SA council selling Peterborough properties to recoup unpaid rates

Inspections are strictly prohibited, with potential buyers facing trespassing charges if they

break the rules, but that won’t stop immense interest in nine Peterborough properties set to be

auctioned later this month.

Owners of the seven houses and two vacant blocks have defaulted on their rates, forcing the

Peterborough Council to sell the Mid North properties in a last-ditch effort to recover the

debts.

Wardle Co Real Estate selling agent Angus Barnden is expecting massive interest in the

properties, which look to be in various states of neglect and disrepair and are expected to

fetch no more than $80,000 each.

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The property at 102 Queen St is one of the houses Peterborough Council is selling.

The house at 106 Queen St will also go under the hammer.

On Hill Street West, the house at number 94 is up for grabs.

On the same street, number 118 will be sold.

Mr Barnden said one home would likely sell for only $50,000, while the vacant land parcels

were expected to go for anywhere between $30,000 and $40,000.

“The price will drive the interest,’’ Mr Barnden said.

“If you look at Adelaide, the average price is a million dollars and even out in the suburbs

the average price is $600,000 but not everyone can afford that.

“If you buy (a house) for $50,000 and put some new floors in and a kitchen and bathroom

and maybe clean up the yard it might cost you around 100 grand – but you’ve still got a

liveable house for 150 grand and where else can you buy for that?’’

It’s believed at least two of the homes are currently occupied.

Mr Barnden said the owners still retained legal ownership of the properties until the auction

hammer fell, preventing him from obtaining photos inside the homes or from conducting

buyer inspections.

“It’s a bit complicated,’’ he said.

“If there are people there (in the houses) then they don’t tend to take it too lightly that their property is being taken away from them.

“The council don’t have the legal ownership of the land so anybody that enters without the

landowners’ consent is actually considered to be trespassing.’’

The cottage at 29 Princess St is also on the to-sell list.

As is the house at 54 Bourke St.

The block of land at 91 Dawson Rd is offering prospective buyers a fresh start.

The property at 29 Kitchener St has a lot to offer prospective buyers.

Househunters might need to get creative with the property at 46 Fowlers Rd if they buy it.

Should the outstanding debts be paid before the auction, the properties would be pulled from

sale, Mr Barnden said.

However, once sold, ownership would pass to the successful buyer.

Mr Barnden was unsure whether the current landholders would attend the auction, to be held

at the Peterborough Town Hall on Friday, May 30 at 12 noon.

He said there had been strong interest in all properties, with most buyers keen to restore the

homes to live in, rent or “flip’’.

Last year, The Advertiser revealed councils in metropolitan Adelaide were owed more than

$43m in unpaid rates, with the cost-of-living crisis blamed for an increase in failures to pay

bills on time and hardship applications.

Under the Local Government Act, councils may sell properties where rates have been in

arrears for at least three years.

Peterborough Council was contacted comment.

– By Lauren Ahwan

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Bidders love for bold Geelong renovation rewards sellers

The four-bedroom house at 128 Verner St, Geelong, sold for $1.245m at auction.

Renovating an old Californian bungalow in a neighbourhood backing on to Geelong’s busy rail corridor has paid dividends, even without the luxury of off-street parking.

The four-bedroom residence at 128 Verner St, Geelong sparked an auction battle between two bidders that finished $45,000 above the initial price hopes of $1.1m to $1.2m.

Gartland, Geelong agent Will Ainsworth said the house impressed the bidders and also had plenty of neighbours mulling their own renovations looking for inspiration.

The 337sq m property sold for $1.245m at Saturday’s auction.

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The bold extension wrapped around an outdoor entertaining space in the backyard.

The weatherboard facade was about that was worth saving when the vendors first came across the house in 2018.

But after a stylish renovation and extension, the owners and their family have enjoyed the fruits of their labour, working with Geelong Building Company to transform the home.

The rebuild included restumping and salvaged character features such as double-hung windows and timber floorboards.

The addition of a new open-plan living space at the rear is the game-changer, connecting the three-bedroom home to a private decked outdoor entertainment area and compact garden with convenient back lane access.

Curves are a recurring theme in the house, including the designer kitchen.

The dining area channels hip restaurant vibes at home.

