From left to right: Citizen’s Division of Taito City division director Kiyoaki Ota, Taito City Assembly chairman Masayuki Aoyagi, Taito City Mayor Hiroshi Yoshizumi, Manly City Council Mayor Jean Hay Am & Japan National Tourism Organisation Sydney Office executive director Yukio Yamashita As visitor numbers climb back to pre-2011 quake records, Japan’s Sydney-based representatives are set on making 2013 the year for tourism, with plans to launch new promotional activities to entice Aussie travellers.With statistics from May this year indicating an 80 percent jump in the number of Australians visiting Japan compared to the same month last year, the Japan National Tourism Organisation Sydney office executive director Yukio Yamashita told guests at the Hiroshuge’s Fifty-Three Stations of the Tokaido exhibition launch last night that the country would launch three new promotions later this year and next year to make 2013 the year more Aussies visit the East Asian country.Along with the launch of the Exhibition, other promotions include; the annual Japanese Film Festival, which Mr Yamashita said will be used to encourage people to visit locations in the films while from 15 December this year, the tourist bureau will hold a Japan Expo in Darling Harbour, Sydney to offer Aussies a taste of Japanese experiences and foods.Mr Yamashita said the initiatives would not only entice Aussies to Japan but also encourage them to step outside the box and see less-trekked locations.“The exhibition is an example of an exchange we can expect to see between Australia and Japan in 2013,” the executive director said. “Many people go to Kyoto without seeing what the inbetween.“But there are still many Japanese museums that are unknown to Australians and we would like to use them and other events to provide as much information to encourage more Australians to go see Japan in 2013.”According to the Japan representative, although visitor numbers to Japan declined by up to 20 percent last year as a result of the major quake, the drop was not “as low as expected”.The Hiroshuge’s Fifty-Three Stations of the Tokaido exhibition launched at the Japan Foundation Sydney Gallery as part of celebrations to commemorate the 30 year anniversary between Taito and Manly City (NSW), showcases the 53 stations on the Tokaido Road between Tokyo and Kyoto.It includes up to 20 Japanese woodblock print photos taken during the Taisho era running from 1912-1926. Source = e-Travel Blackboard: N.J
Source = e-Travel Blackboard: P.T Brisbane Airport’s new domestic terminal public pick-up area will aid in reducing congestion, according to Tourism & Transport Forum (TTF) chief executive John Lee.Sixteen million people travel through Brisbane Airport annually according to Mr Lee.“It will reduce the number of cars driving around the airport precinct as they wait for arriving passengers, improving road safety and providing more capacity for people dropping off passengers in peak times,” Mr Lee said.“The new pick-up area will markedly improve the passenger experience, giving drivers collecting someone a dedicated waiting area with 20 minutes free parking.”Mr Lee emphasised the need to improve transport links to Australia’s airports.“The improvements will reduce congestion and improve the passenger experience now and into the future, as demand for air travel to and from Brisbane continues to grow,” Mr Lee said. Image Source: Glenn Hunt
Southwest Airlines (NYSE: LUV) is excited to announce that LUV has officially landed in West Michigan with service to Grand Rapids Gerald R. Ford International Airport (GRR). The Grand Rapids community rolled out the red carpet today as Regional Air Alliance of West Michigan (RAAWM) Founder & Chairman Dick DeVos joined the Gerald R. Ford International Airport officials and community leaders in welcoming Southwest’s first Customers to Grand Rapids. With the introduction of Southwest’s larger Boeing 737 aircraft to the market, passenger seat availability will increase 117 percent, up dramatically from approximately 2,600 seats per week available on AirTran to Southwest’s availability of more than 5,800 seats per week. Southwest’s vast network will provide Grand Rapids Customers with more availability and better options. “Our arrival in Grand Rapids represents one of the true benefits of our integration with AirTran Airways, allowing us to continue to bring low fares and legendary Customer Service to the People of Grand Rapids,” said Southwest Airlines Executive Vice President, Ron Ricks. “We’re thrilled to provide West Michigan Customers access to our broad network of destinations; and just as importantly, giving better access to Michigan for our existing Customers across America. This growth is exciting for Southwest Airlines.” Southwest attributes its entrance into the market to the roots planted by its wholly-owned subsidiary AirTran Airways. AirTran served three daily nonstop departures to Baltimore/Washington International Airport and Orlando International Airport. Southwest doubles service options with six daily departures to Baltimore/Washington, Orlando, St. Louis, and Denver, connecting Customers to more than 70 destinations—a 35 percent increase in cities served. And beginning next spring, the carrier will add daily nonstop departures to Ft. Myers and Tampa Bay. “Today is a special day for West Michigan with the addition of Southwest Airlines in our market,” said Brian Ryks, Executive Director of the Gerald R. Ford International Airport. “We appreciate Southwest embracing our community to bring the very best in air service and we are eager to expand our partnership as we promote LUV throughout West Michigan.” Southwest celebrated its inaugural Grand Rapids service today with a press conference and welcome reception at the Gerald R. Ford International Airport. Southwest showed its dedication to the community by partnering with Make-A-Wish® Michigan to help make a child’s wish come true. Southwest and Make-A-Wish Michigan will help send five-year-old Aryka and her family from Grand Rapids to Orlando to go to Walt Disney World® Resort.
