Need of the Hour: Uniformity in Servicing Data

first_img in Daily Dose, Featured, Market Studies, News, Servicing Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Need of the Hour: Uniformity in Servicing Data Tagged with: Compliance Data Standardization Mortgage Loan Servicing Mortgage Servicing Collaborative mortgage servicing rights Servicing Urban Institute About Author: Krista Franks Brock Previous: Fannie Mae’s “Action Plan” to Help Homeowners Next: Will Coastal Homes Go Underwater by 2100? November 15, 2018 1,110 Views Related Articles Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Savecenter_img  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Need of the Hour: Uniformity in Servicing Data Data Provider Black Knight to Acquire Top of Mind 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Compliance Data Standardization Mortgage Loan Servicing Mortgage Servicing Collaborative mortgage servicing rights Servicing Urban Institute 2018-11-15 Krista Franks Brock Uniform data standards for the mortgage servicing industry could lead to reduced servicing costs, better customer service, reduced compliance burden, and widespread innovation and automation in the industry. So claims the Mortgage Servicing Collaborative (MCS), a group of industry stakeholders brought together by the Urban Institute’s Housing Finance Policy Center in their report, The Case for Uniform Mortgage Servicing Standards.Also, according to MCS, there’s no time like the present for diving into this lofty goal.“Because most of the post-crisis regulatory overhaul is behind us, because delinquencies are low, and because the industry is no longer operating in turmoil, we believe now is the right time to implement uniform servicing data standards,” the MCS stated in its report.The MCS laid out four main benefits of uniform servicing data standards. The first is “improved servicing transfer and subservicing processes.” When mortgage servicing rights are sold or when a subservicer takes on a portfolio of loans, a large amount of data must be transferred from one firm to another.With almost 18 percent of GSE-backed, fixed-rate, full-documentation, fully amortizing loans having their servicing transferred as of 2016 and with subservicers handling 21 percent of the total outstanding unpaid principal balance in the single-family loan sector, the industry has a major incentive to ensure this data is transferred without error and as efficiently as possible.“Standards can help minimize data inconsistencies and the expenses needed to mitigate them,” the MCS said.The second benefit the MCS outlined is “greater innovation, automation, and lower costs.” Following data standardization in the mortgage loan origination sector, technological innovations “have revolutionized the way financial transactions are conducted.”While the MCS said, “it is hard to foresee the specific advancements that would take place if servicing data were standardized,” the group asserts, “high-quality data are clearly a prerequisite.”Third, the MCS claimed data standards would result in “better, more accurate pricing for MSRs” because data transfers would be straightforward and free from errors.Lastly, the MCS suggested standardized data can bring “more efficient regulatory reporting.” Mortgage servicers currently report to various different agencies on different timelines and with differing data requirements. With increased demands following the financial crisis, “servicers have doubled or tripled their compliance staff, increasing costs,” the MCS reported. “Standardization could reduce the need for such checks, as more reporting could be automated.”The MCS admitted that “adoption of data standards will cost a lot in the short term” but asserted that “the likely payoff is far greater today than at any time in the past.” The group also suggested the large undertaking could be broken up into segments to make it easier to achieve. The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Subscribelast_img read more

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Scottish bakery to double capacity, create jobs

first_imgScottish company Maclean’s Highland Bakery will double its capacity and increase staffing by 12 this year to cope with demand.The Moray bakery in Forres is installing a second packaging line after securing six-figure funding from Clydesdale Bank.It currently employs around 125 people and also operates five shops and tearooms across the local area in Grantown and Nairn. The range of products available includes shortbread, rolls, savouries and bread. Its mini shortbreads and flavoured oatcakes are popular in the Far East market.ExportsThe company reported a 40% increase in exports to markets including China, the USA, the Philippines and the Middle East in 2013.Lewis Maclean, managing director of Maclean’s Highland Bakery, said: “We have always prided ourselves on delivering the highest-quality products and being flexible to meet our customers’ requirements. Being in a position to further enhance our packaging facility will allow us to introduce an even greater degree of flexibility to our business.”last_img read more

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Holly Bowling Shares Pro-Shot Video Of Phish’s “Mercury” Rendition From Denver [Watch]

first_imgHolly Bowling played a soldout show this past Thursday at Denver’s Bluebird Theater, ahead of Phish’s three-night run of shows at Dick’s Sporting Goods Park in nearby Commerce City, Colorado. Intertwining Phish and Grateful Dead songs, Bowling brought the heat all night, getting the Denver crowd hyped up for a weekend of music that undoubtedly delivered and made up for the “Curveball blues”.Bowling opened up the show with a deep rendition of Phish’s “Colonel Forbin’s Ascent”, before immediately throwing in some Grateful Dead, transitioning into “Bird Song”. Up next was Phish’s ” The Horse”> “Silent In The Morning” segue, leading way to “The Lizards”, with Holly tickling the ivories and covering the bases of all four Phish masterminds’ instruments on the piano. “The Lizards” led to the Grateful Dead’s “Help On The Way”> “Slipknot!”, before Bowling brought things full circle and ended the first set with “Fly Famous Mockingbird”, bringing closure to “Colonel Forbin’s Ascent” that she opened the show with.After a brief set break, Holly came back out and opened second set with a 22-minute rendition of the psychedelic “Cryptical Envelopment” > “The Other One”, before working her way into the Phish instrumental “Bliss”, which appeared on 1996’s Billy Breaths. A highlight of the evening was Bowling’s playful rendition of “Mercury” which came next, before hopping back into “The Other One” > “Cryptical Envelopment”. Staying with the Dead theme, “Stella Blue” was next, before Bowling brought set two to a close with the badass pairing of “Sand” > “Slipknot!” > “Franklin’s Tower”. Phish’s instrumental “Cars Trucks Buses” served as the evening’s encore, getting Phish fans in the area extra excited to see three nights of their favorite band over Labor Day Weekend.Luckily for fans, Holly Bowling has shared pro-shot video footage of the evening’s “Mercury”. Watch the video below.Holly Bowling – “Mercury” – 8/30/2018[Video: Holly Bowling]You can also listen to full show audio below, courtesy of taper Jeffery Bowling.Holly Bowling  – Bluebird Theater  – 8/30/2018[Audio: Jeffery Bowling]Next up for Holly is a week full of shows, starting tomorrow at Charleston, SC’s Pour House, before heading to Atlanta, GA’s City Winery Thursday, September 6th. Friday evening, Bowling heads back north to Charlotte, NC’s McGlohon Theater followed by a show Saturday, September 8th, at Asheville, NC’s Isis Music. Continuing north, Bowling will play this Sunday, September 8th, at Washington D.C.’s Hamilton. For a full list of Holly Bowling’s upcoming tour dates and tickets to her shows, head to her website.Setlist: Holly Bowling | Bluebird Theater | Denver, CO | 8/30/2018Set One: Colonel Forbin’s Ascent > Bird Song, The Horse > Silent In The Morning, The Lizards, Help On The Way > Slipknot! > Fly Famous MockingbirdSet Two: Cryptical Envelopment > The Other One > Bliss > Mercury > The Other One > Cryptical Envelopment > Stella Blue, Sand > Slipknot! > Franklin’s TowerEncore: Cars Trucks Buseslast_img read more

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