“For a house with no off-street parking and almost backing on to the railway line it’s a pretty good result,” Mr Ainsworth said.

The two groups that fought for the property clearly fell in love with it, he said.

“I guess you can do your mutual-type renovation and hope to appease more people, but that doesn’t add the element of scarcity to it.

“This one really set these two groups off in particular, it was a great one.

“We had so many people come through who are thinking of renovating, or neighbours that have been watching them do it over the years.

The spacious main bedroom suite has traditional high ceilings and timber floorboards.

The ensuite features pastel tones.

“We just got so many compliments to the vendors for the good work they’ve done and the bold ideas they put in place.”

Mr Ainsworth said the property centre is the heart of the action, with GMHBA Stadium, the Barwon River and central Geelong all close by.

“Verner St has really come of age. Selling properties there 10 years ago had a little bit of a stigma to it about not being the best part of town. But you put a Verner St address on the market and certainly people’s ears prick up.

“And when you get houses like this and over the last 10 years you’ve gone from a lot of old, unrenovated houses like this, that helps bring the street up.”

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Circa-$5m Torquay beachfront property snapped up in quick sale

The four-bedroom house at 78 The Esplanade, Torquay, sold for $5m.

Torquay’s front row is back in the front of mind of buyers as a house originally built for the family of a brickmaking empire was snapped up after just three weeks on the market.

The four-bedroom house at 78 The Esplanade, Torquay, was listed with $4.9m to $5.2m when McCartney agent Tim Carson reached out to high-end buyers who had missed out on other opportunities close to the surf beach.

The $5m sale is the second house to trade on The Esplanade this year, but comes on the back of four houses and six units outside of services apartments to get new owners in 2024.

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The view from the first-floor balcony.

The house on a 809sq m double block previously sold in 2019 for $3.85m.

Torquay’s median house price is $1,175,000, according to PropTrack data.

“We had some people on our database as a result of some other properties on The Esplanade that we’ve sold and also the block on Park Lane.

“We shot those details through to them and let them know that it was coming up and a local person bought it.

“They’re going to make it their home and the really excited.”

Park Lane was an 1011sq m vacant block that sold for $3.55m at auction in March.

The property house is set across two titles and enjoys views of Fisherman’s Beach across to Arthur’s Seat and Cape Schanck on the Mornington Peninsula.

Cooking and entertaining can be done with one eye on the beachside panorama just out the door.

The vaulted ceiling in the main living room adds to the home’s sense of space.

The house is built around a central courtyard, offering space for family gatherings away from prying eyes.

Mr Carson said the vendor was the third owner of the property, which he believed was built by Jim Selkirk’s father, of Ballarat’s Selkirk bricks.

“It’s an attractive home. It was just really solidly built,” Mr Carson said.

“But the big thing is that stretch from Cowrie Rd through to Beach Rd, the views that are there are just magnificent.

“But the house has been renovated inside, so the people that have bought it won’t have to do anything straight away, until they decide what they want to do.”

The ground floor has an expansive, open-plan living area with a designer kitchen.

Four bedrooms occupy the ground floor layout that also offers a rumpus room and separate living room all built around a central courtyard.

A lounge room with a balcony and a study occupies the long first-floor footprint.

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FHA cites AI emergence as it ‘archives’ inactive policy documents

The technology posture of the federal government’s housing apparatus has been a hot topic of discussion for years. Advocates have advised — and sometimes warned — of the need to modernize the tech infrastructure at government housing agencies.

With the dawn of artificial intelligence (AI) and its increasing dominance in the tech landscape, the Federal Housing Administration (FHA) announced on Tuesday that it has rooted out inactive policy documents from online department archives while detailing the advancements in AI technology for “locating and extracting” the information.

FHA’s “Office of Single Family Housing (OSFH) is announcing that it has officially archived nearly 600 policy documents that are no longer active, and whose web location and availability have caused confusion and challenges for lenders and others trying to obtain accurate FHA Single Family policy information,” the agency announced. “This effort supports the Trump administration’s goal of increasing government efficiency.”

The effort follows what FHA calls a recently completed review of single-family “artifacts” that were previously available on the U.S. Department of Housing and Urban Development (HUD)’s Client Information Policy System (HUDCLIPS) webpages. The agency said that the active policy directory still featured inactive policy documents, including Mortgagee Letters (MLs) dating back to 1978.