The basic listing is free of charge and includes address, phone number, email address and map marker. These important and cost effective elements further enhance the online presence of any listing. As a meeting place for the travel and tourism industries of the world, the ETB News Travel and Tourism Business Directory is the most inclusive global directory for the industry and puts your business on the map. To register your business in the ETB News Travel and Tourism Business Directory, click on the add/edit listing tab, follow the easy step by step process and in minutes, you’ll be on the map, ready to promote your business and connect with thousands of others in the global travel and tourism community. The premium listing is just $14.99 per year and includes address, phone number, email address, map marker, street view, contact button, business opening hours, description excerpt, logo, top content, link to website and bottom content. Source = ETB News: Lana Bogunovich “By subscribing to our now global newsletters, which bring you up to date industry news and information, you have the option to list your business for free on our intelligent, easy to use, directory, getting your name in front of thousands of potential clients and maximising your business potential.” ETB News is delighted to announce the launch of the world’s very first global Travel and Tourism Business Directory – another innovative, comprehensive, online service provided by ETB News for the global travel and tourism industry. The simple and easy to use self-service online platform is an excellent industry resource, providing travel and tourism businesses, organisations and enthusiasts, with industry information right at their very fingertips, and offers two different listing options. “In what is an industry first, we are so excited to bring a comprehensive, global directory that encompasses all travel and tourism elements of our global business, with the addition of retail, restaurants and bars, offering businesses in the industry enhanced exposure on a global scale,” ETB News chief executive officer Jonathan Harris said.
Vietjet Vice President, Do Xuan Quang delivering his opening remarks at the launch of the Tokyo – Hanoi route at Narita International Airport.Vietjet continues to expand gateway into JapanVietjet marks the start of the New Year with the official launch of its newest service connecting Hanoi and Tokyo. This is the airline’s third link between Vietnam and Japan, meeting not only the increased demand for air travel, but also contributing to the development of tourism, trade and cultural exchanges between the two countries.Present during the jubilant opening ceremony at Narita International Airport were Mr. Vu Hong Nam, Ambassador of Vietnam to Japan; Mr. Yasuo Ishii, Administrator of Japan’s Ministry of Land, Infrastructure, Transport, and Tourism and Mr. Makoto Natsume, Narita International Airport Corporation President & CEO.Speaking at the ceremony, Mr. Do Xuan Quang, Vice President of Vietjet said, “We are delighted to launch a third direct route from Vietnam to Japan following the opening of the Hanoi – Osaka and Ho Chi Minh City – Osaka routes. The launch of this new route brings a new travel option for people – especially travellers from Tokyo and the Kanto region in general, to Hanoi, the capital city of Vietnam from where they have easy access to many other World famous destinations in Vietnam such as Sapa, Ha Long Bay, Trang An and Son Doong cave.”“Travellers from both countries as well as international tourists can also effortlessly transit to other ASEAN countries or destinations across the North Asia region with Vietjet’s comprehensive and continually expanding flight network. I believe that with our outstanding service quality, new fleet, dedicated and friendly cabin crew, delicious and hot inflight meals together with amazing ticket fares and exciting in-flight entertainments, Vietjet will leave passengers with nothing but wonderful flying experiences,” added Mr. Do.The Hanoi – Tokyo route now operates daily return flights with a flight duration of approximately six hours per leg on a new and modern aircraft. In the fourth quarter of 2018, Vietjet launched two other direct routes to Japan namely the Hanoi – Osaka route on 8November 2018 and the Ho Chi Minh City – Osaka route on 14 December 2018. Tickets for all Vietnam – Japan routes can be booked via www.vietjetair.com or https://www.facebook.com/VietjetMalaysia.Particularly for the Hanoi-Osaka route, Vietjet and Japan Airlines have established a partnership to offer a code-share flight service. The code-share service between the two airlines is also applicable on Vietjet’s domestic routes, including Hanoi – Ho Chi Minh City, Hanoi – Da Nang and Ho Chi Minh City – Da Nang.With a network comprising 39 domestic routes and 66 international routes, Vietjet operates safe flights with a technical reliability rate of 99.66% — the highest rate in the Asia Pacific region. As a fully-fledged member of International Air Transport Association (IATA), Vietjet has obtained the IATA Operational Safety Audit (IOSA) certificate and has been awarded a 7-star ranking, the world’s highest rate for safety, by AirlineRatings.Source = Vietjet
SpiceJet once again embarked on its journey of #GivingWingsToDreams by offering the special treat to around 50 underprivileged children in association with the Rotary Club of Chandigarh. The airline operated a special flight from Chandigarh for a set of kids who had never flown before thus giving them an opportunity of a lifetime.The special initiative programmed a one hour flight for kids between the ages of 12–14 years. The children were completely attended to and taken care of by the airline crew who engaged with them providing them with information on the voyage experience and the place, thus making the tour even more eventful.Debojo Maharshi, Chief Marketing Officer, SpiceJet, said, “SpiceJet is all about rising up from your daily mundane life, adding a bit of spice and experiencing something new. And when this objective fused with our vision of making every Indian fly, it catapulted into this special initiative called #GivingWingstoDreams. Dedicated to the future of our country this is our bit towards adding zest and offering a ‘wow’ experience to the lives of those special kids who have been deprived of the beautiful things life has to offer.”The children invited for the initiative belonged to states like Punjab, Haryana, Himachal Pradesh, Uttrakhand, Uttar Pradesh and the Union Territory of Chandigarh.
