Monthly ArchiveMay 2021

The Future Is Now: Integrating Technology into Vendor Management

admin no comments

first_img Related Articles By Chuck Sockol, VP of Industry Relations for Aspen Grove SolutionsThe mortgage servicing industry is increasingly relying on comprehensive technology platforms to meet the expanding needs of vendor management professionals. With the industry’s management of third, fourth and often fifth-party relationships, and the proliferation of servicing guidelines, compliance requirements and regulatory enforcement actions, the industry is partnering with technology providers to add automation, data management, and analytics to their vendor management strategy.High-level objectives for vendor management teams include creating stability, consistency, and efficiency in a vendor network. Additionally, these teams are setting standards of performance, providing continuous development through training, and making sure controls are in place to mitigate risk. While vendor management teams have an obligation to focus on areas where process improvement is possible, they must also cultivate valued and trusted partnerships with their vendor network.Technology is helping meet the needs of vendor management professionals across the mortgage servicing industry from recruitment to issue resolution. As requirements of vendor management personnel and teams expand, they are more often turning to technology that is flexible and customizable. Robust technology must not only support the need for centralized data collection and standardization of process, but also help manage evolving regulation and risk and compliance with applicable guidelines.The Layers of a Vendor Management ProgramVendor management departments play an important part in the industry’s effort to manage risk and maintain compliance. With the responsibility of finding, vetting, documenting, on-boarding, training, managing, and coaching vendors along the supply chain; vendor management teams must evaluate and prioritize each aspect of their role and find ways to proactively drive positive performance and eliminate sub-standard work. In order to create strategic vendor management programs that are both robust and layered, these teams must address key objectives to maintain network integrity.First, vendor networks must demonstrate stability. Valued vendor partnerships are nurtured and new vendors are held to quality standards early to build and maintain a reliable, knowledgeable network. Second, there must be consistency in service expectations and results. Consistency in communication, clarity of roles and responsibilities, training, performance expectations and performance scoring can build confidence in internal staff, the network, and the clients that depend on them. Finally, because regulations are creating the need for new services and expanded roles within the industry, the processing of data and corrective actions must be accomplished efficiently. Technology provides that efficiency, along with continuous oversight of vendor activities which is essential to maintaining a successful, compliance-driven vendor management team. This approach not only allows vendor management teams to help their clients reduce business risk and minimize loss by investors, it is part of a collective industry goal toward achieving community stabilization. Through effective vendor management programs, loan servicers are able to contribute to the communities they service by maintaining vacant and abandoned properties that promote safer neighborhoods and protect against blight.Throughout the mortgage servicing supply chain, industry professionals are responding to internal and external demands by taking a more robust and layered approach to the management of vendor networks. The depth of inquiry into a vendor’s background, business history, and qualifications is at the core of maintaining a trusted vendor network but is only the beginning. A standard, consistent process for on-boarding vendors (and off-boarding), evaluating and reporting on their performance, managing incidents, and providing on-going training are also of key importance. This work can, at times, seem monumental. However, vendor management strategies are more often relying on technology to help recruit, vet, and monitor the activities of their vendor networks.Know Your VendorsVendor networks can be described as independent businesses working to achieve common goals for mutual clients. Yet a vendor managers’ relationship with contractors can also be seen as a partnership that requires communication, documentation, agreed service expectations, and coaching. Vendor managers utilize well-tested vetting and recruitment processes to ensure the integrity of their vendor network. These methods include completing industry-approved background checks, validating professional licenses and insurance, in-depth reviews of business references and checking the viability of a prospective vendors’ business.To maintain a qualified network, both loan servicers and field services providers are committed to the meticulous screening of potential vendors and the continuous monitoring of the supply chain performance and relationships. With the quality of both administrative and field services work under scrutiny by regulators and municipalities, vendor management teams must ensure that the expertise of their vendors is commensurate with the current level of risk and complexity challenging the industry.The impact of executing a rigorous vetting process and conducting due diligence prior to contracting work to a third-party goes beyond mitigating business risk. Selecting qualified vendors, and documenting exactly what they will do, play an important role in maintaining the stability of the communities in which work is performed.Vendor management programs must include strong quality controls, audit infrastructure, monitoring systems and performance improvement plans in order to resolve issues and promote industry best practices. The industry is incorporating technology platforms that offer vendor management teams the stability, consistency and efficiency needed to manage required vendor data.Expanded Services and Standardization in a Changing Compliance EnvironmentThe regulatory environment has driven an expansion of vendor and operational services as industry organizations look to stay ahead of compliance measures. This sets in motion a corresponding need for all businesses in the supply chain to develop new strategies to ensure their networks stay stable, consistent and efficient. Field services providers, and other third-party suppliers, are utilizing technology to establish standardized business processes that satisfy both regulatory and client requirements while maintaining the effectiveness of their vendor network.Property inspectors and contractors are increasingly being asked to provide reporting on expanded services such as providing insurance loss estimates, conducting utility inspections, and providing structural assessments. These new service requests are prompting vendor management departments to re-evaluate the necessary qualifications of their vendor networks and how they establish that the person at the property has those qualifications. An emphasis on documenting the licensing or certifications required to perform expanded services creates another layer of responsibility for vendor management teams and their networks. All levels of the supply chain