(k). Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Examining Third-Party Purchasers’ Role in Foreclosure Proceedings Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Commentary / Examining Third-Party Purchasers’ Role in Foreclosure Proceedings read more

The Week Ahead: Protecting Properties Through Tech

first_img 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 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 About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Related Articles Demand Propels Home Prices Upward 2 days ago On Thursday, April 11, from 1–2 p.m. EDT, DS News will host a webinar to explore the increased risks facing servicers and mortgage professionals. The webinar, titled “Risky Business: Using Data and Analytics to Protect Properties,” is presented by Safeguard Properties and will include insights from Tim Rath, AVP, Business Development, Safeguard Properties; Jason Heckman, AVP, Mobile and Analytics, Safeguard Properties; and John Thibaudeau, Director, Single-Family Real Estate, Fannie Mae.Managing foreclosed properties can be a challenge without proper procedures in place. With the help of technology, the risks can be efficiently targeted, helping to identify solutions and significantly lower costs. Our panel of experts will discuss the latest property management innovations and how they can protect your investment.Discussing how industry professionals can mitigate risks, Heckman told DS News,  “Analyzing the property data reported from the field helps the mortgage servicing industry make informed business decisions that benefit their bottom line. By providing insight into trends, we can detect potential risks and help mitigate some of the biggest challenges threatening our clients’ assets.”By utilizing it effectively and safely, technology can be a vital asset to your business.”Data and technology are so powerful in helping me manage my business,” Thibaudeau said. “It helps my team make better decisions, reduces costs, and enables my team to conduct business more quickly in providing a better experience for our customers.”Register for the webinar here.Here’s what else is happening in the Week AheadCorelogic Loan Performance Insights Report, TuesdayThe Annual Testimony of the Secretary of the Treasury on the State of the International Financial System-Tuesday, 2 pm ESTBLS Consumer Price Index, Wednesday 8:30 ESTUMich Consumer Sentiment, Friday 10 am ESTWells Fargo Quarterly Earnings, FridayJPMorgan Chase First, Quarter 2019 Earnings Conference Call-Friday in Daily Dose, Featured, Loss Mitigation, Market Studies, News, Technology Sign up for DS News Daily The Week Ahead: Protecting Properties Through Techcenter_img April 5, 2019 1,178 Views FinTech Risk Safeguard Week Ahead 2019-04-05 Seth Welborn Tagged with: FinTech Risk Safeguard Week Ahead Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / The Week Ahead: Protecting Properties Through Tech Previous: Arch MI Releases Updated RateStar Pricing Tool Next: Schiller, Knapp, Lefkowitz & Hertzel Promotes Gregory J. Sandalast_img read more

