With an aim to expand its tourism industry, Sharjah is focusing on its budding status as a destination for family tourists from across the region.The emirate has showcased several shows, carnivals and parks to cater to the family segment which also includes desert landscapes, man-made lagoons and cultural hotspots. Family tourism is a key pillar in the Sharjah Tourism Vision 2021, recently launched by Sharjah Commerce and Tourism Development Authority (SCTDA). The emirate aims to attract more than 10 million visitors to Sharjah, under the Vision 2021, within the next six years. This will be done through packages and offers are being specially designed for family tourists.As per recent figures released by SCTDA, showed that during the first two months this year hotels in Sharjah received 42,150 guests from Saudi Arabia alone, primarily families.Festivals and events such as Sharjah Light Festival, Sharjah Water Festival and Sharjah International Book Fair have become successful in drawing families from around the region and beyond.
MakeMyTrip has launched the fifth edition of its app-only travel sale, called the ‘Great International Gateway’. The app-only sale event was held from June 15-17, 2016, providing jaw-dropping offers and discounts across international flights, hotels and holiday packages.Internationally, South Asian destinations like Singapore, Thailand and Hong Kong, Dubai and the UAE as well as European destinations remain a hit among Indian travellers. People are also taking interest in other middle-eastern and Mediterranean destinations such as Jordan, Turkey, Greece and Hungary, as well as Cambodia, Vietnam and China.Rajesh Magow, Co-Founder and CEO-India, MakeMyTrip, said, “We have already crossed 18 million lifetime downloads of the MakeMyTrip and the vibrant mobile ecosystem has motivated us to offer an exclusive sale for international bookings. We believe we have made the most of the increasing mobile penetration and improving m-commerce adoption in the country and being pioneers in the OTA market, hope to transform the business into a mobile-dominated business in the years to come.”The company’s partners for international travel sale are Citibank and Standard Chartered as Banking Partners and Air France, British Airways, Malindo Air, Air Arabia, Singapore Airlines, Silk Air, Anantara, Meliá Hotels International, Compass Hospitality, Avani Hotels & Resorts and Hong Kong Tourism Board as Travel Partners.
Akansha Pandey | New DelhiSince Miami-based Norwegian Cruise Line Holdings (NCLH) Ltd. has established its India office in Mumbai, the brand has seen tremendous double-digit growth from India year on year. Out of its three brands, Oceania Cruises has certainly caught the fancy of the experiential upper middle-class in India and is gradually picking pace. Both leisure and MICE travellers have been increasing very rapidly on Norwegian Cruise Line (NCL). Regent Seven Seas Cruises too, is receiving a tremendous response and generating good business from the Indian market. Featuring all-balcony suite accommodation, Regent Seven Seas Explorer was launched last year and has been the brand’s most luxurious ship ever built.Felix Chan, Vice President of Sales-Asia, NCLH agrees that India is definitely the fastest growing market in Asia for the brand and the revenue per guest from India is even higher than that from travellers in the US. This year Norwegian has reported better growth in the number of booking from India as compared to the same period last year. Booking 45-60 days prior to sailing, Indian passengers have now matured and begun to realise the benefits of early bookings with savings and good availability of rooms.“The business growth from the Indian market is very strong. We started from a relatively small base but the business has been growing at an encouraging pace. NCL has seen an increase in the number of guests and revenue per guest from India. Indians are booking higher category of suites and preferring experiential travel. Once they upgrade to the higher cabin category they never look back. Undoubtedly, in India the potential for us is huge to drive the revenue per guest, particularly for Regent the growth of which has been phenomenal,” he remarked.The social-event business and incentive groups are picking up from India as they gain immense value by booking a cruise which is all-inclusive and eventually caters to their major requirements of cost and logistics. Off late, Chan confirmed that they are targeting families from India. “We have seen an enhanced demand trend during the summer holidays in May and June for cruising in Alaska, Europe, Mediterranean, Baltic regions, Miami and Florida (for Disney), followed by Bahamas and Caribbean. Overall, anything less than 12 days fits the bill for Indian travellers. They prefer short stays on for 4-5 nights across our brands,” he revealed.On the expansion front, the company will introduce seven additional ships through 2025 and has an option to introduce two additional ships for delivery in 2026 and 2027.NCHL’s first cruise ship custom-built with features and amenities for the ultimate Alaska cruise experience – Norwegian Bliss will sail beginning June 2. She will spend her summer sailing seven-day cruises to Alaska and fall season cruising to the Mexican Riviera from Los Angeles. In winter of 2018, she will sail to the Caribbean from Miami, and in the 2019 fall/winter season, she will cruise from New York City to Florida, the Bahamas and Caribbean.In October, Norwegian Jewel ship will be based in Singapore for seven days. This is the first time and it has already grabbed the attention of the travellers in the region, claims Chan.