are developing business requirements to meet expanding service requests. More often, they are finding cost-effective solutions in new technology.Evolving regulatory guidelines from agencies including the Consumer Protection Finance Bureau (CFPB), the Office of the Comptroller of Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) present ongoing challenges to establishing standardized business requirements. However, technology providers are working with industry organizations to develop acceptable standards for items such as background checks and required certifications. As the industry continues to work closely with technology partners, we are seeing technology platforms that are able to analyze multi-faceted business processes, identify vulnerabilities and pain points, and then, effectively, fill any gaps in those processes. The industry is embracing the efficiencies that automation brings to compliance challenges. Strong partnerships with technology providers are supporting the efforts of vendor management teams to achieve process improvement, track regulatory changes, and meet network management and compliance requirements. Technology provides vendor management departments with the means to centralize data collection and management, configure customizable vendor pricing and assignment methodologies, and to proactively analyze and resolve performance and compliance challenges. While aspects of vendor management will always include tactile practices like inspections and preservation work, the benefits that automation, mobile technologies and analytics provide is vital to improving a business’s ability to compete.By standardizing processes such as background checks, vendor managers can drive efficiencies by reducing administrative tasks and improve the stability, consistency and efficiency of their network.Quality Control and Performance ReportingAn effective vendor management strategy must include stringent quality control measures that focus on preserving the asset and minimizing business risk. To meet compliance requirements, vendor management teams need to ensure that their third-party vendors are providing quality services on a consistent basis. Additionally, performing quality control measures are essential to maintaining vendor network stability.Technology platforms add a layer of oversight that promotes quality control checks by identifying inconsistencies or conducting random audits of work order results. Vendor managers can also choose to deploy external quality control efforts that take place in the field such as a quality control inspections. A quality control inspection involves the re-inspecting of a property. The re-inspection can be conducted by internal team members or another third-party vendor to review the initial inspection. This second team ensures that the initial inspection, maintenance or securing work meets client expectations and regulatory requirements. This allows vendor management teams to identify performance issues and continuously improve their vendor networks. By implementing quality checks in the field, vendor management departments are able to manage costs, reduce the occurrence of code violations, and the need for repairs due to unsatisfactory work.Some clients require vendors to follow a specific set of requirements before work order results are accepted. In such cases, quality checks are conducted by specialized teams to monitor quality, compliance, and adherence to timelines. This work involves performing quality control audits around client guidelines to ensure a property is in acceptable condition prior to submitting work order results.If there is an issue with the quality of work completed by a vendor, a performance review is conducted to determine what action should be taken to correct the problem. Performance reporting involves creating and executing corrective action plans that are closely monitored. Technology platforms can collect, monitor, and flag data to ensure that vendor work is performed and completed in accordance with agreed upon client requirements, municipal ordinances, and regulatory guidelines. Business rules within technology systems can quickly identify inconsistencies in processes, work order results and compliance with client guidelines.The goal of an internal quality control team is to identify inconsistencies within the vendor process and expedite corrective action for any infraction. Additionally, these teams drive vendor performance through heightened expectations and detailed performance reviews. Performance reporting involves the review of vendor scorecards and the designing of a performance improvement plan based on peer rankings of scorecards. A poor performance review can trigger vendor management teams to require additional training or participation in vendor improvement programs. Periodic training in the form of policy and procedure reviews, in-field training, online learning modules, and conference attendance are available to vendors.The Role of Technology in Vendor ManagementVendor management programs are especially benefiting from the scalability that technology provides. A secure technology solution can accomplish more than the required processing of work order results, they are enabling teams with a consistent supply chain management process. Users are able to secure and store pertinent documentation, track expiry dates for required insurance and licensure, analyze and collect diversity information, and review client and regulatory guidelines. Vendor managers can review communications between parties, distribute vendor alerts and track ongoing vendor training on industry and client guidelines.Some technologies allow vendor management departments to have the clear line of sight capability needed for managing third-party relationships at all levels. Vendor management teams are increasingly using data developed from mobile technologies to monitor compliance and quality control. Additionally, industry stakeholders from servicers to field services providers, can activate permission-based access to communication channels, work order results, and vendor qualifications including the presence of pertinent background checks, licensing, certifications, references, and insurance. Near real-time management can be achieved with point-of-service features.Technology is helping the mortgage servicing industry meet the expanding needs of vendor management professionals. Today’s technology platforms provide a central hub for all of the tools required to successfully execute a vendor management program. As regulators require transparency into operational processes and the retention of all documentation associated with vendor relationships, the industry is finding that technology providers are helping them to optimize internal operations and improve processes while reducing costs and business risk. Sign up for DS News Daily in Daily Dose, Featured, News November 3, 2016 1,454 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Fannie Mae’s Q3 Earnings Are a Stepping Stone for Further Innovation Next: Global DMS Integrates eTrac Platform About Author: DS News Contributing Author Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img The Future Is Now: Integrating Technology into Vendor Management Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 2016-11-03 Kendall Baer Subscribe Home / Daily Dose / The Future Is Now: Integrating Technology into Vendor Managementlast_img read more

