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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

First-Timers Improve, But February Bar Passage Hits Record Low

first_imgFacebookTwitterCopy LinkEmailShare The troubled relationship that would-be lawyers have with the Indiana Bar Exam continues as the preliminary 47 percent overall passage rate from February 2018 is the lowest on record.However, Cathleen Shrader, president of the Indiana Board of Law Examiners, pointed to the good news — the slight uptick in the performance of first-time test takers since the February 2016 exam. In addition, the quality of the students’ answers and essays has been improving as well.“We’re disappointed when anybody fails the bar exam,” Shrader said. “But we certainly are excited to see the trend of improvement continue for the third year in a row.”The February 2018 overall passage rate is preliminary and could go up after the appeals process. In February 2017, the preliminary overall passage rate was 48 percent but then climbed to 52 percent after the regrading of some exams.For first-time takers, the passage rate has been inching upward since February 2016, when 64 percent were successful. The rate improved to 66 percent in February 2017 and is currently at 67 percent, which could rise when scores become final.Although the rise is encouraging, it is still far from the 77 percent and 76 percent first-time passage rates in the February 2014 and 2015 bars, respectively.Shrader noted the better passage rates correlates to higher LSAT scores and undergraduate grade point averages of the students now entering law schools. During the Great Recession when applications dropped, many law schools enrolled students whose LSAT and GPA numbers indicated they would have trouble completing the J.D. degree and passing the bar.For repeat takers, the passage rate is not following any trend. Repeat takers passed at a rate of 40 percent in February 2016 and improved to 42 percent in February 2017. But they have fallen to a historic low of 26 percent in February 2018.Comparatively, the pass rate for repeat takers was 38 percent in February 2014 then jumped to 54 percent in February 2015.In 2017, the Indiana Bar Examination Assessment Task Force linked the decline in the bar passage rate to the format of the exam. The task force did an 18-month study of the Indiana Bar Exam and raised concerns about the multiple-choice Multistate Bar Exam portion of the test and the grading system.John Maley, partner at Barnes & Thornburg, was co-chair of the task force. He cautioned against reading too much into the February 2018 results, especially since the passage rate of first-time takers ticked up while the repeat takers slumped.“These statistics might improve somewhat after the appeals process is completed, and comparisons to prior years can then be more accurately made,” Maley wrote in an email. “Nonetheless the historically lower pass rates since adoption in 2001 of the multistate bar exam as a component of Indiana’s exam remain a concern.” Marilyn Odendahl for www.theindindianalawyer.comlast_img read more

US Imposes Additional Sanctions On Companies Moving Venezuelan Oil To Cuba

first_imgBy U.S. Department of the Treasury / Edited by the Diálogo Staff October 21, 2019 On September 24, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned four companies that operate in the oil sector of the Venezuelan economy. Additionally, OFAC identified four vessels that transport oil and other petroleum products from Venezuela to Cuba as blocked property owned or controlled by the four designated entities.“The United States continues to take strong action against the illegitimate Maduro regime and the malign foreign actors who support it,” said U.S. Treasury Secretary Steven Mnuchin in a statement. “Maduro’s Cuban benefactors provide a lifeline to the regime and enable its repressive security and intelligence apparatus.”This marks the latest round of sanctions as the U.S. targets the Maduro regime’s ties with Cuba, which supports him.Since the January 28, 2019 sanction of Venezuela’s state-owned oil company Petroleos de Venezuela, S.A. (PDVSA), Cubametales, the Cuban state-run oil import and export company, and other Cuba-based entities have continued to circumvent sanctions by receiving oil shipments from Venezuela.On July 3, OFAC sanctioned Cubametales for operating in the oil sector of the Venezuelan economy. These actions further target Venezuela’s oil sector and the mechanisms used to transport oil to Maduro’s Cuban benefactors, who continue to provide a lifeline to the illegitimate regime.“Venezuela’s oil belongs to the Venezuelan people, and should not be used as a bargaining tool to prop up dictators and prolong the usurpation of Venezuelan democracy,” said Mnuchin.The U.S. government has sanctioned the following companies:·      Caroil Transport Marine Ltd. is based in Cyprus, and operates three vessels: Carlota C, Sandino, and Petion.·      Trocana World Inc. is based in Panama and is the registered owner of Petion.·      Tovase Development Corp is based in Panama and is the registered owner of Sandino.·      Bluelane Overseas SA is based in Panama and is the registered owner of Giralt — a crude oil tanker that recently delivered Venezuelan oil to Cuba.These companies will have any U.S.-based assets frozen and are prohibited from using the American financial system or doing business in the United States, barring them from much of the global financial system.These sanctions are not necessarily permanent, as the U.S. has made clear that the removal of sanctions is available for those who take concrete and meaningful actions to restore democratic order, refuse to take part in human rights abuses, speak out against abuses committed by the Maduro regime, and combat corruption in Venezuela.last_img read more

