Mortgage Loans

How to download XML file from Property management platforms to government software

2026-05-28T14:41:29.375-07:00

1. Yardi Voyager

Yardi rarely gives you a "Download XML" button on a standard tenant screen. You generally have two paths:

Path A: Compliance Exports (The HUD/NAHMA Method)
If you manage affordable housing, navigate to Compliance > Interface > Export. Select the NAHMA or HUD 50059 format. This generates a standardized XML file containing deep tenant data (income, family composition, etc.).
Path B: Task Runner / Scripting
For general market-rate data, you typically need to use a Scripted Report.
1. Go to Administration > Toolbelt > Scripted Reports.
2. If you have the technical permissions, you can set the report output to XML.
3. If not, you may need to ask your Yardi Admin to enable the "OptShowReportFile" parameter, which shows the source file code and allows for more flexible export formats.

2. Entrata

Entrata is much more "open" than Yardi, but it still hides XML behind the Reports or Integration tabs.

The Export Wizard: 1. Go to Reports > Library > Tenant Directory.
2. Click Export (usually a small icon at the top right).
3. Instead of CSV, look for the "XML" or "NAHMA Export" option in the dropdown.
API/Developer Portal: If you need bulk documentation, Entrata’s API is the cleanest way to get XML. You can query the getLeases or getCustomers endpoints, which return data in XML format by default.

3. AppFolio

AppFolio is the "closed loop" of the group. They do not typically allow direct XML downloads for standard users to prevent data "scraping."

The Workaround: 1. Run a Tenant Directory or Tenant Ledger report.
2. Export it as CSV/Excel.
3. You will likely need to use a simple converter (like Excel’s "Save As XML Data" or a Python script) to turn that spreadsheet into an XML structure.
AppFolio Stack: If you are on "AppFolio Stack" (their premium tier), you can use their official API to pull tenant data as JSON or XML.

4. RealPage (OneSite)

RealPage uses XML extensively for Compliance and Electronic Data Interchange (EDI).

Compliance Export: Go to Administration > Utilities > Export Tenant Data. Look for the "NextGen" or "NAHMA XML" format.
Document Management: If you are trying to download actual scanned documents (PDFs) in an XML wrapper, you must use the Document Management module and select the "Bulk Export" feature, which often generates a .zip containing the PDFs and an index.xml file mapping them to the tenants.

Quick Comparison Table

Platform	Difficulty	Primary Location	Format Name to Look For
Yardi	Hard	Compliance / Task Runner	NAHMA / 50059 / Scripted
Entrata	Easy	Reports / Setup > Export	XML Export / API
AppFolio	Hard	Reporting	CSV Export only (standard)
RealPage	Medium	Administration > Utilities	EDI / NextGen XML

Corrective Action Plan

2025-11-18T12:56:04.774-08:00

Interactive Corrective Action Plan

Progress Saved (Simulated)!

Interactive Corrective Action Plan

Multifamily Asset Turnaround

1. Description of Deficiencies

Summarize the critical issues, categorized by impact (Financial, Physical, Operational, Legal). Add as many rows as needed.

Deficiency Category	Key Issues Identified	Impact (High, Medium, Low)
Financial	Collections are 65%; NOI is negative.	High	×
Operational	High staff turnover; Maintenance requests backlog > 90 days.	High	×

2. Financial KPI Analysis

Enter the current and target values for key performance indicators. The chart will update automatically to visualize the gap.

Financial Metric	Current Value	Target Value
Physical Occupancy (%)
Economic Occupancy (%)
Avg. Collections (%)
Delinquency (90+ days, $)
Monthly NOI ($)

3. Eviction and Unit Turn Plan

Define the optimized timeline for reclaiming units and preparing them for re-lease. Adjust target durations as needed.

Phase	Description	Key Metric / Benchmark
Legal Initiation	Serve 10-Day Notice to Pay or Quit	Number of Notices Issued: [Target #]
Court Filing	File with local court, securing hearing date	Hearing Date Secured: [Date]
Judgment/Writ	Secure Judgment and Writ of Possession	Writ Secured: [Date]
Lockout/Possession	Scheduled physical lockout	Units Reclaimed: [Target #]
Unit Assessment	Immediate assessment by Maintenance Lead	Scope Documented: [Target #]
Turn Execution	Completion of repairs, cleaning, CapEx	Unit Ready for Move-In: [Target #]

4. Rent Increase Potential Analysis

Assess current rents relative to market comparables (Comps) and potential revenue lift after unit improvements.

Unit Type	Current Avg. Rent ($)	Market Rent (As-Is) ($)	Target Rent (Post-Reno) ($)
1 Bed / 1 Bath				×
2 Bed / 1 Bath				×

Rent Increase Strategy

5. Property Physical Needs (Scope of Work)

List necessary capital expenditures and deferred maintenance beyond standard unit turns.

Area / System	Specific Physical Need	Priority	Est. Useful Life Ext.
Exterior / Shell	Full roof replacement on Building C.	Critical	20 Years	×
Mechanical Systems	HVAC units replacement on 8 priority units.	High	15 Years	×

6. Cost Projection and Budget

Define the comprehensive budget for CAP execution. The chart and total will update as you enter costs.

Category	Item Description	Est. Cost ($)
A. Unit Turns	Avg. $3,500 x 20 Units
A. Unit Turns	Rehab/CapEx per Unit
B. Legal Fees	Attorney Fees (15 cases)
C. Property CapEx	Roof Repairs (Sec 5)
D. Contingency	General Contingency (10%)

Total Estimated Cost:

$242,000

7. Time Frame for Delivery (Master Schedule)

List the high-level milestones for the full CAP execution.

Milestone	Start Date	End Date	Status
Phase 1: Legal & Funding

<!DOCTYPE html>

<head>

<title>Interactive Corrective Action Plan</title>

<!-- Visualization & Content Choices:

- Sec 1, 4, 5, 8, 9: Info: Tables of items. Goal: Organize. Viz: Dynamic HTML Tables. Interaction: "Add Row" button appends new row with inputs/contenteditable fields, "Remove" button per row. Justification: Makes the template a usable, dynamic form. Method: Vanilla JS (DOM Manipulation).

- Sec 2: Financials: Info: KPI table (Current vs. Target). Goal: Compare. Viz: Grouped Bar Chart. Interaction: 'input' events on the table's number fields trigger a JS function to update the chart data live. Justification: Instantly visualizes the gap between current state and target goals. Method: Chart.js.

- Sec 3: Eviction Plan: Info: Process steps. Goal: Organize. Viz: HTML Table. Interaction: Inputs for editing target days. Justification: Simple data entry for a defined process. Method: HTML/JS.

- Sec 6: Budget: Info: Cost items by category. Goal: Compare (Proportions). Viz: Donut Chart. Interaction: 'input' events on cost fields trigger JS function to aggregate costs by category and update the donut chart live. A "Total" div is also updated. Justification: Provides immediate visual feedback on budget allocation. Method: Chart.js.

- Sec 7: Timeline: Info: Milestones. Goal: Organize. Viz: Dynamic HTML Table. Interaction: "Add Milestone" button. Justification: Simple, effective way to build a timeline. Method: Vanilla JS (DOM Manipulation).

-->

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position: relative;

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</head>

Progress Saved (Simulated)!

</div>

<h1 class="text-3xl md:text-4xl font-bold text-stone-900">Interactive Corrective Action Plan</h1>

<p class="text-lg text-stone-600">Multifamily Asset Turnaround</p>

</header>

<span class="hidden md:inline">Deficiencies</span>

</button>

<span class="hidden md:inline">Financials</span>

</button>

<span class="hidden md:inline">Eviction Plan</span>

</button>

<span class="hidden md:inline">Rent Potential</span>

</button>

<span class="hidden md:inline">Physical Needs</span>

</button>

<span class="hidden md:inline">Budget</span>

</button>

<span class="hidden md:inline">Timeline</span>

</button>

<span class="hidden md:inline">Accountability</span>

</button>

<span class="hidden md:inline">Follow-Up</span>

</button>

</nav>

<h2 class="text-2xl font-bold text-blue-700 mb-4">1. Description of Deficiencies</h2>

<p class="text-stone-600 mb-6">Summarize the critical issues, categorized by impact (Financial, Physical, Operational, Legal). Add as many rows as needed.</p>

<tr>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Deficiency Category</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Key Issues Identified</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Impact (High, Medium, Low)</th>

</tr>

</thead>

<tr>

<td class="p-3 border-b border-stone-200" contenteditable="true">Financial</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Collections are 65%; NOI is negative.</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200" contenteditable="true">Operational</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">High staff turnover; Maintenance requests backlog > 90 days.</td>

</tr>

</tbody>

</table>

</div>

+ Add Deficiency

</button>

</section>

<h2 class="text-2xl font-bold text-blue-700 mb-4">2. Financial KPI Analysis</h2>

<p class="text-stone-600 mb-6">Enter the current and target values for key performance indicators. The chart will update automatically to visualize the gap.</p>

<tr>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Financial Metric</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Current Value</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Target Value</th>

</tr>

</thead>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">Physical Occupancy (%)</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">Economic Occupancy (%)</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">Avg. Collections (%)</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">Delinquency (90+ days, $)</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">Monthly NOI ($)</td>

