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Building a Playbook for the Future

first_imgHome / Daily Dose / Building a Playbook for the Future Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Building a Playbook for the Future Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: David Wharton Editor’s Note: This feature originally appeared in the May issue of DS News, out now.Tim Neer serves as the SVP and Director of Loan Servicing for Colonial Savings in Fort Worth, Texas. As Director, Neer is responsible for all loan servicing operations, including the division’s purchased servicing business. Prior to Colonial Savings, Neer was a Senior Executive at Morgan Stanley where he held the position of SVP over Saxon Mortgage’s Financial Transaction Management Group. With over 35 years of experience in all facets of the mortgage business, Neer has held numerous senior leadership positions with American Home Mortgage, HomeBanc Mortgage, GE Capital Mortgage Services, and Washington Mutual. Neer is actively involved in numerous industry committees and advisory groups and currently resides in Fort Worth, Texas.What are the trends and challenges you see as being important in 2018 for the servicing side?Right now, the biggest challenges are the disasters that we had in Houston, in Florida, and the wildfires in California. The industry is focused on how to assist those borrowers and what is the right level of assistance to provide. How do we get them back on track to start making payments again?Delinquencies overall are way down as well. We’re pre-crisis levels, so the big challenge is how to reset our capacity to match declining delinquencies. Another big item facing us in 2018 is how to create a better self-serve experience for customers. We’re in a day and age where consumers are very tech-savvy. Cell phones, text messages, email. Everybody’s trying to address, what is self-serve? What level is the right level? How do we get the right mix out there but still manage our risk?Now is the time for the industry as a whole to take a step back and figure out how to improve the overall technology platforms within our industry. The technology in the servicing space has probably lagged behind the industry and consumer needs for some years now. So, how do we get with our core servicing providers and figure out how to change the technology to be more consumer-friendly, create better productivity, and remain flexible to an ever-changing regulatory landscape, all while preparing for the future and any crisis we may incur?What are the emergent technologies you think are poised to be useful or transformative for the industry?The problem with most platforms today is they’re not very self-providing. So, if you have an insurance policy as a consumer and you want to make a change to your policy—for example, your insurance carrier—you can’t today go into our core platforms and effectively self-serve yourself. Today, you can’t go into our system and make that a self-service event. The overriding factor for mortgage servicers is going to be, how do we get to an environment where if I want to go in and make a change to my insurance carrier, I can go online and provide all of that information to you and get that new carrier set up without the servicer having to get involved with it, and without me having to pick up the phone and call you to figure out what’s going on.On the question of blockchain, it really hasn’t gotten into the mortgage space in a big way yet. We’ve talked about things like Apple Pay, Samsung Pay, and how all that will work in our payment systems, but we’re a way out before we begin to see that kind of progress take effect. We’re so far behind the times regarding technology in the servicing space; we’re struggling with the basic things like text messaging, emails, websites that allow borrower uploads of documents to us. We are heavily regulated in several key areas. For example, with text messaging we have the Telephone Consumer Protection Act (TCPA), so how do we get consumers to consent to these activities? Consumers want it, but they have to consent for us to do it. We’re still back at that basic blocking and tackling level, in my opinion, and we have to do better. We’re still addressing many technology issues that are impeding our progress.This industry as a whole is still pretty basic, and we have got to start figuring out how to modernize our industry to meet consumer needs.Do you think that process is about trying to roll things out gradually or do pilot programs? Or is it about communicating with the consumers to figure out what is wanted?It’s both. For the most part, we know where consumers are, we know the kind of things they like. We’ve done enough surveys, and