Share Save Print This Post Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Legal Costs Hurt Bank of America’s Q3 Earnings Bank of America reported its earnings for the third quarter on Wednesday, revealing that the weight of a recent mortgage settlement with the Justice Department hurt the bank’s profits.In its quarterly earnings release, the bank reported a net income of $168 million for Q3, down from $2.5 billion a year ago. After preferred dividends, the results came to a loss of 1 cent per share.Revenue for the quarter totaled $21.4 billion, down just 1 percent from the same time last year.Bank of America’s Q3 earnings took a hit from a record $16.65 billion settlement with the Justice Department and other federal and state agencies in August to settle charges against the bank related to the sale of toxic mortgage-backed securities. That settlement cost the bank $5.3 billion (pretax), or $0.43 per share after tax.Factoring in the settlement, Bank of America’s mortgage unit was the only one of its five businesses that didn’t see income grow over the last year. The bank reported a loss of $5.2 billion for that segment.Consumer real estate revenues declined to $1.1 billion, down nearly half a billion dollars from Q3 2013. Bank of America said the decrease was driven mostly by lower servicing fees due to a smaller portfolio, lower mortgage servicing rights results, and fewer originations—$11.7 billion in first-lien mortgages, a little more than half of last year’s volume.Home equity lending bounced up, meanwhile, coming to $3.2 billion in originations last quarter compared to $1.8 billion last year. Bank of America Bank Profits Justice Department Settlements Third Quarter Earnings 2014-10-15 Tory Barringer About Author: Tory Barringer The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Previous: DS News Webcast: Wednesday 10/15/2014 Next: Lenders Appeal Court Decision Allowing HOAs to Extinguish Mortgages Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago October 15, 2014 1,048 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Bank of America Bank Profits Justice Department Settlements Third Quarter Earnings Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News, Secondary Market Demand Propels Home Prices Upward 2 days ago Legal Costs Hurt Bank of America’s Q3 Earnings
Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News October 26, 2015 5,014 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Fed’s Second District Reports Lower Consumer Distress Rates than National Average The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea Sign up for DS News Daily Related Articles Overall consumer distressed rates were lower in the Federal Reserve’s Second District than in the rest of the country, according to a report released by the New York Fed.The New York Fed’s Regional Household Debt and Credit Snapshots, covering the period through the end of June 2015, includes 27 snapshots and various consumer credit data on mortgages, student loans, credit cards, auto loans, and delinquencies for New York, northern New Jersey, and western Connecticut.In New Jersey, 16.2 percent of consumers have seriously delinquent debt (90 days or more overdue) or debt that was in third-party collections, compared with the national rate of 20 percent for the reporting period. New York and Connecticut also reported overall consumer distress rates (14.8 percent and 14.9 percent respectively) lower than the national rate.According to the New York report, a lower percentage of consumers have a mortgage than the national average (21.5 percent compared with 25.9 percent), while a higher percentage of consumers in New York have home equity lines of credit (HELOCs) than the national average (5.8 percent compared with 5.0 percent). The average balance on a mortgage in New York was higher than the national average in Q2 ($220,100 compared to $185,700) as was the HELOC balance in New York ($75,100 compared to $65,200).The percentage of New York mortgage borrowers who were seriously delinquent was considerably higher than the national average (4.2 percent compared to 2.6 percent) while the percentage of HELOC serious delinquencies in New York and the number of mortgage borrowers who became delinquent (30 days or more overdue) during the quarter were on par with the national rates (2.3 percent on seriously delinquent HELOCs for New York, 2.2 percent nationwide; 1.4 percent for both New York and the nation on newly delinquent mortgage borrowers).Connecticut had a larger share of borrowers with a mortgage than the national share (28.5 percent compared to 25.9 percent) and a larger share of borrowers with a HELOC (7.6 percent compared to 5 percent). The average balance on those mortgages was higher in Connecticut than the national average ($228,000 compared to $185,700); likewise for HELOC balances at the end of Q2 ($78,200 in Connecticut compared to $61,200 for the nation). Connecticut’s average mortgage balance of $228,000 for Q2 was considerably higher than the national average of $185,700, as was Connecticut’s HELOC balance ($78,700 to $61,200). Connecticut’s share of mortgage borrowers who were seriously delinquent as of the end of Q2 was half a percentage point higher than the national share (3.1 to 2.6) while the Connecticut’s seriously delinquent HELOC share was slightly lower than the national average (1.9 to 2.2). Connecticut’s share of newly delinquent borrowers in Q2 was the same as the national share (1.4 percent).New Jersey, meanwhile, had only a slightly higher share of borrowers with a mortgage than the national rate (26.5 percent compared to 25.9 percent) while the percentage of HELOC borrowers in the state was nearly 2 percentage points higher than the national average (6.9 percent compared to 5.0). New Jersey had the highest mortgage balance of the three states in Q2 at $234,100, compared to $185,700 nationally; New Jersey’s HELOC balance at the end of Q2 was $81,000, compared to the national HELOC average balance of $61,200. The serious delinquency rate for mortgage borrowers in New Jersey was double the national average in Q2 (5.2 percent compared to 2.6) while the HELOC serious delinquency rate in New Jersey was only slightly higher (2.5 percent compared to 2.2). The share of new delinquencies in New Jersey during Q2 was a tick below the national average (1.3 percent compared to 1.4). Print This Post Consumer Distress Federal Reserve New York Fed 2015-10-26 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago 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. Home / Daily Dose / Fed’s Second District Reports Lower Consumer Distress Rates than National Average Previous: Freddie Mac Acquires Half Billion Dollar Insurance Policy Under ACIS Program Next: DS News Webcast: Tuesday 10/27/2015 Demand Propels Home Prices Upward 2 days ago Tagged with: Consumer Distress Federal Reserve New York Fed
Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago March 30, 2016 1,778 Views Servicers Navigate the Post-Pandemic World 2 days ago 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. Fannie Mae Gross Mortgage Portfolio Monthly Volume Summary 2016-03-30 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Fannie Mae’s Mortgage Portfolio Wind Down Continues Fannie Mae’s gross mortgage portfolio resumed its contraction in February following a rare month of expansion in January, according to the GSE’s Monthly Volume Summary for February 2016 released on Wednesday.The portfolio contracted at an annual rate of 27.8 percent in February, which translated to a month-over-month decline of more than $11 billion down to a value of about $337.2 billion by the end of the month.In January, Fannie Mae’s gross mortgage portfolio experienced a rare expansion, increasing at an annual rate of 5 percent. With February’s contraction, the portfolio has now contracted in all but four months out of the last 67 months (since June 2010). The four months in which the portfolio expanded were January 2016, March 2015, January 2015, and December 2012. At the beginning of that stretch in June 2010, the amount of unpaid principal balance (UPB) of the loans in the portfolio was $818 billion.According to a report from Urban Institute released last week which examined the GSE portfolio wind down under the FHFA’s conservatorship, the fact that Fannie Mae’s portfolio expanded in January “should not be an issue as the GSEs are reasonably close to the year-end 2016 portfolio goal. Relative to January 2015, Fannie Mae contracted by 16.4 percent, and Freddie Mac by 14.2 percent. They are shrinking their less liquid assets (mortgage loans and non-agency MBS) at close to the same pace that they are shrinking their entire portfolios.”Fannie Mae’s gross mortgage portfolio contracted at an annualized rate of 16.5 percent for the full year of 2015 and is back on that pace for 2016 following February’s contraction. For the first two months of 2016, the portfolio has contracted at an annualized rate of 13 percent and the aggregate UPB of the portfolio at the end of February ($337.2 billion) was below the 2016 cap of $339.3 billion.Fannie Mae’s total book of business, which includes the gross mortgage portfolio plus total Fannie Mae mortgage-backed securities and other guarantees minus Fannie Mae MBS in the portfolio, increased at a compound annualized rate of 0.4 percent in February up to a value of about $3.098 trillion, according to Fannie Mae.The serious delinquency rate on single-family loans backed by Fannie Mae declined by three basis points from January to February, from 1.55 percent down to 1.52 percent, its lowest level since July 2008. The number of loan modifications completed by Fannie Mae was nearly unchanged from January to February at 6,592 (compared to 6,599). For 2014, the monthly average of loan mods completed was 10,235. For 2015, the monthly average declined to 7,851.Click here to view Fannie Mae’s entire February 2016 Monthly Volume Summary. About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News, Secondary Market Previous: Banks’ Share of the Servicing Universe is Shrinking Next: Mortgages Are No Longer the Most Complained-About Product to CFPB Tagged with: Fannie Mae Gross Mortgage Portfolio Monthly Volume Summary Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Related Articles Fannie Mae’s Mortgage Portfolio Wind Down Continues Subscribe
Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles About Author: Nicole Casperson In a newly developed white paper titled “The Future of Appraisals,” HouseCanary’s Chief Appraiser Steve O’Brien, and EVP of Analytics Alex Villacorta, Ph.D., layout strategies for effective and efficient technology use to democratize home values and modernize real estate.Although technological advances are stirring the industry, the potential consequences of bad valuations mean that human expertise is still a necessity, and good data and analytics can inform exactly how much is required to refine data-backed valuations.“It’s like Morse code: The data are the beeps—and we have more of them than ever before—but if you can’t decipher the signals, you can’t understand the message,” O’Brien and Villacorta write. “The data are the ingredients, the analytics are the recipe, but people will still need to stir the pot.”The study uses the single-family rental (SFR) investment market as an example. Of the more than 15 million SFR units nationwide, over 200,000 are owned by institutional investors—representing about 2 percent of the market. Conversely, in the multifamily market, institutional investors own more than 55 percent of units. In addition, investors who own just one unit comprise 45 percent of the SFR market, and 87 percent of investors own 10 or fewer units.The authors ask: “Why is this market so fractured?” O’Brien and Villacorta attribute this investment obstacle for major institutions to the antiquated nature of real estate investment, including the current state of appraisals, but a change in is the forecast. O’Brien and Villacorta highlight additional key findings to indicate the future of appraisals, including the streamlining of valuations. According to the study, this will unlock remote property investment for a number of large investors, bringing confidence and speed to the real estate investing process and ushering real estate investment into the 21st century. When it comes to small banks and credit unions, technology-enabled appraisal solutions can provide financial relief by saving money on yearly and quarterly valuations of loan packages. “The future of appraisals is already signaling a sea change for nearly every segment of the real estate industry, and the signal is only growing louder,” the study notes. “We are not far from a time when investors can see the potential aggregated rental yield of a nationwide portfolio in a matter of minutes—or get a value estimate for a property they see on their morning commute using nothing more than a mobile phone app.”Utilizing these advances, what’s the best balance between technology and human expertise? O’Brien and Villacorta suggest starting out using data and analytics to allow appraisers to focus on the parts of the appraisal process that the models can struggle with, making their expertise available where it’s most needed. Additionally, even as the data and analytics improve, humans will still be necessary for an appeal or audit, acting as an arbitrator for a market whose terms are increasingly dictated by high-end computer models. “Forward-thinking appraisers will need to adapt to a market that requires their expertise in different forms, but they shouldn’t brace for a market that doesn’t require their expertise at all,“ the study concludes. To view the full white paper, click here. What’s in Store for Appraisals? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Data and Technology Providers HouseCanary HOUSING mortgage Property Appraisals The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Sign up for DS News Daily Home / Daily Dose / What’s in Store for Appraisals? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Data and Technology Providers HouseCanary HOUSING mortgage Property Appraisals 2017-11-29 Nicole Casperson Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Demand Propels Home Prices Upward 2 days ago Previous: Counsel’s Corner: Brigham Lundberg talks Foreclosure Environment Next: Pending Home Sales Rebound, or Not . . . November 29, 2017 2,555 Views in Daily Dose, Featured, Journal, Market Studies, News, Technology Subscribe
