SilverNeedle Hospitality rebrands to Next Story Group

first_imgSilverNeedle Hospitality rebrands to Next Story GroupSilverNeedle Hospitality announces its hotel management division is now branded Next Hotels, forming Next Story Group.The Group also announces the acquisition of the internationally acclaimed new media marketing agency, Brand Karma, a pioneer in building brand experiences through social media, creative storytelling, digital marketing and immersive virtual reality. Together with SilverNeedle’s in-house architecture and design agency Virsa, SilverNeedle becomes highly-specialised in marketing and design, holistically maximising ROI on real estate assets.Anand Nadathur, Chief Executive Officer (CEO) of Next Story Group commented, “The hospitality landscape is changing and we’re evolving in important ways. Over the past year we’ve developed in-house architecture and design capabilities via Virsa, identified new media marketing competency as a must-have which led to the acquisition of Brand Karma, strengthened our employees and Board, and studied the impact of the sharing economy on urban spaces. We now have the right set of specialised services, and are ready to move forward to help asset owners futureproof their real estate by giving consumers something fresh and relevant. Hence we’re launching as Next Story Group today.”Next Story Group is based in Singapore, with regional offices across Asia-Pacific, and offers best-in-class services to hotel owners in branding, marketing, design and development on top of its hotel management services. From the acquisition and development of spaces, to conceptualisation of design, to management of operations and innovative marketing, Next Story Group will pioneer a multi-disciplinary approach and blend services so that each property in its portfolio can adapt with agility to the needs of tomorrow.“The hospitality and real estate industries are experiencing unprecedented shifts, with new consumer expectations giving quick rise to disruptors,” explains Morris Sim, previously Chief Executive Officer (CEO) of Brand Karma, now Chief Marketing Officer (CMO) for Next Story Group. “It is difficult for asset owners to ensure what they have today will be relevant and monetisable for tomorrow’s consumers. Being a part of Next Story Group means asset owners can count on us to differentiate and respond to market changes faster.”Next Story Group comprises of the following businesses:Next Hotels: Named after the group’s flagship hotel brand, Next Hotels is a specialised developer of hotels across Asia-Pacific and the market leader in technological innovation and rapid adaptability within the hotel industry.Brand Karma: Award-winning new media marketing agency that builds brands through virtual reality experiences, digital-marketing and creative storytelling. Past clients include Shangri-La Hotels and Resorts, AccorHotelsGroup, IHG, Marriott, Tourism Australia, Gap Inc., Honeywell, and Lincoln Motor Company.Virsa: Architecture and design agency pushing the limits of modern design, Virsa leads the design and development of all hotel, F&B, and urban spaces within Next Story Group, as well as the group’s innovations in building tech. Led by Matthew Lai, Virsa creates spaces for the future, collaborating with partners across Asia-Pacific to offer specialised one-stop shop design services.Along with the launch, Next Story Group also announces the appointment of veteran hotelier Patrick Imbardelli to its Board of Directors. Commenting on the developments of the group, Patrick Imbardelli remarks, ‘’I’m excited about Next Story Group because it has the elements needed to ensure that a hotel owner’s asset can continually stand out to the end consumer. The approach the company has developed will create new value in the marketplace for the owners and the consumers, and I look forward to guiding the team to expand their vision.” Next Story GroupSource = Next Story Grouplast_img read more

