Source = e-Travel Blackboard Melbourne Airport’s curfew-free operations and scheduling flexibility has contributed to “uninterrupted connection to the global economy”, according to the airport’s head after welcoming an eight percent jump in visitor arrivals this year over the prior financial year.Announced today, the airport saw its international arrivals reach up to 6.78 million over 2011/12, an eight percent rise the airport’s chief executive Chris Woodruff said was driven by 24/7 curfew-free operations and Victoria’s appeal as a meetings, tourism and education destination.Despite a 22 percent hike in visitors from China to 470,573, New Zealand remained the airport’s number one overseas passenger market, with an eight percent increase in passport holders from Australia’s Tasman neighbour. Visitors from India and the United States also jumped this year by seven percent over the prior year while arrivals from the UK decline by one percent. Domestic also took a slight tip over 2011/12, with a two percent drop in arrivals from Australia, a decline pinned to the “difficulties experienced by domestic operators”. “However, there was a 6 per cent increase in domestic passengers for the month of June 2012, compared to the previous year,” Mr Woodruff highlighted. “This probably reflects the impact of the disruption to domestic aviation in June 2011 caused by the volcanic ash cloud.“The introduction of more capacity on domestic routes and price competition among the airlines will undoubtedly help stimulate domestic travel in coming months.”Overall, the Melbourne gateway welcomed up to 28.2 million passengers through the 2011/12 financial year, a flat result when compared to the previous 12 months.
Buy back rail fix airport traffic Joyce
Qantas chief executive Alan Joyce has told the NSW government to “urgently” resolve the traffic gridlock around Mascot by buying back the airport rail link and reducing train prices.Speaking to NSW premier Barry O’Farrell and the Committee for Sydney, Mr Joyce described traffic around Sydney Airport as “embarrassing”, with international arrivals often unsure as to how to reach the city and Qantas pilots and crew turning up late for take-off as a result of traffic congestion. According to News Limited, the Qantas boss told the committee it should spend up to AU$300 million buying back the privatised train link, and then decrease fares.Mr Joyce said the current gridlock was “unacceptable in the world’s best aviation hubs”.”Sydney Airport is a wonderful piece of infrastructure and it’s simply perverse to limit its potential by restricting public transport access,” Committee for Sydney chief executive Tim Williams said.“At the moment, it’s often cheaper to split a cab than catch the train.”Every major city in the world promotes first class public transport to and from its airport and Sydney’s airport should be no different.”Sydney Airport made headlines earlier this month after a study recommended Badgerys Creek as a preferred site for a secondary airport.According to the Infrastructure NSW report, the second airport would be required by the late 2020s and help meet demand for 100 flights per day by 2027. Source = e-Travel Blackboard: N.J Mr Joyce described traffic around Sydney Airport as “unacceptable” and “embarrassing”.
Joyce Dixon feud still going strong
The gloves are still on as the standoff between Qantas chief executive Alan Joyce and the airline’s former boss and Tourism Australia chairman, Geoff Dixon continues.The two have been going head-to-head since late last year, when Mr Joyce withdrew Qantas’ joint marketing agreement with Tourism Australia over suspicions the TA chairman was out to “sabotage” the carrier’s alliance with Emirates. Although Tourism Australia has since received subsequent funding from Virgin Australia, Mr Dixon and a team of other Qantas shareholders retaliated by quietly selling their stake in the airline, netting some AU$18 million.Now Mr Joyce says the issue is still unresolved, stressing Mr Dixon’s conflict remained because ”issues were broader in terms of ambitions in what was going to happen in relation to Qantas”, The Age reported. Although refusing to offer further details, the Australian flag carrier’s boss said the issue could be resolved through “a number of ways” but ultimately “it is up to the people involved in it to resolve the conflict”.Speaking at a conference in Sydney, Mr Joyce added that despite recent Boeing issues in Japan, the airline was still scheduled to take delivery of its first group of 787s in August this year. He explained the carrier had not been informed of any delays by aircraft manufacturer, Boeing, but had contingency plans in place to handle any delays in delivery. The gloves are still on. Source = e-Travel Blackboard: N.J
SITA reveals Australians turn to tech for travel plans
