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[ad_1] The number of homeowners still in forbearance plans has been declining as foreclosure moratoriums expire. HousingWire recently spoke with Joe Davila, president and CEO of Selene Finance, about how servicers can best help homeowners with next steps as they exit forbearance plans. HousingWire: More than one million borrowers are exiting forbearance plans. How can servicers prepare to help them with next steps? Joe Davila: Communication, borrower education and training of consumer-facing staff are all critical elements to ensure your servicing operation is properly prepared to help borrowers as they exit forbearance plans. Embedding the loss mitigation rules into process workflow is needed to ensure consistency and proper flow of information and decisioning. The call center and loss mitigation teams must be properly trained on the options that are available to the borrower to properly guide the discussion. In certain cases, with the proper technology, the borrower can self-service through a portal to select their exit plan with limited or no documentation requirements. HW: What do servicers need to know about expiring foreclosure moratoriums? JD: Servicers have foreclosures in process that are either stopped in a certain stage or progressing to the next stage that require appropriate reporting, tracking and documentation. Once the moratoriums are lifted, the need to monitor state-by-state rules or potentially county-by-county in an automated fashion will be tricky and require technology enhancements and comprehensive training of the staff. There are still many unknowns so the servicer will have to remain flexible and start to think about staffing the foreclosure teams because most of the foreclosure teams were reassigned due to moratoriums. HW: How can servicers best help homeowners as those moratoriums lift? JD: Servicers will utilize a structured waterfall to determine the optimal outcome for the borrower. These rules will assess the borrower’s ability to pay, property value and employment status. The goal is always to keep the borrower in the home whenever possible. The servicer will provide outreach to borrowers in foreclosure as well and handle inbound calls where alternatives to foreclosure will be discussed. HW: What will servicing look like in 2022, and how can servicers best prepare for what comes next? JD: In 2022, the focus will be on the new CFPB and regulatory environment along with post-moratorium management of the borrowers and the foreclosure process. Compliance with regulatory changes will require technology adjustments, training and advanced reporting to identify real-time risk. If post-moratorium foreclosure guidelines are set at the state or even county levels, the need to embed the new rules will also be a challenge to manage. In addition to all of this will be managing the COVID-19 situation if the virus continues to impact day-to-day life. Hiring and retaining a work from home staff versus a hybrid model of in and out of the office will continue to be a challenge even though we have seen very good performance to date. The post What will servicing look like in 2022? appeared first on HousingWire. [ad_2] Source link

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[ad_1] Market News Today | Sensex, Nifty, Share Prices LIVE: Indian benchmark indices opened lower on Friday (January 14) on the back of weak global cues. The BSE Sensex was down over 400 points at 60757, and the Nifty gave up 18,200, and was down 114.30 points or 0.63% at 18143.50. Except auto and oil & gas, all other sectoral indices are trading in the red with IT index down 1 percent. In broader markets, BSE midcap and smallcap indices are trading flat. HDFC, HCL Tech, Asian Paints, Wipro and UPL were among the top losers in the Nifty pack, while Cipla, IOC, L&T, Titan Company and Divis Labs were the top gainers. Shares of Mukesh Ambani’s Reliance Industries Ltd will remain in focus as the company announced on Thursday that it will invest nearly Rs 6 lakh crore in green energy and other projects in Gujarat. RIL has already begun scouting land for 100 GW renewable energy projects to be set up in the next 10-15 years. The company will also invest another Rs 60,000 crore to manufacture solar PV cells and other renewable energy equipment, it said. [ad_2] Source link

