JTG ends financial year with solid profit

first_imgJetset Travelworld Group has released its preliminary financial results for the year to 30 June 2011, announcing a profit after tax of AU$19.2 million dollars, an increase of 214 per cent on the year before.   Underlying EBITDAI (earnings before interest, tax, depreciation, amortisation and impairment) for the group rose 26 per cent to $54.9 million, whilst Total Transaction Value for the group increased by 6 per cent to $5.8 billion.JTG chief executive Peter Lacaze called the outcome an “excellent financial result” for the group, highlighting a strong second half of the year which saw profit before tax of $24.3 million, up $17.9 million on the first half. According to the JTG boss, the performance reflected the benefits of the merger of Jetset Travelworld and Stella Travel Services, an integration that had “proceeded smoothly” and had “exceeded” expectations.“The merged Group has created a solid foundation for future growth,” Mr Lacaze said.The outcome reflects nine months of trading for the merged Group and provides a comparison as if the merger had occurred on 01 July 2009 with 12 months trading for each business included.   Despite consumer markets remaining “unsettled due to a variety of economic circumstances”, Mr Lacaze said demand for travel was expected to continue to grow.   “Our forecasts indicate that demand for domestic and outbound travel in Australia is anticipated to grow by 5 per cent over the next twelve months,” he said.“This growth, coupled with the full benefits of the merger related cost synergies results in Jetset Travelworld being strategically well positioned for growth and improved financial performance.” Source = e-Travel Blackboard: M.Hlast_img read more

Aussie snowboarder skydives during NZ Winter Games

first_imgImage via Hannah Peters/Getty ImagesAustralian snowboarder Nate Johnstone has recently swapped the slopes for the sky during the 2015 Audi quattro Winter Games, skydiving in Queenstown, New Zealand.Mr Johnstone is one of 600 world-class athletes competing in the Games which has become New Zealand’s largest recurring sports event and one of the top five on the international winter sports circuit.The fourth biennial Games take place from 21 – 30 August in Queenstown, Lake Wanaka and Naseby, whereby competitors will travel from around the world to compete in freeskiing, snowboarding, alpine skiing and curling.The sports action is accompanied by a festival of events off the slopes in Queenstown and nearby Wanaka.Tourism New Zealand chief executive, Kevin Bowler said the event and the competing athletes prove New Zealand is a world-class winter destination.“This is where the world’s best come to compete, train and enjoy all the region offers – on and off the mountain,” Mr Bowler said.Only a few hours flight from Australia, Queenstown and Wanaka’s alpine regions are lively, year-round tourist destinations with a range of different experiences near the winter sports action.As well as adventurous activities like sky diving, bungy jumping, zip lining, mountain biking, jet boating, hiking and golf, there are many award-winning wineries, restaurants, cafes and spas offering rest and relaxation.All sports and festival events are free to watch for spectators (ski pass required to access lifts) and will be streamed live on the Winter Games website. Visit New Zealand Source = ETB Travel News: Brittney Levinsonlast_img read more

Sheraton Hotels invest big in global marketing and advertising

first_imgSheraton Hotels invest big in global marketing and advertisingSheraton Hotels & Resorts today launched a $100 million multi-channel marketing campaign, which includes its first comprehensive advertising effort since 2011 and marks the brand’s return to TV for the first time in nearly a decade. Titled “Where Actions Speak Louder,” the new campaign, which is slated to run through 2017, is designed to boldly communicate ongoing enhancements to the Sheraton guest experience, including new products and partnerships, a renewed focus on service, and an elevated look, feel and design for the flagship brand of Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT).According to Adam Aron, Chief Executive Officer of Starwood Hotels & Resorts on an interim basis, “Where Actions Speak Louder” is part of Sheraton 2020 SM, a comprehensive plan to solidify Sheraton as a leading global hotel brand of choice, everywhere. As Starwood’s largest, most global and fastest growing high-end brand, Sheraton is a key priority for the company.“We are at the beginning of a five year journey to change both the reality and perception of the Sheraton brand, and we have already made important improvements that guests will increasingly notice when they arrive at our doors,” said Aron. “With this sophisticated new advertising campaign, we intend to turn heads and give consumers a compelling reason to take another look at Sheraton, while keeping this iconic brand on the pedestal it so richly deserves.”Print Ads from Celebrated Photographer Mark SeligerThe “Where Actions Speak Louder” campaign breaks today with an initial print advertisement in the Wall Street Journal. The first execution serves as a manifesto, firmly positioning “Where Actions Speak Louder” as a new stake in the ground for the Sheraton brand, a rallying cry for Sheraton associates and a pledge to consumers. Six additional executions will follow with placements in The New York Times, Fortune, Forbes, Forbes Life, Sydney Morning Herald and Shanghai Morning Post, among other global outlets, as well as industry and B2B trades including Travel Weekly, Meetings & Convention, Successful Meetings and Business Travel News. The campaign features striking images of both guests and associates, and highlights signature aspects of the Sheraton guest experience, such as a premium sleep experience, the new food and beverage program Paired, fresh meetings, Sheraton Club and the new Sheraton Grand premier tier of hotels. The advertisements were shot at the Sheraton Chicago Hotel & Towers by acclaimed photographer Mark Seliger, who, in keeping with the Sheraton brand’s dynamic evolution, brings an elevated, modern sensibility to the campaign.First Television Ads in a Decade put Service and Sheraton Associates Centre StageStarting September 21, the Sheraton brand’s first TV spot in nearly 10 years will begin airing on national networks and global cable channels, including ABC, ESPN, CNBC and CNN International. Director David Edwards brings cinematic treatment to the 30-second commercial, which was shot at the famed Sheraton on the Park in Sydney, Australia. The spot captures the allure of exceptional city center hotels, as well as the choreography of service behind the scenes. With a spotlight on the glamour and dramatic design of the hotel’s “front of the house,” as well as the energy and comradery in the “heart of house,” the commercial follows a Sheraton associate doing the little things that can make a difference – from helping a woman traveling alone zip up her dress, to choosing a tie for a male guest attending a gala event.The “Where Actions Speak Louder” campaign will also feature digital creative, including video and banner ads, on sites like YouTube, AOL and Facebook, as well as a 60-second cut of the commercial that will air on rotation in more than 150,000 Sheraton guestrooms globally. Marcel New York, A Publicis Groupe agency, was selected by Starwood to lead creative responsibilities, while PGR and Razorfish managed the media planning and buying in North America.Source = Sheraton Hotels & Resortslast_img read more