A new survey that examines the emotions and types of airline travelers reveals that Australian passengers are an interesting mix of ‘careful planners’ and ‘open-minded adventurers’ who all look to technology to provide the best travel experience.This year for the first time, the annual global survey, conducted by air transport IT provider SITA, took a look at air travelers in Australia to identify a number of common profiles, as well as to capture their emotions and the impact of technology at different stages of their journey.Passengers traveling through seven major international airports across Australia, representing 80% of the country’s passenger traffic, were surveyed and four different personas were identified:Independent and hyper-connectedPamperedCareful PlannerOpen-minded adventurerThough all four personas were visible among the Australian respondents two in particular stood out – 60% identified themselves as ‘Careful Planners’ and 20% as ‘Open-minded Adventurers’.The ‘Careful Planner’ appreciates the control and convenience provided by self-service technologies. They are happy to use technology for the planning stage and throughout the journey. However, they like to arrive early at the airport carrying printed documents and welcome interaction with airline agents to confirm everything is on track and going to plan.The ‘Open-minded Adventurers’ are excited by the prospect of their journey. They tend to be tech-savvy people, keen to use technology for travel-related tasks and early adopters of new mobile services, but frustrated by a lack of integration which required using multiple apps to manage different parts of their trip.Speaking at the Australian Airports Association National Conference in Hobart, Ilya Gutlin, SITA President, Asia Pacific, said: “Our survey shows that 80% of Australians had a positive experience throughout their last trip and technology is helping. Airlines and airports can be assured that passengers are happy to use self-service. Mobile check-in is an outstanding example, 100% of passengers who used their mobile for check-in had a positive experience in contrast to 82% who checked in at a counter.“At SITA we are working with the industry in Australia and encouraging airlines and airports to implement strategies that accelerate adoption of technology in travel. Our survey shows that passengers are happy to use these services. Offering Australian passengers efficient self-service is an essential element of overall efforts to improve customer satisfaction and the end-to-end passenger experience.”Though the survey results indicate that Australians are happy to use technology during their journey overall they are behind the curve in adoption.One area however, where Australia is out in front is in the adoption of self-service bag drop with 26% of domestic passengers processing their bag themselves rather than going to an airport counter – well ahead of the 20% global average.Looking to the future, it is clear that Australians want to use more self-service and adoption of mobile services in particular is expected to increase dramatically.When asked about their next flight, more Australians expect to use their mobile devices for travel-related services, in fact, 11% intend to use mobile check-in for their next flight, nearly three times the current usage rate of 4%. Download the full survey hereSource = SITA
New Korean Air Boston Flights to Add Almost 100 Million
New Korean Air Boston Flights to Add Almost $100 MillionNew Korean Air Boston Flights to Add Almost $100 Million to Regional EconomyWhen Korean Air and Delta launch nonstop flights to Seoul April 12, it will start the ball rolling on $100 million in annual economic impact to the region.According to InterVistas, a Boston aviation consulting firm, the new flights will add more than $53 million each year in direct economic benefit and almost $45 million each year in indirect benefits.“Korean Air is the largest Transpacific airline and we’ve been eyeing Boston for a long time,” said Korean Air’s Vice President of Marketing, John Jackson. “It makes sense, with our Delta joint venture, to start service there now. Delta is growing fast in Boston and adding an Asia flight will help them solidify their position as Boston’s #1 global airline.”The new Boston flight, along with Minneapolis/St. Paul-Seoul and Seattle-Osaka services that Delta is launching, are the first additions to the joint venture’s Transpacific network since the two carriers launched their partnership last May.“By combining the schedules of Delta and Korean Air, our customers are able to enjoy unparalleled travel options,” Jackson said. “Our joint venture is undeniably the strongest Transpacific partnership and provides both of our airlines with a solid competitive edge.”“Delta and its partners offer an unmatched global network that’s capable of taking Boston to the world, with the most international seats and direct flights to 19 international destinations this year – more than ever before,” said Steve Sear, Delta’s President – International and Executive Vice President of Global Sales. “This new flight to Seoul will offer a key link to Asia and is a standout addition to our Boston route map as we bring the benefits of our JV partnership with Korean Air to Boston-area customers.”Customers can access 290 destinations on Delta in the Americas and 80 destinations in Asia on Korean Air. Meanwhile, Korean and Delta are co-located in the world-renowned Incheon Terminal 2, making connections between Asia and America some of the industry’s quickest.