UK government pressures local government schemes into asset pooling

first_imgThe UK government has told Local Government Pension Schemes (LGPS) to present it with cost-saving measures or face the strict implementation of its own pooled investment approach.In Budget documents released by HM Treasury today, the Conservative government elected in May said it would work with the LGPS to ensure that “pooled investments significantly reduce costs”.Local-government savings was a key theme in the previous Conservative-led coalition government, which aimed to cut investment-management costs among the LGPS.In further detail today, the government said it was now inviting local governments to approach it with their own proposals to meet a “common criteria” for cost-savings for pension funds. The government added that schemes failing to submit proposals could be forced to pool investments.It will consult on the details of the “common criteria” before legislating to ensure its own pooled investment approach can be forced onto non-complying schemes.On today’s annoucement, NAPF chief executive Joanne Segars said the organisation would work with the government on its new consultation.However, she added: “It’s clear pooled investments will work most effectively where they arise out of natural collaboration between funds rather than where funds are forced to invest together.”The 89 LGPS in England and Wales, with more than £190bn (€270bn) in assets, are still awaiting an official government response to the consultation that proposed the creation of two collective investment vehicles (CIV) for listed assets and alternatives.The proposals, from the last government, also called for shifting all listed assets into passive management, to save investment management fees.The statement in today’s Budget is the first sign the new government is continuing its work on pooling investments. But it has seemingly retracted from its single approach and appears willing to examine industry proposals first.Recently, two LGPS schemes from London and Lancashire won approval to create a partnership that aims to create a CIV and merge back-office functions, with the view to saving £32m by 2021.The CIV and passive management ideas put forward by the Department for Communities and Local Government (DCLG) in May 2014 were widely criticised by the National Association of Pension Funds (NAPF), as well as LGPS funds with in-house investment teams.Despite the DCLG’s launching the original consultation on pooling investments in May 2014, today’s statement from HM Treasury highlights tensions within government departments that have been blamed for the legislative delay.Bob Holloway, who heads up DCLG’s pensions department, said the delay was down to disagreements between his department and others within the government.In April, IPE learned that several schemes with long-term records of in-house investment management were considering legal action against the government should it consider forcing through a mandatory shift to passive management.They based their proposals on research conducted by consultancy Hymans Robertson, which showed the collective 89 schemes would have made significant savings but with higher investment returns had they invested equities and bonds passively.However, the consultancy distanced itself from the government consultation and said it believed active management had a place within the LGPS.last_img read more

People moves: PGGM names new CFRO, Pictet gains ex-Publica deputy CEO [updated]