Cathay Pacific begins second daily service on SydneyHong Kong

first_imgCathay Pacific begins second daily service on Sydney-Hong KongCathay Pacific Airways today starts operating its second Boeing 777-300ER on its four daily Sydney-Hong Kong flights. The move from an Airbus A330 aircraft to the larger Boeing 777-300ER adds an extra 8 percent capacity growth to the Sydney-Hong Kong route, and lifts the growth on the airline’s Sydney-Hong service to 18 percent for 2015.The B777 is deployed on the daily CX100 flight which currently departs Sydney at 1400 and arrives into Hong Kong at 2135; CX101 then departs Hong Kong at 2355 and arrives into Sydney at 1105 the next day. The switch follows the daily deployment of the first 777-300ER earlier this year on CX138/139 which arrives and departs Hong Kong in the morning.Cathay Pacific’s General Manager Southwest Pacific, Nelson Chin, said: “Having two 777-300ER flights will help cater to the increasing demand from our passengers wanting the best morning or night connections to our large network, which includes our newest destinations Manchester, Zurich, Boston, Dusseldorf and soon Madrid. It also serves those who simply wish to make the most of a whole day’s work or play in Hong Kong.”The efficient 777-300ER offers enhanced operational efficiency and extended range with more environmentally friendly features. As well as adding 1,246 seats per week or 64,792 seats per year with more Business, Premium Economy and Economy Class seats, the 777-300ER also provides better payload which will help facilitate cargo uplift.Cathay Pacific Airways recently took delivery of the airline’s 70th 777 aircraft – also the last and 53th 777-300ER (Extended Range) of the confirmed orders – making Cathay Pacific Asia’s largest operator of the 777 fleet.Cathay Pacific’s first 777-300ER entered its fleet in September 2007.With the latest delivery, Cathay Pacific’s 777 aircraft fleet comprises of 53 777-300ERs, 12 777-300s and five 777-200s. The airline is one of the launch customers for the 777X with 21 777-9X airplanes on order.Cathay Pacific currently operates over 70 passenger flights a week between Hong Kong and Australia, with over 22 years of continuous services to Sydney, Melbourne, Brisbane, Cairns, Adelaide, and Perth. The airline celebrated 40 years of continuous non-stop service to Sydney last year and marked 45 years of service to Perth this year.Source = Cathay Pacificlast_img read more

Singapore Airlines adds Stockholm as second Scandinavian city in route

first_imgSingapore Airlines adds Stockholm as second Scandinavian city in route networkSingapore Airlines (SIA) has added a second Scandinavian city to its route network today. Operating five times a week from Singapore Changi Airport, SQ362 flies to Stockholm, via Moscow. This will complement SIA’s existing flights to Copenhagen in Denmark, boosting connectivity between Southeast Asia and Northern Europe, in addition to meeting increasing demand for travel between Southwest Pacific and Northern Europe.The new route is being served with the latest-generation aircraft, the Airbus A350-900. The first service to Stockholm departed Singapore Changi Airport at 0033hrs local time on 30 May (Tuesday) and arrived at Stockholm’s Arlanda Airport at 0859hrs local time the same day. With the new flights, SIA will provide a direct link between Sweden and Singapore.Customers departing on the inaugural flight from Singapore were treated to a medley of song performances and an assortment of Swedish themed refreshments at a special boarding gate event just before their flight. In addition to a commemorative certificate, passengers also received an exclusive goodie bag containing a batik luggage belt with weighing scale and a Dala Horse cosmetic pouch.Upon arrival at Stockholm’s Arlanda Airport, the aircraft was greeted by a water cannon salute and a gate hold event was held to celebrate the arrival of the inaugural flight.Stockholm, the most populous Nordic city, is a vibrant capital with something to offer business and leisure travellers of all ages. From soaking in the rich culture of Gamla Stan, or the Old Town, to museums, to the outdoors, visitors will have varied options to suit their travel interests and needs. Venturing further North, Sweden also has much to offer with its picturesque views of the majestic Northern Lights in the Swedish Lapland.With advanced technology and superior operating efficiency, the A350-900 offers customers an improved travelling experience with features such as higher ceilings, larger windows, an extra wide body and lighting designed to reduce jetlag. The aircraft are fitted with 253 seats, 42 of which are in Business Class, 24 in Premium Economy Class and 187 in Economy Class.The A350 will form a key part of the Airline’s fleet in the years ahead, and has enabled introduction of new services such as non-stop flights between Singapore and San Francisco, helping to boost connectivity to and through the Singapore hub.The new services are also part of the joint venture agreement between Singapore Airlines and Star Alliance partner Scandinavian Airlines (SAS) that took effect in 2013 covering flights between Scandinavia and Singapore. SAS has also commenced codeshare on the new services. Singapore AirlinesSource = Singapore Airlineslast_img read more

