Loan Defects Up Since 2017

first_img Demand Propels Home Prices Upward 2 days ago About Author: David Wharton Related Articles Loan Defects Up Since 2017 Previous: Strengthening the Industry Through Diversity and Inclusion Next: Citizens Bank Adds 200K Households to its Servicing Portfolio The frequency of loan defects, fraud, and misrepresentation in the information submitted in mortgage loan applications remained flat in April 2018, but increased slightly over April 2017. That’s according to the latest release of the Loan Application Defect Index, published Wednesday by First American.As explained in the release, First American’s Loan Application Defect Index (LADI) “reflects estimated mortgage loan defect rates over time, by geography and loan type.” The LADI held steady between March and April 2018, but increased slightly year-over-year (YOY), rising by 1.2 percent.The Defect Index for refinance transactions increased by 1.4 percent over March 2018, and was up 7.6 percent year-over-year. The Defect Index for purchase transactions, however, decreased by 2.2 percent month-over-month and increased 2.2 percent year-over-year.For a bit of longer-term perspective, the Defect Index peaked in October 2013—since then, it has decreased by 19.6 percent.The five states demonstrating the greatest YOY increase in loan defects are Arkansas (+16.7 percent), Wyoming (+13.5 percent), New Mexico (+13.0 percent), Virginia (+12.2 percent), and Maryland (+10.8 percent). On the other end of the spectrum, South Carolina featured the greatest YOY decrease (-13.3 percent), followed by Louisiana (-12.9 percent), Minnesota (-10.6 percent), Alabama (-10.0 percent), and Vermont (-9.6 percent).The report also examines the long-term impact of the “ability-to-repay” rules implemented in 2014 on loan defects in the years since. In January 2014, a new set of “requirements for mortgage lenders to carefully assess a consumer’s ability to repay their mortgage loan” went into effect after having been introduced by the Consumer Financial Protection Bureau.“Since the ability-to-repay rules were issued, there has been a precipitous and significant decline in income-specific mortgage loan application misrepresentation, defect, and fraud risk,” said Mark Fleming, Chief Economist for First American. “In fact, our income-specific metric within the Loan Application Defect Index reached its peak in December 2012, one month before the rules were issued. By September 2013, nine months later, the income-specific defect risk metric declined 33 percent, as lenders implemented new loan manufacturing and underwriting practices in preparation for the effective start of rule in January 2014. Since then, income-specific defect and fraud risk has continued to decline and is currently 70 percent below its peak prior to publication of the ability-to-repay rules.”You can lean more about First American’s Loan Application Defect Index by clicking here. Defect First American Loan Application Defect Index Loan Applications Loan Defects Mortgage Loans 2018-05-30 David Wharton David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] in Daily Dose, Featured, Journal, Market Studies, News, Servicing Tagged with: Defect First American Loan Application Defect Index Loan Applications Loan Defects Mortgage Loans  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago May 30, 2018 1,794 Views Share Savecenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Loan Defects Up Since 2017 Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Bali puts entire village on lockdown after hundreds tested in Bangli regency

first_imgThe Bali administration has made the decision to expand the area of lockdown from one of three hamlets in Abuan village, Bangli regency, to the entire village.The decision was made after rapid tests indicated it was probable that hundreds of its residents were infected by the coronavirus. All the villagers are required to stay at home but will be provided meals three times a day.The decision to isolate the whole village – home to 2,640 residents – was made on Friday after the authority put one of the village’s hamlets, Serokadan, on lockdown on Thursday.Read also: Bali hamlet put under lockdown after tests indicate over 400 people ‘reactive’ to virus Earlier, the administration found eight of the village’s residents contracted the virus through local transmission after reportedly coming into contact with a migrant worker who had just returned from abroad.The Bali provincial COVID-19 task force took 1,200 blood samples from residents of the hamlet on Thursday, of which more than 400 returned “reactive” results after rapid testing. The team also took swab samples of 126 people, with all results coming back negative on Friday.“Sanglah Hospital Laboratory has taken swab samples from 126 residents whose rapid tests show they were reactive to the PCR [polymerase chain reaction] test. We already got the test results and all came back negative,” said the task force’s executive chairman, Dewa Made Indra.The swab tests are being conducted in several phases due to the limited testing capacity of the laboratory. “On Friday morning, we took another 183 swab samples for the PCR test. We are conducting the test in phases,” Dewa Made Indra said.On Friday, additional rapid testing was conducted on 669 residents, with only four people showing “reactive” results.As of Friday, Bali had 235 coronavirus cases with four fatalities. Eight of the total number of cases were foreigners. Topics :last_img read more