Tagged with: Debt Collection Defaults Fair Debt Collection Practices Act henson v santander Print Features Supreme Court Print This Post The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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 Debt Collection Defaults Fair Debt Collection Practices Act henson v santander Print Features Supreme Court 2018-01-17 David Wharton in Daily Dose, Featured, Magazine, Print Features Lauren Riddick handles contested foreclosure matters as a member of the Codilis & Associates, P.C.’s Contested Litigation Unit and also assists with title matters. She joined the firm in August 2013. Prior to joining the firm, she was an Adjunct Professor of Law with several colleges and a Securities Attorney for a large broker-dealer in Florida. Riddick is a member of the Illinois and Florida Bar Associations. She received her Juris Doctor in 2001 from the University of Florida Levin College of Law, and her Bachelor of Science in 1998 from the University of Florida. About Author: Lauren Riddick Defining Debt Collectors Editor’s note: This story was originally featured in the January issue of DS News, out now.The United States Supreme Court, in Henson v. Santander Consumer USA Inc., settled a circuit court split and solidified what may turn out to be a large exemption from the rigors and risks associated with debt collection under the Fair Debt Collection Practices Act (FDCPA).A bank purchased defaulted loans and then sought to collect on that debt themselves, as opposed to hiring a third-party debt collection agent, ultimately resulting in a dispute as to whether FDCPA violations had occurred.The FDCPA defines debt collectors as any person whose business’s “principal purpose” is the collection of debt or who “regularly collects or attempts to collect … debts owed … another.” In Henson, the purchasing bank was not alleged to have a “principal purpose” of debt collection, which left only the second part of the debt collection definition in dispute. Focusing on this latter language, the court ruled that an FDCPA “debt collector” does not include defaulted debt purchasers who seek to collect on those debts themselves (rather than using a third party), as they are not seeking to collect debts “owed … another.”The court stated that, under the statute, it didn’t appear to matter how a debt owner became a debt owner—i.e., it didn’t matter whether the owner originated the debt or purchased it later. Moreover, the court was unconcerned with the fact that the bank had purchased defaulted debts, as opposed to debts prior to default. The main consideration was simply whether the debt collection was for one’s own debt, or for another’s.The court further tackled the FDCPA’s rather confusing interplay of the terms “creditor” and “debt collector.” The distinction is important because although debt collectors are subject to the FDCPA, creditors generally are not. Those aligned with the petitioners argued that “debt collector” and “creditor” are mutually exclusive under the FDCPA. Therefore, so the argument goes, if under the FDCPA one must either be a creditor or a debt collector (not both), and those seeking to collect defaulted debts are excluded from the creditor definition, then the collection of defaulted debts necessarily must fall into the debt collector category. In other words, the collection of defaulted debts has to qualify as “debt collection” under the FDCPA because it’s excluded from the creditor category.However, in disagreeing with this argument, the court pointed out that the FDCPA’s creditor definition only excluded debt assigned in default when the debt was transferred “solely for the purpose of facilitating collection for another.” The court concluded that “a company collecting purchased defaulted debt for its own account … would hardly seem to be barred from qualifying as a creditor under the statute’s plain terms.” Therefore, the court emphasized again that the main focus has to be whether the debt collection is for oneself, or for another—not the debt’s default status. In so ruling, the court overturned decisions out of both the 7th and 3rd circuits that had limited their analyses to the default status of the debt obtained, rather than whether the collection was occurring for another.Petitioners also argued that the business of purchasing defaulted debt needed the same rules applied to independent debt collectors, as “no other result would be consistent with the overarching congressional goal of deterring untoward debt collection practices.” In response, the court stated that Congress hadn’t had the chance to consider what should be done about those in the business of purchasing defaulted debt, since the market for defaulted debt developed after the FDCPA’s 1977 passage. And, in refusing to consider policy considerations, the court stated that “… it is never our job to rewrite a constitutionally valid statutory text under the banner of speculation about what Congress might have done had it faced a question that, on everyone’s account, it never faced.” Instead, the court reiterated that it is the judiciary’s job to apply, not amend legislation, and that “[the] legislature says…what it means and means…what it says.”Given the court’s analysis, a servicer may be categorized as a debt collector when collecting debts on behalf of an investor, since it would be attempting to collect the debt owed another. In fact, at least one court has already similarly ruled. Therefore, to avoid the debt collector moniker and safely reap the benefits of the court’s decision, a servicer would need to be collecting on debts wholly owned by the servicer itself. Share Save Home / Daily Dose / Defining Debt Collectors Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Previous: Refinance Volumes Increased in November 2017 Next: Georgia Addresses Statute on Execution of Documents Governmental Measures Target Expanded Access to Affordable Housing 2 days ago January 17, 2018 1,922 Views Subscribe
Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Print This Post Share Save Tagged with: Foreclosure Homes Liens municipal liens title violations Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / The Growing Risk in Municipal Liens Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: The Impact of Population Growth Next: Senate Banking Committee Talks Housing Regulation Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Municipalities across the country have the legal right to place a lien against real estate for liabilities incurred by the property owner that remain unpaid. During the foreclosure crisis, filing a lien was the only way many taxing authorities around the country realized tax revenue for many properties in the communities hardest hit by the financial crash. But today, cities, counties, and states can place liens for much more than just unpaid taxes and a great many of these liabilities are still clouding title across the country.Legally speaking, a municipal lien is a lien filed by a municipal corporation against a property owner for the owner’s proportional share of public improvement that specifically and individually benefits the owner. In reality, they are risks that threaten the investor’s right to foreclose or add expense to the real estate disposition process.Various states already had laws on the books allowing them to file the liens. The problem was collecting the money on tens of thousands of zombie foreclosures, where the homeowner had abandoned the property but the servicer had yet to foreclose on behalf of the investor.Today, there are still municipal liens on the books on properties all over the country for unpaid taxes, water, and sewer charges. In some states, local authorities can file a lien for uncut weeds, pest extermination or other code violations. In some jurisdictions, these are super liens that replace the mortgage at first right to foreclose. A simple search for outstanding tax liens will not indicate clear title.The solution to identifying these liens is a municipal lien search (MLS) that identifies lienable water and sewer charges, permits, code violations, and special assessments. The risk is a claim against the title policy. One of the most significant risks to servicers is that they receive incorrect or incomplete property tax reports. This can happen if the tax information provider does not have access to data nationwide (as many as 25,000 government agencies), or is not specialized in hard-to-track and research municipal liens. Only tax certificates that carry a 100 percent financial guarantee can protect servicers and investors.Although the default industry has been in a bit of a slump in recent years, now is the time to make sure you’re ready to handle increased volume. Having a dependable MLS will go a long way to ensuring a smooth experience for you and your clients. Demand Propels Home Prices Upward 2 days ago The Growing Risk in Municipal Liens Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Timothy Moreland is SVP, SLK Global Solutions, a firm that provides technology-based solutions for the real estate lending and settlement services industry. He can be reached at [email protected] in Daily Dose, Featured, Foreclosure, News The Best Markets For Residential Property Investors 2 days ago Foreclosure Homes Liens municipal liens title violations 2018-10-02 Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago October 2, 2018 5,462 Views About Author: Timothy Moreland
in Daily Dose, Featured, Loss Mitigation, Market Studies, News, Print Features The Week Ahead: Nearing the Forbearance Exit 2 days ago Gathering Storm: Preparing Homeowners for Natural Disasters Home / Daily Dose / Gathering Storm: Preparing Homeowners for Natural Disasters The Best Markets For Residential Property Investors 2 days ago In 2017, Hurricanes Harvey and Maria impacted vast swaths of the southern United States, with Texas, Florida, and Puerto Rico incurring billions of dollars in damages to homes and infrastructure. According to a recent House Financial Services Committee hearing on the administration of disaster recovery funds, natural disasters combined to cause over $300 billion in direct damages in 2017 alone—a new annual record for the U.S.The California wildfires also raged through that state in 2017. A report by National Public Radio noted that, even as a shortage of construction workers delayed recovery efforts in the aftermath of those fires, some affected homeowners found themselves running out of insurance that provided them with wiggle room to rent while their homes were being rebuilt. Though California lawmakers passed a bill extending insurance for wildfire victims, the report said that it only helps homeowners who are impacted by such a disaster starting in 2019.These are just some of the challenges facing servicers as they plan for future disasters. However, the industry is keenly aware of the lessons learned from recent years and are working to prepare plans of action to support borrowers through future difficulties.“The most significant lesson is that we are all in this together, and that resilience in the face of disaster is a community effort,” said Chris Terzich, SVP, Wells Fargo Enterprise Incident Management. “My previous experience in public-private partnerships led me to participate in a working group of the National Infrastructure Advisory Council, where we recommended the Department of Homeland Security include the private sector in a framework for a partnership for disaster response. I am pleased to report that, in many communities, this is now the norm.”The industry is also facing a daunting reality—natural disasters are becoming both more common and more damaging, and it is up to servicers and service providers to become more proactive in their efforts before, during, and after such events.According to David Hughes, SVP of the Contact Center at RoundPoint Mortgage Servicing, efforts such as “monitoring potential threats and actively preparing potentially impacted borrowers, as well as integrating previously disjointed activities such as customer outreach, loss mitigation options, and loss draft processes into a single unit, as well as designing and preparing that dedicated team so it can quickly scale to the size of the disaster,” are just some of the steps that servicers have learned to take.LOOKING BACKAs the occurrence of natural disasters becomes more commonplace, the need for a robust and stress-tested disaster response plan has become clear. However, the flexibility of these plans is also crucial.“Because each disaster from 2017 and 2018 has been somewhat unique, industry participants have had to ensure disaster plans are not too prescriptive,” said Jake Williamson, VP of Collateral Risk Management at Fannie Mae.He explained that flexible disaster response plans are “more about the coordination of the response activities versus the response activities themselves.” They need to address how to coordinate across different stakeholder groups (both internally and externally), how to manage the data received from the various sources (boots on the ground, call centers, social media, inspections, etc.), and who is on point to address each process challenge.Recent research by the Urban Institute, funded by JPMorgan Chase, found that disasters lead to broad, and often substantial, negative impacts on financial health such as credit scores, mortgage delinquency, and foreclosure rates. This makes it even more imperative for servicers to be prepared to streamline loan modifications and forbearance programs while planning their strategy for such events.