Katikies Hotel in Santorini Named 1 Resort Hotel in Greece

first_imgLeft: Katikies Hotel; Right: Nathan Lump, Editor in Chief of Travel + Leisure, Poses with Katikies Hotel TeamKatikies Hotel in Santorini Named #1 Resort Hotel in Greece for Third Consecutive YearKatikies Hotel in Santorini was named last week the #1 Resort Hotel in Greece for the third consecutive year, and ranked among the Top 100 Hotels in the World as part of Travel + Leisure magazine’s World’s Best Awards 2018. The awards ceremony took place on July 24 in New York City, where Editor in Chief, Nathan Lump, presented the hardware to Katikies Hotel team members including Christina Vogli, Director of Hotel Management, Roula Kormpou, Director of Sales & Revenue Management, and Nikos Georgiadis, Director of Sales & Marketing (pictured above).Katikies Hotel also received the #1 honors for Resort Hotels in Greece in 2017 and 2016. The popular hotel is widely known as the original luxury hotel in Santorini. With a prime location in Oia, the hotel boasts 34 rooms and suites, three infinity-style swimming pools and three restaurants. Katikies Hotel is part of the Katikies Resorts & Club portfolio. Katikies Mykonos, the hotel’s sister property, opened in June.“We are incredibly proud to be named the #1 Resort Hotel in Greece as part of Travel + Leisure’s annual Reader’s Choice Awards for the third year in a row,” says Nikos Georgiadis, Director of Sales & Marketing of Katikies Resorts & Club. “We are grateful to our guests for being inspired to share their experiences with the magazine, and to our staff for their continued dedication to providing exceptional guest service year after year.”For more information about Katikies Hotel, visit  www.Katikies.comAbout Katikies Hotel – Santorini, GreeceAn icon in Santorini and premier hotel in Greece, Katikies Santorini is a boutique hotel located in the heart of the picturesque village of Oia. Featuring an intricate design of bright white cottages, stairs and infinity pools, the hotel is perched on the cliffs of the caldera showcasing stunning views of the Aegean Sea. Known as the first luxury hotel on the island, Katikies Hotel boasts 34 rooms and suites, three infinity-style swimming pools and three world-class restaurants. The hotel is part of Katikies Resorts & Club portfolio.How the World’s Best Awards are determinedThe annual honors are determined each year by a reader-driven survey where discerning travelers rate and reveal their top travel destinations and companies in the U.S. and around the globe.Top Hotels in the World 2018Top Resort Hotels in Greece 2018 Source = Katikies Hotellast_img read more

Punjab showcases its latest amphibious product to tourists

first_imgTravellers to Punjab will now be able to enjoy rides in amphibious buses besides the usual tourist attractions in the state, informed Sohan Singh Thandal, Tourism Minister, Government of Punjab, while speaking on the occasion of the inauguration of TTF Ahmedabad 2016.Punjab was present at the TTF West Series, participating in a big way with a number of co-exhibitors. Boasting of a wide variety of tourist delights, Punjab promoted religious tourism, heritage tourism, farm tourism and the likes at the three-day show in Gujarat.Punjab participated as the Feature State at both TTF Ahmedabad and Surat.“This is my first visit to TTF. Firstly, I would like to congratulate TTF for its sincere efforts towards promoting tourism in the country. I am also glad to know that the shows will span across nine cities in India. Punjab Tourism is actively participating in all the editions with a hope that such exposure will help the state to prosper in the sector,” remarked Thandal.Reiterating the idea of tourism as a means of cultural exchange between communities, Punjab currently lays a lot of thrust on developing tourism in the state, with significant infrastructural improvements consolidated in the last couple of years.Punjab is a land of rich culture. It also celebrates a large number of festivals like Baisakhi, Hola Mohalla and others which further boosts the tourist numbers to the state.“Tourism in Punjab is important as it provides employment opportunities and also generates revenue for the state. I welcome all travellers from India and abroad to come and visit Punjab,” concluded Thandal.last_img read more

Equifax Announces Availability of Spectrum Verification Platform

first_img October 29, 2012 446 Views Equifax Announces Availability of Spectrum Verification Platform in Origination, Servicing, Technology “”Equifax””:http://www.equifax.com/home/en_us announced the launch of its Spectrum Verification Services Platform designed to strengthen lender confidence by streamlining the verification processes through underwriting, QA, and closing.[IMAGE]The company developed Spectrum to help lenders gain efficiencies and improve overall loan quality production to mitigate repurchase risk. The fully automated platform rapidly delivers loan-level verifications by combining unique data assets with integrated workflow processes to reduce fraud, improve overall loan quality and cycle times, avoid capacity issues, and reduce costs. In addition, Spectrum provides real-time access with intuitive ordering and tracking screens to efficiently deliver the most current and accurate data.Verification services currently offered on the platform include: employment and payroll income through Equifax’s “”The Work Number””:http://www.theworknumber.com/ database; IRS tax transcripts (4056-T); identity and social security number authentication; verification of deposits; and verification of hazard insurance coverage. Spectrum also enables lenders to order a full array of verification reports through a single, intuitive web interface or through direct system integration. Additionally, Spectrum features Undisclosed Debt Monitoring (UDM), the mortgage industry’s only service that continuously monitors and distributes daily alerts of new loan applicant activity initiated during the pre-funding stage of a loan. UDM is designed to reduce risk and protect lenders from repurchase demands and unsalable loans related to inaccurately reported debt-to-income ratios.””Mortgage loan repurchase risk is a significant issue for lenders today,”” said Michael Kuentz, SVP of Equifax Verification Services. “”Through the level of transparency into borrower financial health that Spectrum provides, we are empowering lenders to simultaneously increase the production of quality loans and reduce compliance concerns.””Headquartered in Atlanta, Georgia, Equifax is a global provider of business information solutions.center_img Agents & Brokers Attorneys & Title Companies Company News Equifax Investors Lenders & Servicers Processing Service Providers 2012-10-29 Tory Barringer Sharelast_img read more

