Higher asking prices drove off foreign homebuyers and investors over the last year, with real estate firm citing a 10 percent decline in foreign interest for the U.S. housing market.[IMAGE]Releasing its International House Hunter Report Thursday, “”Trulia””:http://www.trulia.com/ found that asking prices rose 0.3 percent year-over-year, nixing helpful influence from still-falling home prices.The housing bust attracted a number of foreign and cash buyers interested in low prices and the safe haven of U.S. real estate investment.””Foreigners attracted to real estate bargains get turned off when prices increase,”” “”Jed Kolko””:http://www.trulia.com/about/people/jed-kolko, chief economist with Trulia, said in a statement. “”Investors want to buy when prices are at their bottom, but they’ll start to lose interest when prices rise 15 percent, as they have in Miami and Phoenix. Demand by people looking to scoop up bargains can dry up quickly when prices rise.””[COLUMN_BREAK]The decline in overseas buyer and investor activity ran steep year-over-year. In Miami, a traditionally popular area among foreign buyers, international house hunters fell from 16.3 percent in June last year to 15.7 percent this year.Other places in Florida likewise saw dips in their overseas buyer activity. Fort Lauderdale observed a drop from 14.2 percent last year to 12.9 percent this year, while West Palm Beach saw declines that ran from 12.2 percent to 10.3 percent.Los Angeles, another hub of foreign buyer activity, came in just behind Miami for year-over-year declines in international house hunters, slumping from 13.4 percent last year to 13.7 percent this year.Other areas saw a climb in activity. House-hunting activity picked up in tourist destination Orlando, increasing from 10.7 percent to 10.8 percent. The Trulia report made a nod to the ongoing debt crisis in Europe, a helpful influence on housing activity that kept Treasury yields and interest rates for mortgage loans correspondingly low this year.””Although Europe’s financial troubles have been a global economic threat, the Eurozone crisis had a silver lining for U.S. housing in 2011 as Europeans looked to American real estate as a safer investment,”” Kolko added.””Last year, the share of searches from Greece, Spain and Italy increased, bucking the international trend. Now, however, the foreign search share is declining even from those Eurozone crisis countries,”” he said. July 27, 2012 428 Views in Data, Origination, Secondary Market, Servicing As Asking Prices Rise, Foreign Buyer Activity Falls Agents & Brokers Asking Prices Confidence Debt Crisis Euro European Union First-Time Homebuyers Fixed-Rate Mortgage For-Sale Homes Home Prices Housing Affordability Investors Lenders & Servicers Mortgage Rates Processing Service Providers Treasury Yields 2012-07-27 Ryan Schuette Share
“”FHFA””:http://www.fhfa.gov/ issued a notice Wednesday to warn of the controversial use of eminent domain recently proposed in San Bernardino County. [IMAGE]In San Bernardino County, officials are considering the use of eminent domain to seize underwater mortgages. The mortgages would be taken at fair market value, and then restructured into new loans with terms reflecting the current market. Chicago and Berkeley are also exploring the proposed use of eminent domain.[COLUMN_BREAK]In the notice, which was sent to the Federal Register, FHFA stated it had “”significant concerns about the use of eminent domain to revise existing financial contracts and the alteration of the value of Enterprise or Bank securities holdings.””FHFA said that in relation to the Fannie Mae and Freddie Mac, the use of an eminent domain program could result in a cost to taxpayers. FHFA also stated it had significant concerns regarding a “”chilling effect on the extension of credit to borrowers seeking to become homeowners and on investors that support thehousing market.””As conservator for the GSEs and as a regulator for Federal Home Loan Banks, FHFA stated it may need to take action “”to avoid a risk to safe and sound operations and to avoid taxpayer expense.””Along with concerns, the agency also raised several questions, including the constitutionality of the proposed use of eminent domain; the effects on holders of existing securities; and the impact on millions of negotiated and performing mortgage contracts. FHFA said it is accepting input on topic through its Office of General Counsel no later than September 7, 2012. in Data, Government, Origination, Secondary Market, Servicing FHFA Processing 2012-08-09 Esther Cho August 9, 2012 445 Views Share FHFA Pushes Back on Eminent Domain Policy in California
in Data, Government, Origination, Secondary Market, Servicing May 22, 2013 397 Views Agents & Brokers Attorneys & Title Companies Company News Investors Lenders & Servicers Processing RE/MAX Service Providers 2013-05-22 Tory Barringer Share RE/MAX Creates Luxury Listings Website “”RE/MAX””:http://www.remax.com/ announced the launch of the “”RE/MAX Collection””:http://www.theremaxcollection.com/, a new luxury resource website offering high-end U.S. listings.[IMAGE]The site features a clean, simple look, marked by a distinctive onyx and silver logo. Beyond that, it focuses on homebuyers and sellers’ needs with simple search functions, breathtaking photography, and easy navigation. The program also provides RE/MAX luxury [COLUMN_BREAK]specialists with exclusive training and marketing tools that allow them to deliver premier service to their clients.””The unparalleled tools and resources available to our clients confirms our dedication to customer service and allows for an exclusive experience,”” said Mike Reagan, SVP of RE/MAX Business Alliances. “”Visitors to The RE/MAX Collection website can easily find local RE/MAX agents who have the Certified Luxury Home Marketing Specialist training, as well as fine homes and luxury properties.””In addition to launching the website, RE/MAX named Anne Miller, an experienced and respected luxury real estate expert, as brand manager of the RE/MAX Collection. Miller comes to her position with a well-rounded background in real estate and luxury development, including the grand opening and marketing of Spire Denver and the Four Seasons in downtown Denver.””I am thrilled with the opportunity to work for the industry’s leading real estate brand,”” she said. “”RE/MAX has been successful because of its high level of service. My job is to help deliver a powerful marketing program that complements RE/MAX agents’ commitment to excellence.””
