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WORD OF THE DAY: Loquacious

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[lō-ˈkwā-shəs] Part of speech: adjective Origin: Latin, mid 17th century Definition: Tending to talk very freely; extremely talkative; characterized by excessive wordiness. Examples of loquacious in a sentence “I would’ve arrived on time if it weren’t for a long conversation with my loquacious neighbor.” “She tended to be quite loquacious, speaking long after her time had run out.” About Loquacious Fran Capo may be considered the world’s most loquacious person. Certified by the Guinness World Records organization, she’s capable of speaking 11 words per second, or nearly 700 per minute. Did you Know? Loquacious, unsurprisingly, comes to us from a Latin word—loquax, which means “talkative.” Author admin View all posts

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MCS (the “Company”), one of the nation’s leading providers of property services, announced that Chaz Mueller has joined its Board of Directors as an Independent Director effective immediately. Mueller brings more than 25 years of senior executive leadership experience within the single-family and multifamily rental industries, which will assist the Company as it continues to expand its property service offerings into these markets by leveraging its capabilities built over 35 years serving the property preservation industry. Prior to joining the MCS Board, Mueller was most recently CEO of Progress Residential®, one of the largest providers of high-quality, single-family rental (“SFR”) homes in the United States with over 85,000 properties across 29 of the nation’s fastest growing metro areas. Additionally, he was the President of Irvine Company Apartment Communities, owner and manager of apartment communities across Coastal California; CEO of ConAm Management Company, a full-service real estate management and investment firm specializing in multifamily housing; and President, COO, and CFO of Archstone, one of the largest publicly traded multifamily REITs before going private. “We are extremely pleased to have Chaz serve as an Independent Director for MCS given his extensive experience, industry knowledge, and leadership capabilities,” said Craig Torrance, CEO of MCS. “He helped pioneer the SFR market space and understands the operational challenges and requirements of those owners and operators. Chaz’s insights and guidance will help improve and strengthen our residential rental service offerings, allowing us to better serve our growing client base.” Earlier this year, MCS began providing core property services to SFR companies across the country, leveraging its network of self-performing service centers for inspections, rehabs and renovations, ongoing maintenance, and unit make-readies in connection with resident turns. As the Company expands its SFR business, it will offer the same types of property services to multifamily owners and operators. MCS’ self-performing service centers are staffed with a full team of its own employees who can execute work on SFR, multifamily and commercial properties, as well as for other residential properties managed on behalf of its property preservation clients. “I’m excited to be of service to MCS as a Board member, sharing my understanding of the needs and expectations of their target clients as the Company continues to grow and strengthen its residential rental services business,” Mueller said. “With the SFR space still relatively new, a company like MCS has a tremendous opportunity to establish itself as the property services market leader through its comprehensive offerings. I look forward to helping the Company on their journey to achieve that goal.” About MCSMCS is a leading property services provider working across Commercial Properties, Single-Family Rentals, and the Property Preservation industry. For over 35 years, MCS has been committed to responsive care, industry-leading service standards, leveraging technology, and end-to-end transparency to protect, preserve and serve communities across the country. Some of the largest and most respected mortgage servicers, real estate owners and operators, and corporations trust MCS to perform property inspections, preservation, maintenance, renovations, and other property-related services. Learn how MCS is Making Communities Shine at mcs360.com. Media ContactsGreat Ink Communications212.741.2977MCS@greatink.com John BaconChief Marketing OfficerMCS469.771.5568John.Bacon@mcs360.com Author admin View all posts

