DS News Webcast: Wednesday 2/12/2014

first_img Previous: Yellen Faces Grilling in First Hearing as Fed Chair Next: San Francisco One of the Most Expensive Housing Markets The Best Markets For Residential Property Investors 2 days ago About Author: DSNews Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 12, 2014 553 Views Demand Propels Home Prices Upward 2 days ago Home / Featured / DS News Webcast: Wednesday 2/12/2014 Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post DS News Webcast: Wednesday 2/12/2014 Is Rise in Forbearance Volume Cause for Concern? 2 days ago Demand Propels Home Prices Upward 2 days ago The National Association of Realtors released its latest quarterly home price report Tuesday, showing prices were up last quarter in 73% of measured markets compared to the year prior. While still strong, that number is down from 88% of markets in the third quarter, reflecting the late-year slowdown in housing.According to the group, the national median existing single-family home price last quarter was just under $197,000, up a little more than 10% from the year-ago quarter. 119 out of 164 markets posted yearly growth; out of those, 42 saw double-digit increases.While positive for homeowners, last quarter’s continued rise in prices brought down affordability for buyers. The NAR’s Housing Affordability Index, also released Tuesday, declined in Q4 to a reading of 175.8 from 2012’s record high of 196.5. The association’s chief economist, Lawrence Yun, said he expects rising supply to help stem the erosion in affordability, though rising mortgage rates may present a problem.center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Featured, Media, Webcasts Related Articles 2014-02-12 DSNews The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Sign up for DS News Daily Share Savelast_img read more

Signs Indicate More Wage Growth is Coming, But It Can Still Be Tough to Accurately Predict

first_img Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Signs Indicate More Wage Growth is Coming, But It Can Still Be Tough to Accurately Predict The Best Markets For Residential Property Investors 2 days ago Subscribe While recent signs indicate that wage growth may be on the rise, many factors can make trends in wage growth difficult to predict, according to a recent report from the Federal Reserve Bank of Cleveland.Cleveland Fed VP and economist Edward S. Knotek II noted in the report the importance of wage growth to the economy, since household income drives consumer spending, which in turn drives the bulk of economic activity. But while the unemployment rate has fallen steadily in the last five years (from 9.8 percent in January 2010 to 5.5. percent in March 2015), wage growth has remained steady during that period, at an annual rate of about 2 percent.However, the 5.5 percent unemployment rate, which is consistent with many analysts’ and policymakers’ assessment of relatively normal economic conditions, and there have been greater increases among wage growth in the Bureau of Labor Statistics’ Employment Cost Index (2.8 percent year-over-year growth in private industry compensation from January 2010 to March 2015). These factors, combined with the announcement from many businesses, including notable retail chains, that say they intend to raise wages indicate that greater wage growth is on the horizon.Knotek states in his report that despite recent signs pointing to an imminent increase in worker compensation, factors such as slack in the labor market, bargaining power, worker productivity, inflation, and many other variables and factors, make wage growth impossible to accurately forecast.Three models were used in the Cleveland Fed report to make the point that wage growth can be impossible to accurately predict for the Employment Cost Index (ECI, which is a measure of wages, salaries, and benefits): first, a Bayesian vector autoregression (BVAR), which includes ECI growth, unemployment rate, productivity, inflation, and other macroeconomic data; second, information from businesses to forecast growth in the ECI; and third, a “random walk” model, which is a simple model that assumes future year-over-year ECI growth will equal its most recently observed value.Using the BVAR, the possibility exists that a declining unemployment rate could put upward pressure on wage growth, but wage growth could also be influenced by other factors such as productivity and inflation, according to Knotek. Using data through the end of 2014, Knotek’s wage growth forecast using the BVAR showed an increase of about 3 percent in ECI by the end of 2017.In the second model, Knotek used the survey results from the National Federation of Independent Business monthly survey which reports the net percentages of small business responding in the survey who said they plan to increase worker compensation in the next three months or who have increased it over the previous three months. The forecast using this model accurately predicted the annual growth rate of 2.8 percent for Q1 2015, but showed that ECI growth would taper off toward the end of 2017 down to about a 2.5 percent annual growth rate.Knoteck found the random walk model to be the most reliable of the three models to forecast wage growth.”By construction, the random walk forecast calls for ECI growth to be steady at a little under 2 and a half percent for the next three years,” Knotek said. “Of course, if I were to redo the forecasts using the most recent ECI reading of 2.8 percent, the random walk model would now call for that rate of ECI growth to persist going forward.” About Author: Brian Honea in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Federal Reserve Bank of Cleveland Labor Market U.S. Economy Wage Growth 2015-05-11 Brian Honea 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Auction.com Welcomes New VP of Engineering Next: Judge Finds Nomura Liable For Selling Toxic Mortgage-Backed Securities To GSEs Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Signs Indicate More Wage Growth is Coming, But It Can Still Be Tough to Accurately Predict Tagged with: Federal Reserve Bank of Cleveland Labor Market U.S. Economy Wage Growth Share Save  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago May 11, 2015 1,151 Views Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

