Jet Airways, India’s premier airline, has now commenced the roll out of a full service product on all flights across its domestic network.Jet Airways’ will offer guests a two class, full service product with a complimentary dining experience onboard all domestic flights.The airline will offer easy convenient connections on its domestic network to over 51 destinations across India with over 450 daily domestic flights.As well as that guests will also be able to access 22 international destinations on Jet Airways network and will also offer connectivity to over 135 international destinations across the world with its strategic alliance partner Etihad Airways.Jet Airways chief executive officer Cramer Ball, said that the airline believes the full service product will enhance the service offered to customers.“We firmly believe that this move to a full service carrier, delivered in our inimitable style with the warmth and graciousness of Indian hospitality will help Jet Airways redefine the service paradigm in Indian skies. We are all committed to delivering the best domestic full service product in India,” Mr Ball said.JetPrivilege members will also earn JPMiles in line with the accrual structure of a full service flights, the program will offer guests easy tier retention, faster tier upgrades, improved tier benefits, easy redemptions, a minimum of 500 JPMiles on every flight, and a wide range of 150 partners to choose from.The move to a full service brand is a part of a Board approved business plan announced in August for the airline’s return to profitability.Source = ETB Travel News: Lewis Wiseman
Darwin welcomes Personal Travel Managers for 2017 National Conference Aerial Darwin – Set in a stunning tropical waterfront location, the spectacular Darwin Convention Centre is TravelManagers’ world class 2017 conference venueDarwin welcomes Personal Travel Managers for 2017 National ConferenceWith only days to go, TravelManagers’ personal travel managers (PTMs) from all over Australia, members of the national partnership support team and partner suppliers are making their way to the Northern Territory’s capital city, as the countdown begins to the company’s tenth national conference. With an estimated 389 people attending including over 100 suppliers, the TravelManagers 2017 national conference with a theme of ‘ONE’, will be held 07-09 September in Darwin.“The conference theme of ONE resonates with all that we do. We will explore our theme throughout our entire conference by way of peer to peer and supplier partner presentations, workshops, tradeshows and participation in our community event,” says TravelManagers’ Executive General Manager Michael Gazal.Testing your didgeridoo prior to purchase at Mindl Beach Sunset MarketsGazal further adds, “ONE is many things – how we work together as ONE, that ONE big thing you may be working towards, or it could be the ONE thing you can change that will make the biggest difference in your life. ONE is also about your sense of ONE – ONE individual working within ONE network, and what that means for our PTMs.”The TravelManagers’ conference always focuses on inspiring, motivating, celebrating and rewarding our PTMs’ successes highlights Gazal.“Conference offers an amazing opportunity for the personal travel manager network to all come together to share ideas, learn from each other and build relationships within the business while networking with suppliers and they are always fun!”The three-day conference is set to open with a bang!“We have been collaborating with David Price from Outshine Media over the last few months as we want to start the conference by a wow moment. David has attended numerous of our conferences and intimately understands our business and we are really excited about what we have come up with to launch this year’s conference and will set the tone for the entire three days,” says Gazal.George-Brown – Darwin Botanic Gardens is one of the few botanic gardens in the world with marine and estuarine plants growing naturallyGazal is excited by the impressive lineup of keynote speakers Red Shark Naomi Simson and Benjamin (Ben) Roberts-Smith the most decorated serving soldier in the Commonwealth, who will inspire the personal travel managers by providing relevant content and thought provoking open forum discussions.“TravelManagers prides itself on previously having innovative and motivational speakers at our national conferences and this year we really have lifted the bar ever further. Naomi and Ben’s incredible stories of success and tenacity to succeed are nothing short of awe inspiring and our PTM’s are simply buzzing with excitement about this year’s conference.”To compliment our key note speakers, just over a quarter of the major presentations which are themed Secrets to my Success are being delivered by personal travel managers themselves.“The relationship between TravelManagers and the personal travel managers is built on mutual respect and is a true partnership. It is to everyone’s benefit that these partnerships are successful and it makes perfect sense that our personal travel managers have significant involvement in the conference content, and these plenary sessions are always popular,” says Gazal.Eight personal travel managers including Queensland’s’ Sarena Taylor representative for Robina, Denise Dean representative for Hendra, Anthony Lee representative for Bardon and Simon Tinkler representative for South Brisbane; Michelle Desmarchelier representative for Berowra and Jane Fowler representative for Elrington in New South Wales and Western Australian based Barbara Turner representative for Scarborough and South Australia’s Corinne Mutz representative for Upper Sturt will share their business success stories at the conference.Gazal knows the personal travel manager presentations will provide real value for their colleagues.