The ‘Three Cs’ of a Balanced Mortgage Servicing Industry

first_imgHow does technology make things easier when a borrower is approaching default? Consumers can apply for loss mitigation online, and they can check the status of their loss mitigation online via a mobile app. Intuitively, that feels like that should make it easier. However, we are a very data-driven organization, and right now, we don’t have the data to prove that intuition as yet. But intuitively, if I’m making it easier, I’m making the conversation easier for the consumer. They can check the status whenever they want. How do you make the process more frictionless? We are making it easier for the consumer to interact with us to pay their mortgage. in Daily Dose, Featured, News, Print Features  Print This Post Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily “Servicing is effectively what I call a ‘needle in a haystack’ problem. If you service 100,000 loans, you know that most of your risk lies in the 20 or 50 loans where something wrong may have happened. Most servicers are running at a level of quality where 99% of the loans are working just fine. It is the last 1% that causes issues.” How can servicers control and mitigate costs? Servicing is effectively the manufacturing part of the business, so there are lessons that can be taken away from the manufacturing business. We can look at the manufacturers who’ve been doing it for over 100 years and ask, “What lessons can be learned?” There are three key things that every servicer should be thinking about. One is the whole category of digital. A second is what I call “lean manufacturing.” How can we bring lean manufacturing process philosophy into servicing? Finally, servicers need to look at the global delivery model. Every manufacturer in every other industry uses a global delivery model. Every service company has to use the global delivery model.One of the things that we feel particularly proud of at BSI is our view that servicing is effectively what I call a “needle in a haystack” problem. If you service 100,000 loans, you know that most of your risk lies in the 20 or 50 loans where something wrong may have happened. Most servicers are running at a level of quality where 99% of the loans are working just fine. It is the last 1% that causes issues. What we have spent a lot of time, effort, and money on is in using technology to identify those high-risk assets and then put corrective measures in place. If somebody or some process made a mistake on the loan, if we look at the data on the loan, we should be able to identify a large number of exceptions, whether that is in the escrow process, the loan-boarding process, or the default process—everywhere in the process. It’s just about making the best use of the data you have. What are the key challenges facing lenders and servicers, and how do you see them changing this year? As a servicer, you have the “Three Cs.” There is the customer experience, there is compliance, and there is cost. It was probably true 30 years ago, and it’ll be true 30 years from now as well. Servicers have to look at all of those things. From there, then you get more into questions such as, “What is the economy doing, and what does that do to us as servicers?” Similar things can be said about the lending segment. What are the things that impact the performance of the portfolio? Rates have a huge impact. Natural disasters have a huge impact. Credit quality has a huge impact. Those are three things that jump up to the top of my mind. Depending on where we are in the economic cycle, what may be happening to the economy, those three things—or natural disasters, we can’t forecast those. The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 2020-02-10 Mike Albanese Servicers Navigate the Post-Pandemic World 2 days ago Previous: Seaside National Bank Selects BSI Loan Servicing Tech Next: Fintech Innovation vs. Cybersecurity Concerns Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. The Best Markets For Residential Property Investors 2 days agocenter_img Related Articles February 10, 2020 1,498 Views Share Save The ‘Three Cs’ of a Balanced Mortgage Servicing Industry Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / The ‘Three Cs’ of a Balanced Mortgage Servicing Industry The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Mike Albanese Is it harder to drive innovation on the servicing side of the industry? Innovation is to a company what eating healthy and doing exercise is to a human being. You always need to eat healthy and do exercise. A doctor may say, when somebody is really sick, “There’s an emergency reason to do it.” But for the long-term health of the person, they always have to eat healthy and exercise. I would argue that the same thing applies to innovation within companies. We always need to be innovating. Instead, it becomes a question of, in what area should they focus their efforts? As a company, we’ve said, the customer experience is becoming much more digital and mobile. We’ve made the determination as a company that we need to focus on the customer experience, and so we over-invested in technology in order to build those proprietary tools. A decent chunk of our businesses is made up of multiple-property investors. We are actually one of the largest servicers in the industry of that product. So as far as the mobile technology in all this, the one portal, what are the needs of your customer base? How do those change when you’re talking about the investor side of things as opposed to the needs of a typical homebuyer? In the traditional homebuyer case, many consumers want to put their mortgage on autopilot. In the investor case, they’re taking new loans because they may buy a new property; then they may rent it out, or they may want to fix it and sell it and then they buy another new property. So that tends to be much more high-touch. The investor loan product is also high touch, but it is high-touch in a different way. Historically, the industry has defined hightouch to mean default, but high-touch doesn’t have to mean default. High-touch really just means the customer wants to talk to us. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Editor’s note: This feature originally appeared in the February issue of DS NewsGagan Sharma acquired BSI Financial Services from a bank in 2006. Prior to BSI, Sharma founded a global outsourcing company serving the financial services and technology industries. He raised institutional equity financing and increased the company’s labor force to more than 1,200 people before selling it. Before that, Sharma was a consultant with Deloitte, advising clients on matters of strategy and operations in the financial services and high-tech industries. He was recently a finalist in the EY Entrepreneur of the Year for the Southwest Region. Sharma has an MBA from the Wharton School at the University of Pennsylvania and a B Tech from the Indian Institute of Technology, Delhi. While speaking with DS News, Sharma said that embracing innovation in 2020 will require learning critical lessons from 2019 and knowing how to grow amidst the ongoing low default environment. An industry expert on technology within mortgage servicing, Sharma spoke with DS News about his “Three C’s” of balancing servicing, and how his company is utilizing the latest digital tech to improve. Subscribelast_img read more