HUD Puts $39 Million Toward Fighting Discrimination in Housing

first_img Fair Housing Act Fair Housing Initiatives Program Housing Discrimination HUD 2015-07-23 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago July 23, 2015 986 Views Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago HUD Puts $39 Million Toward Fighting Discrimination in Housing Share Save Subscribe Previous: Government Files Opposition to Bank of America’s Appeal of ‘Hustle’ Case Verdict Next: Existing Home Sales Expected to Continue Acceleration Under the department’s 2015 Fair Housing Initiatives Program (FHIP) Notice of Funding Availability (NOFA), HUD outlined in a grant notice on Thursday that it is making $39.2 million available to fight housing discrimination.“The funding is part of the Department’s ongoing commitment to giving our fair housing partners the vital financial resources they need to create sustainable, inclusive communities of opportunity,” said Gustavo Velasquez, HUD’s assistant secretary for Fair Housing and Equal Opportunity. “Organizations dedicated to this work are an essential component of our efforts to put an end to unlawful housing discrimination and these grants make their work possible.”HUD makes funding available each year to support organizations interested in the enforcement of fair housing laws and policies as well as educating the public, housing providers, and local governments about their rights and responsibilities under the Fair Housing Act.This year’s funding notice will also create six new types of grants that support fair housing capacity building, education, and outreach activities, as well as testing in rental and sales transactions.HUD added that they will accept applications for the grants until August 26, 2015.The categories of grants being made available today are:Private Enforcement Initiative grants (PEI) – $29,275,000 available. HUD awards these to help local non-profit fair housing organizations carry out testing and enforcement activities to prevent or eliminate discriminatory housing practices.Education and Outreach Initiative grants (EOI) – $3,500,000 available. HUD awards these to groups that educate the public and housing providers about their rights and responsibilities under federal law or state and local fair housing laws that are equivalent to the Fair Housing Act.Fair Housing Organizations Initiative (FHOI) – $6,425,000 available. HUD awards these to help build the capacity and effectiveness of non-profit fair housing organizations, particularly organizations that focus on the rights and needs of underserved groups, such as rural and immigrant populations.The new categories of grants being made available today include:FHOI:Special Emphasis Component – Up to $350,000 per grant – These grants will strengthen the enforcement activities and capacity building efforts of organizations and help them pursue cases that investigate systemic patterns of discrimination.National/Regional Testing Component – Up to $500,000 per grant – These grants will enable organizations to develop and support a national/regional testing program to identify discrimination in rental and sales transactions.EOI:National Programs Component – Sex Discrimination – $500,000 per grant – Organizations will use this grant to conduct education and outreach projects that counter sex discrimination in housing, including domestic violence, sexual harassment, gender stereotyping or discrimination based on gender identity.National Programs Component – Sex/Familial Status Discrimination- $500,000 per grant – This grant will enable organizations to conduct education and outreach projects that focus on one or more forms of sex or familial status discrimination.National Programs Component – National Origin Discrimination- $500,000 per grant – Organizations will use this grant to address one or more forms of national origin discrimination in rental, sales, or lending.National Programs Component – Disability Discrimination- $500,000 per grant – This grant will enable organizations, using the results of recent discrimination studies, to conduct education and outreach activities that address discrimination based on disability, particularly discrimination experienced by individuals with mobility impairments, hearing impairments, and cognitive or mental disabilities.Click here to read HUD’s 2015 funding notice.  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.  Print This Post The Best Markets For Residential Property Investors 2 days agocenter_img Sign up for DS News Daily Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / HUD Puts $39 Million Toward Fighting Discrimination in Housing Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Fair Housing Act Fair Housing Initiatives Program Housing Discrimination HUDlast_img read more