Moody’s to Review ‘Too Big’ Banks Share Spooked by speculation that the federal government may withhold bailout funds from banks deemed “”too big to fail”” in another crisis, “”Moody’s Investors Service””:http://www.moodys.com/ placed the debt ratings for three leading banking institutions under review in June, according to NASDAQ.com.[IMAGE]The ratings agency said that the reviews will assess deposit, senior debt, and senior subordinated debt ratings. If lowered, the new ratings would downgrade the banks’ reputation as financially solvent institutions, diminishing their abilities to borrow large sums and meet bottom lines.In explaining the reviews, Moody’s said that the institutions ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô “”Bank of America””:https://www.bankofamerica.com/, “”Citigroup””:http://www.citigroup.com/citi/homepage/, and “”Wells Fargo””:https://www.wellsfargo.com/ ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô had received federal support that boosted their ratings 3-4 notches above average, inflating capital reserves and making it less likely for the institutions to weather another crisis absent federal intervention.Representatives for the banks could not be reached for comment.The U.S. federal government cobbled together the Troubled Asset Relief Program (TARP) to rescue the three banks, plus “”Goldman Sachs””:http://www2.goldmansachs.com/?cid=PS_01_05_06_99_01_01, during the worst stages of the credit crunch in 2008. Funding that remains in place may overstate quarterly and annual earnings, the investor service said.The new Dodd-Frank regulatory framework puts in place various agencies and over 387 provisions, half of them unwritten, which prescribe new limits and conditions for “”big”” banks.More recently, federal regulators issued guidelines requiring annual stress tests for banks with assets totaling more than $10 billion. With “”Bank of America””:https://www.bankofamerica.com/, Citigroup, and “”Wells Fargo””:https://www.wellsfargo.com/ among the most capital-laden lending institutions in the country, any federal assistance may well distort the outcomes these tests yield for authorities. June 21, 2011 433 Views Service Providers Wells Fargo 2011-06-21 Ryan Schuette in Data, Government, Servicing
Share In international news, “”BancTec””:http://www.banctec.com/ has rolled out an advanced mortgage servicing platform, geared toward new and existing lenders in need of accelerated and streamlined customer support.[IMAGE]BancTec’s service solution boasts some major advantages, since its program is easily customizable and can handle a wide variety of execution and commercial options for its users. [COLUMN_BREAK]Plus, thanks to its .NET platform, the product will assimilate well with existing servers or can be engaged as a completely hosted service. “”This latest release demonstrates BancTec’s continued commitment to meeting the needs of the lending market by providing solutions that add value for those looking to transform their businesses,”” said James Silcock, the company’s EMEA business development director. Specializing in business process outsourcing, BancTec has a robust infrastructure to provide complete assistance as required, and the company plans to offer a substantial reduction in support costs for lenders opting for the fully hosted platform solution. Continuing his commentary, Silcock added, “”Building on the success already achieved by eFIRST Origin, or origination platform, we are now able to provide a one-stop solution covering the total lending lifecycle in this exciting and competitive marketplace.””BancTec has its headquarters in Dallas, Texas, and the entity currently serves customers in 50 countries worldwide. BancTec Boasts New Platform July 25, 2011 464 Views Company News Processing 2011-07-25 Abby Gregory in Data, Origination, Servicing, Technology
Newark-based “”Prudential Mortgage Capital Company””:http://www.prumortgagecapital.com/businesscenter/realestate/pmcc/home/welcome.shtml announced Thursday the return of one Curtis Brunton to an originations principal position at the firm’s San Francisco location. After serving in a past role with Prudential, leaving it for another lender, and now returning to his old haunts, Brunton will originate commercial mortgage-backed securities (CMBS) with funds from a number of securitizing companies.[IMAGE]””We have been searching for originators with extensive experience and a proven track record since we announced the formation of our joint venture last month,”” Marcia Diaz, the managing director with Prudential, said in a statement. [COLUMN_BREAK]””Curtis has both and will be an excellent addition to the team,”” Diaz added. “”We are pleased to have him back.””According to the statement, Bruton will work with a more recently announced joint venture with Liberty Island Group, an affiliated fund of Perella Weinberg Partners’ asset-based value strategy. He will report directly to Diaz in his new role.For Prudential, Brunton is no newcomer. He previously functioned as a principal under the company’s wings, serving in this capacity between 1999 and 2008. He left to join “”Redwood Trust””:http://www.redwoodtrust.com/ as managing director. He also earned his bachelor’s degree from the University of Arizona. According to Prudential, the company will originate loans through a central platform, which it will then warehouse and securitize through the joint venture and asset-based value strategy. It had announced the creation of the joint strategy in July, a venture that will allow Prudential to reopen the CMBS markets to its borrowers after it initially divested itself from the securitization business in 2008.With $68 billion in total assets since June, Prudential Mortgage, a 135-year-old mortgage finance business, offers commercial and multifamily loans to borrowers. August 25, 2011 476 Views A Familiar Face Returns to Prudential Mortgage in Origination, Secondary Market, Servicing Agents & Brokers Investors Lenders & Servicers Movers & Shakers Processing Service Providers 2011-08-25 Ryan Schuette Share
