Crown Towers and Perth one of the best places to visit

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first_imgSource = Crown Towers Perth Crown Towers and Perth, one of the best places to visitCrown Towers and Perth, one of the best places to visitPerth’s newest high end bar destination, TWR, has made it onto the highly coveted Travel + Leisure top 50 Best Places to Travel in 2017 list – less than a month after opening.Renowned global travel site Travel + Leisure chose the West Australian capital as one of their 50 Best Places to Travel in 2017, with TWR at newly-opened Crown Towers Perth listed as one of the top attractions to visit while in town.Only open since December 2016, TWR is quickly redefining Perth’s high end luxury bar scene as a hotel destination bar that rivals those found in major cities of the world like London and New York.With a lavish custom-designed environment, small dishes and a bespoke beverage menu, TWR has become the place to be seen whether as a guest of the hotel or a local.According to Chief Executive Officer Australian Resorts, Barry Felstead, making the list with such a new venture is testament to how much Crown Towers Perth is redefining the market.“As one of Perth’s newest destinations – we are thrilled to have our lobby bar TWR included. Crown Towers has truly transformed the standard for high-end luxury travel and tourism – not just in Perth but right across Australia – and TWR embodies that. It’s the latest in a ten year commitment of investment by Crown that has transformed the resort into a world-class food and beverage precinct that has helped us put Perth on the tourism map,” Felstead said.The timing of Crown Towers Perth’s launch comes at a time of significant reinvigoration in Western Australian infrastructure and tourism spending into surrounding areas including the highly anticipated development of the new Perth Stadium.“Over the last 10 years we have invested 1.7 billion dollars in making Crown Perth one of the leading integrated resorts in the world. The addition of Crown Towers to our stable will transform it into one of the best entertainment and urban destination precincts in Australia,” said Felstead.Chief Executive Officer Tourism Western Australia, Gwyn Dolphin said it’s great that Perth is being recognised on influential ‘must-visit’ travel lists.“It’s particularly pleasing to see our growing and sophisticated food and beverage scene acknowledged too. The new Crown Towers is a welcome and stylish addition to the Perth offering and I congratulate them on being noticed by the likes of Travel + Leisure,” Dolphin says.With 500 guest rooms, suites and villas, restaurants, bars, a 1,500 seat ballroom, business centre, luxury retail outlets, resort pool and world-class spa facilities, Crown Towers Perth is now Perth’s largest hotel.As a leading Australian tourism and entertainment company, Crown Resorts remains committed to building a worldwide reputation for the best in luxury experiences, hotel accommodation, gaming, signature dining and retail. Crown Towers Perthfor more information, visitlast_img read more

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Gastronomy Tourism Agenda to be advanced in ASEAN

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first_imgRecord Turnout for UNWTO Gastronomy Tourism Conference in ThailandGastronomy Tourism Agenda to be advanced in ASEANHeld for the first time in Asia, from 30 May to 1 June, 2018, the 4th UNWTO Forum on Gastronomy Tourism was organised by the UN World Tourism Organisation, the Basque Culinary Centre with the support of the Tourism Authority of Thailand (TAT) and Thailand’s Ministry of Tourism and Sports. The 588 delegates from 52 countries heard from a diverse range of expert speakers from chefs, restaurateurs, consultants and professors to marketing and technological gurus.They also enjoyed a wide variety of Thai cuisine at grassroots and fine-dining restaurants, local marketplaces and street vendors. Senior officials who attended the forum included UNWTO Secretary-General Mr. Zurab Pololikashvili, Tourism Minister of Jamaica Mr. Edmund Bartlett, Mr. Joxe Mari Aizega, Director, Basque Culinary Center and PATA CEO Mr. Mario Hardy.Top chefs from Flanders Kitchen RebelsThe conference is being attended by dozens of Thai restaurateurs, chefs, food and beverage executives and hoteliers who are getting a chance to update themselves on new techniques and technologies in preparing, marketing and managing the strong linkage between tourism and gastronomy.The conference is focussed on raising awareness both nationally and regionally as to the significance and role of gastronomy tourism as a key towards the development of sustainable tourism in the region. Speakers from Macau, Japan, Indonesia and the Basque region of Spain discussed the current situation in their regions and the global outlook for gastronomy tourism as well how the public and private sector can establish successful partnerships.The conference has also examined how countries can related their gastronomy tourism strategies to the Sustainable Development Goals of the United Nations’ 2030 Agenda.Addressing the opening ceremony, H.E. Mr. Weerasak Kowsurat, Thailand’s Minister of Tourism and Sports, said the Royal Thai government was pleased to host the conference as part of the national strategy to more firmly link its two bedrock economic sectors, agriculture and tourism.H.E. Mr. Weerasak said, “Both agriculture and tourism are major job creators and contribute significantly to economic livelihood and income distribution all over the country, especially in the rural areas. Farmers get to make more productive use of their land and try out new concepts such as, herbal and organic products and wineries. The multiplier effect nationwide is of massive value and benefit.”He added, “Gastronomy has been linked to tourism and further influenced as well as enhanced by technological advances. However, both gastronomy and tourism are undeniably related to local cultures and communities.“Both the Eastern and Western worlds have cuisine that is rooted in local wisdom. Each is unique in its own way. If we can fuse their combined strengths, it will allow us to have a better understanding of their physiological benefits as well as the intellectual value of our respective cultures.”The Minister stressed how gastronomy tourism is helping many small and grassroots communities all across Thailand boost sales of their fruits, rice and general crops and create a strong international brand for Thai food and ingredients.“Thai cuisine helps us to drive tourism and boost spending. In 2017, 20 percent of our tourism revenue was on food. We are hoping to increase that in the years ahead.”H.E. Mr. Weerasak also highlighted the gastronomic linkages amongst the member states of the ASEAN Community.“The most important crop for us (in ASEAN) is rice, as it is our staple food. In other words, rice is not just a source of food, but also a source of our culture and way of life. ASEAN countries are top exporters of rice. It may interest you to know that the ASEAN emblem also has stalks of rice paddy bound together on the ASEAN flag.”Mr. Chattan Kunjara Na Ayudhya, Deputy Governor for Policy and Planning, Tourism Authority of Thailand outlined how Thai food was not just food but a story in its own right, with each well-known dish like Phat Thai, Tom Yam Kung or Som Tam having its own background and history about its origins.The conference heard two powerful presentations on how Thai farmers are shifting away from using pesticides and fertilisers in the food chain, thus improving their physical and financial health as well as the quality of their products for consumers. PATA CEO Mario Hardy outlined his association’s campaign to curb food waste and invited all the participants to join up.A representative of the Ministry of Tourism, Indonesia, stressed how the country will start promoting its culinary culture by setting up a number of uniformly-branded restaurants worldwide.On May 31 and June 1, delegates visited local communities and various districts of Bangkok to check out the vast variety of culinary delights ranging from Michelin star restaurants to street food and family entrepreneurs.Source = Tourism Authority of Thailandlast_img read more

