Loan Processing Could Slow Due to Appraiser Shortage

first_img Appraisal Subcomittee ASC Board of Governors of the Federal Reserve System FDIC Federal Deposit Insurance Corporation Federal Financial Institutions Examination Council FFIEC National Credit Union Administration OCC Office of the Comptroller of the Currency 2017-05-31 Staff Writer Sign up for DS News Daily Home / Daily Dose / Loan Processing Could Slow Due to Appraiser Shortage The Best Markets For Residential Property Investors 2 days ago Subscribe Share Save Previous: Appeals Court Dismisses LA Case v. BofA, Wells Next: Elm Street Technology Acquires Consolidated Knowledge Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago May 31, 2017 1,447 Views About Author: Staff Writer Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Appraisal Subcomittee ASC Board of Governors of the Federal Reserve System FDIC Federal Deposit Insurance Corporation Federal Financial Institutions Examination Council FFIEC National Credit Union Administration OCC Office of the Comptroller of the Currency Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Due to a shortage of licensed and certified appraisers in rural areas, which has led to significant delays in the consideration of loan applications, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, National Credit Union Administration, and the Office of the Comptroller of the Currency issued a joint advisory Wednesday to regulated institutions on suggested alternatives. Appraisals are of paramount importance in pushing through loan applications, as financial institutions will not supply a mortgage to a prospective buyer for more than the property is valued by the appraisal.The advisory offers two possible solutions for effected areas to deal with the shortage. The first and most ideal option is for states to issue temporary practice permits, which would allow appraisers licensed in other states to work in areas experiencing shortages. Out-of-state licensed appraisers must apply to the wanting state’s regulatory agency for their temporary permit. Per Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act, states are barred from requiring extreme licensing requirements or charging excessive fees in order to secure the permit.States experiencing shortages are also encouraged to engage in reciprocity with one another and recognize each state’s appraisal certification and licensing, allowing out-of-state appraisers to perform duties for federally related transactions without having to go through all the red tape.The second, and more complicated and cumbersome option would be for the Appraisal Subcommittee (ASC) to issue temporary waivers of any state imposed certification or licensing requirements to facilitate the timely completion of federally related transactions.In order for the ASC to consider a temporary waiver, a federal bank regulatory agency, regulated credit union or financial institution, or state appraisal licensing agency must submit a request and provide evidence of the shortage of appraisers in a certain geographic area and also prove that the shortage is the cause of “significant delays.”This route is also the more time consuming of the two, as the ASC is required to post a public notice on the Federal Registrar and has 15 days to post its decision. And, even if the temporary waiver is approved by the ASC, its validity is still up to the discretion of the Federal Financial Institutions Examination Council (FFIEC), who has the final say.There is, however, one benefit for institutions to attempt to obtain a temporary waiver, which is that, once approved, the waiver will apply to all regulated institutions in that geographical area regardless of which institution submitted the application. The ASC determines how long the waiver will be valid, and may terminate the waiver if the shortage ebbs. Financial institutions may also petition for an extension if the shortage persists after the waiver’s expiration, although that, once again, will be subject to review by both the ASC and the FFIEC. Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Loan Processing Could Slow Due to Appraiser Shortage Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Postlast_img read more

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DocMagic Reaches New Milestone