HUD Bets on Tech Innovation for Opportunity Zones

first_img July 9, 2019 3,049 Views in Daily Dose, Featured, Government, News HUD Bets on Tech Innovation for Opportunity Zones  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Census Bureau HUD Opportunity Project Opportunity Zones 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. Sign up for DS News Daily Census Bureau HUD Opportunity Project Opportunity Zones 2019-07-09 Radhika Ojha Previous: Homeownership at the Center of How Americans Save Next: Millennials Swarming to the Suburbs Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha Related Articles Home / Daily Dose / HUD Bets on Tech Innovation for Opportunity Zonescenter_img 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 The U.S. Department of Housing and Urban Development (HUD) has announced that it will co-lead an Opportunity Zone-focused workforce challenge of the U.S. Census Bureau’s “The Opportunity Project (TOP)” initiative. TOP is an accelerator program that matches tech companies, universities, government, and communities together to create useful digital products for the public.For this challenge, HUD said that it will collaborate with the private sector so that stakeholders in opportunity zones, including communities and investors, can use technology to strengthen investments in underserved areas.“HUD is pleased that leading innovators from across the country are directly taking on the challenge of developing products to help people invest in Opportunity Zones,” said Ben Carson, Secretary HUD. “We also want to thank the Census Bureau and the other agencies participating in this summer’s Opportunity Project. Working together, we collaborate with the private sector to solve some of the most pressing issues facing Americans in economically distressed areas. This project will help ensure that Opportunity Zone stakeholders have access to the best data, innovation, and expertise as investment continues to flow into these underserved areas.”The Census Bureau’s Opportunity Project utilizes the expertise of professionals from across government, the technology sector, and private business to focus on a specific challenge during designated ‘sprints.’ The final products for the summer challenge will be shared in Washington, D.C. in December 2019, HUD said in a statement.“Government, the technology industry, and the communities that comprise Opportunity Zones all have a significant role to play in establishing new products and services that can benefit the Americans who need them most,” said Scott Turner, Executive Director of the White House Opportunity and Revitalization Council.HUD said that the Opportunity Challenge was part of the work being undertaken by Carson as the Chair of the White House Opportunity and Revitalization Council. The Council’s 16 Federal member agencies and Federal-State partnerships are engaging with governments at all levels—state, local, tribal, and territorial—and the private sector on ways to more effectively use taxpayer dollars to revitalize low-income communities. Demand Propels Home Prices Upward 2 days ago Share Save 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 The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

California Wildfires Put $7B of Loans at Risk

first_imgHome / Daily Dose / California Wildfires Put $7B of Loans at Risk The Best Markets For Residential Property Investors 2 days ago Tagged with: California Wildfires Natural Disasters Previous: CFPB Awarded $59M in Mortgage Relief Fraud Case Next: Fannie and Freddie Increase Foreclosure Prevention Actions Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 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. California Wildfires Natural Disasters 2019-11-08 Mike Albanese November 8, 2019 1,687 Views Related Articles About Author: Mike Albanesecenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Loss Mitigation, News Demand Propels Home Prices Upward 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 Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago California Wildfires Put $7B of Loans at Risk  Print This Post ClosingCorp estimated that there is more than $7 billion in loan value and $60 million in service fees and transfer tax revenue at risk due to recent wildfires in California. This basis of the report is “in-flight” residential mortgage applications in the FEMA designated areas for the Easy, Getty, Kincade, Saddleridghe, and Tick fires. An “in-flight” mortgage application are mortgages due to close between October 24, which is when FEMA initially declared the fire and the end of the year.Redfin previously reported that Los Angeles, Orange, and Santa Clara Counties are at risk of losing more than $2 trillion worth of housing as a result of the fires. Los Angeles County has 1.49 million households valued at $1.2 trillion, with an estimated median home value of $625,000. Orange County has a total housing value of $502.6 billion, with a median home value of $709,800.“Homes in places like Malibu, the hills around Los Angeles and wine country in Northern California have historically been desirable because the natural beauty of the surroundings has outweighed the risk of natural disaster,” said Redfin Chief Economist Daryl Fairweather. “But with homebuyers and sellers in fire-prone parts of California really starting to feel how environmental risk factors are impacting both the safety and value of their homes, long-term demand will change, though California overall is unlikely to lose its luster. Demand and prices for homes in fire-prone areas will go down, but as a result, they’ll increase in safer parts of the state. California is in the midst of a housing shortage, and the state should take wildfire risk into account when deciding where to focus its building efforts.”The San Francisco Chronicle reported Wednesday that the Kincade Fire that burned Sonoma County was 100% contained.The 77,758-acre blaze began on October 23 and destroyed 374 structures, including 174 homes. Another 60 structures, including 35 houses, were damaged. Four firefighters were injured fighting the wildfire. Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Periodic Statements and Roth v. Nationstar

