Collingwood Announces New Tech Partnership to Expand Claims Outsourcing

Posted on May 18, 2018 in Uncategorized | Add Your Voice

Collingwood Announces New Tech Partnership to Expand Claims Outsourcing

The Collingwood Group, a Situs company, announced an exciting strategic technology partnership with Decision Ready Solutions to expand the firm’s claims advisory offering. “Firms have historically underinvested in advanced technology to support their claims management and processing functions relying instead on subject matter experts and manual processes,” said Brian O’Reilly, Collingwood Group President and Managing Director. Under the partnership, the Collingwood Group will be able to leverage enhanced technological capabilities to offer clients a highly scalable claims outsourcing service, designed to support the entire claims management and processing function.

The Collingwood Group’s expanded claims outsourcing and advisory service will support the full range of loan programs, including the Department of Veterans Affairs (VA), the United States Department of Agriculture (USDA), and the Federal Housing Administration (FHA), Parts A and B for Claims Without Conveyance of Title (CWCOT), Conveyance, Pre-Foreclosure Sales (PFS), Single Family Loan Sales (SFLS), Reconveyance and Home Equity Conversion Mortgages (HECMs). The claims outsourcing business also covers conventional claims, including Fannie Mae (571), Freddie Mac (104SF) and PMI (1073).

“Through this strategic partnership, Collingwood will continue to provide the industry with the unrivaled subject matter expertise synonymous with the Collingwood brand along with the scalability of Decision Ready’s proven technology platform. Coupled with Situs’ counter-party strength and three decades of experience as a trusted provider of outsourced fulfillment services to the largest financial institutions globally, we are confident that our expanded offering will be well received by the industry and bring incremental value to our clients,” O’Reilly said.

Read more about the partnership here.

Michael R. Bright Nominated to Head Ginnie Mae

On Tuesday, the Trump administration announced that it was nominating Michael R. Bright as President of the Government National Mortgage Association, otherwise known as Ginnie Mae. If confirmed, Bright would be the agency’s first permanent head since Ted Tozer stepped down in January 2017, wrapping up a seven-year tenure as head of Ginnie.

Bright wouldn’t be new to Ginnie Mae — he has served as Ginnie’s VP and COO since the middle of 2017. In that role, Bright manages Ginnie’s portfolio of mortgage-backed securities, which the agency announced this week had increased to $1.950 trillion as of April 2018.

Prior to joining Ginnie, Bright’s career includes stints as Director of the Center for Financial Markets at the Milken Institute, an SVP Business Development at PennyMac, and an asset manager at BlackRock Solutions. Bright also served as a policy advisor to Sen. Bob Corker (R-Tenn.).

Read more: DS news

BankThink Expanded Reporting for ‘Credit Invisibles’ Could Do More Harm Than Good

Recently, the CEO of Experian urged the Senate to take up the Credit Access and Inclusion Act to help the tens of millions of so-called credit invisibles get affordable loans.

Similarly, the sponsors of the House version of this bill have touted it as a way to help consumers with little or no credit history, sometimes called “no files” or “thin files.”

This is a well-intentioned goal, but there is a massive problem: The bill tries to achieve it by nullifying state and federal privacy protections for reporting utilities or rental housing payment information.

Read more: American Banker

Hot U.S. Housing Bonds Are Getting Riskier

Riskier U.S. mortgages are creeping back into the bond market again.

The loans in question are nowhere near the toxic mortgages that brought down the financial system last decade. But they’re being made to people with lower credit scores and with more debt relative to their income. And in separate transactions tied to rental homes, Wall Street banks are putting together securities with fewer safeguards for investors – a potentially worrying sign of complacency.

If the housing market weakens, and unemployment starts rising, mortgage bond investors could find their securities losing value, money managers warn.

“Underwriting starts out very strict and as time goes on, it’s kind of the proverbial frog in the pot of boiling water,” said John Kerschner, head of securitized products at Janus Henderson Group Plc, which manages $372 billion. “The heat keeps going up and up and then you realize, oh, this is really not good.”

Read more: Bloomberg

Mortgage Rates Are Surging to the Highest Level in 7 Years

A sharp sell-off in the bond market is sending mortgage rates to the highest level in seven years.

The average contract rate on the 30-year fixed is expected to reach high as 4.875 percent this week for the highest creditworthy borrowers and 5 percent for the average borrower, according to Mortgage News Daily.

Mortgage rates, which loosely follow the yield on the 10-year Treasury, started the year right around 4 percent but began rising almost immediately. They then leveled off in March and early April, only to begin rising yet again.

Tuesday’s move follows positive economic data in retail sales, suggesting that newly imposed tariffs would not hit sales as hard as expected.

Read more: CNBC

Las Vegas Homebuyers Take A Gamble As Sin City Named The Most Overvalued Housing Market In America

Here’s a riddle for you: In Las Vegas, the unemployment rate is rising, and income growth is underperforming the nation as a whole. So why are home prices in the City of Sin increasing at nearly twice the countrywide rate?

Home prices in Las Vegas have overshot economic fundamentals, says Fitch Ratings Managing Director Grant Bailey. There are bright spots in the local economy — the population is increasing swiftly, and the price to rent a place to live isn’t increasing nearly as fast as to buy one. Those highlights, however, are not enough to support 11% growth in the Case Shiller Home Price Index for the city or to save the gamblers’ paradise from the top spot on the latest Fitch ranking — provided exclusively to Forbes — of the most overvalued housing markets in America.

The ratings agency deems home prices in the Las Vegas-Henderson-Paradise, Nevada, metropolitan statistical area 21.30% above fair market value.

Read more: Forbes

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