first_imgHome / Daily Dose / DocMagic Reaches New Milestone The Best Markets For Residential Property Investors 2 days ago Related Articles DocMagic Reaches New Milestone DocMagic HOUSING mortgage Technology 2018-01-28 Nicole Casperson January 28, 2018 1,273 Views About Author: Nicole Casperson Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Share Save Tagged with: DocMagic HOUSING mortgage Technologycenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 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 in Daily Dose, Featured, News, Technology The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 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] Previous: The Week Ahead: Tracking Residential Construction Next: Genworth Mortgage Insurance Promotes New HFA Director DocMagic, Inc., the provider of fully-compliant loan document preparation, regulatory compliance, and comprehensive eMortgage services, announced that it has processed more than 300 million mortgage-related electronic signatures.“Borrower demand is driving the increase in eSignings, and lenders are choosing DocMagic to get a consistent, compliant eSigning solution that spans the original loan estimate (LE) to the final closing disclosure (CD),” said Dominic Iannitti, President and CEO of DocMagic. “Lenders know DocMagic is the go-to choice for compliance. We reached 300 million eSignatures because we have solved lenders’ number one burden for the past two years—electronic evidence of TRID compliance—while enabling them to stay competitive and enhance the overall borrower experience.”This milestone achievement is the direct result of increased adoption of several DocMagic technologies that feature its comprehensive eSigning platform, which can be accessed as a software-as-a-service (SaaS) or on-premise enterprise platform. Each of DocMagic’s digital platforms reports a significant increase in volume, which the company attributes to lenders’ growing need to prove a TRID-compliant, 100 percent paperless mortgage process.“A lot of existing DocMagic customers adopted our eSign technology because it’s so much easier to access and use than other platforms,” added Iannitti. “We were already integrated with the vast majority of LOS systems, so providing eSigning functionality was a logical extension of our service. We also added new integrations, which brought onboard new eSigning customers. Having an eSign technology that can draw new customers while expanding use among existing customers shows the ubiquitous need for the functionality DocMagic’s technology provides.” Subscribelast_img read more

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GSEs Weigh in on Serious Delinquencies, Loan Mods

first_imgHome / Daily Dose / GSEs Weigh in on Serious Delinquencies, Loan Mods in Daily Dose, Featured, News, Secondary Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Land Gorilla Integrates DocuSign E-Signature Next: The Week Ahead: Focus on the Fed’s MBS Holdings Share Save GSEs Weigh in on Serious Delinquencies, Loan Mods The Best Markets For Residential Property Investors 2 days ago About Author: Radhika Ojha Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Delinquencies Fannie Mae Freddie Mac GSE Loan Modifications MBS mortgage Refinancecenter_img Delinquencies Fannie Mae Freddie Mac GSE Loan Modifications MBS mortgage Refinance 2018-09-01 Radhika Ojha Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago September 1, 2018 1,430 Views 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. Servicers Navigate the Post-Pandemic World 2 days ago The conventional single-family serious delinquencies in Fannie Mae’s portfolio dropped nine basis points to 0.88 percent in July. It decreased from 82 basis points in June to 78 basis points in July for Freddie Mac, according to the monthly summary released by the government-sponsored enterprises (GSEs) for July.The monthly summary reports for Fannie Mae and Freddie Mac contain information about their monthly and year-to-date activities for their gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, serious delinquency rates, and loan modifications.According to the reports, which were released separately by both GSEs, Fannie Mae’s book of business increased at a compound annualized rate of 2.5 percent in July, while Freddie Mac’s total mortgage portfolio increased at an annualized rate of 3.5 percent.Freddie Mac said that its single-family refinance-loan purchase and guarantee volume stood at $6.4 billion at the end of July representing 23 percent of its single-family portfolio purchases and issuances. On the other hand, Fannie Mae’s mortgage-backed securities (MBS) portfolio stood at $5.1 billion during the month. Freddie Mac mortgage-related securities and other mortgage-related guarantees increased at an annualized rate of 2.3 percent during the month.In July, Freddie Mac said that the purchases of its mortgage-related securities into the mortgage-related investments portfolio totaled $5 billion (based on UPB).In terms of loan modifications, Fannie Mae said that it had completed 11,033 loan mods during the month.The aggregate unpaid principal balance (UPB) of Freddie Mac’s mortgage-related investments portfolio increased by approximately $7.7 billion in July. “The measure of our exposure to changes in portfolio market value (PMVS-L) averaged $26 million in July,” Freddie Mac said in its report, adding that the duration gap of its exposure averaged 0 months.To read the full Freddie Mac monthly summary for July, click here.To read the full Fannie Mae monthly summary for July click here. The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