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Periodic Statements and Roth v. Nationstar Editor’s note: This feature originally appeared in the January issue of DS News, out now.On August 28, 2019, the Eleventh Circuit Court of Appeals held that a post-discharge mortgage statement sent to a Chapter 13 debtor-mortgagor did not violate the discharge injunction and further found that sanctions were not appropriate. [In re Roth, 935 F.3d 1270 (11th Cir. 2019)]Arlene Roth (hereinafter referred to as “Roth”) filed a voluntary petition for bankruptcy under Chapter 13 on December 22, 2010. Id. at 1273. Her chapter 13 plan provided for the subject property to be surrendered. On June 27, 2014, Roth received her discharge and Nationstar (the servicer on the subject property) was notified.Approximately four months later, Nationstar started sending Roth monthly statements related to her mortgage. Although the statements disclosed they were not an attempt to collect a debt, Roth nonetheless had her attorney send a cease and desist letter. When the statements did not stop, Roth, through her attorney, filed a motion for sanctions in the bankruptcy court alleging violations of 11 U.S.C. §524, as well as a separate civil action claiming violations of the Fair Debt Collection Practices Act (FDCPA), 15 U.S.C §1692e et seq, and the Florida Consumer Collection Practices Act (FCCPA). On December 14, 2015, after receiving another “informational statement” from Nationstar, Roth filed a second motion for sanctions in the bankruptcy case. The bankruptcy court denied Roth’s motion for sanctions by finding that the “informational statement” was not an attempt to collect a debt and did not run afoul of §524.The Language in the “Informational Statement” The Eleventh Circuit carefully examined the language contained in the “informational statement,” which reads as follows:“This statement is sent for informational purposes only and is not intended as an attempt to collect, access, or recover a discharged debt from you, or as a demand for payment from any individual protected by the United States Bankruptcy Code. If this account is active or has been discharged in a bankruptcy proceeding, be advised this communication is for informational purposes only and is not an attempt to collect a debt. Please note, however, Nationstar reserves the right to exercise its legal rights, including but not limited to foreclosure of its lien interest, only against the property securing the original obligation”.Is the Objective Effect of the Creditor’s Action to Pressure a Debtor to Repay a Discharged Debt? The Eleventh Circuit rejected Roth’s argument to apply the FDCPA’s “least sophisticated consumer standard” to determine whether the informational statement was a violation of the discharge injunction. Instead, the Eleventh Circuit focused on whether the objective effect of the creditor’s action is to pressure a debtor to repay a discharged debt. In re McLean, 794 F.3d 1131, 1322 (11th Cir. 2015).In its analysis, the Eleventh Circuit looked at the fact that the first page of the statement contained bold letters declaring that it is “for informational purposes only and is not intended as an attempt to collect, access, or recover a discharged debt from you, or as a demand for payment from any individual protected by the United States Bankruptcy Code.” In re Roth, 935 F.3d at 1276. Moreover, this disclaimer is repeated throughout the statement. Lastly, the statement contained a payment coupon that is marked in large letters as “voluntary.”Worth noting, the Eleventh Circuit mentioned that 11 U.S.C. §524 allows for a debtor to voluntarily pay back a discharged debt. Particularly, 11 U.S.C. §524(f) states “[n]othing contained in subsection (c) or (d) of this section prevents a debtor from voluntarily repaying any debt.”This begs the question, how else would Roth (or any other consumer) know how much is owed on a debt in order to repay it? The Eleventh Circuit found that if the informational statement is unlawful