we understand it. The problem is, we have limitations in our platforms. The two big service providers really can’t do auto-text-messaging and auto-emails today. Go to any credit card system and they will show you how it is done. The servicing platforms were not built for those types of technological advances. Historically, in this business, we have believed that we know what’s best for the consumer, and so our systems have always dictated what we thought was best. We live in a different world now, where the consumers are speaking out and telling us, “No, what we think is best is X.” To keep up will require a large investment in our core technology, and that’s a massive undertaking.We’ve built systems on old architecture and technology that are not easy to change. You can’t go in and flip the switch and make something happen. We understand consumer needs to a large degree, so the question is, how do we get there? How do we build the infrastructure around that to get us to where we need to be?I’m sure cost is a concern as well.It is a concern, obviously, but the reality is we need to spend money to improve the industry. It will make our operations more efficient and capable of meeting consumers’ needs. There’s a lot of conversation right now about servicing costs. It’s probably tripled over the last three years. I remember days when average servicing costs were $56 a loan, and now it’s $200 a loan. The spend on technology clearly gets us more bang for the buck, but the industry is still struggling with how to pay for these advances in technology.What are some of the things that servicers can do to prepare for that sort of constant evolution?Every time we go into a disaster, or every time we go into a downturn in the market, it shouldn’t feel like the first time we’ve ever done it. This last crisis, when things started to happen, delinquencies started to rise and foreclosures began to grow, we came out of the gate very poorly. We started throwing a lot of things at the problem to fix it and we simply were not prepared. It was almost like we were developing stuff on the fly. Now, we have an opportunity to step back and say, “What are all the lessons we’ve learned in this process?” Let’s build a playbook for the future, so if these 10 things happen, we have a roadmap to be able to implement the right changes and address consumers’ needs quickly to avoid confusion and turmoil.For the servicing business, this is the time for us to take a step back, look at who we are, analyze the things that we’ve done, come up with a standardized playbook, look at the technology shortfalls we have, and figure out what we need to improve on for the future.Are you taking into consideration the possibility of these natural disasters becoming more frequent and more damaging going forward?A disaster is a disaster, right? Hurricane, fire. It doesn’t matter. The way we react as an industry is the same. Somebody’s going to go file a claim. FEMA’s going to require certain things. No matter what the disaster is or when it occurs, we need to have a standardized process that says, when it occurs and when it’s been declared, here are steps we are to take. Part of the problem is, when it happens, we all sit around and talk about it. We say, “Okay, this is what we’re going to do, we’re going to develop a playbook.” And then ten other things come up, and we forget about it, and we don’t do it. Then the next disaster hits, and we’re like, “Oh yeah, we were going to build a playbook for this.”The same thing could happen and likely will happen, as history tells us, with downturns in the marketplace. This crisis was a fairly deep crisis, so the question is, what did we learn, what are we going to to do next time, and who are the leaders who will sit down now to develop the playbook to prepare us for the next time? Are we going to be prepared or are we going to get caught flat-footed again? The choice is an industry-wide decision that needs to be addressed. Demand Propels Home Prices Upward 2 days ago Borrowers Customers Disasters Lenders Lending mortgage platforms Regulations Service Providers Servicing TCPA Technology 2018-05-28 David Wharton Related Articles 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] Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Print Features Share Save Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: The Week Ahead: Making the Business Case for Diversity Next: Creating the Right Mortgage Team Sign up for DS News Daily Tagged with: Borrowers Customers Disasters Lenders Lending mortgage platforms Regulations Service Providers Servicing TCPA Technology The Best Markets For Residential Property Investors 2 days ago May 28, 2018 2,462 Views Subscribelast_img read more