VDR: 81 Pct of German Shipping Companies to Use LSFO

first_imgThe vast majority of ships in the German fleet will run on the new low sulphur fuel oil (LSFO) from January 1, a new survey found.This is one of the findings of the survey conducted by the German Shipowners’ Association (VDR) among its member companies.As explained, although the data obtained through the survey does not represent the German shipping industry as a whole, it includes shipping companies from every sector of the country’s shipping industry.The survey was conducted against the backdrop of one of the biggest changes occurring in the shipping sector – the International Maritime Organization (IMO) 2020 sulphur cap. There are essentially three options available to shipping companies during the changeover.According to the survey, 81 percent of the companies surveyed will be using LSFO with a sulphur content of 0.5 percent in the future.On the other hand, 11 percent will continue to use heavy fuel oil (HFO). This is permitted under the IMO rules, provided that scrubbers are installed on vessels.Additionally, 6 percent of respondents indicated that they will be using other fuels, such as those prescribed already since 2015 for Emission Control Areas in the North Sea and the Baltic Sea – fuels with an even lower sulphur content of 0.1 percent.What is more, 2 percent of ships in the German fleet will be powered by LNG after 2020, according to the survey.“Germany’s maritime industry has carefully prepared for this enormous change. It ushers in a new era in maritime shipping, signalling the end of heavy fuel oil. We support this change and are implementing it – and in doing so, we are making an impressive contribution to long-term environmental protection,” Ralf Nagel, CEO of the VDR, commented.Specifically, the greatest challenge looming as part of the changeover according to the companies surveyed will be technical problems encountered during operations in the future, as well as the cost of the new fuel, and the issue of cost compensation by third parties, in particular customers. German shipping companies are also concerned about the question of availability.“There are many who fear that the new fuels could cause technical problems during operation – problems that could also have financial consequences,” Nagel added. “We, therefore, call on all stakeholders to be as committed and flexible as possible in preparing for the changeover, to ensure that it will become a success story.”According to the survey, the one-off investment expenditure for companies in the lead-up to the changeover averaged EUR 7.5 million (USD 8.3 million) per shipping company.“Considering that more than two thirds of the shipping companies in Germany are medium-sized and operate fewer than ten ships, we realise just how great the financial effort was that the individual companies had to make in preparing for the changeover,” he explained.Moreover, the additional annual costs now facing companies would make IMO2020 probably the most elaborate regulatory measure ever implemented by the shipping industry.“Companies are particularly concerned about the fact that they will have to bear considerable additional costs in their ongoing operations in the future, and that possible compensation for these added costs by third parties, in particular customers, may not work as envisaged.”“Of enormous importance for us is the fact that this is a worldwide regulation … This demonstrates that the IMO is a body that is capable of taking effective action to regulate shipping worldwide. The IMO should therefore play the key role when it comes to climate protection as well. In contrast, separate regional solutions, for example in the EU, should be avoided. Their effect would be to distort competition, and ultimately they would not have a sustainable impact on the climate,” VDR CEO further said.With regard to the new sulphur regulation, the VDR called for effective controls by the respective port states.“We will be relying on worldwide controls to monitor the implementation of the new regulation, so that no one can gain a prohibited competitive advantage. At the same time, however, we are confident that the flag states and also the customers of the shipping companies have a great interest in ensuring that the new rules are actually complied with,” Nagel concluded.last_img read more

