RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Rental Property Managers: Take Note of Online Security

June 20, 2016 2:27 am

More rental seekers are turning to online applications to secure housing—but as this method gains popularity, rental property managers must contend with online security concerns.

“In today’s online and mobile era, residents expect quick approvals and smooth application processes, but property managers must remain cognizant of the potential fraud threat,” says Mike Doherty, senior vice president of TransUnion’s Rental Screening Solutions Group. TransUnion recently surveyed a sample of property managers, finding close to 70 percent with concerns about fraud and identity theft, and nearly 40 percent unsure of the accuracy of information submitted by rental seekers in applications.

“This [40 percent] is a significant number because the survey also revealed that about one in four property managers said the cost of evictions has increased when identity theft or online fraud has occurred,” Doherty says.

For the property managers surveyed, income and employment information are the most important factors when screening applicants. Criminal background checks, rental and eviction history and credit history also play a role in the decision to approve or deny an application.

“Credit history, prior rental payments and other screening techniques allow property managers to make smarter and better objective decisions on leasing to prospective residents,” says Doherty. “As an emerging issue in the multifamily industry, property managers should pay additional attention to their online fraud and identity theft protocols to protect their business while allowing strong applicants through the rental application process faster.”

Approximately 80 percent of rental property managers have increased rent on their unit(s) in the last year, according to the survey, and more than half increase rent once a year.

Source: TransUnion

Published with permission from RISMedia.


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Low Mortgage Rates Continue

June 20, 2016 2:27 am

Mortgage rates are trending downward, and are expected to remain low for the foreseeable future.

According to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®), the 30-year fixed-rate mortgage (FRM) averages 3.54 percent with an average 0.5 point. The 15-year FRM, reports the survey, averages 2.81 percent with an average 0.5 point.

“The 10-year Treasury yield continued its free fall this week as global risks and expectations for the Fed's June meeting drove investors to the safety of government bonds,” said Sean Becketti, Freddie Mac’s chief economist, in a statement “The 30-year mortgage rate responded by falling six basis points for the second straight week to 3.54 percent—yet another low for 2016. Wednesday's Fed decision to once again stand pat on rates, as well as growing anticipation of the U.K.'s upcoming European Union referendum will make it difficult for Treasury yields and—more importantly—mortgage rates to substantially rise in the upcoming weeks.”

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM), according to the survey, averages 2.74 percent with an average 0.5 point.

Source: Freddie Mac

Published with permission from RISMedia.


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