Agents & Brokers Attorneys & Title Companies Company News DataQuick Investors Lenders & Servicers Processing Service Providers 2013-01-22 Krista Franks Brock in Data, Government, Origination, Secondary Market, Servicing, Technology As lenders adjust to recently released guidelines from the Consumer Financial Protection Bureau (CFPB) regarding qualified mortgage and ability-to-repay rules, technology companies are adapting to meet their new needs. [IMAGE][COLUMN_BREAK]San Diego-based “”DataQuick””:http://www.dataquick.com/, a technology provider for the lending industry, announced it has adapted its products to meet new industry standards. “”The challenge for lenders is to meet these new compliance requirements efficiently and in a timely fashion,”” said DataQuick’s president, John Walsh. The company’s MindBox decisioning program has assisted lenders in obtaining qualification information for more than 20 years. With the release of the new industry standards from the CFPB, DataQuick is adjusting the product to ensure compliance. MindBox “”ensures a comprehensive, consistent and accurate review, so our customers have the confidence that every loan is decisioned to meet regulatory compliance,”” Walsh said. DataQuick also offers DataQuick Credit Solutions, which provides property information and income verification to help address ability-to-repay requirements and provide risk analysis. Share DataQuick Adapts Products to New CFPB Rules January 22, 2013 411 Views
Consumer Confidence Forecast Freddie Mac Home Sales Mortgage Rates 2014-04-18 Colin Robins in Daily Dose, Data, Headlines, News April 18, 2014 457 Views Freddie Mac: ‘Noise’ Disrupting Housing Hopes Share Freddie Mac released its U.S. Economic and Housing Market Outlook for April, noting that the housing market continues to be “noisy,” giving mixed signals heading into spring.Freddie Mac projects that new home construction will increase by 18 percent, while home appreciation will moderate to an annual growth of 5 percent for 2014.The company also commented that due to a slower than normal first two months of the year, it is lowering its home sales projections slightly from 5.6 million to 5.5 million.”We’re getting mixed signals as we start the spring home buying season. Tight inventory may pose a significant challenge for home buyers in many markets across the country, which may result in higher home prices and sales being lower than expected,” said Frank Nothaft, VP and chief economist at Freddie Mac.Nothaft added, “This is good news for those markets that have room to run on the house price appreciation front, but it’s also going to increase the affordability pinch in many markets, especially along the country’s east and west coasts. Two indicators that are supporting local housing activity are rising consumer confidence and declining unemployment rates.”The housing market is being helped by local employment, which saw all 50 states experience a decline in unemployment rates, according to Freddie Mac. Eighteen states saw at least a half percentage point reduction in their unemployment rate over the previous three months ending in February.Although consumer confidence waned slightly over the latter half of 2013 from an increase in interest rates, Freddie Mac found that confidence is tracking higher, and noted, “March was at the highest level since January 2008.”The company believes that the 30-year fixed-rate mortgage will continue its path of gradual increases, eventually ending the year around 5 percent.
