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Monthly Archives: May 2021

Following Mortgage Fintech Into the Future

first_imgSubscribe Share Save Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Following Mortgage Fintech Into the Future About Author: Scott Dai Following Mortgage Fintech Into the Future in Daily Dose, Featured, Print Features, Servicing  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Scott Dai leads EY FinTech in the Southwest with over 18 years’ financial services industry experience from strategy to operational execution, disruptive capabilities, and technology transformation for top U.S. and global financial services firms. Responsibilities involve resolving complex, enterprise-level issues to designing for the future through delivering with large teams across disciplines. Other passions and responsibilities include talent evaluation and acquisition, operationalizing digital, fintech, and automation capabilities. Previous: Freddie Mac Fund to Help Homeless and Displaced Next: HUD Offers Foreclosure Relief to Tornado Victims Servicers Navigate the Post-Pandemic World 2 days agocenter_img Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Editor’s note: This feature originally appeared in the March issue of DS News, out now. Over the past several years, the largest U.S. banks have invested billions in fintech and fintech startups to strengthen their offerings and position these organizations with new market entrants, evolving technologies, and changing customer preferences. Banks such as JPMorgan Chase (JPMC) have emphasized an enhanced digital profile. Campaigns like “Mobile First, Digital Everything” cater to the 60 percent of U.S. banking consumers who have said they’d be willing to try a financial product from a bank they already use. This rate is higher (83 percent) for younger customers. JPMC also recently launched a pilot for JPM Coin aimed at reimagining how they would like to handle institutional payments.Launched in 2017 and 2016, respectively, peer-to-peer payment app Zelle and artificial intelligence assistant Erica have driven digital activity and subsequent sales from Bank of America’s (BofA) growing pool of 35 million digital customers. BofA’s peers have made similar investments in their retail banking businesses to cater to their customers’ evolving expectations.The largest banks have primarily focused on three fintech investment categories over the past several years: payments and settlements, data analytics, and financial services customer experience. These categories comprise more than 55 percent of all fintech investments made by these banks over the same time. Research suggests these investments will be used to support existing products and customer segments. Multiple fintech startups have received syndicated investments from these banks. Large banks have been active in redefining their strategy and investment in fintech capabilities. Consumer and investment banking continue to be the key focal points for large banks’ agendas through their dominance in market presence and innovation budget (e.g.,artificial intelligence, blockchain). Now, they are leveraging these capabilities and services to win in the traditionally relationship-driven markets such as small business, community, and commercial banking.It’s not a coincidence that JPMC purchased WePay, a small-business payments service, as its first major financial technology purchase. Throughout the organization, the message is consistent: win the customer through enhanced digital customer experience by focusing and investing heavily in financial technology. Another way that large banks have been redefining themselves is essentially building a new bank catering to a new generation without the traditional silos.Goldman Sachs has been building and acquiring capabilities for the last couple of years. It launched Marcus by Goldman Sachs in 2016, made more than 37 acquisitions, and is the top investor in financial technologies among the top 11 US banks. Its goal is clear—building a silo-less, service-driven bank of the future for a segment of customers outside of its traditional investment banking bread-and-butter.What’s different here is that the large banks have new targets they are focusing on beyond their core businesses. This includes small business lending and back-office automation, consumer and commercial real estate, and personal lending. In other words, the traditional strongholds of regional banks. For the regionals, not only is Silicon Valley coming, the big banks are coming as well. Between the startups exposing gaps in customer experiences, the large banks pivoting, and the post-Great Recession regulatory landscape— which introduced new guidelines and compliance challenges—a wave of consolidation can be expected. This is due to customer migration and disparity in the cost of doing business between banks that are technologically capable and those that aren’t.WHAT DOES INNOVATION MEAN FOR REGIONAL AND SUPER-REGIONAL BANKS? As digital adoption increases across demographics, there will be an increasing demand for regional banks to offer digital capabilities. To remain competitive in the age of fintech, regional banks must embrace