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Pandemic Reveals Weak Spots in Housing Finance

first_img Demand Propels Home Prices Upward 2 days ago About Author: Krista F. Brock Pandemic Reveals Weak Spots in Housing Finance  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Coronavirus 2020-05-22 Seth Welborn Sign up for DS News Daily Previous: The Way We Were: COVID-19’s Impact on Appraisals Next: Coronavirus Changes Disaster Response Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Pandemic Reveals Weak Spots in Housing Finance Related Articles Over the past couple of months, as the COVID-19 pandemic disrupted normal life for Americans across the country, we began to see the first ripples of disturbance to the housing and mortgage markets. Today, we are beginning to see those ripples develop into greater waves with the potential to leave widespread and long-lasting impacts. However, certain areas of the market appear less vulnerable than others.Home listings have been slashed to nearly half of what they were before the pandemic, homebuilders are quickly shifting course, and mortgage credit appears to be drying up.“When the COVID-19 crisis struck in full force in March, the housing and mortgage markets were in as good a place as they had been since the early 2000s,” wrote four housing market experts at the Urban Institute in a research paper titled, “The Mortgage Market Has Caught the Virus.”However, “These strong conditions have been upended with the COVID-19 crisis,” they said.In the housing finance market, uncertainty means risk, and risk is either taken on at a higher price or avoided altogether. Currently, investors “in every corner of the mortgage market are pulling back aggressively on their exposure to credit risk,” the paper stated.Over the past decade, the mortgage market has seen growth in non-agency loans and the debut of the GSEs’ credit risk transfer (CRT) market. Both of these sectors are on shaky ground right now.“All told, we are on course to undermine much of the mortgage ecosystem that has developed over the last decade,” said the researchers.However, there are areas of the market that remain on more stable ground amid today’s market stress, and those, the researchers point out, are the areas of the market backed by the government.Thus the researchers advocate the government play a more active role in the housing finance market on a permanent basis.“While a global pandemic is hopefully anomalous, that the mortgage market has run ashore twice in just over a decade should give us pause,” they wrote, adding that perhaps leaving major portions of the housing market unsupported by the government may be “unhelpful and perhaps simply illusory.”Instead of waiting for a crisis to hit and then scrambling to find a way for the government to provide necessary support, we should simply “acknowledge that government support will be needed in a time of crisis, and plan and pay for it.”The researchers also laid out a few short-term solutions to today’s market woes.One is for the Federal Reserve to provide support to servicers in the form of a lending facility. While millions of homeowners are relieved to have their loans in forbearance during this time, servicers are left on the hook with significant costs that the government has only partially mitigated for them.Nonbank mortgage servicers are at risk, and with a significant footprint in today’s market, instability and failure in this sector could have major implications for the market, especially for low-income and minority borrowers, the researchers stated.In the CRT market, the FHFA should first assure investors that loans in COVID-19-related forbearance will not be qualified as delinquent. They should also purchase some “modest amount of CRT securities” to help stabilize the market, according to the research paper.The non-agency market should be approached delicately, but the researchers did offer two suggestions: expand the Federal Reserve’s Term Asset-Backed Lending Facility to help boost non-agency securitization and reinstate the Treasury’s Public-Private Investment Program to provide equity matching investments for non-agency mortgage-backed securities.center_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share 1Save in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Coronavirus The Best Markets For Residential Property Investors 2 days ago May 22, 2020 1,527 Views Subscribelast_img read more