“The personal travel managers will share with their peers their own personal and professional journeys providing ideas, inspiration, skills and strategies that have contributed to their success. I have no doubt these presentations will provide invaluable wisdom and motivation and it really does highlight the genuine support and camaraderie that exists within the personal travel manager network.”Gazal says the popular workshops managed by the national partnership team and external experts will again form part of the conference agenda.“The national partnership led workshops will focus on increasing yield and future technology trends. We are also thrilled to have Lauren Bath who pioneered the Australian influencer industry sharing insights on how PTMs can use Instagram to grow their businesses and Janeece Keller will relaunch Travel With Kidz accreditation program. We find these open forum workshops provide a great mix of education and inspiration and are extremely well received by the PTMs.”Whilst the conference days will be jammed packed with interesting and relevant content, the PTMs will have time to discover and explore the many activities Darwin has to offer which include a visit to Mindl Markets culminating with the Gala Awards Dinner at SKYCITY Hotel and Resort.The TravelManagers 2017 national conference will be held 07-09 September at the Darwin Convention Centre.For more information or to speak to someone confidentially about TravelManagers please contact Suzanne Laister on 1800 019 599.Please note that with the exception of Arial Darwin all photos require a mandatory credit to Shaana McNaught TourismNTAbout TravelManagersTravelManagers operates in all Australian States and is a wholly owned subsidiary of House of Travel, Australasia’s largest independent travel company which has a forecast turnover of $1.5 billion for 2017. TravelManagers is a sister company to Hoot Holidays, also owned by House of Travel, and has more than 500 personal travel managers throughout Australia with a dedicated support team at the company’s national partnership office in Sydney. TravelManagers places all customer money in a dedicated and audited Client Trust Account which is separate from the general business accounts, ensuring client funds are only used for client purchases. Source = TravelManagers
Travel Counsellors welcomes Jane TantiTravel Counsellors welcomes Jane TantiTravel Counsellors announced that Jane Tanti joined the team this week as Cruise Executive. After China, Australia is the second largest growth market in cruise, and with her vast experience, Jane will strengthen relationships with partners and further support agents to drive growth in cruise sales.Jane has been in the industry for several years most recently working for Viking Cruises. Previously, Jane worked with Cunard Line and Seabourn Cruise Line (who then became World’s Leading Cruise Lines), and for Cruise Office who were the GSA for Oceania Cruises, Regent Seven Seas, Voyages of Antiquity, Voyages of Discovery, Swan Hellenic and American Queen Steamboat Company.Travel Counsellors General Manager Tracy Parkinson commented “we recognise the demand for cruise in Australia and Jane’s wealth of knowledge and experience will make her a valuable addition to our team”. Speaking of the demand in cruise, Jane said “Local cruising has given Australians a taste of the best value for money holidays, and the word is spreading”.A member of SKAL and CLIA, Jane is so passionate about cruising that she has done over 50 cruises to date.To find out more about Travel Counsellors, visit http://recruitment.travelcounsellors.com.auAbout Travel CounsellorsTravel Counsellors Australia was established in 2007 and currently has nearly 150 Travel Counsellors. Our head office in Australia is located in Melbourne. Travel Counsellors Australia is accredited with ATAS. Travel Counsellors is the world’s largest home-based travel company. Founded in 1994 it currently has over 1,700 travel consultants who work from home with the support of over 400 staff at the company’s UK global headquarters and across 7 global offices. The company operates in Australia, UK, Ireland, the Netherlands, South Africa, UAE and Belgium.Source = Travel Counsellors Australia
Newly launched Mistere Spa and Retreat sets itself in one of Australia’s top ten most desirable destinationsNewly launched Mistere Spa and RetreatMurwillumbah has been identified as one of the top most desirable places to live in Australia based on natural beauty and excellent infrastructure, making it even more desirable as a spa location.Watched over by the awe inspiring majesty of Mt.Warning, and surrounded by five World Heritage National Parks, the countryside around Murwillumbah is a blend of rolling green hills and gently flowing rivers, punctuated with pockets of sugar cane, banana plantations, hobby farms and small village communities.The town itself has a lot to offer: from some of the best examples of Art Deco architecture to be found anywhere in the country to the award winning Tweed River Art Gallery. Murwillumbah has shopping for all manner of merchandise, dining for all tastes and has sporting facilities for all followings.A visit to Mistere Spa and Retreat with this delightful subtropical climate is ideal for those who want to relax and chill out before facing the hustle and bustle of the working week.Set in the centre of the stunning Tweed Valley on the far north coast