Housing Market Remains Strong: Great Time to Sell

admin no comments

first_img Servicers Navigate the Post-Pandemic World 2 days ago Fannie Mae National Housing Survey 2017-09-12 Joey Pizzolato Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Housing Market Remains Strong: Great Time to Sell Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Housing Market Remains Strong: Great Time to Sellcenter_img September 12, 2017 1,544 Views 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 Demand Propels Home Prices Upward 2 days ago About Author: Joey Pizzolato Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Drilling into Foreclosure Data Next: 3 Factors Real Estate Professionals are Overlooking in Daily Dose, Featured, Headlines Fannie Mae released its August 2017 National Housing Survey on Tuesday, which showed that overall confidence in the housing market is on the rise. The Home Purchase Sentiment Index rose 1.2 percent to 88.0, just below June’s record high, according to the report.Of the respondents, those that felt now was a good time to sell a house rose 8 percentage points, a figure that is now up 21 percent year-over-year. However, sentiment for home purchases continued to fall 5 percentage points to a total of 16 percentage points year-over-year, which is reflected in increasing home prices and lower confidence in the job market. Most consumers also didn’t report a significant change in income. Four percent of those questioned believe that mortgage rates will continue to drop as the year moves forward.“In the early stages of the economic expansion, home selling sentiment trailed home buying sentiment by a significant margin. The reverse is true today,” said Doug Duncan, SVP and Chief Economist at Fannie Mae. “The net good time to sell share is now double the net good time to buy share, with record high percentages of consumers citing home prices as the primary reason for both perceptions. Such a sizable gap between selling and buying sentiment, if it persists, could weigh on the housing market through the rest of the year.”Further, according to the report, American’s expect both rental prices and home prices to increase in the next year, at 4.6 percent and 3.3 percent, respectively. Only 2 percent of those surveyed believe that home prices will go down.Survey data was collected by asking financial decision makers of 1001 households aged 18 and older between August 1, 2017, and August 22, 2017. Interviews were conducted by Penn Schoen Berland.You can read the full survey here. Share Save Tagged with: Fannie Mae National Housing Surveylast_img read more

Why U.S. Bank is the “World’s Most Admired Company”