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Budget: Concern for older people as they lose 6 weeks fuel allowance

first_img WhatsApp Pinterest Google+ Facebook Three factors driving Donegal housing market – Robinson 448 new cases of Covid 19 reported today Twitter NPHET ‘positive’ on easing restrictions – Donnelly Pinterest Guidelines for reopening of hospitality sector published News Twittercenter_img Previous articleBudget:Farmers see reductions in Rep3 and Disadvantaged area schemesNext articleListen to Deputy Thomas Pringle’s response to Taoiseach’s address News Highland Calls for maternity restrictions to be lifted at LUH Age Action says its very concerned by the Government’s decision to reduce the fuel season by six weeks.Chief Executive Eamon Timmins says it’s “extremely worrying” for the poorest of old people.He says the cold can kill – and it’s a year round problem:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/12/16timmbudget.mp3[/podcast] Facebook Google+ Budget: Concern for older people as they lose 6 weeks fuel allowance WhatsApp RELATED ARTICLESMORE FROM AUTHOR Help sought in search for missing 27 year old in Letterkenny By News Highland – December 5, 2011 last_img read more

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1000s expected for Dublin protest

first_img NPHET ‘positive’ on easing restrictions – Donnelly RELATED ARTICLESMORE FROM AUTHOR Three factors driving Donegal housing market – Robinson Twitter Frontline workers say they expect thousands to turn out in Tallaght in Dublin this evening for a rally against pay-cuts.It comes as talks get underway this morning between union and government reps in a bid to hammer out a new deal on public sector pay.Gardai say they are withdrawing ‘goodwill’ gestures from next Friday and will not be using their own cars or phones for duty.John Redmond is from the Association of Garda Sergeants and Inspectors (AGSI) which is part of the 24/ 7 Frontline Alliance.He says he hopes this evening’s protest sends a clear message to the government.”They need to realise that we are providing essential emergency frontline services; our people are out facing dangers day in, day out – during the nights (and) at weekends” he said.”The idea that somehow Sunday or working nights is no different than working days – it’s just not true” he added. Pinterest Previous article100 new Facebook jobs for DublinNext articleGovernment gets F grade for child poverty News Highland 1000s expected for Dublin protest News WhatsApp Google+ Facebookcenter_img Facebook WhatsApp 448 new cases of Covid 19 reported today Pinterest Google+ Help sought in search for missing 27 year old in Letterkenny Twitter By News Highland – February 18, 2013 Calls for maternity restrictions to be lifted at LUH Guidelines for reopening of hospitality sector publishedlast_img read more

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Two men charged with murdering Michaela McAreavey

first_img Calls for maternity restrictions to be lifted at LUH NPHET ‘positive’ on easing restrictions – Donnelly Facebook Pinterest Facebook Google+ Pinterest WhatsApp By News Highland – January 12, 2011 Three factors driving Donegal housing market – Robinson News Two men charged with murdering Michaela McAreaveycenter_img Almost 10,000 appointments cancelled in Saolta Hospital Group this week WhatsApp Two local men have appeared in court on the island of Mauritius charged with murdering Michaela McAreavey.A third man has been charged with conspiracy to commit murder.All three are from the Indian Ocean island and work at the Legends Hotel where the 27-year-old newlywed was staying on honeymoon with her husband John McAreavey.They are due to appear in court again next week.It’s believed the daughter of Tyrone GAA manager, Mickey Harte was strangled after she disturbed an intruder in her bedroom. Google+ Twitter Guidelines for reopening of hospitality sector published Previous articleDiocese of Clogher to be sued in the USNext articleGardai praised for Dungloe lake rescue News Highland Twitter RELATED ARTICLESMORE FROM AUTHOR LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton last_img read more

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Donegal Creameries says 2009 was positive