Agents & Brokers Attorneys & Title Companies Ben S. Bernanke Federal Reserve Investors Janet Yellen Lenders & Servicers Politics Senate Banking Committee Service Providers 2014-01-06 Tory Barringer January 6, 2014 442 Views Share Fed,Yellen Confirmed as Fed Chair as Senate Returns in Government The “”United States Senate””:http://www.senate.gov/index.htm voted Monday to confirm Janet Yellen as chair of the “”Federal Reserve””:http://www.federalreserve.gov/ following Ben Bernanke’s departure at the end of January. She will be the first woman to take the job in the Fed’s history.[IMAGE]According to “”reports””:http://www.washingtonpost.com/business/economy/janet-yellen-confirmed-as-next-fed-chief/2014/01/06/14b38582-76f2-11e3-8963-b4b654bcc9b2_story.html, Yellen’s nomination passed in a vote of 56-26.Like her predecessor, Yellen seems to favor the strategy of keeping monetary policies loose as the economy works to get back on its feet–a position her opponents have criticized.[COLUMN_BREAK]””I have deep concerns about the long-term effects of pursuing [current] policies,”” said “”Sen. Chuck Grassley””:http://www.grassley.senate.gov/news/Article.cfm?customel_dataPageID_1502=47926 (R-Iowa) in a statement released Monday. “”Historical evidence suggests that failing to rein in easy money policies on a timely basis risks fueling an economic bubble or even hyperinflation.””Grassley added that while the Fed’s recent strategy has benefited the stock market, the rest of the country has yet to see major improvements, noting that “”the Fed has a dismal record at being able to produce sustainable job creation through expansionary monetary policy.””Still, she’s not without her supporters. Speaking at her “”nomination hearing””:http://www.banking.senate.gov/public/index.cfm?FuseAction=Newsroom.PressReleases&ContentRecord_id=57be8f3b-b898-e474-6dc4-9f896f4d6676 before the Senate Banking Committee in November, Sen. Tim Johnson (D-South Dakota) pointed to her “”extensive and impressive career in public service and academia”” as proof of her qualifications.””We need [Yellen’s] expertise at the helm of the Fed as our nation continues to recover from the Great Recession, completes Wall Street Reform rulemakings, and continues to enhance the stability of our financial sector,”” he said at the time. “”I am excited to cast my vote to confirm her as the first woman to serve as Chair of the Federal Reserve.””
Trends Indicate Recovering (Not Bubbling) Home Market in Daily Dose, Data, Headlines, News Market trends across the United States indicate a recovering real estate market—but not a bubble—according to the latest Home Value Forecast from Pro Teck Valuation Services. According to the forecast, the housing economy is in healthy rebound, so much so that even the markets showing the greatest appreciation are not near 2006 figures, when the market was at its historical peak.Pro Teck’s conclusion is decidedly more optimistic than other forecasts released in recent weeks. Earlier in July, FICO reported that 56 percent of U.S. lenders fear another bubble is forming. “While every market is different, and every neighborhood is different,” said Pro Teck CEO Tom O’Grady, “we see positive trends now being the norm instead of the exception.”Pro Teck’s conclusion validates reports by other industry organizations, such as Trulia, which predicted in March that the housing economy would stagger back to stable footing without creating a bubble.One of the positive trends Pro Teck sees is the recovery of market values in states such as Florida, where processing foreclosure properties through a long judicial process had delayed recovery time. Now that foreclosures from a few years ago are concluding, the markets in judicial states are opening back up and more homes are being listed for sale. This, said O’Grady, is an important ingredient when it comes to market performance and growth. Active listings in any market, he said, have dramatically affect that market’s dynamics—fewer listings indicate more competition that results in home price appreciation.Still, Florida is home to three of the worst-performing markets in the country: Lakeland, Tallahassee, and Tampa. “Although many of the indicators in the bottom ten are trending positive, we are still seeing more than six months of inventory in all but one market and high foreclosure ratios,” O’Grady said. “Until those indicators improve, those areas are likely to see weaker housing conditions for the coming months.”Florida’s unenviable company at the bottom includes metros in Alabama, Indiana, North Carolina, West Virginia/Maryland and Ohio/Pennsylvania.According to Pro Teck, listings in three of the top 20 markets (Hawaii, Texas, and California) have dropped by more than 60 percent year-over-year, leading to the most rapid growth in the U.S. But while the forecast is positive for the next three to five years in these areas, these markets will not sustain the recent their recovery pace, and a bubble will not form.”The big difference this time around is that mortgage credit is much tighter due to increased regulation and the zero down, pick-a-pay, stated income, type of exotic mortgages that created the last bubble are no longer an option,” O’Grady said.According to the report, seven of the top 10 performing markets are in California, where they have been since last year and show no signs of taking a back seat to anywhere else anytime soon. “California is leading MRI, active listings, active price change percent, and sales-to-list price ratios,” O’Grady said. “These hot markets are leading to very attractive prices for sellers.” The other three markets in the top 10 were in Texas (Houston and Lubbock) and Seattle. FICO Forecast Home Values Housing Bubble Pro Teck Valuation Services Trulia 2014-07-17 Scott_Morgan July 17, 2014 469 Views Share