“These MLs were expired and/or superseded by the Single Family Housing Policy Handbook 4000.1 or other policy documents but not moved to the archives for various reasons,” the notice explained. “With that review completed, those MLs have been archived in the inactive or superseded MLs webpages on HUDCLIPS.”

The notice also alluded to the usefulness of AI tools in identifying outdated or inaccurate policy guidance.

“Today’s [AI] tools are more efficient at locating and extracting information from vast sources of web content, including information from HUD’s active ML policy directory and its Handbook 4000.1,” the announcement said. “This streamlining effort will help improve the accuracy of information received from manual and AI-generated web searches about FHA Single Family policy, programs, and technology modernization efforts.”

This marks the Trump administration’s second major publicly announced effort to streamline its technology posture for the government’s housing arm.

Last month, HUD unveiled a redesigned website, explaining that as much as 90% of the material from the former site was cut to eliminate redundancies and to “streamline” the user experience.

But some pre-existing functions have also been affected, including a regular cadence of data releases that many housing organizations and businesses rely on.

Some of these features are starting to come back online, including FHA Home Equity Conversion Mortgage (HECM) data that reverse mortgage professionals use to track industry and program performance.

A reverse industry vendor recently told HousingWire that while this data is seemingly impacted by the website redesign and continues to lag, newer data has started to be posted again.

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MBA urges overhaul of mortgage rules in letter to OMB

The Mortgage Bankers Association (MBA) submitted a formal request to the White House Office of Management and Budget (OMB) on Monday, asking for the rescission of six rules and revisions to nine others that affect the mortgage industry.

These include regulations tied to servicing, the Real Estate Settlement Procedures Act (RESPA) and loan officer compensation, among others.  

“Overall, MBA supports the rulemaking process when it is used to provide clear rules of the road through a stable and informed process,” wrote Peter Mills, MBA’s senior vice president of residential policy and strategic industry engagement.

“However, agencies have occasionally promulgated rules that exceed their statutory authority and unnecessarily create significant costs or liability that affects credit availability.”

The letter is a response to a request by the OMB for comments about deregulatory efforts. Some of the rules targeted by the MBA have already been addressed under the Trump administration.

For instance, on April 11, the Consumer Financial Protection Bureau (CFPB) froze its rule requiring nonbank financial services providers to register certain enforcement actions and court orders in a new federal database. The mortgage industry opposed the rule because the data is already captured through the Nationwide Multistate Licensing System (NMLS).

The CFPB will also no longer prioritize enforcement of Section 1071 small-business loan data collection requirements, a 2023 rule that has been challenged in court. The MBA said the bureau overreached on its Dodd-Frank mandate by including loans for income-producing investment properties, which fall outside the intent to protect small businesses.  

Proposed changes at HUD

The MBA is also targeting several rules issued by the U.S. Department of Housing and Urban Development (HUD).

It is calling for the rescission of regulations on energy efficiency standards for new construction and floodplain/wetlands management, citing increased costs to the industry. The trade group also opposes HUD’s reinstatement of the “disparate impact” rule under the Fair Housing Act, arguing that it raises undue liability concerns.

Additionally, the MBA is pushing for expedited revisions to the Federal Housing Administration (FHA)’s claims curtailment policies. It said these changes are overdue as the policies contribute significantly to the higher cost of servicing nonperforming FHA loans in comparison to other portfolios.

On the servicing front, the MBA wants HUD to rescind a rule that modernizes borrower engagement in default situations, claiming it maintains duplicative requirements that HUD previously deemed unnecessary.

The group is also asking the CFPB to revise RESPA (Regulation X) servicing rules to streamline loss-mitigation procedures and update RESPA Section 8 in light of technological advancements.

Meanwhile, the U.S. Department of Veterans Affairs (VA) is being urged to remove the requirement for face-to-face borrower interviews. The MBA believes this places a logistical and compliance burden on servicers — especially those that work with rural borrowers.

Revising LO compensation

The MBA also called for a review of the Loan Originator Compensation Rule (Regulation Z), arguing that the regulation is overly complex and does not reflect current market realities. It also works to the detriment of consumers.