Event discusses plans for the USC Village

first_imgOn Thursday, Undergraduate Student Government hosted an information session on the USC Village, which is set to open in the fall of 2017.The event was held in the Ronald Tutor Campus Center from 5:30 p.m. to 7 p.m. and featured a presentation conducted by Vice Provost of Student Affairs Ainsley Carry and Vice President and Executive Director of Capital Construction and Facilities Management Lloyd Silberstein.Village people · Above, Lloyd Silberstein, senior vice president of Capital Construction, presents images of The Village at an information session on campus Thursday evening. – Audey Shen | Daily Trojan“This is truly an amazing moment in our university’s history to celebrate the progress we’ve made,” USG president Andrew Menard said. “This development will be the heart of a new community where students can come together and experience state-of-the-art classrooms, collaborative study spaces, concerts, seminars, and cultural and artistic events.”Silberstein first presented images of the project as a whole, noting that the buildings have a distinctive Gothic style and pointed arch entryways.“This campus is growing to the north, and it’s growing in a big way,” Silberstein said. “Although it looks different architecturally from the rest of campus, the design is similar to Wallis Annenberg Hall, and the tower relates to our most iconic building, the Mudd Hall of Philosophy.”The Village will showcase a library, breakout rooms, a lounge and café facing the courtyard on the ground level alone. Underground levels have classes and large lecture halls, while higher floors will hold research spaces.Students in attendance expressed their anticipation for the center’s opening, particularly freshmen since they will have access to The Village by their senior year.“I’m looking forward to the USC Michelson Center for Convergent Bioscience,” Sean Thomas, a freshman majoring in biology said. “As a pre-med student, it’s really nice to see they’re putting forth the effort to improve the science program.”Carry described the expanded residential college experience that will accompany The Village’s opening, which will house 600 freshman honors students and 2,200 others across all grade levels.“All incoming students will be invited to live in a residential college,” Carry said. “We will offer an academic curriculum where residents can attend classes in their resident halls and participate in experiential activities like field trips and cultural events. Being a part of it will make living on campus a highlight of the college experience.”In addition to academia, The Village features a large dance studio for the USC Glorya Kaufman School of Dance and a 30,000-square-foot fitness center with outdoor basketball courts and recreational playing fields.“I always feel excited when I pass by the construction of the new USC Village,” said Raphael Krigel, a freshman majoring in communication. “To me, The Village symbolizes a new chapter in the history of this ever-evolving university. It’s a wonderful investment in the future of our school and the diverse community that surrounds us.”The Village will feature chain stores like Bank of America, Starbucks Coffee and Trader Joe’s. According to Silberstein, the facility also plans to have a bar and grill-type restaurant and “Trojan Town,” a shop where clothing from the lower level of the USC Bookstore will be relocated.“I’m looking forward to the food options, especially the Trader Joe’s,” said Ailish Ullman, a freshman  majoring in biology. “The access will make it a lot easier for college students to make nutritious choices.”Carry is optimistic that the expansion will be a haven for all students to have the opportunity to study, participate in extracurricular activities and have leisure time.“The USC Village allows students to have a very sustainable college experience with the safety and convenience of having everything in one particular area,” Carry said.last_img read more


Paddy Power & Lucky Generals continue ‘You Beauty!’ UK campaign

first_imgShare Related Articles FSB selects Glenn Elliott as new COO August 12, 2020 Share Paddy Power continues its ‘You Beauty!’ campaign, celebrating sports ‘unsung heroes’. This weekend the Irish bookmaker launched its latest ‘You Beauty! The Bus Driver’ campaign advert featuring a long-suffering coach driver and his woes at having to ferry unruly football fans.Launched last November, ‘You Beauty!’ continues Paddy Power’s TV marketing guidance under long-term creative agency Lucky Generals. The UK advertising campaign was the first launched by the bookmaker following the completion of its £7 billion merger with competitor Betfair (completed February 2016).Having undertaken a restructure of its joint marketing resources, London agency Lucky Generals currently acts as the creative lead for FTSE-listed Paddy Power Betfair. In August 2016 Lucky Generals, launched its first Betfair TV campaign ‘Ready?’ in time for the start of the new English football season.Reaction to Lucky Generals work for Paddy Power has been positive with UK marketing news sources pointing that the agency is likely to be pushing the bookmaker towards a new creative direction following its multi-billion merger with Betfair, as Paddy Power Betfair now seeks a more ‘mature brand’ for betting audiences. Flutter moves to refine merger benefits against 2020 trading realities August 27, 2020 ‘Deal maker’ Rafi Ashkenazi ends Flutter tenure  August 27, 2020 StumbleUpon Submitlast_img read more