debt collection under §524, there would be little daylight between (1) a legitimate attempt by Nationstar to inform Roth how she could regain the property and (2) an unlawful attempt at debt collection in violation of the discharge injunction. In re Roth, 935 F.3d at 1276. Thus, the Eleventh Circuit found that the informational statement did not violate the discharge injunction under §524.Even If Nationstar Committed a §524 Violation, Sanctions Would Not Be Appropriate What is fascinating about this decision is that the Eleventh Circuit found that even if a §524 violation was committed, sanctions would be inappropriate under the Supreme Court’s recent decision in Taggart v. Lorenzan, 139 S.Ct. at 1799. Under the Taggart standard, in order to find sanctions appropriate, there would need to be a finding that there is no objectively reasonable basis for concluding that the creditor’s conduct might be lawful. In other words, with more than a “fair ground of doubt” as to whether the discharge order barred Nationstar’s conduct, sanctions would be inappropriate. In re Roth, 935 F.3d at 1278.How Should Mortgage Servicers Comply?Although the Taggart standard is favorable to mortgage servicers, it is imperative that all statements sent during and after a bankruptcy, contain disclaimer language. For instance, the statements should contain large bold letters that read that it is for informational purposes only and not an attempt to collect a debt. Any payment coupon forms should be marked voluntary and the disclaimer language should be repeated on each page of the statement in a manner that grabs the reader’s attention. Simply put, the disclaimer language needs to be as conspicuous as possible (even if boarder-line obnoxious—as discussed more fully below). The goal is to show what the debt is as to the property, not as to the borrower.Questions That Remain Unanswered Some questions that remain unanswered are whether courts in other jurisdictions will apply the objective analysis when faced with §524 violation claims and if not, what standard will be applied? More concerning is whether or not other jurisdictions will apply the FDCPA’s “least sophisticated consumer standard” in these cases. That concern stems from the fact that at the motion to dismiss stage in Roth’s federal lawsuit (brought under the FDCPA), the district court determined that the FDCPA complaint “plausibly alleges that the Informational Statement was sent to induce payment on Plaintiff’s mortgage debt,” and was thus, “related to debt collection” under the FDCPA. Id. at 270. However, the district court did not make a finding on the merits since the case was resolved by agreement of the parties.In addition, what is to stop consumers from bringing lawsuits in federal court based on FDCPA violations? For the reasons stated in this article, it is crucial that mortgage servicers take great care in ensuring that statements sent out during or after a bankruptcy, contain as much disclaimer language as possible as to withstand the “least sophisticated consumer” standard. Seth J. Greenhill is a bankruptcy attorneywith Padgett Law Group (PLG). Greenhillhas practiced law in the field of creditorsrights’ for nearly seven years. He has beenwith PLG for two years and is based out ofthe firm’s Fort Lauderdale, Florida office.The primary focus of Greenhill’s practiceis bankruptcy litigation January 13, 2020 2,081 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Roth v. Nationstar Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth J. Greenhill Roth v. Nationstar 2020-01-13 Seth Welborn Demand Propels Home Prices Upward 2 days ago Previous: Addressing Affordable Housing with a YIMBY Mindset Next: Cities Reporting Increased Serious Delinquenciescenter_img Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News, Print Features Home / Daily Dose / Periodic Statements and Roth v. Nationstar The Best Markets For Residential Property Investors 2 days ago Share Save Sign up for DS News Daily Subscribelast_img read more