admin no comments

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Radhika Ojha U.S. Bank, the country’s fifth-largest commercial bank has been recognized as a 2019 World’s Most Admired Company by FORTUNE magazine. The bank was listed as the world’s most admired superregional bank for the ninth consecutive year.The companies on this list are determined by a survey of executives, directors, and analysts rating companies in their industry on a series of criteria.Among superregional banks, FORTUNE ranked U.S. Bank as No. 1 in eight of the nine key attributes of reputation. They included quality of management, community responsibility, innovation, quality of products/services, people management, use of corporate assets, financial soundness, and long-term investment value.The bank was also ranked among the Top 10 most admired companies for its community responsibility and its financial soundness. Of the 680 companies ranked by FORTUNE across all industries, U.S. Bank was ranked eighth and ninth on both these parameters respectively.“Ethical leadership and financial discipline are core to how we create value for our stakeholders,” said Andy Cecere, President and CEO of U.S. Bancorp. “We are honored to be recognized among companies that are known for shaping the future with those principles in mind. These core principles help us meet the needs of our customers, employees, shareholders, and communities every day.”This isn’t the first award for the bank which has won a number of accolades over the years for its diversity and inclusion initiatives. Over the past 30 years, the bank has invested more than $9.4 billion in helping to build affordable housing in all 50 states, particularly for people of color, veterans, and homeless individuals. The bank was also recognized in 2018 as the best employer for Diversity by Forbes and while 60 percent of its workforce at the end of 2017 was made up of women, it also employs around 2,000 military veterans.With 74,000 employees and $467 billion in assets as of December 31, 2018, U.S. Bancorp is the parent company of U.S. Bank. The Minneapolis-based bank was recognized by the Ethisphere Institute as 2018’s World’s Most Ethical Company for its commitment towards serving retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner. The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago January 23, 2019 3,066 Views Servicers Navigate the Post-Pandemic World 2 days ago Community Initiatives Diversity & Inclusion FORTUNE Homes HOUSING lender US Bancorp US Bank 2019-01-23 Radhika Ojha 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. Demand Propels Home Prices Upward 2 days ago Related Articlescenter_img  Print This Post in Daily Dose, Featured, News Why U.S. Bank is the “World’s Most Admired Company” Tagged with: Community Initiatives Diversity & Inclusion FORTUNE Homes HOUSING lender US Bancorp US Bank The Week Ahead: Nearing the Forbearance Exit 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 Previous: Where the Most Competitive Buyers Are Next: Tallying Foreclosure Prevention Actions Home / Daily Dose / Why U.S. Bank is the “World’s Most Admired Company” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