PBSO Deputies Rescue Driver from Car in Boca Canal

first_imgA Boca Raton woman is safe, after her car ended up in a canal following a crash with another car over the weekend.The unidentified driver was trapped in her car when it went into the water Saturday afternoon, according to the Palm Beach County Sheriff’s Office.Courtesy: Palm Beach County Sheriff’s Office/FacebookThe incident happened near East Village Drive and Century Village Boulevard in unincorporated Boca Raton.Two deputies got in the water and were able to save the woman before the car became fully submerged.There is no word on her condition.last_img read more

McKinleyville High School makes it official, cancels the remainder of its 2017 football season

first_imgMcKinleyville >> The McKinleyville High football team hasn’t played a game on its home field since the first day of September.The next time the Panthers will be seen there won’t be until 2018.Citing a high concern for players’ safety and health, Mack Athletic Director Dustin Dutra announced that the school has decided to cancel the rest of the 2017 season, one that has seen the Panthers be forced to cancel their last three games.“That’s really kind of front and center about this,” Dutra said …last_img read more

South Africa’s top female Olympians – part 2

first_img12 August 2016Team South Africa began its Rio Olympics campaign this week, and among the 137athletes competing this year are some of the country’s outstanding female athletes,representing a wide range of sporting disciplines. To celebrate Women’s Month, hereis a look at another five of the best.Linda Motlhalo – footballlinda motlhalo Aiming For RIO 2016 Big For More Go To For More-—game-on-mag (@MySportMyLife) April 22,2016At 18, Linda Motlhalo is one of Banyana Banyana’s youngest scoring sensationsand while Rio might be her biggest career moment so far, it definitely won’t be thelast. Hailing from Brandvlei, Randfontein’s hotbed of football talent, Motlhalodreams big yet is comfortable at her own pace.The South African Football Association’s Fran Hilton-Smith calls her the futureof women’s football in South Africa. “What stands out about her is her big-matchtemperament,” she told City Press. “From the first time I saw her, Iknew she was going places… Her tactical awareness at her age is very good and Ibelieve she is in good hands with (Banyana coach) Vera Pauw.”Motlhalo has scored three goals in four games in South African colours, and isnot planning on stopping.Janine van Wyk – football#RSA‘ KapitäninJanine van Wyk ist trotz Auftaktpleite gegen #SWE stolz:— auf deutsch (@fifacom_de) August 4,2016Cool-headed veteran Janine van Wyk is leading Banyana at the Rio Olympicsthis year, her second Olympics. As South African football’s most capped footballplayer (male and female), scoring 10 goals as defender in 160 games, she bringsconfident leadership and creative talent to the Rio team.While the prospect of Banyana making it to the next stage of the tournamenthangs in the balance – with losses to Sweden and China, and a gutsy draw againsthosts Brazil – Van Wyk is determined to make sure her teammates enjoy theexperience and, above all, use it to learn for the future.Dominique Scott – athleticsI’m actually here… Dreams DO come true!!! #Olympics #Rio2016 #TeamSA #RSA—DOM • SCOTT-EFURD (@domscottrunSA) August 5,2016When Dominique Scott begins the 10 000m race on Friday, 12 August, she’ll no doubt be thinking of South African runners who have tackled one of athletics’ more gruelling events before her: most notably Elena Meyer. At the 1992 Barcelona Olympics, Meyer won South Africa’s first post-isolation medal. Scott was born in 1992.The determined Capetonian has already built a formidable junior career,winning two golds in the 2010 South African junior championships and going on toshow impressive progress as part of her American college team at the University ofArkansas. Before leaving for Rio, she won both the 10 000m and 5 000m finals at the National College Athletics Association Outdoor championships.Michelle Weber – open water marathon swimmingSee theother photos from my Women’sHealth shoot on my site @WomensHealthSA @ArenaSAfrica—Michelle Weber (@michelleweber71) July 26,2016Michelle Weber is the only female swimmer representing South Africa in Riothis year. Her marathon is on Monday, 15 August.Weber, who underwent serious heart surgery three years ago, decided tospecialise in the more paced marathon events in lieu of shorter swims. The changeseems to have worked for her – Weber has won the 5km and 10km events at theSouth African Senior Championships for three consecutive years.Ashleigh Simon – golfSA’s @ash_simoncloses with a 73 @RICOHWomensBrit to grab ashare of 47th on one-over-par 289—Sunshine Ladies Tour (@SLadiesTour) July 31,2016Ashleigh Simon shot to fame as one of South Africa’s prodigious young golfingtalents, becoming the youngest player to win the ladies’ South African Amateurtournament, and the first player in over a century to win the ladies’ South AfricanOpen title three times.Since turning professional at the age of 18, Simon has participated in the US and British Opens, and is a regular on the European and American PGA tours, on which she has won six individual tournaments. Simon has also won numerous South Africa tournaments, and represented South Africa at the women’s golf World Cup for four consecutive years.“Rio,” Simon told the Bedfordview and Edenvale community newspaper, “is going to be something different (from the normal professional circuit). Golf is an individual sport and (our doubles) team (with Paula Reto) will have to work together… It is important for golfers on the South African team to have a good short game.”Source: South African Sports Confederation and Olympic reporterWould you like to use this article in your publication or on your website?See: Using materiallast_img read more

