Rebuilding and Rethinking

first_img Demand Propels Home Prices Upward 2 days ago Editor’s note: This story was originally featured in the December issue of DS News, out now. With a new year on the horizon, DS News spoke to half a dozen industry insiders to ascertain the big picture of what 2018 holds for the industry, how the landscape is changing, and what missteps are better left in the rearview as we move forward.Problems and SolutionsTwo themes came up repeatedly during our conversations with industry insiders: a focus on the customer and a leveraging of emerging technology as a means to help streamline and improve those customer interactions.“We believe the winners in the next wave of home finance will be customer centric and technology driven,” said Kevin Dahlstrom, Chief Marketing Officer, Mr. Cooper. “These winners are unlikely to be startups or new entrants due to regulatory complexity and the difficulty of achieving scale in this industry.”“Tech is back with a vengeance,” said Justin Burch, Managing Director, The Collingwood Group. “During the last boom, technological innovation took a backseat to keeping pace with the demand for mortgages. With steadier footing, innovation is back stronger than ever. I think there are a lot of disruptive technologies on the horizon that will finally bring some much-needed efficiency to the market.”Paul Nagai, Principal, Ernst & Young LLP, also agrees that a mix of new technology and bold innovation is the best path forward. “Customer expectations of speed, transparency, and frictionless interaction have been shaped by an increasingly sophisticated technology environment that will continue to require institutions to evolve and adapt,” Nagai said. “To meet growth and efficiency goals, institutions will need to continue to invest in their platforms, enabling digital capabilities and leveraging tools such as analytics and cloud to create sustainable operations.”Of course, that’s sometimes easier said than done. Not every company has the resources—or the budget—to stage a digital revolution in-house. That’s why strategic partnerships will prove crucial for some in 2018. “Banks and mortgage companies are looking at vendors who are proficient in this space of automation, innovation, and outsourcing versus trying to build processes, and technology in-house,” said John Vella, Chief Revenue Officer, Altisource. “Then, you have other firms that have invested in innovation and technology. They have built the systems and the process to provide faster developments and integration capabilities.”However, seeking out partnerships will make it that much more important to gauge the potential quality of those unions. Kevin Wall, President, First American Mortgage Solutions, cautioned that “a provider may boast that it has the most exciting new offering, but does it also have the wherewithal to effectively support an integration, or modify its product on demand? When picking a reliable partner, consider their financial stability, industry expertise, demonstration of leadership and vision, depth and breadth of assets, investments toward continuous improvement, and even cultural fit.”A Changing LandscapeUnfortunately, not even the shiniest of technological innovations or the cleverest of efficiency boosts can help if there just aren’t enough homes available in the market. Inventory shortages have become a serious thorn in the side of the mortgage and real estate industry in 2017, and our experts don’t see that issue vacating the premises anytime soon. Even if 2018 is lighter on the natural disasters than 2017 has been, inventory shortages will remain a problem without an easy solution going forward. Moreover, it’s a problem that’s already reshaping parts of the market, driving many potential homebuyers toward the rental market instead.Alanna McCargo, Housing Finance Policy Center (HFPC) at the Urban Institute, said, “Our national housing inventory is already deficient, it’s old, and is not being constructed quickly enough to meet demand. The shortage of affordable rental properties and homes to buy puts pressure on home prices and rents, driving them higher. This is a trend that will persist for the foreseeable future, absent significant policy changes and support for construction of and capital investments in the affordable housing stock.” McCargo points out that single-family rentals now account for 35 percent of the country’s 44 million rental units. That’s up from 31 percent in 2006.