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Experience pure decadence at the Langham Sydney

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first_imgThe Langham, SydneyExperience pure decadence at the Langham, SydneyGuests can celebrate in style like a superstar, live like royalty or however their heart desires – The Langham, Sydney has unveiled the million dollar Pure Decadencepackage where guests can take over the entire 98 rooms and suites hotel and make it their own private residence with the full attention of over 110 hotel employees at their service for two luxurious nights.Nestled in the heart of the Rocks district and located at one of Sydney’s most exclusive harbourside addresses, the hotel is surrounded by quaint cobbled streets and historic buildings. A sophisticated yet tranquil sanctuary, The Langham, Sydney offers dramatic harbour views and stunning city skylines, that provide the perfect backdrop for any occasion and gathering.“We have created this decadent package for guests who are seeking an unforgettable experience in the form of a luxurious private residence in Sydney. Be it a unique family gathering, a glamourous celebration or a two night private extravaganza, The Langham, Sydney is poised to deliver this ultimate experience and designed this package to make every dream come true,” says Gaylord Lamy, General Manager, The Langham, Sydney.“As a boutique-sized luxury hotel, we pride ourselves in delivering sincere service and ensuring every guest’s stay with us is a memorable one. From a sit-down dinner at the restaurant, drinks at the bar or an afternoon tea gathering at the elegant drawing room, our team will ensure it is a flawless experience,” added Lamy.All guests will receive a VIP welcome on arrival.All meals will be specially designed by the chef and served in luxurious buffet style at the hotel’s restaurant. Champagne is offered on demand in the evenings with a jazz trio entertaining the private party every night. If the party would like to head out to the city, five luxury town cars are on standby at the guests’ disposal.To ensure a rejuvenating and relaxing experience, the package includes daily pampering body treatments, massages and facials at The Day Spa.The Langham, Sydney’s Pure Decadence million dollar package includes:Two nights’ accommodation in the entire hotel (98 rooms including 13 suites)VIP welcome on arrivalPersonalised Langham welcome gifts for all guestsFull team of staff at guests’disposal, including concierge, porters, food and beverage attendants, spa therapists and housekeepersExclusive use of the hotel’s restaurant, including a luxurious buffet service for breakfast, lunch and dinner, served dailyExclusive use of the hotel bar, including free flowing French champagne served each evening from 6pm – 10 pmExclusive use of the hotel pool, gym, Day Spa (six treatment rooms) for eight hours per day (9am until 5pm)Nightly entertainment with a jazz trio playing nightly from 7pm to 10pmComplimentary mini bar in all roomsFive luxury town cars at guests’ disposal for 48 hoursComplimentary parking for up to 40 cars.Term and conditions apply.Priced at one million AUD and based on availability between June 2018 and December 2019, the package can be requested and booked only via the Langham Sydney’s Executive Office +61 (02) 8248 5204. Source = The Langham, Sydneylast_img read more

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Banyan Tree garners 241 global awards in 2018

