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Survey Ranks Compliance, Risk Management as Top Lender Concerns

first_img  Print This Post Tagged with: CFPB Compliance Consumer Financial Protection Bureau HMDA Regulation Wolters Kluwer Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Survey Ranks Compliance, Risk Management as Top Lender Concerns About Author: Tory Barringer Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago October 16, 2014 715 Views Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Related Articles Survey Ranks Compliance, Risk Management as Top Lender Concerns The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago CFPB Compliance Consumer Financial Protection Bureau HMDA Regulation Wolters Kluwer 2014-10-16 Tory Barringer Share Save Sign up for DS News Daily Previous: Michigan County Launches Aggressive Foreclosure Campaign Next: DS News Webcast: Friday 10/17/2014 The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News, Secondary Market Despite regulators’ pledges to work with lenders to help ease their regulatory concerns, a new survey shows worries continue to mount among executives at U.S. banks and credit unions.In a report released Wednesday, Wolters Kluwer Financial Services (WKFS) said its Regulatory & Risk Management Indicator increased again to 128, reflecting a 28 percent rise since its baseline score established in January 2013. The indicator gauges top compliance and risk management concerns at hundreds of lenders nationwide.Looking at compliance challenges, 72 percent of banker respondents listed “maintaining compliance with changing regulations” as one of their top concerns, up from 67 percent at the start of last year, while 69 percent said just keeping track of regulations is a major issue at this point.Meanwhile, 71 percent said they worry about having to demonstrate compliance to regulators.”Clearly, banks and credit unions are feeling increased pressure on their ability to comply with regulatory requirements and appropriately manage risk,” said Tim Burniston, VP and senior director at WKFS’ Risk & Compliance Consulting Practice.On the topic of the Dodd-Frank Act and the Consumer Financial Protection Bureau (CFPB), the combined Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) disclosure rule was the top concern, with 75 percent of respondents ranking it as a worrying issue.Underneath that are the new reporting requirements CFPB demands under the Home Mortgage Disclosure Act (HMDA). Sixty-three percent of bankers surveyed listed the amendments as a significant challenge compared to just 46 percent in January 2013.The top HMDA challenges cited by respondents were “amount of data to collect” (a response given by 30 percent of lenders), followed by “updating technology systems” (21 percent) and “accuracy of data collected” (19 percent).”The rule changes will double to triple our workload … HMDA already is one of the biggest compliance resource burdens on our bank,” said one respondent.When it comes to concerns about risk management, regulatory risk still ranked highest at 63 percent. Following in a distant second was IT risk at 45 percent—nearly double what it was in 2013.As lenders work to respond to the increased regulatory and risk management challenges, resource management has also become a source of worry. According to WKFS, more than one in three respondents said they have hired additional help or transferred staff from other revenue-generating roles in the past year just to help manage growing risk and compliance requirements. Subscribelast_img read more

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VP Joe Biden Scheduled to Speak at HUD Housing Conference April 7

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Tagged with: Housing Affordability HUD Julian Castro Vice President Joe Biden Servicers Navigate the Post-Pandemic World 2 days ago April 3, 2015 978 Views Home / Daily Dose / VP Joe Biden Scheduled to Speak at HUD Housing Conference April 7 About Author: Samantha Guzman Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Samantha Guzman is an award-winning visual journalist and graduate of the University of North Texas Mayborn School of Journalism. She specializes in visual storytelling and has skills in video, audio and photography, in addition to news writing. She has traveled to Mexico and Bosnia as an assistant for multiple multimedia projects and taught news writing, photojournalism, and narrative storytelling in the past. Servicers Navigate the Post-Pandemic World 2 days agocenter_img Previous: AACER: Bankruptcy Filings Continue Yearly Tumble, Falling 10 Percent In March Next: Distressed Sales Share Falls to Lowest Level in Eight Years The Best Markets For Residential Property Investors 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles VP Joe Biden Scheduled to Speak at HUD Housing Conference April 7 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Vice President Joe Biden will deliver remarks at a housing affordability conference hosted by Secretary Julián Castro and the U.S. Department of Housing and Urban Development (HUD) on Tuesday, April 7. The conference, entitled The Housing Affordability Opportunity: Lowering Costs and Expanding Supply is a two part event hosted in partnership with Habitat for Humanity International and Enterprise Community Partners and will focus on the issue of expanding housing across the nation.Vice President Joe Biden, HUD Secretary Julián Castro, and the Obama Administration say they are are committed to leveling the playing field for all Americans and increasing access to safe and affordable housing. Increasing the supply of affordable housing in cities and offering low interest payments by creating a new mortgage tax credit were both major plans promised by this administration when they ran for office.According to data released by the U.S. Census Bureau and HUD, sales of new single family homes took an unexpected turn last month when data released showed the rate rose to the highest it has been in seven years. The February sales are up nearly 25 percent compared to sales from that month last year. Sales for February 2014 were at a seasonally adjusted annual rate of 539,000. This is 7.8 percent above the January rate of 500,000.However, housing affordability is decreasing in some U.S. cities due to low supply. According to a report by Zillow, affordability is worse in fast growing cities that have failed to keep up with demand. San Francisco has become one of the country’s least affordable housing markets. For every 1,000 new residents, there were just 193 new housing units permitted. Residents of San Francisco pay 39.2 percent of their income on a monthly mortgage payment, more than double the national average. Los Angeles has the highest rate, with a mortgage in that city costing a homebuyer 40 percent of their income. Still, affordability in cities that were hit hard by the financial crisis, like Detroit, is continuing to increase. Housing Affordability HUD Julian Castro Vice President Joe Biden 2015-04-03 Samantha Guzman Subscribelast_img read more

