first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Loss Mitigation, News, Print Features Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Additional $63M in Aid Approved for Puerto Rico Next: Studying Foreclosure Numbers in New York City February 12, 2020 2,943 Views Servicers Navigate the Post-Pandemic World 2 days ago Related Articles  Print This Post Denis Brosnan is the President and CEO of Dallas-based DIMONT, a provider of specialty insurance and loan administration services for the residential and commercial financial industries in the United States. Additional information is available at www.dimont.com. Servicers Navigate the Post-Pandemic World 2 days ago A Proactive Approach to Loss Mitigation Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Loss Mitigation 2020-02-12 Denis Brosnan Editor’s note: This feature originally appeared in the February issue of DS NewsDuring the 2010s, our industry saw foreclosures fall to record lows as the economy experienced a full decade without a recession. At the same time, however, residential properties were negatively impacted by a host of natural disasters with a scope and frequency not seen before. As we now transition from one decade to another, servicers are sensing the inevitable impact of a future economic correction paired with a predicted continuation of severe weather events nationwide and are working to proactively evaluate the potential impact on loan portfolios.The reality today is that servicers face significant risk in expeditiously managing the liquidation of distressed properties due to a number of different types of claims, each with its own unique, strict requirements—all adding to the complexity of the filing process. Those with FHA loans in their portfolio are impacted most as FHA home retention (incentive) claims and home disposition (foreclosure) claims are among the most scrutinized investor claims. Of these, approximately six out of 10 claims filings are deficient due to either inappropriate depletion of escrow funds or claiming inappropriate expenditures, resulting in the assessment of monetary penalties by the Department of Housing and Urban Development (HUD).The result is almost $9,000 on average in loan-level losses per file due to FHA claim filing errors—errors that HUD often converts into fines since submitting inaccurate claims for reimbursement can be viewed by HUD as fraud. In instances such as these, the loss is then multiplied by the number of non-performing loans within the servicer’s portfolio.In many cases, these errors, fines, and inefficiencies are largely avoidable. The majority of loan-level losses stem from the failure of either internal staff or outsourced claims service providers to perform effective due diligence of the circumstances of the case file. Losses can also occur from the filer’s lack of knowledge of reimbursable items, mistakes in proper identification of the appropriate automatic interest extensions (i.e., an interrupted foreclosure sale due to bankruptcy or loss mitigation actions) or the servicer failing to utilize HUD-approved extensions where applicable.To counter this threat, many servicers are leveraging a mortgage loss analysis strategy to support final review of case files from default through final disposition of investor claims. In mortgage servicing, “loss analysis” generally describes the final review of the case file from default through final disposition, performed to ensure that all available funds have been recouped. The process includes an evaluation of accrued interest and whether FHA timeframes were met; identifies gaps in upstream processes, vendors that may consistently cause losses, and/or any opportunities to recover additional funds. In many cases, missed reimbursable items can be recouped through supplemental claim filings or by tapping into available indemnities of service providers.This ensures that all available funds have been recouped from either the guarantor (GSE) or the insurer (FHA or MI carrier), as it relates to the claim itself. Doing so positions servicers to recoup any reimbursable expenses that were missed during the initial claim filing, as well as provides a feedback loop to servicing managers to improve their internal processes and the provisioning of third-party services on non-performing loans.Perhaps more importantly from a strategic planning perspective, data analytics enables servicers to better identify problematic patterns that once remedied, can prevent costly future error duplication in claims filing and within the default loan servicing process. Success, of course, lies in appropriate training, technology and quality control processes and procedures. Too often, those filing loan claims (whether on staff or outsourced) are unaware of generating recurring errors or, alternatively, if motivated by production, tend to be less interested in recuperating the maximum allowable reimbursements than in simply completing the largest number of claims.There are some proven steps that servicers can take to improve their claim recovery efforts, including:Having appropriate documentation—Often, the root cause of