PTMs Enjoy Festive Spirit at End Year State Meetings

first_imgTravelManagers’ final round of state meetings were well attended in five cities, including SydneyPTMs Enjoy Festive Spirit at End Year State MeetingsTravelManagers state meetings involving personal travel managers (PTMs), representatives from national partnership office (NPO) and partner suppliers are an important and much-enjoyed aspect of the TravelManagers business model, allowing attendees to discuss future initiatives and reflect upon the successes and learnings of the previous months. This year’s final round of state meetings, which have just been held in Brisbane, Perth, Adelaide, Melbourne and Sydney, were infused with Christmas atmosphere, lots of positivity and plenty of fun.PTM Lyndall Hewitt, representative for North Fremantle, says she loves attending the state conference as it’s a more relaxed way to hear about the updates NPO are working on.“There’s always something great in the pipeline,” she explains, “but the most important part of the day for me is strengthening my relationships with NPO and the other WA-based PTMs. This has always been the most invaluable thing for me as a PTM, right from my very first state meeting.”This view is shared by Hewitt’s colleagues, including Tanya Barker, who is representative for Narre Warren South in Victoria.BPMs Ali Banks (left) and Suzanne Laister (right) congratulate PTM Michelle Edmead for her five years’ service with TravelManagers“The state meetings are well-organised events that are valuable to my business. They provide up-to-date information on what’s happening in the company, and there are always exciting updates, sharing of information, open-forum chats and the chance to get together and discuss our business going forward,” she says.“It’s also a great day to catch up with members of the NPO support team and fellow PTMs,” Barker adds.For some of the newer PTMs, this was their first experience of a state meeting. PTM Sarah Segal, representative for Wheelers Hill attended the Melbourne meeting, which was held at Crown Conference Centre, followed by lunch at The General Assembly. Segal found her first state meeting very informative and enjoyable saying “I’m already looking forward to the next one!”Segal says she was also impressed to see people recognised for their longevity of service and loyalty at TravelManagers, with 31 PTMs receiving plaques for completing five years with the company.TravelManagers’ Queensland PTMs and NPO support team enjoyed time together over lunch at Brisbane’s Emporium HotelTravelManagers Executive General Manager Michael Gazal is proud that the total number of PTMs who have achieved five year awards with the company amounted to 46 this year.“There are now 208 PTMs in our network who have been with us for five years or more, which I think is a great endorsement for the strength of our business model and the spirit of cooperation that exists within TravelManagers,” he says.Gazal says the high attendance levels (50% of all PTMs attended one of the state meetings, along with 41 representatives from fifteen suppliers) is a reflection of the meetings’ perceived value, both within TravelManagers and by industry partners. This view is supported by the suppliers themselves.“It was a privilege to be one of the preferred suppliers invited to attend. It’s a wonderful way to interact with the PTMs on a personal level in a relaxed environment and my presence shows thePTMs our commitment and support, which helps build great relationships and trust, which in turn generating sales for us,” says Janelle Philpott, who attended the state meetings in Perth and Adelaide in her capacity as Business Development Manager for Air New Zealand.“Air New Zealand and I are proud to continue to support the TravelManagers Group.”A lazy Christmas lunch at Melbourne’s General Assembly restaurant for Victoria-based PTMsAccording to Gazal, the meetings were an opportunity to let PTMs know what to expect in 2018 and gain a clear picture of growth plans for the next three to five years. PTMs also learnt more about enhancements coming in the areas of Finance, Operations and Marketing.“There was great interest in the announcement from marketing about our new PTM web pages,” he says, “and everyone found the opportunity to learn more about the company vision and ask questions of the management team about plans for the future to be of great value.”This glimpse into the future was one of the highlights for many of the PTMs, including Trish Clowes representative for Traralgon in Victoria.“I loved the marketing section, and I’m really excited about our new web pages – it’s seriously great stuff,” Clowes enthuses.Further adding, “I also enjoyed hearing about the company’s future goals; it was a great day, with a great variety of info shared.”Once the business part of the day had been concluded, attendees relished the opportunity to spend time together on a more informal basis, with Christmas-themed lunches providing the perfect atmosphere to celebrate another successful year together.“There was beautiful, plentiful food surrounded by like-minded individuals, what a great way to celebrate a busy year, chat and have a laugh!” says Rachael Portelli, representative for Brunswick West in Victoria.For more information or to speak to someone confidentially about TravelManagers please contact Suzanne Laister on 1800 019 599.About TravelManagersTravel Managers operates in all Australian States and is a wholly owned subsidiary of House of Travel, Australasia’s largest independent travel company which has a forecast turnover of $1.5 billion for 2017. TravelManagers is a sister company to Hoot Holidays, also owned by House of Travel, and has more than 500 personal travel managers throughout Australia with a dedicated support team at the company’s national partnership office in Sydney. TravelManagers places all customer money in a dedicated and audited Client Trust Account which is separate from the general business accounts, ensuring client funds are secure and only used for client purchases. Source = TravelManagerslast_img read more

