CFPB’s Perceived Overreach, Lack of Accountability Discussed in Congressional Hearing

first_img in Daily Dose, Featured, Government, News Two major subjects discussed during Tuesday’s hearing entitled “The Semi-Annual Report of the Consumer Financial Protection Bureau” before the House Committee on Financial Services were the Republicans’ perceived lack of accountability on the part of the Bureau as well as whether or not the Bureau’s efforts have been overreaching.CFPB Director Richard Cordray testified during the hearing Tuesday to discuss the Bureau’s achievements in its nearly four-year existence as well as answer questions from members of the Committee. Republicans, many of which are members of the Committee, have repeatedly made efforts to reform the CFPB in the last three and a half years. One of the Bureau’s most vocal critics has been U.S. Representative Jeb Hensarling, the Chairman of the House Committee on Financial Services.”The CFPB undoubtedly remains the single-most most powerful and least accountable federal agency in all of Washington,” Hensarling said during Tuesday’s hearing. “. . . Americans are losing both their financial independence and the protection of the rule of law. The Bureau is fundamentally unaccountable to the president, since the director can only be removed for a cause; fundamentally accountable to Congress, because the Bureau’s funding is not subject to appropriations; fundamentally unaccountable to the courts because Dodd-Frank requires courts to grant the CFPB deference regarding its interpretation of federal consumer financial law. Thus, the Bureau regrettably remains unaccountable to the American people. That is why we need CFPB on budget and led by a bipartisan commission; mere testimony is not the equivalent to accountability.”Representative Randy Neugebauer (R-Texas), who will be the keynote speaker at the Five Star Government Forum in Washington D.C. on March 18, said he believes the pendulum has swung too far in the other direction.”Consumer protection must be done in a smart, tailored and politically neutral manner,” Neugebauer said. “It should not be used to advance ideological policies. If the pendulum of consumer protection swings too far, you have nothing left to protect. . . Some of my Democratic colleagues allege that Republicans want to get rid of the CFPB. I look back over the last five years and see a field of proposals to restructure the CFPB, not to get rid of it.”Neugebauer said he planned to introduce several bills to refocus the CFPB, including one to introduce a balanced process into the Bureau’s decision-making.”Many have forgotten that Elizabeth Warren, our former colleague Barney Frank, and even the president originally supported a board leadership structure,” Neugebauer said.Among the Bureau’s achievements Cordray touted were the new rules implemented to protect consumers in the mortgage industry.”Our Ability-to-Repay rule, also known as the Qualified Mortgage rule, put new guardrails in place to prevent the kind of sloppy and irresponsible underwriting that had precipitated the crisis,” Cordray said. “Our mortgage servicing rules offered new and stronger protections to homeowners facing foreclosure. And our other rules addressed significant problems in the mortgage market deemed in need of repair. During this period, we continued our extensive work on regulatory implementation by providing tools and resources to assist industry in implementing our final rule to consolidate and streamline mortgage disclosure forms at both the application stage and the closing stage.”Cordray described attempts to make the Bureau more accountable as a “natural back and forth” between the Bureau and Congress.”I think this is in many respects a natural back and forth between the Congress, which has the rightful and important responsibility of oversight, and an executive agency like our own, which is of course ultimately accountable to the Congress, both for carrying out the statute that Congress has enacted that is the law we’re supposed to implement and to make sure that you have the information you need to be able to oversee our operations,” Cordray said. “There’s no disagremeent about that. There’s no resentment about that. It can be a lot of work to respond to aggressive oversight, but I don’t begrudge it. I think it’s an appropriate role of Congress.”After praising the Bureau’s “remarkable” efforts that have resulted in directly refunding $5.8 billion dollars to more than 15 million consumers that were reportedly harmed by predatory practices, Committee Ranking Member Maxine Waters (D-California) turned her remarks toward criticizing the Republican’s efforts to make the Bureau more accountable.”I cannot imagine staff time and resources that the Bureau has spent responding to your frivolous requests – at the expense of helping our nation’s consumers,” Waters said. “But that’s precisely the Republican playbook. They want the CFPB to be wasting resources digging out from under a deluge of requests – so that the payday lenders, debt collectors and other predators can continue victimizing the American people unabated. Mr. Chairman (Hensarling), your party pretends to care about the huge challenges of income inequality and minority access to credit, vilifying this agency as ‘hurting the very people we are trying to help.'”Not all Democrats share Waters’ sentiments. In February, bipartisan legislation was re-introduced by Representatives Steve Stivers (R-Ohio) and Tim Walz (D-Minnesota) that would create an independent inspector general for the CFPB that would be appointed by the president and confirmed by the Senate. Currently, the CFPB shares an inspector general with the Federal Reserve – a position that is appointed by the Fed chair and not subject to Senate approval. Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / CFPB’s Perceived Overreach, Lack of Accountability Discussed in Congressional Hearing Data Provider Black Knight to Acquire Top of Mind 2 days ago CFPB Consumer Financial Protection Bureau House Committee on Financial Services Richard Cordray 2015-03-03 Brian Honea March 3, 2015 1,612 Views Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Subscribe About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Sign up for DS News Daily center_img The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Auction.com Acquires California-Based Technology Solutions Provider Next: DS News Webcast: Wednesday 3/4/2015 Tagged with: CFPB Consumer Financial Protection Bureau House Committee on Financial Services Richard Cordray Servicers Navigate the Post-Pandemic World 2 days ago CFPB’s Perceived Overreach, Lack of Accountability Discussed in Congressional Hearing The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Is the CFPB Abusing Its Power?

