Month: May 2021

Bank of America Legal Expenses Hurt Q1 Earnings

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Related Articles in Daily Dose, Featured, Headlines, Loss Mitigation, News Legal expenses took a substantial bite out of Bank of America’s first-quarter earnings, resulting in a net loss of $276 million to start the year.The loss follows a profitable fourth quarter of 2013, which saw the bank taking in $3.4 billion. For the first quarter of 2013, BofA reported net income of $1.5 billion.The results for the first quarter include $6 billion in litigation expenses related to a major settlement the Federal Housing Finance Agency (FHFA) over legacy securities claims. Also figuring in were additional reserves for previously disclosed legacy mortgage-related issues.“The cost of resolving more of our mortgage issues hurt our earnings this quarter,” said Brian Moynihan, CEO of the North Carolina-based megabank. “But the earnings power of our business and customer strategy generated solid results and we continued to return excess capital to our shareholders.”As was the case with other banks in the first quarter, BofA also mortgage banking revenues decline. The company’s Consumer Real Estate Services (CRES) division reported a net loss of $5.0 billion in Q1, largely on the back of a $3.8 billion increase in litigation costs. Revenue declined to $1.2 billion, with the decrease driven almost entirely by a $548 million decline in servicing revenue—reflecting a smaller portfolio—and a $542 million drop in core production due to lower loan originations.CRES first-mortgage originations fell 65 percent compared to the first quarter of 2013, “reflecting a decline in the overall market demand for refinance mortgages,” the bank reported. Core production revenue was down to $273 million from $815 million a year prior thanks to the slowdown in volume and a reduction in margins.On the other hand, the bank a bit of a silver lining in the form of lower credit loss provisions, which were down $310 million from last year, thanks to continued improvement in portfolio trends. Demand Propels Home Prices Upward 2 days ago Subscribe Share Save Tagged with: Bank of America Legal Fees Quarterly Earnings Securities Previous: PNC Reports Q1 Income of $1.1 Billion Next: Seriously Underwater Properties Fall to Lowest Level in Two Years Sign up for DS News Daily Bank of America Legal Fees Quarterly Earnings Securities 2014-04-16 Tory Barringer The Best Markets For Residential Property Investors 2 days agocenter_img April 16, 2014 935 Views Servicers Navigate the Post-Pandemic World 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 Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Bank of America Legal Expenses Hurt Q1 Earnings Servicers Navigate the Post-Pandemic World 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 Bank of America Legal Expenses Hurt Q1 Earnings Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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Bill Calling for CFPB Transparency Passes in House by 401 to 2 Vote