Ministry of Tourism aims to convert islands and lighthouses into tourist attractions

first_imgThe Ministry of Tourism, as advised by the Ministry of Home Affairs, has constituted a Sub-Group of Task Force comprising representatives from Ministry of Information and Broadcasting; Ministry of Environment, Forests and Climate Change; Ministry of Shipping; Archaeological Survey of India; Coastal India Development Council; Indian Coast Guard and Maritime Board of Government of Gujarat to provide inputs for identifying islands for holistic development, indicate islands with historic places, and with tourism potential for holistic development. An Interim Report on holistic development of islands has been submitted to the Ministry of Home Affairs.Ministry of Shipping has informed that 78 lighthouses have been identified for tourism development of which 44 are mainland lighthouses and 34 are island lighthouses.Development and promotion of tourism including recreation facilities such as water sports, resorts, light and sound shows at tourist attractions is the responsibility of the State Governments and Union Territory Administrations. The Ministry of Tourism provides Central Financial Assistance to the projects that are complete as per existing scheme guidelines and are sanctioned subject to availability of scheme/funds and utilisation of funds released earlier.last_img read more

Kuelap An ancient fortress in the sky

first_imgThe fortress of Kuelap is a walled city associated with the Chachapoyas culture built in 6th century AD. It consists of more than four hundred buildings and is situated on a ridge overlooking the Utcubamba Valley in northern Peru.Source: BBClast_img

CFPB Banks Nonbanks Liable for ThirdParty Violations

first_img in Government, Origination, Secondary Market, Servicing Agents & Brokers Attorneys & Title Companies Consumer Financial Protection Bureau Dodd-Frank Lenders & Servicers Processing Service Providers 2012-04-13 Ryan Schuette April 13, 2012 426 Views The “”Consumer Financial Protection Bureau””:http://www.consumerfinance.gov/ (CFPB) issued a bulletin Friday reminding financial institutions that they may be held accountable for violations under contracted service providers.[IMAGE]The agency said that banks and nonbank entities need to supervise their third-party vendors with due diligence, consistently request and review their internal controls and training materials, and establish clear expectations about compliance.[COLUMN_BREAK]The CFPB also called on financial institutions to adopt the internal controls necessary to supervise vendors, reaffirming the agency’s role as both a formal supervisor and informal trendsetter in the industry.””Consumers are at a real disadvantage because they do not get to choose the service providers they deal with ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the financial institution does,”” CFPB Director Richard Cordray said in a statement. “”Consumers must not be hurt by unfair, deceptive, or abusive practices of service providers. Banks and nonbanks must manage these relationships carefully and can be held accountable if they break the law.”” The bulletin marks only the latest signal by the CFPB that it plans to move on areas within its jurisdiction under the Dodd-Frank Act.The bureau more recently released a statement saying that it plans to propose national standards for servicers this summer.center_img The Consumer Financial Protection Bureau issued a bulletin Friday reminding financial institutions that they may be held accountable for violations under contracted service providers. The agency said that banks and nonbank entities need to supervise their third-party vendors with due diligence, consistently request and review their internal controls and training materials, and establish clear expectations about compliance. The CFPB also called on financial institutions to adopt the internal controls necessary to supervise vendors.,CFPB: Banks, Nonbanks Liable for Third-Party Violations Sharelast_img read more