Revealed: Rabiu out of Egypt clash

first_imgGhana could miss hardworking midfielder Rabiu Mohammed for next month’s crucial World Cup playoff against Egypt after suffering an injury that could rule him out of action for six weeks.The 23-year-old, who plays for Russian side Kuban Krasnodar, suffered the injury on Thursday night during their Europa League tie against Swiss club St Gallen.Mohammed was substituted in the 20th minute of the match but the nature of the injury is unknown.However, Kuban coach Dorinel Munteanu says Rabiu, woh joined the club about three weeks ago, is expected to be out of action for about five to weeks.This means Rabiu will be unavailable for Ghana when they host Egypt on 13 October in Kumasi which is just about four weeks away.“The injury of Rabiu is unpleasant for us. Maybe he will be out of action for 5-6 weeks,” Kuban coach Dorinel Munteanu said. We just got this player. We were very much looking forward to his contribution to the team so we have to look for another option.”Rabiu is a key player for Ghana and his absence could create a vacuum in the Ghana team’s midfield.last_img read more


Five things about the federal budget

first_imgOTTAWA — The Liberals’ last budget of this mandate sets the stage for the October federal election and includes a sprinkling of money for voters across a wide spectrum. But there are also gaps in spending for some groups.Here’s what the budget does and doesn’t do, for five key voting groups:VeteransThe Liberals will enter the election campaign facing an uphill battle with veterans after Tuesday’s federal budget promised some new money to those who have served in uniform but otherwise failed to address the community’s largest grievances.The budget includes funding for chronic-pain research, for survivors of veterans who married after they were 60 years old, for measures to ease the transition from military to civilian life and for Second World War commemorations.But it doesn’t make any changes to the Trudeau government’s controversial disability pension plan, which will come into effect on April 1. The plan has been blasted by many veterans as falling far short of what the Liberals promised in the last election and was recently found by the parliamentary budget officer to provide less support for the most severely injured veterans than the current system of benefits.SeniorsTo help aging Canadians with soaring drug costs in Canada, the budget promises a new agency to buy drugs in bulk and cut Canadian medication costs as a first step toward a national pharmacare plan. Ottawa is also promising to spend $500 million a year, starting in 2022, on subsidizing drugs that treat rare diseases. The government says it intends to work with provinces, territories and other partners to develop the mandate for the national drug agency, with Health Canada to receive $35 million over four years starting in 2019-2020 to create an office to support the plan.Over 420,000 seniors in Canada have been diagnosed with dementia — and the rate of seniors living with this debilitating disease is on the rise. That’s why government will spend $50 million over five years in a new national dementia strategy.To help with retirement costs, the budget also proposes to enhance the guaranteed income supplement’s earnings exemption, beginning next year, so seniors can work part-time and still see financial benefits.EnvironmentalistsMore Canadians are choosing to drive zero-emission vehicles and the federal government wants to help make them more affordable. An investment of $300 million over three years will see Transport Canada introduce a subsidy of up to $5,000 for electric-battery or hydrogen-fuel-cell vehicles that cost less than $45,000.Natural Resources Canada will also get $130 over five years to deploy new recharging and refuelling stations in workplaces, public parking lots, commercial and multi-unit residential buildings and in remote locations.Immediate expensing will be provided to a full-range of zero-emission vehicles so that businesses that want to switch over their fleets can recoup their costs faster.FarmersDairy, egg and poultry farmers who lose money because of Canada’s recent free-trade agreements will receive billions of dollars in compensation.The budget sets aside $2.15 billion over the coming years for supply-managed farmers who lose income because of the country’s trade deals with Europe and the Pacific Rim.Another $1.5 billion is being earmarked to compensate farmers who lose money when they sell their stakes in the three protected domestic markets, which Canada agreed in each of the agreements to open up to more foreign competition.Meanwhile, pork producers who have been watching a spread of African swine fever among pigs in parts of Asia and Europe may breathe easier thanks to a plan to increase monitoring for this disease at international airports. The Canada Border Services Agency will receive $31 million over the next five years, with up to $5.8 annually after, to increase the number of detector dogs at airports across the country.MillenialsReal-estate prices in some of Canada’s largest cities have increased beyond many young would-be buyers’ reach — something the Liberals have long promised to address.Tuesday’s budget announces measures for qualifying buyers to be able to have the government pick up part of the cost of their mortgages to lower their monthly payments, with the amount of help depending on their income and whether they’re buying a newly built or existing home.Changes are also being planned to allow Canadians to raise the amount they can pull from their retirement savings plans to fund the purchase of their first homes, from $25,000 to $35,000, and to allow people whose marriages or common-law partnerships break down to dip into those savings a second time.To help Canadians still struggling to save for their education and repay their student loans, The budget proposes changes to the interest rate on Canada Student Loans and Canada Apprentice Loans.In addition, legislative changes will be made so that student loans no longer accumulate interest during the six-month non-repayment “grace” period after a student borrower leaves school.Teresa Wright, The Canadian Presslast_img read more