[ad_1] This article is part of our Housing 2022 forecast series. After the series wraps, join us on February 8 for the HW+ Virtual 2022 Forecast Event. Bringing together some of the top economists and researchers in housing, the event will provide an in-depth look at the top predictions for this year, along with a roundtable discussion on how these insights apply to your business. The event is exclusively for HW+ members, and you can go here to register. As the U.S. enters the third year of the pandemic, the 2022 housing market remains on stable ground. Existing-home sales for 2021 are expected to show the highest levels in 15 years. While interest rates are projected to rise in 2022 to 3.5% for the 30-year-fixed rate mortgage by year end, the rate increases may temper demand in 2022. With frenzied housing demand normalizing in 2022, homebuyers are likely to see home price gains in single digits rather than the rapid double-digit pace of 2021. Housing demand in 2022 is anticipated to remain steady given familiar demographic, workforce and familial dynamics spurred by the pandemic. Demographics The median age of a first-time buyer for the past three years has remained 33 years old. Between 1981 and 2018, the median age of first-time buyers ranged between 28 and 32. There are 23.4 million adults aged 28-32 in the U.S. right now, the largest number of adults by age category. There will soon be a wave of potential buyers aging into the first-time buyer age group. These young buyers are not without headwinds, such as low affordable housing inventory, rising home prices and student debt.  NAR data shows that first-time buyers have overcome rising home prices to patch together a downpayment, through diversifying their downpayment source, using savings, downpayment help from family and friends and stock market/401k loans to assist in their path to ownership. Younger millennials may have also helped as they moved back home during the pandemic at record numbers, thus skipped paying market value rent to a landlord. The highest share of young adults since the Great Depression moved home, and will now be re-emptying the nest as they purchase homes. Additionally, 38% of student debt borrowers were able to use the pandemic to pay down their student debt by paying more to their principle of their debt or cutting spending on entertainment.  Movement for more space As of week 33 in the U.S. Census Pulse Survey, 23.5% of households had at least one family member who worked remotely due to the coronavirus. As the omicron variant spreads, if workplaces are able, many are maintaining fully remote or hybrid plans. This flexibility is likely to continue and become permanent as recruiting and retaining talent becomes increasingly difficult for CEOs. Workforce flexibility allowed consumers more freedom in their choice of location for home buying. In the latest Realtors Confidence Survey, 88% of buyers purchased in a suburban, small town or rural area. This is up from 85% one year ago.  Buyers are moving to suburban areas not only for the square footage but for the affordability and inventory that are more likely to be found in these regions. Even before the pandemic, it was more likely for a young millennial buyer to purchase in a small town rather than an urban center. Housing affordability, space and inventory become top priorities in decision making when buying a home, in addition to proximity of family. Regardless of this movement, there will always be the attraction of city centers for some buyers who want the walkability and amenities. These buyers may be reinventing the suburbs with walkable town centers and gathering places for their children and pets.  Familial dynamics In the last year, a desire to be closer to friends and family ranked as the top reason for repeat buyers to purchase a home and for sellers to sell a home. The needs of buyers of all ages have evolved not only in what they need from their home — a home office, a bigger yard, and more room to cook — but also who lives near their home. Support systems are now a top priority for neighborhood choice, edging out both convenience to job and affordability of homes. The reason to remain close to family may differ for different homebuyers. For working parents, elderly relatives may be the extra set of hands needed as schools continue to grapple with hybrid, remote and in-person schedules. The growing share of single women homebuyers may desire family and friends to be close, but not within her own home. Young adult buyers may seek the comfort of families nearby after moving from family homes, and retirees may pursue the benefit of being close to grandchildren.  Known unknowns The next year is not without unknowns. Where will the pandemic go next? What is the next variant after omicron, and what impact will it have? Despite these unknowns,  purchasing a home continues to be an  investment buyers want to make for their financial future. Even with the expected increase in interest rates, homebuyers can lock in a historically low rate and know with certainty what their monthly cost will be for the next 30 years. The American Dream of homeownership is a constant, providing both financial and housing stability within a sea of societal uncertainty. The post What are the drivers of housing demand in 2022? appeared first on HousingWire. [ad_2] Source link