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The national delinquency rate fell 3.6% in August to 2.79%, just 4 BPS above May 2022’s record low Improvement was broad based, with the number of borrowers a single payment past due falling by 4% and those 90 or more days delinquent down 4.5% After dropping steadily over recent months, cure activity also improved in August, with 62K seriously delinquent loans curing to current status, up from 58K in July The month’s 20.3K foreclosure starts represent a 15% jump in activity from July but remain 44% below August 2019 levels Likewise, starts were initiated on 3.4% of serious delinquencies; up slightly from July but still less than half the rate seen in the years leading up to the pandemic Prepays (SMM) edged up 1.5% for the month, due to calendar-related effects, but are still down by 69% year-over-year as rising rates continue to put downward pressure on both purchase and refinance lending Black Knight, Inc. reports the following “first look” at August 2022 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 2.79%Month-over-month change: -3.61%Year-over-year change: -30.26% Total U.S. foreclosure pre-sale inventory rate: 0.35%Month-over-month change: -0.01%Year-over-year change: 29.23% Total U.S. foreclosure starts: 20,300Month-over-month change: 14.69%Year-over-year change: 185.92% Monthly prepayment rate (SMM): 0.67%Month-over-month change: 1.51%Year-over-year change: -69.48% Foreclosure sales as % of 90+: 0.53%Month-over-month change: 1.83%Year-over-year change: 173.93% Number of properties that are 30 or more days past due, but not in foreclosure: 1,489,000Month-over-month change: -54,000Year-over-year change: -633,000 Number of properties that are 90 or more days past due, but not in foreclosure: 567,000Month-over-month change: -27,000Year-over-year change: -772,000 Number of properties in foreclosure pre-sale inventory: 185,000Month-over-month change: 1,000Year-over-year change: 43,000 Number of properties that are 30 or more days past due or in foreclosure: 1,674,000Month-over-month change: -54,000Year-over-year change: -590,000 Top 5 States by Non-Current* Percentage Mississippi: 6.28 % Louisiana: 5.63 % Oklahoma: 4.71 % Alabama: 4.62 % West Virginia: 4.43 % Bottom 5 States by Non-Current* Percentage Oregon: 1.98 % California: 1.81 % Colorado: 1.77 % Idaho: 1.72 % Washington: 1.70 % Top 5 States by 90+ Days Delinquent Percentage Mississippi: 2.37 % Louisiana: 2.02 % Alaska: 1.72 % Alabama: 1.68 % Arkansas: 1.55 % Top 5 States by 6-Month Change in Non-Current* Percentage Hawaii: -27.50 % Vermont: -26.11 % New York: -22.48 % California: -21.75 % Utah: -20.52 % Bottom 5 States by 6-Month in Non-Current* Percentage Iowa: -4.32 % South Dakota: -6.19 % Illinois: -7.77 % Alaska: -8.34 % Oklahoma: -8.43 % *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Notes:1) Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets.2) All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred. For a more detailed view of this month’s “first look” data, please visit the Black Knight newsroom. The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.blackknightinc.com/data-reports/ by Oct. 3, 2022. For more information about gaining access to Black Knight’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com. About Black Knight Black Knight, Inc. (NYSE: BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively. Author admin View all posts

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[sih-TOO-ter-ee] Part of speech: noun Origin: Scottish, 1920s Definition: A small building or area where people can sit outside; a summer house, conservatory, or gazebo. Examples of sitooterie in a sentence “The sitooterie was set up for a small afternoon party.” “She enjoyed being able to relax and read in the sitooterie for hours.” About Sitooterie Imagine the 1920s with glamorous outdoor garden parties and soirees. Of course these events would be held in a special place — the sitooterie. This fanciful term was created in Scotland in the 1920s to describe an outdoor sitting area, sometimes a gazebo or other similar structure. Did you Know? Sitooterie — it’s not a nonsense word, but it has a quite sensible structure. We know the word sit; “oot” is out in a Scottish accent, and the suffix “-ery” denotes a place set aside for something. So sitooterie is naturally a place for outdoor sitting. Author admin View all posts

