CFPB Considers Opening the Door for Class Action Lawsuits

first_imgHome / Daily Dose / CFPB Considers Opening the Door for Class Action Lawsuits Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago Related Articles Tagged with: Arbitration Clauses CFPB class action lawsuits 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 About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: IG Condemns FHFA’s Review of GSE Budgets Next: Top Democratic Lawmaker Wants More Information from Big Banks on Settlementscenter_img The Best Markets For Residential Property Investors 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  Print This Post 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. October 7, 2015 1,607 Views Arbitration Clauses CFPB class action lawsuits 2015-10-07 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago CFPB Considers Opening the Door for Class Action Lawsuits Sign up for DS News Daily The Consumer Financial Protection Bureau (CFPB) announced on Wednesday it is considering proposing rules that will make consumer financial companies more accountable to the customers they serve.The Bureau is considering a proposal that would prevent consumer financial companies from using “free pass” arbitration clauses that would prevent consumers from bringing class action lawsuits to obtain relief, according to an announcement from the CFPB. These arbitration clauses are typically buried in contracts for consumer financial products and deny consumers the right to sue companies in groups. Companies can use the “free pass” to avoid class action lawsuits from consumers that would require them to hand out big refunds.“Consumers should not be asked to sign away their legal rights when they open a bank account or credit card,” CFPB Director Richard Cordray said. “Companies are using the arbitration clause as a free pass to sidestep the courts and avoid accountability for wrongdoing. The proposals under consideration would ban arbitration clauses that block group lawsuits so that consumers can take companies to court to seek the relief they deserve.”Contracts for consumer financial products and services (such as bank accounts or private student loans) often include arbitration clauses that typically state that the company or consumer can require disputes about the product to be resolved by privately appointed arbitrators instead of through the courts. Generally, either side can block a lawsuit from proceeding by invoking such a clause, the clause can also bar consumers from bringing group claims through the arbitration process, according to CFPB.”Companies are using the arbitration clause as a free pass to sidestep the courts and avoid accountability for wrongdoing.”Since these arbitration clauses are contained in a wide range of consumer financial products, the clauses affect tens of millions of consumers, according to CFPB. In essence, the arbitration clauses force consumers to resolve their claims against companies individually, which few consumers end up doing, instead of as part of a group lawsuit.Congress requires the CFPB, Dodd-Frank Wall Street Reform and Consumer Protection Act, to study the use of arbitration clauses in consumer financial markets. The CFPB is permitted by Congress to issue regulations in the public interest to protect consumers. The findings of the CFPB’s report, issued in March 2015, showed that consumers’ relief for disputes with financial service providers are restricted because companies use the arbitration clauses to block class action lawsuits. The study also found that the majority of consumers did not even know the arbitration clauses existed—for example, in the credit card market, 75 percent of the consumers did not know whether their contract contained an arbitration clause, and less than 7 percent of consumers surveyed knew that the arbitration clauses restricted their ability to bring litigation against the company.According to the CFPB, the proposals being considered would not ban arbitration clauses entirely, but would require the clauses to explicitly say they do not apply to class action lawsuits unless and until the court denies the class certification or the court dismisses the class claims.The benefits of the proposals include:A day in court for consumers. The proposals would allow consumers to have their day in court to hold companies accountable for wrongdoing.Deterrent effect. The proposals would give companies an incentive to comply with the law in order to avoid litigation.Increased transparency. The proposals would make the arbitration more transparent by requiring companies that invoke the arbitration clauses to submit claims filed and awards issued to the CFPB in arbitration.Click here to see an outline of the proposals under consideration. Subscribelast_img read more