Investing in the Zone

admin no comments

first_imgHome / Daily Dose / Investing in the Zone Tagged with: Opportunity Zones Real Estate Investment Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Investing in the Zone Related Articles Share Save in Daily Dose, Featured, News, Print Features  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Editor’s note: This feature originally appeared in the March issue of DS News, out now.Whether you call them Opp-Zones, OZones, or OZos, the investment flood is coming to a low-income census tract near you. By now most states have published maps of the various census tracts that have been approved as opportunity zones, and if you aren’t involved, you are missing out. Periodically, we hear about some new guru or technique that will revolutionize the real estate investing world. Usually, it’s a bunch of hype over one of several underlying themes. However, when Uncle Sam is involved, the incentives can be game-changing. On October 19, the Internal Revenue Service (IRS) released more than 70 pages of regulations on investment zones to develop opportunities for low-income communities. Opportunity zones were initially passed as part of the Tax Cuts and Jobs Act of 2017. The intent was to increase investment in low-income communities that have missed out, often for decades. As Kathy Fettke, CEO of Real Wealth Network, pointed out in a recent Real Estate Journal article, opportunity zones are “…similar to a 1031 Exchange, but with some amazing fringe benefits.”THE INS AND OUTS OF OPP-ZONESWhile digesting the rules, it would be a good idea to find out where those areas are near you and prepare for investments and options for investments there—before the December 31, 2026 deadline. The summary of benefits includes deferred taxes on the investment in an opportunity zone, deferred taxes on income reinvested in opportunity zones, and tax forgiveness on improvements in the value of the building at sale time in opportunity zones—if it is held for 10 years. Studies from the Federal Reserve have shown that Americans were sitting on $6.1 trillion in untapped capital gains at the end of 2017.The option to defer those taxes and reinvest them in opportunity zones until 2026 is one of the goals and benefits of this part of the legislation. With a Qualified Opportunity Zone Fund, which can include partnerships, corporations, and LLCs, there are a variety of static and dynamic methodologies with no required exit until 2047. With these timeframes and sunset windows, it makes for some exciting options for estate planning as well. Key interest is focused on a couple of areas: 1) deferred payment on capital gains taxes, 2) up to 15-point step-down in basis points for capital gains invested for up to eight years, and 3) no tax on the increase in the building if held for 10 years.While headlines focused on the SALT provisions of the Tax Cut and Jobs Act of 2017, an over-looked provision expanded a pilot investment program championed by the Economic Innovation Group think tank, called Opportunity Zones. Interestingly, the pilot had only been in place a few months when the bill passed. The impact may end up sending larger long-term ripples through communities than the SALT provisions. For decades, politicians and local elected officials have struggled over how to address whole areas that are depressed, under-capitalized, and, for the most part, left behind.Programs might nibble at the edges, but local and even state-level funding and support was too little, and often too slow, to overcome the blight. Areas typically gentrified and there was a wholesale change with the loss of community character, and many times a loss of local residents. In contrast, opportunity zones are designed to allow the tax code (through re-invested capital gains profit) to incentivize the market to begin focusing on the structures within those under-funded areas.Additionally, as many cities have suffered from the gap-tooth effect caused by razing blighted properties—and having so many regulations that new development must be heavily subsidized, and was therefore limited by local budgets—new structures may now become financially viable across the whole zone. Under the tax provision, states nominated up to 25 percent of their low-income census tracts as opportunity zones. The IRS ultimately chose the tracts, predominantly based upon statistics. This is where it is important to note that these are not created zones, but the usage of existing zones—specifically, census tracts. In general, these tracts are usually not that large, geographically speaking. They are also not homogenous. Recent articles have mentioned that beachfront tracts in New Jersey and New York, among other areas, don’t have the same level of need by comparison. Those concerns may be valid, but setting a real estate standard across the U.S. will inevitably lead to disparity somewhere.PERFECT AS THE ENEMY OF GOODWhile there will likely be sections of census tracts that do not need improvement that are designated as opportunity zones, those improvements will benefit neighboring properties, and this is not a bad thing. The goal of this effort should not be lost in the hypothetical consideration of how many tax dollars might have been collected, because they haven’t been for years (decades in most cases). Rather, the goal is about focusing patient capital investment on revisiting urban cores across the country for the redevelopment of long-abandoned inner-city communities, as well as the return of businesses, and thereby job opportunities, for those areas.A single, striking point is that most of these opportunity zones lack the business capital necessary to sustain viable workforces, let alone the economic cascade that follows. The Amazon HQ2 facility landing in an opportunity zone will set a goal for which every other one of the 8,700 should strive. Reports are coming in that the Bronx has already seen prices increase 62 percent. Will some speculators who have squatted on properties make money? Very likely. If they want to retain those capital gains or leverage the earnings, they will likely reinvest as well … in an opportunity zone.The IRS determined the 8,700 qualified zones and has shared the information broadly with a list of the census tract numbers—12 percent of the total number of tracts. CREModels.com has an interactive map, and the data provided in GIS formats, for developer convenience to determine if a property is located in a Zone. Why? Because it is essential that the property purchased—after January 1, 2018—is located inside a qualified zone. Without getting into the hair-splitting aspects, if the site is outside the zone, so are the savings and benefits. That could result in a costly tax bill when the IRS catches up, as they always do.“SUBSTANTIAL IMPROVEMENT”The term “substantial improvement” is a key phrase to understand. It means that the building is improved by 100 percent. This means improving a rundown house purchased for $50,000, when the land is excluded from the cost. In something close to a reality check, the cash and cash equivalents were included in as part of the substantial improvement for the first 30 months, to provide time—once the opportunity fund was funded—to close, obtain permits, and execute the appropriate work. An opportunity zone is not a place to hold cash for long periods. A financial plan needs to accompany the development (or, more likely, re-development), and by 31 months, 90 percent of the funds need to have been expended in the improvement of the building. The IRS has offered a great deal of latitude initially by providing that a qualified opportunity zone fund can be self-certified and after six months should be 90 percent invested in the property.For businesses, the threshold is a bit different, in that an opportunity zone business must keep tangible property onsite and have 70 percent of assets in the zone. Adding to the fun, the IRS will allow an opportunity zone fund to invest in both properties and businesses with the 90 percent threshold in place for the fund. The five pages of subchapter 1400Z have raised numerous questions. As of this writing, almost 200 letters have been submitted asking for clarification or relief from some aspect of the language. On October 19, 2018, the first of what will likely be many rule-making proposals was released, and its more than 70 pages raised more questions than it answered.Let’s face it: the idea of the federal government creating a program with minimal oversight and a focus on the market investing capital gains in distressed communities may have made it out of Congress and been signed by President Donald Trump, but the bureaucracy that has to manage it is unprepared, and perhaps unwilling, to have such a hands-off position. A 1031 Exchange, with its extensive limitations of timeframes, intent to sell/ purchase, and restrictions on like-kind properties are thrown to the wind in 1400Z. If you sold a fortune in stock, combined that with profits (and only the profits) from the sale of that corner-highway lot, and rolled it into a qualified opportunity zone fund that was investing in a low-income housing project or a pizza business or small manufacturing plant— or even all three together—that is perfectly fine.If some of the partners want out early? That’s also fine. The others can sell and reinvest, all the while deferring those original capital gains and growing an even larger tax-free nest egg. While the IRS has been leading on this project initially, in December of 2018, President Trump tasked U.S. Department of Housing and Urban Development Secretary Ben Carson with the management and coordination of a Council of 13 federal agencies assisting in the implementation of opportunity zones. Time will tell if the market will be allowed to resuscitate these communities and if local and state leaders will jump on board and prime the pump even more.If that happens, look for qualified opportunity funds to expand in those areas first and avoid areas such as Boulder, Colorado. Boulder passed a moratorium on their only opportunity zone; it was noted as much for political purposes as any other. A recent article on Bloomberg.com cited municipal opposition as “a sad response to a potential bridge to workforce housing that is so desperately needed,” according to Bob Yates, a Boulder City Council Member. “Boulder’s teachers can’t live in Boulder,” he continued. “It’s not a healthy thing to have (a) socioeconomic divide where lower-income people have to live outside of town to serve higher-income people in town.” The opportunity zone could help communities overcome the workforce housing cost obstacles. Missing that chance in order to score political points is a sad commentary and will contrast dramatically with communities and funds that work together with plans that fit.Everyone needs a place to live, but the present state of existence shouldn’t preclude an improved future for the community. There will be plenty of properties available and communities to welcome the investment. Those communities will need to have plans in place and developers had better know the lay of the land, zoning and all, before funding their qualified opportunity zone fund, and its underlying qualified opportunity zone business. Some communities could miss out with the time constraints for development, and developers will likely not have the stomach for long and drawn out negotiations. The investments will move around to one of the neighboring 8,700 census tracts or maybe within the tracts when opposition solidifies.National REIA members tend to improve neighborhoods one home at a time, bringing vacant and distressed housing back online and thereby improving the communities and tax rolls. In opportunity zone communities, investors and developers could all benefit through vibrancy or redevelopment partnered with development, incentivized by this federal program. Finally, the opportunity zones may bring back the option-to-purchase real estate as the most utilized land-securing tool and forgo the long-term land-banking process. Existing land banks will need to be ready for the developments or miss out due to tight time constraints on the fund to invest or reinvest. However, with an initial closing investment window of 2026 and hard exit date of December 2047, investors will be working on opportunity zones for decades. Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Five Star Global and AM&AA Partnership: Positioned for Growth Next: Mr. Cooper Grows Servicing Portfolio to $548B Data Provider Black Knight to Acquire Top of Mind 2 days ago Charles Tassell is the COO for the National Real Estate Investors Association and has been working in real estate policy for more than 20 years. He is an investor in commercial multi-family units and a local elected official. He resides in Deer Park, Ohio, with his wife and three children. Demand Propels Home Prices Upward 2 days ago Opportunity Zones Real Estate Investment 2019-03-07 Donna Joseph The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Subscribe About Author: Charles Tassell Data Provider Black Knight to Acquire Top of Mind 2 days ago March 7, 2019 3,325 Views The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