Low interest rates for mortgage loans drove up mortgage application volume 12.8 percent on a seasonally adjusted basis from the week before.[IMAGE]The “”Mortgage Bankers Association””:http://mbaa.org/default.htm (MBA) reported the latest figures in a weekly survey released Wednesday.Mortgage applications shot up 60.2 percent on an unadjusted basis in contrast with figures from the previous week.The Refinance Index climbed 15.3 percent from the week before, as the Purchase Index ticked up 8.3 percent on a seasonally adjusted basis, also from the week earlier.On an unadjusted basis, the Purchase Index hit 47.2 percent in comparison with figures from the week before.””Coming out of the Thanksgiving holiday, applications increased significantly as mortgage rates dropped to their lowest levels in about two months,”” “”Michael Fratantoni””:http://www.mbaa.org/files/SpeakersBureau/FrantantoniM.pdf, MBA’s VP of research and economics, said in a statement.[COLUMN_BREAK]On a seasonally adjusted basis, the four-week moving average for the Market Index fell 3.20 percent, up 3.33 percent for the Purchase Index on the same basis and down 5.13 percent in line with the Refinance Index.Refinance share of activity in mortgage markets leapt forward to 76 percent of application volume, up from 73.9 percent from the week before.November this year saw refinance application volume line up at 52.9 percent of applications for 30-year fixed-rate mortgages and 26.2 percent for 15-year loans.Refinance applications fell to 5.7 percent from 5.8 percent for adjustable-rate mortgages (ARM), the share for which fell from 5.8 percent to crest at 5.7 percent of total applications from the week before.Applications for home purchase hovered at around 85.5 percent for 30-year mortgages, 6.8 percent for 15-year mortgages, and 5.9 percent for ARMs ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the second lowest such for ARM share of purchases since January this year.””Paul Diggle””:http://www.capitaleconomics.com/staff/property-economics/paul-diggle.html, a property economist with consultancy “”Capital Economics””:http://www.capitaleconomics.com/, tied the “”recent strength of mortgage applications”” to a decline in mortgage rates to 4.18 percent last week in a note circulated Wednesday.””High down payment requirements combined with the legacy of previous house price falls are preventing up to half of all existing homeowners from moving home,”” he added. “”And potential first-time buyers appear less interested in the idea of homeownership at all.””He urged market watchers not to get “”carried away,”” forecasting that “”mortgage applications for home purchase will post a small gain next year, and further falls cannot be ruled out.”” Adjustable-Rate Mortgage Agents & Brokers Capital Economics First-Time Homebuyers Fixed-Rate Mortgage Housing Affordability Investment Investors Lenders & Servicers Mortgage Applications Mortgage Bankers Association Mortgage Rates Processing Refinance Service Providers 2011-12-07 Ryan Schuette in Data, Origination, Secondary Market, Servicing Share application,Mortgage Applications Jump 12.8% on Low Rates December 7, 2011 396 Views
“”HUD””:http://portal.hud.gov/hudportal/HUD announced Thursday that “”Bank of America””:https://www.bankofamerica.com/ has agreed to pay $161,180 to settle allegations of maternity-based discrimination.[IMAGE]A complaint had been filed by the “”Fair Housing Council of Orange County””:http://www.fairhousingoc.org/ (FHCOC) against BofA alleging that one of its San Jose branches refused to refinance a woman’s mortgage because she was on maternity leave. The Fair Housing Act prohibits discrimination in mortgage lending and real estate-related transactions based on race, color, national origin, religion, sex, family status, or disability. BofA was alleged to be in violation of the provisions protecting sex and family status.””The Fair Housing Act prohibits lenders from denying home loans to women because they are pregnant or on maternity leave,”” said “”John Trasvi├âãÆ├é┬▒a””:http://portal.hud.gov/hudportal/HUD?src=/program_offices/fair_housing_equal_opp/Assistant-Secretary, HUD Assistant Secretary for Fair Housing and Equal Opportunity. [COLUMN_BREAK]””Today’s settlement follows HUD actions involving other lenders across the country which we will continue until maternity leave discrimination is eliminated,”” he added.The women told FHCOC that a BofA agent in 2009 offered her a 5 percent interest rate for a home refinance loan with no costs or fees. After she applied for the loan and supplied the necessary documents in January 2010, the bank allegedly refused to process her application because she was on maternity leave. The woman alleged in her complaint that a bank agent told her she would have to return to work full-time in order for her loan to be approved. The bank refused to process her loan even after she revealed she received the same pay and benefits while on maternity leave. The bank did approve her loan in March 2012, but the interest rate had increased to 5.25 percent by that point.A BofA official had a statement about the incident: “”We regret our treatment of the applicant. We take our Fair Lending responsibilities very seriously and will work with HUD to ensure our customers on maternity leave are treated appropriately during the mortgage application process.””Under the terms of the Conciliation Agreement, BofA will pay $30,000 to the woman, $16,180 to her attorney, and $15,000 to FHCOC. The rest of the settlement will go to create a $100,000 Compensation Fund to pay damages to loan applicants who may have been denied a loan, subjected to adverse loan terms, or had their loan applications delayed because they were pregnant or on maternity leave. The bank is also requiring all of its loan officers nationwide to complete annual fair lending training. in Data, Government, Origination, Servicing June 11, 2012 391 Views Share Agents & Brokers Attorneys & Title Companies Bank of America Company News HUD Lenders & Servicers Processing Service Providers 2012-06-11 Tory Barringer B of A Agrees to Maternity Discrimination Settlement
