Ocwen settles with three more states to ease mortgage servicing restrictions

Ocwen Financial’s streak of settling with states that previously restricted Ocwen’s ability to acquire new mortgage servicing rights and originate new loans in each state continues. The nonbank disclosed Tuesday that it reached agreements with Arkansas, Tennessee, and the District of Columbia, bringing the total number of states it’s settled with to 20.

Pavaso and Gregg & Valby announce new partnership

In its latest announcement, Pavaso said it partnered with Gregg & Valby, a Texas-based law firm and technology provider, to integrate the technologies of both companies. The move allows nationwide closing documents to be integrated into the Pavaso Digital Close platform electronically.

East2West Valuation Services welcomes new CEO Debbie Key

East2West Valuation Services announced it named Debbie Key as its new CEO, bringing more than two decades of mortgage experience to the position. Most recently, Key was the senior vice president of operations at Consolidated Analytics, focusing on appraisal management.

Morgan Stanley earnings beat consensus by nearly $200 million

Morgan Stanley’s earnings beat revenue expectations by nearly $200 million. The company’s CEO explained the results reflected the stability that the company’s wealth management, investment banking and investment management businesses bring when the sales and trading business faces a subdued environment.

Fannie Mae: Tax reform poses positive risk to economy in 2018

The recent hurricanes will do little to bring down economic growth in 2017, however several events could moderate growth in 2018, according to the latest forecast from Fannie Mae. The GSE predicted tax reform poses a positive risk for the new year, and offsets other negative risks looming on the horizon.

Have a condo? Pay attention to percentage ownership

If you own a condominium, or plan to, read closely. You might not own exactly what you think.  When his association levied a special assessment, a reader of this column was unhappy to learn he was charged 20 percent more than his upstairs neighbors. How could this be?  It turned out his unit came with a higher percentage of ownership than the identical units above him.    Read the article………..

Earmarking Reserves In Your HOA

Most homeowner associations are entrusted with substantial common elements which must be maintained, replaced or renewed. All of this costs a lot of money. Borrowing said money is a very bad idea because it comes at a very high price in the way of interest and fees which must be repaid along with the principal. The cheapest and fairest way to pay for these expenses is to earmark a portion of the monthly, quarterly or annual fees and hold this money in reserve for future expenses. A properly done reserve study will inform the board how much the earmark should be so that all pay a fair share of a 30 year plan. If this is done, special assessments are never needed and the board has the money when needed.    Read the article…………..

The Critical Importance Of Properly Serving A Construction Lien Claim (NJ)

So, you properly file your construction lien claim within the time allowed by the New Jersey Construction Lien Law (“CLL”), and then timely send out a copy of the lien by certified and ordinary mail to the address of the condominium building where you performed your work. All set, right? Not so fast, according to a New Jersey appellate panel.   In the newly-issued, unpublished decision, Santander Condominium Assoc., Inc. v. AA Construction 1 Corp., Docket No. A-0525-15T3 (N.J. App. Div., October 13, 2017), the Appellate Division upheld a trial court’s decision ordering the discharge of a subcontractor’s construction lien claim upon the application of the condominium association (the “Association”) against whose property the lien was filed, and awarding attorneys’ fees and court costs to the Association.    Read the article…………….

Project Management: What Every Board Member And Manager Needs To Know

Your association is gearing up for a large project. Maybe it’s time to re-do the clubhouse or plan for that $2M dollar concrete restoration project that was put off for far too long. Other large scale projects can include painting, concrete restoration, interior restoration, deck/paver repair or replacement, and foundation repairs, and so much more.  Too often, associations rely on untrained personnel to handle these projects such as a board member or manager. Doing so, is penny wise but pound foolish. Sure, the Board feels as though they pay a manager so the manager should manage the project, too – but remember the qualifications for being a licensed community association manager have very little to do with construction project management. In fact, often times, management contracts have disclaimers that limit management company liability when the assigned manager finds themselves involved with project management.    Read the article……………..