Kris Kully, a partner at Mayer Brown, said the Trump administration may offer an opportunity to revisit the rule.

“After we wait a bit until things settle down at the CFPB, there’s a chance that the industry could take some of the complaints that we’ve had about the LO comp rule and see if they might be more willing to examine,” Kully said. 

She noted two key industry concerns. First is the restriction on paying loan officers less for loans through Housing Finance Agency programs, which often result in losses due to stringent requirements.

Second is the CFPB’s stance against lowering compensation in response to competitive offers, which Kully described as potentially pro-consumer.

“Historically, the CFPB has said that this kind of price competition is inconsistent with the rule. Whether they will prioritize this remains to be seen, but it’s something the industry is likely to revisit.”

The MBA also urged the CFPB to amend Home Mortgage Disclosure Act (HMDA) rules to fully exempt business-to-business loans secured by multifamily properties.

The Federal Housing Finance Agency (FHFA) is being asked to exclude unfair or deceptive acts from lending and housing plans, and to reassess the Enterprise Regulatory Capital Framework (ERCF), which the MBA criticizes as opaque and overly complex.

Even the secondary market is included in the MBA’s requests. The trade group asked the Securities and Exchange Commission (SEC) to amend Regulation AB II disclosure requirements as it seeks to revive the registered segment of the private-label securities market.

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Aging in place is not ‘equally accessible’ to all, study finds

Despite the overwhelming preferences of older people to age in place in their own homes — a trend that holds true across North America — there remain inequities that limit the access and ability for some older people to fulfill this desire, according to the findings of a recent study.

Researchers at McGill University in Canada found that the social factors influencing aging in place can illuminate equity barriers for some older people seeking to remain in their homes as they grow older.

“The main takeaway from our research is that aging in place is not equally accessible to everyone,” said Amélie Quesnel-Vallée, the project’s senior author and the first chair in the institution’s Department of Equity, Ethics and Policy in a post by the university. “What we wanted to do was highlight the fact that there’s an enormous potential for inequity even here in Canada, despite the existence of universal health care.”

The study had a global focus, analyzing data from 55 countries including the United States, United Kingdom, Australia and across Europe.

Interestingly, the study found that more highly educated individuals were less likely to age in place than their less-educated counterparts.

“This is surprising because higher education is usually linked with having more resources, which could support aging in place,” said Clara Bolster-Foucault, a PhD candidate at McGill University listed as the first author of the study as published in the journal “Age and Ageing.”

There could be a number of reasons for this including the ways in which education “influences family structure,” Bolster-Foucalt said. “[P]eople with more education tend to have children later in life and have fewer children as a result,” which makes it “less likely for people with more education to receive care if they need support to age in place. People with more education also tend to live longer and may need more care in later life.”

Those with more resources, including “greater socio-economic resources and/or stronger social connections,” were more likely to age in place, the study found. Conversely, those residing in rural areas or “members of racial or ethnic minorities or who were immigrants were also more likely than urbanites, non-minorities and non-immigrants to age in the community.”

Researchers said this could be “due to lack of access to long-term care, stronger community ties and/or cultural values that prioritize family caregiving.”

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HUD announces $1.1B in funding for affordable housing in Tribal lands

In one of the most robust housing assistance funding announcements of the second Trump administration so far, the U.S. Department of Housing and Urban Development (HUD) announced on Tuesday that it is making $1.1 billion in Indian Housing Block Grant (IHBG) funding available for eligible Native American Tribes and Tribal communities to “carry out affordable housing activities in Indian Country.”

The announcement included a full list of awardees and their funding amounts.

HUD Secretary Scott Turner said that the funding is designed to address housing challenges unique to these parts of the United States.

“From day one, HUD has been engaged on alleviating affordable housing challenges facing urban, rural, and Tribal communities,” Turner said. “Today’s announcement reaffirms our commitment to serve Tribal communities while working towards meeting Indian Country’s housing needs.”

According to a list of awardees released by HUD, Tribes and Tribal communities across 36 states will receive funding, varying in size from $110,000 on the low end to a maximum of $1,126,425, a single award (which will go to the Navajo Nation in Arizona).

Alaska is the state with the largest concentration of awardee Tribes and communities at 235, dwarfing the next largest single-state recipient of California (with 104 such communities).