Adjustable-Rate Mortgage Agents & Brokers Attorneys & Title Companies Bankrate Freddie Mac Investors Lenders & Servicers Mortgage Rates Politics Service Providers 2012-11-01 Tory Barringer November 1, 2012 430 Views in Data, Government, Origination, Servicing Fixed mortgage rates fell back slightly to start November as investors anxiously wait for signs of which direction the economy is headed.[IMAGE]According to Freddie Mac’s “”Primary Mortgage Market Survey””:http://www.freddiemac.com/news/finance/index.html, the average rate for a 30-year fixed-rate mortgage was 3.39 percent (0.7 point) for the week ending November 1, down from 3.41 percent in the previous week. The 15-year fixed average for the week was 2.70 percent (0.7 point), a slip from 2.72 percent in the last survey.[COLUMN_BREAK]Adjustable rates also fell: The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent (0.6 point), down from the previous week’s average of 2.75 percent. Meanwhile, the 1-year ARM averaged 2.58 percent (0.4 point), dropping one basis point from 2.59 percent before.””Bankrate.com’s””:http://www.bankrate.com/ weekly survey also demonstrated decreases all around. The 30-year fixed average fell to 3.57 percent from 3.61 percent in the last survey, while the 15-year fixed average declined to 2.89 percent from 2.90 percent. Adjustable rates inched down as well, falling to 2.72 percent from 2.73 percent a week before.A combined 78 percent of experts and analysts “”surveyed by Bankrate””:http://www.bankrate.com/news/rate-trends/mortgage.aspx expect rates will either continue to drop or remain unchanged in the near future. Many voiced uncertainty, however, as the market remains caught between Hurricane Sandy and the presidential election.””In the wake of Hurricane Sandy, with both the monthly jobs report and the presidential election looming, and the fiscal cliff unresolved, investors are understandably nervous. Such nervousness and uncertainty fuels demand for the safety and security of government securities,”” Bankrate said in a release. “”Just some of this–but not all–will be resolved in the coming week, so expect mortgage rates to be in flux for some time.”” Mortgage Rates Hover as Uncertainty Reigns Share
Actress to ‘Flip’ Her Southern California Mansion for $3.55M Most famous for her real-life role as Charlie Sheen’s third ex-wife, actress Brooke Mueller has put her home in Tarzana, California, on the market for $3.55 million, attempting to flip the property one year after purchasing the 0.62-acre estate. “”According to RealEstalker””:http://realestalker.blogspot.com/2012/12/brooke-mueller-flips-out-in-tarzana.html, Mueller bought the posh pad from former _Spice_ _Girl_ member Mel B for $3 million, which was $159,000 less than the singer and her husband paid for the abode in 2009.The 9,200-square-foot property includes four bedrooms and six bathrooms, as well as a detached guest house that features a game room and movie theater. RealEstalker added that Mueller may already have a buyer for the mansion, noting that the home is rumored to be in escrow with an unknown buyer. [COLUMN_BREAK][IMAGE] December 12, 2012 439 Views in Data, Government, Origination, Secondary Market, Servicing, Technology Share Agents & Brokers Attorneys & Title Companies Celebrity Homes Investors Lenders & Servicers Processing Service Providers 2012-12-12 Abby Gregory
Profits on mortgage loan originations declined while the cost of originating a mortgage loan increased over the second quarter of this year, according to new data from the “”Mortgage Bankers Association””:http://mbaa.org/default.htm (MBA).[IMAGE]The average profit on a mortgage loan originated at an independent mortgage bank or mortgage subsidiary of a chartered bank during the second quarter was $1,528. During the first quarter, profit per loan was $1,772. “”Per-loan production costs continue to rise and there are signs of pricing pressure as evidenced by the reduction in secondary marketing income,”” said Marina Walsh, associate VP of industry analysis at the MBA. Measured in basis points, the profit per loan decreased from 86 to 75 over the quarter, according to the MBA. [COLUMN_BREAK]The total cost of originating a mortgage loan in the second quarter of this year was $4,207, compared to $4,182 in the previous quarter. This includes operating costs and loan officer commissions and accounts for fee income. The value does not account for secondary market income and other possible gains. However, secondary marketing income also declined over the quarter, falling from 274 basis points per loan to 263. Each loan required about $3,808 in personnel expenses in the second quarter, compared to $3,785 in the first quarter. Each loan officer wrote an average of 2.9 loans per month, down from 3.1 per month in the previous quarter. In total, independent banks and subsidiaries of chartered banks originated an average of 1,921 loans each in the second quarter, totaling $439 million at each institution. This is down from 1,954 loans and $442 million per bank in the first quarter. “”While overall volume remained relatively flat, we are seeing a shift in product mix towards purchase originations,”” Walsh said. In fact, for the first time since the third quarter of 2011, purchase originations accounted for a larger share of total originations than refinances. MBA reported purchase originations made up 52 percent of the dollar volume of mortgage loans originated in the second quarter. Costs Rise, Profits Fall on Mortgage Loans Originated in Q2 in Data, Origination Agents & Brokers Attorneys & Title Companies Investors Lenders & Servicers Mortgage Bankers Association Origination Points Profits Service Providers 2013-08-30 Krista Franks Brock August 30, 2013 559 Views Share
in Headlines, News, Servicing, Technology Chronos Solutions, formerly Matt Martin Real Estate Management, a diversified national real estate services firm, recently introduced a new service to help sellers in the disposition of HUD, VA, and non-performing loan (NPL) sales via its affiliate company, RealtyBid.Trustee Sale PlusSM is designed to diminish servicers’ transaction risk in the event a third-party doesn’t purchase the property at the courthouse auction, according to the Chronos.RealtyBid is the only company in the country that can immediately provide second chance online auctions, “plus” title curative, and Chronos’ signature HOA/Condo Lien Identification and Resolution service, collectively called ConveyancePrep.Chronos noted in their release that ConveyancePrep is available to support any servicer or institutional investor with assets in need of conveyance or marketable title assistance, and is included for free when utilized under the Trustee Sale Plus program.Matt Martin, CEO and co-founder of Chronos Solutions, noted that the new program offers “unparalleled value to the servicing community. The title curative process can be expensive and many servicers simply aren’t set up to do it.”Martin also pointed out that a number of other realities routinely make the process cumbersome for servicers. “Some foreclosure attorneys fail to cure title completely, leading to costs and delays. HUD requires any Home Owner Association obligations, such as liens and fees, to be current at the time of conveyance, but identifying those obligations can be a major challenge,” he said.