“Do not underestimate the effect of these events on your customers and your portfolios,” said Thomas O’Connell, SVP of Default Management for Planet Home Lending. “We learned from hurricane Harvey that the customer was not only affected by damage to their property but also by the loss of income due to businesses closing for long periods. Servicers need to determine which customers have been affected early and streamline the requirements for forbearance or modification.”Research also suggests that, despite advances in technology and processes, property damage assessments tend to be far from perfect, causing some households to get left behind during the recovery process.“Our industry has learned that it’s critical to identify at-risk properties during the application process, which will help expedite and streamline the review process if disaster strikes those properties and loans,” said Gerardo Caceres, SVP of Product Management and Data Operations for Closing Corp.Michael Greenbaum, COO of Safeguard Properties, added, “Hurricane seasons from the past few years have been unprecedented. When coupled with disasters like the wildfires in California, a coordinated strategic approach to action is necessary to protect properties.”Communication between all stakeholders—including servicers, service providers, government agencies, and the public at large—has therefore emerged as key ammunition in any disaster preparedness plan.COMMUNICATE, COMMUNICATE, COMMUNICATE“In the chaos that occurs around a natural disaster, knowing exactly what your next steps should be for the various scenarios that arise will save time, money, and relationships,” said Elizabeth Wright Billings, Pricing and Execution Manager for Churchill Mortgage.Rullah Price, SVP of Wells Fargo Community Outreach, told DS News that communicating early on is key to ensuring that customers know what to do if and when they’re impacted by a natural disaster.Wells Fargo uses a variety of channels to ensure that their communication reaches the widest audience, ranging from email to text, ATMs, and social media. This outreach continues both during and after the disaster itself.Hughes said that pre-disaster communication was “critical and should achieve several objectives.” Those include informing the borrower of the impending disaster, providing recommendations from the Federal Emergency Management Agency (FEMA) on how to prepare, letting borrowers know about the financial relief options available with their lender—especially if their income is impacted by the disaster, advising them to contact their insurance company to start the claims process, ensuring the borrower understands the servicer’s role once the claim process is completed, and providing information for additional available resources through the government.“Do not be afraid to go above and beyond to get the homeowners prepared with proactive preventative measures,” said Bryan Lysikowski, Co-Founder and CEO of ZVN Properties Inc. “Encourage flood/hurricane insurance and provide borrowers with information as to how they can purchase the required items to protect the asset.”It is also advisable to have a single, dedicated point of contact.“This contact can more efficiently assist the borrower and manage the processes in a more comprehensive manner,” Williamson said.It is as important for businesses to assure customers that, despite the disaster, they remain up and running to serve them.“During emergencies, when it seems as though the world is turned upside down, customers just want to know something is safe and secure,” said Steve Comer, Director of Financial Services and Insurance Sales for Hyland. “Executives and IT departments should be able to assure customers that their investments are secure, business is open, and they are ready to serve and assist as needed. But that assurance can only be provided if the right security plans are in place from the start.”Billings agreed. “Overall, clear communication and clear expectations from all representatives of your company will reduce stress in an inherently chaotic situation, although the type of disaster dictates how the communication occurs,” she said.Having a disaster response team in place well in advance can make all the difference between providing borrowers with timely information or leaving them in the lurch.“Servicers need to establish a disaster response team for both outbound and inbound inquiries in the call centers,” O’Connell said. “Team members should be trained on all relief measures. Inbound activities should be a one-touch event for the customer, so there is no additional stress.”Progressive companies are also utilizing data and technology to make better business decisions not when it comes to communicating with their customers but also in ensuring the safety of the property before and during such events. “This includes geolocation, mobile, and multimedia technology, in addition to data analytics to track trends,” Greenbaum said.TECH TO THE RESCUEFrom social media and drones to satellite imagery and real-time modeling, technology is changing the landscape of disaster response. Trevor Nace, a Geologist and Founder of Science Trends recently wrote in Forbes that technology is not only helping those being impacted by a natural disaster to communicate the urgency of the situation but is also playing a key role in ensuring that emergency response managers are better prepared.“As weather models, seismic sensor arrays, and systems advance and with it the modeling of natural disasters, we know earlier and with better precision the next major disaster. These systems provide local, state, and federal officials the ability to prepare for the next natural disaster better than ever before. The outcome of it all, more lives saved,” Nace said.Servicers are increasingly using these tools not only to improve their disaster response but also to also help homeowners safeguard their properties during these events. At a recent DS News webinar, John Thibaudeau, Director of Single-Family Real Estate for Fannie Mae, spoke about the tools and apps that are helping provide real-time information for properties that need an inspection. They are also used to guide inspectors and users on what to look for once they reach the property, and to help servicers absorb all that data so they can prioritize their work.Looking at some of the best practices that the industry has learnt from past disasters, Nickalene Badalamenti-Kalas, President of Five Brothers Default Management Solutions, said that it’s important for clients to upload location verification documents (plat maps, origination appraisals) when FEMA inspections are ordered, as oftentimes normal property indicators such as mailboxes, addresses on homes, and street signs are destroyed.According to Greenbaum, technology and data are key to effective disaster management before, during, and after the storms. “Mortgage servicers are looking to assess the damage