Mortgage Growth Experiences Rapid Recovery

first_img Share Save Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Headlines, Journal, Market Studies, News Data released Tuesday from the MBA’s Builder Application Survey (BAS) shows that mortgage applications for new homes in October 2017 had a 16.1 percent increase compared to October 2016. October 2017 marked a 23 percent increase compared to the previous month. These numbers were not adjusted for seasonal patterns.The MBA states that conventional loans composed the vast majority of applications last month at 71.8 percent while the FHA loans came in at a close second at 15.1 percent. The other types included VA loans at 11.7 percent and RHS/USDA loans at 1.4 percent. Additionally, September 2017’s average loan size of $334,722 increased to $339,534 in October, according to the report.Data from the BAS survey cited in the report states that new single-family home sales were running at 659,000, adjusted for the season. According to the MBA, mortgage application information from the BAS along with assumptions about market coverage influences this number.Regarding total home sales, the report states that October’s seasonally adjusted rate was a 15.4 percent increase from September’s pace of 571,000. Using unadjusted numbers, the report found that there was a 53,000 new home sale increase in October, which marked a 26.2 percent increase from September’s 42,000 home sales.“October registered the strongest growth rate in applications so far this year, following September’s hurricane-related decrease,” said MBA Vice President of Research and Economics Lynn Fisher.According to the MBA, the BAS survey gets its findings by tracking application volume across the country from mortgage subsidiaries of home builders. Additionally, the MBA can provide early estimates of new home sales volumes at national, state and city levels. The survey also provides information on the loan types used by new homebuyers along with sales estimates conducted by the Census Bureau monthly. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 2017-11-14 Nicole Casperson Previous: Home Values in Sync Next: Winter Is Coming Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Mortgage Growth Experiences Rapid Recovery Mortgage Growth Experiences Rapid Recovery Sign up for DS News Daily November 14, 2017 1,217 Views The Best Markets For Residential Property Investors 2 days agolast_img read more

Industry Pulse: Updates on Auction.com, Radian, and More …

first_img Demand Propels Home Prices Upward 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily December 6, 2018 1,422 Views Tagged with: Ali Haralson Auction.com IPsoft Kevin Cooke Legal League 100 Padgett Law Group Radian Data Provider Black Knight to Acquire Top of Mind 2 days ago Ali Haralson Auction.com IPsoft Kevin Cooke Legal League 100 Padgett Law Group Radian 2018-12-06 Radhika Ojha  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe in Daily Dose, Featured, News 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. From silver jubilee celebrations and new appointments to acquisitions and new technology, catch the latest buzz in the industry in this weekly update.Auction.com, an online real estate marketplace dealing with distressed asset disposition, announced the addition of Kevin Cooke, as its new SVP of Business Development. He will report directly to Ali Haralson, Chief Revenue Officer.“I’m very pleased to welcome Kevin to the team and look forward to tapping into his expertise as we continue to revolutionize the default disposition industry,” said Haralson.“Kevin’s deep background in real estate disposition will be essential as we continue to help our clients achieve superior and optimized performance.”In his new role, Cooke will drive Auction.com’s business development efforts with a focus on identifying client opportunities for increased revenue and portfolio performance. He is a mortgage and finance industry veteran with over 20 years of experience”I have had the unique privilege of working in various capacities within the financial services and mortgaging industries,” Cooke said.”I have long been aware of Auction.com as the established market leader in residential real estate disposition with a proven track record of innovation. I now look forward to applying my expertise at Auction.com as the company continues to position itself for acceleration and growth.”____________________________________________________________Philadelphia-based Radian Group Inc has acquired Independent Settlement Services, a national appraisal, and title management company. The company said that this acquisition is consistent with its growth and diversification strategy, and its focus on the core product offerings of its Title, Mortgage, and Real Estate Services businesses.Independent Settlement Services provides real estate information and valuation solutions in all 50 states and offers proprietary disruptive technology through its Vendor Information Bridge (VIBe), a web-based, fully-integrated, real-time vendor management and settlement services technology system. VIBe provides lenders, appraisers, servicing firms, due diligence firms, and appraisal-management companies with a fully-automated platform to manage the ordering and delivery of products and services.____________________________________________________________Padgett Law Group (PLG), a Legal League 100member firm and a leading regional default services law firm serving the southeastern United States, is celebrating 25 years of service. PLG currently operates in Florida, Georgia, Tennessee, Arkansas, and Texas.“When I founded this firm 25 years ago, my vision was for a dynamic, responsive legal practice that despite successwould never lose sight of our boutique, hands-on beginnings. That, and our focus on people, has remained a hallmark of PLG throughout the years and I’m thrilled that this milestone comes on the heels of our expansion into the Texas market,” said CEO Timothy D. Padgett.____________________________________________________________IPsoft announced the general availability of 1Bank™, its first conversational banking solution, powered by an advanced AI in the market, Amelia. With Amelia, customers can engage with their financial institutions through a next-generational Natural Language Interface (NLI) either by voice or chat.Through 1Bank, Amelia helps resolve complex customer questions using comprehensive dialogue. For example: “How much can I afford to pay for a new home?” Instead of providing a simple answer, Amelia will follow up with important questions, such as: “What is your annual salary?” or “How much of a down-payment would you like to make?”center_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Home / Daily Dose / Industry Pulse: Updates on Auction.com, Radian, and More … Previous: Breaking Away From the Negative Equity Trap Next: ALTA Announces New Elite Provider Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Industry Pulse: Updates on Auction.com, Radian, and More …last_img read more