a loss lies within the billback process, which makes proper documentation and tracking crucially important. There is no small amount of documentation required, as every block and expenditure reflected on the claim must be supported. Loss analysis reviews usually expose deficiencies in a servicer’s documentation, enabling supplemental claims for these items and pinpointing areas in technology, training, or processes that require improvement.Understand the rules on reimbursable items—Due to the complexity of the FHA claims process, servicers or their claims service providers often either neglect to claim reimbursable items or fail to claim the appropriate amounts. This demands a proper review of not only unclaimed items, but also ensuring that reimbursable items were properly documented and billed. Servicers and investors need a full breakdown of the total interest loss (note rate vs. debenture rate), itemized corporate and escrow disbursement losses, reasons for each loss, and potential vendor bill back opportunities. Common non-reimbursable items can include: occupied property inspections without supporting documentation or where there was contact with the borrower; escrow disbursement for hazard insurance when the declaration pages did not support the period coverage or the correct amount of the policy; and/or over-allowable property preservation expenses claimed without the appropriate HUD approval.Adherence to HUD’s timeframe for filing claims—This seems simple, but servicers often underestimate how rigorous the claims guidelines are. Staying within HUD’s timeframe for filing claims is crucial for servicers looking to avoid curtailments of interest and expenses. Servicers must also determine whether a missed timeframe deadline indicates a lack of knowledge by claims filing staff or simply a processing mistake, and then takes steps to address it.A well-executed mortgage loss analysis provides access to loan-level data that is often buried within multiple levels of service transfers and documents usually housed within different systems. That claim data is then carefully evaluated to determine if each line item was paid in full or curtailed. If curtailed, the expressed reasoning (whether interest calculations, recoverable expenses, non-recoverable/over-the-allowable expenses, etc.) must then be verified against FHA guidelines and regulations. Finally, reconciliation file documentation is required on confirmed losses and follow-up actions to recoup additional funds through supplemental claims or indemnity requests. All of this must be appropriately constructed for audit purposes later.According to the FHA’s Single-Family Loan Performance Trend Report, it takes servicing companies an average of 12 months to convey a foreclosed property to the FHA, yet nearly 80% of FHA claims filed received an interest curtailment penalty because of a missed timeframe. Given the opportunity for extensive loan-level losses from incorrect FHA claims filings and the prospects of penalties for fraudulent claims, servicers are correctly concerned about the issue. While mortgage loss analysis can be a complex process to execute properly, there is value in servicers gaining a detailed look into each loan, finding gaps in upstream processes, recognizing vendors that consistently cause losses, and identifying opportunities to recover additional funds. Doing so positions servicers to maximize recouped expenses and avoid the costly, systemic errors that generate penalties repeatedly over time.center_img Tagged with: Loss Mitigation Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Share Save The Best Markets For Residential Property Investors 2 days ago Subscribe Home / Daily Dose / A Proactive Approach to Loss Mitigation About Author: Denis Brosnanlast_img read more

first_imgAdam Coy(COLUMBUS, Ohio) — A former Ohio police officer already facing murder charges stemming from the fatal shooting in December of Andre Hill, pleaded not guilty Wednesday morning to an additional count of reckless homicide in the case.Fired Columbus officer, Adam Coy, 44, who is free on $1 million bail, appeared in Franklin County Common Pleas Court wearing a gray suit, blue tie and a mask.His attorney, Mark Collins, entered a not guilty plea on Coy’s behalf, and asked Judge Stephen L. McIntosh to make no changes in the bail arrangements.In an unexpected move, prosecutor Anthony Pierson, informed McIntosh that two dereliction of duty charges filed against Coy are being dismissed. Pierson did not elaborate on why the charges are being tossed.One of the dereliction of duty counts concerned Coy’s failure to turn his police body camera on until after he fired shots at Hill. But his camera automatically activated and recorded 60 seconds of the episode without sound.Coy has already pleaded not guilty to charges of murder and felony assault.McIntosh reminded Coy the conditions of his bail forbids him from possessing firearms and contacting any potential witnesses who might be called to testify in the case, including law enforcement officers associated with the case.The only time Coy spoke during the hearing was when McIntosh asked him if he had any questions regarding his bail conditions.