How Microsoft’s Kinect For Windows Will Upgrade Your Monitor For Windows 8

first_imgRelated Posts 5 Outdoor Activities for Beating Office Burnout “The Pathfinder application using Kinect for Windows is a game changer in terms of the way we can engage with consumers,” said John Brancheau, vice president of marketing at Nissan North America, in a statement. “It’s a powerful pre-sales tool that has the potential to revolutionize the dealer experience.”Razorfish’s Ashley, who has worked with clients on four Kinect for Windows projects himself, said that the Kinect for Windows technology still needs three key enhancements in both the PC and retail environments:1. Fine finger detection (which rival startup Leap Motion says it can achieve)2. Facial recognition, to determine if a user smiles or frowns while viewing the ad;3. A commonly understood set of gestures, like the “pinch to zoom” interface of the tablet.The far future of Kinect, Ashley believes, is the interactive mall, where augmented reality and gesture detection merge. There, users will receive information on their smartphones or Google Glasses, and interact with storefronts whose displays contain embedded Kinect sensors.Lang pointed the possibility of a virtual dressing room, with realistic virtual clothes – a problem that many have tried and failed to solve.“With enough stores, you’ll interact with complete malls,” Ashley said. “With enough malls, the technology will start moving beyond the mall.”Perhaps, finally, onto your desktop PC. In a year’s time, presumably, we’ll all be living in the touch-screen world of Windows 8. But what happens to the millions of non-touch-enabled monitors already on laptops desktops around the world? Three words: Kinect for Windows.Microsoft said this week that Kinect for Windows – a slightly different version of the the Xbox peripheral that lets you control the action with body movements alone – will be supported both by Windows 8 as well as Microsoft’s development tools, Microsoft .NET 4.5 and Microsoft Visual Studio 2012, in a new release scheduled for Oct. 8. Users can buy Kinect for Windows for $149 direct from Microsoft ($100 off the regular price) – but you’ll have to wait until the .NET/VS app framework Microsoft is seeding actually produces some usable Kinect software.Kinect is a leading part of what Microsoft refers to as NUI, or Natural User Interface, “where the technology kind of disappears,” according to Microsoft CEO Steve Ballmer.Many consumers – and virtually all gamers – are familiar with the Kinect peripheral for the Xbox, where a combination of infrared cameras and noise-cancelling microphones “sees” players, and can interpret hand-waving as the flapping of wings or a kick as a shot on goal. The Kinect can then decipher where the user actually “is,” either interpreting gestures as controls or even “transforming” him into a household object, like a chair.But while Kinect for Xbox senses motion at a distance of feet, Kinect for Windows adds a “near mode” to sense a user waving his hands, pointing, or otherwise gesturing at up to 40 centimeters away from the screen. That changes the game.Kinect For The PC “So suddenly we have something that makes sense in a desktop scenario, and we get closer to [the type of interface in] Minority Report,” where windows are being slid across the screen,” said James Ashley, a presentation-layer architect for the Emerging Experiences Group at Razorfish, who has helped develop four projects based on Kinect