A new rule proposed by the Consumer Financial Protection Bureau (CFPB)  seeks to prevent a wave of foreclosures as some pandemic protections for homeowners are set to expire.  According to CNBC, the rule, which would apply to all mortgages federal & private, will prevent mortgage servicers from initiating a foreclosure against delinquent borrowers through December 31, 2021.  The CFPB says 1.7 million borrowers could be at risk of foreclosure when the forbearance program ends in September and this number is higher than anything mortgage servicers have ever seen.  The proposed rule will still need final approval.  Stay tuned.

“CFPB’s approach to expediting and simplifying the recasting of loans for those in forbearance is not only a good move, it will be a critical move in helping to stabilize the housing industry, community housing values, and the short and long-term benefit of service providers as well as individual homeowners. In short this is a win all around for those who have felt the brunt of the Covid-19 pandemic’s economic fallout.”  Said Charles Tassell, COO of National REIA.

 Charles Tassell

Click here to read the full story at CNBC.com.

Click here to read the full release at the CFPB.

Click here to read the CFPB’s “Fast Facts: 2021 Mortgage Servicing COVID-19 Proposed Rule”

On a recent episode of the Rent Perfect Podcast, David Pickron says the current tenant/landlord climate feels like a good old-fashioned game of musical chairs. As housing providers anticipate the end of the CDC’s eviction moratorium, it’s critical for landlords to know and prepare for what’s next.  Pickron and his guest discuss the three types of current tenants and how to work with each distinct group to protect your asset and your bottom line.

Click here to listen on Spotify.com.

Rent Perfect is the solution rental property owners & managers have been crying out for! Their Online Lease Agreement allows you to send your tenant(s) a customized lease agreement, electronically & securely. They offer the most accurate & thorough credit & background screening available. Members of National REIA receive a discounted set up fee.

What is next in the residential build-to-rent market?  A recent interview article on Builder.com discusses how the build-to-rent asset class is one of the fastest growing in residential real estate.  Interestingly, they point out that so-called “mom and pop” investors have known the value of single-family rental homes for decades.  Indeed….

There will continue to be demand for rental communities even as millennials age into prime home-buying years and the homeownership rate rises. These communities can range from highly amenitized and institutionally managed to single-family homes…”

Click here to read the full story at Builder.com.