CFPB’s Complaint Volume is Swelling

first_img Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: CFPB Consumer Complaint Database Consumer Complaint Shapshot Mortgage-Related Complaints 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. The Consumer Financial Protection Bureau (CFPB) opened its doors in July 2011 and immediately began accepting consumer complaints about various financial products such as mortgages, credit cards, and bank accounts and services.As of January 2016, the number of consumer complaints the Bureau has handled since opening its doors rose to 790,000, according to the 7th volume of the CFPB’s Consumer Complaint Snapshot for December 2015 released on Thursday. Approximately 20,300 of those complaints were received in December 2015.“Many of the financial services examined in today’s report are used by people struggling to make ends meet who can least afford to have issues with their financial products,” CFPB Director Richard Cordray said. “The Bureau will continue to use complaints submitted about these products to target bad actors in the financial marketplace.”Despite being the second-most complaint about financial product in December behind debt collection, mortgages remained the most complained about financial product to the Bureau as of January 1, 2016, with 209,618 total complaints, with debt collection coming in a close second at 205,082. Credit reporting is third with 127,284. These three categories have combined for about 542,000 complaints, which is more than two-thirds of the complaints the Bureau has received in its four-and-a-half year history.The CFPB’s top three complained about financial services products for December 2015 and overall.In the New York metro area, the geographic region spotlighted in the December Consumer Complaint Snapshot, mortgages are the most complained about product. Out of the 57,700 complaints the CFPB has received from consumers in the New York metro area, 27 percent of them have been about mortgages.In June 2012, the CFPB launched its Consumer Complaint Database online that included basic, anonymous, individual-level information about the complaints received. In June 2015, the CFPB began allowing consumers to publish narratives of their complaints. In April 2015, the Five Star Institute and Black Knight Financial Services released a white paper on Friday titled Analysis and Study of CFPB Consumer Complaint Data Related to Mortgage Servicing Activities to provide more context around complaints the Bureau receives on mortgages.Click here to view the entire CFPB Consumer Complaint Snapshot for December 2015.Editor’s note: The Five Star Institute is the parent company of DS News and DSNews.com. Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: The Great Debate: Has the Homeownership Rate Bottomed Out? Next: Lower Legal Costs Offset Headwinds for Banks’ Q4 Earnings CFPB’s Complaint Volume is Swelling Servicers Navigate the Post-Pandemic World 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 Share Save CFPB Consumer Complaint Database Consumer Complaint Shapshot Mortgage-Related Complaints 2016-01-28 Brian Honea  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / CFPB’s Complaint Volume is Swelling January 28, 2016 1,683 Views Subscribelast_img read more

Senator Seeks Shakeup at CFPB

first_imgHome / Daily Dose / Senator Seeks Shakeup at CFPB  Print This Post Senator Seeks Shakeup at CFPB Demand Propels Home Prices Upward 2 days ago Tagged with: CFPB deb fischer Data Provider Black Knight to Acquire Top of Mind 2 days ago CFPB deb fischer 2017-02-02 Phil Banker Previous: Distressed Sales Reach Near Decade Low Next: Setting it Right: Goldman Sachs Works Toward Agreement in Daily Dose, Featured, Headlines, News Phil Banker began his career in journalism after graduating from the University of North Texas. He has covered a number of communities across Texas and southern Oklahoma, writing news and sports for publications including the Ardmoreite, Ennis Daily News and the Plano Star-Courier. He is currently a contributor to DS News and The MReport. Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 2, 2017 1,081 Views About Author: Phil Banker The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Third time may indeed be the charm for Sen. Deb Fischer (R-Nebraska).As Democratic lawmakers and attorneys general from several states join together to defend the embattled Consumer Finance Protection Bureau and its director Richard Cordray, Fischer on Tuesday re-filed legislation to replace the Bureau’s single director structure with a five-member bipartisan board of directors.According to a statement released on Fischer’s website, the Consumer Finance Protection Board Act would create a board on which would sit five members appointed by the president and confirmed by the Senate with the president appointing the chair.Board members would each serve staggered five-year terms, and no more than three members would be from the same political party.“For years, the bad decisions made by a single director at the CFPB have kept families locked out of economic opportunity,” Fischer said on her website. “My bill would prevent this misconduct by divesting the authority from one director to a five-member bipartisan board. This much-needed structural adjustment would bring accountability to the bureau and give more Americans a chance to build their own businesses and provide for their families.”Cosponsors of the bill include Senators John Barrasso (R-Wyoming.) and Ron Johnson (R-Wisconsin).Fischer mentions the October 2016 ruling by the U.S. Court of Appeals for the D.C. Circuit ruling that said the structure of the CFPB unconstitutional, saying the board goes against the principles of separation of powers.“Make no mistake: This consolidation of power is the crux of the matter,” Fischer said. “The court made this point clear, stating that the current director, Richard Cordray, ‘enjoys more unilateral authority than any other officer in any of the three branches of the U.S. Government, other than the president.’”Fischer introduced similar versions of the bill in previous legislative sessions, once in 2016 and again in 2014. Both would have likely faced immediate veto by then-President Barack Obama, but could very well find success with President Donald Trump.Trump has already indicated a willingness to weaken Dodd-Frank, the Act which authorized the creation of the CFPB. Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