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Share Save Subscribe One case in the Consumer Financial Protection Bureau’s (CFPB) portfolio has many in the mortgage industry questioning whether or not the organization’s power and authority is used unjustly.The CFPB, often referred to as the “consumer watchdog,” was created in response to the financial crisis in 2010 as part of the Dodd-Frank Act. However, unlike other government agencies, the power of the agency is left on one man’s shoulders: CFPB Director Richard Cordray.Time reported, “This aspect of the agency was controversial when it was established, and it’s only grown more contentious, after a flawed algorithm for determining racist housing practices was outed and not corrected. And now, due to a new court case brought by a lender, the bureau’s power will finally come to a head—in court.”In late 2014, the CFPB fined New Jersey lender PHH Corp., $6.4 million for allegedly harmed consumers through a mortgage insurance kickback scheme that began back in 1995.Administrative Law Judge Cameron Eliot stated in a Recommended Decision in November 2014 that PHH took kickbacks in the form of reinsurance premiums paid to a PHH subsidiary by mortgage insurers, a violation of the Real Estate Settlement Procedures Act (RESPA). The mortgage loans in question closed on or after July 21, 2008, according to CFPB. PHH is alleged to have begun accepting the kickback payments as early as 1995.Whereas Eliot’s decision stated that PHH’s RESPA violations were connected to loans closing on or after July 21, 2008, Cordray went beyond that ruling by saying that PHH was in violation of RESPA for every kickback payment the company accepted after that date.After the CFPB’s initial ruling, PPH took the CFPB to court to dispute the case, where the case was then taken to CFPB Director Cordray, who revised the penalty to $109 million.According to the Wall Street Journal, “the court case is just one sign that, four years after the agency’s creation, debate rages over its authority to police a vast swath of the sector, from credit cards and mobile-phone payments to college accreditation.””The argument often turns on the CFPB’s “single-director” structure—an unusual system designed to empower its leader to make sweeping changes swiftly,” the Wall Street Journal said.In response to Cordray’s announcement of the penalties, PHH issued the following statement: “We strongly disagree with the decision of the Director. We believe this decision is inconsistent with the facts and is not in accord with well-settled legal principles and interpretations. We continue to believe we complied with RESPA and other laws applicable to our mortgage reinsurance activities. The company did not provide reinsurance on loans originated after 2009. We intend to file an appeal to the United States Court of Appeals. While there can be no assurances as to the final outcome of any such appeal, we believe our appeal will be successful and, as a result, are not adjusting our previously issued earnings guidance.”The CFPB did not respond to a request for comment at the time of this article publication. About Author: Xhevrije West CFPB Consumer Financial Protection Bureau PHH Mortgage 2016-01-25 Brian Honea January 25, 2016 1,039 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: DS News Webcast: Tuesday 1/26/2016 Next: Nationwide Title Clearing Celebrates 25 Years in Business Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agocenter_img Is the CFPB Abusing Its Power? Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Is the CFPB Abusing Its Power? Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Demand Propels Home Prices Upward 2 days ago Tagged with: CFPB Consumer Financial Protection Bureau PHH Mortgagelast_img read more