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first_imgBanyan Tree garners 241 global awards in 2018Banyan Tree garners 241 global awards in 2018Celebrating the year that was, in 2018 Banyan Tree Group were awarded 241 global award for their branding and exceptional experiences as a leading hospitality leader.An international operator and developer of premium resorts, hotels, residences, spas, golf and integrated resorts, Banyan Tree continues to lead the luxury travel category, having won 117 international benchmark awards including:·       Travel+Leisure US World’s Best Awards 2018 Top 20 Hotel Brands in the World·       DestinAsian 13th Readers’ Choice Awards 2018 Best Hotel Brands for Leisure·       Beijing News The Best Hotel Brand 2017.The wide spread achievement across Banyan Tree’s portfolio recognises the uniqueness and spirit of adventure found at each location. Banyan Tree began building retreats of rest and rejuvenation, championing the ethos of “Embracing the Environment, Empowering People”. Their approach to sustainability means each building is built in harmony with nature, contributing to the growth and development of the community.As a pioneer in sustainability, the Group was named Shanghai Morning Post Tourism Awards 2017 Best Social Responsibility Brand.Offering a deep sense of place, across all locations, Banyan Tree highlights and infuses the uniqueness of the locale through design and build, guests’ and associates’ experiences to sustainability impacts.With this in mind, Banyan Tree resorts were also awarded:·       Top 50 Hotels of China for the new design-savvy Dhawa Jinshanling·       Voyage Travel Awards 2018 Best Overseas Hotel  for Banyan Tree Tamouda Bay·       Travel+Leisure US World’s Best Awards 2018 – Top 10 Resort Hotels in Mexico for Banyan Tree Cabo Marqués·       DestinAsian 13th Readers’ Choice Awards 2018 Best Hotel in Macau for Banyan Tree MacauInspired by the romance of travel, Banyan Tree will continue to increase its global presence and foray into unique exotic destinations across the Europe, Asia-Pacific, Oceania and other regions.Banyan Tree Spa is well loved for its art of touch and luxurious spa experiences by skilful therapists. Some of the awards it received include:·       The 2018 TTG Travel Hall of Fame – Best Spa Operator for the 4th year since induction.·       13th China Hotel Starlight Awards 2017 Best Spa Operator of China for the 10th consecutive year.·       Shanghai Morning Post Tourism Awards 2017 Best Spa Brand for the 6th consecutive year.Ms Ho Ren Yung, Vice President, Brand HQ of Banyan Tree Holdings said, “We value the importance of accreditations bestowed by the industry partners and our guests, which spur us to continually raise the bar in providing exemplary products and services. I would like to thank our guests and business partners for the ever-strong support and our associates, our pillar of success, for the dedication in delivering exceptional experiences and pioneering sustainability which Banyan Tree is synonymously known for.”“Sustainability has been ingrained as part of our corporate DNA from the very beginning and it is one of the key areas that we are truly proud of. Celebrating our Group’s 25thAnniversary in 2019, these award recognitions reinforce our passion and commitment to grow our brands globally. We aspire to journey our guests to more exciting destinations around the world and foster our ongoing commitment towards driving sustainability for a better world,” added Ms Ho.With 26 successful signings of new hotel agreements for its four brands during 2018 there are now 48 hotels in operation with 7 new hotels slated to open in 2019.Source = Banyan Tree Grouplast_img read more

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Partnership can achieve India one percent share in global tourism

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first_imgThe Tourism Minister Dr Mahesh Sharma has said that the Government is making all possible efforts to take the share of India in global tourism to one percent from the current 0.64 percent. It is to this end that the scheme of e-Tourist Visa was launched by the new government, which has given very good results. Dr Mahesh Sharma was addressing a joint press conference with Karnataka Tourism Minister, R V Deshpande in New Delhi. The press conference was organised by the Union Ministry of Tourism and Government of Karnataka.Dr. Mahesh Sharma said that the efforts of the Government to give tourism a place of pride are beginning to show results, and India has jumped up 13 ranks in the WEF Travel and Tourism Competitiveness Index, 2015. He said that we should partner with all stakeholders including private organisations and state governments to achieve our goal of one percent share in world tourism. The new National Tourism Policy, 2015 is on the anvil, which will be interactive and deliver in a mission mode, the Minister explained.Addressing the media, the Karnataka Tourism Minister R V Deshpande explained that the state government has adopted a professional approach towards tourism including several measures like rating of home-stays and restaurants. He also said that Karnataka Government is bringing out Tourism and Trade Facilitation Act and will soon set up Tourist Friendly Police or Tourist Mitra. The State has also come out with a novel initiative of Adoption of Tourist Destinations by Corporates for their maintenance and providing facilities there, he added.last_img read more

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UNWTO General Assembly held in Medellín Colombia

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first_imgTourism’s ability to foster inclusive development and social transformation was the focus of the 21st Session of the UNWTO General Assembly meeting in Medellín, Colombia (September 12-17, 2015).The Assembly took place at the most dynamic time for the tourism sector. With five consecutive years of robust growth, tourism has been a major contributor to the economic recovery in many parts of the world, generating foreign earnings, employment and investment. In 2014, despite several challenges, international tourism reached new records with 1,133 million tourists travelling the world and contributing USD 1.5 trillion in exports.Colombia hosted the UNWTO General Assembly for the second time, following the 2007 UNWTO General Assembly in Cartagena de Indias. The event gathered over 800 delegates from UNWTO Member States, the private sector and academia.In his opening speech, President of Columbia, Juan Manuel Santos emphasised Colombia’s vast tourism offer and the country’s commitment to share it with the world in a sustainable manner: “We give tremendous importance to tourism in our development plans and in our economy. The participants gathered here today know more than anyone how tourism can boost countries and be an agent of social transformation. In Colombia, so much so, that tourism now is our second largest source of foreign exchange, surpassed only by oil. Indeed, with falling prices on oil and coal, we are looking to replace the income from these smokestack industries with more environmentally friendly ones, such as tourism”.UNWTO Secretary-General, Taleb Rifai, praised Colombia’s commitment to tourism in addition to the country’s remarkable transformation into one of the America´s fastest growing tourism destinations. Rifai highlighted how tourism, alongside its economic weight, also has the power to generate significant social benefits: “Only those that understand the connection between tourism and peace can appreciate the real value of travel and tourism”, he added.Talking about financing of tourism in Least Developed Countries (LDCs), Ambassador Yvette Stevens, Chair of the Enhanced Integrated Framework (EIF) Board, highlighted the support provided to LDCs by the EIF in the preparation of integrated trade strategies, while Ambassador Dho Young-shim, Chair of the ST-EP Foundation, stressed the role of tourism in poverty alleviation.Closing the event, the Vice-Minister of Tourism of Colombia, Sandra Howard, called upon UNWTO to gather Minister of Tourism and Ministers of Finance for a closer collaboration on tourism financing.As decided by the 21st UNWTO General Assembly, the 22nd Session of the Assembly, will take place in Chengdu, China, in 2017.last_img read more