Payroll Growth in October Better than Expected Jobless Rate at 73

first_imgPayroll Growth in October Better than Expected, Jobless Rate at 7.3% in Data Despite the partial government shutdown threatening growth, the nation’s economy added 204,000 jobs in October, with prior months seeing major upward revisions, the “”Bureau of Labor Statistics””:http://www.bls.gov/ (BLS) revealed Friday in its “”Employment Situation Report””:http://www.bls.gov/news.release/empsit.htm. Economists surveyed by Bloomberg put out a median forecast of 120,000 new nonfarm payroll jobs.[IMAGE]Despite the increase in jobs numbers, the unemployment rate still ticked up slightly to 7.3 percent, reflecting the number of furloughed government workers who were classified as “”unemployed on temporary layoff”” in the household survey but ├â┬ó├óÔÇÜ┬¼├àÔÇ£employed├â┬ó├óÔÇÜ┬¼├é┬Ø for the payroll survey.Payroll gains for August and September were revised upward, increasing for August from 193,000 to 238,000 and for September from 148,000 to 163,000. Together, the revisions add up to an additional 60,000 jobs added in those two months. Over the past 12 year, growth has averaged 190,000 per month.[COLUMN_BREAK]The number of unemployed persons in October was slightly higher compared to December, rising about 17,000. Among those unemployed, the number who reported being on temporary layoff–most of them furloughed government employees–increased by 448,000.The number of long-term unemployed (persons who have been jobless for 27 weeks or longer) was slightly down, rounding off to 4.1 million. That number has dropped by nearly a million people over the year, BLS reported.The civilian labor force was down by 720,000, bringing the labor force participation rate–the labor force as a percent of the population–down nearly half a percentage point to 62.8 percent. Discouragingly, the U-6 unemployment rate, which includes the unemployed as well as all people “”marginally attached”” to the labor force and those employed part-time for economic reasons, rose to 13.8 percent. Often overlooked, the U-6 is considered by some to show a more reliable picture of the state of employment at the moment.October’s job gains were mostly in leisure and hospitality (+53,000), retail trade (+44,000), professional and technical services (+21,000), manufacturing (+19,000), and health care (+15,000). Employment in construction and financial activities–the two sectors most directly linked to housing and mortgage finance–was little changed, BLS reported.The average workweek for all employees on private nonfarm payrolls was 34.4 hours, unchanged from September. Average hourly earnings for all private nonfarm payroll employees were $24.10, an increase of two cents. November 8, 2013 420 Views center_img Share Agents & Brokers Attorneys & Title Companies Bureau of Labor Statistics Investors Jobs Lenders & Servicers Service Providers Unemployment 2013-11-08 Tory Barringerlast_img read more

Mortgage Rates Up for Second Week

first_img in Daily Dose, Data, Headlines, News, Origination February 20, 2014 473 Views Mortgage Rates Up for Second Week Adjustable-Rate Mortgage Bankrate Fixed-Rate Mortgage Freddie Mac Mortgage Rates 2014-02-20 Tory Barringercenter_img Share Average fixed mortgage rates moved up slightly for the second as market analysts continue to debate whether recent weakening in the economy is a result of poor weather conditions or indicative of a long-term trend.Freddie Mac released Thursday its Primary Mortgage Market Survey for the week ending February 20, showing the average 30-year fixed-rate mortgage (FRM) coming up 5 basis points to a rate of 4.33 percent (0.7 point). This time last year, the 30-year FRM averaged 3.56 percent.The 15-year FRM this week averaged 3.35 percent (0.7 point), up from 3.33 percent last week.Adjustable rates also shifted up slightly, with the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) climbing to 3.08 percent (0.5 point); the 1-year ARM was up to 2.57 percent (0.3 point).Frank Nothaft, VP and chief economist for Freddie Mac, said the change reflects market forecasts of what the Federal Reserve’s next move might be.“Mortgage rates crept up further following the uptick in the 10-year Treasury yield as minutes of the Federal Reserve’s last meeting indicated little possibility of a pause in the central bank’s reduction of bond purchases,” Nothaft said.Bankrate.com’s weekly survey pulled up mixed movements, though most changes were minor. The 30-year fixed average moved up a basis point to 4.49 percent in the finance site’s latest report, while the 15-year fixed average moved down the same amount to 3.52 percent.The 5/1 ARM, meanwhile, declined a few points to 3.28 percent.“Mortgage rates are hovering as we’re in a bit of a wait-and-see mode regarding the economy,” Bankrate said in a release. “Recent economic reports have not been impressive, with much of that chalked up to the brutal snow and cold throughout much of the country this winter.“It may take a more normal weather pattern to truly gauge where the economy sits, and at least for now, there isn’t much movement in mortgage rates being seen.”last_img read more