Untapped Urban Development Potential

first_imgSign up for DS News Daily in Daily Dose, Featured, Journal, Market Studies, News Home / Daily Dose / Untapped Urban Development Potential Servicers Navigate the Post-Pandemic World 2 days ago Urban sprawl, by its very nature, means cities are forever expanding outward. Initially, their borders expand, and then eventually, as they bump up against those constraints, the challenge becomes figuring out ways to make the most use of the space and resources available. With housing at a premium and inventory failing to keep up in many markets, the process of examining whether the available land is being used to its full potential is more important than ever. But what if there’s untapped potential not on the fringes of the suburbs, but right in the heart of many cities’ core business districts (CBDs)?COMMERCIALCafe recently conducted an urban development study examining just this prospect, and entitled “What to Do with All the Vacant Land in Major US CBDs?” COMMERCIALCafe narrowed their focus to 25 major U.S. cities, examining vacant land available within the cities, local construction activity, and a survey of 1,549 local residents of the cities to determine what sort of development would be most desirable for them.Within the CBDs of those 25 cities, COMMERCIALCafe found a total of 584 acres of undeveloped land—equivalent to nearly 442 NFL-standard-size football fields. Moreover, the study found that “some of the least dense urban cores have seen the slowest development activity during the past five years, while developers have been significantly busier in the more tightly packed city downtowns.”The study found the most undeveloped vacant lots in the South, West, and Southwest, with Texas standing out among the crowd with 208 acres of undeveloped land located in the CBDs of Dallas, Austin, San Antonio, and Houston. Dallas is the least dense CBD of all the cities surveyed, with 86 acres of undeveloped land within its CBD.The report states, “During the past five years, 8.5 million square feet of property has been built in the Dallas central business district—second only to construction activity in NYC, recent Dallas developments included housing, office space, parking, retail, and hotels.”Las Vegas also features a notably low density of development within its CBD, with 75 acres’ worth of vacant lots inside that zone. “By stark contrast with the active Dallas landscape, and despite an estimated 8 percent increase in population since 2010, research shows that property completed here in the past five years was limited to office space and amounted to less than 100,000 square feet, with none currently under construction, and roughly 750,000 square feet more in commercial projects that are either only planned or approved and not yet built.”The survey of city residents found that many residents believe housing should be a focus of urban development within their communities. “When asked what developments they want in their city, 72 percent of respondents chose housing and homeless shelters,” the study explains. “These choices went up to 83 percent when respondents were asked what they think their city needs most.” The survey also showed many respondents putting a particular focus on affordable housing in particular.In addition to trying to find ways to address affordability and increase available housing inventory, states such as California have been reexamining existing laws that regulate how urban spaces can be developed. With hundreds of acres of undeveloped land sitting in the hearts of major cities, one solution to the housing crunch may be sitting in plain sight, waiting for someone to figure out how to tap into it.To read the full COMMERCIALCafe study, including a detailed breakdown of its methodology and info on each of the 25 cities examined, click here. Share Save Tagged with: Affordable Housing core business districts Housing Inventory inventory shortages urban development urban sprawl Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Are Home Prices Finally Slowing Their Pace? Next: Existing Home Sales vs. Housing Supply May 24, 2018 1,645 Views David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected]  Print This Post The Best Markets For Residential Property Investors 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Affordable Housing core business districts Housing Inventory inventory shortages urban development urban sprawl 2018-05-24 David Wharton Demand Propels Home Prices Upward 2 days ago About Author: David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Untapped Urban Development Potential Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Related Articleslast_img read more