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Maldives aims to attract 15 million visitors in 2016

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first_imgThe Maldives has embarked on a major campaign to boost its tourist arrivals in 2016. The new Visit Maldives Year 2016 has been launched with an aim to drive 1.5 million international visitors to the archipelago.Throughout the year, the Maldivian Ministry of Tourism would celebrate the arrival of every 500,000th visitor, hopefully culminating in the 1.5 millionth arrivals in December 2016.In 2014, the Maldives had welcomed, just over 1.2 million visitors, and no more than 1.3 million is expected for 2015 full-year (the Maldives welcomed 1.11 million visitors in the first 11 months of last year). Therefore, a figure of 1.5 million would mean the Maldives has to attract around 15-20% more visitors in 2016.To start off the New Year, the Maldives Marketing & Public Relations Corporation (MMPRC) welcomed the first visitor of the year on January 1. Kate Holmes, a UK national, was greeted at the airport by MMPRC’s acting Managing Director, Haris Mohamed, and was awarded a free stay at the Outrigger Konotta Maldives Resort.In the upcoming months, Visit Maldives Year would include a series of international and national events, competitions and awareness-raising programmes.The Maldives largest source market in 2015 was China, which accounted for 343,359 of the 1.11 million visitors in the January-November period. Germany (95,492) was a distant second, followed by the UK (83,244), Italy (54,336), India (44,705) and Russia (38,526).last_img read more

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Amman Jordan to join Ethiopians fastexpanding network

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first_imgEthiopian Airlines is pleased to announce that it will commence services to Amman, Jordan as of July 16, 2019.  Located between the desert and the fertile Jordan Valley, Jordan’s capital Amman is a city of contrasts and a fascinating destination for holidaymakers.Commenting on the new services, Group CEO of Ethiopian Airlines, Tewolde GebreMariam, remarked, “We are very glad to announce that we have finalised preparations to start flights to Amman in Mid-July. As one of the ancient civilisations offering an enchanting mix of modernity and tradition, Jordan is an awe-inspiring destination for tourists. The inclusion of Amman in our route map will increase the cities we serve in the Middle East to over 10. With the upcoming services, business and leisure travellers will enjoy convenient connectivity between Amman and the vast network of African cities Ethiopian Airlines serves through its Addis Ababa hub, which has emerged as the major gateway into Africa.”Over the years, Ethiopian Airlines has been opening new routes steadily as laid out in its strategic roadmap, Vision 2025. In addition to Amman, Ethiopian will also launch services to Houston, Marseille and New York (John F. Kennedy Airport) going forward.last_img read more

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MBA CommercialMultifamily Originations Up 24 in 2012

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first_imgMBA: Commercial/Multifamily Originations Up 24% in 2012 Agents & Brokers Attorneys & Title Companies CMBS Commercial Real Estate Fannie Mae Freddie Mac Investors Lenders & Servicers Mortgage Bankers Association Service Providers 2013-02-04 Tory Barringer in Data, Origination Commercial and multifamily originations increased 24 percent from 2011 to 2012, according to the “”Mortgage Bankers Association’s””:http://www.mortgagebankers.org/default.htm (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.[IMAGE]The report, released Monday, shows commercial/multifamily originations in the fourth quarter of last year saw a 49 percent quarter-over-quarter increase; they were also up 49 percent year-over-year.According to Jamie Woodwell, MBA’s VP of commercial real estate research, commercial/multifamily borrowing and lending hit the highest level since 2007 last quarter.””Low interest rates are prompting borrowers to finance, and improving property markets are helping more deals underwrite successfully,”” Woodwell said. “”The relative strength of commercial and multifamily mortgages as investments continues to fuel lenders’ appetites.””MBA attributes the 49 percent year-over-year increase to gains in originations for hotel and office properties. The increase included a 331 percent rise in dollar volume of loans for hotel properties, a 78 percent increase for office properties, a 49 percent increase for multifamily properties, a 46 percent increase for industrial properties, a 5 percent increase in retail property loans, and a 26 percent drop in health care loans.Among investor types, the dollar volume of loans originated for conduits for commercial mortgage-backed securities (CMBS) increased by 228 percent year-over-year in the fourth quarter. Meanwhile, there was a 68 percent increase for commercial bank portfolio loans, a 51 percent increase for GSEs, and an 18 percent increase for loans originated for life insurance companies.For the entire year, MBA reported a 61 percent increase over 2011 in originations for hotel properties, a 36 percent increase for multifamily properties, a 19 percent increase for retail properties, a 10 percent increase for industrial properties, a 9 percent increase for offices, and a 6 percent increase for health care facilities.Among investor types, commercial bank portfolios saw an increase in loan originations of 51 percent in 2012, loans for conduits for CMBS increased 45 percent, originations for GSEs increased 43 percent, and loans for life insurance companies were unchanged. MBA also released its second annual forecast of commercial/multifamily real estate finance markets, projecting a growth in commercial/multifamily mortgages to $254 billion in 2013–an increase of 11 percent over 2012. That growth is expected to continue, with originations rising up to $289 billion in 2015.Commercial/multifamily mortgage debt outstanding is expected to grow, as well, ending 2013 above $2.4 trillion, more than 2 percent higher than at the end of 2012. By the end of 2015, mortgage debt outstanding is forecast to exceed $2.5 trillion.””2012 was a strong year for the commercial and multifamily mortgage markets, and 2013 is shaping up to continue the growth,”” Woodwell said. “”Despite a 21 percent decline in the volume of commercial and multifamily mortgages maturing this year, we expect origination volumes and the amount of mortgage debt outstanding will both increase. Our forecast anticipates Fannie Mae, Freddie Mac and FHA, as well as life insurance companies, will all continue to have strong appetites for making loans, and–coupled with growth in originations for CMBS–the total market will continue to expand.””center_img February 4, 2013 421 Views Sharelast_img read more