Foreign Interest in US Housing Grows

first_img July 8, 2014 536 Views in Daily Dose, Data, Headlines, News Foreign Interest in U.S. Housing Grows Sharecenter_img Investment Investors National Association of Realtors 2014-07-08 Tory Barringer As analysts, industry participants, and policymakers struggle to boost homeownership among Americans, foreign activity in the U.S. housing market remains strong.According to a profile of international homebuying activity released by the National Association of Realtors (NAR), total international home sales were estimated at $92.2 billion from April 2013 through March 2013, up from the previous period’s level of $68.2 billion.”Foreign buyers are being enticed to U.S. real estate because of what they recognize as attractive prices, economic stability, and an incredible opportunity for investment in their future,” said NAR President Steve Brown.Approximately 65 percent of purchases by foreign buyers over the year involved a single-family home, with 42 percent used as a primary residence. Because non-residents are limited to six-month stays in the country, most buyers use their properties for vacation or rental purposes or as an investment, NAR says.While interest in U.S. housing spans the globe, NAR reports the greatest amount of activity came from buyers in Canada, China, Mexico, India, and the United Kingdom, which together accounted for nearly 54 percent of all reported international transactions last year. Canada held on to the largest share of purchases at 19 percent, while China took the lead in dollar volume, purchasing an estimated $22 billion.Four states—Florida, California, Arizona, and Texas—comprised 55 percent of total reported purchases, with Florida staying on top at 23 percent. California followed at 14 percent, followed by Texas and Arizona at 12 percent and 6 percent, respectively.According to the group, among foreign buyers, Europeans last year tended to flock toward the warmer climates of Florida and Arizona, while Asian buyers were drawn to the West Coast. Buyers from all countries showed greater preference toward areas where there were already concentrations of people of their own nationality.NAR also found that nearly 60 percent of reported international sales were all-cash, nearly double that of domestic purchases. “Mortgage financing tends to be a major problem for international clients due to a lack of a U.S. based credit history, lack of a Social Security number, difficulties in documenting mortgage requirements and financial profiles that differ from those normally received by financial institutions from domestic residents,” the association explained.last_img read more

Survey Reveals Buyer Optimism Concerns and Motivating Factors

first_img April 28, 2015 647 Views in Daily Dose, Data, Headlines, News Survey Reveals Buyer Optimism, Concerns, and Motivating Factors Thirty percent of potential homebuyers plan to purchase a home in the next 18 months, according to “Insights: From the Mind of the Homebuyer,” a survey released by Chase Mortgage Banking this morning.The survey, which included phone interviews with more than 1,000 Americans between the ages of 25 and 65, also revealed some key information on homebuyer concerns, motivating factors and more.According to the survey, three of every 10 potential homebuyers intend to purchase a home in the next 18 months, and 62 percent think now is a better time to purchase than last year. Nearly a quarter of those planning to purchase a home intend to do so in upcoming spring or summer, while 35 percent plan on waiting a year or longer to buy.As for their motivations for buying, 32 percent attribute it to current low mortgage rates. Another 35 percent said if 30-year fixed mortgage rates were to rise above 4 percent, it would delay their purchase.Rising rent costs also played a role, with 20 percent of buyers saying buying a home was a better value than paying a monthly rent. An additional 20 percent said upgrading from their current home was their motivation for buying.The survey also revealed insights into homebuyers’ concerns and challenges. Seventy percent of those surveyed said they thought they may have missed their opportunity to buy already, as home prices are increasing. Another 56 percent were concerned with finding properties within their price range.Additionally, 75 percent said they were worried about being outbid, and three out of five said they may need to make compromises, like buying a smaller home, looking in a different neighborhood, etc., in order to make up for rising home prices.“Buyers are clearly concerned about housing inventory and rising prices, especially during the competitive spring buying season,” said Cecelia Barbieri, SVP of marketing for Chase Mortgage Banking. “But the research shows that interested buyers are optimistic and ready to act on their goals. In fact, 73 percent said they’d give up things like eating out and taking vacations in order to buy their dream home.”Chase’s research also revealed that homebuyers are anxious about the buying process. Seventy percent said they were more worried about the mortgage process than they would be about getting a root canal or public speaking. One-third of couples surveyed said the homebuying process has led to bickering.“It’s understandable why first-time homebuyers are anxious about the process, but preparation is the best defense,” Barbieri said. “We want to make the homebuying process as easy and stress-free as possible—that’s why we offer informative resources, including YouTube videos, a mortgage calculator, a step-by-step buying guide and a webinar on our website.”And it appears that these educational materials are much-needed. The survey also revealed that only 25 percent of homebuyers actually understand APRs, mortgage rates, down payments and other crucial parts of the purchasing process. More than 70 percent of those surveyed believed their interest rate would determine their total mortgage.Editor’s Note: Keep an eye out for a featured article by Cecelia Barbieri, SVP and Head of Mortgage Originations Marketing at Chase Mortgage Banking, in the July 2015 issue of the MReport. In her article, Barbieri will delve into “Insights: From the Mind of the Homebuyer,” further, as well as, discuss how its findings can be used in your marketing strategies.center_img Chase Mortgage Banking Home Prices Homebuyers Housing Market 2015-04-28 Seth Welborn Sharelast_img read more