first_img Facebook Donegal Creameries says 2009 was positive Twitter Calls for maternity restrictions to be lifted at LUH By News Highland – April 23, 2010 Pinterest Twitter Guidelines for reopening of hospitality sector published Donegal Creameries PLC has published its 2009 financial report, noting satisfactory results and significant debt reduction in what was a challenging year.The company says it made continued strategic progress, and that will continue into 2010.The results show a turnover of €113.3m, with adjusted operating profit of €3 million. The dividend per share has been maintained at 16%, with adjusted earnings per share of almost 49 cent exceeding market expectations, according to the report. Significantly, the document reports the company’s bank debt has been reduced by €6.23 million to €20.5m.There was improved profitability in both the Dairy and Produce businesses, with a number of associate conpanies, particularly Monaghan Middlebrook Mushrooms, performing very well in 2009.The company says it’s positioning itself to expand further, with a range of organic products planted on the Grianan Estate last year to be introduced to market in 2010.Donegal Creameries have also acquired a majority shareholding in a Brazilian seed potato production company, giving access to the South American market for Donegal’s extensive portfolio of protected potato varieties. Facebook WhatsApp Previous articleWoman not informed of partner’s inquest seeks formal apologyNext articleDNA found on a curtain pole an 83-year-old woman had used to fight off an intruder News Highland center_img Almost 10,000 appointments cancelled in Saolta Hospital Group this week Google+ Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey RELATED ARTICLESMORE FROM AUTHOR WhatsApp Google+ LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton News Pinterest Three factors driving Donegal housing market – Robinson last_img read more

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McGuinness urges people on both sides of broder to support police

first_img Facebook Twitter WhatsApp News Twitter McGuinness urges people on both sides of broder to support police Pinterest The North’s Deputy First Minister is urging people on both sides of the border to support police in the struggle against dissident republicans.It comes a day after the PSNI said that a 500 pound bomb found near Newry may have been destined for a town centre somewhere in the North.Martin McGuinness says the killing of PSNI officer Ronan Kerr has disgusted and united people across the island.Police investigating the murder have been granted an extra five days to question a 33-year old man – who was arrested on Friday.And Mr. McGuinness says condemnation of dissident groups is not enough:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/04/martin.mp3[/podcast]Meanwhile, Police investigating the murder of PSNI officer Ronan Kerr in Omagh have been granted an extra five days to question a 33 year old man – who was arrested on Friday.Omagh SDLP representative Joe Byrne has welcomed the call from the North’s Deputy First Minister Martin McGuinness for people to help police.And speaking today Mr. Byrne says anyone with information on Constable Kerr’s death should come forward:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/04/18byrn1.mp3[/[podcast] Google+ WhatsApp Pinterest Calls for maternity restrictions to be lifted at LUH center_img LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Guidelines for reopening of hospitality sector published Facebook RELATED ARTICLESMORE FROM AUTHOR By News Highland – April 10, 2011 Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Google+ Almost 10,000 appointments cancelled in Saolta Hospital Group this week Previous articleCiaran Mc Laughlin to take vacant SF seat on Buncrana Town CouncilNext articleThousands turnout for Omagh peace walk News Highland Need for issues with Mica redress scheme to be addressed raised in Seanad alsolast_img read more

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Mac Lochlainn says GPs should not be blamed for NoWDOC crisis

first_img Pinterest Calls for maternity restrictions to be lifted at LUH Google+ Previous articleGAA Programme – 29/07/15Next articleRally to take place in Letterkenny in support of NoWDOC service admin Almost 10,000 appointments cancelled in Saolta Hospital Group this week Guidelines for reopening of hospitality sector published GAA decision not sitting well with Donegal – Mick McGrath WhatsApp A Donegal TD is urging more GPs to speak out about the reason they are proposing reducing the overnight out of hours services in Carndonagh and Derrybeg.Deputy Padraig Mac Lochlainn says people need to realise the NoWDOC service is facing cuts because the government and the HSE are not providing the necessary resourcesd to run the service.He was speaking following confirmation from HSE management that they are to “live test” the proposed reduced NowDoc service over the next number of weeks.Deputy Mac Lochlainn says the real issue here is Health Minister Leo Varadkar isn’t equipping GPs to maintain the NoWDOC service at current levels……………Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/07/podnowdoctest.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. RELATED ARTICLESMORE FROM AUTHOR LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Twittercenter_img Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey By admin – July 30, 2015 Twitter Homepage BannerNews Google+ Mac Lochlainn says GPs should not be blamed for NoWDOC crisis Pinterest Facebook Facebook WhatsApplast_img read more

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