JPMorgan Chase Beats Wall Street Revenue Estimates

first_img Previous: Previous Post Next: Starter Homes vs. Renting: Where Homeowners Can Save  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago October 12, 2017 1,682 Views Tagged with: JPMorgan Chase Related Articles Share Save Home / Daily Dose / JPMorgan Chase Beats Wall Street Revenue Estimates Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 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] Demand Propels Home Prices Upward 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Subscribe About Author: Brianna Gilpin JPMorgan Chase 2017-10-12 Brianna Gilpin The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Headlines, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago JPMorgan Chase Beats Wall Street Revenue Estimates  JPMorgan Chase released its Q3 2017 financial results Thursday morning with reported revenue at $25.3 billion and managed revenue at $26.2 billion—well above Wall Street estimates. Bond Trading, however, was worse than projected with a 27 percent drop.The bank reported $6.7 billion in net income, which is $1.76 a share, $0.10 over the $1.65 consensus. Mortgage banking revenue was down 17 percent to 1.6 billion for Q3, attributed to lower net servicing revenue, loan spread compression, and more moderate production margins.“JPMorgan Chase delivered solid results in a competitive environment this quarter with steady core growth across the platform,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase. “And for the first time, the Firm led the nation in total U.S. deposits, as consumers and businesses continue to view us as their partner of choice.”Noninterest expense in consumer and community banking was $6.5 billion, which is flat compared to 2016. According to the report, the prior year included two items totaling $175 million related to liabilities from a merchant in bankruptcy and mortgage servicing reserves. If the company were to exclude those two factors, noninterest would have been up 3 percent, driven by higher auto lease depreciation and business growth, partially offset by lower marketing expense.The provision for credit card losses, which was $1.5 billion (an increase of $223 million), was driven by higher net charge-offs, due to card, but offset by Mortgage and a higher reserve build in card.“The global economy continues to do well and the U.S. consumer remains healthy with solid wage growth,” Dimon said. “Unfortunately, natural disasters in the U.S. and abroad have impacted many of our customers and we have responded with enormous financial support as well as the expertise and generosity of our employees to help these customers, clients and communities.”Dimon added that JPMorgan Chase is building on its success in Detroit by announcing new initiatives in Chicago and Washington, D.C., to drive inclusive economic growth in those communities.“We will be there to do our part,” Dimon said.last_img read more