of New South Wales, just 15 minutes from the pristine beaches of the Tweed Coast, 30 minutes south of the Gold Coast and 40 minutes north of Byron Bay, it’s an easy flight from Sydney or drive from Brisbane to Mistere Spa and Retreat.Stay in one of three luxury villas nest nestled discretely within a bush paradise which offers everything you’d expect from five-star accommodation. Stylishly decorated using a neutral colour palette borrowing from the hinterland surrounds, each has a spacious, modern kitchenette/dining area that transforms into an al fresco deck. There is an open-plan bedroom/living area with 50-inch flat-screen TV, and a full-size bathroom with an indulgent rainfall shower and/or double chromotherapy spa bath, depending on which villa you choose.The grounds are home to a plethora of trails which surprise with dramatic sculptures including a striking life sized rhino and brolgas dancing on a lily pond. The zen garden hosts a large Buddha looking out to the verdant valley below. Days can be spent wandering the trails of the retreat, unwinding with an in-room massage, fishing in the lily pond, surfing at nearby beaches or discovering small towns. Just thirty minutes to Coolangatta but a million miles from the hustle and bustle of the coast, this is the perfect place to take time out for yourself and relax.Mistere Spa and Retreat –Urliup is part of Regal Retreats which offers private luxurious accommodation in prime Australian locations including Kangaroo Island, Pacific Sunrise and Crescent Bay.Packages start at $600 for two nights inclusive of accommodation. Mistere Spa and Retreat –Urliup is offering a free night with any stay of two nights or more valid until 30 June 2018 and to be taken by 31 December 2018, subject to availability.For more information visit www.misterespaandretreat.com or call 02 6674 8843May is a special time to visit because Murwillumbah will be hosting the Murwillumbah Art Trail which sees Murwillumbah become the gallery for art, performance, sculpture, film, projection art, dance and workshops as we celebrate the region’s art and artists.Pop-up galleries, street events, a sculpture park, interactive events, awe inspiring performance mingled with a sense of beauty tempered by a bit of humour.Murwillumbah invites you to experience what a small town arts festival should be. For more information: http://www.themurwillumbaharttrail.com/ Source = Mistere Spa and Retreat
Margaret River is the major geographical indication wine region in southwest Western Australia, which is predominately made up of boutique size wine producers; although winery operations range from the smallest crushing 3.5 tonne per year to the largest around 7000 tonne.Source: Expedia
Thomas Cook (India) Ltd has announced a strategic partnership with Matrimony Bazaar to tap India’s wedding/honeymoon segment by offering end-to-end honeymoon packages, in a pan India roll out commencing with the Chennai market.Thomas Cook India’s internal research and consumer analysis reiterates the significant and growing potential of the honeymoon/romantic travel segment, a 20-25% YoY increase in demand over the last three years.Thomas Cook India’s focused endeavour to harness this segment potential has resulted in launch of a unique ‘Love Trails’ portfolio across 19 international destinations, via three categories (Platinum, Gold and Silver), showcasing exotic locales with exclusive itineraries to ensure a truly memorable experience. This is in line with Thomas Cook India’s strategic distribution partnership with Matrimony Bazaar tapping India’s wedding/honeymoon segment as well as the significant opportune travel segments for romantic getaways.Commenting on the strategic partnership and launch of Love Trails, Rajeev Kale, President and Country Head– Leisure Travel & MICE, Thomas Cook (India) Ltd, said, “The romantic leisure travel segment is witnessing exponential growth with Indian couples expressing increasing appetite for fresh, new and off-beat locales with engaging itineraries. Our Love Trails packages are aimed at leveraging this high growth opportune segment- be it honeymooners, India’s DINKS, Empty Nesters or Gen-S.”He added, “Our partnership with Matrimony Bazaar provides us a captive base of target customers; our travel experts extending their valuable guidance to ensure smooth execution of our personalised honeymoon packages.”
Tapping the vast potential of film tourism in the city of Udaipur, members of the Film City Sangharsh Samiti, along with the support of local legislators and members of Parliament have urged for setting up a film city outside the periphery of Udaipur where vast tracts of unutilised land are available.The Samiti has written a letter to the Rajasthan Chief Minister to provide land parcel at a reserve price for developing the film city, which would have all amenities, including hi-tech studio, artificial sets and processing facilities.Over 150 Hindi films and over 350 ad films, serials, documentaries, Rajasthani, Tamil and Tollywood movies have also been shot in the city. Udaipur has over 100 locations within a 15-20 km area which makes the city suitable for setting up a film city. The air, road and rail connectivity to Mumbai also makes it conducive to the project.“Udaipur has unmatched natural beauty, historical heritage, the distinct culture which are the basic requirements for a film city,” pointed out Mukesh Madhwani, a Line Producer, who has been campaigning for the cause since 2007.Anil Mehta, another Producer added, “If we get a full-fledged film city here, it would boost Udaipur’s tourism and economy by creating huge employment opportunities.”