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RBS Faces 10 Years Without Profits

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post About Author: Dean Terrell October 27, 2017 1,439 Views Home / Daily Dose / RBS Faces 10 Years Without Profits Christy Goldsmith Romero Deirdre M. Daly FBI Special Agent in Charge of New Haven Division Fraud Patricia M. Ferrick RBS Reuters RMBS SIGTARP Special Inspector General for the Troubled Asset Relief Program U.S. Attorney for Connecticut 2017-10-27 Dean Terrell The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, Journal Tagged with: Christy Goldsmith Romero Deirdre M. Daly FBI Special Agent in Charge of New Haven Division Fraud Patricia M. Ferrick RBS Reuters RMBS SIGTARP Special Inspector General for the Troubled Asset Relief Program U.S. Attorney for Connecticut Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Previous: Treasury Reports Regulation Improvements Next: Pending Home Sales: National Update Demand Propels Home Prices Upward 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago RBS Faces 10 Years Without Profits Share Save The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Based on a release from the District of Connecticut’s U.S. Attorney’s Office, the Royal Bank of Scotland (RBS) has agreed to pay a monetary penalty of $35 million and an additional $9 million to customers impacted by residential mortgage-backed securities fraud. This also includes firms affiliated with recipients of federal bailout funds through the Troubled Asset Relief Program. Prior to the settlement, the bank released a statement to Reuters: “RBS has zero tolerance for market misconduct,” the bank said. “We are pleased to be able to resolve this issue as we continue to build a simpler, stronger bank that is fully focused on serving our customers well.” RBS employees were convicted for defrauding customers through several methods, which included misleading buyers about a seller’s asking price on RMBS and keeping the difference of the price paid by the buyer and by misrepresenting bonds held in RBS’s inventory by claiming they were from a false third-party seller.  “For years, RBS fostered a culture of securities fraud,” said Deirdre M. Daly, the U.S. Attorney for Connecticut. By agreeing to a non-prosecution agreement, RBS Inc.’s is only addressing its corporate criminal liability and not any potential criminal charges for individuals. “RBS was able to avoid criminal charges in this case only because of its voluntary self-reporting and extraordinary cooperative efforts. By entering into this agreement, RBS has admitted the seriousness of its past criminal conduct and made a clean break” Daly said. According to Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Christy Goldsmith Romero, RBS’s cooperation led to the convictions of an RBS trader and RBS supervisor. “RBS’s cooperation in SIGTARP’s investigation and subsequent actions to right this wrong are the correct response when federal law enforcement shows up” she said.RBS would have faced much worse consequences if they hadn’t cooperated for their conduct,  according to FBI Special Agent in Charge of New Haven Division Patricia M. Ferrick. “It is incredibly troubling that RBS supervisors participated in and encouraged lower level employees to commit securities fraud, then took steps to prevent honest employees from reporting their concerns,” Ferrick said. “The U.S. Attorney’s Office, SIGTARP and the FBI have forged a formidable partnership in our investigation into fraud in the RMBS and related markets” he said.The full release from the U.S. Attorney’s office can be found here. Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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Low Delinquencies Drive Consumer Credit Market Performance