first_imgSign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Previous: First Quarter Sees Solid Year-Over-Year Revenue Increases for Wells Fargo, Chase Next: Fed Reports ‘Steady to Improving’ Residential Real Estate Activity in Most Districts CFPB Sean Duffy U.S. House of Representatives 2015-04-15 Brian Honea Share Save H.R. 1265, a bill calling for more transparency from the Consumer Financial Protection Bureau (CFPB), passed in the U.S. House of Representatives by the vote of 401 to 2 earlier this week.The bill, better known as the Bureau Advisory Commission Transparency Act, was introduced by Representative Sean Duffy (R-Wisconsin) on March 4 with co-sponsors Randy Neugebauer (R-Texas) and Andy Barr (R-Kentucky). The bill calls for each advisory committee and subcommittee of the CFPB to be subject to the provisions of the Federal Advisory Committee Act, making the proceedings of those committees open to the public.”This bill ensures we as an American family can see what takes place at the CFPB – it makes complete sense,” Duffy said during the debate on H.R. 1265. “This is about making government work; making it accountable and transparent. That should start at these meetings.” To watch Duffy’s remarks during the debate, click here.Many Republican lawmakers have long viewed the CFPB, which was created out of the Dodd-Frank Wall Street Reform Act of 2010, as overreaching and unaccountable, and have been pushing for a major overhaul of the Bureau since gaining a majority in both the House and the Senate in November. Some Democrats have criticized Republicans’ efforts at reforming the CFPB and have repeatedly vowed to fight any legislative attempts at such reform, but H.R. 1265 passed in the House with overwhelming bipartisan support – 230 Republicans and 171 Democrats voted in favor of the bill. The only two who voted nay were Jerrold Nadler and Nydia Velázquez, both Democrats from New York.House Financial Services Committee Ranking Member Maxine Waters (D-California), who has been a vocal critic of Republicans’ efforts to reform the CFPB, was one of the 401 representatives who voted in favor of the bill.A CFPB spokesman declined to comment on H.R. 1265, but noted that the full meetings of the CFPB’s Consumer Advisory Board and Councils have been open to the public since May 2014.H.R. 1265 has been received in the Senate and referred to the Senate Committee on Banking, Housing, and Urban Affairs. That committee is currently chaired by Senator Richard Shelby (R-Alabama), who in the past has lamented the CFPB’s lack of accountability.Other legislation attempting to reform the CFPB is currently pending. Duffy introduced several other bills in early March as part of a comprehensive reform proposal. In February, Representatives Steve Stivers (R-Ohio) and Tim Walz (D-Minnesota) revived a bipartisan bill that would create an independent Inspector General for the CFPB that is appointed by the president and approved by the Senate. The Bureau currently shares an IG 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  Print This Post Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago 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. Bill Calling for CFPB Transparency Passes in House by 401 to 2 Vote Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img About Author: Brian Honea in Daily Dose, Featured, Government, News Tagged with: CFPB Sean Duffy U.S. House of Representatives Subscribe The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Bill Calling for CFPB Transparency Passes in House by 401 to 2 Vote Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago April 15, 2015 1,238 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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The State of Household Debt and Homeownership in America

first_img The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Seth Welborn April 4, 2017 1,354 Views in Daily Dose, Featured, Market Studies, News Tagged with: debt loans  Print This Post Previous: Home Prices Won’t Drop Anytime Soon Next: VA Home Loan Guarantee Program Faces Appraisal Problems Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer. The State of Household Debt and Homeownership in America Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago tweet Share Save The Best Markets For Residential Property Investors 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago On Monday, Fed President and CEO William C. Dudley discussed how household debt could reach its 2008 peak all over again later this year.“Following a period of steady deleveraging that began during the Great Recession, households have gradually increased their borrowing during the past three years,” said Dudley. “Later this year, total household debt is expected to reach its previous peak, from the third quarter of 2008. Given past experience, one might wonder whether this level of indebtedness is sustainable or a reason for concern.”Household debt reached a peak of $12.7 trillion in Q3 2008. Following the peak, debt declined for several years until recently. The past three years have seen a gradual increase in debt, reaching $12.6 trillion by Q4 2016. Borrowers have shifted away from housing-related debt into student loan and auto debt. While housing-related debt remains at $1 trillion below peak level, auto loan and student loan debt has increased by $367 billion and $671 billion, respectively. The Fed’s briefing ended with some notes on the state of student loans.The New York Fed noted that student loan debt has begun to level off, though still remain at a high level. Payment progress is particularly slow for those who borrowed more. Despite the debt, The New York Fed still found that those with higher degrees are still more likely to become homeowners than those without. The gap grows even more with age.Those with bachelor’s degrees and no debt become even more likely to own a home with age. That number increases even more for higher degrees. Even those who just attend college and don’t graduate, and still hold debt, are more likely to become homeowners. Home / Daily Dose / The State of Household Debt and Homeownership in America Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago debt loans 2017-04-04 Seth Welbornlast_img read more