Mortgage Rates Expected to Sink Further if Economic Conditions Persist

first_img Mortgage interest rates have declined every week since the start of the year, and Freddie Mac believes this could continue until Treasury yields return to normal levels.Freddie Mac ‘s Primary Mortgage Market Survey  found that mortgage rates moved down for the sixth consecutive week amid “ongoing market volatility.”For the week ending February 11, 2016, the average 30-year fixed rate mortgage (FRM) reached 3.65 percent with an average 0.5 point, down from last week when it averaged 3.72 percent. Last year, the 30-year rate was 3.69 percent. The 30-year rate is currently just slightly off the low of 3.59 percent recorded in 2015.Sean Becketti, Chief Economist at Freddie Mac noted, “In a falling rate environment, mortgage rates often adjust more slowly than capital market rates, and the early-2016 flight-to-quality has run true to form. The 30-year mortgage rate has dropped 36 basis points since the start of the year, while the yield on the 10-year Treasury has dropped 59 basis points over the same period. If Treasury yields were to hold at current levels, mortgage rates might well sink a little further before stabilizing.”According to the survey, the 15-year FRM averaged 2.95 percent this week with an average 0.5 point. Last week, the 15-year rate was 3.01 percent down and year ago at this time, the 15-year FRM averaged 2.99 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent with an average 0.4 point this week, the report showed. Last week, it was 2.85 percent and a year ago it averaged 2.97 percent.As mortgage rates continue to climb, new home purchases also rose. The Mortgage Bankers Association (MBA) Builder Application Survey data for January 2016 shows mortgage applications for new home purchases increased by 14 percent month-over-month.According to the survey, conventional loans composed 67.4 percent of loan applications, FHA loans composed 19.5 percent, RHS/USDA loans composed 0.7 percent, and VA loans composed 12.4 percent.The data showed that the loan size declined from $333,182 in December 2015 to $325,806 in January 2016.Single-family home sales are projected to run at a seasonally adjusted annual rate of   499,000 units in January 2016, up 4.0 percent from the December pace of 480,000 units, according to the MBA. 2016-02-11 Staff Writer Mortgage Rates Expected to Sink Further if Economic Conditions Persist in Daily Dose, Data, Featured, Government, Newscenter_img February 11, 2016 461 Views Sharelast_img read more