in Daily Dose, Headlines, News, Secondary Market Share January 3, 2015 508 Views Fannie Mae’s gross mortgage portfolio took a huge downward turn in November, while the mortgage giant’s Book of Business inched upward, according to Fannie Mae’s November 2014 Monthly Summary.The balance of the gross mortgage portfolio dropped from $436 billion in October down to $424 billion in November, marking the 52nd time in the last 53 months Fannie Mae’s portfolio declined month-over-month. With the exception of December 2012, when the portfolio grew in value at a compound annualized rate of 1 percent, the value of the portfolio has declined every month since June 2010. At the end of that month four and a half years ago, the portfolio’s value was almost $818 billion.Year-to-date for the first 11 months of 2014, the gross mortgage portfolio has declined by an average compound annualized rate of 14.7 percent. November’s decline of 28.9 percent marked the fourth-largest month-over-month decline the portfolio has experienced since the conservatorship began in September 2008. In January 2010, it declined by 44.8 percent; and in back-to-back months in July and August 2013, it declined by 29.6 percent and 32.4 percent, respectively.Meanwhile, Fannie Mae’s Book of Business increased in November at a compound annualized rate of 0.7 percent up to $3.12 trillion, marking only the second time in the last 12 months the Book of Business has increased month-over-month. Year-to-date, the Book of Business has declined at an average compound annual rate of 1.5 percent.Also in November, the serious delinquency rate on Fannie Mae’s conventional single-family mortgage loans declined by one basis point from October down to 1.91 percent. November marked the 36th month in a row the serious delinquency rate declined at least one basis point month-over-month; the last time the rate did not decline was when it held steady at 4.0 percent from October to November 2011.The value of Fannie Mae’s mortgage-backed securities and other guarantees totaled $2.791 trillion in November, representing an annualized compound rate month-over-month decline of 1.0 percent after experiencing an increase in three of the previous four months. Year-to-date for the period ending November 30, 2014, MBS and other guarantees for Fannie Mae has declined at an average compound annualized rate of 0.5 percent.Fannie Mae completed 7,417 loan modifications in November, down from 9,540 completed in October. Year-to-date for the period ending November 30, 2014, Fannie Mae has completed 113,872 loan mods. Delinquency Fannie Mae Loan Modifications Mortgage-Backed Securities 2015-01-03 Seth Welborn New Acquisitions Drive Up Business at Fannie
May 28, 2015 617 Views JPMorgan Chase’s RMBS Settlement of $500 Million Approved With Pension Funds Share in Daily Dose, Featured, News, Origination Bear Stearns JPMorgan Chase Mortgage-Backed Securities Pension Funds 2015-05-28 Seth Welborn A federal judge has approved JPMorgan Chase’s $500 million settlement with four pension funds over the sale of faulty mortgage-backed securities by Wall Street investment firm Bear Stearns before the financial crisis, according to media reports.JPMorgan Chase, the nation’s largest bank, acquired Bear Stearns in March 2008 at a stock-only price of $236 million, or $2 per share. In their lawsuit, the pension funds accused Bear Stearns of selling $17.6 billion worth of toxic mortgage-backed securities to them in the run-up to the crisis.The terms of the settlement were approved by Judge Laura Taylor Swain in the U.S. District Court for the Southern District of New York (in Manhattan). In addition to the $500 million, reports said Swain also approved the plan of allocation and $81 million in attorney fees, calling the settlement “fair, reasonable, and adequate.” According to the terms of the settlement, the defendants were not required to admit any fault or wrongdoing.Pension funds to which the settlement money will be allocated are the Public Employees’ Retirement System of Mississippi (MissPERS), the New Jersey Carpenters Health Fund, the Police and Retirement System of Detroit, and the State of Oregon, according to reports.The group of pension funds accused Bear Stearns of offering documents that contained “false” and “misleading” statements as to the quality of the securities in question. The group claimed in its original complaint that Bear Stearns made “untrue statements” and “omissions” in the documents and that the securities were “far riskier than represented.” Court documents said the complaint included 22 offerings from 64,000 underlying mortgage loans from about 500 originators.A spokesman for JPMorgan Chase declined to comment on the settlement when reached by email. A spokesperson for MissPERS referred MReport to the Mississippi Attorney General’s office, which did not immediately respond to a request for comment. In 2012, the bank’s CEO, Jamie Dimon, estimated that the Bear Stearns acquisition had cost the bank about $10 billion in losses over the previous four years.Legal troubles have mounted for JP Morgan Chase in the last two years regarding sales of mortgage-backed securities prior to the housing crisis. In November 2013, the bank agreed to a then-record $13 billion settlement with the U.S. Justice Department to resolve allegations misleading investors in the sales of MBS (nine months later, Bank of America broke the record by agreeing to a $16.65 billion settlement with the DOJ to resolve similar claims). Overall in 2013, JPMorgan Chase paid about $23 billion in settlements over its mortgage lending practices.The pension funds involved in the JPMorgan Chase settlement have settled with other firms over alleged MBS fraud. In February, three financial institutions (Citigroup Global Markets, Goldman Sachs, and UBS Securities) settled with the New Jersey Carpenters Health Fund for $235 million to resolve allegations of fraud on the part of the underwriters involving MBS sold to Residential Capital, an affiliate of the New Jersey Carpenters Health Fund. In September 2014, investment firm Morgan Stanley settled for $95 million with MissPERS to resolve claims that the firm misled investors as to the quality of RMBS it sold before the financial crisis.
