Today’s Mortgage Relief May Be Tomorrow’s Market Confusion

first_imgSign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Investment, News April 29, 2020 1,411 Views Tagged with: Forbearance Housing Market Today’s Mortgage Relief May Be Tomorrow’s Market Confusion Servicers Navigate the Post-Pandemic World 2 days ago Forbearance Housing Market 2020-04-29 Seth Welborn 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 Previous: Lender Agrees to Pay $15.06M to Resolve Allegations Next: DS5: How Servicers are Adapting Tech to the Crisis Demand Propels Home Prices Upward 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago With more than 6% of borrowers in forbearance plans on their mortgage loans, the question on many housing professionals’ minds is what’s next?More than 3.4 million homeowners will benefit from temporarily suspending their mortgage payments, according to data from Black Knight, but the details of how and when they repay those missed months of payment are still being ironed out. In order to help borrowers as quickly as possible in this unique and sudden financial crisis, the federal government is extending forbearance for any borrowers of government-backed loans who claim financial hardship. Borrowers did not have to undergo a lengthy application process. As such, the task of working with individual homeowners to determine the best approach to repayment will be left for later. Thus, “the real chaos won’t start until the pandemic passes,” stated an article in Bloomberg this week. Servicers will be dealing with a large volume of borrowers who need to work out repayment plans, while also working to ensure they are following new requirements set by the Federal Housing Finance Agency, Fannie May, or Freddie Mac. Meanwhile borrowers may be facing confusion or misinformation regarding their loan terms following forbearance.Servicers are already dealing with an uptick in call volumes. Thus far, Mr. Cooper Group Inc., told Bloomberg it has bolstered its servicing centers by 40% since the pandemic ensued, and the company’s website encourages borrowers to apply for assistance online due to the “high volume of calls we are now seeing and anticipate for the foreseeable future.” Michael Stegman, senior research fellow in the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis, told Bloomberg, “expect even more chaos when forbearance ends.” Already, the Federal Housing Finance Agency is working hard to dispel any rumors or worries that borrowers will have to repay their missed mortgage payments in a lump sum at the end of their forbearance period. Fannie Mae and Freddie Mac will require servicers to set up a repayment plan or loan modification before the end of the forbearance plan if the borrower’s financial hardship has ended. The loan modification could lower a borrower’s monthly mortgage payment and may add missed payments on to the end of the mortgage loan. In cases where it is necessary, forbearance may be extended, according to FHFA. The Federal Housing Administration will allow missed loan payments to become a second lien for borrowers that they will repay when they refinance or sell their home. The FHFA may announce a similar plan. There is the potential for servicers to become overloaded with loan modification applications similar to in the 2008 financial crisis. About Author: Krista F. Brock The Best Markets For Residential Property Investors 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Home / Daily Dose / Today’s Mortgage Relief May Be Tomorrow’s Market Confusion  Print This Post Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Steve Gunn Welcomes Tony Garnier During Sold-Out Homecoming Show At New York’s Bowery Ballroom [Photos]

