Applying Previous Lessons to Mortgage Servicing’s COVID-19 Response

first_img The Best Markets For Residential Property Investors 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 Share Save Home / Daily Dose / Applying Previous Lessons to Mortgage Servicing’s COVID-19 Response There are similarities, but the current downturn is different from the 2008 Great Recession. Following 2008, the U.S. mortgage servicing infrastructure was strengthened, and now, according to Urban Institute, those changes are going to be put to the test. In a report, Urban Insitute’s Karan Kaul and Laurie Goodman examine how these safeguards will protect homeowners.The difference between now and 2008 is that homeowners have record levels of equity in their homes. The ratio of total mortgage debt outstanding to the value of the US housing stock is at a record-low 36%, compared with 54% on the eve of the Great Recession. According to Urban, what homeowners need right now is immediate payment relief.Similar policies to 2008 are now being implemented in response to COVID-19 including forbearance, but, as Urban notes, if forbearance is not properly reported to the credit bureaus, it is treated as delinquency.To reach more borrowers, Urban suggests expanding the LTV threshold for refinance options, including Fannie Mae’s High LTV Refinance Option and Freddie Mac’s Enhanced Relief Refinance Mortgage.“This is a balancing act,” Urban notes. “Expanding refinance eligibility will have a negative effect on mortgage-backed security prices, which will, in turn, raise rates to new borrowers. But during a crisis period, such action seems warranted.”While the loss mitigation toolkit we have in 2020 is much more robust than what we had in 2008, swift early intervention, even if imperfect, is much more effective than delayed actions.“Although no one knows how serious the upcoming downturn will be or how long it will last, the need of the hour is to provide immediate payment relief to the largest possible number of borrowers,” Urban adds. “The lost opportunity has been to allow the streamlined refinance programs to mostly lapse, with no crisis-type provisions for immediate restoration.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Sign up for DS News Daily Tagged with: Coronavirus Recession Urban Insitute Coronavirus Recession Urban Insitute 2020-03-24 Seth Welborncenter_img About Author: Seth Welborn  Print This Post Applying Previous Lessons to Mortgage Servicing’s COVID-19 Response in Daily Dose, Featured, Government, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago March 24, 2020 1,639 Views 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. Previous: IMS Datawise Launches Upkeep Next: Possible $2.5T Stimulus Bill Brings Optimism Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Steve and Cookies to Host Dog Show Benefitting Humane Society of OC

first_imgDoggone it, it should be a great day.Steve and Cookie’s by the Bay, 9700 Amherst Avenue in Margate will host a Dog Show on Sunday, September 25 at 1 p.m. in the restaurant’s parking lot. Beforehand, starting at 11:30, there will be a full array of activities and features for dogs and their owners.The show, Steve and Cookies’ 20th annual, will benefit the good work of the Humane Society of Ocean City and New Jersey Aid for Animals.“We are grateful for the support of Steve and Cookies and to benefit from this wonderful event,” Humane Society Executive Director Bill Hollingsworth said. “Cookie Till (the restaurant’s owner) is not only a great partner, she is personally a mentor to me.  She taught me the importance of charity work and giving back to the community,” he said.Theme of this year’s show, Steve and Cookie’s 20th annual, is “The Best Rescue Story” and there will be a special award for the best 500-word or less essay on the topic.  Submissions to [email protected] by September 18th.There will also be prizes in the following categories: the dog who most looks like its owner, best dressed small dog, best dressed large dog, prettiest/most handsome small dog, and prettiest/most handsome large dog.There will be first, second and third place prize ribbons in all categories as well as Steve and Cookie’s gift cards for the winners.Online preregistration is available at eventbrite.com and on-site registration starts at 11:30 a.m.In addition to the show itself, there will be an agility course for dogs from 11:30 to 1 p.m. and pet photography during the same timeframe. At noon, the Atlantic City Police Department’s K-9 Division will have a demonstration.Also featured will be representatives of JFS – Paws Pet Care dog walking service and the New Jersey Community Food Bank’s Pet Pantry.More information on the event may also be found on its Facebook page, www.facebook.com/annualdogshow.“It should be a lot of fun, and we hope everyone will come out to have a great time and to support (the Humane Society and NJ Aid for Animals), Hollingsworth said.To learn more about the humane society, visit www.hsocnj.org.last_img read more