eMortgages technology 2016-08-26 Seth Welborn Share August 26, 2016 683 Views What is the Industry’s Hangup with eMortgages? Federal housing regulators would like the industry to adopt eMortgages—which are mortgages in which critical loan documentation (specifically the promissory note, or eNote) is created, executed, registered, transferred and ultimately stored electronically—as the industry standard.But according to a joint outreach survey conducted by Fannie Mae and Freddie Mac with industry stakeholders on state of the industry adoption, it may take a while.The GSEs, under the direction of their regulator, FHFA, as part of the 2016 scorecard, are charged with working together to identify, assess, and implement strategies (where appropriate) to improve the industry’s ability to deliver eMortgages. In the survey, the GSEs asked 130 stakeholders, including lenders, technology solution providers, servicers, title/settlement agents, warehouse banks, and servicers, on perceived obstacles to the industry’s adoption of eMortgages as a standard.The survey cited several factors that are driving the demand for eMortgages, which include: borrower expectations of faster, better, and more reliable service; a desire for more efficient processes and costs savings during the loan origination process, shorter timeframes from origination to sale into the secondary market resulting in greater liquidity; reducing interest rate risk and hedging costs; potential for reduced costs for warehouse lines; reduced cost for eNote certification and storage due to faster loan funding; and a reduction in the delays of loss mitigation activities.Despite the demand for eMortgages, which have been around since the 1990s, the industry has been hesitant to adopt them as the standard for a variety of reasons.“We found that eMortgage adoption continues to gain traction with lenders; however, the adoption has been slow due to various factors,” the GSEs stated in the report. “Ultimately, the survey showed that lenders are willing to spearhead the process while warehouse banks, servicers, and title/settlement partners will adopt when requested by lender partners.”According to the GSEs, concerns across the industry on the adoption of eMortgages include: acceptance by a limited number of investors; warehouse line availability; lack of readiness on the part of key stakeholders such as servicers, document providers, custodians, title/settlement agents); the complexity of implementation; inadequate return on investment based on industry volumes; lack of uniform adoption of eNotorization and eRecording; resource/financial constraints, and GSE policy alignment.Among lenders, one of the chief concerns was a lack of warehouse lenders, with one lender commenting that “Only a few warehouse lenders allow eNotes resulting in an added hurdle…the warehouse lenders will delay as long as possible since this changes their revenue model.” A lack of investor outlets was cited as another concern from lenders, with one lender noting, “Lack of other investors and possible execution outlets limit the correspondents. In addition, the fear is what if an investor will not buy the loan. How do you unwind and sell with limited outlets?” A lack of business partners was also a concern for lenders, with the comments ranging from “Custodians are not ready for eNotes” to “Technology required is developing at different paces. Must keep vendors on track with overall initiative.”Mortgage Electronic Registration Systems (MERS) reported that there are 338,000 eNotes in their eRegistry as of February 2015, and the number continues to grow. According to the survey, there are approximately 50 lenders/investors integrated with the MERS registry and more than 200 companies closing eNotes. Will more lenders and investors get on board as time goes by?Click here to view the entire survey. in Daily Dose, News, Origination, Technology
November 3, 2016 572 Views Fannie Mae Takes Earnings Report as Positive Earnings Fannie Mae Profits 2016-11-03 ScottMorgan1 Share Fannie Mae reported net income of $3.2 billion, comprehensive income of $3 billion, and a positive net worth of $4.2 billion for the third quarter. That means that Fannie Mae expects to pay the U.S. Department of Treasury a $3 billion dividend in December.Net revenues were up for the GSE. In Q3 net revenues were $5.6 billion. In Q2, they were $5.5 billion. Similarly, net interest income rose from $5.3 billion to $5.4 billion for the third quarter.Fannie Mae’s Q3 net income of $3.2 billion was an increase from Q2’s net income of $2.9 billion and from Q3 2015’s net income of $2.2 billion. Overall, Fannie Mae took the report as positive news, which it has not often been able to do in recent years.“Today’s results reflect the strength of our business and our commitment to delivering innovations that make the mortgage process better for lenders,” said Timothy Mayopoulos, president and chief executive officer of Fannie Mae. “We have partnered with lenders to develop new solutions that meet their most important needs. We will continue to innovate so that we can help customers create a faster, safer, and, ultimately, fully digitized mortgage experience for borrowers.”Net fair value losses were down. In Q3 they were $491 million, compared with $1.7 billion in Q2. Fannie Mae attributed the Q3 losses mainly to losses on Connecticut Avenue Securities debt.Credit-related income was also down in Q3. Fannie Mae reported $563 million in credit-related income in the third quarter, compared with $1.5 billion in Q2. Fannie Mae attributed this to an increase in home prices, including distressed property valuations.Single-family net income was $1.9 billion in Q3, driven primarily by guaranty fee income and credit-related income. This was also a drop. In Q2, the total was $2.7 billion. Single-family guaranty fee income remained at $3.3 billion for Q3.Fannie Mae’s solid Q3 report came two days after Freddie Mac announced a net income of $2.3 billion for Q3, more than double its Q2 net income of $993 million.Click here to view Fannie Mae’s complete Q3 earnings report. in Daily Dose, Headlines, News, Secondary Market