China ready to aid Guyana’s infrastructural development

first_imgChinese Ambassador to Guyana, Cui Jianchu said his country stands ready to aid the infrastructural development of Guyana in light of the expected oil and gas boom, adding that in order for a country to develop, the necessary infrastructure needs to be put in place.Chinese Ambassador to Guyana, Cui JianchuThe Ambassador made the statement while delivering the Vice Chancellor’s Seventh Renaissance Lecture on Monday at the University of Guyana’s Turkeyen Campus. He told the gathering of students, lecturers and members of civil society that the Chinese businesses are willing to invest in Guyana’s development and that the Private Sector should play a much more integral role in the country’s development.He added too that Guyana is on China’s list for aid and as part of his Government’s strategy of extending diplomatic relations, the idea of President David Granger’s dream of realising a paved highway from Linden to Lethem would be realised.“In China we have a thing that if you want to get rich then you have to build your road. There is the opportunity in Guyana for China and Guyana because we not only have the experience, we have the human power and we think the two countries can work together,” he noted.“The President told me how can we build the road from Lethem to Linden and I told my colleagues we have to spend time to go there and to drive there. We think that if we develop Guyana, we know you have gas and oil by 2020 but we think we could have the opportunity to invest more resources in infrastructure and I think that is a good move,” the diplomat added.He further stated that he is committed to working with the Guyanese businesses and Government to realise the infrastructure potentials, making specific reference to the current expansion project at the Cheddi Jagan International Airport (CJIA) being executed by China Harbour Engineering.“I am ready to work with the Guyanese business people, the Government to make the infrastructure. To try to make the infrastructure first eye, the vision into action and to make reality. The Cheddi Jagan Airport is done by Chinese Harbour and it is expected to be finished by year end and it is really important step. We also want to see how can we have deep harbour, how can we have the highway because in China we have suffered a lot… without infrastructure we cannot support development in the country,” Jianchung related.He added that they are aggressively working with the Government to implement the “Jainchung Initiative” or the 5 IT strategy that focuses on: Infrastructure, Information Communication Technology (ICT), Investment, Industry and Integration in addition to Talks, Talent, Technology, Trade and Tourism. He said the initiative is consistent with Guyana’s green agenda as well as its overall development policy and it can form the basis for increased investment and trade between Guyana and China.“Integration – this is one of the hardest for us because not a lot of Chinese know about Guyana and those here are recognised as one of the nations. We have them in every field and we are working to have them integrated in the Guyanese society,” he highlighted.The ambassador said as a part of facilitating development in developing nations, the Chinese Government started the One Belt One Road Initiative (OBORI) or simply called the Silk Road Economic Belt. The OBORI aims to connect the disparate regions in China’s near and distant neighbourhood through a massive programme of infrastructure building and is expected to cost some $100 trillion with over four per cent of that amount already being invested.last_img read more

Shah Rukh Khan’s Rasta look spins magic

first_imgShah Rukh KhanShah Rukh Khan stepped out of a swanky Lamborghini and onto a collegiate campus in the city to host a quiz show, looking natty in a formal suit teamed with a scraggy hairdo and rider shades.If the sartorial statement seems like a strange cocktail, only SRK could have pulled it off. For the record, this is the look he will be sporting in his upcoming flick Don 2 and this is the first time that he has unveiled the peculiar fashion statement at a public event in India.The crowd of more than 1,000, who were waiting to welcome the superstar went wild, naturally. In the mini riot that broke out, the fact that King Khan had actually arrived a full three hours after his scheduled time of 1 pm was forgotten. The quiz was scheduled to start at 3pm, but thanks to the superstar’s delayed arrival could only begin around 6pm.SRK of course was quick to make light of the situation with his trademark wit. He promptly mouthed a line from Don 2 : “It’s no longer about the police in just 11 nations, Don is now wanted by the police in 132 nations.” In between waving to the crowd and giving quick photo-ops to the press, SRK found time to leave a few soundbytes for the gathering.”I was Delhi student too, so I can relate to all of you. I must say it’s nice that you guys are studying in such a posh campus,” he said, as the ecstatic crowd drowned his voice. While organisational mismanagement saw half the media leave even before the actual quiz started, SRK made all hassles well worth facing once he took centrestage.When some of the quiz participants seemed nervous, SRK quipped: “I would often wonder how to prepare for something important in life. Till Mr Amitabh Bachchan gave me the right tip. I recall being at a show with him in New York, and I was quite nervous. I asked him how he got over anxiety pangs. He told me, ‘I just ensure my zipper is pulled up’. So, absorb all knowledge that comes your way and zip it up. Seize the day, live the moment.” As the quiz kicked off, SRK was in fine form. He ripped the college jackets off contestants who gave wrong answers, made a couple of teams that argued over a right answer do push- ups, in the process joining them in an impromptu push- up session himself.As the evening rolled, the quiz became a keen contest that unfolded amidst fun fare-SRK style. Contestants and the audience alike would have wished the quiz lasted for a little longer.advertisementlast_img read more