Credit Union Regulator Eyes UBS for Faulty RMBS Agents & Brokers Attorneys & Title Companies Credit Unions Investors Lenders & Servicers Mortgage-Backed Securities Processing RMBS Service Providers Sustainability 2012-09-11 Carrie Bay The “”National Credit Union Administration””:http://www.ncua.gov/Pages/default.aspx (NCUA) is suing the global investment firm UBS Securities for allegedly falsely representing the level of risk associated with mortgage-backed securities (MBS) the firm sold to two federal credit unions. According to NCUA officials, the defaults and losses that resulted directly contributed to the collapse of both credit unions. [IMAGE]The suit, filed in a federal district court in Kansas, alleges 10 counts of securities laws violations by UBS at both the federal and state level. According to the complaint, UBS misrepresented and omitted material facts in the offering documents of $1.1 billion in securities sold to U.S. Central Federal Credit Union and Western Corporate Federal Credit Union (WesCorp). “”Both corporate credit unions subsequently failed,”” after purchasing the “”faulty securities,”” NCUA said in a statement.NCUA has previously filed similar actions against JPMorgan Securities, Goldman Sachs, and Wachovia, along with two suits against RBS Securities. The federal regulator says recoveries from these six legal actions, including UBS, will reduce losses accumulated from credit union failures since the crisis and lessen the financial burden the rest of the sector must carry to make up for those losses.The agency has settled MBS misrepresentation claims worth more than $170 million with Citigroup, Deutsche Bank Securities, and HSBC. [COLUMN_BREAK]NCUA is the first federal regulatory agency for depository institutions to recover losses on behalf of failed financial institutions that resulted from investments in so-called faulty securities.””The strength of our entire financial system relies on trust and accountability … [and] … UBS Securities violated this trust, which contributed to the collapse of two corporate credit unions and the resulting crisis in the credit union industry,”” said Debbie Matz, chairman of NCUA’s board. “”NCUA has worked to restore stability to the credit union system. Now we intend to hold UBS Securities, as well as other responsible parties, accountable,”” Matz said.In addition to misrepresentation and omission of critical investment information, NCUA’s complaint alleges systemic disregard, on the part of UBS, for the underwriting guidelines affirmed in the offering documents. UBS’ actions, according to NCUA, caused U.S. Central and WesCorp to believe the risk of loss was minimal, when in fact the risk was substantial.As liquidating agent for U.S. Central and WesCorp, NCUA says it has a statutory duty to try to recover losses from responsible parties. Losses from credit union failures must be paid from NCUA’s Temporary Corporate Credit Union Stabilization Fund. Expenditures from this fund must be repaid through assessments against all federally insured credit unions. Thus, any recoveries would help to reduce the amount of future assessments on credit unions and minimize the cost of failures on the industry as a whole, NCUA explained.Operating much like the FDIC, NCUA is the independent federal agency created by Congress to regulate, charter, and supervise federal credit unions. With the backing of the full faith and credit of the U.S. government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 93 million account holders in all federal credit unions and the majority of state-chartered credit unions. September 11, 2012 432 Views in Data, Origination, Secondary Market, Servicing Share
Agents & Brokers Attorneys & Title Companies Home Equity Home Values Investors Lenders & Servicers Service Providers Zillow 2013-08-29 Tory Barringer The national negative equity rate continued to drop in the second quarter as home values marched upward, according to figures released by “”Zillow””:http://www.zillow.com/.[IMAGE]Zillow’s most recent Negative Equity Report shows approximately 12.2 million homeowners owed more on their mortgage than their home is worth last quarter, down from 13 million in the first quarter and 15.3 million the same time last year.Those 12.2 million underwater homeowners represent approximately 23.8 percent of all homeowners with a mortgage, Zillow said. The negative equity rate among all homeowners–including those without a mortgage–was 16.7 percent at the end of the quarter. (Roughly one-third of homes are owned without a mortgage.)For the second quarter of 2014, Zillow predicts the negative equity rate will fall to 20.9 percent, lifting an additional 1.9 million homeowners into positive equity.[COLUMN_BREAK]””Widespread rising home values during the past year have helped chip away at negative equity nationwide, helping many homeowners who were only modestly underwater to come up for air,”” said Zillow chief economist Dr. Stan Humphries. “”For those homeowners who are deeply underwater, though, there is still a long row to hoe.””Out of those homeowners in negative equity, 57 percent were underwater by 20 percent or more, and roughly 13.4 percent owed more than twice their home’s worth. If home values appreciated at an annual rate of 4.8 percent per year (Zillow’s forecast for the next year), it would take a homeowner underwater by 20 percent nearly four years to reach positive equity.””The frustratingly slow pace of negative equity declines in the face of such robust home value appreciation is a direct result of the fact that many people in the hardest-hit markets are underwater by an enormous amount,”” Humphries said. “”Because of this, negative equity will be a factor in these markets for years to come, constraining the supply of homes for sale and keeping people out of the market who might otherwise get involved.””Meanwhile, the “”effective”” negative equity rate–which includes homeowners with a mortgage who have 20 percent or less equity in their homes–was 41.9 percent in Q2, a decline from 43.6 percent in the prior quarter. Because of the expenses associated with listing a home and buying a new one, those owners with equity of less than 20 percent are essentially locked into their homes, regardless of whether or not they’re actually underwater. Share August 29, 2013 475 Views in Data, Origination Underwater,Borrowers Surface for Air as Negative Equity Declines