to both their current and delinquent properties as quickly as possible to determine the impact. Mobile technology and smart scripting, one that is responsive based on the answers chosen, plays an important role in assessing property damage following a major disaster,” he said.These scripts can easily be adjusted to ensure inspectors gather the appropriate information, photos, and videos. In turn, the information collected goes into the property preservation company’s automated workflow system to quickly assess and determine which properties require immediate attention, enabling servicers to take prompt action.For the vendors in the field, advancements in technology are allowing for better and faster responsiveness. “Vendors can create routes based on their work orders’ addresses to increase efficiency and have faster turnaround times to better serve clients,” Badalamenti-Kalas said. “Field operatives can also be notified and dispatched from surrounding areas to assist in pre and post-disaster efforts.”Servicers are also looking at technology to help them evaluate disaster impacts and target response activities. “The use of aerial imagery (satellite, manned aircraft, drones, etc.) has provided data that can be built into image processing tools and provide heat maps that track damage at a property level,” said Jason Chapman, Director of Property Preservation at Fannie Mae. “These heat maps can quickly inform investors and property owners where the hardest hit areas are and determine potential portfolio impacts.”In addition to aerial imagery, the use of microwave imagery can be leveraged to detect the impacts of flooding in neighborhoods as well as the depth of the flooding. These tools can better define impacted zones and improve response times to the areas that need the most assistance.The use of data and analytics in communicating with customers and helping servicers prepare for any eventualities related to disasters is also becoming an important element of borrower outreach. According to Caceres, using data and analytics to determine national trends and then using those to work with the government and other third-party agencies to discover potential risk areas will be the wave of the future.However, to use these tools before, during, and even after a disaster, it is important for servicers to have a strong IT department in place.“Most customers expect instant access to the information they need whenever and wherever. If a company is experiencing infrastructure downtime due to a disaster, customers lack access to that information, which becomes another area out of their control. With a strong IT and disaster preparedness plan in place, lenders can assure their borrowers that information is secure and available, and they are prepared to work with their borrowers to ensure ‘business as usual,’” Comer said. “That plan might start with a disaster recovery solution that allows financial services organizations to keep their essential systems running by backing up systems, allowing for complete recovery of data, processes, and programs.”It is also important for servicers to utilize the technology at hand at the right time according to O’Connell who gave an example of how drones helped Planet Home Lending in assessing the damages in the aftermath of Hurricane Harvey.“A servicer has to quickly access and approve the work to protect the property, if possible, before a disaster. During the aftermath of a storm, it can be difficult to assess the damage,” he said. “Due to the amount of flooding caused by Hurricane Harvey, our teams could not get to the affected areas to assess the damage, so we worked with our preservation companies to deploy drones in selected areas.”“Effective disaster recovery plans should involve the technology that will eliminate vulnerabilities by keeping information secure and accessible during and after a disaster,” Comer said. “This should include content services systems hosted in a purposefully built cloud.”The first line of defense in making the right business decisions before, during, and after the storm, however, remains the seamless partnership between mortgage lenders/servicers and service providers such as property preservation companies. “Property preservation companies need to engage their mortgage servicing partners with customized, ongoing disaster updates,” Greenbaum said. “Researching projected impacted areas, pulling news articles on the impending storms, and comparing that information to the servicers’ portfolios is key to providing them with as much information as possible so they can effectively make better business decisions.”PARTNERING TO PREPAREAccording to Hughes, open communication between servicers, agencies, and the administration is the best way to ensure the specifics of the disasters properly shape potential policies.Price agreed, giving an example of how Wells Fargo was collaborating with state authorities to maintain communication around where resources were being deployed and where they needed to be. “We want the state and our other partners on the ground to know what we are doing for our customers in these communities so they can direct those in need to the resources that can help them recover and rebuild,” Price said. “We’ve heard from the state and other partners that this approach is effec-tive, especially as the impacted communities transition from immediate relief efforts to the longer recovery process.However, a smooth rebuilding process can-not be achieved without insurance companies, according to O’Connell who said that currently, the amount of time it took to determine “what is insured damage versus what damage can be covered by government or community programs can be excessive.”Partnerships and policies gain even more importance in the aftermath of certain disasters that are difficult to predict in advance. “In disasters that occur more suddenly, such as tornadoes and straight-line winds, the communication around the next steps typically happens after the disaster has occurred,” Bill-ings said. “In these post-disaster conversations, the content covered is the same but the next step is the focus of the conversation. Prepared policies and procedures allow for the Home Loan Specialists to reach out to a borrower as soon as they’re aware that a natural disaster has occurred, knowledgeable about what needs to happen to ensure their loan closes with as little interruption as possible.”The confusion in the aftermath of a disaster also sees a lot of duplicated efforts by servicers. According to Williamson, there’s an easy way around this if the industry works together. To help mitigate this overtaxing of resources and the potential creation of coordination issues, he suggested that the industry could do a more effective job by “working together to create a common and consistent set of response activi-ties for impacted borrowers and properties, balancing the requirements of the investor, servicer, and vendor.”Additionally, he said that sharing impact data such as aerial imagery results or damage assessments from vendor inspections were some more ways in which “the industry could work together to accomplish a common goal of as-sessing impacts quickly and cost-effectively.”Giving Wells Fargo’s example of how public-private partnerships could work together to help streamline the recovery process, Price said that the bank leveraged the relationships it had built over the years to “deploy coordinated messages to local nonprofits, state and local government and national relationships.”