Justice Ministry and NIA Enter New Phase of Partnership

first_img “We shall be supporting the implementation of the Child Diversion Act to include training of police officers and other agents in the justice system,” said the NIA’s Executive Director, Professor Trevor Munroe. The Ministry of Justice and National Integrity Action (NIA) has entered a new phase of collaboration. The Ministry of Justice and National Integrity Action (NIA) has entered a new phase of collaboration.“We shall be supporting the implementation of the Child Diversion Act to include training of police officers and other agents in the justice system,” said the NIA’s Executive Director, Professor Trevor Munroe.He said that the NIA will also continue its drive for legislative reforms to strengthen the justice system framework.He was speaking at a press conference at the Ministry’s Constant Spring Road headquarters on Friday (Feb.15).Professor Munroe noted that the NIA will continue to support the sensitisation of Justices of the Peace (JP) and will facilitate a series of island-wide two-day training seminars to strengthen the capacity of JPs to properly administer justice through legislation and alternative dispute resolution.He said that over 1000 JPs will be targeted.The NIA will be integrating restorative justice practices in its integrity clubs, which are being implemented in schools across the island in conjunction with the Ministry of Education, Youth and Information.“We shall be expecting to produce awareness-building communication products, commercial advertisements so that the public becomes more aware of new developments particularly in the area of alternative dispute resolution,” Professor Monroe noted further.The NIA Executive Director said that the mandate of the entity, since its launch in December 2011 remains to combat corruption in all its forms, to strengthen integrity at all levels and to enhance good governance in all sectors particularly in the areas of transparency and accountability.“Fundamental to the advancement of this mission is the justice sector and therefore, part of our responsibility has been and remains to assist in making that sector more efficient and equitable in the service of the Jamaican people,” he noted.“We are excited by this new phase of our longstanding partnership and our expectation is that the collaboration will contribute to greater levels of integrity in the justice system,” Professor Monroe said. Story Highlights He said that the NIA will also continue its drive for legislative reforms to strengthen the justice system framework.last_img read more

Imperial Beach residents concerned after another sewage spill could close beaches on

first_imgImperial Beach residents concerned after another sewage spill could close beaches on Independence Day Dan Plante 00:00 00:00 spaceplay / pause qunload | stop ffullscreenshift + ←→slower / faster ↑↓volume mmute ←→seek  . seek to previous 12… 6 seek to 10%, 20% … 60% XColor SettingsAaAaAaAaTextBackgroundOpacity SettingsTextOpaqueSemi-TransparentBackgroundSemi-TransparentOpaqueTransparentFont SettingsSize||TypeSerif MonospaceSerifSans Serif MonospaceSans SerifCasualCursiveSmallCapsResetSave SettingsIMPERIAL BEACH (KUSI) – Many Imperial Beach residents are concerned they can’t enjoy celebrating Independence Day after about a million gallons of sewage spills from the Tijuana River Valley.Beach closures are expected, and that could spoil the fun for celebrating America’s birthday in Imperial Beach.KUSI’s Dan Plante has the details. July 3, 2019 Updated: 5:56 PM Classic California Beach Town DUMPED ON Before 4th Of July. Another 800-Thousand Gallons Of Raw Sewage Headed Toward Imperial Beach. City Leaders Want To Declare “Public Health Crisis”. But Beach Will Be Open. KUSI Tonight. pic.twitter.com/gXYyHuTeoT— Dan Plante (@DanPlanteKUSI) July 3, 2019 Posted: July 3, 2019 Categories: Local San Diego News FacebookTwitter Dan Plante, last_img read more