</tr>

</tbody>

</table>

</div>

</div>

</section>

<h2 class="text-2xl font-bold text-blue-700 mb-4">3. Eviction and Unit Turn Plan</h2>

<p class="text-stone-600 mb-6">Define the optimized timeline for reclaiming units and preparing them for re-lease. Adjust target durations as needed.</p>

<tr>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Phase</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Description</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Key Metric / Benchmark</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Target Duration (Days)</th>

</tr>

</thead>

<tbody>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">Legal Initiation</td>

<td class="p-3 border-b border-stone-200">Serve 10-Day Notice to Pay or Quit</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Number of Notices Issued: [Target #]</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">Court Filing</td>

<td class="p-3 border-b border-stone-200">File with local court, securing hearing date</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Hearing Date Secured: [Date]</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">Judgment/Writ</td>

<td class="p-3 border-b border-stone-200">Secure Judgment and Writ of Possession</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Writ Secured: [Date]</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">Lockout/Possession</td>

<td class="p-3 border-b border-stone-200">Scheduled physical lockout</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Units Reclaimed: [Target #]</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">Unit Assessment</td>

<td class="p-3 border-b border-stone-200">Immediate assessment by Maintenance Lead</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Scope Documented: [Target #]</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">Turn Execution</td>

<td class="p-3 border-b border-stone-200">Completion of repairs, cleaning, CapEx</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Unit Ready for Move-In: [Target #]</td>

</tr>

</tbody>

</table>

</div>

</section>

<h2 class="text-2xl font-bold text-blue-700 mb-4">4. Rent Increase Potential Analysis</h2>

<p class="text-stone-600 mb-6">Assess current rents relative to market comparables (Comps) and potential revenue lift after unit improvements.</p>

<tr>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Current Avg. Rent ($)</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Market Rent (As-Is) ($)</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Target Rent (Post-Reno) ($)</th>

</tr>

</thead>

<tr>

</tr>

<tr>

</tr>

</tbody>

</table>

</div>

+ Add Unit Type

</button>

<label for="rent-strategy" class="block text-sm font-medium text-stone-700">Rent Increase Strategy</label>

</div>

</section>

<h2 class="text-2xl font-bold text-blue-700 mb-4">5. Property Physical Needs (Scope of Work)</h2>

<p class="text-stone-600 mb-6">List necessary capital expenditures and deferred maintenance beyond standard unit turns.</p>

<tr>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Area / System</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Specific Physical Need</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Priority</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Est. Useful Life Ext.</th>

</tr>

</thead>

<tr>

<td class="p-3 border-b border-stone-200" contenteditable="true">Exterior / Shell</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Full roof replacement on Building C.</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Critical</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">20 Years</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200" contenteditable="true">Mechanical Systems</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">HVAC units replacement on 8 priority units.</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">15 Years</td>

</tr>

</tbody>

</table>

</div>

+ Add Physical Need

</button>

</section>

<h2 class="text-2xl font-bold text-blue-700 mb-4">6. Cost Projection and Budget</h2>

<p class="text-stone-600 mb-6">Define the comprehensive budget for CAP execution. The chart and total will update as you enter costs.</p>

<tr>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Category</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Item Description</th>

</tr>

</thead>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">A. Unit Turns</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Avg. $3,500 x 20 Units</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">A. Unit Turns</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Rehab/CapEx per Unit</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">B. Legal Fees</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Attorney Fees (15 cases)</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">C. Property CapEx</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Roof Repairs (Sec 5)</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200 font-medium">D. Contingency</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">General Contingency (10%)</td>

</tr>

</tbody>

</table>

+ Add Budget Item

</button>

</div>

<div>

</div>

<span class="text-lg text-stone-600">Total Estimated Cost:</span>

</div>

</section>

<h2 class="text-2xl font-bold text-blue-700 mb-4">7. Time Frame for Delivery (Master Schedule)</h2>

<p class="text-stone-600 mb-6">List the high-level milestones for the full CAP execution.</p>

<tr>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Milestone</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Start Date</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Status</th>

</tr>

</thead>

<tr>

<td class="p-3 border-b border-stone-200" contenteditable="true">Phase 1: Legal & Funding</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Pending</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200" contenteditable="true">Phase 2: Priority Unit Turns (Batch 1)</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Pending</td>

</tr>

</tbody>

</table>

</div>

+ Add Milestone

</button>

</section>

<h2 class="text-2xl font-bold text-blue-700 mb-4">8. Person in Charge of Duty (Accountability Matrix)</h2>

<p class="text-stone-600 mb-6">Assign clear ownership for each critical component of the plan.</p>

<tr>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Area of Responsibility</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Accountable Person/Title</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Required Deliverable</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Final Deadline</th>

</tr>

</thead>

<tr>

<td class="p-3 border-b border-stone-200" contenteditable="true">Legal/Evictions</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Property Attorney</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Final Lockout of 15 Units</td>

</tr>

<tr>

<td class="p-3 border-b border-stone-200" contenteditable="true">Unit Turn Execution</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Lead Maintenance Supervisor</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">10 Units Certified Move-In Ready</td>

</tr>

</tbody>

</table>

</div>

+ Add Responsibility

</button>

</section>

<h2 class="text-2xl font-bold text-blue-700 mb-4">9. Follow-Up and Monitoring Form</h2>

<p class="text-stone-600 mb-6">Use this section to create a new follow-up report to track progress against the master schedule and budget.</p>

<div>

<label for="fu-period" class="block text-sm font-medium text-stone-700">Reporting Period</label>

</div>

<div>

<label for="fu-date" class="block text-sm font-medium text-stone-700">Date of Review</label>

</div>

<div>

<label for="fu-reviewer" class="block text-sm font-medium text-stone-700">Reviewer</label>

</div>

<h3 class="text-lg font-semibold text-stone-800 mb-3">Progress Items</h3>

<tr>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Section (Ref.)</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Target for Period</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Actual Performance</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Variance</th>

<th class="p-3 text-left text-sm font-semibold text-stone-700 border-b-2 border-stone-300">Action Required</th>

</tr>

</thead>

<tr>

<td class="p-3 border-b border-stone-200" contenteditable="true">3. Eviction</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">5 Writs Secured</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">3 Writs Secured</td>

<td class="p-3 border-b border-stone-200" contenteditable="true">Follow up with attorney</td>

</tr>

</tbody>

</table>

</div>

+ Add Follow-Up Item

</button>

<label for="fu-summary" class="block text-sm font-medium text-stone-700">Summary Narrative</label>

</div>

</section>

</div>

</button>

Save Progress (Simulated)

</button>

</button>

</footer>

</div>

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Affordable Housing File Review

2025-10-03T06:26:00.000-07:00

Affordable Housing Procedures

State reviews files a bit differently than the LIHTC

This is an outline of DCA procedures.

This is not a list of every scenario or situation

MOVE IN PAPERWORK

Move in application
Move in TIC
MI income documentation:: Annual income: W-2/ Award letter/1099/ paycheck stubs for 30 days prior to recertification or 60 if gig work/ tax return if self employed; social security, pensions, unemployment compensation, child support; bank statements/IRA if 1099 or liquid assets exceed $5000.00
Lease (with names of parties, rent amount and date terms, also page with security deposit and signature page; executed
Identification- driver's license or state ID- or social security card and other picture ID
MI addendums to include VAWA, DHCD, Lead Paint (if applicable), Tenant Participation (if applicable), HOME (if applicable), and Section 811 Waiver (if applicable)
MI Inspection form

RECERTIFICATION

A most recent Tenant Income Certification (TIC) form or a HUD 50058 or HUD 50059 with the appropriate backup documentation or RHS 1944-8 form; executed by all adult tenants
A checklist for adult household member #1;
A copy of third party verification of income and assets, of adult household member #1,
A checklist for adult household member #2, etc., if applicable,
A copy of the Asset Certification if applicable;
A copy of the Student Eligibility Certification, if applicable;
HUD 9887 or HUD 9887A, Authorization to Release Information, or similar form, if used by the development.
3rd party income verification documents (if applicable), or self-certification
Lease renewal addendum
Notification of rent increase
Recertification Notice
Most recent physical inspection

PRE-INSPECTION REPORTS AND DOCUMENTS-

Current rent roll to include the following information- unit number, unit type, unit designation (% of AMI), unit funding (HOME,TAX CREDIT, STATE, etc), resident name, move in date, last recert date, rent amount, tenant portion, subsidy portion, charge code, security deposit paid.
Current Balance Sheet
Current A/P and A/R reports
Current rent schedule and utility allowance
Turnover report for last 12 months
Current Affirmative Fair Housing Marketing Plan (if changed within last 5 years)
The Tenant Selection Criteria (if changed since last review)
Documentation of Resident Services provided (such as newsletters, sign in sheets or 3rd party contractor reporting information)
Copy of the project's active listing on MDHOUSINGSEARCH.ORG
Number of outstanding work orders (report)
rental license, elevator license, fire inspections

Silver Spring move in income for all existing tenants in the files.

Annual recertification was done on what date?

All 68 files should have 2024/ 2025 recertifications.

For LIHTC group I refer to this 92 page manual:

https://dhcd.maryland.gov/HousingDevelopment/Documents/lihtc/Compliance-Manual-Draft.pdf

Other files can be randomly selected. Also physical inspections may occur.