“As a major gateway for high tech industries, Boston is the most popular unserved point from Korea with rapidly growing demand to Asia,” Jackson said. “The city, with its numerous universities and colleges, is a growing New England hub attracting companies in fast-growing industries like IT, bio-technology, healthcare, finance and pharmaceuticals.”The Boston-Seoul service will operate five days a week on Korean Air’s new 787-9 Dreamliner aircraft with six First Class sleeper suites, 18 Prestige business class suites, and 245 seats in economy class.First Class features farm-to-flight meals with food grown at the airline’s own farm on Jeju Island, a 23-inch high-resolution monitor, luxurious duvet and bedding and in-flight comfort clothing by Gianfranco Ferre. First class customers also can enjoy the exclusive benefits of a dedicated check-in lounge and First Class lounge at Incheon Airport.Korean Air’s Prestige Suites offer private 21-inch wide flatbed seats spaced 75 inches apart with direct aisle access. Onboard, Prestige customers enjoy Korean Air’s award-wining food and wine program and a premium amenity kit.Meanwhile, Korean Air’s economy class is among the industry’s most comfortable, with 33-34 inches between seats, a 10.6-inch high-resolution personal monitor and a variety of meal options.The 787-9 Dreamliner is among the world’s most advanced aircraft with improved humidity and cabin pressure, dynamic lighting that can reduce jet lag, a state-of-the-art on-demand entertainment system, in-seat power, and large, electronically-dimmable cabin windows replacing traditional window shades.About the Korean Air and Delta Joint VentureWith 27 peak-day flights between the U.S. and Asia, the joint venture between Delta and Korean Air offers customers world-class travel benefits across one of the most comprehensive route networks in the trans-Pacific market. The partners recently expanded codeshare flying and received government approval for a trans-Pacific joint venture that is enhancing connectivity between the U.S. and Asia: giving customers more choice for seamless travel. Both airlines also have improved their loyalty programs’ reciprocal benefits, including the ability to earn more miles on both programs and redeem them on the expanded network.About Korean AirKorean Air, established in 1969, is one of the world’s top 20 airlines carrying more than 26 million passengers in 2018. The airline operates over 460 flights per day to 124 cities in 44 countries on five continents; it has a modern fleet of 167 aircraft and employs over 20,000 professional employees. Korean Air’s core business includes passenger, cargo, aerospace, catering and in-flight sales. The airline’s main hub is at the Incheon (ICN) International Airport Terminal 2 which opened in 2018.Korean Air is a founding member of the SkyTeam airline alliance, which together with its 19 members annually welcomes 630 million passengers worldwide, on more than 14,500 daily flights, covering 1,150 destinations in 175 countries. The airline launched a joint venture partnership with Delta Air Lines in the trans-Pacific market in May 2018.In 2019 Korean Air celebrates its 50th anniversary. With a vision to be a respected leader in the world airline community, Korean Air is dedicated to providing excellence in flight.About DeltaDelta Air Lines serves more than 180 million customers each year. In 2018, Delta was named to Fortune’s top 50 Most Admired Companies in addition to being named the most admired airline for the seventh time in eight years. Additionally, Delta has ranked No.1 in the Business Travel News Annual Airline survey for an unprecedented seven consecutive years. With an industry-leading global network, Delta and the Delta Connection carriers offer service to 324 destinations in 57 countries on six continents. Headquartered in Atlanta, Delta employs more than 80,000 employees worldwide and operates a mainline fleet of more than 800 aircraft.Source = Korean Air
Google includes 31Indian heritage sites in Google Maps
India’s tourism sector is likely to get a boost after the virtual tours provided by Google on Google Maps witnessed an increase with the Search giant adding 31 Indian heritage sites on Google Maps and Google Cultural Institute. In return, it will provide a lot of revenues and simultaneously generate employment within the country.The new 360-degree view will now be available at heritage sites like the Gateway of India, Mysore Palace, Nalanda University, Sun Temple, the Group of Monuments at Pattadakal, and the Thanjavur Temple amongst others.The inclusion of these 31 heritage monuments will take the total count of Archaeological Survey of India sites to 127. The ASI, Delhi Tourism and Transport Development Corporation, Maharashtra Tourism and Karnataka State Archaeological Department aided Google in the expansion.Rajan Anandan, Vice President and Managing Director, Google India and South East Asia stated, “Since last year, we have been working with the Archaeological Survey of India and other partners to bring more of India’s heritage online for the world to see. We hope the latest panoramic imagery will help people learn about India’s rich history through exploring some of our country’s archaeological and architectural treasures on Google Maps and the Google Cultural Institute.”
SpiceJet unveils direct flight from Chennai to Bangkok
SpiceJet has unveiled its plans to launch a new international flight service from Chennai to Bangkok.The Indian low-cost carrier, which plans to begin the service on December 10, 2015, would operate the route six times a week (departing Chennai every day except Tuesdays) using its Boeing 737 aircraft.Flights would leave Chennai at 2210, arriving at Bangkok’s Suvarnabumi Airport at 0305. The return service would then depart the Thai capital at 0355, arriving back in Chennai at 0555.“It gives us immense pleasure, to announce our second international flight to Bangkok, our first Bangkok flight started from Kolkata last year and had an excellent market response,” said Shilpa Bhatia, SpiceJet’s Senior Vice President and Head of Sales and Distribution. “We strongly believe that there is a tremendous potential in the southern markets too, and this flight will help us to connect passengers from the rest of India to Bangkok, via Chennai.”AirAsia, Thai Airways and Air Austral presently operate the direct flight route between Bangkok and Chennai.
