A Week of ‘Strong Forbearance Improvement’

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / A Week of ‘Strong Forbearance Improvement’  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago After declining by 5% last week, the number of mortgage loans actively in forbearance dropped again this past week, according to Black Knight, which calls the week of November 3-10 one of “strong forbearance improvement.””The decline was seen across investor classes and was largely due to the bulk of remaining October expirations being addressed over the past seven days, with some 191,000 homeowners removed from forbearance plans since last week,” Black Knight reported.Forbearance starts dipped to 68,000, the lowest weekly total since early October. New forbearance starts, excluding restarts, marked a pandemic-era low of 31,000, Black Knight reported. Another 98,000 households extended forbearance plans during the past week.”There have been positive signs so far in November, but with 323,000 active forbearances having recently expired or set to expire in the month, improvement may be somewhat limited in the coming weeks,” the researchers said, adding that, “as of November 10, there are 2.74 million homeowners in active forbearance plans, representing approximately 5.2% of all active mortgages, down from 5.4% from last week. Together, they represent $559 billion in unpaid principal.”Percentage of loans, by type, in forbearance plans this past week:3.5% of all GSE-backed loans9.1% of all FHA/VA loans5% of loans in private-label securities or banks’ portfoliosSince last week, portfolio/PLS loans saw the largest weekly decline at -49,000 (-7.1%), while GSE forbearances fell by 45,000 (-4.3%), and FHA/VA loans saw a more modest decline of -27,000 (-2.4%).Of the 2.74 million loans still in active forbearance, 81% have had their terms extended at some point since March, the report showed.The full report, methodology, and graphics can be read on the Black Knight blog. About Author: Christina Hughes Babb November 16, 2020 1,042 Views The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Black Knight Forbearance Weekly Report 2020-11-16 Christina Hughes Babb Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. A Week of ‘Strong Forbearance Improvement’ Share Save Previous: Renters or Homeowners: Who Struggles More Financially During COVID-19? Next: Agents Embrace Effort to Expand Private Flood Insurance Tagged with: Black Knight Forbearance Weekly Report 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 in Daily Dose, Featured, Loss Mitigation, Market Studies, News Related Articles Subscribelast_img read more

How a new member experience revived an old online application

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The member experience is a powerful motivator. According to recent statistics, nearly 75% of respondents identify experience as an important factor in purchasing decisions and 65% say a positive experience is more influential than great advertising. Research from Walker says experience is on track to overtake price and product as the key brand differentiator by next year.Michigan State University Federal Credit Union($4.2B, East Lansing, MI) aims to build a positive member experience by meeting, and exceeding, its members’ expectations. To do that might require introducing new products or services to meet new needs, but in the case of its online new membership application, MSUFCU knew an update was necessary.“We last touched it in 2010,” says Sam Amburgey, MSUFCU’s chief information officer. “We needed to revise it.” continue reading »last_img read more