in Daily Dose, Featured, News, Origination Freddie Mac Mortgage Rates Primary Mortgage Market Survey 2015-05-08 Seth Welborn Freddie Mac Posts Upward Trending Mortgage Rates In their Mortgage Market Survey (PMMS), Freddie Mac found that mortgage rates inched to the highest levels seen in nearly a month for the week ending May 7, 2015. Len Kiefer, deputy chief economist at Freddie Mac, attributes the rise in part to a selloff in German bonds that drove U.S. Treasury yields above 2.2 percent.Kiefer also noted that, “the U.S. trade deficit reached $51.4 billion in March to the highest level since 2008. Also, the Institute for Supply Management’s manufacturing index was unchanged in April, but manufacturing employment contracted as the index fell below 50 for the first time since May 2013.”Key Facts of the PMMS Survey include:The 30-year fixed-rate mortgage (FRM) averaged 3.80 percent with an average 0.6 point for the week ending May 7, 2015, up from last week when it averaged 3.68 percent.The 15-year FRM averaged 3.02 percent with an average 0.6 point, up from last week when it averaged 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.32 percent.The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90 percent this week with an average 0.4 point, up from last week when it averaged 2.85 percent. A year ago, the five-year ARM averaged 3.05 percent.The one-year Treasury-indexed ARM averaged 2.46 percent this week with an average 0.4 point, down from last week when it averaged 2.49 percent. At this time last year, the 1-year ARM averaged 2.43 percent.Freddie Mac notes that their survey does not account for borrower closing costs. The last time the PMMS survey found mortgage rates at this high of a level was the week ending March 12.To learn more about the PMMS Survey, or follow other Freddie Mac Research and Analysis, visit: FreddieMac.com/blog/ or @FreddieMac. May 8, 2015 578 Views Share
Consumer Financial Protection Bureau Home Mortgage Disclosure Act 2016-01-15 Staff Writer Handle HMDA With Care January 15, 2016 686 Views in Daily Dose, Government, Headlines, News In October 2015, the Consumer Financial Protection Bureau (CFPB) finalized the Home Mortgage Disclosure Act (HMDA) adding more to the data point requirements burden on lenders and vendors.Michael Flynn, a partner in Goodwin Procter’s Financial Institutions Group sat down with MReport to explain how the HMDA rule is shaking up the mortgage industry and advises on how to cope with the changes.MReport: How are lenders are held accountable for the actions of their vendors under the CFPB?Flynn: There’s two different kinds of vendors to think about. First, there are the vendors who supply the platforms such as origination platforms or document platforms that lenders use to generate mortgages. To break that down further, you can look at how the lender relates to those vendors and how the regulators relates to them. Clearly, if there is a problem with the vendor’s system so that the data the lender needs to pull together can’t be pulled off of the third-party platform system, the lenders Is going to be looking at the vendor both in terms of any problems with regulators and in terms of contractual obligations of the vendor to the lender in order to get the vendor to fix the system quickly. If any vendor is having a problem in that area, that vendor is going to have some real issues in the market—this would not be a good thing for the vendor, obviously.The regulators would potentially look at such a problem in two different ways. First, looking directly at the vendor, regulators may think that certain vendors have serious problems and will then put pressure perhaps the vendors, if possible, and on the lending community to say if you use this vendor you may want to look out for these problems and hold the vendor accountable. This then makes it the lender’s problem to pay attention to the vendor’s product in order to avoid a vendor management issue with the regulator. The other, more direct, way the regulators can approach such a problem is just to say whatever bad data is produced by the vendor system that feeds into the lender’s data required by HMDA, the lender is going to be accountable. It’s unlikely that a regulator will just accept a lender saying, “Oh my vendor did it” or “It was my vendors fault.” In certain circumstances, it certainly should help that a lender is actively managing its vendor, but even active vendor management does not relieve a lender of its HMDA obligations.The other type of vendors are third-party originators. If a lender is dealing with a third-party originator, the regulators, particularly the CFPB, might have more direct interest in those vendors. To the extent the new HMDA data shows particular fair lending issues with specific third party originators, regulators may focus on both the lender and the third party originator, raising a different focus vendor management.MReport: What institutions will be most affected by the HMDA regulation?Flynn: It goes in two directions. It will affect new players that will be under these rules for the first time. Those institutions will include a fair share of non-depository, non-bank lenders, who under the new rules, would have to start reporting if they do a specific numbers of closed-end or open-end mortgage-secured loans. Some of these institutions previously had to report HMDA data, but large numbers of them did not. If these are smaller institutions, its obviously a big cost issue for them relative to their size and available resources.Other institutions that have a different kind of problem are the bigger originators. There are at least 25 new data points that are going to have to be reported on and at least 12 more of the exisiting data points are modified. Let’s just take the 25 new ones. If you are a lender doing 2 million loans per year, you’ve now got 50 million more opportunities to make a data mistake, whether it is entering a wrong number or having a system problem. The scale of the problem is greater for big lenders, even if it just considering the amount of time it takes to get such large systems up and running. But it is also a bigger problem for these larger institutions because a glitch in the system could cause very large numbers of affected loans and a lot of incorrect data. The other issue for larger lenders is that if a system fix is needed, the system could be much larger than the system of a smaller institution. This could be a real strain on these lenders.MReport: What types