Trepp Commercial Delinquency Down for Third Straight Month

first_img Agents & Brokers Attorneys & Title Companies CMBS Cures Delinquency Investment Investors Lenders & Servicers Mortgage-Backed Securities Service Providers Trepp 2012-11-05 Tory Barringer Trepp: Commercial Delinquency Down for Third Straight Month The delinquency rate on U.S. commercial real estate loans saw its biggest drop in more than a year in October, according to “”Trepp, LLC””:https://www.trepp.com/.[IMAGE]The analytics provider released its October 2012 U.S. CMBS (commercial mortgage-backed securities) Delinquency Report, revealing that the delinquency rate for commercial real estate loans in CMBS fell 30 basis points to 9.69 percent. The drop was the biggest one recorded in 14 months and marks the third straight month in which overall delinquency has improved.The CMBS delinquency rate was 9.77 percent in October 2011. The percentage includes loans that are at least 30 days delinquent or in foreclosure.More than $1.5 billion in loans were resolved with losses in October. The removal of these loans from the delinquent category helped drive the delinquency rate down to the tune of 28 basis points, Trepp estimated.Those resolutions helped mitigate the $2.6 billion of newly delinquent loans. While that figure put upward pressure on the delinquency rate, it still fell well below September’s newly delinquent volume of $3.3 billion.[COLUMN_BREAK]In addition, the number of loans cured in October brought down the delinquency rate 45 basis points, effectively countering all upward pressure from new delinquencies. Any remaining downward influence on the delinquency rate came from the repayment of performing loans, loans becoming defeased, the amortization of existing loans, and the addition of new deals to the pool, according to the report.Delinquency fell in four out of five categories, including: industrial (11.5 percent), lodging (11.2 percent), office (10.2 percent), and retail (8.0 percent). The only increase was in the multifamily sector, where the delinquency rate rose to 14.3 percent.The drastic drop-off in the overall delinquency rate comes as something of a surprise given the current economic and political climate, says Manus Clancy, senior managing director of Trepp.””The CMBS market had every excuse to sell off in October–a devastating hurricane, uncertainty over the upcoming U.S. election, and lack of progress in addressing the fiscal cliff,”” Clancy said. “”Despite this, the CMBS market enjoyed another terrific month. Spreads dropped once again, making refinancing possible for previously marginal performing properties while the delinquency rate continued to march lower. Overall, there was a lot to cheer about for CMBS investors.””What’s more, Trepp has reason to believe the improvement will keep moving along. “”The firm sees no reason for the volume of loans being resolved each month to drop,”” Trepp said in a release. “”In addition, borrowing costs remain extremely low while the appetite for distressed real estate remains high. This should allow special servicers to operate at a high speed for the foreseeable future.”” November 5, 2012 517 Views center_img in Data, Government, Secondary Market Sharelast_img read more

Home Prices Remain on Growth Track Through Q3

first_img in Daily Dose, Data, Featured, News Home Prices National Association of Realtors 2014-11-06 Tory Barringer November 6, 2014 438 Views Home Prices Remain on Growth Track Through Q3center_img The number of major U.S. markets reporting home price increases grew slightly in the third quarter even as the overall rate of appreciation continued to slow.According to a report released Thursday by the National Association of Realtors (NAR), the median price for an existing single-family home rose annually last quarter in 73 percent of the 172 major metros surveyed. That share was up slightly from the second quarter, when 71 percent of metros posted year-over-year gains.While the number of appreciating metros was up in Q3, the rate of growth was down in most areas. According to NAR, 16 markets last quarter had double-digit increases, down from 19 in Q2 and 54 last year.”Home-price gains returned to more normalized levels of low- to mid-single digit rate of appreciation in many metro markets as inventory levels steadily increased,” said Lawrence Yun, chief economist for the group. “Moreover, there are a good number of local markets that are still remarkably affordable with median prices at or under $200,000.”The association says the national median existing single-family home price in Q3 was $217,300, up 4.9 percent from last year.Compared to last year, prices were up in all four of the country’s major regions, though increases were mild all around. Gains were led by the Midwest, where the median price rose 5.0 percent annually to $172,700.That was followed by increases of 4.9 percent in the West (to $302,300); 4.5 percent in the South (to $189,400); and 2.2 percent in the Northeast (to $261,700).In other news, NAR estimated that total existing-home sales (including single-family and condo sales) were at a seasonally adjusted annual rate of 5.12 million in the third quarter, rising from 4.87 million in Q2 but well short of Q3 2013’s pace of 5.32 million.With the labor market improving, interest rates hovering at historical lows, and housing inventory seeing gains, the group expects demand—and home sales—to pick up in the coming year as the market continues to look more buyer-friendly.”With inventory levels at a rate closer to supporting overall demand, bidding wars are occurring less—giving buyers more time to view homes and secure financing,” said NAR President Steve Brown. “Additionally, Realtors across the country continue to report less investor activity and fewer all-cash sales in their markets compared to earlier in the year.” Sharelast_img read more