The Most At-Risk Housing Markets

admin no comments

first_img According to a new report from ATTOM Data Solutions, several county-level housing markets around the country are more vulnerable to the economic impact of the coronavirus. The report shows that the Northeast has the largest concentration of the most at-risk counties, with clusters in New Jersey and Florida, while the West and Midwest have the smallest.The report reveals that housing markets in 14 of New Jersey’s 21 counties are among the 50 most vulnerable in the country to the economic impact of the coronavirus. The top 50 also includes four in New York, three in Connecticut and 10 from Florida, but only one in California, none in other West Coast states and only one in the Southwest.Markets are considered more or less at risk based on the percentage of housing units receiving a foreclosure notice in Q4 2019, the percent of homes underwater (LTV 100 or greater) in Q4 2019, and the percentage of local wages required to pay for major homeownership expenses. Rankings are based on a combination of those three categories in 483 counties around the United States with sufficient data to analyze. Counties were ranked in each category, from lowest to highest, with the overall conclusions based on a combination of the three rankings.“It’s too early to tell how much effect the Coronavirus fallout will have on different housing markets around the country. But the impact is likely to be significant from region to region and county to county,” said Todd Teta, Chief Product Officer with ATTOM Data Solutions. “What we’ve done is spotlight areas that appear to be more or less at risk based on several important factors. From that analysis, it looks like the Northeast is more at risk than other areas. As we head into the Spring home-buying season, the next few months will reveal how severe the impact will be.” Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / The Most At-Risk Housing Markets The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Most At-Risk Housing Markets About Author: Seth Welborn April 7, 2020 1,396 Views The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Coronavirus Foreclosure Underwater Homes Previous: Richard Corday On CFPB’s Relief Response Next: HUD Announces Fair Housing Month Theme Share Save in Daily Dose, Featured, Loss Mitigation, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Sign up for DS News Daily Coronavirus Foreclosure Underwater Homes 2020-04-07 Seth Welbornlast_img read more