“Also, if a property isn’t conveyed in a timely manner, the resulting fees and penalties can be massive and cost prohibitive for the servicer,” Martin continued. “There are significant time and cost savings for a servicer by allowing a trusted third-party provider such as Chronos to manage its auction programs through a product like Trustee Sale PlusSM. We are aware of no other service program in the industry that overcomes the inherent challenges as comprehensively.”“We have very strong experience and a proven track record in driving traffic and selling distressed assets through various channels including at the courthouse steps, online, and in ballroom settings,” said RealtyBid President Tony Isbell. “This service offering will drive more third-party sales for sellers and assist in reducing carrying costs associated with distressed assets. For those assets that don’t sell at auction, we provide the additional peace of mind through our “plus” program of helping make sure those properties are ready to be disposed of by other means by providing clear, marketable title. It’s the best of both worlds.”Chronos can provide other niche services, including title, valuations, and inspections to further assist in the process.“Sellers are attuned to bundled services today more than ever, particularly given the concerns posed by additional vendor management scrutiny by regulators” Martin said. “The faster and more comprehensive you can be in the disposition process, the better the results for everyone. Trustee Sale Plus promises to make that happen and raise the bar for trustee sales as a comprehensive and cost-effective solution.” Chronos Solutions RealtyBid Trustee Sale Plus Auction Service 2015-11-06 Staff Writer Share November 6, 2015 559 Views Chronos Solutions & RealtyBid Unveil Trustee Sale Plus Auction Service
November 18, 2015 480 Views Despite the housing industry’s major strides in recovery since the crisis, mortgage access among minorities remains a problem, locking them out the market.A new report from the National Community Reinvestment Coalition (NCRC) showed that racial disparities are largely prevalent in Baltimore, Maryland and surrounding areas.This recent study is just one piece of a much larger puzzle concerning minority lending that researchers have highlighted in recent reports.The NCRC report found that white applicants have a significant advantage in Baltimore as 75 percent of their 2,653 mortgage applications were approved. Meanwhile, only 61 percent of the 1,304 mortgage applications submitted by black applicants were approved.Even more surprising, whites only occupy 28 percent of Baltimore’s population and account for 54 percent of mortgage loan applications. On the other hand, blacks account for 63 percent of the population, but only 27 percent of applications.“While many Americans take the ability to obtain a mortgage for granted, majority African-American neighborhoods in Baltimore City are largely closed off from access to responsible credit and economic opportunity,” said John Taylor, CEO of NCRC. “These neighborhoods are lending deserts. This is part of a sad legacy of racial discrimination and segregation that continues to afflict the city.”He continued, “Until our financial institutions make a full and genuine commitment that creditworthy borrowers, regardless of their skin color, will be able to access responsible credit, the economies in these neighborhoods will continue to deteriorate, and we will continue to have the circumstances you see in Baltimore, Ferguson, and elsewhere.”From a national perspective, Zillow’s analysis of mortgage access and homeownership by race showed that eased credit access is allowing more people to be eligible for mortgage loans, especially among middle-income blacks and Hispanics, but despite the uptick, they still lag behind in the housing market recovery.Mortgage denial rates are down and the percentage of U.S. mortgage applicants getting approved has increased for all borrowers, but most notably among the black and Hispanic races, the report says.In 2013, 27.6 percent of blacks who applied for a conventional home loan did not get approved, while in 2014, 23.5 percent were denied, according to the most recent federal data released under the Home Mortgage Disclosure Act.The Zillow analysis showed that “despite that improvement, there is still significant disparity in mortgage access among racial groups.”Another report from the Urban Institute showed that clear signs of recovery have been recorded in the housing market, but minority borrowers do not seem to be linked to this recovery.Minority households were locked out of the recovery period following the recession partly due to tight lending standards as they tend to have lower income and weaker credit scores.The share of loans among African-Americans and Hispanic households deceased from 23 percent to 12 percent from 2005 to 2012.”Today’s tight credit environment has constrained mortgage lending and is disproportionately affecting African-American and Hispanic households,” Urban Institue noted. “As a result, these communities have found it harder to take advantage of the low home prices and interest rates that followed the housing market crash, missing an important opportunity to build wealth through homeownership.””A number of reforms can be undertaken to encourage lending to creditworthy borrowers who would have qualified before the housing boom,” Urban Institute said. “A return to 2005 and 2006 lending practices would be ill-fated, but the pendulum has unquestionably swung too far. Today’s tight standards have locked out many prospective borrowers from homeownership, disproportionately preventing African-American and Hispanic families from building wealth and benefiting from the recoveryTo read more about diversity and inclusion topics visit the October 2015 issue of MReport. in Daily Dose, Data, Featured, Market Studies, News, Origination Share Houisng Industry Lending Mortgage Access National Community Reinvestment Coalition 2015-11-18 Staff Writer Minority Mortgage Access Remains Problematic Nationwide, Research Shows