“These include resource material and contact information should they need to reach out to us with any questions or concerns. Both the American Red Cross and Ready.gov offer cur-rent information and resources on what you can do before and after disaster strikes,” she said.Fannie Mae, which had announced an expansion of the post-disaster resources it offered in November 2018, has also been at the forefront of developing such partnerships. Its Disaster Response Network is a comprehensive case-management service for disaster-affected homeowners whose mortgage loans are owned by the company. “It provides homeowners broader personalized support in addition to the mortgage payment relief we make available through our servicers,” said Mike Hernandez, VP of Housing Access and Disaster Response and Rebuild at Fannie Mae.Additionally, he said that using a call-center model staffed exclusively by HUD-certified counselors within the United States, the Disaster Response network helps homeowners navigate the challenging and unfamiliar disaster recovery process. “Services offered include a recovery assessment and action plan, assistance filing claims (i.e. FEMA and SBA claims), help working with mortgage servicers for payment relief, access to online tools and resources, and ongoing status checks to help ensure a success-ful recovery,” Hernandez said.ROAD TO RECOVERYDespite these advances in technology and streamlining disaster response, challenges remain for servicers—the biggest one being educating borrowers about their options in forbearance and loan modifications. “I still think there is work to be done around educating borrowers (and potential borrowers) about what assistance options are available following a disaster and who is eligible. In reality, the same assistance options are not available across the board,” Price said, giving the example of payment deferrals, which had caused much confusion for borrowers after the storms last year because of inaccurate information.“To be clear, payment deferrals are an option whereby the missed principal and interest payments are added to the end of the current loan term. Borrowers should know that payment deferrals are not available across all investors so it’s important to check with your lender (whoever that may be), first, to determine eligibility,” she explained. “Names of some of the larger investors who borrowers may be familiar with include Fannie Mae, Freddie Mac, FHA, and VA.”Options such as loan modifications from offered forbearance plans are an area that borrowers need better education on, according to Hughes. “Servicers should educate their customers as early on as possible on the impact of the various solutions available to resolve a delinquency resulting from an offered forbearance plan,” he said. “Many borrowers indicate had they known a modification might mean a higher interest rate or a significantly extended term (e.g., 40-years), they would have found other means of making their monthly payments or resumed their monthly payments more quickly and resolved the smaller resulting past due amount on their own.”Hughes added, “Though most servicers apply credit protections (i.e., negative credit suppressions, blocks, etc.), the credit repositories could still lower the borrower’s credit score. The dilemma is in understanding that disasters are acts of God, but so are other reasons for delinquency such as death and illness, which are not afforded equivalent credit protections. This is a matter requiring further thought and discussion by the industry.”Manpower and the cost to obtain it also plays key roles in rebuilding after a disaster. “In most instances the amount of required work and effort to rebuild far exceeds the available qualified workforce,” Lysikowski said. “The importance of knowing and understanding the available in state resources and out of state resources willing to participate in the recover, cannot be understated.”From the servicer’s perspective, the industry must look at alleviating challenges such as “over burdensome documentation requirements, rate increases at modification when the loan has an ARM teaser rate and addressing the expectations from the homeowners that the payments should be waived,” O’Connell said.Finally, though, the best way a servicer can look to prepare for a disaster is looking back and evaluating their processes during the previous disaster to help them strengthen the things that went right and rework on the elements that didn’t. “Thinking about these types of questions ahead of the hurricane season and taking action on the opportunities will allow response activities to be efficient and prevent a lot of rework in retraining and re-decisioning,” Williamson said. Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago LoanCare Natural Disasters Servicing 2019-06-10 Radhika Ojha Share Save Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles About Author: Radhika Ojha Previous: Foreclosure Sales: The Investor Outlook Next: Studying Homebuying Trends of the LGB Community Servicers Navigate the Post-Pandemic World 2 days ago 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Tagged with: LoanCare Natural Disasters Servicing June 10, 2019 5,773 Views The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago
Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / GSEs Launch Mortgage Deferment Programs Governmental Measures Target Expanded Access to Affordable Housing 2 days ago March 25, 2020 1,833 Views Fannie Mae has updated their Lender Letter to require that a borrower be evaluated for payment deferral prior to other mortgage loan modifications.Freddie Mac has announced similar changes, with the Freddie Mac Payment Deferral program. According to the GSE, effective January 1, 2021, Freddie Mac will launch a loss mitigation solution for borrowers who became delinquent due to a short-term hardship that has since been resolved.”Customers want deferrals on the front end, as a ‘right now’ option,” said Courtney Thompson, SVP, Default Mortgage at Flagstar Bank. “I think consumers would be much happier with the relief we could offer them if that deferral was available now.”According to Freddie Mac, the Payment Deferral is designed to provide relief to eligible Borrowers who have the financial capacity to resume making their monthly payments, but who are unable to afford the additional monthly contributions required by a repayment plan.”I applaud the decisive and continuing actions by FHFA, Fannie Mae, and Freddie Mac to provide