Travel guide to Haeundae Beach in Busan South Korea
Haeundae Beach is a very popular beach in Busan, South Korea. It lies along the 12 km of coastline, and with Seogwipo’s, it is one of the most famous beaches in South Korea.Source: Expedia
Exploring a different side of Cambodia
Beyond the star tourist attractions that make Cambodia such a popular destination, there are less visited attractions and temples that are equally majesty and mystery.Source: BBC
Carrington Welcomes New EVP for Investment Banking
“”Carrington Holding Company””:http://www.carringtonhc.com/default.aspx, LLC, based in Santa Ana, California, announced the hiring of well-known banking industry veteran Christopher Whalen to head the company’s investment banking operations.[IMAGE]Whalen’s title will be EVP and managing director for Carrington Investment Services. In his position, he will focus on fundraising and developing and marketing new products for Carrington’s business units.Whalen joins Carrington from his previous position as senior managing director at Tangent Capital Partners in New York. He is co-founder and vice chairman of the board of Institutional Risk Analytics and author of the 2010 book “”Inflated: How Money and Debt Built the American Dream.”” He has also appeared before Congress, the Securities and Exchange Commission, and the FDIC on a range of financial, economic, and political issues.””For the past several years, I have focused on the housing sector and the evolution of the non-bank servicing and lending segment,”” Whalen said. “”With commercial banks exiting the wholesale real estate lending and servicing business, there is an enormous opportunity and challenge for non-bank servicing and lending institutions. I am excited to be joining one of the best managed and fastest growing integrated service providers in the mortgage industry.””””We are thrilled to welcome Christopher Whalen to Carrington, where I’m confident his expertise in banking and regulatory affairs will be instrumental in growing the company’s influence and leadership in the institutional mortgage and real estate markets and assist our expansion in other investment strategies,”” said Bruce Rose, CEO and founder of Carrington Holding Company. in Data, Government, Origination, Secondary Market, Servicing December 18, 2012 399 Views Share Agents & Brokers Attorneys & Title Companies Investors Lenders & Servicers Movers & Shakers Processing Service Providers 2012-12-18 Tory Barringer New,Carrington Welcomes New EVP for Investment Banking
Survey CRE Executives Bullish on Sectors Recovery
Survey: CRE Executives Bullish on Sector’s Recovery in Data, Secondary Market May 3, 2013 430 Views Agents & Brokers Attorneys & Title Companies Commercial Real Estate Investment Investors Lenders & Servicers Service Providers 2013-05-03 Tory Barringer Share The slow pace of the economic recovery has done little to temper optimism among executives in the commercial real estate (CRE) sector, according to “”DLA Piper’s””:http://dlapiperresummit.com/index.html 2013 State of the Market Survey.[IMAGE]Eighty-five percent of executives surveyed described themselves as having a “”bullish”” outlook, the survey shows. That’s a massive turnaround from the 2011 survey (the most recent previous report), when only 30 percent of respondents characterized themselves as bullish.The 2008 survey–taken at the start of the financial meltdown–had only one in ten executives showing a bullish attitude.[COLUMN_BREAK]With the economy still struggling and job growth only showing modest improvement, few executives said they expect to see a sustained, broad economic recovery that might lift real estate fundamentals. Instead, many cited low-cost financing and easier access to capital as the source of their confidence. Fifty-six percent of those surveyed attribute their bullishness to a combination of the current low interest rate environment and abundant debt and equity capital supplies, while only 39.7 percent say the strengthening U.S. economy had made them more optimistic.Among those who have a less positive take on the CRE sector, the majority–48.8 percent–cite slow job growth as the biggest source of concern. The next most common response was “”continued gridlock in Washington”” at 36.6 percent, followed by “”ongoing European debt crisis”” at 9.8 percent. Notably, only 4.9 percent cited sequestration and subsequent budget cuts as a worry.Health care proved to be the most attractive industry sector for CRE executives in this year’s survey, largely due to investment stability, superior performance, and “”long-term opportunity following the re-election of President Obama and the implementation of the Affordable Care Act,”” DLA Piper said. The next asset class with the most popular draw was multifamily, followed by industrial, hotel, and office (downtown as opposed to suburban).