CFPB: Servicers Fail to Protect Borrowers CFPB Ocwen 2017-04-26 Aly J. Yale Through its supervisory activities, the Consumer Financial Protection Bureau has determined that some mortgage servicers are failing to provide adequate legal protection to struggling borrowers and have therefore violated the law.According to the Bureau’s Supervisory Highlights report released on Wednesday, CFPB examiners also found that some servicers mishandled escrow accounts, kept borrowers in the dark about their potential foreclosure prevention options, prematurely entered the foreclosure process, and sent incomplete bills and statements.CFPB examiners also found similar problems with several student loan servicers, stating that many had “failed to refund charges imposed on borrowers who had been wrongly denied the right to defer payments while enrolled in school.”“We found that some mortgage and student loan servicers are violating the law by failing to provide protections to borrowers,” CFPB Director Richard Cordray said. “Their slipshod practices are putting borrowers at risk of financial failure, and we will hold them accountable.”According to a CFPB release, the Bureau’s non-public supervisory activities have also recovered more than $6 million for consumers ill-served by car lenders, $19 million in civil money penalties, and $39 million in total consumer remediation. The activities also led to five public enforcement actions.Servicers with home CFPB examiners found issues with will be alerted and informed of potential remedial measures. According to the Bureau, this could include issuing refunds, paying restitution, implementing policies, improving training, increasing monitoring, and other actions to stop illegal practices.CFPB recently filed suit against Ocwen Financial Corporation, alleging it “engaged in significant and system misconduct at nearly every stage of the mortgage servicing process.” Ocwen responded this morning by filing three motions with the court, hoping to expedite a ruling on the constitutionality of the CFPB itself.“Ocwen believes that the CFPB is unconstitutionally structured, because it vests too much unfettered power in the hands of the CFPB’s Director and the Bureau itself, without any meaningful oversight by the President or Congress,” a release from Ocwen stated.The CFPB’s Supervisory Highlights report covered CFPB supervisory activities from September to December 2016. To view the full report, visit ConsumerFinance.gov. April 26, 2017 624 Views in Daily Dose, Government, Headlines, Uncategorized Share
Low-income households have struggled for many years to obtain the American Dream of homeownership, however that’s beginning to change. According to Trulia, economic inequality is still a subject that the U.S. is handling. They study homeownership inequality by the gap between the bottom third share of homeowners versus the top third, omitting retirees.In Americas 100 largest metros, households with higher-income own homes at as much as 4.4 times the rate of those at the bottom. Though the historical trend has shown the market as off limits to low-income homebuyers, now that isn’t true for every metro. The average age of a cities population, the magnitude of a housing market’s price range, income inequality, and how long people stay in their homes play a role in homeownership inequity.According to Trulia’s report, 77 percent of wealthy households own their homes, which is nearly 2.3 times the rate of poor households (34.9 percent). The gap in homeownership has been trending downward since 2012, nevertheless, from 2.4 times to 2.3. Based on the largest 100 metros, 79.3 percent of wealthy households now own homes—2.8 times higher than low-income households, which currently lie at 27.9 percent.There isn’t one reason in particular that homeownership continues to be unequal. It’s possible it is a mixture of range of household income, range of home prices, age of the population, and the proportion of the population that have lived in their home for less than five year. However, according to Trulia, none of these are strong predictors.“While demographic factors in some metros, such as a younger than average population, may be fueling unequal housing outcomes, along with a national trend that has been pointing to a gradually widening gap, there still seems to be plenty of opportunity for changes to local housing policy that could move the needle in a favorable way for low income groups.”To read the full report, including regional data, click here. August 10, 2017 659 Views in Daily Dose, Data, Featured, News The American Dream—for a Price Homeownership 2017-08-10 Brianna Gilpin Share
The third and final Golden Ticket in the Viking agent promotion has been won by italktravel & Cruise Ballarat in Victoria.Three lucky travel agencies opened their boxes of brand new Viking 2020-2021 Ocean Cruises brochures to discover their Golden Ticket, redeemable for a 15-day Far East Discovery ocean cruise prize for two.The winning agencies are:italktravel & Cruise Ballarat in VictoriaHelloworld Redbank in QueenslandSt Ives Travel in NSW“Congratulations to our three winning agencies! We’re thrilled you’ll be enjoying a 15 day Far East Discovery cruise for two, sailing from Beijing to Hong Kong – including a shore excursion to the Great Wall of China,” said Erin Kramer, Viking’s trade marketing manager ANZ.“Now for the tricky part – Each travel agency will need to decide who will be lucky enough to take the cruise. We can’t wait to welcome you onboard,” she concluded.Viking’s 2020-2021 Ocean Cruises brochure is now available at TIFS and features more than 10 brand new itineraries, over 10 new extensions and a new destination when Viking returns to Turkey.Brochures have started arriving in stores, but you can also order copies from TIFS HERE. IMAGE: L-R – Tim Hickingbotham, Marita Cougle, Ann Bridgewater, Leanne Drummond and Alan Valpied representing italktravel & Cruise Ballarat, Victoria
He Said It“What a beautiful win. It always takes 60 minutes to play this game, that’s why they put it on the clock. It wasn’t the prettiest 45, but it was a nice 15.” — Cardinals head coach Bruce AriansUp NextThe Cardinals host the NFC North-leading Detroit Lions (7-2) Sunday at University of Phoenix Stadium. Kickoff is at 2:25 p.m. with pregame coverage starting at 10:30 a.m. on Arizona Sports 98.7 FM. – / 39 Arizona’s running game never got on track. The Cardinals had only 28 yards on 22 carries against the talented St. Louis front seven. Andre Ellington had a season-low 23 yards on 18 carries, although he did score on a three-yard touchdown run in the second quarter to open the scoring for Arizona. Five of Ellington’s 18 carries went for negative yardage and the Cardinals’ longest run was only five yards.Noted• Rookie Chandler Catanzaro tied an NFL record when he connected on a 43-yard field goal in the second quarter. It was Catanzaro’s 17th straight make at the start of his career, tying Washington’s Kai Forbath. However, he’d miss a 53-yard field goal attempt in the fourth quarter to snap the string.