FHA Issues New Requirements

first_img Share Save  Print This Post FHA Issues New Requirements The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: FHA HECM HUD loans Reverse Mortgage FHA HECM HUD loans Reverse Mortgage 2018-10-22 Radhika Ojha The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News In a move to streamline and speed up the payment process for home equity conversion mortgage (HECM) claims, the Federal Housing Administration (FHA) announced on Monday that it was revising the requirements for HECM servicers when they assign FHA-insured reverse mortgages to the agency for payment.“Streamlining the HECM claim payment process makes us more responsive to participating lenders and helps continue our effort to put the program on a more financially viable path,” said FHA Commissioner Brian Montgomery.The FHA said that its new claims payment requirements would ensure that lenders participating in the program were not unduly burdened while seeking claims payments when the HECM reaches 98 percent of its claim amount.Under the new requirements, FHA-approved HECM servicers can use alternative supporting documents instead of previously required materials that, in many instances, delayed claim processing. Giving details of this process in the mortgagee letter issued by it, the agency said that it would accept the changed documents from servicers under the new guidelines if they were filing for evidence of current hazard insurance, alternative evidence of the death of a borrower, and evidence of completion of required repairs.For hazard insurance, the letter said that the U.S. Department of Housing and Urban Development (HUD) would accept a document from the hazard insurance provider on its letterhead that included information such as the name of the insured, the address of the insured property, and the type of coverage.In case of the death of a borrower, the letter said that if a servicer was unable to obtain a copy of the deceased borrower’s or co-borrower’s death certificate, HUD would also accept alternative evidence of the death “for purposes of Claim Type 22 review, such as an obituary or documentation from a health care institution.”The letter also offered clarifications on requirements for servicers filing for mobile home titles and current taxes, along with the time frame for filing a claim following preliminary title approval. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Subscribe October 22, 2018 3,140 Views Home / Daily Dose / FHA Issues New Requirements Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Ellie Mae’s Announces “Driving Innovation Home” Campaign Next: What did S&P Say About Mortgage Defaults? Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

The State of Homeowner Credit

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Share Save in Daily Dose, Featured, Market Studies, News Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The State of Homeowner Credit About Author: Seth Welborn Subscribe 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 Q4 2018 saw the average (DTI) ratio rise to its highest level since 2009, according to Corelogic. Despite the increase, the average loan-to-value (LTV) during this time was unchanged from the same quarter in 2017. Additionally, the average credit score was about the same.Corelogic notes that the rise in DTI ratios may reflect the growing affordability pressures for homebuyers in the face of rising mortgage rates in the latter months of 2018. Fannie Mae began accepting mortgages with LTV ratios up to 97 percent in December 2014 raised its DTI ratio level from 45 to 50 percent in July 2017, while Freddie Mac began accepting LTV ratios up to 97 percent them in March 2015.Average credit scores for homeowners with CC home-purchase loans fell by one point year over year in Q4 2018, but Corelogic notes that on average, credit scores are higher than pre recession levels.“For example, the average credit score of homebuyers was 705 in 2001, but dramatically rose during the Great Recession in 2008, and was 754 in the fourth quarter of 2018,” Corelogic stated. “In addition to high credit score standards, those high DTI and LTV loans in 2018 were fully documented and are thus different than the pre-housing crash high DTI and LTV loans, in which many of the latter were low/no documentation loans.”While DTI is high, Corelogic also reports that delinquency is down while home equity is up, according to Corelogic’s latest Loan Performance Insights report. The report notes that delinquency and foreclosure rates are lower across the country, but some areas are still feeling the impact of recent natural disasters.”On a national basis, income and home-price growth continue to support strong loan performance,” said Corelogic President and CEO Frank Martell. “Although things look good across most of the nation, areas that were impacted by hurricanes and other natural hazards are experiencing a sharp increase in the numbers of mortgages moving into 60-day delinquency or worse. One specific example is Panama City, Florida, which was devastated by Hurricane Michael, where 60-day delinquencies rose to 3.5 percent in December.”center_img Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: CoreLogic debt Defaults DTI loans CoreLogic debt Defaults DTI loans 2019-03-25 Seth Welborn Sign up for DS News Daily March 25, 2019 1,051 Views Home / Daily Dose / The State of Homeowner Credit Previous: Where Young Millennials Are Buying Homes Next: The Obduskey Effect: Foreclosures, FDCPA, and the Supreme Court 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. 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 agolast_img read more

