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Industry News

Veteran homelessness rate sees biggest drop in years

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Industry News
Thursday, November 10, 2022

The preliminary results of the 2022 Point-in-Time (PIT) count revealed the biggest drop in veteran homelessness in more than five years.

The PIT count is part of the U.S. Department of Housing and Urban Development’s (HUD) Continuum of Care program. At least every other year, a count is taken of people experiencing homelessness. This recent count is the first full count since 2020, as the one in 2021 was impeded by communities’ inability to conduct unsheltered counts (counts of veterans in emergency shelters and transitional housing) when trying to stop or slow the spread of COVID-19.

HUD was joined by the U.S. Department of Veterans Affairs (VA) and U.S. Interagency Council on Homelessness’ (USICH) in making the announcement.

“Not only did we lower the number of veterans experiencing homelessness, but we made this progress during a global pandemic and economic crisis,” USICH Executive Director Jeff Olivet said in a release. “This proves that, even under the most difficult circumstances, we can take care of each other and address homelessness.”

The count considers the number of homeless persons on a single night in January 2022. This year there were 33,136 veterans experiencing homeless in the U.S., down from 37,252 in 2020. This showed a decline of 11 percent since the last count conducted, and a 55.3 percent reduction in veterans experiencing homelessness since 2010.

“All veterans deserve to have what they need to lead healthy, safe, and successful lives – that starts with a place to call home,” HUD Secretary Marcia Fudge said. “The data released today shows we are closer than ever in ensuring that every veteran in America has a home and challenges us to ensure that every veteran – and every person in America – has a home.”

The agencies pointed out the results of the PIT count do not account for activities taken place in 2022, specifically the VA’s goal to re-house 38,000 veterans before the end of this year. Through September, the VA reported it has placed nearly 31,000 homeless veterans into permanent housing.

Joint efforts between HUD, VA, and USICH not only work to get veterans into homes, but also aid with the ancillary support needed to keep their housing. This includes assistance in health care, job training, legal, and educational assistance. The Federal Deposit Insurance Corp. (FDIC) also offered suggestions for veterans to consider when moving, including reviewing household budgets to factor in changes in location and the cost of living in new areas.

Other considerations included whether homeownership is the best option for veterans and comparing the initial cost of buying a home and annual cost of maintenance with the cost of renting. FDIC emphasized the importance of securing an affordable payment in order to maintain housing, even if only for a brief time before the next move, deployment, or discharge.

The agencies credited the progress made in the fight against veteran homelessness to the Biden Administration and the resources provided by Congress during the pandemic. The American Rescue Plan provided more than $5 billion to assist individuals affected by homelessness and more than $40 billion for housing provisions nationwide. This investment included $481 million in additional funding to support VA homeless programs.

“One veteran experiencing homelessness will always be one too many, but the 2022 PIT Count shows that we are making real progress in the fight to end veteran homelessness,” VA Secretary Denis McDonough said. “There is still a long way to go, but under President Biden’s leadership, we at VA, HUD and USICH will not stop until every veteran has a good, safe, stable home in this country they fought to defend.”

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12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.
RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration

Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.
A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.
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