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Low Delinquencies Drive Consumer Credit Market Performance Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Low Delinquencies Drive Consumer Credit Market Performance The Best Markets For Residential Property Investors 2 days ago Balances Consumer Credit debt Defaults Delinquencies mortgage Mortgage Account Balances Originations TransUnion 2018-02-20 Radhika Ojha Share Save Tagged with: Balances Consumer Credit debt Defaults Delinquencies mortgage Mortgage Account Balances Originations TransUnion Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Previous: More Communities Banning Plywood on Zombie Homes Next: GSE Reform Impact on Communities Demand Propels Home Prices Upward 2 days ago February 20, 2018 1,672 Views Sign up for DS News Daily Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles The consumer credit market showed an overall strong performance at the end of 2017, according to the Q4 Industry Insights Report published by TransUnion on Tuesday. According to the report, increased access to loans and relatively low delinquency levels were the driving factors that helped the consumer credit industry post positive annual changes at the end of 2017.“For the most part, consumers are paying their debts in a timely fashion, which has been especially evident for mortgages and personal loans,” said Matt Komos, VP of Research and Consulting at TransUnion. This is likely a result of the strong economy, which has helped consumers manage their personal balance sheets and build confidence.”According to the report, TransUnion observed 20.3 million more accounts in 2017 across auto, credit card, mortgage, and unsecured personal loans. During the fourth quarter of 2017, the serious mortgage delinquency rate declined to 1.86 percent compared to 2.28 percent during the same period in 2016.“Mortgage delinquency rates continue to decline, reaching their lowest levels since the recession,” said Joe Mellman, SVP and Mortgage Business Leader at TransUnion. “This largely reflects recession-era defaults having worked their way out of the system and recent originations being underwritten to a very high standard.”Average mortgage debt for all borrowers rose to $201,736 at the conclusion of 2017, up more than $7,000 from the previous year. At the same time, the report noted, average new mortgage account balances that were measured in the prior quarter, due to reporting lag, decreased on an annual basis, declining to $228,563 in Q3 2017 from $235,820 in Q3 2016. “This is a reversal from a trend where such balances rose on an annual basis each quarter between Q3 2014 and Q4 2016,” the report noted.“This quarter we see an interesting dynamic with seemingly contradictory data points in average mortgage debt per borrower increasing while average new account balances declined,” said Mellman. “There could be multiple factors contributing to this, including cash-out refis increasing average mortgage debt, the drop in refi share lowering average new account balances (since average refi size can be larger than average purchase size), and a change in the mix of purchase origination amounts towards lower balances.”Looking at the market in 2018, Mellman told DS News that the market could see a rise in purchase volumes. “Purchase demand is very strong in the market and we are likely to see an increase in purchase volumes during the year,” he said. “However, the low-inventory in the housing market remains a cause for concern. As home prices rise due to the low inventory, some people are choosing to remodel their starter homes rather than purchasing larger ones.” The Best Markets For Residential Property Investors 2 days agolast_img read more

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Riding the Wave of Innovation