Full Speed Ahead with Mortgage Tech

first_imgHome / Daily Dose / Full Speed Ahead with Mortgage Tech  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago 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 Sign up for DS News Daily Buyers Finance Homes HOUSING Loan origination Regtech sellers Technology 2018-04-05 Radhika Ojha Tagged with: Buyers Finance Homes HOUSING Loan origination Regtech sellers Technology Demand Propels Home Prices Upward 2 days ago Previous: Are New Recording Fees Solving California’s Housing Issue? Next: Houston Updates Building Codes in Floodplain Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Subscribecenter_img in Daily Dose, Featured, Print Features Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Editor’s Note: This story was originally featured in the April issue of DS News, out now.By Michael HarrisTechnology has been the go-to answer for dealing with change in our industry since around the late 1980s. The mortgage lending business has used technology to automate and digitize a process that had traditionally been buried in piles of paper. In fact, we have accomplished so much here that most people don’t even notice that our business adopts technology more slowly than just about any other industry.Changes in our industry have continued to be fomented by both market and regulatory forces. A keen observer of these will attempt to forecast both the business and technological evolutions that must be adopted not just to cope, but to lead. The pace of these changes require that we look several steps ahead. We certainly saw that just after the financial crash, when it became clear that one in 10 home loan borrowers would go into default. The same thing happened to loan origination system (LOS) developers during the runup to the crash.With loan volumes three times as high as they had ever been before, lenders were struggling to keep up. The problem was that most of the new business was subprime and the old LOSs didn’t work as well with those “story” loans. They needed new tools if they were going to keep up with Wall Street’s appetite for assets they could securitize. There were plenty of observers in those days warning of the imminent crash. We must look at leading indicators in the development and adoption of new technology with the same diligence that we have always read the tea leaves that might forecast changes in interest rates. With that goal in mind, let’s explore five hot tech trends and see what they may mean for our business in 2018.TREND 1: PLATFORM CROWDINGFor the longest time, much of the work performed by industry technologists had to do with writing code to seamlessly connect different systems, owned and controlled by different parties. Ensuring data integrity, security, and ease-of-use was tough work. No one wanted to give up too much about their own proprietary systems. Today, that work is pretty much all done for us by the software.The Application Programmer Interface (API) made it possible for the programmer to expose data feeds and query hooks into a system, making it easy for another programmer working on another system to connect and share information. Today, there are a great many APIs accessible via the internet that can allow a coder to reach out and get just about any kind of information they need. Security is built in. Data integrity is a function of the standards and protocols created by the API developer.This has contributed to a shift from software application development to platform development, where the platform user connects to various other necessary systems via APIs to get the information required to complete the work. As a consequence of this, we’re seeing more partnerships where platform providers are gaining access to systems operated by third parties that already work with lenders or servicers. This means that users of the platform don’t have to buy or install software from the third party anymore. They can just connect it to their existing platform, whether that be a LOS, a servicing platform or an asset management platform.What does this suggest for the future? We think it means that platform developers have to do a better job of finding, vetting and connecting to the applications that their users need. It has now become a primary driver of their customer’s satisfaction. Th e companies that do it best will be most successful.It also means that more users from different parts of the industry are likely to crowd onto the best platforms, regardless of who those systems were originally designed to serve. We’re seeing that now with some of our urban revitalization efforts. We’re working with asset managers, as usual, but now we’re also making room for investors, lenders, field services personnel, and community-based organizations. They don’t all need their own platforms. They just need a platform that can connect them all together to meet their mutual goals.TREND 2: DEMAND FOR MORE TRANSPARENCYThe concept of the “black box” has fallen out of favor. Today, it’s not good enough to just tell a party to a transaction, a business partner or a regulator that the right information is in there. You must be able to prove it. Everyone wants to know what information exists where and where it’s going next.Consequently, we’re seeing a big shift toward transparent platforms. In fact, I would go so far as to say that if you don’t offer full transparency, your platform will struggle to get user adoption.From data we began collecting in 2015, we’ve seen with the launch of new software we created for transparent real estate offer management, that REO managers were seeing a significant increase in a number of important metrics related to the sale of REO properties as well as a reduction in time on the market. These improvements