of vendors will most likely to face increased regulatory scrutiny in the near future?Flynn: I think third-party originators will certainly get more scrutiny partly because data identifying them and an originator is going to be more regularly gathered now. This will give regulators and other parties the opportunity to identify their lending patterns more accurately. As discussed previously, I n terms of vendor liability, the data generated by vendors whose platforms are used by lenders to originate loans or to gather data from originations are, given the volume of data that will be reported, going to face heavy scrutiny from the lenders who use them. They are going to face contractual pressures from their customers, the lenders, to make their systems and data collection work really well.MReport: How will HMDA affect consumers?Flynn: If in fact, there are lenders that are engaged in fair lending violations, the increased HMDA data will make it easier to identify such behavior. If regulators or others identify such problems (or if lenders self-identify such problems), lenders will be incentivized to correct their behavior. This should increase access to credit for consumers who were wrongly being denied such access.The other the new reverting requirements might help consumers is that the increased amount and types of data may show which lenders are most likely to deny credit based on type of loan, credit background, and other factors. This might help consumers to choose carefully who they borrow from. If this occurs, it could also affect the market as a whole as lenders see which lenders themselves study this data. Share
Ocwen Financial Corporation, a leading financial services holding company headquartered in West Palm Beach, Florida, will again join forces with the NAACP to host a borrower outreach event in Philadelphia, Pennsylvania to help families having trouble making their mortgage payments.“Over the last three years, Ocwen and the NAACP have worked together on our “Help & Hope for Homeowners” initiative, which helps homeowners explore responsible loan modifications options to remain in their homes,” Jill Showell, SVP of Government and Community Relations at Ocwen said. “We urge Ocwen customers to attend this event, and have the opportunity to work one-on-one with trusted advisors to make your mortgage payments more affordable.”The event, which is part of Ocwen’s “Help & Hope for Homeowners” initiative with the NAACP, is designed exclusively for Ocwen customers and will be held from 9:00 a.m. – 3:00 p.m., EDT, on Saturday, June 23, at Bright Hope Baptist Church, located at 12th Street & Cecil B. Moore Avenue in Philadelphia near Temple University.Homeowners who attend the event will meet one-on-one with Ocwen Home Retention Agents and U.S. Department of Housing and Urban Development-approved counseling agencies to discuss their unique situations and to receive information about potential options to lower their mortgage payments.“The NAACP has seen firsthand the positive impact Ocwen has made in the lives of many families at risk of losing their homes at these local borrower outreach events throughout the country,” said Marvin Owens, Senior Director of Economic Programs at the NAACP. “Continuing our shared work to help distressed borrowers better afford their homes is one of the most effective ways the NAACP can help strengthen local minority and low-income communities.”Ocwen customers interested in attending this event can learn more by visiting OcwenCares.com.Ocwen currently services approximately 46,000 loans in Pennsylvania. From January 1, 2008, through March 31, 2018, Ocwen has provided more than 33,000 loan modifications to Pennsylvania borrowers, and forgiven approximately $365 million in debt. Nationwide, since January 1, 2008, Ocwen has granted approximately 776,000 loan modifications and provided billions of dollars in debt forgiveness. in Headlines, journal, News, Servicing Ocwen and NAACP Bring ‘Help & Hope’ to Homeowners June 22, 2018 670 Views 2018-06-22 Kristina Brewer Share
Mortgage payments are significantly outpacing home values, according to a recent report from CoreLogic. CoreLogic indicates that while the median price paid for a home nationally had risen by just over five percent year over year as of October 2017, the principal-and-interest mortgage payment on that median-priced home had increased by 17 percent, mainly due to the 2018 rate hikes.CoreLogic notes that other forecasts have indicated a slower pace of mortgage payment rises in 2019, closer to seven percent, based on a 4.8 percent annual gain in home prices by October 2019 according to the CoreLogic Home Price Index Forecast, and a 0.2-percentage-point gain in mortgage rates over that period, based on an average of six rate forecasts.Using the “typical mortgage payment” calculated using Freddie Mac’s average rate on a 30-year fixed-rate mortgage with a 20 percent down payment, CoreLogic also measured affordability. According to the study, the national median sale price in October 2018 – $218,733 – was up 5.2 percent year over year, while the typical mortgage payment was up 17.0 percent because of a 0.9-percentage-point rise in mortgage rates over that one-year period.CoreLogic predicts the median sale price will rise 2.5 percent in real, or inflation-adjusted, terms over the year ending October 2019, and the real typical monthly mortgage payment would rise from $918 in October 2018 to $963 by October 2019, a 4.9 percent year-over-year gain, while another forecast indicates that real disposable income will rise by just under 3 percent over the next year, indicating homeowners will be paying more out of their income toward mortgage payments.When adjusted for inflation, mortgage payments are still trending lower than the all-time peak. In October 2018, it remained 28.0 percent below the all-time peak of $1,275 in June 2006.For info, visit CoreLogic here. Share Average Payment on Mortgages Jumps 17% in Daily Dose, Data, Featured, News, Origination CoreLogic Home Prices interest mortgage 2019-01-23 Seth Welborn January 23, 2019 1,138 Views