digital capabilities. This is crucial due to aging current customers and new customers who are not as loyal to the regional banks as the previous generation.These banks must focus innovation on customers and employees. Customers expect to be able to perform basic functions online and on mobile apps, such as:checking balancestransferring fundspaying billspeer-to-peer paymentsdepositing checksBank employees also require basic functions such as:mobile connectivitytools for use in the field by relationship managers and bank employeesThese capabilities no longer set the bar for consumers as they are now basic expectations for most, and the next generation of capabilities is already here. As banks search for new revenue streams, large banks are able to leverage technology to expand their relationships with their customers—which traditionally involve face-to-face discussions—through digital channels and compete more directly with regionals. Many large banks are using fintech to offer the newest technologies and digital experience. Regional banks must focus on providing these basic digital capabilities just to stay competitive with larger national banks. Investments and purchases in new capabilities may give the regionals a boost but they tend to be investments that are outsized for the relative size of the bank.WHY IS INNOVATION DIFFERENT FOR REGIONAL BANKS? Young, digitally savvy, entrepreneurial professionals are migrating into less urban areas due to a number of factors including workplace mobility, starting or joining small businesses, and returning to family businesses. They are also entering the regional bank’s target market. These customers will have very different expectations of what they need from a bank. Staying up-to-date with banking technology is critical to meeting these new customers’ needs. As banks transition more of their operations digitally, the advantage of having local branches and individual relationships has become less valuable. Regional banks must remain ahead of this change and begin investing in digital technologies to remain competitive with larger firms. Their client base is different: banks at the regional and super-regional level also operate under different business models than the largest banks, with greater emphasis on commercial real estate and less on consumer lending. A quick review of the portfolio differences suggests that regional banks should adapt fintech to the demographics and market conditions of their respective region rather than take the one-size-fits-all approach of their national counterparts. For example: » Southwest regional banks tend to have less of their portfolios concentrated in commercial and industrial lending, while exhibiting much higher concentrations in commercial real estate.Residential real estate lending concentration is marginally smaller for southwest regional banks.Consumer lending concentration is four times larger in large banks than in smaller southwest institutions.Southwest regional banks have a sizable agricultural lending business, which, by comparison, is almost non-existent for big banks.HOW CAN THIS BE ACCOMPLISHED FOR LESS MONEY THAN LARGE NATIONAL BANKS?Regional banks should not simply copy the “big bank” blueprint for fintech engagement. Fintech partnerships offer regional banks an opportunity to acquire digital capabilities without having to invest large amounts of capital. Regional banks should tap their strengths, building personal relationships not only with customers but with emerging fintech companies that also seek a personal connection.In speaking with CEOs and founders of fintechs across the geographic and services spectrum, one thing is relatively consistent: they are good at what they do, but they also recognize what they do not do well and they know that having the right relationship with strong business partners is essential to their success. This is where the regionals should deploy their greatest advantage, building personal and business relationships with fintechs in their backyards. Not only are they possible small-business clients; their product could also directly affect the regional bank’s ability to innovate. New due diligence guidelines may need to be evaluated, but it’s a new way to grow together with the fintechs that’s different than incubators, and very different from investment or outright acquisition strategies. It doesn’t require billions in upfront investments.As the Marcus by Goldman Sachs example clearly illustrates, you can start small and grow your capabilities over time, even starting from nothing. Regional banks are not immune to the “Silicon Valley” effect. In fact, one can argue they are even more vulnerable because of new digital capabilities, aging populations, national banks seeking new growth areas, and the effect of new regulatory expectations. Unless the response from the regional and super-regional banks is equally swift and strong, they will be more vulnerable and less in control of their own fate in the coming wave of consolidation and realignment. The Best Markets For Residential Property Investors 2 days ago Banks FinTech 2019-03-06 Donna Joseph Tagged with: Banks FinTech March 6, 2019 3,965 Views last_img read more