only occur with transparency built into the platform. Here are some of the metrics we found after studying nearly 425,000 offers placed through the system.Sellers saw an increase of 66.74 percent in the average number of initial offers (not counters) per propertySellers received 3.15 more offers for a total of 7.87 per propertyThe average days on market per property decreased by 9.33 daysThe average percentage of sale price to initial listing price increased by 11.13 percent, resulting in sellers getting 107.88 percent of their listing priceTransparency is a good and necessary thing. But we expect to see the push for even more transparency across all of our industry’s platforms. In the end, we expect this to increase adoption for the industry’s best platforms and wash the others out.TREND 3: REGTECH WILL GET BUILT INOver the past few years, we’ve all watched the rise of Regtech with various states of anxiety. Regtech is built specifi cally for regulatory compliance. On the one hand, technology is our only hope for complying with an avalanche of new rules. On the other, the idea of having to buy, install, train for, and then demand adoption of new technologies is never comfortable for anyone. As the rules continue to change, we expect the technology to evolve in order to keep up, but the real trend is the way companies are choosing to use it.More and more, we’re hearing customers demand that the Regtech they need be either built into our systems—where much of it already lives –or to be seamlessly connected so that users can access it without leaving their normal working platform. This implies that many of the developers working on compliance technology will get purchased by platform developers in the near future, which is the exit strategy for which many of these developers have secretly hoped would happen.TREND 4: MORE TOOLS WITH MOBILE REACHLoan originators and the software developers that serve them have all done a great job moving the front end of the home finance transaction out beyond our traditional platforms. They have created portals and apps that are allowing more borrowers to interact with their lenders the way they want to and on their own schedules. But the loan origination process is just the tip of the iceberg.An American consumer may spend 30 days or more going through the work of buying a new mortgage loan, but they will spend a much longer period of time paying it back. Some borrowers, the minority, spend 30 years on a conventional loan that they spend just a few weeks originating. This suggests that the servicing industry should be doing more to connect with borrowers in the mobile space because there will be more pressure on servicers to maintain customer relationships in those cases where buyers have bought in haste, or bought the wrong product.I don’t think this has happened in the past because the nature of the servicing business has always been about processing payments and less about customer relationship management. Th at’s going to change for a lot of reasons that have nothing to do with technology. It’s going to be about customer service expectations that loan buyers have developed from all their other online transactions, increasingly on their mobile devices. Buyers will continue their interest in communicating even after the loan closes.The plus for servicers is that in the unlikely event that the borrower gets into trouble, they have more ways to stay in touch with the borrower and more of an opportunity to get the consumer back on track. It may not always work, but it’s got to be better than the method’s default servicers have been using up to now to track down borrowers that fall off the grid when they get into trouble.TREND 5: NO PAPER ANYWHEREFinally, technology will, after decades of working on the problem, get paper out of our process. With everything in the process now fully electronic, including the note, there’s no reason for the lender to keep holding onto paper. This is good news because the lender will no longer have to spend the time and money collecting all of the paper, stacking it up, sending it to the investor, who will send it to the servicer, who will give it to a custodian, who will lose it.This doesn’t mean there won’t be any paper involved in closing a mortgage loan, just that lenders won’t have to worry about it. While we’re still seeing lenders paper out at the end of the process, it’s primarily so borrowers have something they can take home with them, other than 30 years of debt that is. Consumers still want the paper, at least some of it. And that’s a consumer technology trend that will continue until we get consumers to completely trust our industry. That could take a while.I think the important thing to note in all of the trends we have identified in this article is that none of them are really about new technologies. Rather, they are focused on people and the way people are choosing to use technology today. These trends will determine which tools get used.There may yet be new technologies developed, but it is unlikely that they will impact our industry in the near future. We already have tools to take our business to consumers where they want it and when be that at home or on a mobile device. We have digital signatures and secure systems through which to view and sign the documents. I don’t think it’s likely that we’ll have consumers asking us to close a loan or handle a dispute in virtual reality, at least not any time soon.No, we have the tools we need to get our work done and to satisfy our customers. The only question now is how we will use them. 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Full Speed Ahead with Mortgage Tech Share Save April 5, 2018 2,766 Views About Author: Radhika Ojhalast_img read more