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[ad_1] S.Korea's LG Energy Solution plans U.S. battery JV with Honda -report [ad_2] Source link

[ad_1] South Korean steel major Posco and India’s Adani Group signed an agreement on Thursday to jointly explore business opportunities in a clutch of areas, including steel, renewable energy, hydrogen and logistics, with an investment outlay of $5 billion. The two will set up an integrated, ‘environment-friendly’ steel mill at Gujarat’s port town Mundra as part of the plan, which will mark the entry of Gautam Adani’s already diversified infrastructure group into steel-making. The partnership will also give the South Korean steelmaker a new opportunity to carry out its long-thwarted plan to create a sizeable primary-steel manufacturing base in India. The two sides haven’t disclosed further details of the venture, nor have they revealed who will invest how much and by when. India is projected to be one of the fastest-growing steel markets in the world for many years to come with its per capita steel consumption being just a third of the world average; the country is also projected to double its crude steel capacity in less than a decade to 300 million tonne per annum (mtpa). Posco CEO Jeong-Woo Choi expressed the hope that “this cooperation will be a good and sustainable business cooperation model between India and South Korea”. Adani said, “This partnership will contribute to the growth of India’s manufacturing industry and the Aatmanirbhar Bharat scheme championed by the government of India. It will also help to strengthen India’s standing in green businesses.” Icra’s Jayanta Roy said: “The MoU between Adani and Posco for a steel plant based on green technology is consistent with the large investment plans of the Adani group (in) renewable energy and green hydrogen and Posco’s commitment to become carbon neutral by the year 2050.” Posco had announced a plan to set up a mega 12 mtpa capacity steel unit in Odisha nearly two decades ago, but had to drop the plan being caught in the labyrinthine complexities of land acquisition. Its manufacturing presence in India is currently limited to a 1.8-million-tonne cold-rolled and galvanised steel unit in Maharashtra. India is seen as an emerging manufacturing base for steel primarily because of its high domestic demand attributable to the planned massive infrastructure investments and a booming real estate sector. But it is also a potentially competitive base for export production due to its relatively cheap labour, large iron ore reserves and long coastline, especially since China is pruning steel capacity to meet its carbon emission commitments. So, both the world’s largest steel maker ArcelorMittal and Posco have been keen on greenfield ventures in India since 2005. While ArcelorMittal bought Essar Steel assets two years ago through the insolvency route, Posco’s greenfield steel-making plan is yet to fructify. Posco had signed a pact with the Odisha government way back in 2005 for a 12-mtpa plant, but subsequently scrapped the plan. In 2007, it had signed an initial pact with state-run Steel Authority of India to form a JV in India, but that too did not succeed. Recently, RINL and Posco had set up a joint working group (JWG) to facilitate the implementation of the initial pact signed between the two for a 5 mtpa greenfield steel plant in Vizag with an estimated investment of Rs 35,000 crore. [ad_2] Source link

[ad_1] Another large mortgage-servicing rights bulk offering is on the market this week on the heels of a $10 billion MSR package that went out to bid earlier this month.  The latest deal is being marketed by New York-based Mortgage Industry Advisory Corp., or MIAC. It is a $6.23 billion bulk-sale offering of agency MSRs, with bids due by Jan. 20. The seller is not identified. “MIAC, as exclusive representative for the seller, is pleased to offer for your review and consideration a $6.23 billion Fannie Mae, Freddie Mac, and Ginnie Mae mortgage servicing portfolio,” bid documents for the new MSR offering state. “The portfolio is being offered by a mortgage company that originates loans with a California concentration.” In early January, Denver-based Incenter Mortgage Advisors also launched 2022 by unveiling a $10 billion bulk-sales package of mortgage-servicing rights tied to Fannie Mae and Freddie Mac loans. The seller is not identified in the offering, which indicates the deadline for final bids was Jan. 12. Incenter Managing Director Tom Piercy would only say that the seller is a “nonbank.” These latest offerings come on the heels of an active year in 2021 on the MSR front, which new data shows was dominated by one lender that can be named: Freedom Mortgage. The new MSR package being marketed by MAIC is composed of 17,609 loans, most of which are Fannie and Freddie mortgages, with Ginnie-backed