Mortgage REITs Fail to Catch a Wave

first_img Share Mortgate REITs Single Family Rental Market 2015-10-16 Seth Welborn October 16, 2015 428 Views The Mortgage REIT sector—an investment class in which participants invest in secondary market mortgages—is unlikely to catch a break in the third quarter due to rate uncertainty, quick prepayments and spread widening, analysts with Keefe, Bruyette & Woods (KBW) said Friday.Still, the single-family rental segment continues to look fairly solid.KBW called the third quarter difficult and estimates mREIT book values will fall 3.5 percent quarter-over-quarter, with more mREITs reporting earning misses than positive results. To make matters worse, KBW noted that “while nearly half the group cut dividends in 3Q we expect management commentary to suggest more cuts ahead.”Overall, the sector continues to brace for heavily discounted books, as rate uncertainty remains a challenge for mREIT investors.Despite all of the pessimism, KBW’s report on single-family rental REITs looked more favorable, with analysts predicting improved net operating income margins on increased occupancy.KBW rated two single-family REITs – American Homes 4 Rent and Starwood Waypoint Residential – as outperform, with price targets of $19.00 and $29.00, respectively, up from current prices of $16.62 and $24.88.Meanwhile, Altisource Residential Corp. and Silver Bay Realty Trust ranked as market perform by KBW.For American Homes 4 Rent, KBW placed the REIT’s occupancy at 93.5 percent in its forecast, while projecting an acquisition of 900 homes. Last month, the American Homes 4 Rent board approved a $300 million share repurchase program—a development that KBW views favorably.Starwood Waypoint Residential is forecasted to acquire 550 homes, with management expected to pay $80 to $120 million in the third quarter on single-family acquisitions. KBW projects the REIT will have a portfolio leased rate of 93.6% and an occupancy rate of 90.7 percent.KBW pointed to Starwood Waypoint’s merger with Colony American Homes as a boon for the firm, saying “while dilutive to book value,” the deal will resolve strategic issues that “SWAY has been facing including scale and its externally managed corporate structure.”center_img Mortgage REITs Fail to Catch a Wave in Daily Dose, Data, Featured, Newslast_img read more

The Invisibility Cloak of Traditional Credit Scores

first_imgThe Invisibility Cloak of Traditional Credit Scores Share How Alternative Credit Data Brings the ‘Credit Invisible’ into ViewBy Patrick ReemtsPurchasing a home was once viewed as a rite of passage for young adults, similar to getting a driver’s license or graduating college.As millennials—those ages 18 to 29—approach the age when home buying traditionally happens, few are actually entering the mortgage market, not for lack of interest or effort, however. This generation faces a variety of challenges, which may impact the future of the housing market.Millennial Credit and Behavior TrendsAccording to a recent report from the Consumer Financial Protection Bureau, “Data Point: Credit Invisibles,” young adults have a high incidence of being “credit invisible,” meaning their credit histories render them unscorable based on the traditional credit scoring methods. Traditional credit scores, like FICO credit scores, are calculated based on mortgage, credit card, auto loan, and other installment loan payment histories.Given that millennials have not had the opportunity to develop a “traditional” credit history, in part due to the recent recession and tightening of lending policies (Credit CARD Act of 2009), this demographic often does not qualify for financing with traditional credit scoring practices. Data released by the Federal Reserve Board of New York shows more than two-thirds of the under-30 age group have credit scores under 681. Almost 40 percent of this age group have scores less than 621, while many others do not have credit scores at all.Since credit bureau scores weigh heavily in the credit decisioning process, millennials are potentially being barred from the mortgage market due to the widespread industry use of traditional credit scoring models, which render them ”credit invisible,” making it extremely challenging to secure a mortgage.Given the number of credit invisibles, it’s clear lenders need to rely on more than just traditional credit data sources.Alternative credit data sources include insights from the wireless, banking, peer-to-peer lending, checking and savings, and subprime markets, along with address change histories, to deliver a precise and unique view of a consumer’s credit risk and worthiness.However, the mortgage industry has been the slowest to adopt alternative credit data because even with programs like HUD, which has a mission to “create quality affordable homes for all,” mortgage lenders are reluctant to adopt new risk management tools due to heavy government oversight.According to ID Analytics’ recent whitepaper, “Millennials: High Risk or Untapped Opportunity?” millennials were found to engage most with financial products and services that are the most available to them, especially ones that have not been affected by the Credit CARD Act of 2009.Dispelling the Myths Around Millennials and CreditID Analytics’ study reveals millennials are denied at a much higher rate than others, despite outperforming other demographics within the same credit score range. For example, baby boomers and generation X are two to three times more likely than millennials to become delinquent in making a payment by 12 months or more.Across the financial marketplace, there is a misconception that millennials do not want to establish or use credit. However, the study uncovered that this generation is, in fact, applying for credit but being denied based on new challenges, standards and policies.This lack of information reflecting their healthy financial habits is the biggest barrier to entry for millennials looking to jump into the mortgage market.When taking a comprehensive look at the generation, it is difficult to deny that millennials are facing unprecedented financial challenges that previous generations did not encounter.What This Means for the Housing MarketMillennials want to establish credit and buy homes, but they are being overlooked because of traditional data sources. Given that traditional scoring does not accurately capture this group’s credit worthiness and risk, there is an urgent need for a solution that welcomes the 75.3 million millennials in the United States to the financial marketplace.The solution is to find a way to assess credit worthiness that provides insights into millennial purchasing behavior, rather than relying solely on traditional metrics.Using a score that includes alternative data, such as the individual’s credit behavior in wireless, banking, peer-to-peer lending, checking and savings and the subprime markets, will be more telling for the industries where millennials are seeking to establish credit relationships.Editor’s note: This select print feature appears in the December 2015 edition of MReport magazine, available now. Credit Scores Invisibility Cloak Millennials 2015-12-21 Staff Writercenter_img in Daily Dose, Data, Headlines, Market Studies, News, Origination, Print Features December 21, 2015 648 Views last_img read more