The Week Ahead: Focus on Bankruptcy and Title Litigation

first_img Demand Propels Home Prices Upward 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Home / Daily Dose / The Week Ahead: Focus on Bankruptcy and Title Litigation The Best Markets For Residential Property Investors 2 days ago January 11, 2019 1,284 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Bankruptcy Legal League 100 Litigation Webinar 2019-01-11 Radhika Ojha The Week Ahead: Focus on Bankruptcy and Title Litigation Sign up for DS News Daily Related Articles Tagged with: Bankruptcy Legal League 100 Litigation Webinarcenter_img in Daily Dose, Featured, Foreclosure, News Subscribe Demand Propels Home Prices Upward 2 days ago On Wednesday, at 2 p.m. CST, join a complimentary webinar from the Legal League 100 that focuses on the developments in bankruptcy and title practices. Presented by Keena Newmark, Managing Attorney of Bankruptcy Operations, Padgett Law Group and Steven Kelly, Managing Attorney of Bankruptcy, Stern & Eisenberg, the webinar will cover critical updates on GSE regulations and the latest shifts in foreclosure and bankruptcy practices.The Legal League 100 is a premier professional association of financial services law firms in the United States. With more than 100 member law firms spanning nearly 50 states and an organic, firm-driven leadership structure, the Legal League 100 is uniquely positioned to drive progress in the mortgage servicing industry. The first in Legal League 100’s webinar series for 2019, this informative webinar will explore the developments that financial services attorneys need to know right now and how they should be preparing for impending changes. Click here to register for this webinar.Here’s what else is happening in the week ahead:Q4 Results for JPMorgan Chase, Wells Fargo, and Citi, Tuesday, 8 a.m. ESTMBA Mortgage Applications, Wednesday, 7:00 AM ESTNAHB/Wells Fargo Housing Market Index, Wednesday, 10:00 AM ESTCensus Bureau Housing Starts, Thursday, 8:30 AM ESTFed Balance Sheet, Thursday, 4:30 PM ESTFreddie Mac, Primary Mortgage Market rates, 10 a.m. ESTAMDC Webinar: The State of Housing in Black America, 2 p.m. CST  Print This Post Previous: Movement Mortgage Buys Eagle’s Retail Ops Next: Bendett & McHugh’s Garden on CMBA Board Share Save About Author: Radhika Ojha Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

What’s Behind Racial Disparities in Homeownership?

first_img The homeownership gap between black and white homeowners has widened to its largest level in over 50 years, according to the Urban Institute. In a new research report from Urban’s Housing Finance Policy Center, Researchers Jung Hyun Choi, Alanna McCargo, Michael Neal, Laurie Goodman, Caitlin Young, analyze what has caused these disparities.According to the research, just 17% of the homeownership gap remains unexplained by observed variables and could be caused by differences in parental wealth, information networks or the vestiges of policies and structures that have made it difficult for black households to obtain and benefit from homeownership.At the national level, median household income for black households is substantially lower than for white households ($38,183 versus $61,363 in 2017).Urban also notes that Marital status has a strong association with homeownership rates. Income is one of the largest disparities in homeownership. The gap is large among low-income households but is less than 10% percentage points for households earning more than $150,000. The gap jumps to 27% for households earning less than $25,000 and 28% for households earning between $25,000 and $50,000. Low-income white households are more likely to be homeowners, and white households at the lowest income levels still have a higher overall homeownership rate than black households, at over 50%.Another key disparity is credit scores. According to the study, 50% of white households have a FICO credit score above 700, compared with only 20.6% of black households. Renting is one factor driving this difference.“The data show that black people are disproportionately more likely to have thin credit histories and no credit scores,” Urban states. “This is a key point because in the housing context, we know that most black households are renters and that rental payments are largely unreported to traditional credit bureaus.”Marital status is an important barometer for homeownership. Compared with white households, black households are less likely to get married. If black households were married at the same rate as white households, the black homeownership rate would increase 9 percentage points.Find the complete Urban Institute report here. The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Share 1Save Home / Daily Dose / What’s Behind Racial Disparities in Homeownership? Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Black homeowner in Daily Dose, Featured, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Black homeowner 2019-10-11 Seth Welborn About Author: Seth Welborn Previous: Measuring Rents With Single-Family Demand Next: The Week Ahead: Economic Activity’s Growth Measured Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 11, 2019 1,238 Views What’s Behind Racial Disparities in Homeownership?  Print This Post 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Cllr McDermott says clarity needed around group water schemes