“HUD has a strong partnership with Tribal nations, and I look forward to collaborating directly with Tribal leaders to expand housing opportunities and remove burdensome regulatory barriers that impede progress,” Turner said of the new funding.

Turner has recently amplified announcements for housing assistance to Tribal communities, including in a visit late last month to the Oneida Tribe reservation in Wisconsin. While there, he announced the redirection of $2.2 million to the Tribal HUD-Veterans Affairs Supportive Housing (VASH) program alongside Oneida leaders and U.S. Rep. Tony Wied (R-Wis.).

“The IHBG program is a formula grant that provides a range of affordable housing activities in Tribal communities,” HUD said. “Eligible activities include housing development, operation and modernization of existing housing, housing services to eligible families and individuals, crime prevention and safety, and model activities.”

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Mortgage delinquencies rise slightly in Q1

The delinquency rate for U.S. residential mortgages rose slightly in the first quarter of 2025. This was partially driven by an uptick in conventional loan delinquencies and rising foreclosure inventory, particularly among loans backed by the U.S. Department of Veterans Affairs (VA).

The Mortgage Bankers Association (MBA) reported Tuesday that the seasonally adjusted delinquency rate for mortgages on one- to four-unit properties increased to 4.04% of outstanding loans in the first quarters. That’s up 6 basis points from the prior quarter and 10 bps higher than the same period last year.

The percentage of loans entering foreclosure also edged higher — rising by 5 bps to represent 0.2% of outstanding loans during the first quarter.

“There were mixed results for mortgage performance in the first quarter of 2025 compared to the end of 2024. Delinquencies on conventional loans increased slightly, while mortgage delinquencies on (Federal Housing Administration) and VA loans declined,” said Marina Walsh, MBA’s vice president of industry analysis.

“Foreclosure inventories increased across all three loan types, and particularly for VA loans. Despite certain segments of borrowers having difficulty making their mortgage payments, the overall national delinquency and foreclosure rates remain below historical averages for now.”

VA loans saw the sharpest gain in foreclosure activity.

“The percentage of VA loans in the foreclosure process rose to 0.84 percent, the highest level since the fourth quarter of 2019,” Walsh said. “The increase from the previous quarter marks the largest quarterly change recorded for the VA foreclosure inventory rate since the inception of MBA’s survey in 1979.”

The rise in VA foreclosures can be attributed in part to the expiration of a temporary moratorium, she added.

“A voluntary VA foreclosure moratorium was in effect through the end of 2024 to allow time to implement the Veterans Affairs Servicing Purchase Program,” Walsh said. “That program has since ended without a replacement loss mitigation option approved by Congress. Further increases in the foreclosure rate could result if economic conditions worsen and loan workout options are unavailable.”

Breakdown by stage and loan type

In more detailed findings from MBA’s quarterly survey:

  • The 30-day delinquency rate rose 11 bps to 2.14%.
  • The 60-day delinquency rate declined by 3 bps to 0.73%.
  • The 90-day delinquency rate declined by 2 bps to 1.17%.

By loan category:

  • Conventional loans saw their seasonally adjusted delinquency rate rise 8 bps to 2.7%.
  • FHA loans posted a decline of 41 bps to 10.62%.
  • VA loans saw a decrease of 7 bps to 4.63%.

On a year-over-year basis:

  • Delinquencies increased 8 bps for conventional loans
  • Increased 23 bps for FHA loans
  • Decreased 3 bps for VA loans

Foreclosure and serious delinquency rates

At the end of Q1 2025, 0.49% of loans were in the foreclosure process — up 4 bps from the prior quarter and up 3 bps from from the same period a year ago.

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The seriously delinquent rate — loans 90 or more days past due or already in foreclosure — stood at 1.63%. This represents a 5-bps decrease from Q4 2024 but a 19-bps increase from a year earlier.

  • Conventional loans saw a 3-bps quarterly decline but a 5-bps annual increase.
  • FHA loans dropped 14 bps from last quarter but were up 80 bps year over year.
  • VA loans declined 7 bps from the prior quarter and increased 50 bps from a year ago.