Housing in America 2025

2025-08-13T08:40:00.000-07:00

Factors Shaping the 2025 Housing Market

The U.S. housing market is in the midst of a profound transformation. What used to be explained by broad national trends now requires a local lens.

1. The Regional Divide Is Now the Defining Feature of Housing

Real estate markets have grown increasingly localized. Pandemic-era boom markets such as Florida, Texas, and Arizona are cooling. These areas saw enormous growth in home prices during the height of remote work migration but are now seeing price corrections and growing inventory due to affordability issues and rising costs. Back to work trends are reshaping rural communities and changing where workers will live.

In contrast, markets in the Midwest and Northeast are demonstrating more stability. These regions have seen less dramatic price growth, are more supply-constrained, and remain relatively affordable. As a result, they are attracting more sustained demand. A one-size-fits-all narrative no longer applies in today’s housing market.

2. Rising Inventory Alone Cannot Solve Affordability Challenges

Home inventory has increased, especially in markets that experienced rapid post-pandemic construction. However, higher mortgage rates and inflated insurance costs have muted buyer activity. Many potential buyers are priced out of the market or are choosing to wait out the volatility. Sellers, for their part, are increasingly pulling listings when offers do not meet expectations. Even slight movements in mortgage rates can lead to canceled deals. Both buyers and sellers appear to be stuck in a state of hesitation, waiting for clarity on where the market is headed.

New construction at lower price points means density, less fabulous finishes, room to add an ADA, building on locations that may have huge demolition costs. Cities have to revamp the permit process and speed up breaking ground which delays cost money.

3. Climate Risk and Insurance Are Reshaping Market Viability

Natural disasters and rising climate-related insurance costs are creating fundamental shifts in market dynamics. States like Florida, as well as parts of the Midwest often affected by hail and tornadoes, are facing rapidly increasing premiums. Some areas are seeing a surge in delinquencies and even negative equity due to repeated disaster damage and stagnant property values. In these places, high insurance costs combined with affordability pressures may trigger more foreclosures or even reduce long-term demand. While newer construction in these areas may be more resilient due to updated building codes, the existing housing stock remains vulnerable.

Perhaps we don't build in the wake of a flood path. Maybe we consider raising foundations and sea walls as part of the plan.

4. Urban and Transit-Oriented Markets Are Regaining Their Appeal

Post-pandemic migration patterns are shifting once again. While remote work drove demand toward suburban and Sunbelt regions, the partial return to office has reversed some of these flows. Urban centers such as Chicago, Boston, and New York are seeing renewed strength. Homebuyers are looking for neighborhoods with proximity to jobs and transit without being located in high-density downtown cores. Suburban areas surrounding these cities are benefiting most, with strong home price appreciation and buyer interest. At the same time, states like Florida have seen a significant decline in in-migration, particularly from retirees and remote workers who are now seeking alternatives in the Carolinas and the Northeast.

5. Multifamily Markets Face Diverging Fortunes

Multifamily real estate is showing signs of resilience but is under pressure from macroeconomic forces. Markets like Austin and Orlando, which saw a flood of new supply during the pandemic, are now grappling with falling rents and rising vacancies. On the other hand, constrained markets in the Midwest and Northeast are faring better, with steady rent growth and stronger occupancy. Class A retail and multifamily assets in prime locations are performing well, driven in part by the wealth effect from a strong stock market and investor interest. Meanwhile, construction starts have slowed due to high interest rates and ongoing labor challenges, which may limit future supply and support pricing power in select regions.

Looking Ahead

The housing and multifamily sectors are confronting a complex web of variables including inflation, interest rates, climate risks, and demographic shifts. While no single trend defines the outlook, several themes are clear. Local conditions now dominate market performance. Stability and predictability, particularly in mortgage rates, are more important than just rate reductions. And the interplay of climate resilience, infrastructure quality, and housing policy will shape which regions thrive in the next economic cycle.

Broadstone greystar

2025-07-10T13:43:00.000-07:00

7

2025-07-02T14:03:00.000-07:00

Multifamily Tax Advantage to Extend?

2025-02-26T03:35:00.000-08:00

News for Multifamily Tax Advantage

One light in the news was the Administration Announcing a return of bonus depreciation

While 100% bonus depreciation was a significant advantage for multifamily investors in the past, it's important to understand that it is currently being phased out. In 2025, the bonus depreciation rate is 40%. However, it can still be a valuable tool for investors. Here's how it works and why it's beneficial:

How Bonus Depreciation Works

Accelerated Deduction: Bonus depreciation allows investors to deduct a significant portion of the cost of eligible assets in the year they are placed in service, rather than depreciating them over their useful life.
Eligible Assets: In the context of multifamily properties, this typically includes personal property like appliances, furniture, and certain land improvements. It does not apply to the building structure itself.
Reduced Taxable Income: By taking this large upfront deduction, investors can significantly reduce their taxable income in the current year.

Benefits for Multifamily Investors

Increased Cash Flow: The reduced tax burden can lead to increased cash flow, which can be reinvested in the property or used for other purposes.
Improved Return on Investment: By reducing tax liabilities, investors can potentially increase their overall return on investment.
Tax Deferral: Bonus depreciation can defer taxes to a later date, allowing investors to use the money now and potentially pay taxes when they are in a lower tax bracket or when the property is sold.

Important Considerations

Phase-out: As mentioned, the 100% bonus depreciation rate has been phased out. In 2025, it's at 40%, and it will continue to decrease until it reaches 0% in 2027.
Cost Segregation: To maximize the benefits of bonus depreciation, investors often use cost segregation studies. These studies identify and classify the various components of a property, allowing investors to take advantage of shorter depreciation periods for eligible assets.
Recapture: When a property is sold, there may be a "recapture" of some of the depreciation deductions, which could result in taxes being owed.

In Conclusion

While 100% bonus depreciation is no longer available, the current 40% rate can still provide significant tax benefits for multifamily investors. By understanding how it works and utilizing strategies like cost segregation, investors can reduce their tax burden, increase cash flow, and potentially improve their overall return on investment.

Maryland Investor Multifamily Tenant Statistics 2024

2024-12-12T16:07:00.000-08:00

2024 Maryland landlord and developer problems

The combined impact of the pandemic and economic challenges has led to significant tenant delinquency rates in Maryland's affordable housing sector, posing challenges for both tenants and property owners. Old pandemic and newer economic challenges have a significant impact on affordable multifamily housing in Maryland. Tenant delinquencies are a growing concern for property owners and managers, leading to financial strain. In 2024 a twelve percent increase in tenant accounts receivable compared over the past two years indicates a trend of tenants not paying rents.

Factors Contributing to Delinquencies:

Job Loss and Wage Reductions: Many residents in affordable housing rely on low-wage jobs that were disproportionately affected by pandemic-related closures and layoffs.

Increased Living Costs: Rising costs of essential goods and services, such as groceries and utilities, have further strained household budgets.

Rental Assistance Challenges: While rental assistance programs have provided some relief, the process of receiving aid was complex and time-consuming. Many programs ended.

The Impact on Property Owners and Managers:

Financial Strain: Delinquencies directly impact property owners' cash flow, making it difficult to maintain properties and cover operating expenses.

Increased Eviction Filings: In some cases, property owners may be forced to initiate eviction proceedings, which can be a lengthy and costly process.

Property Management Challenges: Managing tenant delinquencies requires additional resources and expertise, potentially increasing administrative burdens.

Tenant Outreach and Support Services: Offering financial counseling, job training, and other support services can help tenants develop long-term financial stability.

Flexible Payment Plans: Working with tenants to create flexible payment plans can help them manage their debt and avoid eviction.

It's important for property owners and managers to stay informed about local resources and support programs available to assist tenants facing financial hardship. By taking proactive steps to address tenant delinquencies, property owners can mitigate financial risks and maintain the stability of their affordable housing communities.

In October 2024, Maryland lost 9,000 nonfarm jobs, which led to an unemployment rate of 3.0%. This was an increase from the previous month, when the unemployment rate was 2.9%. Maryland's unemployment rate is tied for 12th lowest in the country.

49th in Job Growth: Maryland ranks near the bottom nationally in job growth rate (0.6%) and 34th in total jobs added (16,700) over the past year.

Three-Year Growth Lag: The state's three-year compound growth rate ranks 48th in the country, signaling persistent issues.

Maryland has a labor shortage.

The skills that employers need don't match the skills that job seekers have. The need for skilled workers is increasing, especially in areas like data science, cybersecurity, and artificial intelligence.

How to develop living and working environments that are appealing to talent? Provide quiet, safe, clean, units with wi-fi.

Maintain current applicant lists, use digital tools to update monthly, and post vacancies on websites.

What historically worked that we moved away from?

Have maintenance personnel reside on site.

Have a phone line that transfers to someone’s cell phone all the time.

Communicate with tenants in the mode they prefer: face to face, cell, text, web-based, USPS may be too slow…

By taking proactive steps to address tenant delinquencies, property owners can mitigate financial risks and maintain the stability of their affordable housing communities.