first_imgFolk-rock guitarist Steve Gunn was back in New York City on Friday night with a sold-out show in front of his hometown fans at Bowery Ballroom. The show on Friday was just the second performance of his 2019 winter tour in promotion of his brand new studio album, The Unseen In Between. Gunn had played a trio of more-intimate shows at Brooklyn’s Union Pool back in the fall to work out some of his new material, and spent nearly the entire 11-song set on Friday continuing to explore and familiarize his fans with the songs from The Unseen In Between in wonderful fashion.“This is the third show playing these tunes, we’re working it out,” and honest Gunn told the sold-out venue in regards to some of the new songs which made up the majority of his set. Gunn has amassed an entire songbook of brilliant original material over the last decade, but spent much of Friday focusing on the new material. In typical Gunn fashion, the guitarist calmly arrived on the stage in a casual, blue-collar look to start the show with “Wildwood”, a song from his 2014 Way Out Weather LP. Next came “Vagabond“, one of the lively pre-release singles from The Unseen, followed by two other new tunes in “Chance” and “Lightning Field”. It took Gunn three songs into the set to finally step onto his overdrive pedal, much to the delight of his jam fans in the room on Friday.Related: Steve Gunn Shares Folky Covers Of The Misfits & Michael ChapmanGunn and his co-guitarist for the evening were locked in sync by the time they got to “Lightning Field”, weaving in and around one another with their picking-styled riff lines. Gunn gave fans in attendance a treat by welcoming longtime Bob Dylan bassist, Tony Garnier, to the stage to join him on stand-up bass beginning with “New Moon” and “Luciano”. The full band left the stage during “Stonehurst Cowboy“, and Gunn and Garnier spent the next few minutes playing a duet version of the semi-biographical song about Gunn’s late father.One of the key elements of Gunn’s style of performing and recording which players will surely appreciate, is his emphasis on putting tone over anything else. Gunn even kept his metal fingerpicks on while playing some of the softer tunes on acoustic guitar throughout the show in hopes of giving the timbre of his instruments a sharp and firm personality with each strum.The first real jam of the night came towards the end of his set during “New Familiar” and “Paranoid”, which featured Gunn turning those clean tones of his into a mesmerizing dust storm of distortion and fuzz. The show came to a fantastic end with “Morning Is Mended” and the fan-favorite folk ballad, “Way Out Weather”.Gunn’s winter tour continues on Saturday with a show at Union Transfer in Philadelphia. He’ll continue to tour in promotion of the new album throughout the winter and into the spring months. Fans can head over to his website for ticket and tour info. Fans who couldn’t make it to Friday’s show can also check out the gallery below for photos from the event taken by Tom Shackleford.Setlist: Steve Gunn | Bowery Ballroom | New York, NY | 2/1/2019Set: Wildwood, Vagabond, Chance, Lightning Field, New Moon*, Luciano*, Stonehurst Cowboy*, New Familiar, ParanoidEncore: Morning Is Mended, Way Out Weather*w/ Tony Garnier Load remaining imageslast_img read more

Clippers’ Blake Griffin returns with mixed reviews

first_imgPHILADELPHIA >> It wasn’t a bombshell announcement that Blake Griffin was going to be in the starting lineup Tuesday against the 76ers. For weeks, the game seemed like a logical return date for the Clippers’ star forward who underwent arthroscopic knee surgery on Dec. 20.Privately, Griffin had been playing and going through grueling workouts, testing his right knee.Against the 76ers, he finally got the chance to show that everything works.Griffin slammed home a tip-in dunk and looked like he was moving fine in the Clippers’ 121-110 loss to Philadelphia, a positive sign after his lateral movement and attacking were limited by knee pain and stiffness in December prior to the surgery. “I probably would’ve liked to attack more, especially late in the shot clock. A couple times I settled for jumpers. But, I felt fine,” Griffin said. “Timing and rhythm for sure was the biggest thing.”Griffin struggled from the field (3-for-10) and the line (6-for-10), and he was sloppy with the basketball, turning it over six times.Still, there were no physical setbacks, and Griffin was able to play almost 30 minutes.“I honestly have had workouts that are twice as hard as this,” he said after the game. “As far as body-wise, pounding on my buddy, I’m lifting, then doing basketball, then doing treadmill and court conditioning all in a day, it’s more than just this. I don’t expect to feel anything.”The dunk was a reminder to people that haven’t seen Griffin in over a month that he can still make a big play, but it wasn’t a mental hurdle or anything for him. “I’ve had some explosive moments, whatever you want to call them, in workouts, playing 1-on-1, playing 3-on-3. That was put to rest for me,” he said. “It’s good to be able to feel that in a game and get back to that, but I feel like that was already out of my mind.”Sick as a DocDoc Rivers walked into the Wels Fargo Center Tuesday night, briefly stopping to talk with security and building personnel before disappearing into the coaches’ locker room.And in a trick that would make any magician impressed, when it came time to speak to the media, out popped Mike Woodson.Rivers was an unhealthy scratch Tuesday, with the illness he’s been battling for weeks getting the better of him.Woodson, one of the team’s assistant coaches, received the worst kind of promotion against Philadelphia — one that comes with more responsibility and without a raise.“I won’t get his check,” Woodson joked.Rivers missed a practice earlier this month with an illness. According to the Clippers, the last time Rivers missed a game was on Nov. 4, 2007 after the death of his father.Rivers went back to the team hotel during the game.Woodson has served as the Clippers head coach three times prior this season following three ejections for Rivers.“It was definitely strange,” DeAndre Jordan said. “We’ve played without Doc a couple of games when he got kicked out. But for a whole game, that was…I missed his raspy voice. But, Woody did a good job tonight, so it was cool.”center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more