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360 Mortgage Launches New Pricing Model on All Available Products

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first_img360 Mortgage Launches New Pricing Model on All Available Products November 13, 2013 465 Views Share 360 Mortgage Group Agents & Brokers Attorneys & Title Companies Company News Investors Lenders & Servicers Processing Service Providers 2013-11-13 Tory Barringercenter_img In an effort to offer further support to the mortgage brokerage and correspondent lending communities, Texas-based “”360 Mortgage Group””:https://www.360mtg.com/default.aspx announced the launch of a new aggressive pricing model on all currently offered mortgage products.[IMAGE][COLUMN_BREAK]360 Mortgage expects both wholesale and correspondent customers to benefit from the pricing improvements, which impact the company’s entire product spectrum, including conforming and government loans as well as streamline loans and those offered through the Home Affordable Refinance Program (HARP).””360 Mortgage Group is 100 percent committed to the wholesale and correspondent channels and we are excited to now offer mortgage brokers and third party lenders access to one of the most competitive pricing models for both mainstream and niche mortgage products,”” said president Mark Greco. “”This new pricing initiative, coupled with our comprehensive technology platform and best-in-class service, will especially help the underserved mortgage broker be better positioned to help a larger segment of borrowers refinance or purchase a home.”” in Data, Government, Origination, Secondary Market, Servicinglast_img read more

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Report Fannie and Freddie Ignored Warnings on Potential Problem Loans

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first_imgReport: Fannie and Freddie Ignored Warnings on Potential Problem Loans in Government, Secondary Market About four years after the “”Federal Housing Finance Agency””:http://fhfa.gov/ (FHFA) directed the GSEs to develop a uniform collateral data portal, the “”Office of the Inspector General of the Federal Housing Finance Agency””:http://fhfaoig.gov/ (FHFA OIG) finds the portal is not being used to its potential, and the GSEs continue to purchase loans with red flags.[IMAGE]After “”extensive”” development and testing, the OIG concluded in a “”recent audit””:http://fhfaoig.gov/Content/Files/AUD-2014-008.pdf, “”more remains to be done to use the portal’s data to minimize the risk of loss.””Both enterprises continue to purchase loans despite warning messages from the portal, according to a report the OIG released Thursday.Fannie Mae purchased 56,000 loans for a total of $13 billion from January through June of last year despite warnings from the portal indicating the loans might not meet the GSE’s underwriting requirements, according to the OIG.Meanwhile, Freddie Mac purchased 29,000 loans for a total of $6.7 billion from June through September despite warnings regarding the properties’ valuations, according to the OIG.Each of the 56,000 loans purchased by Fannie Mae came with between one and nine caution messages regarding the loan’s quality.[COLUMN_BREAK]The messages dealt with such issues as confirmation of repairs and “”unauthorized use of single-family loan funds,”” according to the OIG, and in each case the warning message was disregarded using an automatic override.Fannie Mae purchased the loans and “”focused its efforts on reviewing the loans for conformance with its requirements after it bought them,”” according to the OIG.Fannie Mae reportedly “”did not require lenders to explain or resolve potential problems ranging from formatting issues to violations of its underwriting requirements,”” according to the OIG.Similarly, Freddie Mac purchased more than 29,000 loans despite the portal’s warning that “”either no property value could be provided or the value of the property was in question,”” according to the OIG. In fact, in some cases the portal could not even verify that the address existed.Like Fannie Mae, Freddie Mac’s approach was to override the warnings and review the loans for issues after purchasing them.In fact, Fannie Mae and Freddie Mac both claimed they did not want to “”burden lenders with having to respond to messages,”” according to the OIG.The OIG audit also detected 414,000 instances in which the portal found that an appraiser’s license could not be verified.The “”uniform collateral data portal is intended to improve appraisal data quality and risk management for the Enterprises by collecting appraisal data to help them make informed decisions about the loans they buy,”” the OIG reported.””However, as demonstrated by the results of this audit, these goals are at risk of not being achieved,”” the OIG stated.On the bright side, the audit did cause the GSEs to consider 23 loans totaling $3.4 million for repurchase. Sharecenter_img February 9, 2014 462 Views Agents & Brokers Appraisals Attorneys & Title Companies Fannie Mae FHFA Freddie Mac Investors Lenders & Servicers Service Providers 2014-02-09 Krista Franks Brocklast_img read more

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Are Institutional Investors Preparing to Cash Out

