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[ad_1] Coronavirus Vaccine Registration, Covid-19 India Latest Update, Coronavirus Cases in India Today’s News, November 18 LIVE Updates: India’s cumulative Covid-19 vaccination coverage exceeds 115 crore [ad_2] Source link

[ad_1] Today, the U.S. Census Bureau reported that housing starts came in as a miss of estimates at 1.52 million for October and housing permits came in at a beat at 1.65 million. Revisions came in negative, but the real story here is that housing is back to its slow construction phase, which isn’t shocking considering where monthly supply is at and the delays in construction that we are all aware of. Demand is good enough to keep buildings going as the monthly supply of new homes is still below 6.5 months on a three-month average. We can see that in housing permits.Census: Privately‐owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,650,000.  his is 4.0 percent (±1.5 percent) above the revised September rate of 1,586,000 and is 3.4 percent (±1.6 percent) above the October 2020 rate of 1,595,000. Single‐family authorizations in October were at a rate of 1,069,000; this is 2.7 percent (±1.2 percent) above the revised September figure of 1,041,000.  Authorizations of units in buildings with five units or more were at a rate of 528,000 in October Housing completion is the only thing that is slower than my tortoise, Grundy. We are all aware of the delays that we are dealing with as a country due to shortages. However, it isn’t the entire story. Census: Privately‐owned housing completions in October were at a seasonally adjusted annual rate of 1,242,000.  This is virtually unchanged from (±13.0 percent)* the revised September estimate of 1,242,000, but is 8.4 percent (±9.2 percent)* below the October 2020 rate of 1,356,000.  Single‐family housing completions in October were at a rate of 929,000; this is 1.7 percent (±12.7 percent)* below the revised September rate of 945,000. The October rate for units in buildings with five units or more was 302,000. This content is exclusively for HW+ members. Start an HW+ Membership now for less than $1 a day. Your HW+ Membership includes: Unlimited access to HW+ articles and analysis Exclusive access to the HW+ Slack community and virtual events HousingWire Magazine delivered to your home or office Become a member today Already a member? log in The post Housing permits reflect rising builder confidence appeared first on HousingWire. [ad_2] Source link

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[ad_1] With the release to Congress of the FHA Actuarial Study it is time to make this call: HUD Secretary Marcia Fudge and President Joe Biden need to lower the FHA Premium. Not doing so is resulting in overcharging first-time homebuyers and especially African American and Hispanic borrowers, the segments of our housing population needing the greatest support. I say this as a former FHA Commissioner and as someone who, back when the fund was truly stressed, went to Congress asking for additional authority to raise premiums. And once that was legislated, I raised them. This time it’s different. This time we need a universal call to this administration, which is made up of Democrats who speak often of wanting to help minority and first-time homebuyers. The call is this: Lower the FHA MIP now. Here are the reasons why: What is the actuarial report, why it matters, and what did it say? The actuarial study is completed as an obligation to Congress and submitted each November. Written by an independent third-party auditing firm, the study produces a net present value of the total FHA forward and reverse mortgage portfolios. Simply put, it looks at all the insured loans in the single-family business and factors in expected interest rates, home price forecast, default rates and severity rates over the entire duration of these loans, some of which will be on the books for 30 years. During the Great Recession of 2008, the forecast actually went negative, resulting in a mandated draw from Treasury to meet the minimum 2% capital reserve ratio requirement. What is the capital reserve ratio? Congress mandated, based on a previous period when the MMI (mutual mortgage insurance) fund was stressed, that the FHA maintain at all times enough resources to manage all forecasted losses, plus an additional 2% buffer to handle uncertainties ahead not expected by the actuarial firm’s study. In other words, the 8.03% capital reserve ratio is excess capital above and beyond the Congressional requirement of the 2% minimum. This part is important because based on this recent report, FHA is flush with resources (money) to cover all losses in the future. This week’s release alluded to concerns over serious delinquent loans and wanting to realize the outcome of the pandemic and its impact to the fund before considering changes to any premium levels. But the actuarial already did this. It took into account all loans as of their current status. So any delay is, in essence, second guessing the actuarial itself. I’m not arguing that forecasts are not hard, nor are actuarial reports not often found to be wrong, but the size of the current excess is enormous. In fact, it is bigger than ever seen for FHA as a program. In other words, there is more than enough “buffer” to handle any bumps in the road ahead coming out of the pandemic and the forbearance process. The actuarial itself is clear. FHA has over $100 billion in capital to draw from, the largest cushion ever, producing an 8.03% capital reserve ratio. While some FHA watchers compare this reserve to bank standards and may try to claim that this is too low in comparison, keep in mind that this reserve is based on an analysis looking at the entire books NPV over the life of the loan. That is a far more aggressive standard than most private market capital cushions respectively. The reserve trend has been consistently growing for the past decade as well.  While the MMI fund suffered massive stress during the Great Recession, primarily driven by an approximate 20% drop in home prices nationally, the fund has been growing, exponentially increasing reserves by over $20 billion since last year alone and almost $58 billion over the past two years. But there are risks. The report worries about outcomes from the pandemic and how that may impact the fund. But two things are clear. First, severity risk is entirely different versus the Great Recession as home prices have risen dramatically versus the declines that happened from the 2008 recession. This equity cushion is key to producing the safety net needed to keep the fund healthy. In fact since 2013, as reported in the FHA report to Congress, the average home in America has risen in value by 79.09%. This is a massive equity cushion that would blunt the blow of almost any economic trend in any simulation. Secondly, we have seen the impact of the new waterfall modification efforts implemented at FHA and how effective they are. In fact, the FHA forbearance numbers are clearly showing the effect, in a good way, with the majority of homeowners already transitioned out of forbearance. So, why is this important? Because failure to reduce premiums now means that first-time homebuyers, and minority homebuyers, will face an excessive homeownership tax that is unnecessary. Just look at HUD’s own data on FHA lending: 1. 84.61% of FHA loans are to first-time homebuyers. Compare this to the larger market of the GSEs who only hit a 45% FTHB rate and it is clear that FHA is the primary entry program to homeownership and hits younger people at a time where every penny counts — far more than those in higher income brackets. 2. FHA is the primary resource for African American and Hispanic borrowers. 17% of all loans made by FHA were to black borrowers and 25% to Hispanic borrowers. Compare this to the much larger private market of the GSEs, VA and more where their role is 6% and 10% respectively. FHA is the primary source of finance for younger and more diverse borrowers who are purchasing their first home and proportionate to the much larger volumes of the GSEs combined, this only exacerbates their unique role in this critical space that the President and Secretary Fudge speak about so often. In other words, as John Kennedy asked, “if not us, who? if not now, when?”                                                                                                                                                                               There is so much more here that calls for FHA

