Builders Heeding Advice to Go West. Or South

The National Association of Home Builders (NAHB) has plucked more information from the Census Bureau’s Survey of Construction (SOC), this time to paint a portrait of the state of residential permitting nationwide.  More »

JPMorgan Chase posts $8.3 billion profit thanks to ‘healthy’ US consumers

JPMorgan Chase continues to benefit from a US economy that’s still humming along. The giant bank reported a profit of $8.3 billion for the second quarter Friday, an increase of 18% from More »

Woman Turns Herself in After Fatal Kitsap Hit-And-Run

You don’t have permission to access “http://www.usnews.com/news/best-states/washington/articles/2018-07-17/woman-turns-herself-in-after-fatal-kitsap-hit-and-run” on this server. Reference #18.5adf02cc.1531837529.1f55f6dd Article source: https://www.usnews.com/news/best-states/washington/articles/2018-07-17/woman-turns-herself-in-after-fatal-kitsap-hit-and-run More »

Ex-Officer Alleges He Was Forced Out After Car Chase Death

You don’t have permission to access “http://www.usnews.com/news/best-states/connecticut/articles/2018-07-17/ex-officer-alleges-he-was-forced-out-after-car-chase-death” on this server. Reference #18.5adf02cc.1531837527.1f55f2ba Article source: https://www.usnews.com/news/best-states/connecticut/articles/2018-07-17/ex-officer-alleges-he-was-forced-out-after-car-chase-death More »

MBS RECAP: Slightly More Active Than a Typical Summertime Monday

Summertime Mondays are notorious for light volume and seemingly random trading.  Today was a slightly more active than normal in that regard, largely due to the presence of top tier data (Retail More »

NAMB urges CFPB to re-examine policies

The National Association of Mortgage Brokers recently requested that the Consumer Financial Protection Bureau address immediate changes needed within the Consumer Complaint and Consumer Inquiry Handling Processes.

NAMB urges the bureau to re-examine its approach when filtering truthful complaints about those in the mortgage process and develop a process for companies to reclassify consumers’ submissions.

“A process of verification and correction is warranted. Consumers are at a disadvantage in knowing exactly what type of loan originator with which they are dealing,” NAMB President John Stevens said. “NAMB suggests the bureau request the National Multi-state Licensing System identification number that should be on documents or advertisements of the loan originator.”

NAMB states that for many years, the bureau falsely reported that consumers were experiencing extensive issues with mortgage brokers. However, when examined, it was determined that 90% of complaints were registered against lender and bank LOs, not mortgage brokers.

NAMB said the CFPB should determine the specific individual and loan originator working with the consumer, therefore limiting consumer involvement, according to Stevens.

It also said the bureau should not release complaint data until the parties involved have been identified and their level of responsibility has been verified.

“Mortgages are extremely complex and involve various parties and outside vendors to verify consumer-provided data. The mortgage process can be slowed or halted for a variety of reasons,” Stevens said. “The LO should not be labeled for a complaint because issues out of their control stopped the mortgage process.”

Article source: https://www.housingwire.com/articles/46072-namb-urges-cfpb-to-re-examine-policies

Roostify adds three members to its leadership team

Tech100 winner Roostify is expanding its leadership team to support its growth, adding Syed Ijaz as chief customer officer, Kevin Levitt as vice president of sales and Eric Drattell as general counsel.

Ijaz comes to Roostify by way of PeopleDoc where he served as chief customer officer, the role he will now fill at Roostify. Roostify created this position specially for Ijaz, and in his new old role, Ijaz will lead the company’s client-facing functions, including implementation, customer support and client success.

Levitt has been in the sales and business development industry for more than 15 years and joined Roostify from Credit Karma, where he was vice president of business development. Before that, he spent 10 years at comScore, and now he will be in charge of leading the Roostify sales team and expanding the company’s lender customer base.

Drattell is blazing new ground at Roostify, serving as its first ever general counsel, responsible for providing all the company’s legal needs. Drattell has more than 20 years of experience in law, and prior to joining Roostify, he was the general counsel for Intapp and Risk Management Solutions.

“Roostify has been steadily expanding our customer base and our digital lending engagement platform to give more and more lenders the ability to provide the best digital home lending experience for consumers and banks alike,” Roostify CEO and Co-Founder Rajesh Bhat said in a statement.

“Our team continues to expand to support the demand we are seeing in the marketplace and to ensure our customers receive a best in class experience when engaging with our team.”

Article source: https://www.housingwire.com/articles/46074-roostify-adds-three-members-to-its-leadership-team

New York City proposes sweeping new rules for security deposits

New York City is in the middle of an affordability crisis, and now, the city is proposing sweeping new rules to address one piece of the affordability crunch that often stands in the way of renters finding a quality apartment or moving to a new one – the security deposit.