first_imgHome / Daily Dose / Riding the Wave of Innovation Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Digital Products Fannie Mae FinTech Henry Cason Technology 2018-04-26 David Wharton About Author: David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Amazon HQ2: Which Markets Would Feel the Most Impact? Next: Study: Look Beyond New Construction to Solve Inventory Shortages Tagged with: Digital Products Fannie Mae FinTech Henry Cason Technology David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] In his role as SVP, Head of Digital Products at Fannie Mae, Henry Cason is responsible for the design, development, and launch of a digital suite of products and services across single-family residential mortgage loan life cycle. He is also responsible for fostering the integration of Fannie Mae’s technology and business infrastructure to help Fannie’s customers grow and create value in the marketplace. The Head of Digital Products integrates product development functions across Fannie Mae’s Single-Family business in mortgage origination and underwriting, loan acquisitions, conduit and capital markets business, as well as servicing and asset management portfolios. He leads a team of officers and works with senior leaders in credit policy, strategy, insights, and marketing, as well as Fannie’s customer delivery teams.Cason spoke exclusively with DS News about riding the wave of technological innovation, Fannie Mae’s testing and development processes, and what emergent technologies have the potential to reshape the mortgage and housing landscape.As Head of Digital Products at Fannie Mae, how do you and your team encourage technological innovation?In our Single-Family division, we build and deploy technology that is tailored to our customers and is also used internally by our firm. That technology follows a mortgage’s lifecycle: from the front end of our business—how do we underwrite loans?—all the way through to delivery of those loans into Fannie Mae. The technology we build is also used by capital markets investors and helps ensure liquidity is available in the marketplace. On the back end of our business, technological innovation shapes how those mortgages are serviced, whether that’s performing or non-performing loans. My role is one of taking an end-to-end view across the lifecycle and understanding how we can introduce digital functionality to the marketplace to make it easier for our customers to do business with us. We’re already starting to see the early benefits of our efforts. What are some of the projects you are working on right now?The first one is what we call our Single Source Validation (SSV) project, which is building upon our Day 1 Certainty program. Just to give you an overview, we rolled out Day 1 Certainty a year and a half ago. It offers the ability to access source data on employment income and asset verification, and use that data within the Desktop Underwriter (DU) process. If you had gotten approved through DU by using that data directly from the source, then we were able to offer relief on certain reps and warrants for our customers to provide certainty on that loan. A year after we first introduced Day 1 Certainty, we rolled out an enhancement to that program where we’re able to now calculate not only assets but income and employment from asset data. I’m excited about that because it’s a different way of thinking in the industry. It lowers costs in how you go about validating these sources of data. As we get through our pilot and into production, it will become an innovative game changer for us and our lender customers.SSV has also created very significant process efficiencies. If we can get asset data directly from a bank through a service provider and use that asset data in DU, that’s a much safer, much more sound process than asking a borrower to bring in three months’ worth of paper bank statements. It’s saving time on the back and forth of trying to get the bank statements, trying to get the right bank statements, and then interpreting the bank statements. Going directly to the source and using that data has created a significant amount of process efficiency for our customers.The second project is a bit higher level. Through our API (automated programming interface) platform, we’re starting to expose pieces of Fannie Mae data to target specific process pain points for our lender customers. It’s exciting because, through our APIs, our customers can access pieces of our data more quickly. It’s now easier for us to integrate into their current technology and manage micro pieces of data from Fannie Mae and inject it into a process point that allows them to make faster decisions.As we continue to innovate, we’re spending lots of time with our customers, helping them not only integrate the technology or the functionality but also working with them on ways they can change their business processes to take advantage of the value proposition.Can you tell me how your development and testing processes work?First and foremost, we put the customer at the center of everything we do at Fannie Mae. Secondly, we are very mature in our agile engineering practices. We have been operating from an agile perspective at the firm for the last four years. We have intersected the customer-centric mindset with our agile development process. That translates directly into how we build and roll out products. We’ve put a digital operating model in place at the firm to spur innovation and deliver faster. Our operating model has three main tenets: empowerment, collaboration, and test and learn. We now have our agile teams—we call them squads. They consist of about seven to nine people, and they’re empowered to solve a problem, collaborate, and test and learn with customers. It could be a large problem that could take two years to solve, or it could be a small problem that takes three months. We are customer-insight driven, meaning we collect insights from our customers before we start building. From those insights, we’re able to develop a hypothesis. Then, we pull our customers into those discussions, and we validate those hypotheses through testing and learning. This is a big change for us because in the past we would build what we thought our customers wanted, and get something into production. Then there would be, in some cases, little to no value, because we didn’t start innovating with the customer at the beginning of the process. A part of this operating model is to pull a series of customers into that problem-solving process so you get their point of view and you put yourself in their shoes. We co-create with them.Being agile and working in what we call two-week sprints, we’re always able to have customers looking at what we’re building. It could be wireframes; it could be prototypes; it could be working software. But every two weeks, we get some customer input on what we’re doing. That allows us to pivot quickly. That’s part of our agile journey, and that’s pulling our customer into our agile journey.Lastly, for some of our innovations, we do a series of test-and-learn pilots where we’re able to run, concurrent, a number of concepts and get that feedback from our customers as they’re using it. When we call something a pilot, it’s a piece of code that is in production that customers use. Did it add the value that we think it did? We’re very metrics driven now, so any pilot we enter, we’ve got a customer hypothesis and a series of metrics we use to manage and measure value.What are some of the technologies that you think have the potential to reshape the industry?The move to the cloud. You get a different perspective on resilience and security because all of that’s built in. Cloud, for us, has been transformative. It also makes you build things differently. You don’t build these big applications anymore. You build smaller, which is important.  APIs have been, and will continue to be, transformative for the industry because of their low-cost. It’s allowing not just Fannie Mae, but all sorts of entities in mortgage finance to exchange pieces of data real-time and then insert it into business processes.We also think Blockchain and artificial intelligence have a lot of applications in mortgage finance. Those are the big emerging tech areas that I see changing mortgage finance over the next 24 to 36 months.  What is something that you wish more people understood about your job?When you read my title, “Head of Digital Products,” most people gravitate to, “Oh, you’re building a bunch of cool tech.” Well, we are building a bunch of cool tech, but it’s tech that’s adding value to our customers. My job is really about transformation and culture change inside the walls of Fannie Mae and the mortgage finance transformation outside of the walls of Fannie Mae.We’re doing it under the digital umbrella, but it’s a way we can pivot and engage our customers differently. By engaging those customers differently, we’re able to bring different types of value to the marketplace. Demand Propels Home Prices Upward 2 days agocenter_img Sign up for DS News Daily Subscribe Share Save in Daily Dose, Featured, Government, News, Technology The Week Ahead: Nearing the Forbearance Exit 2 days ago Riding the Wave of Innovation  Print This Post Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago April 26, 2018 4,131 Views The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