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[ad_1] HousingWire recently sat down with Eric Lee, the Senior Vice President of Product Development at DataVerify, to talk about what he sees as the challenges facing lenders today when it comes to figuring out the best way to implement automation solutions and get the best ROI possible. HousingWire: What do you see as the biggest challenges facing lenders right now—especially with the high volumes that we are seeing? Eric Lee: There are so many challenges keeping lenders up at night when it comes to these volume levels. Some of the largest challenges that come to mind are borrower expectations, higher potential for exposure to risk, lack of housing inventory and higher building material cost, not to mention pandemic regulations that seem to be shifting frequently. Now more than ever, there is a need to add automation tools into the loan origination manufacturing process that actually help lenders see a return on investment (ROI). We all know automation works to save time and save money, but it also helps to protect lenders from risk exposure. Many lenders are aware of these advantages, so they’re eager to implement automation through new tools but they may not know what solutions are actually going to be helpful and which are going to bog down their system. Another issue is that many lenders are waiting until volumes go down to implement new technology because they feel they don’t have the time to add a new solution and train their people on how to use it. But the reality is they need it now more than ever. Waiting until volumes drop to implement new tools doesn’t mean the tool is not going to be helpful, but you’re going to get the “best bang for buck” by making the change now. At the end of the day, it’s much better to take the time to add in those solutions now and give your team the best opportunity to succeed in this market. HW: What major areas of risk are you mostly concerned about and how can lenders mitigate that risk? EL: Great question. I think one of the largest areas of risk that we are seeing right now is undisclosed REO. Many times, borrowers don’t feel they need to disclose properties that are paid off, and lenders need to make sure they are getting eyes on all of the properties right away so that it doesn’t cause issues down the road. Another high area of concern is undisclosed credit. As much as lenders try to coach borrowers not to make debt purchases prior to close, borrowers still have the temptation to buy a new car before the interest-only offer expires or order the new couch now because it will take a few months to be delivered. And finally, occupancy remains a concern. There can be situations where borrowers are incentivized to not be completely truthful on an application to obtain a better rate or higher LTV. If lenders are using “automation tools” that are not helping them review these points, they could really be opening themselves up to a lot of potential risk. Automation is great but not if it comes at the cost of buyback risk or closing dates needing pushed back/loans falling through. HW: What advice would you give lenders as they start strategizing for 2022? EL: Lenders need to be looking for a solution that is designed in a way that allows the lender to customize the portions of the product they want down to the loan type. They should be able to have as many variations as needed to ensure they only order the services needed for that specific transaction. That way they can maintain their quality control but also not pay for services that are not actually needed for the type of loan they are processing.   I suggest that lenders do two things. One, go to your current providers and challenge them to meet your current needs. Lay out what you need specifically and see if they can rise to the occasion. If they can’t, it’s time to start looking elsewhere. Secondly, do this today. Don’t wait, because you’re leaving money on the table by not making sure that you have the best solutions on your side—especially with these high volumes. Too many solutions out there are a one-size-fits-all kind of deal or they customize in the beginning but then they never revisit how your needs have changed. This industry evolves a lot. There can be new legislation that affects a lender’s process. New fraud schemes are occurring. Competitors are adding in new solutions that can change what borrower’s expectations are of the loan process. With all these moving pieces, lenders need to be able to adjust quickly. But if their solutions are not adjusting with them, they are going to lose some ROI and they are risking the potential of falling behind and having borrowers go elsewhere. Consequently, I think finding solutions that can adjust quickly and even work with the lender to make them aware of upcoming changes is critical nowadays. HW: How is DataVerify using technology to deliver tailored and unique solutions? EL: Recently, we released our integration with Nexsys Clear HOI to offer an automated solution for Homeowners Insurance Verification. This solution is one of the first of its kind and we are very proud to bring it to the market. We are also exploring how DataVerify and our sister company Factual Data can work together to bring some unique solutions to the market – stay tuned! The post Why lenders should implement automation sooner than later appeared first on HousingWire. [ad_2] Source link