• The Cardinals are now 15-3 in their last 18 games, dating back to last season.• Palmer failed to throw a touchdown pass, snapping a streak of 18 games with at least one.Player of the GameCalais Campbell was a monster Sunday. The Arizona defensive end had six tackles, two sacks, four tackles for loss and two other quarterback hurries. You can certainly make an argument for Peterson as well. One play after getting flagged on a very iffy illegal contact penalty, Peterson picked off Davis for his first interception of the season. His second, on St. Louis’ next drive, was returned for a touchdown that effectively iced the game. Top Stories 0 Comments Share Former Cardinals kicker Phil Dawson retires Grace expects Greinke trade to have emotional impact GLENDALE, Ariz. — There’s just something about this football team.The “next man up” mentality was put to the test once again Sunday, and once again the Arizona Cardinals passed that test.Trailing 14-10 midway through the fourth quarter, Drew Stanton relieved the injured Carson Palmer and found John Brown on a scintillating 48-yard touchdown pass that gave the Cardinals the lead.Patrick Peterson and Antonio Cromartie would add defensive touchdowns 1:15 apart and the Cardinals would go on to beat the St. Louis Rams 31-14 at a sold-out University of Phoenix Stadium. Derrick Hall satisfied with D-backs’ buying and selling The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Now the bad news. Palmer was pressured by St. Louis safety Mark Barron on a third down, and moved forward in the pocket. When his left foot hit the ground, Palmer buckled and went down without any contact from the Rams defense. He stayed on the field for several minutes and walked off under his own power — the knee buckling again as he reached the sideline. He was then carted to the Arizona locker room.Head coach Bruce Arians said the team had no information on Palmer’s condition, but he would undergo an MRI and hopefully results would be available by Tuesday.With the win, the Cardinals push their league-best record to 8-1 on the season.The Good Stanton, who quarterbacked the Cardinals to two wins in Palmer’s absence earlier this season, completed all three of his passes on his first drive, covering 86 yards.The defense was amazing again, holding the Rams to 244 total yards, forcing three turnovers and scoring two defensive touchdowns. They also sacked St. Louis QB Austin Davis six times after having only eight sacks in their first eight games.The BadThe Cardinals’ defense was solid again, but got victimized by the big 59-yard pass from Davis to Jared Cook in the second quarter.
Top Stories 0 Comments Share Grace expects Greinke trade to have emotional impact Newly signed running back Michael Bush was also designated inactive by Arizona, as were linebackers Kenny Demens (knee) and Desmond Bishop, defensive tackles Ed Stinson (toe) and Alameda Ta’amu and tight end Matthew Mulligan.The Falcons (4-7) will also be without a high-profile wide receiver on Sunday. Roddy White (ankle) will be missing just his second game of the season. He has compiled 56 receptions for 662 yards and five touchdowns in 2014.Also inactive for Atlanta are quarterback Sean Renfree, tackle Jonathan Scott, linebacker Tyler Starr, cornerback Robert Alford and defensive linemen Paul Soliai and James Anderson.The Cardinals-Falcons game kicks off at 2:05 p.m. and can be heard on Arizona Sports 98.7 FM. The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Larry Fitzgerald’s knee hasn’t recovered to the point where he is comfortable with participating in Sunday’s matchup between the Arizona Cardinals and Atlanta Falcons.The usually durable wide receiver will miss his second-straight game with an MCL sprain, the Cardinals confirmed prior to kickoff in Atlanta. His 110-game streak without an absence is starting to look like a distant memory.Fitzgerald still leads the Cardinals (9-2) with 658 yards receiving on 46 catches. He also has two touchdowns to his name this year. Former Cardinals kicker Phil Dawson retires Derrick Hall satisfied with D-backs’ buying and selling
The offseason upgrades to the Arizona Cardinals’ run game didn’t lead to much optimism heading into Week 1 of the NFL season — not that they weren’t positive improvements on paper.An injury to left guard Mike Iupati, the team’s biggest free agent signing, and suspension to right tackle Bobby Massie were assumed to put any judgment about those upgrades on hold. But the replacements have been surprisingly effective. Grace expects Greinke trade to have emotional impact Keim will defer to Arians in making the final call, and that decision will be a firm one. There won’t be an open competition for the starting spots.“Once we decide it’s over,” Arians said Monday on the Bickley and Marotta show. “It’s a matter of just moving on.”The run game indeed has thrived behind the Cardinals’ offensive line. It’s helped Arizona also feels improved at tight end and running back from a year ago.Want the numbers?The Cardinals are averaging 4.4 yards per carry through two games, which is tied for ninth place in the NFL.In Arizona’s 48-23 win against the Bears on Sunday, Arians’ team rushed 28 times to 24 passing attempts. Without starter Andre Ellington, who is out with a knee injury, backup Chris Johnson carried most of the load, taking 20 carries for 72 yards.“For a slighter-built back, not only does he have great feet and patience, but the one thing he does is he can lower and finish at the end of the run,” Keim said. “When he gets out in space, he gets skinny and does some nice things with his run style, but his ability to finish between the tackles has been a pleasant surprise.” Arizona Cardinals’ Bobby Massie (70) blocks against Alex Okafor (57) during NFL football training camp Thursday, Aug. 13, 2015, in Glendale, Ariz. (AP Photo/Ross D. Franklin) Your browser does not support the audio element. The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo At right tackle, Earl Watford has performed well in the Cardinals’ first two games. And left guard Ted Larsen has shown himself more than capable — he has experience at the position, after all.