“This is a notable shift for the housing market,” said McCargo.In spite of inventory shortages, many experts expect the general shift away from the refinance boom and toward a more purchase-oriented environment to continue. Burch said, “For the first time in 10 years, we may be on the last leg of a low-rate environment. This likely spells the end of a historical refi wave, so I️ would expect to see some firms struggle with having to reorient themselves to a purchase market.”Wall said, “One of the biggest shifts is the move from a refinance-dominated market to one that is more balanced with home equity and purchase transactions. We expect this trend to continue as interest rates keep rising and programs like the Home Affordable Refinance Program (HARP), diminish, reducing demand for refinance transactions. We’re also seeing stability in the default market.”One key issue shaping the landscape is credit availability. “Consumers have insufficient access to credit, which is hampering homeownership opportunity as we enter the tenth year since the housing crisis,” McCargo said. “The government channels have been largely supporting all lending in the U.S. for the past decade, and we have seen a period of stability, while credit remains tight for families who are ready to buy a home and need access to financing.”However, a tighter credit landscape has some obvious benefits, especially on the default servicing side. “There has been less risk in the market when it comes to generating loan products, resulting in fewer defaults and problem assets than are now in the market and in the investors’ portfolios,” said Vella. “There’s been a shift of emphasis in risk management, compliance, and innovation. There’s also been extreme prioritization to automate processes, reduce timelines, and utilization of data and analytics to manage margin compression.”The industry will also be carefully watching to see what happens with interest rates and tax changes. Sanjiv Das, CEO of Caliber Home Loans, points out that, even if interest rates trend upwards, mortgage rates continue to remain at, or close to, historic lows. On the tax front, plenty of questions and uncertainty are destined to arise in the aftermath of the U.S. House of Representatives passing its tax-reform bill in November 2017. Das told DS News, “It’s difficult to know with certainty what the final package will look like, and while there may be some impact if mortgage interest deductions are modified, we believe the overall impact will be relatively minor and may only affect a relatively small number of high-priced markets.”Burch sees the retreat of large depository banks from the mortgage game as having one unquestionable impact on the state of things: a surge in innovation. “The monoline independent mortgage lenders that have taken the market share left by the banks have been innovating at a blistering pace and it’s hard to imagine that occurring if the traditional players were more active.”Nagai suggests that tumultuous shifts in product features, underwriting standards, customer expectations, and the legal and regulatory environment have been positive for the industry. “This has created a simplified mix of products, consolidation across banks, nonbanks, and service providers, and an overall improvement in credit quality. It has also driven innovation in new services and capabilities aligned with the digital, omni-channel world,” Nagai said.Dahlstrom also sees enormous potential for loan companies to play a more important role in customers’ lives when it comes to tapping into their home equity. Dahlstrom explained, “U.S. homeowners have $14 trillion dollars in home equity, yet continue to rack up half a trillion dollars a year in debt, mostly in the form of student loans and credit card debt. By tapping home equity to rebalance debt, homeowners can reduce their monthly payment burden and relieve financial stress.”The Road AheadLike the old saying goes, plan for the worst while hoping for the best. With so many factors to consider as 2018 rolls closer, we also asked our panel of experts what they hope for in 2018. For Mr. Cooper’s Dahlstrom, it comes right back around to where we started: embracing the digital. “We hope that 2018 becomes the year of the digital mortgage,” Dahlstrom said. “Even today, the huge majority of mortgage originations are laden with paperwork and manual processes, which creates cost, complexity, and delays for everyone. There has been lots of talk about a more automated digital origination experience, but adoption has not reached scale.”Altisource’s Vella suggests that coming to grips with the Federal Housing Administration loan process will be important on both the origination and servicing side. “It has been a challenge for some originators and servicers due to the growing size of their portfolio to manage the risk and requirements that come along with originating and servicing FHA loans.”While we can certainly hope that 2018 is less active when it comes to natural disasters, it’s essential that the industry learn from the aftermath of California’s ravaging wildfires and the brutal hurricane season. The HFPC tracked how communities were affected by the disasters, including increased