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Military Family will Receive Free Home From Meritage Homes

first_img  Print This Post Dallas Homefront Program Military Operation Homefront 2017-05-26 Brianna Gilpin One of America’s military families will receive a new home now that Meritage Homes Corporation, a U.S. homebuilder, has renewed its partnership with Operation Homefront. The companies work together through the Homes on the Homefront program to place military families in new homes.“We are grateful to be partnering with Meritage Homes for the fifth year to place another deserving military family in a mortgage-free and energy-efficient home,” said Brig. Gen. (ret.) Robert Thomas, COO for Operation Homefront.Meritage Homes is donating a 2,038 square-foot, three-bedroom home in Dallas. The home will include a two-car garage, a covered outdoor living area and ENERGY STAR appliances. It will also include spray-foam insulation and energy-efficient windows that will save money by cutting down on cooling costs by 50 percent.The recipient of the new home will be selected by Operation Homefront, a national charity aimed at building stable and secure homes for military families, and announced on September 11. The keys will be awarded on Veterans Day. Thomas hopes the donation will allow military families to thrive in the communities that they have worked to protect.“We are proud to partner with Operation Homefront to help a military family realize their own American dream of owning a home,” said Steven J. Hilton, chairman and CEO of Meritage Homes. “They have helped to secure the freedoms we all enjoy, and as they transition back to civilian life, we hope that a safe, secure and mortgage-free home will make that transition easier.”This will be the fifth year that Operation Homefront will be working with Meritage Homes. The Homes on the Homefront program began in 2012 and has placed nearly 600 military families in mortgage-free homes, whose deeds are valued together at over $48 million.“I was floored by what Meritage Homes provides for veterans and military families,” said Staff Sgt. Joseph Moncrief, who received a home for his family of four last year in Phoenix, Arizona. “It’s a dream that we have been wanting for a long time. We no longer have to move constantly or worry where we are going next.” The Best Markets For Residential Property Investors 2 days ago May 26, 2017 1,224 Views Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily 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] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Military Family will Receive Free Home From Meritage Homes Tagged with: Dallas Homefront Program Military Operation Homefront About Author: Brianna Gilpin Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Seven Markets Enjoying Fast Closings Next: Fannie Mae Gets Green Light on Third Front-End CIRT The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago in Featured, Headlines, News Home / Featured / Military Family will Receive Free Home From Meritage Homes Subscribelast_img read more

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HouseCanary Announces Partnership

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago HouseCanary Announces Partnership Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] About Author: Nicole Casperson Share Save Home / Featured / HouseCanary Announces Partnership Demand Propels Home Prices Upward 2 days ago November 6, 2017 1,143 Views HouseCanary recently announced a partnership with an appraisal management company PCV Murcor. The partnership will further the expansion of HouseCanary’s Agile Appraisal Management Platform, a fast, flexible valuation platform with full USPAP and FIRREA compliance.PCV Murcor will leverage their appraisers and HouseCanary’s software to fulfill Agile Appraisal orders, accelerating Agile’s industry-leading appraisal completion time.“We are thrilled about partnering with PCV Murcor to continue modernizing the appraisal landscape,” said Alex Villacorta, Ph.D., HouseCanary’s EVP of Analytics. “With the Agile Appraisal platform, appraisers can efficiently spend their time and attention on the key aspects of the valuation, especially when utilizing our integrated tools around comp selection and adjustments.”Villacorta continued, “Agile Appraisal also provides quality rule checks at time of completion, thereby reducing revisions and saving time for all parties. Our partnership will bring efficiency and consistency to property valuation clients through this innovative bifurcation process.”In addition, PCVMurcor’s SVP of Operations Cindy Nassar said, “We are very excited to partner with HouseCanary to provide leading-edge valuations to our customers, and software to our appraisers. The industry desperately needs appraisal software and the expertise of a local appraiser to deliver best in class valuations quicker and lower cost to the consumer.” Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago HOUSING mortgage Movers and Shakers 2017-11-06 Nicole Casperson Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: HOUSING mortgage Movers and Shakers Previous: ProVest Acquires New Partner Next: Assurant Announces New Innovations  Print This Post in Featured, Headlines, News, Technology Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