The five states that experienced the most significant annual increases in overall mortgage delinquencies were:

  1. Florida (+46 bps)
  2. South Carolina (+26 bps)
  3. Georgia (+25 bps)
  4. Delaware (+25 bps)
  5. Wyoming (+24 bps)
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ServiceLink expands closing technology

Mortgage solutions provider ServiceLink has introduced updates to its EXOS Close platform aimed at increasing scheduling flexibility for lenders and borrowers.

The latest enhancements allow users to schedule closings in real-time with expanded options for online and in-branch appointments, and add automatic eligibility checks for remote notarization.

Among the new features is a system that determines in-platform whether a borrower qualifies for remote online notarization (RON), based on specific state and county regulations.

If approved by the lender, eligible borrowers can immediately schedule their closings online.

“We’re proud to build on the legacy of EXOS Close with these new, easy-to-use enhancements that will further strengthen the lender and borrower experience,” said Dave Steinmetz, division president, origination services. “With the tap of a finger, users can instantly choose when, where and how they want to close, and lenders can save money by sunsetting antiquated processes used for in-branch closings, where little to no technology previously existed across the market.

“Our platform even prepares the borrower for the closing type of their choice, with built-in education every step of the way.”

Expansion to allow lenders to schedule in-branch closings is described by ServiceLink as an industry-first.

New features are expected to benefit home equity and refinance transactions by streamlining scheduling and improving transparency, the company added.

The automated RON eligibility feature is designed to support broader adoption of eSignings. By integrating this functionality directly into the platform, lenders can offer borrowers the ability to self-schedule remote closings when permitted.

EXOS Close — which has been in use for eight years — allows borrowers to select a specific time and now location for their closing appointments through access to a nationwide network of notaries.

Borrowers also receive text message updates including the notary’s name, contact details, arrival time, and vehicle description if applicable.

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Texas Capital Bank appeals case against Ginnie Mae over reverse mortgage collateral

After lawsuit challenging the government’s authority to extinguish stakes in securitized Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgages (HECMs) was recently decided in favor of Ginnie Mae, the plaintiff in the case has made good on its promise to appeal the decision.

Texas Capital Bank (TCB) — which initially filed the lawsuit against Ginnie Mae in 2023 — has officially appealed last month’s summary judgment in the government’s favor to the U.S. Court of Appeals for the Fifth Circuit. This is according to court filings reviewed by HousingWire’s Reverse Mortgage Daily (RMD) and confirmation from TCB representatives.

The bank alleged that Ginnie Mae had “extinguished, in return for no consideration, TCB’s first priority lien on tens of millions of dollars in collateral stemming from the [FHA]-sponsored [HECM] program.”

Ginnie Mae sought a summary judgment through a filing in January. It said that the court had “ruled on the merits that GNMA acted within its lawful authority when it extinguished the mortgage interests of Reverse Mortgage Funding (RMF).”

Because of that, Ginnie Mae argued that TCB “no longer has any remaining rights or interests in the property at issue in this case.” This stemmed from an October 2024 decision by Judge Matthew Kacsmaryk in which TCB alleged that Ginnie Mae violated the Administrative Procedures Act (APA) by extinguishing its first-priority liens over certain reverse mortgage collateral.

Kacsmaryk disagreed, saying then that Ginnie Mae “was within its rights to extinguish and terminate RMF and take absolute ownership of [the] mortgage portfolio.”

In April, the judge ruled summarily in favor of the government. He wrote that Congress had granted “extinguishment power over mortgages” and that it “did not write ‘participations that constitute the trust or pool.’ Nor did it write ‘property that constitutes the trust or pool.’ It chose mortgages. And so that is the relevant unit GNMA holds extinguishment power over.”

Following the decision, TCB vowed to appeal. When reached on Tuesday, representatives for the bank reaffirmed their original stance after filing the appeal on Monday.

“Texas Capital disagrees with the judge’s ruling and is now appealing,” the bank said in a statement submitted to RMD. “The entire industry should be alarmed at this ruling and the government’s unlawful seizure of collateral. The victims of Ginnie Mae’s unlawful action will be the seniors who rely on the reverse mortgage program to pay basic expenses.”

The bank went on to say that if Ginnie Mae’s actions are allowed to stand, “it will have consequences far beyond this case, most seriously, the chilling effect on the industry, including the ability and willingness of Texas Capital and others to participate in programs like this one.”

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