Delinquency Freddie Mac Mortgage-Backed Securities Volume Summary 2014-11-25 Tory Barringer in Daily Dose, Headlines, News, Secondary Market Freddie Mac’s mortgage portfolio grew for another month in October, expanding at a faster rate even as new business declined from the month prior.According to Freddie Mac’s monthly volume summary, released Tuesday, the mortgage giant’s total loan portfolio grew last month at an annualized rate of 2.5 percent, the highest growth rate since March 2013.As of the end of October, the portfolio’s value was estimated at $1.9 trillion, up nearly $4 billion from September.October marked the second straight month of growth for the portfolio, which has contracted for seven of 2014’s first 10 months. Year-to-date, the portfolio has shrunk at an average annualized rate of 0.8 percent.Purchases or issuances at Freddie Mac totaled $28.8 billion for the month, a decrease of 3.1 percent from September but an increase of nearly 29 percent from the same month last year. That decline was offset by a drop in sales and liquidations, which subtract from the portfolio.The aggregate value of Freddie’s portfolio of mortgage-related investments fell $6.1 billion throughout October, putting it at a total balance of $406.8 billion, the company reported. Both purchases and sales were down for the month, while liquidations rose slightly.Freddie Mac’s single-family refinance purchase and guarantee volume came to $11.8 billion in October, accounting for 47 percent of its total single-family mortgage portfolio business. Relief refinances made up 17 percent of refinance volumes based on unpaid principal balance.In other news from the summary: Freddie’s single-family seriously delinquent rate continued to improve, falling 5 basis points to 1.91 percent, the biggest one-month drop since July. The multifamily delinquency rate was steady for a second month at 0.03 percent.Freddie Mac completed 5,125 loan modifications in October, bringing the year-to-date total to 57,263. Business Grows for Second Month at Freddie Mac Share November 25, 2014 470 Views
in Daily Dose, Data, Headlines, News November 10, 2016 553 Views Share Over the past 30 years, U.S. homeowners have been moving around less and less. A sweeping look by CoreLogic at homeowner migration patterns across the country shows homeowner mobility has been declining steadily over the past three decades.According to the report, the median length of time between recorded purchase and subsequent sale of a home was 6.6 years in 2015. That’s compared to 4.4 years in 1985. The trend is similar to U.S. Census data that shows 5 percent of owner-occupied households moved between 2014 and 2015, as opposed to 9 percent between 1987 and 1988.Even among homeowners who do move, 61 percent stayed within the same metro in 2015. These movers were more likely to trade up in homes and they paid a median price difference of $61,000 more for their subsequent home over the selling price of their prior home. At the same time, the number of those moving out of state fell to 24.6 percent and were at 15-year lows last year. These movers paid roughly the same price as what they sold for.Of the homeowners moving out of state, more of them sold in high-appreciation, high-cost areas and bought in lower appreciation, more affordable areas. California had the largest number of emigrants in 2015, CoreLogic reported. The median sell price for these movers was $495,000, compared with a subsequent moved-to purchase price of $315,000 in other states.“Although the California transplants moved to less expensive homes, the median home was priced in the 77th percentile of homes in the new metro area, a 15-percentage-point increase over the prior California residence,” the report stated.New Jersey had highest ratio of owners moving out compared to owners moving in (2.64), followed by California (2.53), Illinois (1.79), Virginia (1.37), Colorado (1.18) and Pennsylvania (1.12).Texas led states where more people were moving to than from, a ratio of 0.95. Florida (0.92), Arizona (0.75) and North Carolina (0.72) were close behind.Some of the implications of declining household mobility, CoreLogic reported, include lower sales levels and tighter inventories. It may also have a negative impact on the home improvement sector.According to Harvard’s Joint Center for Housing Studies’ 2015 report Emerging Trends in the Remodeling Market, “households tend to spend more on improvements both when they are putting their homes on the market and during the first several years after purchase.”On the flip side, CoreLogic reported, when homeowners live in their homes longer, they have more time to build up equity, which, all things being equal, lowers the risk of default. Homeownership Mobility 2016-11-10 ScottMorgan1 There’s No Place Like Home for Homeowners