in Daily Dose, Featured, Government, News In an announcement on Tuesday, Freddie Mac named Sara Mathew, who currently chairs the board’s audit committee as the new non-executive chair of its Board of Directors. Mathew will take up her new role in February 2019, succeeding Christopher S. Lynch, who will retire, both as Board Chair and as a Director. This is in compliance with the company’s ten-year limit for the board tenure, the release stated.In addition to chairing the audit committee, Mathew served as a member of the Executive and Nominating & Governance Committees most recently. She joined Freddie Mac board in 2013.“Sara’s long and distinguished career as an executive leader in the financial services industry and her deep knowledge of Freddie Mac’s operations make her uniquely qualified to serve as the next Board chair. The Board will benefit tremendously from her experience and insights,” said Lynch.A longtime corporate executive with global financial and management experience, Mathew retired as chair and CEO of Dun & Bradstreet Corporation in 2013. In her tenure of 12 years, Mathew served as president, chief operating officer, and chief financial officer. Mathew’s prior experience also includes finance and management positions at The Procter & Gamble Corporation. She is currently a member of the Board of Directors of the Campbell Soup Company, Inc. and State Street Corporation.Speaking of Lynch’s service at Freddie Mac, Donald H. Layton, CEO and member of the board said, “Chris Lynch came to Freddie Mac just after we entered government conservatorship—at a very difficult time for the company and the housing market. In the decade that followed, and particularly after becoming Board Chair in 2011, he was a tireless advocate for implementing board governance best practices and engaging with management to transform the company into a more efficient, more innovative and customer-centric organization.”Layton also noted that Lynch’s efforts were instrumental in making the company and the housing finance system stronger, more stable and better positioned for the future. “We are grateful for his leadership and exceptional contribution to Freddie Mac,” Layton said.Lynch joined Freddie Mac’s Board in December 2008 and has served as non-executive chair since 2011. He is a former chair of the Board’s Audit Committee. He retired from KPMG, LLP in 2007 after a long career with the company, most recently as national partner in charge of Financial Services. He is also a member of the board of directors of American International Group, an Advisory Board member of the Stanford Institute for Economic Policy Research and a member of the National Audit Committee Chair Advisory Council of the National Association of Corporate Directors. Taking the Chair at Freddie Mac Christopher S. Lynch Donald H. Layton Dun & Bradstreet Corporation Freddie Mac Procter & Gamble Corporation Sara Mathew 2019-01-29 Donna Joseph January 29, 2019 917 Views Share
March 28, 2019 1,621 Views Three Trends That Will Shape the Mortgage Market Credit Availability Fannie Mae FHA FHFA fico scores Freddie Mac high-risk mortgage Housing Supply Inventory MBS UMBS Urban Institute 2019-03-28 Radhika Ojha The government-sponsored enterprises’ (GSEs’) move towards single security, the Federal Housing Administration’s (FHA’s) credit box changes, and the supply of homes available for sale are three trends that will likely shape the mortgage market in 2019 and beyond, according to the Urban Institute’s latest Monthly Chartbook.The GSEs’ Move Towards UMBSWhile the nonagency share of mortgage securitizations has increased gradually over the years, from 1.8 percent in 2016 to 4.4 percent in 2018, it has seen an uptick since February 2019, inching upwards to 7.15 percent, the report revealed. Nonagency securitization volume totaled $95.2 billion for 2018, a 41 percent increase over 2017.The report said that the Urban Institute would monitor the GSEs’ move towards single security after the Federal Housing Finance Agency recently issued the final rule on this move. This move is likely to have a far-reaching impact on the mortgage market in 2019 and beyond, the report indicated.This initiative will unify Fannie Mae and Freddie Mac’s currently separate mortgage-backed securities (MBS) into a single, comingled security, called unified mortgage-backed security (UMBS). The final rule requires the GSEs to align their policies, programs, and practices that can impact cash-flows to holders of to-be-announced TBA-eligible MBS. “The market had anticipated these actions, and the price differential between Fannie and Freddie securities had converged some time ago; prior to discussions on the UMBS, Freddie Mac needed to subsidize its security to the detriment of taxpayers,” the report stated. How these UMBS, which go live on June 3, trade, will shape the MBS market.The Chartbook also indicated that the volume of Alt-A and subprime securitization showed the largest growth within the private label securitization (PLS) market with subprime securitizations more than doubling and Alt-A securitizations more than quadrupling from 2017 to 2018. This indicated a distinct “change in the mix” of PLS, the report indicated.FHA’s Credit Box AnnouncementThe second factor that is likely to impact borrowers and lenders is the FHA’s changes to its credit box. The recent announcement is aimed at mitigating FHA’s concerns about endorsing mortgages with higher risk characteristics.One of the key changes announced by the FHA is to refer certain higher-risk mortgages for manual underwriting, which is more labor intensive and costly for lenders. According to the report, while it is too early to tell whether this will discourage lenders from originating the affected mortgages and to what degree, the Urban Institute will be “monitoring the credit characteristics of new FHA originations to identify the impact of this change to credit availability.”The Issue With Housing SupplyFinally, even as the first lien origination volume for the full year of 2018 finished at $1.63 trillion, down from $1.81 trillion in 2017, a recent pullback in rates, the start of the homebuying season, and a continued strong economy are likely to see the demand for homes to pick up again. However, the report indicated that housing supply has been trending downwards throughout 2018 and though it increased month over month in February, inventory was still lower than the previous years. It, therefore, remains to be seen “whether months supply will continue its downward trend in 2019” and how that would impact the demand for homes.Click here to read the full chartbook. Share in Daily Dose, Featured, News, Origination