HELOCs The Untapped Opportunity for Growth and Profits

first_img in Daily Dose, News, Origination HELOCs Home Equity Lines of Credit 2016-11-25 Rutger van Faassen Share These are interesting times for HELOCs.  Home prices have risen sharply. As a result, home-equity wealth has doubled during the last five years to $13 trillion according to CoreLogic. Home prices are expected to continue increasing in 2017. This coupled with growing originations have led to renewed interest in home equity portfolios from bankers seeking new profit centers.However, because customers are paying off debt more aggressively and large vintages are coming up to end-of-draw, we are also seeing HELOC and HELoan portfolio run-off more intensely than in previous years. According to ICON Competitive Lending Analytics, home equity portfolio run-offs are already at 8.7 percent in the first three quarters of 2016. By comparison home equity portfolios have been running off at 7 to 9 percent for the last three years. There is also more competition in pricing. For example, the ICON Home Equity Price Index showed a 1.5 percent decrease in 1st Liens, and a 0.4 percent decline in 2nd Liens in the first three quarters of 2016.How are lenders responding to the stiffer competition and the higher rate of run-offs in their HELOCs and HELoans portfolios?According to a Nomis HELOC Executive Survey conducted in October 2016, some lenders are employing sophisticated strate­­gies to attract new customers. For example, our survey found that lenders are employing more pricing dimensions to HELOCs and HELoans: 44 percent are using between 4 to 6 pricing dimensions, while 22 percent use 6 or more pricing dimensions. We also learned that a majority (89 percent) of executives surveyed regularly run promotions to attract new customers, with 28 percent employing sophisticated strategies like targeted offers and segmentation analysis.However, the survey also identified missed opportunities to slow attrition and stimulate utilization. For example, a majority (55 percent) of executives surveyed said they did not have any formal programs in place to prevent attrition. Similarly, 39 percent of executives said they did have a formal strategy in place to stimulate utilization of approved lines. Alarmingly, the survey also found that 67 percent of lending executives do not currently have a mobile strategy for HELOCs or HEloans. This is a big missed-opportunity to engage with customers who are asking for mobile solutions and increasingly favoring mobile over other channels.Banks have a ripe opportunity to unlock the growth and profitability potential of their home equity portfolio, by engaging with their borrowers throughout their lifecycle—from the moment they open a new line to their utilization phase to the end of their draw down periods.New technologies like deep analytics and predictive modeling can build a deeper understanding of customer behaviors to help banks identify the signals that indicate which customers are likely to transfer balances or make purchases using their HELOC. The bank can then design promotions specifically targeting the needs of those customers. By using predictive segmentation and competitive insights within a pricing framework, banks can turn market data into actionable strategies for targeted retention offers.Click here to view an infographic about HELOCs from Nomis.center_img November 25, 2016 850 Views HELOCs: The Untapped Opportunity for Growth and Profitslast_img read more