An already-low nationwide single-family housing inventory dropped even further in October, which is expected to create problems for first-time buyers in the coming year, according to Redfin’s October housing market report.Inventory declined by 8.6 percent in October compared to 2015, making 13 consecutive months of annual declines, according to Redfin. The decrease in homes for sale marks the largest year-over-year decline since May 2013. Finalized sales are also down by 3.2 percent.First-time buyers are viewed by many economists and analysts as critical to increasing the homeownership rate, but the lack of homes for sale is limiting first-time homebuyers on finding affordable housing. With a national homeownership rate of 63.5 percent for Q3, just 60 basis points above a 51-year low reached in Q2, the future of housing inventory will be tested as 2017 approaches.Nela Richardson, chief economist with Redfin, said, “While the October market rewarded sellers, their gains came at a cost. With no new supply surge on the horizon, finding an affordable home will continue to be an unrelenting challenge for first-time buyers for the remainder of the year and into 2017.”Buffalo, New York, saw a drastic decrease in inventory, with a 32.4 percent decline since October 2015.In this sellers’ market, one in five homes went under contract within 14 days in October, which increased by 19 percent from 2015. Seattle and Denver were the nation’s fastest markets, with homes going under contract with a median of 13 and 15 days, respectively. Other fast growing markets include Grand Rapids, Portland and Oakland.Data from the October housing market also shows the median rate of homes on the market has decreased to 49 days, which is five fewer than 2015. Because of the demand increase, national prices of homes rose 7 percent to a median of $269,000 in October, making this the strongest annual price growth since December 2015.A state showing particular price growth is Florida, with six cities having the leading price growth in the nation. Deltona (18.4), West Palm Beach, (14.8), Fort Lauderdale, (14.2), Tampa (14.2), Fort Meyers (14.1) and Lakeland (13.6) have seen a significant increase in home prices.“Florida’s growing economy and relatively affordable prices have brought more transplants here this past year,” said Delray Valle, a Redfin agent in West Palm Beach. “Local sellers see that they can price high and make a decent profit on the newcomers. Even homeowners who bought at the top of the market just before the recession can now easily fetch double what they paid for at the time, as long as they are patient enough to find the right buyer.” in Daily Dose, Data, Featured, News Challenge Lies Ahead for First-Time Buyers November 17, 2016 511 Views First-Time Homebuyers Home Prices Housing Inventory 2016-11-17 MirashaBrown Share
Banks Report Declining Mortgage Performance mortgage 2017-04-13 Seth Welborn April 13, 2017 635 Views PNC Financial Services Group’s retail banking earnings fell over the quarter and over the year, due to lower gains on residential mortgage servicing rights and lower mortgage loan revenues overall, the bank revealed in its first quarter earnings report released on Thursday.PNC also reported lower revenue in commercial mortgage loans, which resulted in reduced Corporate and Institutional Banking earnings as well.In total, PNC’s revenue grew by $10 million, hitting $3.9 billion for the quarter. Net interest income increased 1 percent—up to $2.2 billion. Thanks to a five-year extension in conforming to the Volcker Rule and nearly $50 million in positive valuation adjustments, PNC was able to offset seasonally lower fee incomes and report only a 1 percent dip in noninterest income, which totaled $1.7 billion for the quarter.”PNC had a good start to the year,” said William S. Demchak, Chairman, President, and Chief Executive Officer of PNC. “We grew loans and revenue, and we managed expenses well while continuing to invest in our businesses and to enhance innovation. As we progress through 2017, we are well positioned to benefit should environmental factors, including interest rates, turn more favorable.”Wells Fargo saw drops as well, with a drop in mortgage originations, but a slight boost in revenue. The bank’s first quarter income was $5.5 billion, in line with Q1 2016.Wells Fargo’s net interest income in Q1 2017 decreased $102 million from fourth quarter 2016 to $12.3 billion, primarily due to two fewer days in the quarter. Net income was down $287 million, or 9 percent, from Q1 2016.”Wells Fargo continued to make meaningful progress in the first quarter in rebuilding trust with customers and other important stakeholders, while producing solid financial results,” said CEO Tim Sloan. “While we have more work to do, I am pleased with all we have accomplished thus far.”The story was similar at JPMorgan Chase. JPMorgan Chase posted a net income of $6.4 billion, , slightly down from Q4 2016’s 6.7 billion. JP Morgan’s mortgage department struggled as well. Mortgage banking posted a drop to $1.5 billion in income for Q1 2017 from Q4 2016’s $1.6 billion.However, JPMorgan’s performance is strong, and reports a strong start to the year.“We are off to a good start for the year with all of our businesses performing well and building on their momentum from last year,” said JPMorgan Chase Chairman and CEO Jamie Dimon. “The consumer businesses continue to grow core loans at double digits, outperform the industry in deposit growth, and we once again had very strong card sales volume growth this quarter – reflecting our commitment to providing our customers the innovative products and services they want.” in Daily Dose, Featured, News, Origination Share
Pennsylvania-based provider of real-estate lending support services, SBS, has announced the addition of Veros Real Estate Solutions’ VeroPRECISION product to their suite of valuation and appraisal management services.VeroPRECISION gives users the ability to determine if an automated valuation model (AVM) is an appropriate tool for a specific property. While other AVMs are typically applied at broad geographic levels, VeroPRECISION can be applied to an individual property, first determining if it is a good candidate for an AVM and then determining which evaluation tool will provide the most accurate and appropriate data.SBS offers a full suite of valuation and appraisal management services that can be tailored to meet unique specifications.The company provides real property appraisals and AVMs for banks, credit unions, mortgage lenders, and mortgage servicers.