US Home Value Appreciation Picks Up Speed in Q2
U.S. Home Value Appreciation Picks Up Speed in Q2 in Data, Government, Origination, Secondary Market, Servicing Share July 23, 2013 442 Views After a somewhat slow first quarter, the national housing recovery took the pace up a few notches in Q2, “”Zillow””:http://www.zillow.com/ reported.[IMAGE]According to the company’s second-quarter Real Estate Market Reports, the U.S. Zillow Home Value Index (HVI) rose to $161,100 as of the end of June–up 2.4 percent quarter-over-quarter and 5.8 percent year-over-year.The second quarter’s increase was the largest annual gain since August 2006 and the largest quarterly gain since the fourth quarter of 2005–as well as the second-largest quarterly gain since 2004. National home values rose only 0.25 percent during the first quarter.While home value appreciation accelerated in Q2, it also spread to more areas across the country, reaching markets in the Northeast, Midwest, and Southwest that had previously had trouble keeping pace. All of the top 30 [COLUMN_BREAK]largest metros covered by Zillow saw annual appreciation as of the end of the second quarter, and Zillow believes all are coming back from their respective troughs.Metros with the largest annual gains in Q2 included Sacramento (29.5 percent), Las Vegas (29.4 percent), and San Francisco (25.5 percent).While some areas–particularly those where annual appreciation is approaching 30 percent–may seem like they’re experiencing a bubble, Zillow senior economist Svenja Gudell explained that kind of market behavior won’t last.””Investors are starting to pull out of some markets and regular buyers are coming back, and more inventory is slowly but surely coming on line, both of which will contribute to slowdowns in appreciation,”” Gudell explained. “”Additionally, in some overheated markets, rapid home value increases coupled with rising mortgage rates will lead to housing prices and financing costs outpacing local income growth, which will also contribute to a moderation of the market.””Over the next 12 months, Zillow expects home values to rise another 5 percent. Of the 30 largest markets, 29 are expected to see appreciation, with New York being the only exception.In the rental market, national rents fell quarter-over-quarter by 0.5 percent to $1,282–the first quarterly decline after nine consecutive quarters of rents either increasing or remaining flat. Year-over-year, national rents were up 1.6 percent as of the end of the second quarter. Agents & Brokers Attorneys & Title Companies Home Equity Home Values Investors Lenders & Servicers Processing Service Providers Zillow 2013-07-23 Tory Barringer
September Pending Home Sales Indicate Flat Fourth Quarter
September Pending Home Sales Indicate Flat Fourth Quarter Agents & Brokers Attorneys & Title Companies Home Sales Housing Affordability Investors Lenders & Servicers National Association of Realtors Pending-Home Prices Pending-Home Sales Service Providers 2013-10-28 Tory Barringer Share in Data, Origination The “”National Association of Realtors'””:http://www.realtor.org/ (NAR) “”Pending Home Sales Index””:http://www.realtor.org/news-releases/2013/10/pending-home-sales-continue-slide-in-september (PHSI) for September indicates home sales will stumble in the year’s final quarter as buyers struggle with declining home affordability.[IMAGE]The PHSI, a forward-looking indicator that’s based on contract signings (not closings) fell for the fourth straight month to 101.6 from August’s downwardly revised reading of 107.6–a 5.6 percent drop. Year-over-year, September’s index was down 1.2 percent from 102.8–the first yearly drop in 29 months, the association reports.””Declining housing affordability conditions are likely responsible for the bulk of reduced contract activity,”” said NAR chief economist Lawrence Yun. “”In addition, government and contract workers were on the sidelines [COLUMN_BREAK]with growing insecurity over lawmakers’ inability to agree on a budget. A broader hit on consumer confidence from general uncertainty also curbs major expenditures such as home purchases.””This tells us to expect lower home sales for the fourth quarter, with a flat trend going into 2014. Even so, ongoing inventory shortages will continue to lift home prices, though at a slower single-digit growth rate next year,”” he added.According to the association, September’s index was at its lowest level since December 2012, when it registered 101.3.Still, NAR expects total existing-home sales this year will be 10 percent higher than 2012, coming out to more than 5.1 million. The national median existing-home price is expected to rise 11 to 11.5 percent this year, followed by a 5 to 6 percent gain in 2014.On a monthly basis, all four regional PHSI values declined, with the Northeast leading the drop at 9.6 percent. The West’s PHSI was down 9.0 percent compared to August, the Midwest was down 8.3 percent, and the South’s index slipped 0.4 percent.Annual numbers were mixed. The PHSI for the Northeast and West both fell, decreasing 6.4 percent and 9.8 percent, respectively. In the Midwest and the South, index readings were 5.7 percent and 2.0 percent above September 2012, respectively. October 28, 2013 441 Views
Appraisal Logistics Earns ISO Certification
