Why Single-Source Vendors Could be the Future

first_img The Best Markets For Residential Property Investors 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Foreclosure, News December 20, 2018 2,284 Views Share Save Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Altisource FHA Foreclosure Hubzu mortgage Patrick McClain Servicing Travis Britsch Vendors 2018-12-20 Scott Morgan Tagged with: Altisource FHA Foreclosure Hubzu mortgage Patrick McClain Servicing Travis Britsch Vendors Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Why Prepayment Activities Have Declined Next: Fannie and Freddie’s 2019 Goals Subscribecenter_img Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Why Single-Source Vendors Could be the Future  Print This Post Why Single-Source Vendors Could be the Future Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Delinquencies and foreclosures are about to make a comeback and single-source vendors are poised to the future for servicers, according to Altisource.In “The State of the Servicer Industry in 2018,” the firm sees the combination of high home prices and oft-risen interest rates as a sign that servicers will soon see an increase in delinquency and foreclosure rates in their FHA portfolios.And servicers seem to be aware of this “inflection point.” Nearly three-quarters of servicers Altisource surveyed said they expect their FHA portfolios to increase within the next two years.FHA loans already have increased, after a wave of interest early this year from buyers with lower credit who capitalized on the FHA’s Claims Without Conveyance of Title, or CWCOT, program’s more lenient downpayment requirements.With the upswing in FHA loans, though, comes the increased risk of defaults in FHA portfolios, especially as rates continue to climb. And while price escalation has been slowing down in the latter half of 2018, values remain out of reach for average and below-average earners in many markets, where wage growth has not necessarily caught up.With the possibility of more defaults looming, servicers say they are overwhelmingly likely to take a single-vendor approach to managing multiple services. Nine in 10 servicers, in fact, told Altisource that they are strongly leaning towards a single-source vendor, with two-thirds citing efficiency and compliance management as the main reasons.Single-source vendors are also an increasingly appealing option simply because of their prevalence. The sector grew as the housing market recovered from the crash and the glut of properties once maintained by small networks of vendors gave way to consolidated resources.If there’s a hangup for servicers, it’s that they’re having a lot of trouble finding single-source vendors they feel comfortable working with. Altisource says more than half of the servicers surveyed said they had trouble finding good vendors for trustee and auction services.That said, 73 percent of servicers said they are using third-party as part of their CWCOT program, mostly because those vendors provide end-to-end services. But 57 percent say they wish the data analytics these vendors used were not as efficient or effective as they could be. Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily About Author: Scott Morganlast_img read more

‘I don’t know Jack like that’ – Wallace insists relationship does not exist

first_imgDEPOSED Trinidad and Tobago Football Association (TTFA) president William Wallace has distanced himself from any link between himself and former T&T football top man Jack Warner.Warner, who received a ban from football for life in 2015 and is still facing extradition to the United States on corruption charges, was a known supporter of Wallace ahead of his successful bid to oust former president David John-Williams three months ago.Speculation has since been rife that an association between Wallace and the former disgraced FIFA official was one of the reasons the world football governing body disbanded the newly elected TTFA administration.  Wallace was quick to insist, however, that he did not have a close relationship with Warner and indicated as much to FIFA.“That is a perceived relationship and one that I don’t have; when it came to the fore, I wrote FIFA, I wrote CONCACAF indicating to CONCACAF that there is no such relationship with Mr Jack Warner and I guess that if at the end of the day that letter meant nothing then so be it,” Wallace said in an interview with the Good Morning Jojo Sports Show.Wallace, who was relieved of his duties by FIFA last week, went on to point out that he received solid support from a lot of individuals who wanted change during the election and that he could not control who Warner chose to support.“We had a host of people supporting us and actually, we won the election 26 votes to 20 votes so it meant that 26 of the delegates supported me along with many other Trinidadians who felt at that point in time that something was definitely wrong with the organisation at that point and they needed a change; so as a citizen of Trinidad and Tobago, even though Jack Warner expressed his opinion in terms that there should be change at the association then he has a right to do that, I really can’t stop him from doing that,” he added.FIFA sent word of its decision to replace the TTFA executive with a normalisation committee two weeks ago in the face of what it described as extremely low overall financial management methods, combined with massive debt.  A surprised Wallace, who pointed to positive meeting with FIFA only a few weeks prior has vowed to fight the decision. (Sportsmax)last_img read more