Appraisals at a Distance

first_imgHome / Commentary / Appraisals at a Distance Tagged with: Appraisal Valuations Previous: Housing Leaders Praise Supreme Court LGBTQ Decision Next: DS5: The Role of Tech in the Mortgage Process The COVID-19 pandemic didn’t create the proptech movement, but it is accelerating the realization that the ideas, technologies, and value it offers are no longer a luxury, but a requirement in real estate. It would be an understatement to say that the current global pandemic has created a unique housing experience. From virtual showings to in-car closings, social distancing has created a near perfect storm for appraisers, originators, and agents when it comes to viewing and valuing properties. As current and potential homeowners continue to move forward with buying, selling, and refinancing properties, it’s important that valuations are done both accurately and safely.  So how do industry pros really feel about appraisals from a distance? A new survey of more than 350 real estate professionals conducted by Radian in April 2020 attempts to shed some light on what professionals think of distance appraisals in the time of COVID-19 and what the future may hold. Results of the survey confirmed that the crisis may be changing attitudes about remote solutions and spurring more widespread adoption. The biggest concerns about social distance valuations highlighted the validity of the data, timeliness of the data, cost, and Uniform Standards of Professional Appraisal Practice (USPAP) compliance.  When asked if they would be comfortable relying on data and photos supplied by a borrower or third party, a resounding 75% said they would be, especially if the information was independently verified, while only a quarter said “no way” to borrower-supplied data. Similar percentages were generated when asked about borrower-guided or remote assisted video inspections.  For many surveyed professionals, technology has the potential to make their jobs easier. They also believe that there is room for improvement, and welcome new tools to help with the evaluation process. Respondents suggested that verified photos and video from the borrower or real estate agent, consolidated public record data from multiple counties/courthouses, and more data to integrate into appraisal software were just some of the tech tools they would value most. Unsurprisingly, respondents report that the COVID-19 crisis has impacted their business to a varying degree.  Nearly 80% of respondents said they had difficulty executing appraisal orders either because the occupant would not allow access unless the inspectors could prove they had no illness or because occupants were reluctant to grant access under any circumstances during the pandemic.   While social distancing has created new challenges for valuing properties, because real estate is heterogeneous, there are always unique properties that need additional valuation support or validation. Access to properties, whether by distance, disaster, reluctance, or lack of appraisers, has made segments of real estate difficult to appraise in person. Luckily, proptech has enabled providers to fill the gap with data and analytics to augment the traditional appraisal process.   From anywhere, interactive services can be utilized to research homes, surrounding neighborhoods and towns, track market performance and trends, and even inspect photos of all the properties used in the valuation. Overlaying Artificial Intelligence (AI) to review photos and determine room type, property condition, and objects within photos provides crucial validation of both professional and borrower supported photos. AI offers the potential for valuable additional verification for all valuation types and is becoming an integral part of valuation technology.    Because so many steps in the transaction chain have traditionally required face-to-face contact, real estate has been slower to automate than other industries. COVID-19 and social distancing limitation have created an accelerant to the in-market testing of valuable remote services and AI designed to augment and automate the valuation process. Prior means and methods are being challenged daily by this pandemic and the industry will need to adapt to accommodate changes to their current practices.   The crisis has forever changed the market and how we do business and will shape the future of valuation practices. Both practitioners and consumers are engaged in helping to identify what could be a permanent improvement and define a long-term solution, which will be reinforced through web-based services supported by data and analytics. As state orders lift and business returns to a new normal, we look forward to being a part of the valuation industry evolution and offering timely, accurate, and safe solutions to support the real estate market.  in Commentary, Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Appraisals at a Distance About Author: Katie Brewer Subscribe Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Share 2Save  Print This Post Appraisal Valuations 2020-06-19 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago June 19, 2020 12,560 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago As SVP, Valuation Services Operations, Katie Brewer is responsible for leading the daily operations of Radian’s Valuations team. Katie defines and creates innovative approaches to property valuation in order to ensure quick delivery, optimal quality and client satisfaction for all Valuation services. Brewer joined Radian in April 2015 as Chief Operating Officer of Green River Capital, LLC, now Radian Asset Management Services, where she was responsible for REO Management, Single Family Rental, Loss Mitigation, Surveillance and Rental Management.  last_img read more

JPC chair outlines vision for cross border cooperation between Community Alert groups

first_img Three factors driving Donegal housing market – Robinson LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Guidelines for reopening of hospitality sector published Twitter Twitter RELATED ARTICLESMORE FROM AUTHOR The chair of the Joint Policing Committee in Donegal says he would like to see cross border links established between Community Alert groups in Donegal and neighbouring counties, as well as closer lines of communication between the groups within the county.He told a meeting Letterkenny last night that the JPC could act as a coordinating body within the Donegal, with cross border links established through the North West Regional Cross Border Group.He says more communication and interaction is in everyone’s best interest……..Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/03/noelcrossborderjpc.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. WhatsApp By News Highland – March 25, 2014 News Google+ Calls for maternity restrictions to be lifted at LUH center_img Pinterest NPHET ‘positive’ on easing restrictions – Donnelly JPC chair outlines vision for cross border cooperation between Community Alert groups Google+ WhatsApp Almost 10,000 appointments cancelled in Saolta Hospital Group this week Previous articleDonegal & Tyrone Hurlers to play double header in SligoNext articleLack of oyster licencing structure is blocking investment – IFA News Highland Facebook Pinterest Facebooklast_img read more