“”Appraisal Logistics””:http://www.gotoals.com/, a Maryland-based provider of compliant appraisal management solutions for the mortgage industry, announced it has received the ISO 9001:2008 Certification for Quality Management Systems Standards by LQRA, passing a formal evaluation created to examine quality management standards in the financial services industry.[IMAGE][COLUMN_BREAK]Though companies aren’t required to do so, Appraisal Logistics opted into the optional audit process “”to provide financial institution customers a means of measuring quality,”” the company said.””We strive to continually improve our organizational processes,”” said Appraisal Logistics CEO Frank Danna. “”The principles of ISO certification have been our guidelines since we began in 2008. It just made sense to make the process formally reviewed and confirmed so we can provide that quality assurance to our clients.””+Because Appraisal Logistics will be audited by ISO every six months, the company has implemented a daily, weekly, and monthly reporting schedule that pulls data on areas of improvement, uncovering flaws and driving efficiency.””Right now, there is no official audit process for [appraisal management companies]. It’s the financial institution’s responsibility to verify third party compliance and many simply don’t have the means to audit vendors,”” Danna said. “”ISO includes that audit verification within it. We can provide our clients with a seal of approval that is much more stringent than [Consumer Financial Protection Bureau] guidelines.”” in Data, Government, Origination, Secondary Market, Servicing November 26, 2013 441 Views Appraisal Logistics Earns ISO Certification Agents & Brokers Appraisal Management Companies Appraisals Attorneys & Title Companies Company News Investors Lenders & Servicers Processing Service Providers 2013-11-26 Tory Barringer Share
April Cash Sales Share Dips to 37
Share Home sales paid for in cash ticked down again in April but remained elevated compared to the pre-crisis norm.According to CoreLogic senior economist Molly Boesel, cash sales accounted for 36.8 percent of total home sales in April, down from 38.5 percent in March and 40.1 percent in April 2014.The percentage of cash sales as a share of total transactions averaged approximately 25 percent prior to the housing crisis, Boesel said. It peaked in January 2011 at 46.2 percent.The annual decline in cash sales share continues a streak that started in January 2013.By transaction type, REO sales claimed the largest share of cash sales in April at 56.8 percent, followed by re-sales (36.3 percent) and short sales (35.1 percent).”While the percentage of REO sales that were cash transactions remained high, REO transactions made up only 9.4 percent of total sales in April and therefore did not have a large influence on the overall cash sales share,” Boesel said.Newly built homes, which tend to be priced higher, accounted for 17 percent of April’s cash sales.Going by state, Florida had the highest concentration of cash transactions at 56.7 percent, with Cape Coral-Fort Myers taking the top spot among Core-Based Statistical Areas (CBSAs) at a cash share of 66 percent.Other states with high cash concentrations in April include New York (55.9 percent), South Dakota (55 percent), West Virginia (53.3 percent), and Alabama (52.2 percent). in Daily Dose, Data, Headlines, News July 15, 2014 545 Views All-cash Cash Sales CoreLogic Home Sales 2014-07-15 Tory Barringer April Cash Sales Share Dips to 37%
JPMorgan Mortgage Discrimination Case Dropped by Los Angeles
JPMorgan Mortgage Discrimination Case Dropped by Los Angeles The city of Los Angeles has dropped a lawsuit accusing JPMorgan Chase & Co of discriminatory lending toward minority borrowers.This dropped suit concluded the first of Los Angeles’ four lawsuits alleging that JPMorgan and other major banks participated in discriminatory lending practices since 2004, which increased foreclosures among minority borrowers, according to Reuters and other media reports.Reuters reported that in a recent filing from the U.S. District Court for Central District of California, the agreement terminated a lawsuit that would have held the bank liable for minority neighborhood foreclosures and lost property tax revenues caused by declining home values.Reuters also noted that JPMorgan denied any discrimination toward minority borrowers, according to court filings.In addition its lawsuit against JPMorgan, the city of Los Angeles is also pursuing lawsuit for nearly identical discriminatory issues with Bank of America Corp., Wells Fargo & Co, and Citigroup, Inc.Bank of America, Wells Fargo, and Citigroup were recently in the headlines this week as the 11th U.S. Circuit Court of Appeals revived three lawsuits the were brought about by the City of Miami, accusing Wells Fargo & Co, Bank of America Corp., and Citigroup of discriminatory and predatory mortgage lending practices to minority borrowers.The lawsuit, originally introduced to a lower court by the City of Miami on December 13, 2011, alleged that each bank in question had participated in a decade-long pattern of discriminatory lending by targeting blacks and Hispanics for predatory loans.The court documents related to this case revealed that the city alleged that the banks “refused to extend credit to minority borrowers when compared to white borrowers,” then “when the bank did extend credit, it did so on predatory terms.”The Los Angeles suit, and many others like it extended from the financial crisis era were brought about by local governments who claimed that “damages for economic destruction wrought nationwide by foreclosures, lost taxes and neighborhood blight,” Reuters said.Like the Miami lawsuit, the Los Angeles complaint said that JPMorgan practiced “red-lining, or the denial of credit to minority borrowers, and then reverse red-lining, or targeting minorities for costly subprime loans they could not afford,” Reuters said.A JPMorgan spokesperson said that they are happy with Los Angeles’ decision and that they “have consistently supported the Los Angeles community and helped thousands of families get into homes they can afford,” according to Reuters. September 4, 2015 469 Views in Daily Dose, Government, Headlines, News JPMorgan Chase & Co Los Angeles Mortgage Discrimination 2015-09-04 Staff Writer Share
Cozy Offers Access to Data on 10M Properties with RentRange