“I do not, your honor,” Coy said.McIntosh set Coy’s next court date for June 7.Hill, a 47-year-old Black father and grandfather, was shot to death by Coy, who is white, on Dec. 22. Officers were responding to a 311 non-emergency call for a noise complaint. Body camera footage showed Hill being shot when he emerged from the garage of a friend’s home holding a cellphone.Police body camera footage released in December showed officers handcuffing an apparently lifeless Hill after he was shot multiple times, without rendering first aid.Coy told officials he thought he saw a firearm on Hill, prompting him to open fire. Hill had a cellphone in his left hand. No weapons were found.Officer Amy Detweiler, who also responded to the 311 call, told investigators she heard Coy scream that Hill had a gun in his hand. She said she couldn’t recall if Coy ordered Hill to drop a weapon. Detweiler also said she did not see a gun in Hill’s hand and that she didn’t observe any threats from Hill.Police body camera footage also showed a woman coming out of the house where Hill was shot and telling police, “He was bringing me Christmas money. He didn’t do anything.”Coy’s hearing came amid the backdrop of protests in Columbus over the police-involved shooting of 16-year-old Ma’Khia Bryant. Columbus police Officer Nicholas Reardon, who is white, shot the Black teenager after responding to a 911 call of a disturbance on April 21. Police body camera video released to the public showed Reardon getting out of his patrol car and approaching the fight between Bryant and another girl.In a matter of seconds, Reardon shot Bryant, who appeared to have a knife in her hand, when she lunged toward another girl.Copyright © 2021, ABC Audio. All rights reserved.last_img read more

first_img We now know when two-time Tony nominee Laura Osnes and Corey Cott will bring jitterbugging to Broadway! Directed and choreographed by Hamilton’s Andy Blankenbuehler, the previously reported transfer of the Paper Mill Playhouse production of Bandstand (they’ve dropped the “The” from the title) is scheduled to officially open on April 26, 2017 at a Shubert Theatre to be announced.Osnes and Cott will both reprise their roles in the new tuner. Set in the smoke filled, swing fueled night clubs of 1945, Bandstand brings the against-all-odds story of singer/songwriter Donny Novitski (Cott) and his band of mismatched fellow WWII veterans to the stage. When a national radio contest to find America’s next big swing band offers a chance at instant fame and Hollywood fortune, Donny must whip his wise-cracking gang of jazzers into fighting shape. Teaming up with the beautiful young war widow Julia (Osnes) as their singer, they struggle to confront the lingering effects and secrets of the battlefield that threaten to tear them apart. Playing for every voiceless underdog in a world that has left them behind, they risk everything in the final live broadcast to redefine the meaning of victory. With an explosive original score and choreography inspired by the high energy swing rhythms of the era, Bandstand is a truly American story of love, loss, triumph and the everyday men and women whose personal bravery defined a nation.Osnes was Tony nominated for Bonnie and Clyde and Cinderella; additional Broadway credits include Grease, South Pacific and Anything Goes. Cott has been seen on Broadway in Gigi and Newsies; screen credits include Madam Secretary, The Intern and The Teacher.With music by Richard Oberacker, and a book and lyrics by Oberacker and Robert Taylor, the original score is strongly influenced by authentic 1940s swing music, much of which is played onstage by the characters and band members.First preview date, exact venue and further casting will be revealed later. The Paper Mill company also included Tony winner Beth Leavel, Joe Carroll, Brandon J. Ellis, James Nathan Hopkins, Geoff Packard and Joey Pero. Laura Osnes View Comments Show Closed This production ended its run on Sept. 17, 2017 Related Showscenter_img Laura Osnes and Corey Cott in ‘Bandstand'(Photo: Jerry Dalia) Bandstand Star Fileslast_img read more

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisALPENA, Mich — Today’s Pets of the Week featured a lively bunch named Rolo, Pixie, and Gummy Bear.Rolo is very personable and social. He loves to play and looking for the perfect home to match his energy. Rolo is approximately one-years old.Then we have Pixie who has loads of energy but is a bit indecisive and can easily be swayed. Pixie is a pretty mix of black and white and is two-months old.Lastly we have a sight you haven’t seen in a while which is a puppy named Gummy Bear. He loves great conversation and has the cutest white paw in the front. Gummy Bear just wants to play, play some more and be loved.   He is approximately one-years old.If you’re interested in adopting. you can visit huronhumanesocietyinc.org.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Alpena Public Schools names interim superintendentNext Local veterinarian nominated for prestigious national awardlast_img read more