Information Exchange Mortgage data Mortgage Lenders 2016-12-07 Seth Welborn The Focus on Exchanging Information in Real Time in Daily Dose, News, Origination December 7, 2016 588 Views Kim Weaver is Director of Product Strategy, Lending Solutions, Fiserv. She is responsible for the strategic direction of the digital lending solutions offered by Fiserv. She has been in mortgage banking and related industries for over 20 years, performing and managing origination, processing, underwriting, secondary marketing, closing, loan delivery, insuring and servicing. Weaver recently spoke with MReport about trends in lending for 2017, including the challenges associated with sharing information in real time among all parties during the origination process.How can lenders manage the data exchange and ensure accuracy and transparency in that process?It’s been a great opportunity for moving the industry forward from a digital perspective. From the regulators to the customer experience perspective, everybody is now used to knowing something happens at the same time that it happens. It’s real-time all the time, whether it’s data or payments. That’s the expectation.The first opportunity is to get the data directly from its source and keep it in an electronic format so there’s not any mistakes in re-keying it or understanding what the original data was. Trying to keep data in its original form, if you can get it electronically straight from the source, and then being able to reconcile it if you can’t get it right from the source or if you have gotten it from the source, but maybe it came through another party such as the broker or wholesaler, but being able to compare that data with other sources as well is part of reconciling it. Certainly the MISMO standards for data have helped tremendously for this, especially with the 3.X with one common data dictionary. I think that’s really been a huge catalyst for this data exchange. It’s certainly been the centerpiece of the GSEs’ programs for uniform mortgage data.Kim WeaverWe have regulations, such as TRID or HMDA, and the GSE requirements for more data, so using the common data language is very helpful, but not everything is necessarily going to be in that language at this time. So how can they still source that data where applicable but also try and use that same investment that they’re making to make the data exchange faster and more reliable in terms of accuracy? How can they use that as a way to really rethink their customer experience? One of the things we’re seeing is, between HMDA and particularly the uniform closing data set collection requirements, how to rethink the closing process—what information is being provided by whom, and trying to get them to provide it in electronic means, preferably in the same MISMO language. But at minimum, just enabling the electronic exchange of that information, including the borrower in that exchange of information, and then certainly that lends itself toward revisiting the e-closing, e-mortgage process, which is something that Fiserv has been involved in since 2005.More and more data has to be provided. You don’t want it on paper if you can help it—you want it to be electronic, and then it’s how can you use whatever investment you’re making to improve the borrower experience.How much of a challenge is it to provide this information in real time?That is still a challenge in some aspects of the overall origination process, and sometimes even the servicing process. Our servicing system processes everything in real time, and that’s where the industry is definitely going. But I think that expectation of a change occurs, whether you got the appraisal in on the origination side, or the closing has happened, all the docs are signed, and you’re ready to be funded for an escrow state closing, or the servicing payment was made. The lender, servicer, and all other parties expect to know what has happened immediately. That’s where there’s a lot of system upgrades being done if they’re not already real time in terms of being able to publish out to integrate systems to know when activities and events occur. It’s not just the information itself that events or triggers have occurred, but it’s also the money movement, and that’s another area where we’re been paying a lot of attention—certainly seeing the ACH (automated clearing house), but also looking ahead to true real-time payment systems. That, to me, is going to be another catalyst in changing the mortgage lending experience whether it’s at the closing table, which you could e-sign everything and then be able to immediately trigger the money movement that would really affect the escrow or the dry closing model. In the Western states, really being able to do that has completely changed that—having the visibility into that money and where it’s going for potential fraud mitigation opportunities, servicing the loan, or giving the borrowers greater flexibility to make payments wherever they are, whether that’s online, mobile, at the branch, or even in retailers. Being able to support that funds exchange and having that immediate posting and immediate confirmation back is also something we focus on,Home equity lines of credit are really coming back into use, particularly for those borrowers who have regained equity with the improving economy. Looking at how to enable the management and access the funds that the customers can have from home equity lines of credit is a more frequently used finance mechanism. Share
Share CIVIC Financial Services announced the hiring of William J. Tessar as its new President and CEO. Tessar most recently worked with Skyline Financial Company.Tessar brings over 30 years of experience to CIVIC, and has founded and served as President of three lending companies. Prior to CIVIC, he founded and served as President at three lending companies. Capital Line, one of his companies, was recognized as a top originating brokerage in the state of California. In 2007, Capital Line merged with Skyline Home Loans, and Tessar was named President of Retail Lending. In his 10 years at Skyline, he scaled the organization from a retail mortgage company funding $40M per month into a multi-channel originator with $3.5B funded annually.In making the decision to join CIVIC, Tessar says “the combination of Wedgewood’s vertically-integrated fix and flip business and HMC’s prowess in non-performing loan acquisition makes CIVIC the biggest mortgage opportunity I’ve seen in the last 30 years of lending. CIVIC has access to some of the lowest cost of capital in the industry due to the fact that we de-lever risk in a unique, proprietary way while being best-in-class on valuation as well as a market leader in default resolution.” William J. Tessar Hired as CIVIC CEO April 28, 2017 602 Views CIVIC 2017-04-28 Seth Welborn in News