“I think they’ve answered the bell,” Cardinals general manager Steve Keim said Monday on Arizona Sports 98.7 “Doug and Wolf” show. “A couple guys have stepped up. (Right guard Jonathan Cooper) coming back from injury has done a nice job, Earl has played well and I think Ted Larsen has stepped up his game. And then it’s nice, I think Mike Iupati might be ready to play this week, Bobby Massie is back from suspension. We’ll have some options and it’s nice to have that kind of depth moving forward.”Iupati will in all likelihood reclaim his starting spot, but Massie might have a more difficult mountain to climb. Watford’s play has forced a discussion about how the team will shuffle its first unit.“Coach (Bruce Arians), myself and (offensive coordinator) Harold Goodwin will have a discussion sometime today about that,” Keim said. “But I know this: Earl has earned the right to be on the field. The one thing I think he’s excelled at is the run game. He really does have snap and explosiveness through his hips as a player where he can create movement in the run game. He does a nice job on the second level.” Top Stories Former Cardinals kicker Phil Dawson retires Comments Share Derrick Hall satisfied with D-backs’ buying and selling Johnson has also been solid in blitz-pickup, Arians said, and that’s helped the Cardinals go two games without giving up a sack.On Sunday, rookie running back David Johnson added five carries for 42 yards — not to mention his opening kickoff return that went 108 yards for a touchdown. His role may gradually increase, but Ellington’s eventual return and Arians’ wariness about piling too much on the rookie could play a factor.But all-in-all, the results heading into Week 3 are promising, especially for an offense that should only add to its depth along the line that’s already over-performing the outside expectations. – / 44 LISTEN: Steve Keim, Arizona Cardinals general manager
Arizona Cardinals’ Tyrann Mathieu, left, breaks up a pass intended for Philadelphia Eagles’ Nelson Agholor during the second half of an NFL football game, Sunday, Dec. 20, 2015, in Philadelphia. (AP Photo/Matt Rourke) Admittedly, we’re getting to the point where power rankings are becoming meaningless.Either you’re in the playoffs, or you’re not. Six teams have punched their postseason tickets. Three, including the Arizona Cardinals, have clinched their division. The Cardinals got 187 yards rushing and three touchdowns from David Johnson in a 40-17 dismantling of the Philadelphia Eagles on Sunday night to lock up the NFC West crown for the first time since 2009. Former Cardinals kicker Phil Dawson retires NFL Power Rankings, Week 16: Packers rise again; Broncos fall#2 (no movement)Arizona clinched the NFC West with Sunday’s blowout win over the Eagles, adding to what might be the team’s best season of the modern era. No Cardinals group has ever started 12-2. In case you were wondering: Up until this point, the greatest team in franchise history was the 1948 outfit, which went 11-1 before losing to the Eagles in the NFL Championship Game at Shibe Park in Philadelphia. So consider Sunday night’s contest a grudge match. Losing Honey Badger sure hurts, though.2015 NFL Power Rankings: Week 16#2 (no movement)The Cardinals have set franchise records for wins (12) and points scored (445) this season, and there are still two games to play. Home games against the Packers and Seahawks await.NFL Week 16 Power Rankings: Top five remain unchanged, while Chiefs rise#2 (no movement)Among non-quarterbacks, just three players—Doug Baldwin, Odell Beckham Jr. and Allen Robinson—have accounted for more touchdowns than David Johnson’s 12. Not bad for a guy who averaged three carries over his team’s first nine games and just became the starter in December. 2015 NFL Power Rankings: Week 16#2 (no movement)The Cardinals may have finally found their ideal foundation running back in rookie David Johnson, who set the team’s all-time rookie touchdown record (12) this season. Tyrann Mathieu had evolved into one of the NFL’s elite defensive backs this season, and his loss (ACL) will be a setback for the defense overall.NFL Power Rankings: Where Does Every Team Rank Heading into Week 16?#2 (no movement)The Arizona Cardinals desperately needed a reliable power runner as the final piece of their offense. They drafted David Johnson in the third round, and now the rookie has arrived.Johnson stomped the Philadelphia Eagles with 229 yards from scrimmage Sunday night (187 rushing yards and 42 receiving yards) during a division-clinching win. He also scored three times, all while galloping for 6.7 yards per carry.His 12 all-purpose touchdowns are the most by a rookie in Cardinals history, according to the Elias Sports Bureau (via SportsCenter). He’s added another dimension to a frighteningly deep offense.NFL power rankings 2015, Week 16: Steelers, Packers up; Broncos dropping#2 (no movement)The Cardinals may be a real threat. They blew out the red-hot Eagles to move to 12-2 on the year, dethroning the Seahawks as the NFC West champions. It could prove to be a Pyrrhic victory in the end, though, as Arizona lost Tyrann Mathieu to a torn ACL during garbage time snaps. The Defensive Player of the Year candidate will be pretty impossible to replace — he plays safety, corner, linebacker and a little bit of everything else for the Cardinals — so a number of depth players will have to step in in relief. They’ve weathered losses in the past, though, and I have the feeling that Arizona is going to keep making noise once the playoffs roll around. There’s not a lot of room for the Cardinals to move up, as you’ll see in this week’s Power Rankings Roundup. Top Stories Comments Share NFL Power Rankings: Backup QBs should decide battle for AFC’s No. 2#2 (no movement)Now that they have David Johnson going as a runner, it’s going to be even tougher to stop this offense. They face a big game with Green Bay this week.NFL Power Rankings: This Jets season could end in heartbreak#3 (holding steady)I get why there’s an outcry about Tyrann Mathieu getting hurt in garbage time. But you still need to field 11 guys on each side until the game is over. It’s not always possible to replace every player late in a game. Still though, it’s a devastating injury. The Cardinals can overcome it, but nobody can replace Mathieu’s versatility or playmaking ability.PFT’s Week 16 power rankings#2 (holding steady)Losing Tyrann Mathieu will make it a lot harder to get past Seattle and Carolina.USA Today Power Rankings#3 (no movement)Tyrann Mathieu’s loss is a major one, especially considering caliber of quarterbacks Cards will see next month. Grace expects Greinke trade to have emotional impact – / 14 The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Derrick Hall satisfied with D-backs’ buying and selling