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OwnAmerica Originates $76 Million in SFR Transactions

first_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Nicole Casperson The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Featured / OwnAmerica Originates $76 Million in SFR Transactions HOUSING Investors mortgage OwnAmerica Single-Family Rentals 2017-12-03 Nicole Casperson OwnAmerica, an online marketplace for single-family rental investments (SFR) announced the conclusion of 21 transactions totaling 656 homes. The company reports a surge in supply and demand for mid-sized SFR portfolios. Is Rise in Forbearance Volume Cause for Concern? 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago OwnAmerica Originates $76 Million in SFR Transactions Related Articles Sign up for DS News Daily 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] Subscribe December 3, 2017 1,045 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Tagged with: HOUSING Investors mortgage OwnAmerica Single-Family Rentals in Featured, Journal, Market Studies, News Share Save Demand Propels Home Prices Upward 2 days ago Previous: HouseCanary Announces New Partnerships Next: DocMagic’s Jonathan Kearns Appointed to MISMO Residential Standards Governance Committee Data Provider Black Knight to Acquire Top of Mind 2 days ago According to the release, 16 million SFR homes currently exist in the U.S., and the National Association of Realtors reports that over 1 million homes are purchased by investors every year. Investors in rental homes are increasingly attracted to fully occupied investment properties, as opposed to acquiring vacant homes and finding tenants.”Buyers of single-family rentals view occupied portfolios the same way any commercial investor would view a fully occupied office building, shopping center, or apartment complex,” said Greg Rand, CEO of OwnAmerica, “Buying occupied is more efficient, less risky and immediately profitable.”Selling portfolios of SFR as occupied rentals is more profitable for sellers as well. R. J. Palano, a private investor who used OwnAmerica.com to find buyers for 70 SFRs, said, “If I sold these properties the old way, by vacating them first, I would have lost 10 percent of the value due to downtime and repair costs. On top of that, it would have taken a year of my life and countless hours of my time. It was also important to me that my tenants didn’t have to move.”last_img read more

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Amazon HQ2: Which Markets Would Feel the Most Impact?

first_imgHome / Daily Dose / Amazon HQ2: Which Markets Would Feel the Most Impact? April 26, 2018 1,763 Views Demand Propels Home Prices Upward 2 days ago amazon Amazon HQ2 Home Prices Rent prices 2018-04-26 Scott Morgan Where will Amazon’s second headquarters finally land? It’s one of the biggest business questions in years, and it has generated many other questions. One of them is, which cities would see the feel the biggest impact on the local housing market from Amazon’s HQ2?Zillow’s money is on Nashville and Denver. The site said Wednesday that if workers started punching in at HQ2 in Nashville a year from now, the pace of rental price increases would be double what they would be without Amazon coming to town. In other words, median rents, now a little over $1,500 a month, would rise by 2.4 percent.A close second is Denver, which Zillow said would see a 2.3 percent bump in rents that are currently around $2,000 a month, median. Los Angeles, Raleigh, and Pittsburgh could also see a nearly 2 percent uptick in rents.The prize, of course, is an estimated 50,000 new jobs in whichever city Amazon selects. “And with those new jobs will likely come new residents, which in turn will boost demand for housing and potentially push up housing costs, particularly rents,” Zillow reported. Of the remaining 12 cities still in the running for HQ2, only one—Indianapolis—would see no change in rents, according to Zillow’s research. The only non-U.S. market under consideration, Toronto, would see a barely visible 0.2 percent uptick in rents. The Northeast Corridor also looks to have little potential disruption in the rent because of HQ2. Philadelphia and New York would each see median rent prices inch up less than 1 percent.The same is true for Atlanta and Washington, D.C. (i.e., northern Virginia), which Zillow in March dubbed the most likely Amazon HQ2 candidates. Were Amazon to open in a year, Zillow reported, rents would tick up about a half-percent in these metro areas.“Over the past decade, Amazon’s growth from a startup bookseller into one of the nation’s leading retailers has transformed its original hometown of Seattle,” Zillow reported. The region has consistently ranked as one of the nation’s hottest housing markets, though many forces beyond Amazon’s growth have propelled the Seattle market in recent years.”What that translates to for cities under consideration is that “all but two of the HQ2 finalist markets should expect a smaller impact on rents than Seattle has experienced,” Zillow reported. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Amazon HQ2: Which Markets Would Feel the Most Impact?  Print This Post Related Articles Demand Propels Home Prices Upward 2 days ago About Author: Scott Morgan Tagged with: amazon Amazon HQ2 Home Prices Rent pricescenter_img in Daily Dose, Featured, Journal, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Two Industry Veterans Hired to National General Lender Services Next: Riding the Wave of Innovation Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days agolast_img read more