Amazon HQ2 Home Prices 2019-07-11 Mike Albanese Amazon’s Impact on the Housing Market 22 days ago 351 Views in Daily Dose, Featured, News, Origination, Secondary Market Share Amazon’s heralded HQ2 has yet to break ground in northern Virginia, but a report by the The New York Times states its pending opening has wreaked havoc on the local housing market. “That day in November, I got more Zillow calls, inquiries and leads off of Zillow than I did the entire month of October,” said Michelle Doherty, a real estate agent who focuses on South Arlington, Virginia, an area that is expected to change a lot.The report states that median home prices in Arlington County in June 2019 are set to increase 17.2% by the end of the year, according to a report by the Northern Virginia Association of Realtors, and the George Mason University Center for Regional Analysis. Amazon announced in November that HQ2 would be located National Landing, which includes the Virginia cities of Crystal City, Pentagon City, and Alexandria, all suburbs of Washington. Amazon intends to hire 25,000 over the next 10 to 12 years. Although not yet opened, Amazon has plans to hire 400 employees by the end of the year, and 1,000 to 1,500 people in the following years. The New York Times reports that Arlington is already one of the most expensive places to live in northern Virginia due to its proximity to Washington D.C., and many residents are cautious of the coming growth. “The fact that we’re going to have 25,000 more jobs in Arlington is just likely to make it even more difficult for someone who doesn’t have a large income to live in Arlington,” said Christine Richardson, a board member of the Northern Virginia Association of Realtors.Virginia is not the only market seeing home prices grow, as the latest CoreLogic Home Price Index (HPI) revealed national home price rose 3.6% year-over-year in May 2019.The report added that CoreLogic is forecasting prices to increase 5.6% from May 2019 to May 2020. The May 2019 gains was lower than the 6.4% increase of May 2018, but a slight increase from March 2019’s 3.3%. Homes in the lower-price tier saw the largest annual increases at 5.4%. The middle low-to-middle tier rose 4.5%, middle-to-moderate price tier increased 4%, and the high-price tier jumped 3%.
The W. Murcott originated in Morocco and is also referred to as a Nadorcott. Morocco’s dry summer and cool, wet winter creates an ideal environment for growing citrus. “It has been a smooth transition from our early winter Moroccan clementine crop as the Murcotts are anticipated to produce 20% more volume this year,” added Sears.“This crop will provide a healthy supply to the market throughout the season to meet shoppers’ growing demand for the easy peelers.” U.S.-based citrus, avocado and grape importer and distributor LGS Specialty Sales is reporting a strong Moroccan W. Murcott season marked by “robust supply and excellent quality”.Following the completion of a successful Moroccan clementine season, the company is expecting a steady supply of W. Murcotts through the end of April.“For nearly 30 years LGS has sought the best growing regions that meet a rigorous set of standards to provide the best fruits to the U.S year-round,” said Luke Sears, president and founder of LGS.“The fruit we import from Morocco, along with other countries, meets all “Darling specs” for the highest quality in color, flavor, and overall crop health.” You might also be interested in South Africa: Labor court stops striking workers a … EU: Spanish citrus group labels South African mand … South Africa: Citrus industry hopeful for resoluti … February 25 , 2019 Avocado, coffee and citrus ‘threaten global food …
RCIRoyal Caribbean InternationalWOW Sale Royal Caribbean International’s (RCI) worldwide WOW Sale is now on, with savings of up to 30%, USD$200 bonus onboard credit and 50% deposits*.The offer is available for all new bookings on international and local voyages departing after 15 March 2017 … but be quick, the offer ends Saturday 11 March 2017.Guests who book more than 70 days prior to departure date pay 50 per cent reduced deposits and are eligible to receive up to USD$200 onboard credit per stateroom. Cruises for five nights of less will receive USD$50 per stateroom while sailings for six to nine nights receive US$100 per stateroom. On voyages of 10 nights or more, guests will receive USD$200 per stateroom.*Terms and conditions apply. Excludes China sailings
Hong KongVirgin Australia Virgin Australia will commence services between Melbourne and Hong Kong from 5 July, expanding its international footprint into Greater China for the first time. Flights are on sale from today.The airline will operate five return services per week between the two cities, using dual aisle Airbus A330-200 aircraft. VA’s proposed alliance with HNA Aviation and Hong Kong Airlines will enable customers to connect through Hong Kong to 13 destinations in mainland China. It will also allow guests from Hainan Airlines, Hong Kong Airlines, Capital Airlines and Tianjin Airlines to connect onto Virgin Australia’s domestic and trans-Tasman network. The announcement follows the ACCC’s interim approval of Virgin Australia’s proposed alliance with HNA Aviation, Hong Kong Airlines and HK Express. The Virgin Australia flights are on sale subject to obtaining final regulatory approval from the ACCC.“Virgin Australia’s entry into Hong Kong and Greater China is a key pillar of our international strategy, allowing us to tap into Australia’s fastest growing and most valuable inbound travel market,” said group CEO John Borghetti.Velocity Frequent Flyer members will be able to earn Velocity Points and Status Credits on these flights, while details of reciprocal frequent flyer benefits and lounge access will be announced at a later date together with codeshare arrangements.