The Gap Between Mortgage Default and Settlement

first_imgHome / Commentary / The Gap Between Mortgage Default and Settlement  Print This Post The Gap Between Mortgage Default and Settlement in Commentary, Daily Dose, Featured, Foreclosure, News Roy A. Diaz is the Managing Shareholder of Diaz, Anselmo Lindberg, P.A. The firm provides representation in Florida, Illinois, Ohio, Indiana, Kentucky, Wisconsin and Michigan. Diaz has been a member of the Florida Bar since 1988. He has concentrated his practice in the areas of real estate, litigation, and bankruptcy. He has represented lenders, servicers of both conventional and GSE loans, private investors, and real estate developers throughout his career with an emphasis on the mortgage servicing industry for over 25 years. Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: borrower court default Foreclosure lender Loan Property servicer Settlement Previous: The Renter/Investor Relationship Next: The Growing Problem With Household Debt borrower court default Foreclosure lender Loan Property servicer Settlement 2019-05-15 Radhika Ojha About Author: Roy Diaz In April 2019, the United States Court of Appeals for the Eleventh Circuit issued a 60-page opinion which addressed claims brought by borrowers Johnnie and Adrian Marchisio against servicer Mortgage Services, LLC, for various statutory and contractual violations committed by the servicer while servicing the Marchisios’ first and second mortgages. (Marchisio v. Servicer Mortgage Services, LLC.)The borrowers took out two mortgage loans to purchase property and defaulted on both loans in 2008. The servicer filed an action seeking to foreclose both mortgages, and the lawsuit was later resolved through a deed-in-lieu of foreclosure entered in December 2009.Pursuant to the parties’ agreement, the borrowers surrendered the property and the servicer “agreed to report to the credit reporting agencies … that the mortgage was discharged with a zero balance owed.” However, more than two years later, the bank still had not reported the discharge. Instead, it “resumed its debt collections efforts” reporting the borrowers’ debt as delinquent. As a result, in July 2012, the Marchisios filed a federal action (first action) alleging Mortgage Services’ failure to timely report the pertinent settlement terms violated the Fair Credit Reporting Act (FCRA) and the Florida Collections Act (FCA).The filing of the first action prompted the servicer to partially correct its misreporting. The lender sent an automated universal dataform (AUD) to the reporting agencies requesting they “update the first loan to reflect that it had a zero balance.” However, the servicer continued to misreport a delinquent balance due on the second mortgage.Ultimately, in January 2013, the parties reached a settlement agreement with regard to the second mortgage wherein the servicer paid the borrowers $125,000 and agreed to “report the second loan as having a zero balance as of December 9, 2009 … as soon as reasonably possible, but in any case within 90 days.” In exchange, the borrowers dismissed the first action. The settlement noted that time was of the essence, which has the legal effect of a hard default on the 91st day.Despite the parties’ settlement agreement and the borrowers’ dismissal of the first action, the servicer continued to send inaccurate reports to credit agencies in February, March, and April 2013. The reports reflected the borrowers’ second mortgage was not paid off and had a past due balance exceeding 120 days. Only after the borrowers complained to the servicer about these inaccurate reports did the company submit an AUD to the credit agencies requesting “they update the second loan to show a zero balance.” Notably, the servicer did not send this AUD until April 25, 2013—two days after the deadline for doing so under the settlement agreement. Additionally, according to the borrowers, the servicer continued to make collection calls wherein they threatened to foreclose due to an allegedly unpaid “balloon balance” on the second mortgage.In August 2013, the borrowers moved to enforce the settlement agreement which resulted from the first action, but the district court declined to exercise jurisdiction. In November 2013, they disputed the servicer debt with the credit agencies. In their written dispute they described the litigation history between them and the servicer, the resulting settlement, and the final agreement, which indicated the borrowers owed nothing on the first or second mortgages.Pursuant to the requirements of the FCRA (codified at 15 U.S.C. § 1681i(a)(1) and (2)), the credit agency notified the