Deputy Pringle says Irish Water engineer charges “crazy”

first_img Almost 10,000 appointments cancelled in Saolta Hospital Group this week By News Highland – August 25, 2014 Deputy Pringle says Irish Water engineer charges “crazy” WhatsApp WhatsApp Facebook RELATED ARTICLESMORE FROM AUTHOR Householders could be charged 188 euro for an engineer from Irish Water.The Irish Examiner reports that an hourly rate that will be charged for a call out in response to complaints about potential waterpipe and meter problems.It also claims that cost will rise to 282 euro per hour if the request is made out of hours.Donegal Deputy Thomas Pringle has described the idea as crazy…Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/08/pring3.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Twitter Twitter Guidelines for reopening of hospitality sector published Google+center_img Pinterest Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey News Calls for maternity restrictions to be lifted at LUH LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Previous articleDonegal Marathon ReactionNext articleLetterkenny woman wins €20,000 on TV Money Spinner programme News Highland Google+ Three factors driving Donegal housing market – Robinson Pinterest Facebooklast_img read more

Derry chosen as UK City of Culture 2013

first_img Pinterest Derry chosen as UK City of Culture 2013 Almost 10,000 appointments cancelled in Saolta Hospital Group this week Twitter Newsx Adverts Calls for maternity restrictions to be lifted at LUH Pinterest Facebook Twitter Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Facebook Google+center_img Guidelines for reopening of hospitality sector published Derry has been chosen as the UK’s first City of Culture.The announcement was broadcast live from Liverpool on the BBC’s The One Show last night.Derry, which was short-listed alongside Birmingham, Sheffield and Norwich, will take the mantle in 2013.Creative Advisor for the city of Culture Team, Noelle McAlinden, says its great news, and she says we could see events like the Brits Awards come to Derry in 2013.[podcast]http://www.highlandradio.com/wp-content/uploads/2010/07/noelle.mp3[/podcast] By News Highland – July 15, 2010 RELATED ARTICLESMORE FROM AUTHOR Three factors driving Donegal housing market – Robinson WhatsApp Previous articleDerry to be named UK Capital of Culture 2013?Next article45 jobs to go at HML in Derry News Highland WhatsApp Google+ LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton last_img read more

Cope pushing to improve circumstances of fishermen working off Irish coasts

first_img LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Previous articleDonegal Creameries buy Scottish-based seed potato grower AJ AllanNext articleCity of Derry Airport changes stance over poppy News Highland By News Highland – November 9, 2011 Pinterest Facebook Google+ Need for issues with Mica redress scheme to be addressed raised in Seanad also WhatsApp Almost 10,000 appointments cancelled in Saolta Hospital Group this week Facebook Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Cope pushing to improve circumstances of fishermen working off Irish coastscenter_img RELATED ARTICLESMORE FROM AUTHOR Pinterest Guidelines for reopening of hospitality sector published News Calls for maternity restrictions to be lifted at LUH Twitter WhatsApp Google+ North West MEP Pat The Cope Gallagher says he’ll again be pushing for separate regional deals to improve the circumstances of domestic Fishermen working off Irish coasts.A new deal will be negotiated in the coming months and already Irish fishermen are pushing for greater access to white fish.They also want less access by Spanish fleets to the Irish Box which is off the west coast.Speaking after a Marine Institute / BIM report called on other countries to follow Ireland’s lead in promoting and implementing conservation measures, Pat The Cope Gallagher says its time all Irish fishermen got a better deal……..[podcast]http://www.highlandradio.com/wp-content/uploads/2011/11/cope830.mp3[/podcast] Twitterlast_img read more

Nominations close for General Election 2011

first_img Google+ WhatsApp Calls for maternity restrictions to be lifted at LUH Facebook News Nominations to contest the General Election closed at noon today, with 20 candidates contesting the election in Donegal.Candidates now have until noon tomorrow to withdraw their names before the ballot papers are finalised.There are 11 declared candidates in Donegal North EastThey are, in alphabetical order -Dara Blaney – IndependentCllr Jimmy Harte – LabourBetty Holmes – IndependentCllr Charlie Mc Conalogue – Fianna FailCllr Ian Mc Garvey – IndependentDeputy Joe Mc Hugh – Fine GaelCllr Padraig Mac Lochlainn – Sinn FeinHumphrey Murphy – Green PartyCllr John Ryan – Fine GaelDessie Shiels – IndependentRyan Stewart – IndependentThere are 9 declared candidates in Donegal South West -Tanaiste Mary Coughlan – Fianna FailDeputy Pearse Doherty – Sinn FeinJohn Duffy – Green PartyCllr Frank Mc Brearty – LabourStephen Mc Cahill – IndependentDeputy Dinny Mc Ginley – Fine GaelSenator Brian O’Domhnaill – Fianna FailCllr Thomas Pringle – IndependentAnn Sweeney – Independent Twitter Guidelines for reopening of hospitality sector published By News Highland – February 9, 2011 Nominations close for General Election 2011 Facebook WhatsAppcenter_img Pinterest Previous articleCllr McGowan hits out at Sinn Fein for confirming cross-border projectNext articleDara Blaney, son of Neil T Blaney, to contest General Election News Highland Almost 10,000 appointments cancelled in Saolta Hospital Group this week RELATED ARTICLESMORE FROM AUTHOR Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Twitter Pinterest LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Google+ Need for issues with Mica redress scheme to be addressed raised in Seanad alsolast_img read more