Secretary Carson Kicks Off Homeownership Month with Forum

first_img The world is going to get a lot more Ben Carson in the coming weeks, as the head of the Department of Housing and Urban Development (HUD) ups his public profile during the newly-proclaimed National Homeownership Month.Recently, President Trump proclaimed June as National Homeownership Month—the first of its kind—in an effort to “recognize the many benefits of homeownership to families, our communities, and our nation.”“For generations of Americans, owning a home has been an essential element in achieving the American Dream,” President Trump said in his proclamation. “Homeownership is often the foundation of security and prosperity for families and communities and an enduring symbol of American freedom. This month, we recommit to ensuring that hard-working Americans enjoy a fair chance at becoming homeowners.”Carson kicked off Homeownership Month on Thursday with an academic forum at his own department, discussing the state of homeownership in the U.S., the aftermath of the housing crisis, and homeownership hurdles specific to the millennial generation.“After all we’ve been through, homeownership remains an American value and the cornerstone of our economy,” Carson said. “Today, we recognize the abiding value of owning a home, and rededicate ourselves toward ensuring that every hardworking and credit-worthy American enjoys a fair chance at becoming a homeowner.”He also addressed the housing crisis during the forum, telling the audience, “We must heed worries and warnings. We must be prudent and wise, far-reaching and visionary. We want to make sure that homeownership is on solid ground, now and in the future. We need ethical behavior, risk within smart boundaries, and best practices, personally and financially. We must follow those practices that are fair, responsible, transparent, and prudent. The bankers, lenders, and investors are not playing with Monopoly money. They have been entrusted with a duty to safeguard the hard-earned money of others, and we must hold them to their duties, fiduciary and otherwise, not just in words, but actions and investments. As we learned in 2008, the consequences of irresponsible behavior are national and international.”But today’s forum was just the start of a busy month for Carson, as he makes the round in the media and around Capitol Hill.Next week, he’ll testify before Congress on President’s Trump 2018 budget blueprint, which proposes serious cuts—more than $6.2 billion—from HUD’s budget. The blueprint also ends the Community Development Block Grant program and slashes funding from the department’s rental assistance services.So far, Carson has been optimistic about the cuts, saying “While the scale of this reduction is significant, we are prepared to meet its challenges.”Carson also recently talked with Sirius XM radio host Armstrong Williams about the “mindset” of poverty, as well as the role the government should play in helping its impoverished citizens. Carson told Williams that the government can provide a “helping hand” to those in need, but that “sustaining them in a position of poverty” was not wise.”It [government] can provide the ladder of opportunity,” Carson said. “It can provide the mechanism that will demonstrate to them what can be done.”Despite looming cuts to HUD’s budget, President Trump has said he remains committed to helping Americans become homeowners.“As part of my Administration’s plan to strengthen the middle class and the American housing market, I am working with the Congress on a pro-growth agenda of reducing rules and regulations, cutting taxes, and eliminating unnecessary government spending. These policies will unshackle our economy and create and sustain high-paying jobs so that more Americans have the resources and freedom they deserve to fulfill their American Dream. Share Secretary Carson Kicks Off Homeownership Month with Forum Ben Carson budget Budget Cuts Homeownership homeownership month HOUSING HUD President Trump 2017-06-01 Aly J. Yalecenter_img June 1, 2017 621 Views in Daily Dose, Government, Headlines, Newslast_img read more

FirstTime Buyer Affordability Misconceptions

first_img May 8, 2019 759 Views Affordability FIrst time Renters sales 2019-05-08 Seth Welborn Share A recent study from First American takes a look at the trends shaping affordability, specifically for first-time home buyers. According to the Outlook Report, titled “Why Everything You Know About First-Time Home Buyer Affordability Is Wrong,” less than half of the markets studies were deemed “affordable.”“As millennials continue to age into their prime home-buying years, first-time home buyer demand is poised to increase in the years ahead. Yet, traditional measures of affordability are skewed toward existing homeowners who, by definition, can already afford homes,” said First American Deputy Chief Economist Odeta Kushi. “Unlike typical affordability studies, we’ve zeroed in on first-time home buyers and factored in often overlooked costs like private mortgage insurance and property taxes to provide a clearer assessment of the housing affordability landscape for first-time home buyers.”“As the surge of millennial demand begins to hit shore, millennial first-time home buyers may want to consider cities that offer a greater supply of affordable homes for median renters,” says First American Chief Economist Mark Fleming.First American states that many first time homebuyers should avoid some of the traditional measures of home affordability, noting that affordability goes beyond buying power. For example, the report notes that current metrics of affordability include current homeowners, skewing the results as existing homeowners typically have greater income levels.Additionally, First American notes that homes are already affordable for approximately two-thirds of Americans because 64.8 percent of Americans own homes, meaning any affordability metric to include existing homeowners would be misleading.First American defines affordability by city as the media renter being able to afford 50% of available homes for purchase, and renters in the bottom 10 percent of house-buying power should be able to afford at least 10 percent of the homes for sale in their market. Memphis, Tennessee tops First American’s list of affordable cities for current renters, with 71% of homes currently affordable for the median renter in the city. Meanwhile, Los Angeles falls last on the list, with just 4% of homes currently affordable for the median renter in the city.center_img in Daily Dose, Data, Featured, News First-Time Buyer Affordability Misconceptionslast_img read more

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agentsTravellers ChoiceWendy Wu Tours

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Cyclone DebbieMantra Croc Club

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ShangriLa Hotels and Resorts will unveil the firs

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Yesterday Ensemble Travel Grouplaunched the Aust

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Complete Travel Marketing has appointed Cecilia Ch

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