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Black Knight’s New Digital Solutions

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Black Knight eOriginal Inc. Expedite Close Inc Technology 2019-03-11 Staff Writer Home / Daily Dose / Black Knight’s New Digital Solutions Sign up for DS News Daily in Daily Dose, Featured, News, Technology The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Black Knight eOriginal Inc. Expedite Close Inc Technology Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Sagent Lending Technologies Launches a New User Interface Next: Time and Policy to Heal New York Foreclosure Backlogcenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Stephanie Bacot is an experienced multimedia writer having created content for print, web, television, and more. She is the past producer of BIZTV, a national television network for businesses and entrepreneurs that reached more than 200,000 professionals. She has more than 15 years’ experience in healthcare marketing and was an advertising exec for Healthcare Journal of Baton Rouge, a trade publication focused on the healthcare industry, as well as the marketing director for a $5 million surgery center. Bacot is a graduate of Louisiana State University with a degree in Marketing and Communications. She resides in Dallas when she’s not pursuing her love of travel. Share Save The Best Markets For Residential Property Investors 2 days ago eOriginal Inc. has announced that Black Knight, Inc. will begin offering the company’s mortgage origination and settlement clients the ability to create, execute and deliver eNotes using eOriginal technology. Black Knight clients using the company’s Expedite Close digital closing solution will now be able to integrate eNotes into their mortgage origination process.Black Knight joins others in the industry such as Fannie Mae, MERSCORP Holdings and Wells Fargo Home Lending in leveraging eOriginal’s eNote technology to help provide system capability and liquidity to the digital mortgage market. “At Black Knight, we’re laser-focused on transforming the mortgage industry through innovation,” said Rich Gagliano, President, Origination Technologies, Black Knight. “When it comes to the digital mortgage, creation, and acceptance of the eNote represents a quintessential ‘last mile’ challenge. By offering access to eOriginal technology through our Expedite Close solution, we’re traversing that last mile, and adding another key tool our clients need to achieve an end-to-end digital real estate transaction.”eOriginal has provided scalability and adoption of technology in the mortgage ecosystem. In addition, eOriginal provides technology for mortgage servicers that assists in the management of life-of-loan events in a digital environment.“Black Knight’s collaboration with eOriginal marks another significant step toward an end-to-end digital mortgage,” said Simon Moir, SVP and General Manager of Digital Mortgage at eOriginal. “The integration with eOriginal continues their commitment with a focus on capital efficiency and market execution, and provides clients with a capability that is proven, reliable and readily deployed.” About Author: Stephanie Bacot March 11, 2019 2,037 Views Black Knight’s New Digital Solutionslast_img read more

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Wells Fargo, JPMorgan Chase Weigh In on Bank Performance