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Homebuilders Team With Habitat for Humanity

first_img Tagged with: Affordable Housing Habitat for Humanity Home Builders Blitz Homebuilders Data Provider Black Knight to Acquire Top of Mind 2 days ago Affordable Housing Habitat for Humanity Home Builders Blitz Homebuilders 2018-06-11 David Wharton in Daily Dose, Featured, Journal, Market Studies, News June 11, 2018 1,592 Views According to Zillow data, housing inventory has been at historic lows in 2018, and much of the available stock has been clustered at the high end, leaving many first-time homebuyers struggling to find something they can afford. With rent prices also rising in many metros, affordable housing can be all too scarce for lower-income families. While it certainly won’t solve the overarching problem, thousands of professional home builders and suppliers recently teamed up with Habitat for Humanity for the eighth national Home Builders Blitz, working to construct or renovate hundreds of affordable homes in communities around the country.The Home Builders Blitz dates back to 2002, when “Habitat for Humanity of Wake County, North Carolina, part­nered with local homebuilder Tom Gipson to build 12 Habitat homes in five days,” the Blitz website explains. Participating builders have five days to organize a team, locate donations of supplies and materials, and implement the actual build.For this year’s event, industry builders and suppliers worked with Habitat for projects in more than 70 communities, scattered across 31 states. Overall, more than 2,200 builders have participated in Home Builders Blitz since its inception, with more than 1,850 homes constructed.”Home Builders Blitz is a testament to the commitment of local builders to invest in their communities,” said Sue Henderson, Habitat for Humanity International’s VP for the United States and Canada. “Since 2002, professional builders have partnered with families to create positive ripple effects in their communities. We are so grateful for their skills, time, and support.”Habitat also highlights other ways the Home Builders Blitz benefits communities beyond the houses themselves: the project fosters and improves relationships with banks, spurs donations of land from the affected communities, encourages future volunteerism, and builds relationships with local real estate agents, who often help affiliates locate usable land.To learn more about Habitat for Humanity’s Home Builders Blitz, click here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: David Wharton David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Subscribe Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Homebuilders Team With Habitat for Humanity Home / Daily Dose / Homebuilders Team With Habitat for Humanity Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Previous: The Challenges of the ‘Housing Burdened’ Next: Non-Owner-Occupied Homes: Where Are They Most Common?  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

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The Benefits of Automating Mortgage Documents