first_img A Donegal County Cllr has said that hundreds of householders on group schemes in the county have no idea if they will or will not be paying water charges.There are some 365 privately sourced group water schemes across the State, with the majority of those in Co Donegal.Cllr Martin McDermott says he has contacted Irish Water and they have told him they have no idea how they are going to bill people.He says clarity is needed:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/02/mmcd.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. NPHET ‘positive’ on easing restrictions – Donnelly By News Highland – February 16, 2015 Nine Til Noon Show – Listen back to Wednesday’s Programme News, Sport and Obituaries on Wednesday May 26th Twitter Cllr McDermott says clarity needed around group water schemes Homepage BannerNews Twitter WhatsApp Pinterest Facebookcenter_img Previous articleMayo too strong for Donegal in National Hurling League Div. 2BNext articleIreland shock West Indies in Cricket World Cup News Highland WhatsApp Three factors driving Donegal housing market – Robinson Pinterest Google+ 448 new cases of Covid 19 reported today Google+ Help sought in search for missing 27 year old in Letterkenny Facebook RELATED ARTICLESMORE FROM AUTHORlast_img read more

Rally in support of Donegal Home Help Service in Letterkenny on Friday week

first_img Guidelines for reopening of hospitality sector published Facebook News Google+ A march and rally in support of the Donegal Home Help Service will take place in Letterkenny on Friday week next, the 19th of October. At 1 o’clock, the march will proceed from St Conal’s Hospital to Market Square where speeches will be made and a soup kitchen set up.The trade unions IMPACT and Siptu say a show of strength is necessary after confirmation by the HSE that over 1,500 hours per week will be cut from the Home Help Service across Donegal in a national cost cutting exercise.IMPACT North West Assistant General Secretary Richy Carrothers says Edvard Munch’s painting “The Scream” is being used on posters in a bid to depict the horror the cuts will cause………..[podcast]http://www.highlandradio.com/wp-content/uploads/2012/10/rich1pm.mp3[/podcast] WhatsApp Previous articleHealth Service Executive urging people to get the flu vaccineNext articleGardai investigate alleged extortion at betting shop in Lifford News Highland Facebook By News Highland – October 9, 2012 Three factors driving Donegal housing market – Robinson Pinterest Rally in support of Donegal Home Help Service in Letterkenny on Friday weekcenter_img Calls for maternity restrictions to be lifted at LUH WhatsApp Google+ RELATED ARTICLESMORE FROM AUTHOR Pinterest 448 new cases of Covid 19 reported today NPHET ‘positive’ on easing restrictions – Donnelly Help sought in search for missing 27 year old in Letterkenny Twitter Twitterlast_img read more

£200,000 of damage done in overnight arson attack in Derry

first_imgNews Previous articleBallyhea Protest Group to come to Northwest next weekendNext articleFianna Fail launches attack on Sinn Fein and DUP in the North News Highland Pinterest By News Highland – October 20, 2012 LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Facebook Pinterest £200,000 of damage done in overnight arson attack in Derry Construction equipment worth around £200,000 has been destroyed in an overnight arson attack in Derry.Just after 3 o clock this morning, police received a report that a bulldozer parked at a construction site at Brooke Park had been set on fire.Foyle MLA, Mark H Durkan, said the machine was being used in a major redevelopment project at the park.He said he now feared the construction work would be delayed and the local community would lose out as a result….[podcast]http://www.highlandradio.com/wp-content/uploads/2012/10/markh.mp3[/podcast] Google+ Twitter Twittercenter_img WhatsApp Three factors driving Donegal housing market – Robinson WhatsApp Facebook Google+ Guidelines for reopening of hospitality sector published Almost 10,000 appointments cancelled in Saolta Hospital Group this week RELATED ARTICLESMORE FROM AUTHOR NPHET ‘positive’ on easing restrictions – Donnelly Calls for maternity restrictions to be lifted at LUH last_img read more