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Outsourcing or hiring in-house compliance experts are no longer the only options for servicers who need help handling lien releases and assignment of mortgage documents. With the use of PerfectDocs technology, virtually anyone can prepare, validate, execute, notarize and even record these documents within minutes without compromising the integrity or validity of the document. Nationwide Title Clearing has invested more than 31 years of experience, knowledge and technology into creating PerfectDocs, the first complete web-based solution that provides both NTC and users with a “share-the-work” solution. PerfectDocs provides for a completely paperless process anywhere eRecord is available. From when the order opens to the release being recorded, users never have to print a piece of paper or cut a check for recording. Instead, all execution is safely electronic while capturing the notary log for record keeping and compliance. Benefits of PerfectDocs include: Tech-enabled, anywhere, secure, web-based platform Satisfies DRBC requirements Compliant with State /County Regulations Enables operational control to balance units, geographies or loan types for in or outsource, without additional contracting Built-in exception-handling for Full-Service assistance by NTC professionals Provides system-of-record for internal and external audits Control and speed for urgent document production needs Data entry is a separate function and can be completed with client staff or offshore partners. All management queues can assign work by hard states versus easy states or what suits the employee. Quality inspection after data entry can be customized to account for new employees or experts with low error rates. Clients using PerfectDocs tend to take advantage of the hybrid model, which allows them to share the working environment. While clients complete orders from start to finish, they always have a safety net with NTC available to complete orders or pieces of orders with additional services. NTC can do the heavy lifting with recording paper releases by attaching cover sheets and recording fee checks, mailing recorded releases to borrowers, or handling the cancellations and mailing the original collateral. The PerfectDocs platform allows for use of NTC’s full-service options, with the ability to transfer work to NTC for any reason the client needs, such as overflow, business continuity or disaster recovery. PerfectDocs is fully compliant with state, county and MERS regulations. NTC manages state timeframes for lien releases, data requirements, forms and recording fees, so clients no longer have to be experts in that space for over 3,600 recording jurisdictions. Clients can manage work within the system by compliance deadlines or custom SLA requirements calculated at import. If an increase in volume becomes an issue, they’re able to push orders to NTC to be processed to maintain overall compliance. And to simplify future auditing requirements, the PerfectDocs system hosts all information to complete the order, including a history of the order and an image of the recorded document. PerfectDocs is the only system backed by the same engine that successfully processes large numbers of releases and assignments by NTC. Immediate state and county updates, as well as accurate recording fee calculations, drive NTC’s reject rate of less than .5%. Author admin View all posts

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Housing Expected to Cool Even Further as Mortgage Rates Move Higher Economic growth is projected to resume in the second half of 2022, but the combination of high inflation, monetary policy tightening, and a slowing housing market is likely to tip the economy into a modest recession in the new year, according to the September 2022 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group. The ESR Group continues to forecast 0.0 percent real GDP growth on a full-year basis through 2022, but it revised downward its expectations for full-year 2023 growth by one-tenth of a percentage point to negative 0.5 percent. Core inflation remains considerably higher than the Federal Reserve’s stated target; as such, the ESR Group maintained its expectation that the Federal Open Market Committee will raise the federal funds rate by 75 basis points at its September meeting. The ESR Group’s baseline forecast anticipates the federal funds rate topping out at a range of 3.50 to 3.75 percent in early 2023, though it sees significant upside risk to the eventual terminal rate. Due largely to the higher mortgage rate environment, the ESR Group lowered its forecast for single-family total home sales in 2022 and 2023 to 5.71 million and 4.98 million, which would represent declines of 17.2 percent and 12.8 percent, respectively. While multifamily construction remains strong, the ESR Group also revised downward its multifamily starts forecast for 2022 to 542,000 units but continues to expect demand for rental units to remain strong because of the single-family market’s relative unaffordability. “In our view, the recent interest rate surge is due to the market’s recognition of two critical factors: that inflation is indeed not transitory, and that, to tame it, the Federal Reserve will need to be resolute, even at the risk of possible recession,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “Inflation’s entrenchment – and the policy action likely required of the Fed – confirms the expectation in our forecast of a moderate recession beginning in the first quarter of 2023. That said, the rise in rates is having the Fed’s desired effect on housing, as house price growth began to slow in June. We expect the slowdown in housing to continue through 2023 as affordability constraints mount for potential homebuyers, and considering, too, that refinance activity has been significantly curtailed by the rise in mortgage rates.” Visit the Economic & Strategic Research site at fanniemae.com to read the full September 2022 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily Market Commentary. To receive e-mail updates with other housing market research from Fannie Mae’s Economic & Strategic Research Group, please click here. Author admin View all posts