for Windows. “That unlocked the possibility of having Kinect at work, and putting a Kinect sensor above your monitor.”Ashley said multimonitor setups will benefit from being able to slide objects and windows around easily, and workers making a presentation will be able to easily interact with virtual objects.But why do we need Kinect for Windows, when Microsoft’s Windows 8 is based upon touch? Utility and aesthetics.Gestures vs. Touch“Basically, there’s two different ways of interacting with the world,” Ashley explained. “What we know with the touch interface is that it doesn’t really do away with the keyboard and mouse. Obviously data entry is something we can’t do easily with touch interfaces. And there’s the same sort of thing, where gestures will make more sense than just doing touch.”“Besides the data entry thing, you’re constantly dirtying up your monitor,” with the Windows 8 touch interface, Ashley added. “And that’s just annoying. Why do we have this amazing new interface, where, if you’re using it correctly, you’re constantly smudging your screen? So the gestural interfaces won’t necessarily introduce something superior, just something new: one more way of interacting with computers.”One aspect of Kinect that’s held it back, according to Evan Lang, research director for “interactive experience” developer IdentityMine, is its poor resolution: at normal distance, the sensor can tell whether it’s a man or a woman with about 90% confidence. “For things like whether someone’s happy, or judge their facial expression, people usually stand too far away,” Lang said.But we’re still waiting for the killer app that will take Kinect for Windows out of the development sphere and make it a consumer device. According to Ashley, who wrote a book on developing for the Kinect, Microsoft tried (and failed) to work gestures into Office, but has since decided to let the ingenuity of developers lead the way. And the first place they’re going is advertising.Kinect For Windows’ First Market? Interactive AdsMicrosoft launched Kinect for Windows at the Consumer Electronics Show in January, where Ballmer announced that the company would partner with United Health Group, Toyota, Telefonica, Mattel and American Express. No, that doesn’t mean you’ll use it in your Camry. Instead, advertisers apparently love it.To date, interactive advertising via Kinect for Windows is virtually the only application that Microsoft or its partners have publicized. “Touch free interfaction really lends itself well to marketing,” IdentityMine’s Lang said. IdentityMine worked with Nissan to develop an interactive Nissan Pathfinder exhibit, where a IdentityMine spokeswoman noted that the company has worked with Kinect on numerous occasions, including both the Xbox and Kinect for Windows sensors.At the Chicago Auto Show, IdentityMine built an interactive demonstration using a Kinect for Windows sensor, a monitor and a computer that’s running the Pathfinder application built with the Kinect for Windows SDK. The app, since deployed to 16 dealerships, was designed to show off the new Nissan Pathfinder SUV – before the car was physically available. The Kinect app (demonstrated in the video below) lets potential buyers virtually enter the vehicle, fold seats up and down, and open the tailgate, among other actions. 4 Keys to a Kid-Safe App 12 Unique Gifts for the Hard-to-Shop-for People… markhachman 9 Books That Make Perfect Gifts for Industry Ex… Tags:#gaming#Microsoft#web last_img read more