first_img Demand Propels Home Prices Upward 2 days ago Automation Documentation Loan mortgage OCR Processing Technology 2018-12-04 Radhika Ojha 3. Visual Classification (a.k.a ‘Fingerprinting’)This legacy approach has recently been remarketed for use in the mortgage industry. While it does have the advantage of sub-second speed, it is not an OCR solution. Instead, an image analysis (non-text based) approach is used to identify documents and page types.Visual classification attempts to differentiate between document types A and B largely by examining the distribution of ink on samples of each known document. Similar to thumbprint analysis, the graphical signature of each document type is learned and remembered. It has the following advantages: Processing speed.Works well on documents with a static layout such as tax forms or a 4506-T form.Training time, as it is relatively simple for the system to learn a small range of document variations from image signature analysis. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Weighing in On Construction Spending Next: Changing the SFR Marketplace The Best Markets For Residential Property Investors 2 days ago The layout-specific configurations needed for each document variation can take a long time to set up if the number of document variations/types is high.These layout-specific configurations need to change if the layout of a document changes.  The graphical signature approach tends to be less reliable with more than one hundred document variations/types to compare, affecting accuracy in some cases. Image processing time tends to be linear relative to the number of document variations/types.This approach fails to leverage the rich text present in a mortgage file to detect document boundaries for multiple page documents, while also lacking the ability to extract data from the documents once indexed. Tagged with: Automation Documentation Loan mortgage OCR Processing Technology Share Save December 4, 2018 3,284 Views The Benefits of Automating Mortgage Documents Servicers Navigate the Post-Pandemic World 2 days ago Many technology options are available today to automate mortgage document processing tasks. Some solutions are well marketed with great claims of mortgage ‘knowledge’ and an ability to provide tremendous results. In some cases, providers use offshore labor rather than technology, or some combination of the above. When conducting due diligence, understanding the differences in these approaches is key to supporting expansion and scalability requirements.Three technology approaches help determine the right solution for automating mortgage processing documents:1. Zonal OCRThe zonal Optical Character Recognition (OCR) approach looks in specific locations, or ‘zones’, on a page for relevant text. The benefits of this system include:Minimizing the OCR processing time since only configured zones are processed by the system.Works well on documents with a static layout such as tax forms or a 4506-T form.However, this process is administratively heavy, as variations in document layout require distinct zonal templates. Many times the relevant text is in a highly volatile location, making it difficult to find.2. Full Page OCRThis approach makes a full-page OCR ‘read’ of every page of every document, much the same as a human being. Ideally, each page is read in less than one second and the content is processed through a set of rules to determine the document type of each page. While this may seem to be the obvious way to approach the task of indexing the diverse documents found in the mortgage industry, most technology providers are unable to deliver the speed necessary to successfully scale with this approach. The benefits of this approach include:Works on all mortgage document variations, even pay stubs with millions of variations.  Ability to index document versions which may have never been seen before by the system assuming they are lexically similar (same words and phrases found throughout similar learned examples).Ability to accurately distinguish between leading and following pages, eliminating the need for adding document separator sheets. Ability to “discover” data in a manner similar to a human being, using words and phrases across the entire document to find key data elements for extraction.High-speed OCR allows for almost infinite scalability with a relatively small hardware footprint. The Week Ahead: Nearing the Forbearance Exit 2 days ago Mark Tinkham is Director of Business Alliances at Paradatec, Inc. Over the past 25-plus years, Tinkham has worked for technology companies that deliver innovative solutions to the financial services industry. For the past 10 years, his primary focus has been bringing efficiencies to the mortgage market through industry-leading Optical Character Recognition.  Print This Post in Daily Dose, Featured, News, Technology About Author: Mark Tinkham However, this system also has certain drawbacks, which include: Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Home / Daily Dose / The Benefits of Automating Mortgage Documents Subscribelast_img read more

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CFPB Assisting Loss-Mitigation Efforts

first_img Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Sign up for DS News Daily CFPB Assisting Loss-Mitigation Efforts The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Consumer Financial Protection Bureau (Bureau) has announced that it issued two No-Action Letter (NAL) Templates under its innovation policies.”Regulatory uncertainty can hinder the development of innovative products and services with the potential to benefit consumers,” the Bureau said in a satement. “To encourage innovation, last year the Bureau introduced an improved NAL Policy that includes, among other things, a more streamlined review process focusing on the consumer benefits and risks of the applicant’s product or service.”NALs provide increased regulatory certainty through a statement that the Bureau will not bring a supervisory or enforcement action against a company for providing a product or service under certain facts and circumstances. The improved Policy also includes an innovative provision concerning NAL templates, which permits entities such as service providers and trade associations to secure a template that can serve as the foundation for NAL applications from companies that provide consumer financial products and services.Mortgage servicers seeking to assist struggling borrowers to avoid foreclosure and engage in loss mitigation efforts would be able to apply for their own NAL. The template, requested by Brace Software, Inc. (Brace), would enable mortgage servicers to use Brace’s online platform to implement loss-mitigation efforts for their borrowers.The platform is an online version of the Fannie Mae Form 710, which is the loss mitigation application used by most mortgage servicers.  While the Bureau does not endorse particular products or providers, digitizing the loss mitigation application process has the potential to improve a process that is experiencing an increase in loss mitigation requests from consumers due to the COVID-19 pandemic.To further competition in the small-dollar lending space and facilitate robust competition that fosters access to credit, the Bureau also approved a NAL template that insured depository institutions can use to apply for a NAL covering their small-dollar credit products.  The NAL template includes important protections for consumers who seek  small-dollar loan products. Previous: ‘Tides Have Changed’ For Fannie Mae, Freddie Mac Next: The Way We Were: COVID-19’s Impact on Appraisals Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / CFPB Assisting Loss-Mitigation Efforts About Author: Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days agocenter_img Tagged with: CFPB No Action Letter CFPB No Action Letter 2020-05-22 Seth Welborn in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago May 22, 2020 1,008 Views Related Articles The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