This data provides a snapshot of landlord-tenant cases in Maryland's district courts in 2024. Here's a breakdown of the key figures:

Total Cases: 33,835

Defendant Appearances: 2,583

Dismissals: 10,440

Tenant Holding Over: 450

Breach of Lease: 217

Levy in Distress: 2

Wrongful Detainer: 308

Grantor in Possession: 13

Warrant of Restitution: 11,879

Eviction: 1,882

Flood Damage

2024-06-14T04:01:00.000-07:00

Tips for Homeowners During a Flood

FLOOD Emergency Tips

Safety First

Monitor news reports for emergency updates.
Be a good neighbor and check on those who may need extra help, especially the elderly, people with medical conditions, or those living alone.
Never enter moving floodwater. Floodwater can be contaminated and pose electrocution risks from downed power lines.
Turn around, don't drown! Avoid driving through flooded roads.
Stay clear of damaged buildings and unsafe areas until authorities give the all-clean.
If the power goes out, report outages and turn off appliances you can reach safely.

After the Flood

Look before you step! Use a stick to check for hidden hazards like broken glass or nails. Floodwaters can also leave floors slippery.
Only drink boiled water until authorities confirm the water supply is safe.
Discard any food, including canned goods, that has come into contact with floodwater. Avoid flooded gardens for food consumption.
Charge your phone and find ways to stay connected if possible. Have one point contact who posts your progress and needs on Facebook or the social media that you have friends. Ask for things you need that are specific.

Inspecting and Cleaning Up

Safety first! Never touch electrical equipment while wet. Let it dry completely and have a licensed electrician inspect it before use.
Move salvageable belongings upstairs or to higher ground.
Document everything! Take photos of the damage for insurance purposes.
Contact your insurance company.
Avoid entering moving floodwater. It may be contaminated.

Cleaning and Sanitation

Wear protective gear: gloves, goggles, a mask, and rubber boots when cleaning.
Wash and disinfect anything that got wet.
Clean flooded floors and walls with a bleach solution (¼ cup bleach per gallon of water).
For mold removal, use a vinegar solution (spray with 100% vinegar, let dry) followed by a baking soda paste on porous surfaces. Wear a mask and gloves for this process.
Professionally clean carpets, mattresses, and upholstered furniture that got wet. Consider discarding damaged items.
Remove and replace drywall or paneling that was underwater. Ensure proper drying of wooden studs before replacing. The mess can wait. Stack the wet material also curbside.

Remember

Floodwater may contain sewage – well water should be tested for contamination before use.
Repair damaged septic tanks to prevent health hazards.
Consider professional cleaning and repairs, but be prepared that local services may be overwhelmed.

Additional Tips

Check on neighbors. Elderly or people who live alone are at greater risk.
Flood insurance is separate from general hazard insurance.
Keep important documents in a safe place for easy access during emergencies.
Supplies you will want: 2 gallons of bleach, 2 gallons of white vinegar, two giant bags of baking soda, paper towels, rubber boots, cases of bottled drinking water, dry not perishable foods that don't need cooking, flashlights, hand soap, dawn dish soap, card tables or plastic tables to place items above the water line to dry, box fans, generator, wheelbarrow to haul items to the curb or use your rolling trash bins if you have them, 95 masks, clothing line or rope to dry things in the sun, plastic bins and clean wrapping paper to place items you cleaned in, drying wrack of some type.
Your local hardware may be closed, seek ones at higher ground or farther away.

By following these tips, homeowners can stay safe and begin the recovery process after a flood.

FICO 10T and Vantage Scores

2024-05-13T16:04:00.000-07:00

The FHFA mandates using FICO 10T and Vantage this year for Fannie Mae

and Freddie Mac Loans

What started as a push to reduce costs for the lower to moderate mortgage borrower in America now bows to the credit cops to incorporate both scores, thus increasing costs.

The magic is supposed to be that the lower end person with little credit history can use rental history, utilities and recent up trends in personal habits to overcome weaker credit.

What our government forgets is this was already being done by

every good mortgage lender for free on a hand written explanation,

uploading the history, and demonstrating in writing the cause.

FICO 10T and VantageScore 4.0, mandated by the GSEs (Fannie Mae and Freddie Mac), have the potential to increase access to home loans for borrowers with lower credit scores in a couple of ways:

Considering a broader range of financial data: These new models look beyond traditional credit history, including rent, utilities, and telecom payments [2]. This can benefit borrowers who may not have a long history with credit cards or loans but have consistently made payments on other bills.

Accounting for trends: FICO 10T considers if your credit score is on an upward trajectory, which could be helpful for borrowers who may have had past credit issues but have recently improved their financial habits [4].

However, it's important to understand some nuances:

Minimum requirements likely remain: Even with the new models, lenders will still have minimum credit score requirements for loans. These may not change dramatically.

Not a guarantee: Just because you have a higher score under the new models doesn't guarantee loan approval. Other factors like income and debt-to-income ratio will still be crucial.

Overall, the new scoring system is a step towards a more inclusive approach. Borrowers with lower credit scores who can demonstrate responsible financial behavior may have a better chance of qualifying for a home loan.

Three Little Pigs House No roof?

2024-04-05T09:56:00.000-07:00

House of Straw House of Sticks House of Bricks

All three without a roof?

Extreme weather events are no longer a rarity. From hurricanes battering coasts to wildfires raging across forests, these disasters are becoming more frequent and intense. This has a direct impact on homeowners insurance, causing costs to surge and, in some cases, leading insurers to pull out of high-risk areas altogether.
Here's how extreme weather is shaking up the home insurance landscape:

Increased Risk, Increased Premiums: Insurance companies base premiums on risk. With the likelihood of claims due to weather events like hurricanes, tornadoes, and wildfires on the rise, they need to charge more to offset potential losses. This can be a significant burden for homeowners, especially in areas repeatedly hit by disasters.
Policy Cancellations and Non-Renewals: In some cases, the risk becomes too high for insurers to justify offering coverage at all. This is particularly true in regions prone to wildfires or hurricanes. Homeowners in these areas may find their policies cancelled or not renewed, leaving them scrambling for alternative (and often more expensive) coverage, or worse, with no coverage at all.
Focus on Mitigation: To manage risk, some insurers are offering discounts for homeowners who take steps to mitigate potential damage. This might include installing hurricane shutters, fire-resistant roofing, or flood barriers. While upfront costs exist, these measures can save money on premiums in the long run.
Examples by Disaster:
Hurricanes: Coastal regions are particularly vulnerable to hurricanes, with stronger storms and rising sea levels leading to increased flooding. This has caused some insurers to limit or exclude flood coverage altogether, forcing homeowners to seek separate flood insurance, which can be expensive.
Wildfires: Wildfire seasons are becoming longer and more intense, threatening homes in fire-prone areas. Insurers are raising premiums and, in some cases, refusing to write new policies in high-risk zones. This leaves homeowners with limited options and potentially devastating consequences if a fire strikes.
Tornadoes: While tornadoes are more localized events, the increasing frequency and intensity can still lead to significant damage and rising insurance costs. Mitigation efforts like storm shelters can help reduce risk and potentially lower premiums.
The bottom line is that extreme weather is a growing concern for homeowners and insurers alike. Understanding the risks and taking steps to mitigate them can help you protect your home and keep your insurance costs manageable.

Is your hazard insurance company cancelling you?

Is your insurance company pulling out of your state?

Time to call your Senator and Congressperson.

https://www.fanniemae.com/research-and-insights/perspectives/consumers-worried-about-impact-extreme-weather-homes-and-insurance-premiums

Real Estate Digital Tools

2024-04-02T16:24:00.000-07:00

There are hundreds of vendor tools for real estate investment, valuations,

management, lead marketing, and data collection and organization.

All have focus either on commercial or residential real estate.

Some are used for purchasing property, some for ongoing management.

Here are a few categories of digital software that an investor, a lender,

a management company, or bank might purchase.

Customer Relationship Management (CRM):

Lofty
Chime CRM

Valuation:

Quantarium
Compstak (commercial)

Residential Analysis:

Cash Flow Atomizer

Other:

House Canary
ATTOM Data
REI (possibly property management)
MRI software for accounting (accounting)
Rentrange /altisource
Northspyre
Entera
Yardi
REI property pro (possibly property management)
Argus Altus Group
LexisNexis
Plunk
Property Shark
Corelogic
MRI
Reonomy
Real Capital Analytics

Uncategorized:

REI 360: this is a CRM claiming to be property management software, or something else related to real estate.

Then there are tools used by institutions and lenders

Real Estate Data & Analytics: They provide a data hub that gathers and analyzes property information to aid in accurate valuations and market analysis.
Workflow Software: Their Voxtur Verify product specifically helps title agents, loan officers, and underwriters by simplifying real estate transactions through a user-friendly workflow platform.
Valuation Tools: Voxtur offers solutions like ApexSketch, which assists appraisers and assessors in creating accurate and professional floorplan sketches for property valuations.
Property Tax & Assessment: Voxtur helps with property tax assessments through their technology solutions.

In essence, Voxtur acts as a behind-the-scenes player in the real estate industry, providing tools and data to various professionals involved in buying, selling, and appraising properties. They don't directly interact with consumers through a single consumer-facing app.

And many appraisal valuation tools

Claw Back Unpaid Income Taxes From Insurance Companies?

2024-03-27T06:44:00.000-07:00

Insurance Companies Don't pay income tax in the states they operate or to the IRS on the premiums they collect. Perhaps Florida, Texas, and now California should claw back what they saved. Insurance companies pulling out of homeowner/ fire/ hazard

insurance policies.