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first_img While statistics show that few institutional investors involved in the single-family rental market have sold off their inventory in large quantities, that might be about to change due to strong home price appreciation in the last few years, according to data released by RealtyTrac.The possibility of a high return on investment has given institutional investors the opportunity and motivation to cash out, leaving many to wonder about the future of the single-family rental industry and how it would be affected in areas with a high concentration of single-family homes purchased as rentals, should investors sell off in large quantities.To examine the return on investment institutional investors could receive by selling off now, RealtyTrac analyzed more than 200,000 purchases made by institutional investors (defined as homebuyers who made 10 or more purchases in a calendar year) made during a two-and-a-half year period from January 2012 to August 2014.The average purchase price of those 200,000 properties was $167,556, and those properties have a current estimated value of $211,897, which would result in a gained equity of 26 percent (a combined total of $8.9 billion) if all of these properties were sold today, according to RealtyTrac. Homes purchased during 2012 would result in the greatest return on investment, ranging from 38 to 43 percent, depending on the month purchased, RealtyTrac reported.The top five states with the highest potential percentage of gained equity return on investment for the past three years are Delaware (63 percent), California (47 percent), New Hampshire (44 percent), Oregon (42 percent), and New York (39 percent), according to RealtyTrac. The top five states for the highest potential total dollar value in gained equity on institutional investor purchases were California ($1.9 billion), Florida ($1.4 billion), Georgia ($662 million), Arizona ($546 million), and Illinois ($486 million).Four of the top five metro areas with the highest potential percentage of gained equity return on investment for the past three years, out of those metro areas with at least 1,000 institutional investor purchases during that period, located in California: San Francisco (63 percent), Portland (50 percent), San Diego (47 percent), Los Angeles (46 percent), and Riverside-San Bernardino (46 percent), according to RealtyTrac. The five metro areas with the highest potential dollar value in gained equity for institutional investor purchases during that period were Miami ($611 million), Atlanta ($609 million), Los Angeles ($568 million), Phoenix ($512 million), and Chicago ($464 million). Share Are Institutional Investors Preparing to Cash Out? in Daily Dose, Data, Headlines, Newscenter_img Home Prices Investment RealtyTrac Rental Properties 2014-12-18 Seth Welborn December 18, 2014 520 Views last_img read more

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Jill Haro to be VP of Corporate Administration at LRES

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first_img Share  LRES recently named Jill Haro as VP of Corporate Administration. In this role, Haro will oversee compliance and corporate-wide strategic projects. Haro has more than 15 years of experience working within the mortgage services industry in operations, client relations, and corporate project management. Prior to LRES, Haro served as a solution delivery executive for RealEC Technologies, part of Black Knight Financial Services. Before that, she held senior operational roles with Xome Settlement Services and Lender Processing Services, which is now known as Black Knight Financial Services. “Jill’s experience and understanding of program management will help LRES continue to evolve and diversify our client offerings,” said Roger Beane, CEO of LRES. “She has proven to be a team leader and an effective communicator both internally and externally; we look forward to seeing where her expertise takes this company.” “I have worked with Jill for the past 15 years. Her knowledge and commitment to success will provide a strong support system for our corporate initiatives,” added Mark Johnson, Chief Strategy Officer of LRES. “LRES has a deep commitment to advancing its services and solutions for the mortgage services industry. I’m thrilled to be working with Roger, Mark and the LRES team to drive essential projects that contribute to the company’s strategic growth,” said Haro. Jill Haro to be VP of Corporate Administration at LRES in Featured, Headlines, News, REOcenter_img June 30, 2017 582 Views LRES REO 2017-06-30 Joey Pizzolatolast_img read more

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The Impact of Lender Understaffing on Loan Quality

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first_imgThe Impact of Lender Understaffing on Loan Quality A report released by ACES Risk Management (ARMCO) details the quality of loans for mortgages audited by the firm, which provides financial risk management solutions for those in the housing industry. The report culls data gathered in Q1 2018 and compares it to data gleaned in the preceding quarter.The report shows that in Q1 2018, the critical defect rate increased from the previous quarter, up to 1.72 percent from 1.68 percent in Q4 2017. Problems in income and employment continue to be the cause of the majority of these critical defects, as well as those stemming from core underwriting and eligibility problems—a phenomenon often associated with purchase-driven markets. Problems in borrower and mortgage eligibility dropped almost 50 percent, however, down to 6.57 percent from 12.24 percent in Q4 2017.The major takeaway from the report is the number of critical defects resulting from erroneous or incomplete loan package documentation. These defects increased 25 percent from Q4 2017 to Q1 2018. Such defects do not commonly result in non-saleable loans, but they can and often do have a negative effect on profitability. Most often, defects in loan package documentation stem from staffing issues such as downsizing or an overworked staff, which reduces warehouse line capacity and leads to adjustments in price that can significantly impact the bottom line.  “The distribution of critical defects for the first quarter of this year differed significantly from those we saw during the last quarter of 2017,” said Phil McCall, President of ARMCO. “What the report reveals is consistent purchase-dominant contracting markets. One of the newest trends is a spike in defects associated with loan package documentation. This is often a result of lender downsizing and staff consolidation, which occurs when declining loan volume becomes a trend—as it did in the beginning of this year.”As for what sort of loan product types defaulted, nearly half (49.1 percent) were conventional. Another 39.66 percent originated with the Federal Housing Agency, another 10.34 percent with the Veterans Administration (VA) and just a fraction with the United States Department of Agriculture (0.86 percent).ARMCO said that the report analyzed data for any given calendar quarter no earlier than 90 days after the end of the first quarter, allowing sufficient time for lenders to complete the post-closing quality control cycle. “Hence ARMCO releases analyses for Q12018 in Q32018. October 15, 2018 561 Views ARMCO Closing Defects Loan Officers mortgage Origination 2018-10-15 Radhika Ojhacenter_img in Daily Dose, Featured, News, Origination Sharelast_img read more

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Where Housing Demand Is Shifting