RentRange, a market data and analytics provider for the housing industry, is now the data provider for Cozy, which provides property management software to more than 100,000 landlords.With its proprietary algorithm, RentRange calculates rent estimates based on geography-based, market- and property-level analytics, taking into account historical and current trends.Investors and landlords can use this data to make investment decisions and determine appropriate rent rates for individual properties.“Real estate investing is becoming increasingly data-driven, making it easier than ever for property owners and landlords to pinpoint the optimal rental rate for an individual property,” said Wally Charnoff, CEO of RentRange Data Services.Cozy’s property management software helps make property management more efficient for both landlords and tenants, and providing RentRange data in the software “will expand the role that technology plays by helping landlords become better informed about the local market conditions using detailed rental data,” Charnoff said.In fact, property managers and investors using Cozy software will now have detailed data on more than 10 million investment properties in the United States.They’ll be able to review rent estimates, rent benchmarks, estimated property vacancy rates, rental saturation, and other information to inform their investment and property management decisions.“RentRange has established itself as the go-to source for address- and market-level data, and we are excited to be able to make their comprehensive and up-to-date information available to our landlord customer base,” said Gino Zahnd, CEO of Cozy.RentRange is part of the Altisource family of businesses. in Headlines, News, Technology Share Cozy Offers Access to Data on 10M Properties with RentRange Company News Cozy RentRange technology 2017-02-13 Mirasha Brown February 13, 2017 711 Views
Can Homebuyers Afford a Mortgage in These Cities
in Daily Dose, Data, Featured, News Can Homebuyers Afford a Mortgage in These Cities? Affordability california cities GOBankingRates homeowners households HOUSING Income median listing price mortgage San Francisco U.S. 2018-01-02 Staff Writer Homeownership is likely to be out of reach for more than half of the households in many large cities, according to a study published by the personal finance resource GoBankingRates on Tuesday.GoBankingRates used the median home listing price in the 100 biggest cities across the U.S. to figure the monthly mortgage payment. Using the rule of thumb that no more than 30 percent of income should go toward housing, they calculated the income needed to afford a mortgage in those cities and then compared this income to the number of households with income equal to or greater than that amount. Out of the 100 largest cities in the U.S. the study ranked the ones where homeownership was out of reach for more than 50 percent of households.The study found that six of the top 10 cities with the highest percentage of households that can’t afford a home are in California, due to its high real estate prices. Therefore it comes as no surprise that San Francisco with a median listing price of around $1.19 million and 76.7 percent of households that can’t afford a home topped the list.San Francisco was followed by Boston, that had a median listing price of $725,000 and 75.7 percent of households that can’t afford a home. Miami (median listing price $450,000; 74.3 percent households), Long Beach California (median listing price $549,000; 73.5 percent households), and Los Angeles (median listing price $749,000; 72.9 percent households) rounded up the Top 5 list.Ranked No. 10, New Orleans was a surprise entry on the final list with a median home price of $300,000 but with 65.4 percent of households that can’t afford a home because of lower wages.Other cities that made it to this list include New York; San Jose, California; San Diego; Oakland, California; Dallas; Denver; Washington D.C.; Houston; Seattle; Nashville, Tennessee; and Atlanta.To read the complete study, click here. January 2, 2018 557 Views Share
Looking Back on Three Decades With David Stevens
Looking Back on Three Decades With David Stevens David Stevens MBA mortgage Mortgage Bankers Association mortgage servicing National Mortgage Servicing Conference and Expo 2018-02-07 David Wharton in Daily Dose, Headlines, journal, News, Servicing Share February 7, 2018 726 Views With the National Mortgage Servicing Conference and Expo 2018 unfolding this week in Grapevine, Texas, MReport has been on the scene, speaking with some of the industry’s biggest names and power players.During the event, MReport spoke on the phone with David Stevens, President and CEO of the Mortgage Bankers Association. With over 30 years in mortgage finance, Stevens has held senior positions at Wells Fargo and Freddie Mac, as well as serving as Federal Housing Administration commissioner during the Obama Administration. Having served as CEO of the MBA since 2011, last October Stevens announced his plans to step down as head of the trade organization, following a battle against stage 4 cancer. Stevens plans to hand over the reins of the MBA on September 30, 2018.Looking back over his three decades in the industry, Stevens points to his time as FHA commissioner as one of the highlights of his career. “That was a unique experience, and one where the FHA commissioner played a much larger role than typically happens, where I got to meet with the President with relative frequency and help form policy.”For his final year at the head of the MBA, Stevens says his focus will be on keeping “the membership confident and engaged” and on working with members of Congress such as Sen. Bob Corker (R-Tennessee) and Rep. Jeb Hensarling (R-Texas) on GSE reform. “We’re all leaving at the end of the year, and all three of us have spoken with each other about trying to see if we can get this over the goal line,” Stevens said.When asked what qualities will be key for whoever succeeds him as head of the MBA, Stevens first cites diverse experience within the industry. “I’ve been able to experience the industry and operate large organizations inside of it for a long time, and that gave me an understanding of what the issues are, and the ability to quickly comprehend the impacts of any proposed changes,” Stevens said. “Industry knowledge is key.”He also says that an understanding of how the political system works is crucial. “I worked on developing policies and pursuing them, not just in the public arena, but with members of Congress on both sides, and had them push budget initiatives and more,” Stevens recalled. “So I got to not only know the members of Congress, but I got to understand how the process works, and that’s been an invaluable resource to be in my role here.”Stay tuned this week, as MReport will continue bringing you more conversations with mortgage and servicing leaders.