During 2018, China experienced a complex economic scenario, with a slowdown in its growth to 6.6% – a trend expected to continue downwards during this year, said insurance company for exports Coface.This has led to companies registering a delay in their payments, it added.Coface surveyed 1,500 Chinese companies on the issue. It found that in 2018, 62% of companies in the Eastern country had a delay in their payments.According to the company, the period between payments increased to 86 days on average in 2018. This is up from the 76-day average that was reported in 2017.Louis Des Cars, CEO of Coface Chile, told PortalFrutícola.com that the global economic scenario also shows a slowdown in the world economy, as well as international trade.”All commercial war impacts international trade that is on the downside. It is growing much less than before,” the publication quoted Des Cars as saying.What’s more, the economic outlook does not seem to be improving. He explained that 59% of Chinese companies believe that the economy will not improve during this year. This percentage is the highest since 2003.Considering its studies, Coface estimated that China’s growth this year will be 6.2%. You might also be interested in U.S., China revive trade talks ahead of Trump-Xi G … June 14 , 2019 Trump proposes buying over $15B of U.S. produce fo … “It is clear that after a period of strong growth, structural obstacles are finally reaching China’s economy.”The results of our survey of 1,500 Chinese companies confirm that the payment behaviors have deteriorated with the aggravation of fierce competition that reduces profit margins, lack of liquidity and with it the payment terms.”Implications for the agrifood industryIn this context, the economic situation of China is relevant for the agro-export sector of a number of countries.Chile, for instance, was the main supplier of fresh fruit to the Chinese market during 2018.”In the client portfolio that we have in Coface Chile, we are registering defaults in China over the fresh fruit sector,” PortalFrutícola.com quoted Des Cars saying.Coface’s research indicates that the agrifood sector has a medium risk. Yet this makes it better positioned than other industries such as automotive, construction, energy, and metals.The food sector registered an increase of four days in the delay of payments. Thus, its average increased to a 59-day delay during the past year. This makes it the industry with the shortest payment time.Along the same lines, the CEO of Coface recommended that exporters not focus on a single market.”You do not have to be obsessed with the Chinese market, because China does have risk and you have to try to diversify.”On the other hand, the publication quoted Des Cars as emphasizing: “you have to be able to manage your risks…you have to ask yourself, how can I make sure to find clients that are solvent and keep my current clients, in addition to monitoring risk”. Chile scores access to Chinese pear market … Chinese market apple shortage leads to highest pri …
CLIAcruise The global headquarters of Cruise Lines International Association (CLIA) has released the 2017 State of the Cruise Industry Outlook, detailing a steady pace of cruise travel interest and significant investment in the industry, and tipping the top eight cruise travel trends for 2017.Among those forecasts, CLIA says travel agents will continue to be the matchmakers between travellers and cruise lines in 2017. Today, there are more than 25,000 CLIA-member travel agents globally compared to 12,000 in 2010, and demand for river cruises will continue to surge. The report says an estimated 25.3 million passengers expected to sail in 2017, a strong surge from 15.8 million just 10 years prior (2007). More ships will set sail in 2017 as well, with cruise lines scheduled to debut 26 new ocean, river and specialty ships in 2017 for a total investment of more than US$6.8 billion in new vessels*.From 2017-2026 the industry is expected to introduce a total of 97 new cruise ships totalling an estimated investment of US$53 billion through 2026*.“The cruise industry is responding to global demand and we are highly encouraged by both the short-term and long-term outlook,” CLIA global President and CEO Cindy D’Aoust said.“From technological advancements and deployment of new ships to new ports and destinations around the world, the industry continues to respond to desires of today’s travellers resulting in steady growth and strong economic impact around the world.”As part of the 2017 State of the Cruise Industry Outlook, CLIA has forecast the top eight cruise travel trends that are set to have the most impact on the cruise industry this coming year.1. New Generation Takes to the Water – A recent study found that younger generations—including Millennials and Generation X — will embrace cruise travel more than ever before, rating it as better than land-based holidays, all-inclusive resorts, tours, holiday house rentals, or camping. 2. Travel Agent Use Increases – travel agents will continue to be the matchmakers between travellers and cruise lines in 2017. Today, there are more than 25,000 CLIA-member travel agents globally compared to 12,000 in 2010. CLIA also found that cruisers report high levels of satisfaction with their travel experience when assisted by an agent. 3. River Cruise Demand Increases – River cruises offer travellers a unique and intimate travel experience. Due to demand, CLIA cruise line members currently deploy 184 river cruise ships with 13 new river cruise ships on order for 2017, an increase of about 7 per cent. 4. More Private Islands on Cruise Itineraries – As more cruise lines introduce private island destinations, travellers are responding and booking these itineraries. In 2017, cruise lines offer ports on a total of seven private islands. 5. New Cruisers Will Take to the Sea – Interest in ocean cruising is projected to remain strong in 2017. 6. Drivable Port Locations in Favour – The cruise industry offers a variety of small and large market port location options across the United States and internationally. Citing the advantages of myriadLocations, seven out of ten (69 per cent) non-cruisers believe the greatest benefit is cost savings and three-quarters (74 per cent) of cruisers like the convenience of driving to a cruise ship. 7. Lure of Celebrity Chefs – Cruise travellers are embracing specialty dining and will continue to consider cruise dining experiences based upon celebrity chefs. 8. Demand for Expedition Cruises – According to the Adventure Travel Trade Association, adventure travel is growing at a record pace and CLIA is reporting that cruise expeditions are seeing the impact. In fact, itineraries for Antarctica regularly sell out.