Newly released data from RentCafé and Yardi Matrix shows that the average rent in Manhattan recently surpassed $4,000 per month, meaning prospective renters would have to save up $4,000 or more to use as their security deposit.

And often, renters can’t use that money at any point during the tenancy and they frequently don’t get that money back.

And that’s a problem, according to New York City Comptroller Scott Stringer.

Over the weekend, Stringer released a new proposal that would change the city’s policies surrounding security deposits and put limits on how much landlords can charge renters upfront.

Stringer’s proposal would limit security deposits to one month’s rent on a one-year lease for all units in New York City. Currently, rent-regulated units in the city are limited to one month’s rent as a security deposit, but the proposal would expand this rule to all units.

“Every day, New Yorkers are working harder and saving less – and right now, huge portions of their annual incomes are being held hostage in security deposits. These may just be considered the costs of being a renter in New York, but it’s not right and it’s not necessary,” Stringer said in a statement.

“To tackle our mounting affordability crisis, we need to think outside the box and put bold ideas into action,” Stringer added. “Our proposals will change the rules of the housing market and put money back in the pockets of thousands of families looking for a bigger apartment in a better school district, to new graduates who have to find a place to live while paying down their student loans.”

In conjunction with releasing the newly proposed rules, Stringer’s office also released a report about security deposits, which showed that New York City renters had to fork over approximately $507 million into security deposits in 2016.

In some cases, the upfront cost of moving to a new apartment can be more than 20% of a household’s yearly income, Stringer’s office noted. Oftentimes, landlords require tenants with low income or questionable credit to put up multiple months’ rent in a security deposit.

According to Stringer, freeing up that money would be “transformative” to the city’s residents, which have savings rates that are among the lowest in the nation.

“For too long, the deck has been stacked against New York’s working-class renters, but we’re taking a step forward to reimagine how the housing system works in our City,” Stringer said.

Stringer notes that while it’s “important” for landlords to have protection against damages or unpaid rent, there may be other options other than a cash deposit.

Therefore, in addition to capping the amount a landlord can charge for a security deposit, Stringer’s proposal would open up renters’ security deposit options beyond paying a full month’s rent upfront to include installment plans and using insurance as a security deposit alternative.

Under the installment plan, for example, tenants would have to pay in increments rather than paying the full month’s rent prior to moving in.

As Stringer’s office notes, in Seattle, renters are allowed to pay in six installments, meaning a tenant is able to add $300 to their first six rental payments, rather than paying $1,800 in an upfront deposit, for example.

Stringer notes that this installment model can also be extended to other upfront costs, like pet deposits, last month’s rent and move-in fees.

Additionally, Stringer proposes using insurance as a security deposit alternative.

“A number of local companies have introduced an insurance alternative in recent years. These startups allow renters to pay a small monthly or one-time fee in exchange for guaranteeing their security deposit with landlords,” Stringer’s office notes.

“While tenants will not receive this money back – as they would with a traditional deposit – paying $10 per month to insure your apartment against damages rather than an $1,800 security deposit is a significant reduction in the upfront costs of moving and can be a desirable trade-off,” Stringer’s office continues. “Moreover, tenants who have already paid their security deposits can request that it be returned and can switch to the monthly payment, insurance model instead.”

Rhino, a company that provides the security deposit insurance, welcomed Stringer’s proposal.

“All too often we see regulation slowing down the pace of change and innovation in industry. Comptroller Stringer’s announcement today, including insurance alternatives like Rhino in security deposit reform, is a great example of government flipping the script and truly leading by example,” said Paraag Sarva, Rhino co-founder and CEO. “We applaud Comptroller Stringer’s effort to give New Yorkers more choices, making the challenging rental process easier and more accessible for everyone through the adoption of new solutions like Rhino.”

But those aren’t the only changes Stringer is calling for.

Stringer also proposed changes to what landlords can do with security deposit funds after a renter moves out.

According to Stringer’s office, security deposits are “too often” withheld from tenants at the end of a lease for “arbitrary, unexplained or fraudulent reasons.”

To combat this issue, Stringer is calling for a plan modeled after England’s rental rules, which would create a tenant protection system wherein security deposits are held by a third-party custodian and arbiter instead of the landlord.

“If the landlord wishes to withhold money for damages, cleaning fees or unpaid rent at the end of a lease, they must come to an agreement with the tenant,” Stringer’s office notes. “In instances where there is a dispute over damages or the cost of repairs, the landlord and tenant can utilize the dispute resolution service run by the third-party organizations that hold deposits.”

Stringer’s proposal now moves to the New York state government for consideration.

Article source: https://www.housingwire.com/articles/46075-new-york-city-proposes-sweeping-new-rules-for-security-deposits

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