Calls for strategic plan put in place for Donegal islands

first_imgHomepage BannerNews RELATED ARTICLESMORE FROM AUTHOR Man arrested on suspicion of drugs and criminal property offences in Derry WhatsApp Facebook Google+ PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Today’s Donegal Island’s Committee meeting has heard calls for the establishment of a strategic plan for the county’s islands.The plan would bring together issues that need addressing on the islands while also highlighting what could be done to develop them further.Councillor Marie Terese Gallagher says for the plan to be effective, central government funding would be required:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/05/mariet.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Facebook Dail hears questions over design, funding and operation of Mica redress scheme Pinterest Calls for strategic plan put in place for Donegal islandscenter_img Twitter HSE warns of ‘widespread cancellations’ of appointments next week By admin – May 10, 2016 WhatsApp Google+ Dail to vote later on extending emergency Covid powers Man arrested in Derry on suspicion of drugs and criminal property offences released Previous article71% of Donegal census forms collectedNext articleNew operator found for Grencastle Magilligan ferry service admin Pinterest Twitterlast_img read more

Mc Conalogue slams proposal to reduce NowDoc service in Inishowen and Gweedore

first_img WhatsApp The HSE is considering proposals from GP’s to reduce the overnight NowDoc service in Carndonagh and Derrybeg.Under the propsals the so called Red Eye service, between 11pm and 8am, would be withdrawn from Carndonagh and Derrybeg and provided centrally from Letterkenny.The HSE is considering the proposals with a decision to be made by the end of this month.Donegal North East Deputy McConalogue says any change to the service is not acceptable – He wants the GPs and the HSE to go back to the drawing board:[podcast]http://www.highlandradio.com/wp-content/uploads/2012/06/nowdampm.mp3[/podcast] Twitter Newsx Adverts PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Facebook Google+ WhatsApp Pinterest Facebook Dail hears questions over design, funding and operation of Mica redress scheme Man arrested in Derry on suspicion of drugs and criminal property offences released center_img Dail to vote later on extending emergency Covid powers By News Highland – June 15, 2012 Pinterest RELATED ARTICLESMORE FROM AUTHOR Google+ Mc Conalogue slams proposal to reduce NowDoc service in Inishowen and Gweedore Previous articleCalls for investment and concern about expansion mark Global Wind DayNext articleLetterkenny Chamber moves to attract more NI shoppers News Highland HSE warns of ‘widespread cancellations’ of appointments next week Twitter Man arrested on suspicion of drugs and criminal property offences in Derrylast_img read more

NI Equality Commission reports rise in prejudice

first_imgNewsx Adverts The Northern Ireland Equality Commission has published a survey showing an increase in prejudice against people from different backgrounds.The most negative attitudes were against members of the travelling community, but prejudice against members of the gay community and disabled people has also risen.The commission has called the survey a worrying insight into the population’s psyche.Its Chief Commissioner is Michael Wardlow………[podcast]http://www.highlandradio.com/wp-content/uploads/2012/06/wardl1pm.mp3[/podcast] Facebook Twitter Man arrested in Derry on suspicion of drugs and criminal property offences released Google+ Twitter WhatsApp PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal NI Equality Commission reports rise in prejudice RELATED ARTICLESMORE FROM AUTHOR Dail hears questions over design, funding and operation of Mica redress scheme center_img Previous articleBusiness Development Manager to be appointed in Convoy under new schemeNext articleJohn Mc Areavey leaves Mauritius court as evidence of wife’s Post Mortem is heard News Highland Google+ Dail to vote later on extending emergency Covid powers By News Highland – June 14, 2012 WhatsApp Pinterest Facebook Pinterest HSE warns of ‘widespread cancellations’ of appointments next week Man arrested on suspicion of drugs and criminal property offences in Derrylast_img read more