Three ways to improve your members’ overdraft experience

first_imgIn both good times and bad times, consumers expect their financial institution to safeguard their best interests. This is especially true when they are faced with expenses that exceed their balance or when they inadvertently make an error in balancing their accounts, which may lead to an overdraft. When it comes to providing your members with the tools and support they need to maintain their finances when emergencies or errors occur, are you directing your time and resources toward strategies that provide successful results—for them and your credit union?In a recent Gallup study, respondents indicated that having the relief they need to get through the current crisis, as well as on-going guidance and financial solutions, and easy access to those resources whenever and however needed are what they want most from their financial institution.Successfully providing reliable, convenient and safe financial services to your members is more challenging now as you juggle disruptions to in-person connections, coordinate socially distanced work environments and adjust business continuity plans amid growing uncertainty. But how you manage your service delivery strategy in order to respond to your members’ financial needs now can be pivotal to building ongoing, loyal relationships. Following are three ways you can restore your members’ financial security and provide improved services experiences as we work through the current situation and for the long-term.Transparency creates trust and long-term securityRegulators have made significant changes to overdraft rules to increase transparency and protect consumers from unclear disclosures and discriminatory practices. However, overdraft programs with variable limits, based on data points that are unknown by members, often lead to confusion.A fully transparent service—with established limits explained upfront and reviewed periodically—provides members with a consistent and reliable financial service to better deal with an occasional shortfall. There is no guesswork involved as to whether they have overdraft coverage and, more importantly, there aren’t any surprise fees.Higher levels of service lead to stronger relationshipsProviding a level of service which builds trust and leads to long-term relationships involves much more than determining where a member plots on a data matrix. Overdraft programs based solely on analytics and data lack personalized service and value. Parameters that limit access to a safety net for some—based on undisclosed account information—don’t consider other essential aspects of a person’s overall ability to repay. Overlooking this can result in a breach of trust and threaten member satisfaction and retention.Offering in-depth employee education provides your staff with on-going opportunities to gain a full understanding of how the program works and how to explain it easily. By helping them to gain confidence regarding the value of your program and giving them the tools they need to more effectively identify individual member needs and present information on the options you offer, you will empower your employees to build much stronger member relationships and experience more job satisfaction.A written compliance guarantee protects members and your credit unionIf an overdraft provider doesn’t offer a written compliance guarantee, along with access to ongoing regulatory expertise and advice on compliance issues, they likely won’t be standing by your side if there are ever questions about your practices.When compliance is a top priority, it means the provider has the expertise and resources to keep track of the latest regulatory expectations and identify potential areas of concern before they hit your radar. What’s more, they will put those resources to work to help you incorporate the necessary process and procedural changes to address any issues that might be problematic.Commitment to best practices and personalized service is key to program successNo amount of automation or AI-driven technology will bring back members if they lose trust in your credit union. Make sure you offer an overdraft service that truly provides the reliability of a safety net your members can depend on when they have occasional short-term needs. This strategy will also offer protection from regulatory and legal risks, and provide sustainable service and revenue. 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Mark Roe Prior to joining JMFA, Mark was a sales manager in the Texas market for a major bank with headquarters on the West coast. His experience also includes managing the accounting, … Web: www.jmfa.com Detailslast_img read more

A love affair with West End has led this couple to downsize and move

first_imgAnil and Ritu Advani fell in love with West End back in 2007, ten years later they have purchased their dream apartment in the Ferry Rd development at West End.IT WAS love at first sight for these Ferry Rd buyers who had been searching high and low for the perfect downsizing property without any luck.Anil and Ritu Advani had been in the market for six years and had extended their hunt for the perfect apartment to New Farm and Teneriffe, but it was Ferry Rd in West End that eventually ticked all of the boxes. Ferry Rd in West EndMore from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor3 hours agoMs Advani said the main attraction for her was the modern decor and beautiful kitchen.“The three metre island bench is beyond anything that we had seen in other inner-city apartments. It is easy to see that the kitchen has been thoughtfully designed and the finishes are outstanding,” she said.“As soon as we found Ferry Rd. we just knew that this was to be our new home, it ticked all of the boxes … there is an abundance of natural light throughout the apartment, the layout and design makes sense — there is no wasted space and the living areas flow really well”.Ms Advani said that being downsizers they wanted something spacious.“Coming from a spacious high set house and downsizing, we didn’t want to feel like we wereliving in a soaring complex, in a typical apartment with a contained feel. Ferry Rd. offers aboutique style that most others didn’t,” she said. Ferry Rd in West End“Buying at Ferry Rd was a lifestyle choice for us, we have reached the time in our lives where we can relax and enjoy a maintenance free lifestyle,” they said.“Living at Ferry Rd means that we can be close to a lot of entertainment options and restaurants, without compromising on the space or the quality of life that our family home currently delivers. We love that Ferry Rd is near the city, but not in the city.”Designed for the owner-occupier and downsizer, Ferry Rd is developer Stockwell’s latest riverside development, with three-bedroom apartments starting at $880,000.To date 46 per cent of the 60 apartments have sold equalling $22.7 million in sales, with three-bedroom apartments making up the majority of the remaining stock, priced from $880,000 to $990,000.center_img Ferry Rd in West EndThe Advani’s said they fell in love with West End back in 2007 when they purchased an “off the plan” apartment for their daughter at Stockwell’s Riverpoint.“After seeing the quality apartments that Stockwell delivered at Riverpoint and the opportunitiesthat living in West End brought our daughter, we knew that we were ready to downsize”.last_img read more