first_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Wells Fargo, JPMorgan Chase Weigh In on Bank Performance Previous: GE’s $1.5B DOJ Subprime Settlement Next: Easing Homebuyer Burdens Share Save Servicers Navigate the Post-Pandemic World 2 days ago Earnings JPMorgan Lending Q1 2019 Sales Wells Fargo 2019-04-12 Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Seth Welborn Tagged with: Earnings JPMorgan Lending Q1 2019 Sales Wells Fargo 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. Wells Fargo, JPMorgan Chase Weigh In on Bank Performance April 12, 2019 1,267 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img On Friday, Wells Fargo and JPMorgan Chase released their respective Q1 2019 earnings, with both banks exceeding expectations. Wells Fargo & Company reported a net income of $5.9 billion, while JPMorgan Chase reported $9.2 billion in net income. Jamie Dimon, Chairman and CEO of JPMorgan Chase, commented on the bank’s earnings.“In the first quarter of 2019, we had record revenue and net income, strong performance across each of our major businesses and a more constructive environment,” said Dimon in a statement. “Even amid some global geopolitical uncertainty, the U.S. economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong.”JPMorgan Chase’s home lending net revenue was $1.3 billion, up from the previous quarter by down 11% year over year, driven by lower net servicing revenue.At Wells Fargo, interim CEO Allen Parker, who is taking over for Tim Sloan following his announcement retirement, commented on the improvements Wells Fargo has made.“Since assuming this role, I have been focused on leading our Company forward by emphasizing my top priorities: serving our customers and supporting our Wells Fargo team members; meeting and exceeding the expectations of our regulators; and continuing the important transformation of the Company,” said Parker in a statement. “We have more work ahead of us, and our strong leadership team is dedicated to making our Company the most customer-focused, efficient, and innovative Wells Fargo ever. All these efforts are focused on creating a first-rate organization that is characterized by a strong financial foundation, a leading presence in our chosen markets, focused growth within a responsible risk management framework, operational excellence, and highly engaged team members.”Wells Fargo’s mortgage banking income was $708 million, up from $467 million in fourth quarter 2018, and the production margin on residential held-for-sale mortgage loan originations increased to 1.05%, from 0.89% in the fourth quarter.In Q1 2019, Wells Fargo’s residential mortgage loan originations were $33 billion, down from $38 billion in Q4 2018. The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Demand Propels Home Prices Upward 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  Print This Post Subscribelast_img read more

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Fannie Mae: Housing Sentiment Flip Flops

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Mounting concerns over supply and affordability are driving down consumers’ home purchase decisions, according to the latest Fannie Mae Home Purchase Sentiment Index (HPSI).The index dropped 0.5 points in June after reaching its survey high of 91.5 in May, the data indicated. This, despite an eight-percentage-point spike in consumer expectation of lower mortgage rates.“Growing expectations that mortgage rates will remain steady suggest improved stability for housing affordability and helped keep the HPSI relatively flat this month, despite modest declines in other components,” said Doug Duncan, SVP and Chief Economist at Fannie Mae.The HPSI for June indicated a four-percentage-point drop to 23% in consumer sentiment on “Good Time to Buy.” Despite these dips, the overall HPSI remained slightly above (0.8 points) last year’s June data.The net share of those who said that now was a good time to sell remained unchanged at 43%, though this was four-percentage-points down compared to last year.Consumer sentiment relating to home prices was also down eight-percentage-points compared to last year and decreased three-percentage-points month-over-month to 38%.According to Duncan, the June home purchase sentiment was also driven by regional housing trends. “Regional variations in housing optimism appear to be tied to a divergence in housing affordability; for example, home purchase sentiment is higher in the Midwest and South than in the West and, to a lesser extent, the Northeast, where the lack of entry-level inventory and the resultant strong price appreciation has had a more profound impact on affordability,” he noted. “With fewer consumers expecting rates to jump back up–thereby creating less urgency to buy now–we expect housing market activity to remain stable.”Looking at wider economic indicators that typically impact housing, the HPSI data indicated that the share of Americans who said they were not concerned about losing their job decreased three-percentage-points to 73%. This component is down three-percentage-points from last year. Similarly, the share of those who said that their household income was significantly higher compared to last year dipped a percentage point to 20%, month-over-month. Fannie Mae: Housing Sentiment Flip Flops Home / Daily Dose / Fannie Mae: Housing Sentiment Flip Flops 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. Share Save Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Radhika Ojha Related Articlescenter_img Sign up for DS News Daily Subscribe Previous: Innovative Funding Models: A New Approach to Urban Blight Next: Pre-Foreclosures Spiking in the Big Apple Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Affordability Fannie Mae Home Prices Home Purchase Sentiment Index Home Sellers Homebuyers HOUSING Mortgage Rates The Best Markets For Residential Property Investors 2 days ago July 8, 2019 1,245 Views Affordability Fannie Mae Home Prices Home Purchase Sentiment Index Home Sellers Homebuyers HOUSING Mortgage Rates 2019-07-08 Radhika Ojha in Daily Dose, Featured, Market Studies, Newslast_img read more

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