first_imgAt PGGM he will be succeeding Paul Boomkamp, who is to become a member of the executive board at Erasmus Medical Centre in Rotterdam. Pictet Asset Management – Susanne Haury von Siebenthal , former head of asset management at Switzerland’s largest penson fund, has become a non-executive director of the Swiss holding company that controls all the asset management entities in the Pictet Group. The appointment takes effect from January 2020.She currently holds several board and investment committee positions at Swiss foundations and pension funds and was most recently a non-executive director at BlackRock Asset Management Switzerland .She has held various senior positions with Credit Suisse and UBS as well as heading institutional asset management at Bank Leu. From 2004 to 2013 she was head of asset management and deputy CEO at Publica , the Swiss pension fund for federal employees. PDN – Jos Op Heij has been appointed a board member of PDN, the €7.3bn pension fund of Dutch chemicals giant DSM. He is to focus on risk management and compliance. Since April, he had been compliance and alert officer at DSM , where he has worked since 1985. Between 2005 and 2012, he was also a trustee and a member of the pension fund’s investment committee.Kempen – Ben Kramer has left Kempen to become chief client officer at Anthos Fund & Asset Management , the asset manager for the Brenninkmeijer family, the heirs of retail chain C&A.At Anthos, Kramer is a member of the management team headed by Jacco Maters, the former chief executive at Delta Lloyd Asset Management. Recently, Anthos announced that it would extend its services to third parties. In 2017 Kramer moved from BMO Global Asset Management to Kempen, where he had been responsible for the firm’s relationship with pension funds and insurers. Kempen said it would fill in Kramer’s position internally.UBS Asset Management (UBS AM) – Barry Gill, the Swiss asset manager’s head of active equities, has taken on the position of head of investments, succeeding Suni Harford, who was recently appointed president of UBS AM and a member of the group executive board of UBS. Gill will become a member of the UBS AM executive committee, reporting to Suni, and continue to be based in New York. Ian McIntosh will take over as head of active equities, having been Gill’s deputy since 2016.  Newton Investment Management – Ilga Haubelt has been hired as head of equity opportunities, a new role created in connection with the “formalisation” of Newton’s active equity team as comprising two principal hubs – equity income and equity opportunities. Haubelt, who joins Newton on 4 November, was most recently at Deka Investment, where she was head of global equities, overseeing a team of 23 people and assets of more than £12bn (€13.7bn). As of 30 September Newton managed £23.5bn of active equity mandates, of which equity opportunities accounted for £11.1bn.  ASR – Dutch (pensions) insurer ASR has named Gisella van Vollenhoven and Gerard van Olphen as members of its supervisory board (RvC) for a four-year period. Van Vollenhoven is to succeed Annet Aris, who completed her term. Van Olphen’s appointmentment follows an extension of the RvC with a sixth member.Van Vollenhoven was director of pension supervision at supervisor De Nederlandsche Bank (DNB) from 2017 to April 2019. Van Olphen is chief executive of APG, the €529bn asset manager and pensions provider for the large civil service scheme ABP.The supervisory board said it intended to appoint Ingrid de Graaf-de Swart as a new and third member of the executive board as of 1 December.Truvalue Labs – Adam Salvatori has been hired as global head of client solutions at the provider of AI-driven environmental, social and governance (ESG) data. The role is new. Salvatori was most recenlty global head of commodities systematic trading strats and head of Americas commodities investor strats at Goldman Sachs. PGGM, Pictet Asset Management, Publica, PDN, DSM, Kempen, Anthos, UBS Asset Management, Newton Investment Management, Deka Investment, ASR, Truvalue Labs PGGM – The supervisory board of the €250bn Dutch asset manager PGGM has appointed Willem Jan Brinkman as chief financial and risk officer (CFRO) as of 1 November. Currently principal investment manager at PGGM Private Equity, Brinkman will also be vice chairman of the asset manager’s executive board.Brinkman joined PGGM in 2015, initially combining his job with his role as CFRO of the Dutch Investment Institution (NLII). At PGGM, he implemented a new private equity strategy in part aimed at impact investments targeting climate change, water scarcity, food security and healthcare.Before joining PGGM, Brinkman worked as a partner at KPMG Corporate Finance, advising Dutch pension service providers, including A&O on its acquisition by PGGM in 2013.last_img read more

SeaIntel: Impact of Cyber Attack on APM Terminals Quite Muted

first_imgThe recent cyber-security breach at Maersk group’s APM Terminals had a clear impact on the vessel handing operations in the immediate short-term, but it was not far outside the normal operational fluctuations, SeaIntel’s analysis shows.For the most part, APM Terminals continued vessel handling operations as normal, albeit at a slower pace for a short number of days.Some individual terminals were severely impacted, not least the fully automated Maasvlakte II terminal in Rotterdam, where vessel operations stopped completely for a full week, but even in the worst cases, vessels were routed to other terminal facilities, as was the case in Rotterdam, where the APMT Rotterdam terminal saw average berth stays more than double for three days.Despite the heavy impact on specific, individual terminals, “the impact is quite muted when looked across all 68 APM Terminals facilities,” Alan Murphy, CEO of SeaIntel, said.“We see vessels arriving late and spending longer time at berth for a few days, but overall, the impact is not outside what we see through normal operational fluctuations,” Murphy explained.Although the number of vessels that called APMT facilities decreased slightly following the incident, the schedule reliability of the vessels that called an APMT berth plunged from an average of 74% to around 55% in the days after the incident, but was back to normal levels again after three days.The analysis focused only on vessel handling operations, and did not consider any landside terminal operations, such as handling of containers once they are offloaded and stacked, gate procedures, intermodal operations, truck turn times, landside congestion, SeaIntel said, adding that “this is likely where APMT and their customers may have felt the brunt of the impact of this cyber-security breach.”last_img read more