Keys for Life Concert Celebrates Industry, Vets

first_img The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago 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. The Five Star Institute and its sponsors capped the Five Star Conference and Expo Tuesday, as thousands of industry leaders gathered to celebrate the dream of homeownership during the Keys for Life Reception and Concert.While Five Star CEO and President Ed Delgado said that we are currently operating in tranquil times, the industry should now begin to prepare for when the market turns.“There will be a downward housing cycle,” Delgado said. “There will be volatility in the marketplace. Interest rates will rise again, and sadly, so will foreclosures. But we should not subscribe to the self-fulfilling prophecy of manics and crashers, we should be prepared to learn from everything that we’ve endured on this journey, and be as strong as we can possibly be.”Delgado added that what mattered most during those times of crisis was how the leaders reacted, showing a “perseverance, resolve, and an unwavering determination to be the very best at all times.” “We fought hard to maintain the promise and reward of homeownership. We always worked together to serve the greater good,” he said. “We refused to bow to petty squabbles and arguments because we realized that together we made a difference, and that together we could accomplish anything.“It is because of these beliefs that we are stronger as one. And we find ourselves in a better position today than we were five years ago. Than we were 10 years ago.”Also included in the Keys for Life Reception and Concert was the awarding of mortgage-free homes. The military veterans honored with mortgage-free homes were: Navy Petty Officer Second Class Sonisha Alcide of Kerhonkson, New York; Air Force Staff Sergeant Jonathan Norena of Fort Pierce, Florida; Air Fore Staff Sergeant Mark Porter of Henderson, Nevada; Army Specialist Jessica Tutt from Madison Heights, Michigan; and Air Force Senior Airman Tiffany Walker of North Olmstead, Ohio.”I think it’s fantastic. I’m also a disabled vet, but I think it’s great that we’re giving back to people that are serving for us,” said Luigi Caprio a Realtor out of Sacramento, California, said of the event. “Especially in my era—from Vietnam—it wasn’t the same when we came back. But I am so glad that people appreciate what the military does for us.”Rushmore Loan Management Solutions donated $25,000 to Operation Homefront, and Auction.com gave $50,000 to Operation Homefront. 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  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Mike Albanese Keys for Life Concert Celebrates Industry, Vets Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Keys for Life Concert Celebrates Industry, Vets Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Share Save 2019-09-24 Mike Albanese in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago September 24, 2019 2,209 Views Servicers Navigate the Post-Pandemic World 2 days ago Previous: Spotlight on REO and Servicing Trends Next: Rent vs. Buy: The Regions with Most Renters Subscribelast_img read more

