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Navigating Loss Mitigation in a Low-Default Landscape

first_img Servicers Navigate the Post-Pandemic World 2 days ago Denis Brosnan is President and CEO of DIMONT, a provider of technology-enabled solutions in specialty insurance claims processing and collateral loss mitigation management for mortgage and auto lenders, servicers, and investors.A leader with deep experience guiding technology and technology-enabled service providers through various lifecycle phases, Brosnan spoke with DS News about 2019’s challenges and lessons, from updates in technology to fluctuations in default volume.What industry challenges and trends have defined 2019 from your perspective?For most servicers and vendors in the default space, the volumes continue to be the biggest challenge. The implications of historically low volumes are that most servicers are trying to cut costs. Most service providers are trying to do more with less. There has been a lot of consolidation in the industry as portfolios have moved from one servicer to the next. For most businesses, that’s a challenge.How does the auto finance market compare to the mortgage business? Are there lessons you can carry over into the mortgage space?There’s commonality. It was challenging early on to branch into a different market segment, but many of the ways you go about doing business and building relationships are analogous. We got into that space (specifically repo claims) because in our core business in mortgage and hazard insurance claims there’s an analogous situation: we’re recovering insurance claims from distressed or damaged collateral. The challenge that we didn’t understand going into the auto space was just how fractured and fragmented the data environment is for insurance information.What are some of the challenges that you are encountering with FHA loans?FHA, from an investor claim standpoint, continues to be one of the biggest challenges in the marketplace. The process is long, convoluted, arduous, and fraught with errors and technology deficiencies. If you make a mistake, it becomes expensive quickly. Obviously you can audit the servicer and say, okay, you’ve made this error a few times and now we’re going to just assume that you’re making that across your portfolio, assess a big penalty, and all that. We spent an awful lot of time analyzing what it takes to really get a property into conveyance condition and looking at gaps in the process and ways we can help fill those gaps.We’ve identified many areas where it’s not necessarily somebody’s fault: it’s just a lack of coordination, a lack of communication, and systems that don’t talk to each other. We’re in a unique position to be able to plug many of those gaps because we’re good at the collateral; we’re good at data and moving data between systems and we’re good at investor claims. We know what the file needs to look like in order to be successful in the claim.How can the industry address inefficiencies in the hazard and investor claims management process?It comes back to communication and coordination. So many times, we find that the components within the servicing shop that are responsible for, say, property preservation are not communicating effectively with the folks that are responsible for the investor claims process, and may not even be in the same location half the time. Sometimes there are policies that haven’t been looked at for a long time.In many cases, we find ourselves in the hazard side pursuing claims that maybe are not really worth it for the bank to pursue. They’re not big enough in potential recovery size and the additional time that it adds to the process doesn’t make it worth while. They should just go ahead and advance that and get the repairs done themselves. Many times in our working with servicers, we actually print these huge architectural diagrams on blotters at FedEx, have the guys come into our shop, and we’ll show them: this is the hazard process. This is the investor claims process. They’re up on the wall. We take out colored pencils and we show where our process is and where we think those bottlenecks are with them.How has the nature of interacting with legacy systems changed?It always comes down to the people. We interact with legacy systems all day, every day, to the point where we just assume that we’re going to have that. Systems access is always an issue. Moving data is always an issue. It’s frustrating that you have to work through that, but sitting down and having real business conversations with the servicer or with the other parties, setting expectations that are realistic, that is the biggest thing you can do. The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Navigating Loss Mitigation in a Low-Default Landscape The Week Ahead: Nearing the Forbearance Exit 2 days ago Loss Mitigation 2019-11-18 David Wharton Demand Propels Home Prices Upward 2 days ago About Author: David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago 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] Tagged with: Loss Mitigation Previous: “Positive Conditions” Leading to Strong Home Builder Confidence Next: Freddie Mac Announces $2.3B Loan Salecenter_img Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Navigating Loss Mitigation in a Low-Default Landscape in Daily Dose, Featured, Loss Mitigation, News Share Save November 18, 2019 1,678 Views  Print This Post The Best Markets For Residential Property Investors 2 days ago Subscribe Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Woman raises over $100k in two days to pay for Asian American’s taxi rides amid rise in hate crimes

first_imgABC News/WABC-TVBy Jon Haworth, ABC News(NEW YORK) — After seeing constant news reports and one shocking video after another of the recent spate of hate crimes against Asian Americans throughout the country, Maddy Park felt scared.“Last week I took the train [in New York City]. It was a 30-minute commute and I realized every minute of that commute I was terrified. I was scared that any moment in time someone might say a racial slur or attack me. Worst of all I thought that if something were to happen to me, nobody would stand up,” Park told ABC News’ New York City station WABC-TV.According to Stop AAPI Hate, a nonprofit organization that tracks such incidents, there were more than 3,795 hate incidents — including verbal harassment and physical assault — against Asian Americans and Pacific Islanders in the United States from March 19, 2020 to Feb. 28, 2021.This got her thinking.Park could afford to take a taxi herself but was keenly aware that there were many others in New York City, particularly Asian American senior citizens and Asian American women, who did not have the disposable income to be able to do the same.So Park, with the help of some friends and $2,000 of her own money to get the project rolling, decided to put her money where her mouth is and started @CafeMaddyCab on Instagram with the purpose of paying for the cab rides of Asian American senior citizens and women.“I just said look, I have $2,000, if you need a ride, just charge me on Venmo,” Park said.Little did she know at the time, this would end up being just a drop in the bucket for what was to come and, thanks to the magic of the internet, donations began pouring in.Within 48 hours, she had raised over $100,000.“People who are donating are people from all across the nation, across all races, ethnicities and they just sent me messages saying, listen, we really want you guys to be safe too and we’re donating so that more people can take rides in the city,” Park told WABC in an interview. “It really opened my eyes to how many people are actually supporting the Asian community in New York City.”In fact, Park’s project has been so successful that donations had to be temporarily closed after running into the “weekly limit of payouts due to Venmo regulations,” according to a post on the Instagram page of @CafeMaddyCab.Even though the project is only officially three days old, there are already plans to expand payment options since not all senior citizens know how to use Venmo.Said Park in a social media post on Tuesday: “Thank you for your solidarity, your generosity, your kind words and support for the AAPI community … the point of this is to allow you to make the decision to be safe when you are about to be in a risky place or situation because a ride costs too much. So keep this post in mind for your safety.”Copyright © 2021, ABC Audio. All rights reserved.last_img read more