airlinesasiaCathay Pacificsale Cathay Pacific’s mid-year sale on Economy Class fares to China, North East Asia, North America and Europe is available until 6 July 2017 for immediate travel until 31 March 2018. The promotion provides Aussies with the chance to explore cultural delights of Beijing from $649 or Taipei from $823, be inspired by artistic architecture in Shanghai from $649 and discover the lights of Los Angeles from $1,599. For those looking to spread their wings a little further, Cathay Pacific is offering flights to London from $1,415.For more information click here.IMAGE: Street markets of Taipei/Cathay Pacific
Adam DavyMorris Media NetworkVacations & TravelVacations & Travel magazine Specialist tourism and travel publisher, Morris Media Network, has appointed Adam Davy as Publisher of its well-established consumer brand Vacations & Travel.Davy comes to the role with more than 20 years domestic and international sales experience in both B2B and B2C, with a strong working knowledge of all publishing formats including digital, print, TV and outdoor. Additionally, he worked in the cruise industry for 18 years including managerial roles for many of the world’s leading cruise lines.His previous media roles include Publisher of Luxury Travel magazine, National Sales Manager at Signature Luxury Travel and National Sales Manager at Onboard Media.Morris Media Network said that Davy’s appointment would enable the Vacations & Travel magazine brand, which this year celebrates its 35th anniversary, to strategically position and expand its content into the digital market. Adam Davy can be contacted on Ph: 02 9555 7477 or 0423 373 470, or via email firstname.lastname@example.org
Go back to the e-newsletter >The Pacific Asia Travel Association will be holding its Annual Summit in Negombo, Sri Lanka in 2017, in recognition of the importance of the country in Asian tourism. The winning bid was submitted by the Sri Lanka Convention Bureau, supported by local stakeholders.Announced formally at the ongoing PATA Travel Mart in Bangalore, India, Sri Lanka was also presented as the latest tourism and MICE destination in Asia. Negombo was chosen out of the 4 options given – Negombo, the Cultural Triangle, Kandy and Bentota/Beruwala, due to the destination’s rich and colourful history, the proximity to the airport, and the event itself will be held at Jetwing Hotels; the single largest accommodation provider in Negombo.The Annual Summit is a 3- to 4-day programme consisting of the association’s executive and advisory board meetings; AGM; PATA Foundation charity and Gala dinner. The one-day conference agenda addressing major issues relevant and affecting travel and tourism business environment and preludes with the PATA Chapter meetings.The beginning of the Jetwing group, Jetwing Blue was opened in 1973 with 6 rooms of a planned 50 – and relaunched in 2011 after a massive reimagining which saw the expansion of the property to 120 rooms and the largest conferencing facility in the area. Considered the birthplace of Jetwing, Negombo remains the family’s heart with a total of 6 properties in the destination.Former Chairman of PATA and current Chairman of Jetwing, Hiran Cooray welcomed the announcement, stating that, “Sri Lanka and Jetwing will welcome the delegates of the PATA Annual Summit with open arms in keeping with our reputation of being the heart and home of Sri Lankan hospitality. Our contribution to South Asian tourism is growing steadily, as our destination is truly unique with plenty to offer everyone. We look forward to a successful Summit, with the participation and support of all stakeholders to further expose Negombo and Sri Lanka as unique destinations.”Go back to the e-newsletter >
Who has never dreamt of travelling all around the world seeking out adventures, meeting fascinating new people and making exciting discoveries of all kinds? Who’d turn down a job which involves travelling and helping thousands of other people to travel through incredible stories?AccorHotels has joined forces with the blog ‘Votre Tour du Monde’ – listed as the world’s eighth most important travel blog – with the goal of offering Le Meilleur Stage du Monde (the World’s Best Internship).People often think that a travel blogger spends the whole year on holiday. However, there’s lots of work involved! For this reason, Bruno Maltor, the creator of the blog Votre Tour du Monde, has decided to take on an intern. In doing so, he can continue helping his subscribers to discover the exciting world of travel by training up a talented young newcomer in the unusual profession of blogger and digital nomad.What does this internship involve? During this internship Bruno Maltor will take a talented youngster with him on his trips. All he needs to do is set off to discover the location and the people out there to get the best possible experience. In addition to discovering some amazing places, he will be demonstrating his inventiveness by creating highly original content in the form of articles, videos, and photos while expressing his personality and his vision of the sites visited. His work will be published on the Votre Tour du Monde social networks and on all AccorHotels digital media.It would take few words to sum up this six-month globetrotting internship: AccorHotels and Bruno Maltor are keen to help this talented newcomer enjoy the best possible experience, to ensure that he feels free to work on what he really loves and that he can share all of this with the community which develops.In short, this talented young individual must be connected, creative, daring but above all must display a genuine passion for travel and discoveries of all kinds.