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first_img Redfin has released a report, the Redfin Estimate, which tracks the average monthly cost of the median home-sale price across the nation. The report shows that despite a drop in home sales in September from last month—with prices posting their smallest growth since the market bottomed out in 2012—the crunch in housing inventory may finally be loosening.According to the report, the median home-sale price was $292,000 across 171 metro areas. That’s the smallest increase in prices since February 2012, when median home prices reached a low of $168,000.Still, for the first time in almost three years, the total number of homes on the market has increased year over year—if only a little—up 0.2 percent from September 2017. In terms of new homes listed, the number rose a solid 3.6 percentage points. National inventory growth was buoyed most in cities like San Jose, Seattle, San Diego, and Boston. San Jose showed an increase of 82.7 percent, Seattle 54.5 percent, San Diego 30.7 percent, and Boston 9.1 percent.The housing supply in Indianapolis, conversely, has been falling by more than 10 percent per annum since Spring 2015. It fell a noticeable 19.7 percent this September compared to last year. In Grand Rapids, homes on the market fell 2.3 percent, a modest decline in comparison to the 5.6 percent decline a year ago, and even smaller compared to the 21.2 percent decline two years ago in September 2016. Two percent of those seeking homes in Grand Rapids on Redfin.com searched from outside the metro area, with the largest share coming from Detroit, Chicago, Los Angeles, and Washington, D.C.  Indianapolis is also attracting homebuyers from more expensive cities, including Chicago, Los Angeles, and the Bay Area. That’s telling, says Daryl Fairweather, Chief Economist for Redfin.Fairweather points to the fact that these expensive coastal markets saw a slump in sales by at least a double-digits. This has in turn kept price growth down nationwide and allowed for a greater net of sales in inland metros where more affordable housing—metro areas such as Pittsburgh, Pennsylvania and Grand Rapids, Michigan—are seeing inventory continue to tighten.”Rising mortgage rates, paired with already high home prices, are giving pause to homebuyers in the expensive West Coast markets,” Fairweather said. “Some of these places are finally seeing the number of homes for sale surge after years of a supply drought. But buyers who earlier this year would have put in a bid on any home in their target neighborhood are now being more choosy. With home prices growing slowly, buyers want to be absolutely sure that the home they buy is a home they will stay in for years to come.””Last year and earlier this year, Seattle, San Jose, and Denver were the hottest markets with homes selling in days, not weeks,” Fairweather continued. “These metros have now been replaced by Grand Rapids, Omaha, Nebraska, and Indianapolis as the fastest markets in the country. This acceleration in Midwest metros is due to increasing demand, as new residents move inland in search of affordability, without an increase in homes available for sale.” October 22, 2018 789 Views in Daily Dose, Data, Featured, News cities Home Prices Home Sales Homebuyers homes HOUSING Inventory Redfin 2018-10-22 Radhika Ojhacenter_img Share Where Housing Demand Is Shiftinglast_img read more

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Regaining Value

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first_img in Daily Dose, Data, Featured, News Regaining Value January 3, 2019 1,504 Views Sharecenter_img california Home Home Value HOUSING market Zillow 2019-01-03 Radhika Ojha The housing market has come a long way from its lowest point recorded in 2012, regaining $10.9 trillion in value over the past six years, according to a study by Zillow.The market, which was worth a cumulative $33.3 trillion in 2018 is now worth $4 trillion more than what it was at the peak of the housing bubble, the study revealed. On a year-over-year basis, the market gained $1.9 trillion in value over 2017.Of all the markets across the country, one state accounted for nearly one-third of the value gained during the nationwide housing recovery—California. The report indicated that the housing market in the Golden State grew by $3.7 trillion since early 2012, making it the only state that gained more than $1 trillion in value since the market fell.Despite coming in a close second in terms of dollar contribution to the national housing recovery (a contribution of $937.9 billion, or 8.6 percent of the overall recovery), “the total value of all the homes in Florida is still $263.9 billion below its peak level,” the study indicated.”Seen from the rearview mirror, 2018 was a year of unusually strong, stable home value growth across the country,” said Aaron Terrazas, Senior Economist Zillow. “But cracks in the foundation are clearly starting to emerge. During the second half of the year, appreciation slowed sharply in the priciest corners of the country while it picked up in affordable hotspots. Periods of stability often precede periods of instability, and the outlook for 2019 is certainly both cloudier and blurrier than the outlook a year ago.”Breaking down the growth in home values even further, the study stated that the New York/New Jersey area was the single most valuable metro worth $3 trillion, or 9.1 percent of the national housing market. Four California markets–Los Angeles, San Francisco, San Jose, and San Diego–were among the 10 most valuable metros in the country.last_img read more

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Agricenter SRL named exclusive distributor of S

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first_img Agricenter S.R.L. named exclusive distributor of S … PRESS RELEASECESENA – As always, the Sorma Group will be a major player at the biennial Interpoma show. The leading international fruit and vegetable weighing and packaging system Group will be at stand D24/12 in sector CD, where visitors to the specialist apple industry exhibition will be able to view the company’s latest innovations and its wide range of post-harvesting solutions, from weighing to packing machines by way of fruit counters, graders and palletizers.At the Bolzano show, the Sorma Group will be promoting its philosophy of reliability, innovation and partnership through the European première of Aporo, the New Zealand packing machine for which the Group is Italian distributor.Aporo revolutionises the global packaging industry and robotics with a fully automated technology that is incredibly easy to install (it takes less than two hours) and use, through a very user-friendly touch-screen. This machine delivers exceptionally high performance in terms of both efficacy and efficiency. In fact, Aporo can handle up to 120 fruit per minute and its operation can be monitored from remote for swift intervention. “By adding Aporo to our machines portfolio, we intend to underline our constant search for new technologies capable of adding value to our customers’ end product,” comments Andrea Mercadini, CEO and General Manager of Sorma Group.The Sorma offering for this edition of Interpoma also includes the Sinclair CPL Labeller, the CP814ML weighing machine, specifically designed to process apples, with product conveyed on soft, padded brushes for delicate handling, and the FH210LA packing machine, which gently places the product in the bag in an automated process, making it ideal for packing apples.As well as the opportunity to display its latest novelties, Interpoma also gives the Sorma Group the chance to take stock of the sector and build relationships with customers and contacts.”Industry shows are a key time for us to meet our partners, but we are particularly proud to be taking part in this event,” Andrea Mercadini explains. “Interpoma is very important for us due not only to its focus but also to its location. South Tyrol has always stood for quality, which is also what we strive to achieve and to ensure our customers.” November 17 , 2018 Sakata Seed America announces new strategic allian … You might also be interested in California Avocado Commission strikes while the ir … Wonderful Pistachios launches inaugural Plant-Base …last_img read more