Cash Is King as Bidding Wars Continue

admin no comments

first_img Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily A recent survey of Zillow Premier Agent partners examined the strategies that are working in today’s home sales market to score a home, and what buyers should be prepared for as fierce bidding wars are waged nationwide. Agents throughout the past six months submitted nearly four offers per client on average before one was accepted, with 13% saying it took six or more offers on average.Agents are using a variety of tactics to help their offers stand out, with at least half of listing agents surveyed encountering an all-cash offer, an escalation clause, submission before the offer review date, a higher down payment, or more earnest money when reviewing offers.And with mortgage rates hovering below the 3% mark, the market is not showing any signs of slowdown.Out of these strategies, agents found the most effective tactic was an all-cash offer, with nearly four in five agents (77%) submitting an all-cash offer on behalf of their clients, and 41% of listing agents noting that an all-cash offer was the most effective strategy in their recent transactions.In addition to all-cash offers, agents are using an assortment of strategies. Nearly 21% of buyers’ agents offered a higher down payment or more earnest money to get their client’s offer to stand out, and approximately 25% always submitted before the review date. More unconventional strategies that agents are using include offering leaseback, throwing a pizza party, and sending flowers to the sellers.Not only has social distancing, in light of the pandemic, fostered the proliferation of virtual home tours, tech-savvy agents say 31% of clients tour a home virtually before visiting the property in-person.”Being able to tour a home virtually is a big timesaver for buyers,” said Josephine Sabatino, Broker Manager at RE/MAX Edge in New York City. “3D tours provide buyers a clear, detailed view of the home and they can decide if it’s right for them. This saves buyers from going to see a bunch of homes that just don’t work, and help narrow down their choices early.”Waiving contingencies is another common tactic, and can be frustrating to home shoppers who lose bids to buyers using this strategy. In their last three to five transactions, at least half of the listing agents surveyed encountered waived inspections or financing. However, waiving contingencies can pose a huge risk to buyers in the short and long run.According to the survey, waiving an inspection puts buyers at risk of unknown structural, mechanical or safety defects which can be incredibly costly to the buyer. If a buyer waives financing and their loan is not approved or the home doesn’t appraise at the offer price, it’s the buyer’s responsibility to make up the difference in cash or walk away from their earnest money deposit–both potentially costly consequences. Related Articles Demand Propels Home Prices Upward 2 days ago Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Eric C. Peck Tagged with: Josephine Sabatino RE/MAX Zillow Previous: Overcoming Digital Distrust Next: Households of Color Expected to Dominate Homeownership Rate Growth in Daily Dose, Featured, Journal, News Subscribe Servicers Navigate the Post-Pandemic World 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Josephine Sabatino RE/MAX Zillow 2021-05-10 Eric C. Peck Home / Daily Dose / Cash Is King as Bidding Wars Continue Cash Is King as Bidding Wars Continue 20 days ago 547 Views The Best Markets For Residential Property Investors 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Michaela McAreaveys family arrive in Mauritius

admin no comments

first_img Google+ Facebook RELATED ARTICLESMORE FROM AUTHOR Michaela McAreaveys family arrive in Mauritius Twitter Calls for maternity restrictions to be lifted at LUH Help sought in search for missing 27 year old in Letterkenny WhatsApp The brother and brother in law of Michaela McAreavey have arrived in Mauritius to make arrangements for her remains to be brought home.Three men charged in connection with the murder of the 27 year old school teacher denied any involvement in her death when they were brought to court this morning.The men – all of whom worked at the Legends Hotel complex where Michaela and her new husband were honeymooning – have been remanded in custody and will be brought before the court again next week.Reporter in Mauritius Mayessen Naggapachetty was in court where one of the suspects alleged police brutality during his arrest:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/01/17nagg1.mp3[/podcast] By News Highland – January 12, 2011 Facebook 448 new cases of Covid 19 reported today center_img WhatsApp News NPHET ‘positive’ on easing restrictions – Donnelly Pinterest Previous article8-year-old boy dies after chokingNext articleDonegal Airport keeps PSO, but Derry-Dublin route now under threat News Highland Twitter Google+ Three factors driving Donegal housing market – Robinson Pinterest Guidelines for reopening of hospitality sector publishedlast_img read more