loans composing less than 8% of the package by loan volume. The average loan size, according to the MSR-offering bid documents, is $353,763, and the average FICO credit score of the borrowers is 750. The servicing-fee cut is set at 0.258%, with the average interest rate on loans in the MSR package at 3.023%. Slightly more than 56% of the loans in the servicing package were originated in California, based on principle balance. The other leading states for loan originations for the MSR bundle are Washington, 12.27%; Illinois, 5.34%; and Oregon, 4.27%. Combined, the two MSR bulk offerings kicking off the start of the year, with loans valued in total at more than $16 billion, are a sign that the MSR market is on a roll right now. “We’re approaching … a peak [in the market] again,” said Piercy. “We’ve been on the phone … advising our customers that this is happening.  “We’re … seeing values trending up, and I’m pretty bullish on this for the foreseeable future.” Rankings released recently by New York-based mortgage data-analytics firm Recursion offer some insight into the state of the MSR market and its major players as the new year begins to unfold.  Leading the pack on multiple fronts is Freedom, which bills itself as the leading Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) lender in the country. That also explains, in part, Freedom’s role as a leading servicer in the Ginnie Mae market as of year-end 2021.  Ginnie’s unique program Ginnie serves as the government-backed securitization pipeline for loans insured by government agencies that provide loan-level mortgage-insurance coverage through their lending programs. Unlike Fannie and Freddie, however, Ginnie does not purchase loans.  Rather, under the Ginnie program, lenders originate qualifying mortgages that they can then securitize through the agency. Ginnie guarantees only the principal and interest payments to purchasers of its bonds, which are sold worldwide. The underlying loans carry guarantees, or a mortgage insurance certification, from the housing agencies approving the loans — which include single-family mortgages guaranteed by the FHA, VA and U.S. Department of Agriculture. The holders of Ginnie Mae MSRs, primarily nonbanks today, are the parties responsible for assuring timely payments are made to bondholders. And when loans go unpaid due to delinquency, those servicers still must cover the payments to the bondholders.  “Ginnie Mae as an organization, their function is to a make sure that there’s a market for buying these Ginnie Mae bonds, and then they have to manage the servicers to ensure that the integrity of the bonds is maintained,” Piercy explained. “The servicer retains the obligation to pass through the principal and interest to the bondholder.” Under Ginnie’s program, then, lenders can securitize through the agency qualifying loans they purchase or originate, and then they can choose to retain or sell the servicing rights to the loans backing the Ginnie Mae securities issued.  That’s where Freedom Mortgage shines, based on information provided by Recursion. In terms of Ginnie Mae securitizations, including new issuance and net MSR purchases, Freedom is by far the largest Ginnie servicer. As of the final month of last year, the lender controlled 13.2% of Ginnie Mae’s $1.95 trillion outstanding servicing book of business — with a $261 billion balance comprised of both new-issuance securitizations and net purchases, according to Recursion’s data. The figures for the other Ginnie servicers among the top five — again, based on new issuance and net purchases — as of the same time frame are the following: PennyMac Financial Services, $222 billion, 11.2%. Lakeview Loan Servicing, $203 billion, 10.3%. Wells Fargo, $125 billion, 6.4%. Quicken Loans, $101 billion, 5.1%. Diving down into the numbers a bit, the total volume of newly issued Ginnie Mae securities year to date through Dec. 1 last year stood at $780 billion, including $102 billion for the leading issuer, Freedom. The other leaders in that category: PennyMac Financial Services, $96 billion Quicken Loans, $56 billion. Lakeview Loan Servicing, $45 billion Caliber Home Loans, $26 billion. Li Chang, founder and CEO of Recursion, points out that Wells Fargo “only delivered $19 billion in new issuance,” to the Ginnie market year to date through Dec. 1, 2021 — far less than Quicken Loans. But “Wells has a huge legacy book” of Ginnie MSR business, she added, so it ranks above Quicken in Ginnie-servicing market share based on the lenders’ outstanding loan balances. Freedom also was the top buyer of Ginnie MSRs from other servicers over the 11-month period, based on loan volume, at $71.2. billion in net purchases, followed by Lakeview Loan Servicing, $50.4 billion; Mr. Cooper (formerly Nationstar Mortgage), $21.7 billion; and Carrington Mortgage Services, $7.3 billion. Loan delinquency rates The loan-delinquency rate for Ginnie