GSEs Slam Brakes on Foreclosures

first_img August 29, 2017 606 Views in Daily Dose, Featured, Government, Headlines, News, Servicing Both of the Government Sponsored Enterprises announced Tuesday that they will assist homeowners affected by Tropical Storm Harvey as it continues to devastate the Gulf Coast.Fannie Mae will be instituting a 90-day eviction suspension as well as a 90-day foreclosure sale suspension in areas located in FEMA-declared disaster zones. Homeowners in these areas may also qualify for a temporary suspension or reduction of their mortgage payment for up to six months.“Our thoughts are with the families in the path of this powerful and catastrophic storm. We continue to monitor the situation in the affected areas,” said Carlos Perez, SVP and Chief Credit Officer at Fannie Mae. “The storm while weakened, continues in many areas and it is simply too early to provide any data or assessment about the scale or scope of damage resulting from Hurricane Harvey. Preliminary assessments of actual damage at this point may be inaccurate and potentially misleading. We will continue to work with our Single-Family servicers to communicate our policies and ensure borrowers have access to the information and resources they need to help manage their housing challenges.”Freddie Mac issued a similar moratorium—the GSE will suspend evictions and foreclosure sales within the disaster zone for 90 days, and will allow extended forbearance and repayment plans for up to 12 months. Borrowers will not need prior approval for the extension, and servicers have been authorized to verbally grant forbearances to borrowers inside the disaster zone.”We’re committed to ensuring that homeowners receive the mortgage assistance they need to overcome the devastating tragedy of Hurricane Harvey,” said Yvette Gilmore, Freddie Mac’s VP of Single-Family Servicer Performance Management. “Once they’re out of harm’s way, homeowners should contact their servicer. They may be eligible for forbearance on mortgage payments for up to one year if their mortgage is owned or guaranteed by Freddie Mac.”Rain continues to fall over the Houston metro as Harvey stretches toward Louisiana, and as Perez says, it is too early to tell the extent of the damage that the storm will have on the area. Melissa Mimms, a Realtor and Houston native, understands that fact. When DS News asked her how she thought it would affect the housing market, she said. “I was here during Ike. We lost power. We had flooding in areas that traditionally flooded. This event is very different from any event we’ve ever had in Houston, so it’s hard to compare it to anything that’s ever happened here.”Mimms remains optimistic, though. “The Houston market has been resilient through many different hurricanes and tropical storms, like Ike and the Memorial Day floods that we had last year. What’s going to happen, I think, is Houston is going to bounce back. I don’t expect it’s going to be very far from where we were before this event happened, but it’s hard to tell this early on.” GSEs 2017-08-29 Joey Pizzolatocenter_img GSEs Slam Brakes on Foreclosures Sharelast_img read more

CoreLogic Integrates LendingQB LOS

first_img CoreLogic, a global property information, analytics and data-enabled services provider, today announced that their FactCheck income calculation and analysis solution and Property Tax Estimator report are now available on the LendingQB Loan Origination System (LOS). When combined with the previously existing CoreLogic integrations on the LendingQB LOS, Instant Merge credit report, Flood Determination services, LoanSafe reports, income verification and valuation solutions, these two new integrations provide LendingQB users with an end-to-end underwriting solution from a single provider.Property Tax Estimator is designed to significantly increase the accuracy of Loan Estimates, reduce compliance risk and improve the customer experience. By delivering highly accurate tax data early in the process, Property Tax Estimator also helps underwriters qualify the borrower’s ability to financially support all mortgage costs and improves the onboarding process for servicers. Additionally, it eliminates the need for any specialized skills required for data procurement and provides a consistent workflow process no matter the property, exemption status, county exception complexity, and loan officer tenure.“The inclusion of FactCheck and Property Tax Estimator on LendingQB continues our mission of providing mortgage professionals with the most comprehensive suite of products on the most innovative platforms in the industry,” said Kevin Mullins, principal, business development for CoreLogic. “With these new integrations, LendingQB users will now be able to better streamline their workflows with an integrated end-to-end underwriting solution from CoreLogic.”LendingQB is a software system that consolidates all aspects of mortgage lending into a single, fully integrated platform. From loan origination to funding, LendingQB is an end-to-end system that leverages the power and cost-efficiency of web-based computing for a smoother, more efficient mortgage lending workflow.“CoreLogic has always been tremendously supportive of LendingQB. They’ve constantly strived to utilize our Open API to give lenders innovative products to originate loans with ease,” said Tim Nguyen, CEO and co-founder of MeridianLink. “The addition of the FactCheck and Property Tax Estimator tools has successfully created a full suite of innovative products providing our current and future clients with an end-to-end underwriting solution from a service provider we all trust.” June 14, 2019 285 Views CoreLogic Integrates LendingQB LOS in Newscenter_img CoreLogic 2019-06-14 Seth Welborn Sharelast_img read more

