The Inside Track on FHA Property Preservation

first_img Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News Related Articles The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago February 10, 2020 1,699 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: FHA Property Preservation Previous: How President Trump’s Proposed Budget Impacts HUD Next: Fed Chair Discusses Recession, Economic Expansion Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post The Inside Track on FHA Property Preservationcenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / The Inside Track on FHA Property Preservation Sign up for DS News Daily DS News’ Webinar Series, in partnership with Altisource, will present its next webinar on Tuesday, February 18, with Holding Down the Fort. Leaders from across the industry will delve into some of the most pressing topics related to Federal Housing Administration (FHA) properties, including best practices, vendor selection, oversight, and more. Participating in this webinar are the following industry leaders: – Cheryl Merchant, Freedom Mortgage – Ryan McDoulett, ISN Corp. – Jim Vaca, Altisource – Toby White, Flagstar BankVaca points out that 19% of all new loans are FHA insured and that the agency is looking to change the servicing standard to get large banks to increase the market share of FHA from 15%. That mark was previously 50%. Additionally, default rates among FHA loans are two-to-four times the rate of other investors. According to a survey by Altisource, 80% of servicing professionals polled—an increase from the 72% polled last year—expect their FHA loan portfolio to increase over the next two years and 85% expect that increase to be more than 25%. Vaca added that vendor performance is becoming “increasingly challenging” as portfolios shift to rural areas and vendor pools for distressed loans and properties continue to diminish current economic gains.Additionally, 47% of property preservation expenses are losses—an average of $4,100 per property. The average conveyance timelines is 12-times the FHA requirement. Other concerns include a higher rate of FHA defaults in distressed markets such as rural areas and labor supply constraints. Marchant added that HUD requires the servicer to be responsible for the oversight of the performance of property maintenance to ensure the condition and appearance of the property maintained and the property is “conveyable” after the foreclosure sale. Items that cause a delay in pre-sale and post-sale conditions are code violations and damaged properties. She adds that communication is key when it comes to code violations, but it could be difficult to remediate most issues pre-sale.  Demand Propels Home Prices Upward 2 days ago FHA Property Preservation 2020-02-10 Mike Albanese About Author: Mike Albanese The Best Markets For Residential Property Investors 2 days ago 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img

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