Insurance premiums aren't profit: The money paid for insurance isn't considered income for the company. It's seen as a reserve to pay out future claims.
Taxation on investment income: Insurance companies invest a portion of the premiums they collect. The income generated from these investments is typically taxed like any other company's earnings. Insurance companies invest in real estate, mortgages, and stocks. Gains on sale of investments may be taxable but they seem to roll the gains and rarely pay.
Reserves and claim payouts: The money set aside for potential claims acts as a buffer, reducing taxable income. Insurance companies can only deduct a portion of these reserves each year, following specific tax code guidelines.
Different tax treatment for life insurance: Life insurance companies often have a different tax structure than property and casualty insurers. They may receive special tax treatment for a portion of their reserves due to the long-term nature of life insurance policies.

In essence, insurance companies are taxed on their investment income, not the premiums they collect. However, the way they manage reserves and the type of insurance they offer can influence their overall tax liability.

Analytic Tools For Mortgage, Banks, Fraud, and Data

2024-03-27T06:38:00.000-07:00

FICO Platform is a decision management platform that provides pre-built models and analytics for tasks like credit scoring and fraud detection. It's known for its ease of use but can be expensive and offer limited customization.

· RiskSpan is a risk intelligence platform that focuses on real-time risk data and analytics, particularly for regulatory compliance and AML. It leverages cloud-based solutions but relies on external data sources.

· LexisNexis is a data and analytics company known for its extensive data resources on individuals and businesses. It excels in due diligence and identity verification but offers less in advanced analytics.

· Quantrix is an EPM software that provides budgeting, forecasting, and financial reporting functionalities. It boasts a user-friendly interface and strong data modeling capabilities, but its focus is primarily on financial data.

· SAS is a comprehensive data analytics suite that offers a wide range of statistical analysis tools and data management functionalities. It's powerful but has a steeper learning curve compared to others.

Chase Sues Trans Union Argus over Privacy

2024-03-25T09:31:00.000-07:00

Show drafts

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I can't summarize the specific risks of JPMorgan Chase with Argus, Verisk, and consumer privacy, but I can provide some general information that might be helpful.

JPMorgan Chase is a large financial institution that collects a lot of data on its customers. This data could include things like your name, address, Social Security number, income, and spending habits. This data is valuable to JPMorgan Chase, but it could also be valuable to criminals or other unauthorized people.

Argus and Verisk are data analytics companies that provide information to businesses, including financial institutions. It is possible that JPMorgan Chase could share customer data with Argus or Verisk. If this data is not properly secured, it could be accessed by unauthorized people.

Consumer privacy is a growing concern, and there are laws and regulations in place to protect consumer data. JPMorgan Chase is required to comply with these laws and regulations. However, there is always a risk that a data breach could occur.

Here are some steps that JPMorgan Chase could take to mitigate these risks:

Implement strong security measures to protect customer data
Only share customer data with authorized third parties
Be transparent with customers about how their data is collected and used
Comply with all applicable laws and regulations

If you are concerned about your privacy, you can contact JPMorgan Chase to ask about their data security practices. You may also want to consider reviewing your privacy settings with the bank. I asked Chase ten times to not record my voice for recognition, to never share my social security number, date of birth or address but they continue to give away the bank. Argus, Trans Union, and Verisk (the prior parent company) all sell my information to the devil.

PMorgan Chase's lawsuit against Trans Union hinges on the alleged misuse of anonymized credit card data by Argus, which Trans Union later acquired. Here's the breakdown:

The OCC Mandate (2009): The Office of the Comptroller of the Currency (OCC) required banks like JPMorgan Chase to submit anonymized (no Personally Identifiable Information - PII) credit card data.
Argus as Data Aggregator: The OCC contracted with Argus to collect and process this anonymized data from banks. This presumably involved compiling and analyzing the data for the OCC.
Confidentiality Expectations: JPMorgan Chase likely assumed the anonymized data would be kept confidential by Argus, considering the OCC's purpose and trade secret laws.
Federal Reserve & CFPB Contracts: The Federal Reserve and Consumer Financial Protection Bureau (CFPB) followed suit, trusting Argus with similar anonymized data collection.
Trans Union Acquires Argus: Later, Trans Union acquired Argus, inheriting the contracts and the anonymized data.
JPMorgan Chase Sues Trans Union: JPMorgan Chase suspects Trans Union misused the anonymized data, potentially by:

De-anonymizing it (which could be a challenge)
Combining it with other datasets to identify individuals
Selling the data (even if anonymized) in a way that wasn't aligned with the original agreements.

JPMorgan Chase believes Trans Union violated the trust and potentially even the law regarding how anonymized data should be handled. Chase is responsible as well, this is a method to appear compliant, not actually be within privacy laws.

There are several key privacy laws in the United States that protect consumers' banking and credit habits. Here's a breakdown of some of the most important ones:

The Gramm-Leach-Bliley Act (GLBA): This 1999 law requires financial institutions to protect the privacy of their customers' nonpublic personal financial information (NPPI). NPPI includes things like your name, address, Social Security number, income, and account balances. The GLBA also gives consumers the right to know what information a financial institution collects about them and how it is shared.
The Fair Credit Reporting Act (FCRA): This 1970 law regulates credit reporting agencies (CRAs) like Experian, Equifax, and TransUnion. The FCRA gives consumers the right to see their credit reports and dispute any errors. It also limits how often your credit report can be checked without your permission.
The Right to Financial Privacy Act (RFPA): This 1978 law restricts the government's ability to access your financial records without a warrant or your consent. It also requires financial institutions to notify you before they disclose your nonpublic personal information to third parties.

These are just a few of the key laws that protect consumer privacy in the context of banking and credit. It's important to note that these laws are complex and there may be exceptions.

Consumer Financial Protection Bureau (CFPB): https://www.consumerfinance.gov/ The CFPB is a government agency that enforces many of the consumer financial protection laws, including the GLBA and the FCRA.

Commercial Real Estate Apps

2024-03-24T17:15:00.000-07:00

Commercial information applications for real estate

Here's a comparison of Tex-X, CoStar, Moody's Analytics (Economy.com), and Economy.com for analyzing commercial real estate:

Tex-X

Focus: Primarily provides data on property characteristics, valuations, and transactions.
Strengths:

Deep property-level data, including tenant leases, operating expenses, and cap rates.
Granular market coverage, especially for major metros.
Well-suited for detailed property valuation and underwriting.

Weaknesses:

Limited analytics and reporting tools compared to competitors.
Subscription can be expensive, particularly for smaller firms.
User interface can be dated and less intuitive than some competitors.

CoStar

Focus: Comprehensive data provider with a mix of property characteristics, market research, and analytics tools.
Strengths:

Extensive data coverage across all property types and geographies.
Powerful mapping and charting tools for market analysis.
Offers a variety of subscription tiers to fit different budget needs.

Weaknesses:

Data quality can be inconsistent, especially for smaller markets.
Advanced features can have a steep learning curve.
Can be overkill for users who only need basic property data.

Moody's Analytics (Economy.com)

Focus: Macroeconomic and real estate market data and analysis.
Strengths:

Strong reputation for economic forecasting and market trends.
Provides national and regional market reports in addition to property data.
Useful for understanding the broader economic context of commercial real estate markets.

Weaknesses:

Limited property-level data compared to Tex-X and CoStar.
Less granular market coverage, particularly for smaller local markets.
May not be as suitable for detailed property-specific analysis.

Economy.com (Not to be confused with Moody's Analytics (Economy.com))

Focus: Limited information available online. It appears to be a general economic data and research provider, but it's unclear how in-depth their commercial real estate coverage is.

Here's a summary table to help you decide:

Feature	Tex-X	CoStar	Moody's Analytics (Economy.com)	Economy.com
Data Coverage (Property-level)	Deep	Extensive	Limited	Unclear
Data Coverage (Market)	Granular (major metros)	Extensive	National/Regional	Unclear
Analytics & Reporting	Limited	Powerful	Strong (macroeconomic)	Unclear
Subscription Cost	High	Varied	Moderate	Unclear
Ease of Use	Less intuitive	Steeper learning curve	User-friendly	Unclear
Best For	Detailed property valuation & underwriting	Comprehensive market analysis	Macroeconomic & market trend analysis	pen_spark Unclear

RMBS Private Label Packaging

2024-03-24T01:44:00.000-07:00

Diving into Non-Agency RMBS: The Wild West of Mortgage Investing

For those interested in the nitty-gritty of the mortgage world, non-agency RMBS, also known as private label RMBS, offer a high-risk, high-reward investment opportunity. But before you jump in, it's crucial to understand what you're getting into.

Breaking it Down: Non-Agency vs. Agency RMBS

Most people are familiar with agency RMBS, those backed by government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac. These offer stability with a government guarantee in case borrowers default.

Non-agency RMBS, on the other hand, are the rebels of the mortgage world. Issued by private institutions like banks and investment firms, they hold mortgages that don't meet the GSEs' strict criteria. This could be due to loan size, borrower creditworthiness, or property type.