demand for construction and disaster relief from government agencies and the mortgage industry. “We looked at particularly hard-hit large metro areas, like Houston, which endured massive economic loss,” said McCargo. “There will be future disasters, so we should reflect on the lessons we learn from each disaster, understand the impact and data, and carry these lessons forward into planning for resilient communities in the future.”Overall, many engender optimism for 2018. As Caliber’s Das put it, “We are encouraged by the overall continued growth in the market.”With the purchase market aiming at a resurgence and technology offering abundant opportunities for working smarter and more efficiently, 2018 could be a banner year for the industry—so long as it continues to evolve with the times. Rebuilding and Rethinking customer service Default Servicing Housing Inventory inventory shortage Originations purchase market Refinances Tax Reform Technology 2017-12-18 David Wharton December 18, 2017 2,089 Views Tagged with: customer service Default Servicing Housing Inventory inventory shortage Originations purchase market Refinances Tax Reform Technology Previous: Affordable Single-Family Rental Shortages Creating Investment Opportunities Next: Housing Market to Remain Bullish in 2018 Related Articles  Print This Post Subscribe 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] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Print Featurescenter_img Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Rebuilding and Rethinking The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Patient in Cianjur did not die from COVID-19: Health Ministry

first_imgTopics : “The patient in Cianjur is among those observed as negative [for the coronavirus]. Therefore, he died not because of COVID-19,” Achmad told journalists at the State Palace on Tuesday.When asked about the patient’s actual cause of death, Achmad said that his office “would ask to the hospital first”.Read also: Death of isolation patient ‘not COVID-19’, says Indonesian hospitalCianjur acting regent Herman Suherman confirmed on Monday that Dr. Hafiz General Hospital in Cianjur had been treating a patient in its isolation room. A patient who died at Dr. Hafiz General Hospital in Cianjur, West Java, on Tuesday did not die from the novel coronavirus disease, a Health Ministry official has said.The patient, identified as a 50-year-old male who works as an employee in a state-owned enterprise, had been treated in the hospital’s isolation room since Sunday for showing symptoms of COVID-19.The Health Ministry’s disease control and prevention directorate general secretary, Achmad Yurianto, denied that the patient died from the viral disease.center_img “He is actually not a resident of Cianjur, but he was visiting his relatives. He came from Bekasi [also in West Java],” Herman told journalists after visiting the patient on Monday, as quoted by said the patient traveled to Malaysia from Feb. 14 to 17. According to data compiled by the John Hopkins University Center for Systems Science and Engineering on Tuesday, there are at least 29 confirmed cases of COVID-19 in Malaysia, of which 18 have recovered.“He was healthy when he arrived home. However, he caught a fever and was coughing on Feb. 20. He was admitted to a hospital in Bekasi from Feb. 22 to 26,” Herman said. The patient, however, left the hospital early to go to Cianjur on Feb. 29.“He went to Cianjur for a vacation to get healthy as well as to seek a traditional medical practitioner,” the regent explained.Read also: Malaysia maintains tourism target, bets on locals and non-Chinese visitorsDuring his stay at his relatives’ house, the patient’s health dropped significantly. He was then rushed to the hospital on March 1 to get treated. The regent said the patient complained of shortness of breath as well as pain in his lungs and heart.The regent initially said that the patient’s health was improving. However, the patient died on Tuesday early morning.State-owned telecommunications company Telkom confirmed that the patient was one of its employees in a statement issued on Tuesday.“His medical record within the company shows that the employee has a history of inflammation in his respiratory airways as well as the common cold,” Telkom vice president for corporate communications Arif Prabowo said in the statement.President Joko “Jokowi” Widodo announced on Monday that two Indonesians tested positive for COVID-19, the first two confirmed cases of the disease in the country. The two patients, a 64-year-old and her 31-year-old daughter, had been in contact with a Japanese citizen who tested positive in Malaysia on Feb. 27 after visiting Indonesia in mid-February. (gis)last_img read more

Women’s hockey: Badgers just can’t lose