Eye on the Industry Updates on Ellie Mae Land Gorilla and More
From technology upgrades to new partnerships get the pulse of the mortgage industry in this weekly update.California-based cloud-based platform provider for the mortgage finance industry, Ellie Mae, announced the launch of a new major release of its Encompass digital mortgage solution. The latest release will help lenders of all sizes originate more loans, lower origination costs and shorten the time to close with compliance, efficiency, and quality, Ellie Mae said. Key highlights include enhancements to support Know Before You Owe 2 (KBYO2) rule changes, a new customizable TPO workflow, new correspondent investor integrations, and product and pricing enhancements. “We’re offering complete digital mortgage solutions to help our customers succeed by enabling them to close more loans by increasing efficiencies, reduce the time to close by offering intelligent automation and reducing the cost to originate,” said Jonathan Corr, President, and CEO of Ellie Mae. “With 18.3 major release of Encompass, we’re ensuring compliance with the upcoming Know Before You Owe guidelines and offering enhancements to our Connect solutions to help our lenders be more productive while growing their businesses.”__________________________________________________________________________________California-based construction loan management software provider, Land Gorilla, has announced a technology integration with Black Knight’sLoanSphere and Empower loan origination systems (LOS). This integration will provide lenders with full visibility and control of their construction loan pipeline, from origination to post-close management, Land Gorilla said in a statement. Through this integration, lenders will have the ability to transfer loan data from the Empower system to Land Gorilla’s Construction Loan Manager (CLM), saving time for loan onboarding, increasing process efficiency and consistency, and reducing errors. “We are very excited to bring our premier technologies together in this integration to provide a more efficient experience for lenders,” said Sean Faries, CEO, Land Gorilla. “The integration between Black Knight and Land Gorilla will equip users with the transparency, risk abatement, and cost efficiencies required to be successful and meet the growing demand for construction and renovation loans.”__________________________________________________________________________________Lenders One Cooperative, a national alliance of independent mortgage bankers, has announced the launch of the Lenders One eClosing by DocMagic, a complete eClosing solution for borrowers, lenders, and investors. The eClosing solution provides an entirely paperless workflow that integrates every component of the closing process and guides users through each step. The solution was launched during the Lenders One Summer Conference in Salt Lake City, Utah. According to a Lenders One statement, “When using the solution, the average loan closing “at the table” can be reduced from 60 minutes to 15 minutes, helping to dramatically improve the borrower experience.” The solution includes features such as integration with major LOS platforms to generate e-enabled documents, an embedded compliance engine that automatically audits documents and data against applicable industry laws and regulations to help ensure compliance throughout the loan lifecycle.__________________________________________________________________________________Home Bank, the Denver-based subsidiary of Home Bancorp, Inc. announced that it had implemented the Loan Fulfillment Center (LFC) from Mortgage Cadence, an Accenture company. Available through the Mortgage Cadence cloud for swift accessibility, LFC is a retail loan origination platform capable of handling mortgage requirements from application to closing and delivery. After a 90-day implementation, Home Bank is now live on the platform and is also using its integrated Borrower Center, an intuitive online origination portal the bank said in a statement. “Given the highly competitive industry we serve, lenders must have technology that fits their needs not just today, but for many years to come,” said Trevor Gauthier, President and COO of Mortgage Cadence. “While some companies offer just one loan origination system (LOS), Mortgage Cadence is well positioned to meet the diverse needs of our customers, thanks to our two different LOS, Loan FulfillmentCenter and Enterprise Lending Center. LFC offers out-of-the-box functionality that a smaller administrative team can quickly personalize. It is the perfect fit for Home Bank.” Black Knight Ellie Mae Land Gorilla Lenders One Lending LOS mortgage technology 2018-08-16 Radhika Ojha in Daily Dose, Featured, News Eye on the Industry: Updates on Ellie Mae, Land Gorilla, and More August 16, 2018 897 Views Share