How Many Americans Cite Housing as Primary Debt Driver?

first_img February 26, 2020 1,195 Views The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago About Author: Krista F. Brock Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 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. How Many Americans Cite Housing as Primary Debt Driver? in Daily Dose, Featured, Market Studies, News housing debt 2020-02-26 Mike Albanese Related Articlescenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Home / Daily Dose / How Many Americans Cite Housing as Primary Debt Driver? The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Tagged with: housing debt Data Provider Black Knight to Acquire Top of Mind 2 days ago Only about 11% of Americans have no consumer debt, which encompasses credit card debt and medical bills, according to a survey from Discover. This does not factor in mortgage debt or auto loan debt. Another 10% have less than $1,000. While mortgage debt specifically is not counted as “consumer debt,” about 14% of survey respondents said buying a home, leasing a home, or repairing their home was their No. 1 reason for acquiring consumer debt. Nearly 50% of Americans carry between $1,000 and $20,000 in consumer debt. When asked what was the No. 1 reason for acquiring debt, medical expenses took the lead with 23.5% of survey respondents citing this as their top reason. Student loans were the next highest culprit with 15.3% of respondents saying this was the No. 1 reason for their debt. While a majority of Americans carry debt, a large percentage of them report feeling burdened by their debt, according to a recent article in MReport. About 60% of Americans feel burdened by their debt, but only 12.4% said their mortgage debt was their biggest burden, according to a survey from LendingTree. Instead of worrying about mortgage debt, which consumers view as contributing to their financial future, consumers tended to worry about credit card debt. That’s despite the fact that mortgage debt tends to make up the largest percentage of debt for Americans. This concern may be founded. Credit card delinquencies “have steadily risen since 2016, notably among younger borrowers,” said Wilbert Van Der Klaauw, SVP of the New York Fed earlier this month with the release of the New York Fed’s quarterly Household Debt and Credit Report. Almost 14% of survey respondents told Discover they believe they will be debt-free in less than one year, and the majority—nearly 60%—believe they will be out of debt in at most five years. The New York Fed reported that household debt has been on the rise for 27 consecutive quarters, rising to $14.15 trillion in Q4 2019. However, about 17% of people feel their debt is seemingly hopeless, telling Discover they don’t think they’ll ever get out of debt. Mortgage originations rose 42% in Q4 2019, reaching $752 billion, which the New York Fed reported as the highest mortgage loan origination volume reported since Q4 2005.  Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: A Look Back at Real Estate Performance Next: Top Markets for REO ‘Fix-and-Flip’ Buyerslast_img read more

SFR Growth Propped Up by Low End Rentals

first_img Rent SFR 2020-03-17 Seth Welborn Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Tagged with: Rent SFR SFR Growth Propped Up by Low End Rentals The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Subscribe March 17, 2020 829 Views Demand Propels Home Prices Upward 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 agocenter_img About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily U.S. single-family rents increased 2.9% year over year in January 2020, down a bit from the gain of 3.2% in January 2019, according to the CoreLogic Single-Family Rent Index (SFRI). The index measures rent changes among single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties over time. Increases in rents averaged 3% over the past year, which is more than double the rate of inflation over that same time period.By city, Phoenix had the highest year-over-year rent growth this January as it has since late 2018, with an increase of 6.4%, followed by Tucson (+5.2%) and Las Vegas (+4.9%). Honolulu had the lowest rent growth in January, increasing by 0.6% from the prior year. Orlando had the largest deceleration in rent growth in January, showing annual rent growth of 2.4 percentage points lower than in January 2019. Boston had the largest acceleration in rent growth in January, with rents increasing 2.2 percentage points faster than in January 2019.The index’s overall growth in January 2020 was propped up by low-end rentals, defined as properties with rents 75% or less of a region’s median rent. Rents on lower-priced rental homes increased 3.5% year over year and rents for higher-priced homes, defined as properties with rents more than 125% of the regional median rent, increased 2.6% year over year. Rents for lower-priced homes have been growing faster than for higher-priced homes since May 2014, though the difference in these two growth rates has narrowed over time.According to ATTOM Data Solutions, rental investment yield is down slightly. The annual gross rental yield (annual rent income divided by the average purchase price of single-family homes) is 8.4% for 2020, which is down slightly from the 8.6% average of 2019.“The business of buying single-family homes for rent has lost a little steam this year across the United States as rents aren’t rising quite as fast as prices for investment rental properties in a majority of the country,” said Todd Teta, Chief Product Officer at ATTOM Data Solutions. “But from the national perspective, things are generally holding steady for landlords in the single-family home rental market. Also, profit trends are moving in favor of investors in higher-rent counties and against those in lower-rent regions.” Home / Daily Dose / SFR Growth Propped Up by Low End Rentals in Daily Dose, Featured, News 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 Previous: Fed Official: More Monetary Policies Available Next: Trump Administration Mulls Mortgage Moratorium Plan The Best Markets For Residential Property Investors 2 days ago Share Savelast_img read more