Penny Hardaway: ‘Jealousy’ from other coaches over NBA background

first_imgUS judge bars Trump’s health insurance rule for immigrants The first-year coach says his Tigers still have to prove them wrong by winning.Hired last March to replace Tubby Smith, Hardaway hired former NBA player Mike Miller and Sam Mitchell, a former NBA coach of the year, as assistants. Hardaway has made it clear he’s tapping into his professional background to help his alma mater, including making tweaks to a brand-new basketball facility on campus to bring it up to NBA quality.FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSUrgent reply from Philippine ‍football chiefSPORTSWin or don’t eat: the Philippines’ poverty-driven, world-beating pool starsHis Tigers (13-7) just beat UCF, the preseason favorite in the American Athletic Conference, 77-57 last weekend. And reaching the NCAA Tournament for the first time since 2014 is Hardaway’s goal for Memphis in his debut season, which faces a serious test this week with road games at Tulsa on Wednesday and at USF on Saturday.Hardaway exchanged verbal jabs with Tennessee coach Rick Barnes a couple days after the Vols beat the Tigers 102-92 in December. Hardaway declined to name any coaches he suspected of being jealous of his coaching staff, saying only that he hears the “rumbling” as they all fight for the same players in recruiting. Sports Related Videospowered by AdSparcRead Next For the complete collegiate sports coverage including scores, schedules and stories, visit Inquirer Varsity. Grace Poe files bill to protect govt teachers from malicious accusations View comments ‘We are too hospitable,’ says Sotto amid SEA Games woes Private companies step in to help SEA Games hosting MOST READ Warriors win 11th straight, cap perfect trip in Indiana SEA Games hosting troubles anger Duterte PH underwater hockey team aims to make waves in SEA Games PLAY LIST 02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss Oil plant explodes in Pampanga town Don’t miss out on the latest news and information. He says there’s a bit of a backlash and negativity with the NBA approach Memphis is taking with himself, Miller and Mitchell and that their NBA experience is “a little intimidating to a lot of people.”“For sure, I definitely feel like there’s a target on my back,” Hardaway said. “There’s a lot of people that don’t want me to succeed because it’s going to look like an NBA guy came back with no experience and won so of course I relish in that.”Hardaway noted he played for some Hall of Fame coaches during his NBA career, and he also won three straight Tennessee high school basketball titles while also coaching his own AAU program.“I’m not here to ruffle any feathers, I’m just here to win,” Hardaway said.ADVERTISEMENT File-This Dec. 15, 2018, file photo shows Memphis head coach Penny Hardaway on the court before an NCAA college basketball game against Tennessee in Memphis, Tenn. Hardaway says the NBA background of his Memphis coaching staff is creating a little jealousy among other coaches, putting a target on his own back in his first season with the Tigers. “I’m getting used to this as a coach because it’s a little jealousy from a lot of these coaches around the country,” Hardaway said Monday, Jan. 28, 2019. (AP Photo/Brandon Dill, File)MEMPHIS, Tenn. (AP) — Penny Hardaway says the NBA background of his Memphis coaching staff is creating a little jealousy among other coaches, putting a target on his own back in his first season with the Tigers.“I’m getting used to this as a coach because it’s a little jealousy from a lot of these coaches around the country,” Hardaway said Monday. “I do understand that because we are NBA players trying to come back, and we didn’t have any experience as college coaches. So we didn’t quote, unquote, ‘Pay our dues.’ So the coaches and their so-called boys that are in the media they’re going to always throw jabs at us.”ADVERTISEMENT Oil plant explodes in Pampanga town Lacson backs proposal to elect president and vice president in tandem LATEST STORIESlast_img read more