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Fed: No Change in Interest Rates Until Economy Recovers

first_imgHome / Daily Dose / Fed: No Change in Interest Rates Until Economy Recovers Share Save Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Tagged with: Federal Reserve housing market 2020 Interest rates Federal Reserve housing market 2020 Interest rates 2020-06-10 Mike Albanese Demand Propels Home Prices Upward 2 days ago Fed: No Change in Interest Rates Until Economy Recovers Related Articles Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News About Author: Mike Albanesecenter_img Servicers Navigate the Post-Pandemic World 2 days ago The Federal Reserve announced that interest rates will remain at 0 to .25% “until it is confident” the economy has recovered from COVID-19 and on track to achieve maximum employment and price stability. The Fed also announced over the coming months that it will increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities “at least at the current pace” to sustain smooth market functions. “The Committee will closely monitor developments and is prepared to adjust its plans as appropriate,” the Fed said. According to projections by the Fed, it does not project for interest rates to rise above 1% until 2022.In March, the Fed dropped interest rates to zero in an emergency measure to combat the immediate effect of the coronavirus. First American Financial’s Deputy Chief Economist Odeta Kushi said the Fed is following through on their commitment to “do anything it takes for as long as it takes” to mitigate the impacts of COVID-19, including policies that impact the mortgage markets.“The Fed is a gigantic ready-buyer in the secondary market, generating demand that increases MBS prices and lowers yield for investors—this results in lower mortgage rates,” she said.George Ratiu, realtor.com’s Senior Economist, echoed Kushi’s statement, saying the Federal Reserve “remains committed” to providing liquidity to the financial system and the economy.”Maintaining the current pace of mortgage-backed securities purchases is a welcome sign, indicating that well-functioning real estate markets are a priority as we move into the recovery phase. The current recession was initiated by a clear decision to close business activity to ensure the health and safety of Americans. Providing a bridge across the shutdown crevasse in the form of financial liquidity is paramount to regain the trust and financial ability of buyers and sellers to return to a functioning housing market,” he said. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Previous: 30% of Americans Missed June Housing Payments Next: CFPB Issues CARES Act Forbearance Guidance June 10, 2020 1,577 Views The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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Efforts underway to identify submerged submarine or boat in Lough Foyle

first_img What is thought to be a submarine or boat has been identified submerged in Lough Foyle.The North’s Environment Minister Alex Attwood has said he had viewed sonar images of the vessel.Urgent work is now to be undertaken to determine how and when the submarine or boat came to rest in the lough.The Minister said there appears to be no record of the vessel going missing.He said it was crucial that no diving should occur in the vicinity of the vessel. Facebook LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Pinterest Twitter Previous articleDonegal Creameries CEO says Oatfield plant has not been soldNext articleReward offered for information on 1981 murder of Joanne Mathers News Highland By News Highland – April 12, 2012 Almost 10,000 appointments cancelled in Saolta Hospital Group this week Newsx Adverts Google+ Pinterest Calls for maternity restrictions to be lifted at LUH center_img Facebook RELATED ARTICLESMORE FROM AUTHOR Efforts underway to identify submerged submarine or boat in Lough Foyle Three factors driving Donegal housing market – Robinson Twitter Guidelines for reopening of hospitality sector published WhatsApp Google+ WhatsApp Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margeylast_img read more

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