Competition for Homes Dwindling Across the Nation

first_imgRedfin reports that just 12% of offers faced a bidding war in June 2019, which is a 52% decrease year-over-year. The report added that despite the cooling, San Francisco, California, was the competitive metro in June, with 28% of offers written by Redfin agents faced a bidding war. Redfin states this was down 65% year-over-year, and 35% from May 2019.San Francisco was followed by San Diego, California, (19%) and Boston, Massachusetts, (17%). According to the report, no other metro saw more than once-in-six offers face competition in June. “Bidding wars are still somewhat common in San Francisco, mostly at price points around $1 million, which is relatively inexpensive for the city, but enough to buy a modest house in a number of neighborhoods,” said Redfin San Francisco listing agent Chris Jurach. “Once you get above around $1.25 million, buyers are being more selective, leading to fewer bidding wars in those upper price ranges.”San Francisco Redfin agent Gabrielle Bunker said for the most expensive of available homes, it takes “the perfect” to see a bidding war. “Homes that are not well-prepared and staged—even if they have only minor flaws like chips and dings in hardwood floors and walls—are not receiving multiple bids any more,” Bunker said. Miami, Florida, was home to the least competitive market with no offers submitted by Redfin agents faced competition. Of the offers made in Dallas, Texas, 5.3% faced competition, and 6.3% of offers in San Jose, California, faced competition. San Jose saw the largest year-over-year decline, as offers facing competition dropped by 75% when compared to June 2018. “With low mortgage interest rates luring more homebuyers off the sidelines as supply dwindles, we’re likely to see competition pick back up, especially for the most affordable homes and neighborhoods, where inventory is limited and buyers are most rate-sensitive,” said Redfin Chief Economist Daryl Fairweather. “At Redfin, we’ve been seeing increases in the numbers of homebuyers starting their searches and going on home tours following the latest mortgage rate drops.” 23 days ago 229 Views in Daily Dose, Featured, News, Secondary Market 2019 Housing Market bidding wars 2019-07-10 Mike Albanesecenter_img Competition for Homes Dwindling Across the Nation Sharelast_img read more

You might also be interested in

first_img You might also be interested in Meicai, which means “beautiful vegetable,” was founded in 2014 by Liu Chuanjun, a rocket scientist who set a goal of sourcing produce for about 10 million small- and medium-sized restaurants in China.Using a smartphone app, customers can order specialties such as bok choy and Sichuan peppercorns directly from farms, disrupting traditional wholesaling by cutting out middlemen.The funding round is among the largest for a Chinese startup this year, Bloomberg reported. Trump and Xi offer concessions in trade talks but … USDA seeks comments on proposed Chinese citrus imp … Tariff increase on Chinese imports to raise input … center_img October 09 , 2018 A Chinese startup called Meicai that helps farmers sell vegetables to restaurants has reportedly raised at least US$600 million in a recent funding round led by Hillhouse Capital and Tiger Global Management, according to Bloomberg.People familiar with the matter said the money will be used to expand as the startup competes for a bigger share of China’s fragmented food sourcing market.According to one person familiar, the company raised about US$800 million at a valuation of about US$7 billion. Meicai was said to be valued at about $2.8 billion pre-investment in its previous funding round in January. U.S.: Trump threatens to raise tariffs on Chinese … last_img read more

After extensive flooding impacted crops last year

first_img After extensive flooding impacted crops last year, T&G Global is now back on track for its table grape export deal from northern Peru. The company’s first at-scale harvest of commercial Ivory and Sugraone table grapes has been five years in the making since the group purchased farmland in the Piura region in 2013. The fruit is currently being picked and packed for shipping to Europe, after the harvest began late last month with early green seedless varieties.Next week will see the start of the second harvest wave of Autumn Crisp and Crimson seedless grapes.T&G Global executive general manager international Sarah McCormack is very pleased with the “excellent” color and consistency of the grapes packed to date.“So far we’ve packed 20,000 boxes with a 96.2% pack out. Projections are that the total crop will be around 220,000 boxes which we’re really pleased with given this is just our second commercial harvest from Peru,” she says. T&G harvested its first commercial crop from Peru in 2016, but a coastal El Niño event led to flooding in the South American country last year. T&G will ship current volume to Europe instead of the US this season as domestic volumes of table grapes remain high in North America.“The USA still has around 50% of its domestic crop to sell and that volume is not predicted to clear until late December or early January,” says McCormack.”We are also receiving good pre-order demand for Peruvian crimson seedless and red globe table grape varieties in China as the China/USA tariff issues continue.”T&G’s general manager for South America, Felipe Rodriguez says he and his team expect to finish harvesting on Nov. 20.”In Piura, we have the ability to manipulate the harvest slightly and we plan to finish by late November before the temperatures get too hot in December,” he says. T&G now owns 340 hectares in total with 136 planted in Piura. You might also be interested incenter_img October 28 , 2018 last_img read more

Eclipse Travel is offering Australian travel agent

first_imgEclipse Travel is offering Australian travel agents the chance to win a place on a nine-day famil to Argentina and Brazil to showcase some of their most popular first timer product. The trip is being organised in partnership with LATAM and will take place from 15 to 25 August 2018.Nine lucky agents will begin their itinerary in Buenos Aires, taking in the historic architecture, tango parlours and cobblestone streets as they tour the famous districts of San Telmo, La Boca, Recoleta & Palermo. The group will be treated to a tango show with dinner and given the opportunity to get truly immersed in local culture by adding on an optional wine tasting or private tango lesson.Natural wonders come next with a trip to Iguazu Falls, viewing the falls first from the Argentine side before continuing to La Garganta del Diablo (Devil’s Throat), to get a startlingly close view of the highest fall in the park from a suspended platform.Participants will wake the next morning at the stunning Belmond Hotel das Cataratas and experience the panoramic Brazilian side of the Iguazu Falls as they walk past 14 separate falls that drop with such force that a tall cloud of mist stays permanently suspended overhead.The trip will finish with two days in Rio de Janeiro, witnessing the beauty of Cristo Redentor, Sugarloaf Mountain and Guanabara Bay and staying at the glamorous Belmond Copacabana Palace.To be in the running for a place on this amazing famil, register on the Eclipse Travel database. All bookings made with Eclipse Travel before 22 July will receive an additional five entries to win. Please note a participation fee applies.Find out more here: eclipsetravel.com.aulast_img read more