The Allure of Non-Agency RMBS

So, why invest in something riskier? The potential payoff:

Higher Returns: Since they carry more risk, non-agency RMBS can offer significantly higher yields compared to agency counterparts.
Greater Diversification: Non-agency RMBS can add diversification to your portfolio, as their performance isn't tied to the government.

Understanding the Risks

But with great reward comes great risk. Here's what to watch out for:

Increased Default Rates: The very reason these mortgages aren't agency-approved is that they carry a higher chance of default.
Lower Liquidity: The non-agency market is smaller and less transparent, making it harder to buy and sell these securities.
Complex Analysis: Analyzing non-agency RMBS requires deep dives into the underlying loans, making them unsuitable for casual investors.

Non-Agency RMBS: Not for the Faint of Heart

Investing in non-agency RMBS requires a strong understanding of the mortgage market, risk tolerance for potential defaults, and the ability to analyze complex financial instruments.

Loan types may use Debt Service Ratios, alternative documentation for income, and only want prime locations. If you're a seasoned investor seeking high returns and portfolio diversification, non-agency RMBS could be an option. But for everyone else, proceed with caution and do your research before diving into this wild west of mortgage investing.

It's important to understand that private label non-agency RMBS aren't issued by lenders themselves, but rather by investment banks and financial institutions who pool together mortgages that don't meet agency standards and then issue them as securities.

Here's why lenders aren't directly involved:

Origination vs. Securitization: Lenders originate mortgages, meaning they connect borrowers with loans. Securitization, on the other hand, is the process of pooling those mortgages and turning them into tradable securities like non-agency RMBS.
Risk Distribution: By securitizing non-agency mortgages, lenders spread the risk of defaults across investors who purchase the RMBS.

However, if you're interested in which institutions might be originating the underlying mortgages for non-agency RMBS, here are some examples:

Regional Banks: Many regional banks originate non-jumbo mortgages (loans exceeding conforming loan limits set by Fannie Mae and Freddie Mac) that could end up in non-agency RMBS.
Mortgage REITs (Real Estate Investment Trusts): These firms invest in real estate-related assets, and non-agency mortgages can be a part of their portfolio.
Non-Bank Lenders: Specialty lenders who cater to borrowers with lower credit scores or those seeking alternative financing options might originate mortgages that get packaged into non-agency RMBS.

· Hard Money Loans: Hard money loans, which are short-term, asset-based loans secured by real estate. Typically, eighteen months terms. These loans are for borrowers who might not qualify for traditional bank financing.

· Non-Agency RMBS: Non-agency RMBS, on the other hand, are securities created by pooling together mortgages that don't meet the standards of government-backed institutions like Fannie Mae and Freddie Mac. These are then sold to investors.

The Difference:

· Lending vs. Securitization: A hard money company acts as a lender, providing financing directly to borrowers. Non-agency RMBS deal with securitization, which is the process of transforming numerous loans into tradable securities.

· Loan Focus: Hard money loans are not usually securitized and packaged into non-agency RMBS but sometimes they are bundled together with similar mortgages. Since they do not fit with GSE criteria it is difficult to determine the ability for these loans to perform or rate them.

State Farm Cancelling More Hazard Insurance Policies in CA

2024-03-21T13:43:00.000-07:00

March 20, 2024

Subject:		Update on California

To:		Agents Licensed in California

From:		Denise Hardin, Senior Vice President

Thank you for all that you do to serve State Farm® customers in California. As we’ve discussed in our California Update calls, State Farm General Insurance Company’s (SF General) financial picture is concerning.

Despite ceasing writing new Fire business last May and implementing rate increases in several product lines this year, the financial strength of SF General continues to deteriorate.

Although there haven’t been significant California wildfire losses for several years, large underwriting losses and growing risk exposure has resulted in surplus of less than 50 cents for every dollar of risk we face today. SF General’s financial strength is less than a quarter of what it was in 2016. Even factoring in the May 2023 action and the approved rate increase, the financial picture for SF General is projected to get worse in 2024.

As a result, we must take some difficult but necessary underwriting actions that will unfortunately impact some of our existing customers.

As shared during today’s call, State Farm General will take the following actions to further reduce our exposure in California:

Non-renew approximately 30,000 homeowners, rental dwelling and other property insurance policies (residential community association and business owners) beginning July 3, 2024.
Withdraw from offering commercial apartment policies, which will result in the non-renewal of all those policies (approximately 42,000) beginning Aug. 20, 2024.

Additionally, State Farm General will also:

Remove commercial earthquake coverage for all remaining Business Lines Fire policies with the endorsement, excluding farm/ranch.
Non-renew business owners policies for tobacco product stores and telephone/cell phone stores & installation.

Combined, these actions represent just over 2% of Fire policies in the state.

We realize this will impact many of you and the relationships you have built. This decision was not made lightly and is necessary to improve the affiliate’s financial strength to ensure we can help more people in more ways, forever. We’ll continually evaluate our approach based on changing market conditions.

Action requested

Please review the following resources in preparation for customer questions:

· Update on California on statefarm.com®

· 3/20/2024 letter from State Farm General to the California Department of Insurance

· State Farm General underwriting actions on Agency Hub News

· *Key Messages and Customer FAQ on the Western Market Area site’s California page. The Key Messages include details about the agent policy listings that will be available in the Campaigns tab of ECRM beginning March 20.

Your market area leadership is also available as a resource. As always, please redirect any media inquiries to Sevag Sarkissian.

Message points
The following are approved messages agents can share verbally with customers:

State Farm General Insurance Company is taking necessary actions to improve its financial strength related to California:

State Farm General will non-renew approximately 30,000 homeowners, rental dwelling and other property insurance policies (residential community association and business owners) beginning July 3, 2024.
Additionally, the company will withdraw from offering commercial apartment policies with the non-renewal of all of those approximately 42,000 policies beginning Aug. 20, 2024. (This is insurance for apartment owners, not renters insurance.)

The non-renewal process will take over a year to complete. (through July 2, 2025, for impacted homeowners, rental dwelling, residential community association and business owners policies and until Aug. 19, 2025, for apartment policies)
State Farm independent contractor agents licensed and authorized in California will continue to service impacted policies up until their last date of coverage.
State Farm agents will also continue to service policies not impacted by these decisions.
We’re mindful of the impact to customers and will continue to work constructively with the California Department of Insurance, Governor’s Office and policymakers to address needed market reforms and help build market capacity in California.
This decision is unique to California and the challenges there.

Thank you again for your ongoing commitment as we continue to address our challenges in California.

For more information

For questions about ECRM policy listings, contact Agency Sales Resources (ASR).

For questions about the philosophy of these underwriting actions and agent impacts, contact your sales leader.

Senior Executive Council; Sales Executive Office; Western Market Area Executive Team; P&C Underwriting/Billing Strategy, Actuarial & Modeling Executive; Angela Martin; Adam Swope; Jeff Clinch; Ken Doss; Sales Leaders of agents licensed in California; WMA Agency Administration Leaders and AFS Function Manager/Managers; ECC PLCC/BLRC and Billing Directors; Greg Reynolds; Nathan Miller; Tisha Strand; Debra Billings; Sheri Kurkowski; Laura Campbell; Marty Wietfeldt; Melinda Clark; Laura Triplett; Anne Bennett; Lynn Whitlow; Chris Stucky; WMA Executive Assistants

FOR INTERNAL STATE FARM USE ONLY

Contains information that may not be disclosed outside State Farm without authorization

IMPORTANT NOTICE:

This email, including any attachments or subsequent replies or forwards, (a) may include confidential, proprietary or other protected information; (b) is sent based upon a reasonable expectation of privacy; and (c) is not intended for unauthorized persons. If you are not the intended recipient, then you must not use, disclose or disseminate the information. In addition, please immediately notify the sender and then permanently delete the message and any attachments, replies or forwards, including any copies or portions thereof. Any unauthorized review, use, disclosure or distribution of this email is prohibited and may be a violation of law or regulation. It is the responsibility of the recipient to take steps to protect against viruses and ensure that this email (and any attachments hereto) does not adversely affect any computer system into which it is received or opened.

31518 West Nine Condo

2024-03-18T19:44:00.000-07:00

31518 WEST NINE DRIVE Laguna Niguel CA 92677

Built 1972 everything but the floor is original.

Building flooded twice once in 11/2022 and again in 2023.

Roof leaked for sixteen months in the unit and twenty months in the garage.

The garage still leaks today although the HOA was notified in 2021.

Unit below flooded twice and also was never cleaned up or fixed.

Ceiling of 31518 was wet for 15 months while nothing was done.

Garage filled from roof leak with two inches of water, still not repaired.

Ceiling light in kitchen saturated with water sags and has electrical short, Utopia

notified and did not repair. Utopia sent out several inspectors but no repairs. HOA

sent five persons to bid the job.

When I moved in there was no working heat and most of the electrical outlets not operational.

Utopia put in new panel and replaced four receptacles but not the majority for unknown reason.

Utopia left the hole in the wall the while I complained and did nothing.

Skylight has asbestos and leaked water see photo, kitchen leaked, hallway and bath leaked.

Kitchen sink leaks since move in.

Bath sink leaks since move in.

Show bottom surround is cracked as the fiberglass is 1972 and worn out since move in. You cannot stand barefoot in that shower without getting sharp particles in your feet.

Shower head is rusted since move in.

Drain never was attached since move in.