“This application gives our customers a unique tool by which to more accurately evaluate properties,” said Dan Kavanaugh, VP, SBS. “It’s an example of our dedication to providing customers with new and innovative solutions that meet their specific and changing needs.”“SBS offers an expansive suite of property valuation offerings for use during every phase of the mortgage lifecycle and we are honored to have them add VeroPRECISION to the mix,” said Rob Walker, VP, Sales at Veros. “VeroPRECISION is the first offering of its kind to address an inconvenient truth: that an AVM may not be an appropriate valuation tool for a particular subject property. With its addition, SBS clients will now have the ability to decisively determine when and when not to use AVMs; enabling them to make well-informed business decisions.”Veros is a proven leader in enterprise risk management and collateral valuation services. The firm combines the power of predictive technology, data analytics, and industry expertise to deliver advanced automated solutions that control risk and increase profits throughout the mortgage industry, from loan origination to servicing and securitization. in Headlines, News, Servicing Lenders property SBS Servicers Valuation Veros 2018-04-27 Radhika Ojha April 27, 2018 630 Views Veros Partners with SBS for Property-specific Valuation Tools Share
Affordability Demand Home Home Prices HOUSING Inventory Supply Trulia 2018-07-16 Radhika Ojha in Daily Dose, Data, Featured, News Share July 16, 2018 839 Views Housing Supply Rises, But Don’t Celebrate Just Yet Housing supply showed its first signs of easing in the second quarter and rose 12.2 percent over the first quarter, according to Trulia. Despite this rebound being the largest second-quarter spike in inventory since 2015, the report on housing inventory by Trulia found that supply continued its downward trend on a year-over-year basis.Inventory continued its downward trend seen over the past 14 consecutive quarters and was down 5.3 percent from a year ago, Trulia said. Additionally, the report found that some of the nation’s most unaffordable metros experienced inventory relief. They included New York and Los Angeles, where housing supply inched up 1 percent and 2.9 percent respectively, on a year-over-year basis.San Diego, California posted the largest inventory growth of 22 percent year-over-year. This, compared with a 28 percent decrease registered by this metro during the same period last year.Despite the rise in inventory, the report found that affordability continued to remain a challenge, especially in large metro areas, as the upward creep of prices and mortgage rates put homes in these metros further out of reach. “More inventory may be helping to cool off the bidding wars in these areas, but homebuyers are getting no relief from the unaffordability squeeze,” Trulia said.Like San Diego, the report found 25 other metro cities that were rebounding from inventory decreases last year. Of these, Nashville, Tennessee and Salt Lake City, Utah built more than their historical averages in 2017. According to the report, Nashville posted a 52 percent inventory gain in the second quarter compared with a decrease of 11.6 percent during the same period last year. Salt Lake City saw an inventory gain of 48.6 percent from a 16 percent decrease in inventory recorded in the previous year.Apart from these cities, Fort Worth and Dallas in Texas; Greensboro, North Carolina; Washington D.C.; Portland, Oregon; Silver Spring, Maryland; and Little Rock, Arkansas also witnessed a double-digit spike in inventory when compared with the same period last year.
in Daily Dose, Data, Featured, News, Origination Construction National Association of Home Builders Permits Realtor.com Single-Family 2019-04-15 Seth Welborn April 15, 2019 698 Views The Ups and Downs in Single-Family Permits Share Single family permits declined year over year according to a recent report. February 2019 data from the National Association of Home Builders (NAHB) indicates a 6.2% decline in single-family permits over the February 2018 level of 123,871.By region, only the Northeast region of the U.S. experienced an increase in single-family permits, up by 5.7 percent year over year. Meanwhile, South, Midwest, and the West regions declined by 3.1%, 13.0%, and 12.9% respectively. According to the NAHB, multifamily saw higher growth in most regions, especially in the midwest, where multifamily expanded by 44.3%.By state, 16 states and the District of Columbia saw growth in single-family permits issued while 34 states registered a decline. NAHB notes that D.C. recorded the highest growth rate during this time at 112.5%. According to the NAHB, the 10 states issuing the highest number of single-family permits combined accounted for 64.3% of the total single-family permits issued.While housing permits are slipping nationally, realtor.com found which cities made up the top 10 markets with the highest number of housing permits for single-family homes, condos and co-ops, apartments, townhomes, and duplexes. According to realtor.com, cities in the South and Southwest, which tend to have “fewer costly and time-consuming building regulations” have seen an increase in residential construction activity.Dallas tops the list with 63,421 permits, a 2.8 percent increase from a year ago. With big companies flocking to Dallas and “builder-friendly laws and regulations,” Dallas continues to grow. Much of the metro’s new construction is in the $250,000 to $300,000 range.Houston, Texas, followed Dallas in the No.2 spot with 57,021 housing permits, a notable 33.6 percent rise from a year earlier. However, it is important to note that some of this new construction can be attributed to rebuilds after Hurricane Harvey.New York, an outlier, claimed the No. 3 spot on the list, followed by Atlanta, Georgia, where permits increased 19 percent up to 39,132. Even with this increase, the researchers say, Atlanta continues to lack sufficient inventory.