SF will never enter Westminister parliament – Doherty

admin no comments

first_img Pinterest LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton By News Highland – June 12, 2012 Newsx Adverts Twitter Google+ Pinterest WhatsApp Three factors driving Donegal housing market – Robinson RELATED ARTICLESMORE FROM AUTHOR West Tyrone MP Pat Doherty has said while he and three others are giving up their Assembly seats to concentrate on representing their constituents at Westminister, they will never take an oath of allegience and enter parliament.As a result of their non-attendence, none of the Sinn Fein MPs are paid, but they do receive expenses to run offices and constituency services.Speaking on today’s Shaun Doherty Show, Pat Doherty said while much has changed and many compromises have been made over the years, there will be no change in their policy of non-attendence………[podcast]http://www.highlandradio.com/wp-content/uploads/2012/06/pdoc1pm.mp3[/podcast] NPHET ‘positive’ on easing restrictions – Donnelly center_img Almost 10,000 appointments cancelled in Saolta Hospital Group this week Google+ Previous articleTension in the Guildhall as SF Cllr Kevin Campbell becomes Mayor of DerryNext articleDonegal VEC Chair welcomes new online grant scheme News Highland SF will never enter Westminister parliament – Doherty Calls for maternity restrictions to be lifted at LUH Facebook Facebook Guidelines for reopening of hospitality sector published WhatsApp Twitterlast_img read more

Deputy Pringle in the High Court seeking to speed up his referendum challenge

admin no comments

first_img Pinterest Pinterest Google+ Almost 10,000 appointments cancelled in Saolta Hospital Group this week Calls for maternity restrictions to be lifted at LUH Twitter Deputy Pringle in the High Court seeking to speed up his referendum challenge By News Highland – May 21, 2012 Newsx Adverts Guidelines for reopening of hospitality sector published Google+ Facebookcenter_img Twitter LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Previous articleMan arrested in Derry in connection with attempted attack on policeman’s familyNext articleWoman describes weekend ‘car-jacking’ attempt in Letterkenny News Highland RELATED ARTICLESMORE FROM AUTHOR Three factors driving Donegal housing market – Robinson WhatsApp Facebook WhatsApp Donegal South West TD Thomas Pringle is in the High Court today calling for his challenge to ‘effects’ of  the May 31 referendum on the Fiscal Stability Treaty to be heard sooner rather than later.Mr Pringle claims the Government intends to use a “Yes” vote in the referendum to push through another treaty in relation to the European Stability MechanismHe also believes the government intends to change an existing treating on the functioning of the EU itself – without putting these matters to a vote. Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margeylast_img read more

3% month on month fall in those signing on the live register

admin no comments

first_img WhatsApp Need for issues with Mica redress scheme to be addressed raised in Seanad also By News Highland – January 7, 2011 Google+ Twitter Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Pinterest Newsx Adverts 3% month on month fall in those signing on the live register The number signing on the live register in Donegal last month fell by 658 when compared to November.That means 21,054 people were signing on for the month of December, 3% less than the previous month.All offices across the county recorded a drop last month – the largest, in terms of numbers,  was in Letterkenny – 176 fewer people signed on in December compared to November.A significant drop was also recorded in the Finn Valley area, the total signing there dropped by 3.6% leaving the total at 2,662.A fall of 89 was recorded in Inishowen, that represents a reduction of just 1.8% – a reduction in numbers of 74 was recorded in Ballyshannon with the total on the dole in that area standing at 1,618.Elsewhere the dole queue shortened by 5.6% in Killybegs, just 2.8% in Dungloe while there are now 1,672 people signing on in the Dunfanaghy area, down 42 November to December. Facebook Previous articleGroup of children kick dog to death in LetterkennyNext articleMajor drugs seizure in Ballybofey News Highland center_img Pinterest Calls for maternity restrictions to be lifted at LUH LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton RELATED ARTICLESMORE FROM AUTHOR Twitter WhatsApp Guidelines for reopening of hospitality sector published Almost 10,000 appointments cancelled in Saolta Hospital Group this week Facebook Google+last_img read more

Recent Comments