Tub drain plug doesn't seal since move in

Ceilings in baths and under sinks moldy since move in.

Ceiling fans moldy since move in.

both bath sinks the plunger to hold water doesn't seal.

Slider doors difficult to open as galvanized track end of life. Screens never shut. Master bedroom

slider does not shut 100% as the frame is bent since move in.

Front door jam dry rot. Front door jam moldy. Front door a fire hazard as you can get stuck inside and unable to open. I put blue painters tape over the turn lock as to remind not to lock or peril, since move in.

Garage has leaked three major messy floods, walls are wet on move out 3/15/2024. Garage roof never repaired for 20 months.

Garage door is fire hazard, there is no emergency opening device when power goes down. Power often off in garage structures due to neighbors pirating electric power.

No power in unit on move in. No heat in unit on move in. Landlord / Utopia gave 10 days grace but it took 85 days to install heater in December. New panel put in but electrician cut this hole and Utopia refused to repair their own contractor's work.

Kitchen left cleaner than when I moved in. The grout is end of life with gaps.

Garage leak right side

garage leak left side

garage walls wet on move out 3/15/2024

garage upper the plaster crumbling from rain

garage was left clean on move out 3/15 I was VERY Difficult to clean up the moldy mess

Screen in garage is Dennis'

stove 70% operational at move in now rusted

Floor in good condition. Tenant had six five gallon buckets in the condo all the time to catch water pouring in

Front door frame dry rot and termite damage

kitchen sink the enamel is gone. On move in the sink could not be cleaned to be white. The sink porcelain is worn out and rusted.

master shower drain since move in unattached

kitchen left clean but moldy this is toxic mold

leaks caused dry wall tape to lift in ceiling

lead paint peeling as Utopia painted acrylic cheap paint over enamel and it chips since move in. Not the smoke detector was damaged by the leaks and cannot operate. Utopia was notified 90+ times that the ceiling was pouring in rain and damaging tenant's contents and the condo unit. Utopia ignored complaints.

This is the kitchen burner of a condo that rents at market rate. Disgraceful.

bottom front door is a hazard. The jam is dry rot but Utopia used puddy to patch the door and hide the mold. The bottom door sticks and cannot open

Bathroom left clean at move out

For lease/ rent

Unit has mold and deferred maintenance

Niguel Hills Villas

Utopia Management Company

GSE's Going Independent?

2024-03-09T18:00:00.000-08:00

Fannie and Freddie take a walk alone?

GSE's Still Under Conservatorship

FHFA authority: The Federal Housing Finance Agency (FHFA) has broad authority over the GSEs, including the power to place them in receivership. Receivership allows the FHFA to restructure the capital stack, potentially wiping out the value of junior preferred shares and common stock. This gives the FHFA a strong hand in negotiations.

However, there are some nuances to consider:

Repurchase option: The GSEs might use proceeds from selling common stock to repurchase outstanding junior preferred shares. In this scenario, negotiation might be around the price offered for the repurchase.
Signaling effect: While they might not have significant power to influence the overall structure, junior preferred shareholders could still influence the terms through a coordinated effort. This could signal to the FHFA or the government the potential for legal challenges or negative publicity.

Overall, the negotiating power of junior preferred equity in a Fannie Mae and Freddie Mac capital stack or restructuring is limited due to their subordinated position, reliance on government backing, and the authority of the FHFA. However, there might be some room for negotiation on specific aspects like repurchase price or influencing the process through collective action.

Multi Family Conventional Loans 5 - 7 units

2024-03-04T10:57:00.000-08:00

Five to seven units non owner occupied rental loans.

Super small multi-family loans available

in conventional packages. These are not

commercial loans.

Loan Options:

DSCR (Debt Service Coverage Ratio): This program is known for its ease of qualification and relies on rental income covering the property's PITI (Principal, Interest, Taxes, and Insurance). Market rents must cover. This has highest rates in the 8.25 range APR 9.112
Full Documentation: This program offers the best available rates and requires a more thorough analysis of your financial situation, including income verification through tax returns and bank statements. This has lowest rates in the 7.75 range APR 8.201
Bank Statement Program: This option falls between the DSCR and Full Doc programs in terms of rate and documentation requirements. However, it allows you to utilize only one bank account for income verification. Rates in the 8 range APR 8.309

Additional Information:

Minimum Loan Amount: minimum loan amount is $200,000, which aligns perfectly with needs.
Appraisal and Rent Survey: We need an appraisal for the property, typically costing around $3,000, and a rent survey for $150. Some lenders might require two appraisals. Full interior inspection.
Tax and Bank Statements: We need the subject property leases and 24 months of your IRS tax returns and bank statements. Bank statements all pages.
Profit and Loss Statement: Borrower probably has not completed 2023 returns. P&L statement for the years 2023 and 2024. Ask initially accept a P&L from borrower QuickBooks, but lender may require a formal version from CPA later. CPA information takes a week or more depending on tax season. Getting borrower paperwork is time consuming and upload to the broker lender source, by the time you have approval the P&L needs to be date down/updated to include the current month.
Origination Points: Your origination fees typically range from two to two and three-quarter points, depending on the loan product and specific situation. This compares favorably to commercial lenders who might charge higher fees and have stricter loan terms.

Advantages over Commercial Lenders:

Competitive Rates: Lower rates/ competitive rates compared to commercial lenders.
Flexible Terms: We offer 30-year loan terms, which are generally unavailable from commercial lenders.
Smaller Loan Amounts: We can finance properties below $200,000, unlike Chase and other commercial lenders who might have higher minimums.

VESTING- likely is in LLC – then you need to match this with broker choice. Very important: subject property MUST be in good condition and fully leased.

Rates change daily, sometimes twice a day. This is not a

commitment to lend. This is not a rate lock. Rates are an

example of today 3.2.2024. Equal Opportunity Lender.

I'm confident that we can provide with a financing solution that meets borrower needs. and helps you achieve your investment goals. Please don't hesitate to call if you have any questions or would like to discuss this specific situation further.

Moving Plan

2024-03-04T10:44:00.000-08:00

Moving and Storage Choices

Moving a 2-bedroom house, storing for three months before moving across country plan.

First I sorted the things to throw away, the large furniture to sell super cheap, and what I hold dear to move. I'm not Marie Condo. I don't have a minimalist style. I have fifteen big boxes of stuff my children are making me keep forever, ugh.

1. Self-storage unit:

Pros:

Secure and affordable for larger quantities of furniture.
Various size options to fit your needs.
You have control over packing and can access belongings during storage (check facility access hours).

Cons:

Requires transporting furniture to and from the unit, which can add costs and complexity.
May require additional packing supplies to protect furniture from dust and moisture.

2. Portable storage container:

Pros:

Convenient - the container is delivered to your location for loading and then transported to a secure storage facility.
Often eliminates the need for extra packing supplies as the container itself is weatherproof.
Some companies offer mobile storage options where the container is delivered to your new location for unloading.

Cons:

Can be more expensive than self-storage, especially for longer distances.
Less flexibility in accessing belongings during storage (depends on the company's policy).

Here are some additional factors to consider when choosing the safest option for you:

Climate: If you're storing in a humid climate, choose a climate-controlled unit to prevent moisture damage.
Security: Look for a facility with good security measures, such as security cameras, gated entry, and individual unit locks.
Insurance: Make sure your belongings are adequately insured, regardless of the storage option you choose.
Accessibility: Consider how often you might need to access your belongings during storage.

By comparing the pros and cons of each option and considering your specific needs, you can choose the safest and most convenient way to store your furniture before your move.

So is that the closest to your current home where you transport the boxes in your car and borrow a truck to put your furniture that you plan to keep in a roll up door storage? I do not recommend Public Storage, I and fifteen other units had a burglary. I'm exploring renting a container from Pods, Pack Rat, or UPack. Zipper and Uhaul have poor ratings and the container isn't solid for a couple months of storage. Also looking at standard storage which means moving things twice. Moving to standard storage is more of my personal back labor but is cheaper than renting or buying a container. Container sales for a used twenty foot 20 X 8 container Conexwest.com or Conex Depot or many others is $1800- $2000 or they can be rented. The problem with the container is where to place it that is secure. Most container rental places don't let you inspect or go and recover a widget when you need something.

I do know to stay away from brokers who sell moving packages.

Trucking and shipping supplies:

myteeproducts.com is great

Facebook and Nextdoor for used boxes and wrap but

jump on the listing and go pick them up with a box cutter

in your hands.

Moving is hard. Plan well. Keep lists. Label everything. Number the boxes. Please comment and give your advice on moving 3000 miles, but I will be in temporary housing for two months so I need storage for a spell.

McKinsey, Boston Consulting Group, Bain & Company, KPMG, PwC, Deloitte, Blackstone, KKR, Carlyle, Sequoia, Kleiner Perkins, Accel, Goldman Sachs, J.P. Morgan, Morgan Stanley

Risk Management in the Mortgage Industry

2024-02-29T10:56:00.000-08:00

Risk Management in the Mortgage Industry

The mortgage industry is highly regulated and always changing. Risk Control Self- Assessments are done from different viewpoints. The major topics are financial, regulatory, customer facing, and reputation.