first_imgAs we enter the last month of the regular season for the University of Wisconsin women’s hockey team, one thing is clear: The Badgers have dominated the Western Collegiate Hockey Association.When a shoot-out win is your worst conference decision of the season, as it was for UW last Saturday against Bemidji State University, things are going pretty well.Outside of a non-conference matchup against Northeastern University, No. 1 Wisconsin has yet to drop a game.Notable NumbersSomehow, their almost perfect record does not do the Badgers justice with regard to the team’s supremacy. The numbers are absolutely striking.Women’s hockey: No.1 Wisconsin to end fall campaign against St. CloudThe University of Wisconsin women’s hockey team will close out their 2017 fall campaign in St. Cloud, Minnesota. The Badgers Read…In the 26 games played this season, which includes their non-conference schedule, Coach Mark Johnson’s team has put the puck in the net a staggering 93 times. Compared to the stingy 28 goals they allowed to opponents over that span, UW has consistently shown they are capable of outpacing their competitors day-in and day-out.The Badgers have won more than 57 percent of their face-offs this season. That 7 percent may seem small, but over the course of the season that averages out to a +212 face-off differential. It is no wonder they score at such a high clip, when they have such an advantage in puck possession.Top PerformersA team experiencing this kind of sustained success cannot do so without some of the best players in the country. UW’s top performer has been their netminder, Kristen Campbell.Among goalies with over 15 games played, Campbell leads Division I in goals against average – and it isn’t even close. In 26 games played, Campbell has allowed 1.08 goals per game. To put that in perspective, the next best goalie lets up 1.27 goals per game.Women’s hockey: Badgers draw weekend series in DC, come home to face Minnesota-DuluthAll good things come to an end, or at least that seems to be the case for the University of Read…On the offensive end the team is led by Claudia Kepler. Kepler leads the team in goals with 16 and has been unbelievably efficient. Converting on almost a quarter of her shot attempts this season, it’s a safe bet that if the puck comes off her stick it’s got a great chance at finding twine.The Badgers have eight games remaining in the regular season. Two-game series against St. Cloud State, Ohio State University, University of Minnesota-Duluth and University of Minnesota-Twin Cities will give the team a chance to finish off the year strong heading into the tournament, where they will be heavy favorites.last_img read more

Warriors’ Andre Iguodala on Kevin Durant, Klay Thompson: ‘Nobody’s going to the Knicks’

first_img Kevin Durant free agency rumors: Star has met twice with Kyrie Irving about signing with same team Andre Iguodala’s prediction for NBA free agency— Power Lunch (@PowerLunch) June 24, 2019″I think they’ll both be back with the Golden State Warriors,” Iguodala said Monday. “We’re like brothers. We keep in contact. But regardless of any of that, if both decide to leave, then they would both still be my brother(s). I’ll still keep in contact with them as much as possible. I just wish the best for both of those guys. They come back full strength.””Nobody’s going to the Knicks, sorry.” Related News Jimmer Fredette will play with Warriors in summer league, report says Andre Iguodala doesn’t think the Knicks will sign any of Golden State’s top talent.Warriors stars Kevin Durant (Achilles) and Klay Thompson (ACL) suffered serious injuries in the 2019 NBA Finals and could both hit the open market this offseason, but Iguodala is certain neither will call Madison Square Garden home anytime soon. Will Kevin Durant re-sign with Warriors? Steve Kerr, Bob Myers have ‘no idea’ Golden State entered 2018-19 as the two-time defending champions but fell to the Raptors in six games in this year’s Finals.Durant and Thompson combined to average 47.5 points per game in 2018-19 and will miss a substantial portion of 2019-20. The Warriors averaged 117.7 points per contest throughout that season, so they’ll have to replace some vital firepower. Golden State is reportedly prepared to make Durant and Thompson max offers this summer, but Durant is the wild card in this situation, as he’s been linked to the Knicks and Nets as of late. When asked if the Warriors were confident about retaining the pair on Monday, general manager Bob Myers responded: “We’ll see.”That’s not exactly a vote of confidence, but Golden State coach Steve Kerr doesn’t think there will be any “recruiting” of Durant and Thompson.”We’re not doing any videos and tours of the city,” Kerr told ESPN recently. “Basically it’s a ‘We want you back and we hope you decide to come back and see what happens,’ but we’re at a different place now.”last_img read more