servicer about the dispute and the servicer conducted an investigation. As part of its investigation, an employee of the servicer consulted the “Fiserv database” which was supposed to house all relevant information regarding the loans serviced by the company. Notwithstanding, the Fiserv database did not have any information regarding the 2013 settlement agreement. The servicer’s representative reported back to the credit agencies that its prior reports were accurate and confirmed the borrowers owed a balloon payment on the second loan.To further complicate matters, near the end of 2013, the servicer’s insurance vendor (Southwest) sent the borrowers letters on the servicer’s letterhead informing them that force-placed fire insurance would be placed on their property if they did not obtain their own insurance. When the borrowers failed to purchase fire insurance for a property they no longer owned, Southwest purchased it for them, billed them, and then tried to collect payment by sending notices on the servicer’s letterhead.Ostensibly left with no other options for resolving the dispute, the borrowers filed a second federal action (second action) against the servicer in January 2014, “alleging breach of the settlement agreement entered in the first action and violations of the FCRA and the Florida Collections Act.” Regarding the FCRA claim, the borrowers alleged that the servicer violated the act by failing to conduct a reasonable investigation upon learning that the borrowers disputed the credit reports, which included the balloon balance on the second mortgage. As to the FCRA claim, the borrowers argued the collection calls and notices regarding force-placed insurance constituted violations of the FCRA because the servicer attempted to enforce a debt that they knew did not exist.The second action finally prompted the servicer to issue an AUD to the credit agencies requesting they “delete from [the borrowers’] credit reports any reference to a balloon-payment obligation.” The servicer also canceled the force-placed fire insurance. Despite this corrective action, litigation ensued and both parties moved for summary judgment. The district court entered summary judgment in the borrowers’ favor on their FCRA claim finding the servicer “failed to conduct a reasonable investigation” of the dispute filed with the credit agency and that such failure was willful. The court awarded statutory damages of $3,000 but “ruled that Plaintiffs were not entitled to any damages for emotional distress or as punitive damages” as a matter of law. As to both the FCA claim and the breach of contract claim the district court entered summary judgment in the servicer’s favor. The district court awarded $94,000 in attorneys’ fees to the borrowers. Both parties appealed to the Eleventh Circuit.On appeal, the Eleventh Circuit made the following rulings:Firstly, it affirmed “the district court’s finding of a willful FCRA violation,” surmising it was “obvious that [Servicer] failed to conduct a reasonable investigation of [the Borrowers’] report.” The court disagreed with the servicer’s argument that the “erroneous verification” that a balloon payment was owed on the second loan “constituted a mere isolated human error that was promptly corrected.” The court clarified it was not the employee that made the mistake because he “accurately reported what he found in the databases.” The court explained it was the servicer which “failed to create a reliable system for inputting information regarding the settlement of litigation that might impact the data found on the relevant databases.”The Circuit Court concluded the servicer’s system was “unreliable” and that “it was incumbent” on the servicer “to take steps to ensure that news of the terms of the settlement agreement be communicated to those who generate reports to reporting agencies.”  The court surmised “there was a large ‘disconnect’ between [servicer’s] system for debt verification and its ad hoc handling of settlement-related changes to debt obligations” rendering the servicer’s investigation unreasonable for purposes of the FCRA. The court also concluded the servicer’s conduct was willful because even if unintentional, the servicer “acted in reckless disregard” of its obligations under the FCRA, given its failure to take corrective action despite “the number of times that [Servicer] was put on notice of the false information being reported.” It concluded the servicer’s FCRA violations could support an award for emotional distress and punitive damages and reversed the district court’s grant of summary judgment on those issues “to allow factual development” of