clarity to servicers and assistance to homeowners impacted by the current health crisis,” said Ed Delgado, President and CEO, Five Star Global. “While mortgage relief is a much-needed step, we call on FHFA and other government stakeholders to continue working with the mortgage industry to ensure the ongoing stability of the housing market and our system of homeownership.”This development follows upon the FHFA’s announcement that the GSEs would provide payment forbearance to borrowers impacted by the coronavirus. This forbearance would permit a mortgage payment to be suspended for up to 12 months due to hardship considerations.Additionally, suspension of foreclosures and evictions for mortgages backed by the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) will extend at least 60 days.”I was happy to see the GSEs came out with a simple deferment program that helps out borrowers and defers payments to the end of term while they’re going through their difficulties,” said Wes G. Iseley, Senior Managing Director, Carrington Holding Company, LLC, and Chair of the National Mortgage Servicing Association (NMSA). “We hope that FHA and HUD will look at this and adopt a similar program as well.”In a letter to HUD, the NMSA recently advocated for deferments as the best tool to help homeowners and the industry during this time.“This option is preferred over forbearances, trial options, and modifications currently being discussed to assist homeowners,” the letter states.“Deferments have assisted borrowers in times when there is a short-term financial disruption,” it continues. “A deferment is an extension of the term of the loan with the coupon rate remaining. The borrower would resume monthly payments at the end of the deferment period as adjusted by any interim escrow analysis change in payment.”As the letter notes, no firm is staffed adequately to accommodate the documentation, analysis, calculation, recording, and paperwork required for the levels of forbearance, trial plans, and modifications projected in the current crisis. For reference, staffing numbers would need to be brought to the type of multiples of servicing headcount not seen since the financial crisis of 2008.Here’s a link where you can track related announcements from FHFA, Fannie, and Freddie. Coronavirus Deferral Fannie Mae Freddie Mac 2020-03-25 Seth Welborn Share 1Save Servicers Navigate the Post-Pandemic World 2 days ago Previous: Senate Leaders Reach Deal on $2T Stimulus Package Next: FHFA Tracks GSE Foreclosure Prevention About Author: Seth Welborn Sign up for DS News Daily Related Articles Demand Propels Home Prices Upward 2 days ago GSEs Launch Mortgage Deferment Programs Tagged with: Coronavirus Deferral Fannie Mae Freddie Mac Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.
Servicers Navigate the Post-Pandemic World 2 days ago Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, News The House of Representatives on Sunday passed the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act). The $3 trillion legislation was approved by a vote of 208-199. A summary by the American Action Forum states the HEROES Act would provide around $200 billion in additional housing assistance. The CARES Act provided financial and legal assistance for renters and mortgage holders with a federally-backed mortgage. The American Action Forum said the HEROES act expands the financial assistant and legal protection to “virtually all” renters and mortgage holders, including prohibiting foreclosure for non-payment for up to a year The proposed legislation would provide $75 billion to state housing agencies for them to make available to homeowners for assistance with mortgage payments, property taxes and insurance, utilities, and other costs. Also, mortgage holders would receive protections against forbearance for a period of 12 months, and forbearance would automatically be provided for up to 60 days for any borrower who fails to make a payment for 60 days. The American Action Forum states that, if requested by the borrowers, forbearance must be extended for up to one year. Among the provisions brought on by the CARES Act was mortgage forbearance plans by federal agencies. Black Knight’s latest numbers report nearly 9% of all mortgage loans are in forbearance as of May 15. This represents 4.7 million homeowners, which is up from 4.5 million loans from the prior week. The latest numbers have been enhanced to include loans that were in forbearance but not previously reported as “COVID-19-related.”About 7% of mortgage loans backed by Fannie Mae and Freddie Mac are now in forbearance, while 12.4% of FHA and VA-backed loans are in forbearance. Just over 9% of the portfolio and privately securitized loans are also in forbearance.In terms of loan numbers, that’s 27.9 million GSE loans, 12.1 million FHA and VA loans, and 13 million other mortgage loans.In total dollar amount across all loan types, the total unpaid principal balance on loans in forbearance is $1 trillion. Subscribe $200B in Housing Assistance Included in Proposed HEROES Act Home / Daily Dose / $200B in Housing Assistance Included in Proposed HEROES Act May 18, 2020 1,959 Views Previous: GSEs Update Foreclosure Prevention Actions Next: Sagent Announces New Hires Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Coronavirus Federal Government housing market 2020 2020-05-18 Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago About Author: Mike Albanese Share Save Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Coronavirus Federal Government housing market 2020 Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville.
Twitter Pinterest WhatsApp Help sought in search for missing 27 year old in Letterkenny Google+ Google+ Expectant mum wants to meet HSE over antenatal clinic closure Three factors driving Donegal housing market – Robinson Pinterest Facebook Homepage BannerNews A number of women who took part in a protest in Dungloe against the temporary closure of the antenatal clinic there want to meet with HSE management.The executive confirmed the temporary closure because of staff shortages caused by sickness a fortnight ago but a date for the reopening of the clinic has not been given.Last Friday a protest was held at the gates of Dungloe Community Hospital.One of those who attended was Bride Gillespie, a mother of a young child and is expecting another – she wants the HSE to understand the inconvenience the closure has caused:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/01/brid8am.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Twitter RELATED ARTICLESMORE FROM AUTHOR NPHET ‘positive’ on easing restrictions – Donnelly Previous articleEastEnders cast dedicate their NTA win to Corrie’s Anne KirkbrideNext articleHarvey’s Point again named Ireland’s top hotel by Tripadvisor News Highland WhatsApp News, Sport and Obituaries on Wednesday May 26th 448 new cases of Covid 19 reported today By News Highland – January 22, 2015 Facebook Nine Til Noon Show – Listen back to Wednesday’s Programme