QC review – Audit post close – Legal – Reporting- IT- Risk – Fair Housing- Cloud/Websites – Hacking – Physical Liability Crisis–

Apps and companies I’m familiar with but many of

these do or don't match with the needs of fintech, banking, and mortgage:

ICE Risk Management tools, Navex, Hyperproof, Benchmark Gensuite,IBM Open Pages,SAI 360, Resolver, Fusion Framework, Alyne, Tandem, Logic Gate, Policy Hub, Baker Tilly, Situs AMC, Financial Services Cloud, Bryt, Lending Pad, The Mortgage Office, Mphasis Digital Risk, Covius, Meta Source, Loan Logics, Credit Plus, Adfittech, WolfPAC Integrated Risk Management, Venminder, Logic Manager

The mortgage industry is a dynamic and highly regulated landscape, requiring lenders to constantly adapt and refine their risk management strategies. Self-assessments conducted from various perspectives, including financial, regulatory, customer-centric, and reputational, are crucial for identifying potential vulnerabilities.

Key Risk Areas:

Financial: Credit risk, interest rate fluctuations, market volatility, operational costs.
Regulatory: Non-compliance with Fair Housing Act (FHA) and other relevant laws, data security breaches.
Customer-Facing: Fair lending practices, loan servicing issues, cyber fraud.
Reputational: Negative publicity, loss of consumer trust.

Risk Management Tools:

While no tool is foolproof, various solutions can mitigate risks, including:

Compliance software: Automates compliance checks, ensuring adherence to regulations.
Advanced credit scoring models: Provide a more holistic assessment of borrower creditworthiness.
AI-powered fraud detection systems: Identify and prevent fraudulent loan applications.
Interactive mortgage calculators: Empower borrowers to make informed financial decisions.
Credit monitoring services: Allow borrowers to track and manage their credit health.

Beyond the Tools:

Comprehensive risk assessments: Regularly evaluate potential threats and vulnerabilities.
Open communication: Foster transparency between lenders and borrowers.
Continuous improvement: Regularly review and update risk management strategies to adapt to the evolving landscape.

It's important to acknowledge that even with robust tools and processes, absolute risk mitigation is impossible. However, by adopting a multi-faceted approach and embracing a culture of continuous improvement, lenders can navigate the complexities of the mortgage industry with greater confidence and protect both themselves and their borrowers.

Other Considerations:

Human error and unforeseen events can still pose risks.
While ESG (environmental, social, and governance) factors may not be directly relevant to this specific discussion, they are increasingly important for financial institutions considering the long-term sustainability of their practices.

Compliance software: Staying compliant with complex regulations is crucial for lenders. These tools help automate compliance checks, ensuring adherence to Fair Housing Act (FHA), Federal and State lending laws,

Equal Credit Opportunity Act (ECOA) .
.Americans With Disabilities Act (ADA) ...
Civil Rights Act of 1866. ...
Home Mortgage Disclosure Act (HMDA)

and other relevant laws.

Nothing digital is secure.

Human beings are frail bags of water.

Planning for bad events is good but never perfect.

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VASP Veterans Foreclosure Program

2024-02-27T10:12:00.000-08:00

VASP through the VA is going to purchase defaulted VA loans from mortgage servicers starting March 1 2024. Then the VA will place them in the VA-owned portfolio as direct loans. Empower America to work with Veterans experiencing severe financial hardship to adjust their loans – and their monthly payments – so they can keep their homes.

Foreclosure and the VA Servicing Purchase (VASP) Program: What Veterans Need to Know

Facing foreclosure can be a stressful and overwhelming experience for any homeowner, but for veterans with VA-guaranteed loans, there are options available to help them save their homes. The Department of Veterans Affairs (VA) recently announced the VA Servicing Purchase (VASP) program, specifically designed to assist veterans struggling to make their mortgage payments and at risk of losing their homes.

What is the VASP program?

The VASP program allows the VA to purchase defaulted VA-guaranteed loans from mortgage servicers. The VA then modifies the loan terms, making them more affordable for the veteran, and holds the loan in its own portfolio. This program provides veterans with a last resort option if other traditional loss mitigation options haven't been successful.

What happens to a veteran in foreclosure under the VASP program?

If a veteran is facing foreclosure on a VA-guaranteed loan, the following steps might occur:

1. Servicer Attempts Other Solutions: Before resorting to foreclosure, the loan servicer is required to explore other options with the veteran, such as forbearance, loan modification, or repayment plans.

2. VASP as an Option: If other solutions prove unsuccessful, the servicer may propose selling the loan to the VA under the VASP program.

3. Loan Modification: If the VA purchases the loan, they will work with the veteran to modify the loan terms, typically by:

o Reducing the interest rate

o Extending the loan term

o Forgiving a portion of the principal

4. Repayment Plan: The veteran establishes a new repayment plan with the VA based on their current financial situation.

5. Continued Homeownership: If the veteran successfully fulfills the terms of the modified loan, they can remain in their home.

Important Points for Veterans:

VASP is not yet available: While the program was announced in November 2023, it is not expected to launch until March 2024.
Not every veteran qualifies: The VASP program is intended for veterans facing imminent foreclosure and who have exhausted other options.
Seek help early: Veterans facing difficulty making their mortgage payments should immediately contact their loan servicer to discuss available options, including forbearance, loan modification, and the VASP program when it becomes available.

What will happen to Veterans who agreed to sub-to, wrap around, creative sales programs for investors? What will happen to veterans who were in foreclosure in 2023-2024 before this program?

Veterans income that can make sense to stay. I’m hoping financial arrears are tacked on to the end of the thirty years, create forty-year loans, waive servicing legal and late fees, find uniformity in hazard insurance policies, and forgive without 1099 to the vet. Local property tax assessor offices, state revenue offices, and the IRS need to join hands and forgive and reduce fees and taxes to veterans in trouble. What say you?

HERE ARE THE PUBLIC COMMENTS TO THE PROGRAM:

https://www.federalregister.gov/documents/2023/11/27/2023-26083/agency-information-collection-activity-department-of-veterans-affairs-servicing-purchase-vasp

HOTMA and EIV For Landlords

2024-02-16T16:20:00.000-08:00

Mardsen Hardley Sea and Shore

John Singer Sargent

Key reporting requirements for landlords under HOTMA:

Income Reporting:

Frequency: Landlords must report tenant income and rent changes annually through the HUD Electronic Tenant Selection System (e-TSN).

Information required:

Gross income for all adult household members and authorized minors.

Source of income for each earner.

Deductions claimed by the tenant on their income taxes.

Any changes in rent over the past year.

Timing: Reports must be submitted within 60 days of the annual income recertification or any changes in rent or income exceeding 10%.

Vacancy Reporting:

Requirement: Landlords must report any units becoming vacant within 24 hours to the local Public Housing Authority (PHA) or HUD field office.

Additional information: The report should include details like the unit number, lease information, and reason for vacancy.

Tenant Fraud Reporting:

Responsibility: Landlords must report any suspected tenant fraud related to the program to the PHA or HUD field office.

Examples of fraud: Providing false income information, unauthorized occupants, exceeding income limits, or misuse of vouchers.

Other Reporting:

Unit inspections: Landlords may be required to report on the condition of units during scheduled inspections.

Tenant requests: In some cases, landlords may need to report tenant requests for repairs or modifications.

Important notes:

Compliance: Failing to comply with reporting requirements can lead to penalties, including suspension from the program or financial sanctions.

Resources: The Department of Housing and Urban Development (HUD) website provides resources and guidance on HOTMA requirements for landlords, including the e-TSN system and specific reporting forms.

EIV Income Report and Safe Harbor for Landlords under HOTMA

The Electronic Income Verification (EIV) system automatically retrieves income data from various sources, including Social Security Administration and Internal Revenue Service.

Landlords can use the EIV:

As the sole verification for Social Security income.

In conjunction with self-certification for prior-year income at annual reexaminations.

As supporting documentation for other income types if not fully covered by Safe Harbor.

Benefits for landlords:

Reduces need for manual collection and verification of income documents.

Streamlines the process and potentially saves time.

Increases data accuracy and reduces risk of fraudulent reporting.

Limitations:

EIV doesn't cover all income sources (such as self-employment sources and some gig income).

May not be available for all programs or locations.

Safe Harbor:

Safe Harbor allows landlords to accept income reported in certain other programs without further verification.

Programs accepted under HOTMA:

Social Security Administration benefits annual cost-of-living adjustments (COLAs) be included

Supplemental Security Income (SSI)

Veterans Affairs benefits

Unemployment insurance

State or local public assistance programs

Earned Income Tax Credit (EITC)

Benefits for landlords:

Simplifies income verification process for qualifying income.

Reduces administrative burden and saves time.

Limitations:

Only applies to specific income sources listed above.

Income from assets is always subject to verification.

Remember:

Landlords can choose between EIV and Safe Harbor based on preference and eligibility.

Combined use of EIV and Safe Harbor is prohibited.

Landlords are responsible for understanding and following HOTMA reporting requirements in their area.

OTHER NOTE:

Section 104 of HOTMA sets asset limits for households seeking or keeping federal rental assistance. The limits are $100,000 in net household assets and ownership of real property that is suitable for occupancy by a household as a residence. However, retirement accounts and educational savings accounts are not considered a net family asset and are not included in the limit. Assets are reviewed for extrapolating it as an income source.

Mardsen Hartley