Sabre Corporation has released its findings from the 2017 Asia Pacific Corporate Traveller study. The Sabre Asia Pacific Travel Study surveyed corporate travel professionals from 19 key markets across the region, representing corporate travel management companies and travel agencies servicing corporate accounts. Countries covered included Afghanistan, Australia, Bangladesh, Brunei, Cambodia, China, Hong Kong, India, Japan, Malaysia, Nepal, New Zealand, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Taiwan and Thailand.The three key trends in corporate travel revealed by the study are:Almost half of all corporate travellers deviate from their corporate travel policy; making changes ahead of and during their tripsMore than 43 percent of corporate travellers are deviating from company policy ahead of the trip and 42 percent are making changes while travelling. As companies strive to find the balance between driving compliance and increasing their corporate travellers’ satisfaction, respondents have seen corporations actively re-crafting their travel policies to accommodate more booking autonomy.Rise of mobile and virtual payment technologies80 percent of travel managers believe this is their top priority, highlighting the importance placed on moving towards a mobile first strategy. 66 percent also quoted looking at alternative forms of payment technology as a high priority area for them.Premium economy – A new corporate favouriteAmid economic uncertainty, companies are cutting back on premium class air travel and, as such, premium economy options have become the next best alternative, without significantly impacting travellers’ comfort. 81 percent of corporate travel managers are seeing an increase in premium economy bookings. corporate travelsabrestudy
Qantas customers are advised that the airline will relocate its Terminal 3 at Manila’s Ninoy Aquino International Airport (MNL) on 28 October 2018 to provide a more seamless experience for passengers of the airline.Terminal 3 offers more space, improved check-in facilities, and a range of cafes, restaurants and retail shops for customers.Eligible Qantas Frequent Flyers, customers travelling in Business and Qantas Club members will also have access to the new PAGSS Lounge. Directions to the lounge will be available at the Qantas check-in counter.From 30 October 2018, Qantas will increase services between Sydney and Manila (QF19/20) from six per week to daily in response to demand.Customers are advised to check in at the airport at least two hours before departure and are reminded to allow ample time for their ground transfers to and from the city. airlinesairportsManilaqantas
Your browser does not support the audio element. Grace expects Greinke trade to have emotional impact Top Stories The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo “I feel a good connection with the guys in the locker room. I love the guys on the back end who I play with,” said Williams on The Blitz with B-Train and Jurecki on 98.7 FM Arizona’s Sports Station. “I like the experience we do have on this end. Obviously we have the mixture of young guys, so I do like all of that. I love it here.”With 32 career interceptions to his name and 12 years of NFL experience, Williams makes for an ideal tutor to some of the younger guys in the secondary such as Budda Baker and Brandon Williams.“I always laid out a helping hand because somebody did that for me when I came into the league,” said Williams. “I want to see them all do good. I promise I won’t see them all do good because this game is tough. They are changing the rules every day for the offense, but I try to give these guys as much knowledge as I can.”Cardinals GM Steve Keim has been impressed with Williams’ professionalism as well.“The thing about Tramon is he is really a true pro and his veteran leadership has really paid off,” said Keim. “His anticipation, his instincts and his ability to read route combinations is phenomenal and there is a reason why he has over 30 interceptions in the NFL.” Arizona Cardinals defensive back Tramon Williams, left, celebrates his interception against against the Tennessee Titans with Cardinals inside linebacker Kareem Martin (96) during the second half of an NFL football game, Sunday, Dec.10, 2017, in Glendale, Ariz. (AP Photo/Rick Scuteri) Cardinals cornerback Tramon Williams has made his case for a contract extension with his play on the field, leading the team in passes defended and in practice helping the younger players.As the 2017 season winds down for the Cardinals, personnel evaluations for next year begin to take center stage with the playoffs seemingly out of reach.Williams, who turns 35 in March and has nine passes defended despite limited playing time, has reasons to stay. Derrick Hall satisfied with D-backs’ buying and selling LISTEN: Tramon Williams, Cardinals cornerback 8 Comments Share Former Cardinals kicker Phil Dawson retires Williams came to the Cardinals on a one year deal and will need a new contract or a contract extension to remain in Arizona next season. – / 20
