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Home | News (page 30)

Establishing Credit History Harder in Low-income Areas

A new study shows that consumers located in lower-income areas are more likely to establish credit history through negative means, like debt collection, than those in higher-income areas. While 27 percent of low-income area consumers establish their history through what are called “nonloans,” just 7.9 percent of consumers in high-income areas establish credit via these non-loans. The study also found the percentage of Americans who became credit visible due to student loans more than doubled over the last decade.

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DIMONT Promotes Tom Stover to Chief Solutions Officer

Tom Stover has recently been promoted to CSO at DIMONT, a provider of specialty insurance and loan administration services to the residential and commercial mortgage industries. Denis Brosnan, President and CEO of DIMONT, said, “Tom’s promotion is in recognition of his continuing contributions to DIMONT, and his proven ability to develop innovative solutions.”

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Young People Buying Homes Earlier but for Similar Reasons

According to the second quarter Real Estate Sentiment Index, which polls industry professionals across the country to gain their unique insight about the future of the housing market, young people aged 26-30 are the number one demographic for first time home buyers. Their reasons? Financial investment and starting a family, which echoes past generations' reasons for becoming homeowners. Industry professionals are also confident in rising residential purchases, and in some states, price growth.

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Patenaude Has Nomination Hearing, Rumors of Otting’s Nomination Confirmed

Monday Pamela Patenaude appeared before the Senate Committee on Banking, Housing, and Urban Affairs for her nomination hearing for Deputy Secretary of the Department of Housing and Urban Development. Patenaude believes her history as the Assistant Deputy will set her up well for this position, if confirmed. The rumors of the intent to nominate Joseph Otting for the Comptroller of the Currency were also confirmed recently in a statement from President Trump.

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GSEs: Where Should the Money Go?

For four months, the Department of the Treasury, GSEs, and Federal Housing Finance Agency have been in disagreement with Fannie and Freddie investors on where profits should be directed. Though the D.C. Circuit affirmed a lower court’s ruling that actions taken under the FHFA’s conservatorship of the GSEs cannot be challenged in court, the shareholders are now taking matters to the full D.C. Circuit for a rehearing. The FHFA and Treasury are now urging the D.C. Circuit not to modify its original ruling.

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Gen X Anxious and Fearful for Financial Future

Generation X, aged 28-52, have a worse financial outlook than any other group. Having lost nearly half their wealth after the housing market collapse, over a third of Gen-Xers believe we are headed for an inevitable financial crisis in the near future. “For this reason, many are paying down their mortgages to reduce payments and guard against possible foreclosure in a downturn,” said one industry expert.

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Detroit Tops Single-Family Investments List

According to Q1 data, Detroit offers investors the highest gross yield when it comes to single-family properties. The city came in No. 1 out of the nation’s top 25 metros, with a 17 percent average gross yield for the quarter. Cleveland and Milwaukee came in at No. 2 and No. 3, respectively. Detroit also had the highest number of investor purchases over the last year, indicating increasing interest in the market.

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Home Prices Up and Not Coming Down Anytime Soon

A Home Price Index (HPI) and HPI Forecast for April 2017 was released Tuesday showing home prices up both in year-over-year and month-over-month. Increased buying activity was paired with low mortgage rates, which were at their lowest since November 2016. Forecast data show more increases to come in 2018.

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New Professional Requirements, Tech Could Improve Appraisals

The real estate appraisal process has long been bemoaned as slow, inefficient, and more advantageous to cash buyers, but according to appraisal experts at a recent panel discussion, there are ways to change that. Among them? Streamlining the process, reevaluating professional requirements, and adopting new technologies. Data shows that the number of licensed appraisers has dropped significantly over the last decade, due to volatility in the industry. Changing up licensing requirements could alleviate this issue.

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CFPB Gets a Win in Ocwen Case

Ocwen Financial Corporation sued the Consumer Financial Protection Bureau in late April claiming Ocwen had failed borrowers in every stage of the mortgage servicing process. Though the two went back and forth about getting the ruling on the CFPB’s constitutionality expedited, ultimately the request was denied. Ocwen's bid to test the constitutionality of the CFPB has now been delayed.

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