How Has the Housing Market Changed in a Decade? Demand First American Home Home Price Appreciation HOUSING Supply Zillow 2019-07-05 Radhika Ojha in Daily Dose, Data, Featured, News The Great Recession ended 10-years ago in June. In a new blog, Odeta Kushi, Deputy Chief Economist, First American compared the housing market trends at that time with the current numbers to analyze how far the housing market has come over the past decade.For the analysis, Kushi studied the housing demand metrics, supply metrics, and homeownership metrics. These were scaled relative to their level at the end of the Great Recession.”Today’s housing market enjoys much stronger demand than a decade ago, but housing supply has slumped,” Kushi observed. “More house-buying power and expanded access to credit, along with a demographic tailwind from millennials aging into prime home-buying age, all bode well for housing market demand. The question is whether there are enough homes for sale to meet this surging demand.”She noted that affordability has improved since the end of the Great Recession largely due to lower mortgage rates and rising household income. In fact, mortgage rates in April were 1.3% lower than those in June 2009. At the same time, consumer housebuying power has increased by 54% over the past 10 years.Similarly, credit availability has improved by 30% over this period.As reported by MReport, in a recent episode of The Exchange on CNBC, Skylar Olsen, Economic Research Director, Zillow, had also observed that the fall of mortgage rates gives many “reason to believe” that the current coolness in the market wouldn’t last long.The challenge today, according to Kushi is the lack of supply. She noted that inventory turnover has declined by 16% since June 2009.”A major reason for the lack of homes for sale is increasing tenure–the length of time a homeowner lives in their home,” Kushi said. “In the years following the recession, tenure has rapidly increased and it is currently more than 11 years, compared to just under seven years at the end of the Great Recession.”While building new homes might seem like a natural solution to solve this issue, Kushi noted that for more than a decade, “home building has not kept up with the demand for shelter.””While housing starts, a leading indicator of new home completions, have doubled since the lows reached at the end of the recession, they remain 33% below their 2000 level,” she said.According to Olsen, slowing home value appreciation was also a concern. “Home value appreciation is slowing down fairly significantly in those expensive markets. The percentage of listings that have price cuts have shot up as the housing market starts to transition.” Olsen said. 28 days ago 402 Views Share
Fresh Del Monte CFO Contreras resigns after more t … “RENE’s expansive farming operations have been augmented in 2015 with the addition of greenhouses in the state of Jalisco. Combined with our iconic Del Monte® brand, unparalleled distribution footprint and customer portfolio, this Join Venture further demonstrates our continuous commitment to the category.”Del Monte said both companies also complement each other in their commitment to sustainability and social responsibility.”Like Del Monte, RENE has been supporting their employees and their families with housing programs, child education services, breakfast programs for children and community healthcare clinics,” Christou said.Rene Produce CEO Rene Carillo said: “We feel very strong about our growing operations, and now with the joint venture with Del Monte, utilizing their superb Sales/Marketing team, we feel we can be one step closer to customers in their marketplace.” Del Monte Fresh Produce is forming a joint venture with Rene Produce that will sell and market tomatoes grown in Mexico to customers in the U.S. and Canada.Rene Produce is grower-exporter of tomatoes and other vegetable products in Mexico and has been operating for more than 50 years.“We are very excited to join forces with RENE, one of Mexico’s outstanding fresh produce operators,” said Dennis Christou, vice president of marketing at Del Monte.“The Joint Venture with RENE will allow us to sell and market Round, Roma, Specialty, as well as Organic tomatoes on a year-round basis in the USA and Canada. We are also looking forward to working with RENE in the development of diversified vegetables including some of our proprietary varieties. You might also be interested in Court affirms Del Monte’s US$29M arbitration win a … September 24 , 2018 Fresh Del Monte: Lower banana profits contribute t … Fresh Del Monte posts strong Q2 following “strateg …
ChinaShanghaiW HotelsW Shanghai – The Bund W Hotels has debuted W Shanghai – The Bund, the brand’s first hotel in Shanghai and third in China. Global Brand Leader, W Hotels Worldwide, Anthony Ingham says the cosmopolitan city of Shanghai was an ideal destination for the W brand.“Our hotels across the world are incredibly unique – each reinterpreting its destination through design that is both hyper-local and yet, clearly W. The electrifying design of W Shanghai – The Bund is no exception, solidifying its position as a global flagship for W that is sure to attract both guests and savvy locals alike.”Designed by the acclaimed G.A Design, the hotel showcases an exciting combination of historic and modern influences, such as Hai Pai – the art of combining the old and the new, East and West. This is evident in both the hotel’s location, perfectly positioned between the Suzhou Creek and the Huangpu River, as well as the surrounding locale, where Art Deco buildings sit alongside opulent Chinese mansions. W Shanghai – The Bund draws upon colonial glamour and futuristic motifs, with nearly all guestrooms featuring views of the Huangpu River due to the uniquely curved frame of the building’s edifice.
“I don’t try to get too down about it, I don’t try to get too up, too excited [when] my knee’s feeling good. I just take it as it comes.”Mathieu’s recovery is one of the most interesting and pressing storylines of the offseason. A key member of the team’s defense last season, the former third-round pick out of LSU finished fourth on the team with 68 total tackles while also intercepting two passes, earning a quarterback sack and forcing a fumble. He did all that in roughly 13 games.Assuming he can get back to full strength before the regular season begins, the secondary figures to be a strength for the team.But there’s still a long way to go before the Week 1 opener against the San Diego Chargers, just as there is a long way to go before Mathieu will be back on the field looking to make plays.For now it’s all about just getting better and reaching the next plateau. “Put that helmet on, do some drills with the guys,” he said. “I think that will be the next step for me, the next big step for me.” – / 11 Grace expects Greinke trade to have emotional impact Top Stories Derrick Hall satisfied with D-backs’ buying and selling 0 Comments Share The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Former Cardinals kicker Phil Dawson retires TEMPE, Ariz. — Tyrann Mathieu is getting better.The Arizona Cardinals safety who tore the ACL and LCL in his left knee while returning a kick during a Week 14 win over the St. Louis Rams on Dec. 8 is working his way back — slowly.“It’s a long process and it’s going to continue to be a long process,” he said after the Cardinals had their first minicamp practice Tuesday. “I just try to come to work every day, stay on top of my rehab and just continue to push myself.