brochurecruiseRegent Seven Seas

first_imgbrochurecruiseRegent Seven Seas Regent Seven Seas Cruises has releasesd its 2020-2021 itineraries with 167 sailings, including maiden calls to 11 new ports across Europe, Asia, and the Americas, four newly-released Grand Voyages, and new pre-and post-cruise land tours and accommodation for luxury ocean travellers. The company’s 2020-2021 season has now opened for bookings.What’s New:1. Seven Seas Explorer® sails to Asia, Alaska, Australia and New Zealand, where she will visit iconic local ports such as Sydney and Auckland for the first time. Seven Seas Voyager® visits Lecce, Crotone, Siracusa, Porto Empedocle and Porto Torres, Italy and Cabo Frio, Brazil, for the first time. Seven Seas Mariner will sail 117 nights on her World Cruise from Miami to Barcelona. She also calls on a new port, Esmeraldas, Ecuador.2. New ports of call include La Rochelle, France; Stornoway (Hebrides), Scotland; Aalborg, Denmark; Phu My (Ho Chi Minh City), Vietnam; Lecce (Otranto), Italy; Crotone (Calabria), Italy; Siracusa (Sicily), Italy; Porto Empedocle (Sicily), Italy; Porto Torres (Sardinia), Italy; and Cabo Frio, Brazil.3. Free enriching two-to-three night pre- or post-voyage land-based tour programs are included on 21 select voyages in all suite categories in destinations including Buenos Aires, Lima, Cape Town, Singapore, Hong Kong, Dubai, Bali and Auckland.4. Seven Seas Splendor sails to Havana, Cuba nine times in her inaugural year, the most visits by a Regent Seven Seas Cruises ship to the island.5. Four new Grand Voyages include a 91-Night Grand Arctic Discovery, 68-Night Grand Cape Horn Adventure,76-Night Grand Spice Route Quest, and 61-Night Grand Asia Exploration.“The best luxury voyages pair magnificent, intimate ships and gracious onboard hospitality with remarkable destinations and local immersive activities. That’s our approach in meticulously designing all 167 sailings in our 2020-2021 collection,” said Jason Montague, Regent Seven Seas Cruises’ president and chief executive officer. “This new season is about destinations and explorations that excite and inspire our guests. For example, our guests may experience the Tasmanian Wilderness out of Burnie in Australia, the Etruscan Necropolises in Tarquinia in Italy, the Nazca Lines in Peru via an overflight, and the Old City of Acre from Haifa, Israel.” last_img read more

Not that we have any historical basis to fall back

first_imgNot that we have any historical basis to fall back on, but you’d think an NFL team that won its first four games and then proceeded to lose their next seven would have an unbelievable shift in statistics.In the case of the 2012 Arizona Cardinals, the only team ever to fall into this category, that is not true.When comparing the numbers between Arizona’s four-game winning streak and their current seven-game skid, the numbers, strangely enough, look very similar in most categories. Paul Calvisi suggested as much in a column he penned for ArizonaSports.com, and he’s absolutely right. The difference for the Arizona Cardinals in wins and losses comes down to quarterback play.Kevin Kolb is by no means a franchise quarterback, but his rib injury has absolutely crippled the Cardinals’ chances of winning football games. Kolb did just enough in four contests to help Arizona win football games, including his stint in relief of John Skelton in the season opener against Seattle in which he completed six passes for 66 yards and a touchdown in the 20-16 win.His passer rating of 86.1 won’t wow anybody, but it still ranks eighth in the NFC and is ahead of the likes of Tony Romo, Eli Manning, Matthew Stafford, and Jay Cutler. Oh, and it’s much better than the figures of Skelton (64.4) and rookie Ryan Lindley (47.0), who have yet to lead the Cardinals to a win in Kolb’s absence.Over 26% of the possessions Kolb engineered ended in points, while only 24.8% of Skelton’s and 16.7% of Lindley’s have. It’s hard to believe, especially considering how a lot of fans thought of him after training camp, but Kevin Kolb is the most important player for the Arizona Cardinals this season. Former Cardinals kicker Phil Dawson retires Derrick Hall satisfied with D-backs’ buying and selling In fact, in their last seven contests, the Cardinals are averaging more rushing yards and more passing yard per game on offense. On defense, they’re allowing fewer passing yards and total yards per game.Their turnover margin is even during the losing streak.The overall stat sheet shows opponents are scoring more points against the Cardinals during the losing streak, but let’s keep in mind that Arizona’s last seven opponents have combined for four defensive touchdowns and a safety.The Cardinals’ inability to get the ball to All-Pro receiver Larry Fitzgerald more has been magnified because of their recent losing. But in actuality, Fitzgerald’s production is only down less than a catch and seven yards per game in losses. Sacks? Opponents sacked Arizona quarterbacks 3.5 times per game in wins, and 4.5 times in losses, so the difference is negligible.The Cardinals have been abysmal at both times in converting third downs — 30.9% in wins and 27.1% in losses. So what is the big difference? Why has a seemingly promising season been derailed in a fashion that has many bellowing “ah, it’s the same ol’ Cardinals.”The answer is simple. Quarterback play. The 5: Takeaways from the Coyotes’ introduction of Alex Meruelocenter_img 0 Comments   Share   Grace expects Greinke trade to have emotional impact Top Stories Unfortunately, for the last seven weeks, he’s been wearing a ball cap and a gray hoodie and hasn’t been able to help his team on the field.You want to know the difference between a 4-0 start and an 0-7 stretch? There’s your answer right there.last_img read more