Attawapiskat Chief Spences aide walking to Ottawa

first_img(The four walkers heading to Ottawa. Facebook photo)APTN National News ATTAWAPISKAT–A close aide to Attawapiskat Chief Theresa Spence is among a group of four men currently walking from Attawapiskat to Ottawa calling for the Canadian government to “honour our treaties.”Danny Metatawabin and two other men began their journey on Saturday walking south along a snowmobile trail connecting the communities of Attawapiskat, Kashechewan and Fort Albany to Moosonee, Ont.  The trail will eventually become an ice road later this winter.Metatawabin, Brian Okimaw and Paul Mattinas began the walk in Attawapiskat and were later joined by Remi Nakogee. They walk from sunrise to sunset.“We, the grassroots people, are walking to Ottawa from the traditional territories of the Omushkegowuk (people) to deliver a message to the leaders of both levels of government and to our respective chiefs that the time to honour our treaties is now!” wrote Metatawabin on a Facebook page dedicated to the walk. “The time to address and reconcile Aboriginal issues is now!”The walk is dubbed, “Reclaiming Our Steps Past, Present and Future.”Metatawabin was one of Spence’s closest aides during the Attawapiskat chief’s liquids-only fast which lasted from mid-December 2012 to mid-January [email protected]last_img read more

Bakayokos performance frustrates Gattuso

first_imgThe AC Milan boss has didn’t hold back during the press conference after their 3-2 defeat against Napoli in their first Lega Serie A match of the seasonAC Milan boss Gennaro Gattuso was not happy after his team 3-2 defeat against Napoli.The match was the first of the season for the Rossoneri and saw the team blow a two-goal lead.But the manager didn’t hold back when speaking about recently loaned Tiémoué Bakayoko.Cristiano Ronaldo, JuventusSerie A Betting: Match-day 3 Stuart Heath – September 14, 2019 Considering there is a number of perfect starts so early in the Serie A season, as well as a few surprisingly not-so perfect ones….“Bakayoko has to learn how to get the ball,” the 40-year-old told his post-match press conference according to Goal.“We must work correctly. It will not be easy.”“One week is not enough to remove the defects of a player. I would have preferred to be managing older, more experienced club players,” he added.Now Milan will debut at home on Friday when the team host Roma at the San Siro Stadium.last_img read more

NHIB gets 4 million more says Premier Robinson

first_img Recommended for you Facebook Twitter Google+LinkedInPinterestWhatsApp TCI Premier blasts Opposition side for “slop” information, sets it straight in HOA Nearly 30 Haitians caught following illegal landing in Nassau, says Defence Force Related Items:#MagneticNewsMedia Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, TCI, January 20, 2017 – The National Health Insurance Plan has received that additional $4 million dollars to save its operations.  A report in November by then interim CEO, Tamera Robinson exposed a dire need for $6.1 million and the former PNP Administration immediately made $2 million available through the Contingency Fund to save the ailing public health care plan.Premier Sharlene Robinson, in that meeting with the media explained that the review is still set and that an audit will tell a comprehensive story about what NHIP requires to function effectively and contentiously.#MagneticNewsMedia Bahamas Police Commissioner Greenslade gone to UK, appointed as High Commissionerlast_img read more