FEMA Funding $2M Wildfire Mitigation Program in California

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago California Disaster Fire Property Preservation 2020-02-04 Seth Welborn February 4, 2020 2,093 Views Related Articles FEMA Funding $2M Wildfire Mitigation Program in California Tagged with: California Disaster Fire Property Preservation The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn Home / Daily Dose / FEMA Funding $2M Wildfire Mitigation Program in California Demand Propels Home Prices Upward 2 days ago After the Kincade Fire in Sonoma County scorched more than 74,000 acres and destroyed more than 100 structures in 2019, the Federal Emergency Management Agency (FEMA) has granted $2 million to the California Governor’s Office of Emergency Services (Cal OES) and Sonoma County for long-range, fire detection cameras. The $2.7 million Hazard Mitigation Grant Program (HMGP) project will be funded by a $2 million grant from FEMA, with non-federal sources covering the $700,000 balance.Cal OES will be mounting 27 high-definition cameras will be mounted on 17 strategically-selected towers to monitor Sonoma County and portions of Mendocino, Lake, Napa, and Marin counties for smoke and fire in order to prevent the loss of life, property, and economic damage. According to FEMA, the cameras can detect smoke and fire from as far away as 60 miles during the day and 150 miles at night using infrared technology.More recently, the Tubbs and Camp wildfires, after destroying 20% of the single-family housing stock in Butte County 6% of the single-family homes in Santa Rosa, caused an increase in demand, accelerating price growth. 2019 was not the most devastating year in the decade, but it continued a trend of high losses from natural disasters, according to a year-end lookback from CoreLogic. CoreLogic’s report analyzed the economic impact of these conditions, including the rise of defaults in the years following major disasters.According to CoreLogic, California and Texas lead the United States in the number of residences and RCV in the high- and extreme-risk categories, but California cannot be topped when it comes to wildfire devastation over the past two years. In 2017, California’s wildfires, including the Tubbs Fire and the Thomas Fire dwarfed previous records for both the size of the fires and the amount of destruction. In 2018, new records were set again for both categories, along with the number of deaths for a single wildfire event, the Camp Fire.“Based on CoreLogic research, communities affected by wildfires, hurricanes, floods, tornadoes, earthquakes and other natural disasters in 2019 will likely experience an increase in mortgage delinquencies and shelter costs, and it can take more than 12 months for mortgage delinquency rates to normalize—and even longer for homes to be repaired or rebuilt,” the report said.center_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Eastern U.S. Dominating Delinquency Declines Next: Expanding Non-Bank Mortgage Institutions and REITs 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Loss Mitigation, News Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

CFBP Issues Advice on Special Purpose Credit Programs

first_img The Consumer Financial Protection Bureau (CPFB) issued an advisory opinion related to perceived regulatory uncertainties tied to Regulation B, which implements the Equal Credit Opportunity Act (ECOA) as it applies to certain aspects of special-purpose credit programs (SPCPs).The ECOA and Regulation B are designed to prevent discrimination on certain prohibited bases in any aspect of a credit transaction. However, both policies it is not discriminatory when for-profit organizations provide SPCPs designed to meet special social needs.As the current law stands, the CFPB does not determine if specific programs qualify for special purpose credit status, giving the onus to the creditor offering the SPCP to determine the status of its program. Under Regulation B, creditors are offered general guidance for developing SPCPs that are compliant with ECOA.The new advisory opinion, which was issued after stakeholder feedback from a recent CFPB Request for Information on the ECOA and Regulation B, seeks input on clarifying the content on when a for-profit organization must include in a written plan that establishes and administers a SPCP under Regulation B. The advisory opinion also clarifies the type of research and data that can be used to support a for-profit organization’s argument that a SPCP would benefit a certain class of people.“The Bureau is issuing this AO to address this regulatory uncertainty in the hope that broader creation of special purpose credit programs by creditors will help expand access to credit among disadvantaged groups and will better address special social needs that exist today,” said the advisory opinion. “Bureau stakeholders have called attention to the problem of unmet credit needs among minority communities and the role that discrimination may have played in creating and exacerbating those deficits. Research from the Federal Reserve Bank of New York has shown that inequities in credit availability and in the terms and conditions of credit appear to have led to income inequality.“For consumers who own a home, moreover, home equity represents a significant share of household net worth, 15 but Home Mortgage Disclosure Act (HMDA) data show that in 2019, Black, Hispanic White, and Asian borrowers had notably higher mortgage loan denial rates than non-Hispanic White borrowers, continuing a trend from years prior,” the advisory opinion added. “For example, the denial rates for conventional home-purchase loans were 16% for Black borrowers, 10.8% for Hispanic White borrowers, and 8.6% for Asian borrowers; in contrast, denial rates for such loans were 6.1% for non-Hispanic White borrowers …White borrowers were also more likely to have higher-priced conventional and non-conventional loans in 2019.”“The CFPB is committed to creating real and sustainable changes in our financial system so that all consumers have equal opportunities to build wealth and close the economic divide,” said CFPB Director Kathleen L. Kraninger. “Today’s advisory opinion is our first action since we issued a Request for Information on the Equal Credit Opportunity Act and sought public views on the topic. This action is an important step toward clarifying the regulations and ensuring that traditionally economically disadvantaged groups and communities have equitable access to credit.” Demand Propels Home Prices Upward 1 day ago CFPB 2020-12-22 Christina Hughes Babb in Daily Dose, Featured, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Share Save Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / CFBP Issues Advice on Special Purpose Credit Programs Data Provider Black Knight to Acquire Top of Mind 1 day ago Sign up for DS News Daily  Print This Post CFBP Issues Advice on Special Purpose Credit Programs Demand Propels Home Prices Upward 1 day ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago December 22, 2020 1,613 Views About Author: Phil Hall Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 1 day ago The Best Markets For Residential Property Investors 2 days ago Tagged with: CFPB Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast “The Online Movie Show,” co-host of the award-winning WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire. Previous: ‘Troubling Trends’ Could Result in Increased Forbearance Activity Next: The Trends Homeowners and Buyers Can Expect Next Year The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