[ad_1] Mortgage payment calculator Depending on your circumstances, refinancing your mortgage can be a smart financial choice. However, while you can reap substantial savings, there can also be high costs when refinancing a mortgage. That’s where a mortgage refinance calculator comes in. It can give you a better overall picture of the financial pros and cons of refinancing and make it much easier to figure out the right choice for your needs. You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote I’m buying a homeI’m renewing/refinancing You will be leaving MoneySense. Just close the tab to return. What is a mortgage refinance? Refinancing your mortgage is when you renegotiate the terms of your current mortgage loan contract. You can refinance a mortgage agreement with your current lender or go to a new mortgage lender, and doing so at the end of your mortgage term may help you avoid paying prepayment penalties.  Why use a mortgage refinance calculator? Deciding whether or not to refinance your mortgage can be overwhelming, because there are many variables to consider. Before you break a mortgage agreement, you want to be  aware of all the financial ramifications—both what you might save and what it might cost you. A mortgage refinance calculator can help you understand the financial impacts of refinancing. It takes care of all the calculations so you don’t have to.  Of course, every person’s situation is unique. Though a mortgage refinance calculator is a helpful tool, it’s always good to speak to an expert or mortgage broker before making a final decision.  When to consider a mortgage refinance There are two main reasons you may want to break your current mortgage contract and refinance.  The first is to take advantage of lower interest rates and thus lower the cost of your mortgage. Taking advantage of reduced interest rates can potentially save you tens of thousands of dollars over the course of your mortgage. A lower rate can also allow you to enjoy lower monthly payments, making your mortgage much easier to manage over the long term. Even a slight reduction in your mortgage interest rate can add up to big savings and may be worth any prepayment penalties you may be subject to (more on that below). The second reason is to access the equity in your home. As you make payments on your mortgage, you steadily build up equity in your property. Your home equity is the difference between the current market value of your house and how much you still owe on your mortgage. Once you’ve built up sufficient equity, lenders may let you borrow up to 80% of the appraised value of your home, minus the remaining balance on your mortgage.  Depending on your lender, you may also be able to refinance through a second mortgage, a Home Equity Line of Credit (HELOC) or a loan or line of credit secured with your home. It’s worth noting that because you are using your home’s value to secure the loan, you may also get access to better interest rates.  Be aware of prepayment penalties However, just as there are good reasons to refinance a mortgage, there are also reasons to stick with your current mortgage. One of the main reasons people decide not to refinance is the high cost of prepayment penalties, which lenders charge when you break a mortgage contract early.  Fixed-rate mortgage holders typically pay the higher of three months interest on their remaining mortgage balance or the interest rate differential, a penalty based on the difference between your current mortgage rate and the rate the lender would use if lending the funds today. Variable-rate mortgage holders are penalized three months interest. (Note that penalties may vary based on the financial institution, original mortgage contract, term length and more.) It’s important to get a full picture of what refinancing your mortgage will cost you, which means factoring in things like prepayment penalties,legal, appraisal and administration fees, as well as title search and insurance fees.  Before you decide to refinance your mortgage, you need to carefully consider whether the financial penalties outweigh any savings you would enjoy. A mortgage refinance calculator can be an indispensable tool when it comes to deciding whether or not to refinance, because it shows you not only how much you could save, but also how much you could potentially owe in penalties. You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote I’m buying a homeI’m renewing/refinancing You will be leaving MoneySense. Just close the tab to return. Other mortgage calculators: Mortgage affordability calculator Mortgage payment calculator Land transfer tax calculator CMHC mortgage insurance calculator Mortgage renewal calculator The post MoneySense Toolkit: The mortgage refinance calculator appeared first on MoneySense. [ad_2] Source link