those issues at trial.Secondly, the Circuit Court reversed the summary judgment for the servicer on the FCA claim finding there to be genuine issues of material fact as to whether the servicer made the debt collection calls and whether the servicer could prove its “bona fide error defense.” The court concluded the borrowers’ testimony regarding the collection calls, viewed in a light most favorable to the non-movants, was sufficient to withstand summary judgment. The court also found that the question of whether Servicer “maintained procedures reasonably adapted” to avoid violations of the FCRA was a question for the jury and not properly disposed of on summary judgment.Thirdly, the Circuit Court reversed the grant of summary judgment for the servicer on the breach of contract claim. Although the Circuit Court agreed with the district court that “emotional distress damages [were] not cognizable as to the breach of contract claim,” the court explained the servicer’s failure to timely correct the misreporting on the second mortgage could have resulted in other damages such as “adverse financing terms” in connection with the borrowers’ purchase of two automobiles prior to the servicer correcting its misreporting. The court surmised the merit of the borrowers’ breach of contract claim and whether the borrowers could establish damages from that breach was to be determined by the jury and not properly disposed of on summary judgment.Lastly, the Circuit Court vacated “the award of attorney’s fees to [the borrowers] so that the district court [could] recalculate those fees at the conclusion of the litigation.” The court remanded the matter for trial and set the floor for a fee award at $94,000 reasoning that the district court had calculated that number, “in part, on the fact the borrowers’ prevailed on only one claim” but they may prevail on additional claims at trial thereby entitling them to additional fees.This detailed holding provides helpful insights into best practices for servicing a loan in default where the default is resolved through settlement. While this article is not intended to be giving legal advise, below is a list of suggested practices extrapolated from the Circuit Court’s holding:SETTLEMENT AGREEMENTS: Ensure those responsible for complying with a settlement agreement understand the terms of the agreement and know what is required for full compliance. Where possible, incorporate clear requirements into an agreement and avoid terms such as “as soon as reasonably possible.” Phrases such as these are subject to interpretation and create confusion and/or conflicting expectations of the various parties. Where deadlines are clearly articulated in an agreement, do not delay in complying and understand that courts will consider “the spirit of the agreement” when evaluating whether a party complied with a particular provision.SYSTEM ENTRIES: When settlement is reached, make redundant entries into multiple systems clearly indicating the parties reached a settlement. Create and implement a procedure that details the various steps required when settlement is reached and make the procedure known and understood to the appropriate staff. Include the primary aspects of the settlement agreement in system entries and reference where additional information about the settlement can be obtained. Provide information about the department involved in the settlement negotiations, and the name of at least one point of contact. Have a policy in place to ensure this information is updated in the event of staffing changes. If the specifics of the settlement are to remain confidential, note “CONFIDENTIAL SETTLEMENT REACHED” in all systems. Again, reference a point of contact and where additional information can be obtained.CREDIT DISPUTES: Upon receiving notice of a credit reporting dispute, conduct a thorough investigation. This should include the review of system notes and documents, but also a thorough review of the information submitted by the borrower. If there is a discrepancy between the system notes and information from the borrower, especially significant facts that were omitted such as a reference to a lawsuit or settlement, investigate further. Seek assistance from or refer the matter to a litigation specialist within your company. Importantly, you should not reach out to the borrower for clarification until there is confirmation he or she is not represented by counsel. Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily May 15, 2019 10,738 Views 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 Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Subscribelast_img read more