Cllr Kavanagh says guided walking tours of town would boost tourism

first_img Twitter Guidelines for reopening of hospitality sector published Previous articleSecond man arrested in connection with Donaldson murderNext articleGAA – Harte believes Tyrone will not win All Ireland News Highland Cllr Kavanagh says guided walking tours of town would boost tourism By News Highland – April 13, 2011 Twitter Three factors driving Donegal housing market – Robinson WhatsApp RELATED ARTICLESMORE FROM AUTHOR News NPHET ‘positive’ on easing restrictions – Donnelly Google+center_img LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Pinterest Google+ Calls for maternity restrictions to be lifted at LUH A Letterkenny councillor has called on the local council to set-up guided walking tours of the town during the Summer months to boost tourism.Letterkenny celebrates its 400 anniversary this year with a host of events planned.Councillor Jimmy Kavanagh says it’s almost impossible for tourists to find out about the history of the town.And the Fine Gael Councillor believes people would be willing to take the tours voluntarily…[podcast]http://www.highlandradio.com/wp-content/uploads/2011/04/jk1pm.mp3[/podcast] Pinterest Facebook Facebook WhatsApp Almost 10,000 appointments cancelled in Saolta Hospital Group this weeklast_img read more

Donegal estate agent new head of the IPAV

first_img Almost 10,000 appointments cancelled in Saolta Hospital Group this week Google+ By News Highland – May 7, 2010 Donegal estate agent new head of the IPAV Minister McConalogue says he is working to improve fishing quota 70% of Cllrs nationwide threatened, harassed and intimidated over past 3 years – Report Facebook Guidelines for reopening of hospitality sector published Facebook Letterkenny estate agent Paul Reynolds of Property Partners Reynolds & Co. has been appointed the new President of the Institute of Professional Auctioneers and Valuers.Mr Reynolds has highlighted a number of issues which he hopes to tackle during his presidency.These include the doubling of the exemption limit of 125,000 euro, to 250,000 euro, which would see the  €200 allowable as a tax deductable expense against rental incomeHe says people letting houses are providing an important function that the council cannot: LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Google+center_img Need for issues with Mica redress scheme to be addressed raised in Seanad also Twitter Twitter Pinterest Pinterest WhatsApp Newsx Adverts Previous articlePat the Cope labeled ‘last man standing’ in pension controversyNext articleGweedore principle praised for stance on underage drinking News Highland WhatsApp RELATED ARTICLESMORE FROM AUTHORlast_img read more