Issue link: http://dsnews.uberflip.com/i/1109134
ยป VISIT US ONLINE @ DSNEWS.COM 5 A look at facts you didn't know you couldn't live without. Compiled by the DS News Staff e typical U.S. home is worth $226,300, according to Zillow's Real Estate Market Report. e Urban Institute Housing Finance Policy Center found that the current number of months' inventory of for-sale homes stands at 3.5. CFPB: HERE'S WHERE SERVICERS NEED TO IMPROVE INSIDE THE JOURNAL // ON THE WEB // THE APP SPECTRUM // MOVERS & SHAKERS TAKE A LOOK INSIDE THE NUMBERS D A T A B I T S Source: "Real estate taxes in the nation's largest metropolitan areas" by LendingTree METROS WITH THE LOWEST REAL ESTATE TAXES METROS WITH THE HIGHEST REAL ESTATE TAXES 1. NEW YORK 2. SAN JOSE, CALIFORNIA 3. SAN FRANCISCO 4. AUSTIN, TEXAS 5. HOUSTON 6. CHICAGO 7. BOSTON 8. DALLAS 9. HARTFORD, CONNECTICUT 10. LOS ANGELES 1. BIRMINGHAM, ALABAMA 2. LOUISVILLE, KENTUCKY 3. SALT LAKE CITY 4. INDIANAPOLIS 5. PHOENIX 6. LAS VEGAS 7. RICHMOND, VIRGINIA 8. OKLAHOMA CITY 9. NEW ORLEANS 10. DENVER In the 18th edition of its Supervisory Highlights, the Consumer Financial Protection Bureau (CFPB) identified areas of supervisory activity at mortgage servicers as well as servicers' response. e four areas included: "charging consumers unauthorized amounts," "misrepresenting private mortgage insurance cancellation denial reasons," "failing to exercise reasonable diligence to complete loss mitigation applications," and "representing the requirements for foreclosure timeline extensions in Home Equity Conversion Mortgages." e report covers supervision between June 2018 and November 2018. e CFPB found that at least one servicer charged borrowers greater late fees than allowed by the mortgage note. e bureau identified "programming errors in the servicing platform and lapses in service provider oversight" as the causes for the overcharges. Servicers responded by identifying affected borrowers to resolve the issue as well as changing policies to ensure borrowers are not overcharged in the future. Second, the CFPB found misrepresentations when responding to borrowers' requests for private mortgage insurance cancellation. When denying some borrowers' requests, servicers sometimes misstated the reason for the denial. e CFPB explained that this is problematic because "borrowers receiving the incorrect denial reason may fail to address other eligibility requirements to obtain PMI cancellation." e servicers in question have altered templates and procedures to future cancellation denial notices explain the "accurate denial reasons." Next, the CFPB said in its Supervisory Highlights that it identified cases where servicers did not exercise "reasonable diligence" in acquiring sufficient documentation to complete loss mitigation, as required by Regulation X. After approving short-term forbearance, the servicers identified did not advise the borrower that further documentation was necessary to complete full loss mitigation procedures. After receiving notification from the CFPB, the servicers identified the affected borrowers and notified them about other loss mitigation options that could be possible with additional documentation. e last mortgage servicing issue covered in the Supervisory Highlights dealt with Home Equity Lines of Conversion Mortgages (HECMs) in the case of a deceased homeowner. When a homeowner with a HECM dies, his or her successor must pay the loan balance in full if he or she wishes to keep the home, or the home will be foreclosed. Successors may, however, file for extensions on the loan balance. PAGE 22 SVP, Consumer CTO, SunTrust Bank FIVE MINUTES WITH WITH Kenneth Meyer RANKING METRO RANKING METRO