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Top Stories

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first_img Top Stories 0 Comments   Share   What an MLB source said about the D-backs’ trade haul for Greinke Nevada officials reach out to D-backs on potential relocation D-backs president Derrick Hall: Franchise ‘still focused on Arizona’ Well, the Bidwill family certainly isn’t allowed to cry poor anymore. According to Forbes, the Arizona Cardinals are the 30th most valuable sports franchise — in the world.Valued at $919 million, the team’s recent success has to have played a role. Combine that with a stadium that is not even five-years-old, and the team is set up nicely for the future.Then again, the Cardinals are not the most valuable team in their own division. The Seahawks come in at 25, valued at $989 million, and the 49ers are 29th with a price tag of $925 million. Cardinals expect improving Murphy to contribute right awaylast_img read more

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What an MLB source said about the Dbacks trade h

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first_img What an MLB source said about the D-backs’ trade haul for Greinke D-backs president Derrick Hall: Franchise ‘still focused on Arizona’ You’d think going to Hawaii would never get old.Though Larry Fitzgerald and Adrian Wilson are becomingregulars at the NFL’s All-Star game on the island, youwon’t find anyone who feels bad for them.Fitz made the NFC roster for the sixth time in his careerMonday, while A-Dub was selected for the fifth time. Theywill start, while teammate Patrick Peterson will join themat the game as a kick returner. Nevada officials reach out to D-backs on potential relocation Cardinals expect improving Murphy to contribute right away Comments   Share   “We’re honored to have three guys from our team that werenamed to the Pro Bowl,” Cardinals coach Ken Whisenhuntsaid. “Especially since Larry and Adrian were both namedstarters.”Whisenhunt said it recognizes what his players bring tothe team, a squad that has rebounded from a horrid startto finish the year strong.“Obviously we fell short of our team goal of making theplayoffs, but it’s nice to see some guys be rewarded forthe individual efforts,” he said.All three Cardinals deserve the honor, as Fitzgerald hasposted a monster season with more than 1,200 yards andeight touchdowns while catching passes from shaky QBs,Wilson has played through injuries in what has been abounce-back campaign and Peterson, the rookie, has beendominant as a punt returner. “The thing that makes you happy is seeing Adrian go, andPatrick go and Darnell be an alternate,” Fitzgerald said.“Guys on our team being recognized for the things they’vedone well this year.”And sure, a case could be made for both Darnell Dockettand Calais Campbell, but the Cardinals are a far cry fromthe team that would send one player each year – punterScott Player – and that just further proves that these arenot your father’s Cardinals, because they actually havetalent on the roster. Of course, Wilson has been an elite safety the last fewyears.“I may not have had the big impact plays as I’ve had inprevious years,” Wilson said, “but to consistently go outthere and do it, I think that’s what sets you apart fromother guys.“Other guys may have one good year, but you have toconsistently do it year in, year out, and that, to me, Ithink that’s what makes you a Pro Bowl player.”So does simply making plays, which is how Peterson got thenod this year. Drafted as a cornerback and returner, hisfour punt return touchdowns have been huge for the teamand brought plenty of attention to his game. But, Petersonsaid he didn’t really think of making the game untilrecently.“It was off my mind, pretty much, throughout the wholeyear until the back half of the season,” he said. Top Stories last_img read more

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Former Cardinals kicker Phil Dawson retires

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first_img Former Cardinals kicker Phil Dawson retires According to FoxSports.com NFL writer Alex Marvez, the Arizona Cardinals have agreed to a deal with linebacker Lorenzo Alexander.According to CBS DC, the contract is a three-year deal with $9.5 million, with $3 million guaranteed. Alexander, formerly of the Washington Redskins, has made his mark on special teams, and tallied a league-leading 19 special teams tackles last season. His efforts made him a Pro Bowler, but according to CBS DC, expects to be a starting linebacker in Arizona. “Lorenzo is another guy who fits what we’re looking for perfectly, both in terms of what he brings on the football field and also as a human being,” said Cardinals coach Bruce Arians in a press release. “He has a tremendous motor, high energy and is a defensive play maker. And going to the Pro Bowl on special teams demonstrates how much he loves every aspect of the game.”In all, he’s tallied 70 combined tackles, eight sacks and three forced fumbles in his career. Comments   Share   Grace expects Greinke trade to have emotional impact “They were there from the beginning,” Alexander said of the Cardinals. “They really wanted me. They were head and shoulders above most teams financially other than San Francisco where I would have played mostly on special teams. The Cardinals have already kind of pegged me in a starting role which is very exciting for me. I’ll be a linebacker that helps out on special teams instead of special teams being my bread and butter. It’s going to allow me to grow as a player. I won’t be tired when I’m on defense.” Derrick Hall satisfied with D-backs’ buying and selling Top Stories The 5: Takeaways from the Coyotes’ introduction of Alex Meruelolast_img read more

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