Highland Radio retains position as most listened to station

first_img By News Highland – February 17, 2011 Highland Radio retains position as most listened to station The latest TNS/ MRBI listenership figures show that Highland Radio continues to be the most listened to local radio station in Ireland.Of those that listen to  Radio on weekdays, 67% choose Highland Radio – that is 9% higher than the second most listened to local radio station in Ireland.Highland Radio also has the Highest market share in Ireland at the weekend, around 10% higher than the second placed local radio station Twitter Newsx Adverts Calls for maternity restrictions to be lifted at LUH Pinterest Pinterest Three factors driving Donegal housing market – Robinson Twitter Guidelines for reopening of hospitality sector published RELATED ARTICLESMORE FROM AUTHORcenter_img WhatsApp 448 new cases of Covid 19 reported today Facebook Previous articleListen back to Highland Radio’s 2nd Donegal NE election debateNext articleLetterkenny Chamber to host election debate News Highland NPHET ‘positive’ on easing restrictions – Donnelly Facebook Google+ WhatsApp Help sought in search for missing 27 year old in Letterkenny Google+last_img read more

Mc Hugh says IDA has had success in Donegal, but more can be done

first_img Facebook It’s been claimed this afternoon that investment by IDA client companies directly created 758 high-skilled jobs in Donegal from 2011 to 2014, and resulted in an estimated 531 additional indirect positions in the local economy.Junior Minister Joe McHugh says IDA investment is creating opportunities for Donegal’s skilled workforce, but there are challenges, particularly in terms of creating jobs for unskilled workers.As the cabinet discusses jobs at its meeting, today, Minister Mc Hugh says he’ll be pushing Jobs Minister Richard Bruton to maximise support for the North West, particularly in terms of infrastructure and communications…………Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/01/mchugjobs.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. By News Highland – January 14, 2015 Help sought in search for missing 27 year old in Letterkenny Twitter Google+ Nine Til Noon Show – Listen back to Wednesday’s Programme NPHET ‘positive’ on easing restrictions – Donnelly Three factors driving Donegal housing market – Robinson Facebook Pinterest Twittercenter_img Homepage BannerNews WhatsApp WhatsApp Google+ Previous articlePostponed Dr Mc Kenna games refixed for Sunday 18th JanuaryNext articleTrolley numbers fall at LGH as nurses protest outside Leinster House News Highland News, Sport and Obituaries on Wednesday May 26th Pinterest 448 new cases of Covid 19 reported today Mc Hugh says IDA has had success in Donegal, but more can be done RELATED ARTICLESMORE FROM AUTHORlast_img read more

Deputy Pringle – Irish Water may soon be able to tell Donegal County…

first_img Facebook 448 new cases of Covid 19 reported today Pinterest Homepage BannerNews Twitter Pinterest Help sought in search for missing 27 year old in Letterkenny Previous articleDeputy McConalogue – Cuts to One Parent Family Payment will force people into povertyNext articleCalls made for new Letterkenny Courthouse build to begin immediately admin Deputy Pringle – Irish Water may soon be able to tell Donegal County Council what to put in its Development Plans By admin – May 14, 2015 Nine Til Noon Show – Listen back to Wednesday’s Programme Google+center_img Facebook NPHET ‘positive’ on easing restrictions – Donnelly Twitter WhatsApp Google+ News, Sport and Obituaries on Wednesday May 26th RELATED ARTICLESMORE FROM AUTHOR A Donegal Deputy has claimed Irish Water may soon be able to tell Donegal County Council what to put in its Development Plans.The government has published draft legislation to streamline a number of planning laws into a single bill. Deputy Thomas Pringle says that is to be welcomed, but one major issue of concern has emerged.He says when county councils are drawing up their development plans, a number of agencies must be consulted, but Irish Water is not on that list.Deputy Pringle says this suggests Irish Water will be able to set its own priorities, and that could conflict with what the council wants to do…………Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/05/pring1pm.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Three factors driving Donegal housing market – Robinson WhatsApplast_img read more

CPWP say Taoiseach’s latest comments on water charges insult the people’s intelligence

first_img CPWP say Taoiseach’s latest comments on water charges insult the people’s intelligence Almost 10,000 appointments cancelled in Saolta Hospital Group this week WhatsApp Facebook Previous articleKerry make two changes for finalNext articleOne “neutral” punter staking over €120,000 on a Donegal All-Ireland win News Highland Calls for maternity restrictions to be lifted at LUH Twitter Guidelines for reopening of hospitality sector published LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Twitter Google+ Pinterestcenter_img By News Highland – September 19, 2014 RELATED ARTICLESMORE FROM AUTHOR Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey WhatsApp Pinterest Three factors driving Donegal housing market – Robinson Google+ The Taoiseach has been accused of insulting the intelligence of the Irish people, after saying that people are in control of their water charges because they can turn off the tap.”Can’t Pay Won’t Pay” says this is a flippant response from Enda Kenny, particularly after admitting that 40% of water is wasted in leaky pipes.No amount of tap-turning or not flushing, they say, would make up for that level of waste.Donegal Can’t Pay Won’t Pay Spokesperson Francis Mc Clafferty says these charges have nothing to do with conservation, and if they had, the millions being spent on installing water meters would have gone towards stopping leaks…………..Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/09/cpwpwater.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. News Facebooklast_img read more