Plenty of good analysis this week about what’s wrong with David Johnson. I created this to help you out. #AZCardinals pic.twitter.com/Sxw6UE2VW6— Adam Spinks (@TheRBScout) September 21, 2018Splitting Johnson out wide could help attack matchup problems for the opponent, and the Cardinals have expressed the obvious — they need to do that.So far, it hasn’t happened. The running back has split out on just 9 percent of his routes this year compared to 26 percent in his last full season in 2016, per NFL.com’s Graham Barfield. And when Johnson does run routes, he is hardly threatening down the field.These #NextGenStats route charts (on targeted plays) help further explain David Johnson’s changed role, as a receiver, in 2016 vs. 2018.There is virtually zero vertical element — especially up the boundary — in DJ’s routes this season: pic.twitter.com/GufaaXFhBL— Graham Barfield (@GrahamBarfield) September 17, 2018Johnson doesn’t know if fewer split-outs are a bad thing. He’s OK with it but has noticed the differences compared to his role under the only other NFL head coach he’s known, Bruce Arians. Arizona Cardinals running back David Johnson (31) gains yards on a run in the fourth quarter of an NFL football game against the Los Angeles Rams, Sunday September 16, 2018 in Los Angeles. (John Cordes/AP Images for Panini) Grace expects Greinke trade to have emotional impact TEMPE, Ariz. — There’s a case to be made that David Johnson, selfless as he is, could be a better teammate by demanding the football.Running the ball effectively would open up play-action passes for quarterback Sam Bradford, helping the Arizona Cardinals stretch the ball downfield. Helping Johnson get away from stacked boxes by lining him up as a receiver would take pressure off the wide receivers, quarterback and offensive line. The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Top Stories By increasing his touches, he opens up options. And, at the end of the day, it gives him a better chance of busting a big play. He knows all that heading into Sunday’s home game against the Chicago Bears. So do head coach Steve Wilks and offensive coordinator Mike McCoy.But through two weeks, the Cardinals have struggled to put the ball in Johnson’s hands.Related LinksKurt Warner chimes in on the Arizona Cardinals QB situationQB Josh Rosen will play ‘when the time is right,’ Cardinals GM saysCardinals’ Andre Smith and Olsen Pierre ruled out vs. Chicago BearsWeek 3 injury report: Chicago Bears vs. Arizona CardinalsHe has 28 touches (22 rushes, six receptions) through two games. That 14 touches per game is closer to his rookie season average of 11.4 touches per game — when he wasn’t a starter until the final five weeks — than it is to his historic 2016 season in which he averaged 23.3 touches a game. Knowing all that, Johnson hasn’t begged, complained or even asked nicely about Arizona feeding him the rock this year.“David is a team player,” Wilks said Friday. “Those kind of things never come from him. He’s all about the team and he’s still doing what he needs to do to prepare himself, and most importantly to make sure when we do call on him, that he can answer the bell.”At his core, Johnson is still a running back, but the Cardinals’ large first-half deficits have taken away the team’s desire to feed him the ball in the backfield. And as multiple other offensive issues have limited Arizona, the combined effect is that the team just can’t stretch the field. Currently, Arizona ranks dead last with five play-action passes through two games, according to Pro Football Focus. Derrick Hall satisfied with D-backs’ buying and selling 6 Comments Share Instead, the Cardinals have seen a lot of this: Former Cardinals kicker Phil Dawson retires “Two different coaching styles,” Johnson said. “I’m not being split out more but I’m … doing routes out of the backfield, being utilized that way. Like I said, the offensive scheme is different.“I think coming out of the backfield actually, I feel like I’m more likely to have a linebacker on me compared to being split out.”Johnson believes in McCoy.And though he’s not in his coaches’ ears in even a polite way to ask for more carries or more targets, he can’t deny it: “I love having the ball in my hands. I love being out in space and being utilized in that way. Just having the opportunity to make plays in many different ways,” Johnson said.“For me, I feel like the coaches will definitely figure out ways to win. They’re in the NFL for a reason.”
Go back to the e-newsletter >On 26 August 2015, andBeyond South America officially opened bookings for Chile and Argentina. Three new itineraries have been created for travellers wanting to experience the exciting new destinations:Best of Chile – This 12-day tour journeys to 3 of Chile’s iconic destinations; the Atacama Desert, Santiago and Patagonia.Best of Argentina – This truly exceptional 13-day adventure in Argentina covers 4 of its most prized destinations; Buenos Aires, Bariloche, Iguazu Falls and Mendoza.Fine Wines and Great Cities of Chile and Argentina – This 8-day, adventure-filled tour combines the cities of Santiago, Mendoza and Buenos Aires.Go back to the e-newsletter >