Home / Daily Dose / Natural Disaster Meets Digital Disruption Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Investment, News, Print Features, Technology The Week Ahead: Nearing the Forbearance Exit 2 days ago Editor’s note: This feature originally appeared in the October issue of DS NewsLike many of you, I’ve been in the industry long enough to have survived the financial crisis and then some, so when I hear familiar phrases like “workflow automation” or “operational readiness,” it’s not the first time. However, amidst what may seem like a lull in financial recovery, our industry is absolutely on the cusp of digital disruption. We are also heading toward the third consecutive year for historic volumes of natural disaster.The intersection of these two “Ds”—disasters and digital disruption—creates the perfect springboard for improving response times and service through the automation of disaster recovery processes. Moreover, a digital disruption can be a catalyst for realizing similar benefits throughout your organization. The overall bottom-line opportunity can help offset shrinking resources and margins as well as provide improved transparency for your borrowers, industry partners, and investors alike.Creating an Opportunity Out of Disaster Recovery Our industry needs to understand and embrace disaster assistance, despite the disturbance, volatility, and resource constraints involved. Whatever the disaster, it is an opportunity to strategically service the borrower in ways that create long-standing customer loyalty and preference.There shouldn’t be a difference in how borrowers are treated at various stages of the loan lifecycle, especially during times of unforeseen disaster. When approaching or rethinking your disaster-recovery strategy, consider implementing technologies that can seamlessly take the customer from onboarding through each phase of servicing, including loss mitigation—with no gaps. Such capabilities are valuable for servicing in general but even more important when evaluating an uncontrollable event such as a natural disaster.Imagine taking a proactive approach that will move your organization away from not only reactively responding to the onset of borrower calls but through numerous changing programs and requirements for disaster-recovery assistance. Tapping automation that goes beyond basic rules, puts control and flexibility in the servicer’s hands, simultaneously supports change and urgency, and offers management transparency is not an impossibility. The opportunity exists and is available today.Minimize Risk While Managing Through DisasterAs any mortgage servicer will attest, managing through natural disaster events can wreak havoc on the cost of servicing. This is why today’s technology needs to help reduce risk for servicers, as well as their borrowers and investors, when a disaster occurs. The goal is to minimize expenses and add controls during events that can quickly go in the other direction if planning and proactive strategies are not in place.When planning your strategy, it’s important to look at all of the pieces of the process that need to come together when disaster strikes. Obviously, the phone rings first, but borrower support can last for many months as related issues, including delinquencies, accumulate. During this time, borrowers and investors are both looking for immediate and continuous communication from the servicer, who must also strive to reduce errors and response times.Events, timelines, program qualifications, and collateral damage can all come into play. By implementing a sophisticated workflow application, servicers are able to track, manage, and cure disaster related activities, improving scalability, maximizing resource utilization, and minimizing risk during a time of duress for all parties.Bringing Industry Participants TogetherAs tragic and tumultuous as disasters are, in general, they can also bring people together. In the case of mortgage servicers, putting the borrower and investor first in line can bring all parties closer to solving the shared challenges tied to disaster. Through automated workflow technologies, servicers are able to improve relationships with customers by providing quick, efficient, and flexible service. Investors want accurate and timely reporting, which can be accomplished through a similar approach.By leveraging emerging technologies that move beyond basic rule management, servicers can also maximize their utilization of data and AI, coupled with eligibility modeling and flexible reporting. This lift is immediately transferred to borrower and investor inquiries. The result is a combination of automation powered by communication, coupled with problem-solving capabilities that have the capacity to speed up the process and mitigate the overall potential on the bottom line.While there are any number of automated workflow technologies available to servicers, the best are those which have evolved with our industry through the entire post-financial crisis era. These solutions have migrated into increasingly sophisticated applications that leverage a complete suite of investor programs targeted to support loss mitigation, including disaster recovery strategies.A high-quality workflow technology provider should also be able to assist servicers in automating their strategic approaches to process administration, change management, risk control, and cost containment. Whether your team is dealing with borrower mobile communications managing insurance remittance for property repair, or the complex network of conflicting timelines, there are solutions on the market that are already configured to help address your needs. Partnering with such a provider can help you stay on the forefront of digital disruption with technology that derives flexibility from sophisticated data streams and AI, delivered through a user-friendly application that is mobile-ready.Bringing data disruption to disaster recovery reflects where our entire industry is headed. With emerging technology, we no longer have to treat event-based obstacles as a one-off, exception-handling juggling exercise. Embracing technology actually helps you put the customer at the forefront of your operation as well. Sophisticated automated workflow applications can bring all of these aspects to your organization in fairly short order.Workflow has changed, like everything else in our industry, so take your time and find a partner that understands both the value of your customer and the importance of your corporate culture. Simply checking boxes and implementing basic industry rules will not get the job done in today’s market. Mortgage servicers need innovative partners that understand the difference between business and success.The bottom line is that natural disasters do not need to create workflow disasters—nor should they. They offer a prime opportunity for servicers to enhance customer service and take a giant technological leap forward. The key is to capitalize on technologies emerging out of digital disruption to manage disaster recovery and win customer allegiance at the same time. By letting automation handle the ups and downs of disaster mitigation, as well as its complexities, servicers can create eternal customer loyalty. Previous: The Intersection of Mortgage and Fintech Next: REO Activity’s Ups and Downs Jane Mason is the Founder and CEO of Clarifire and the creator of the CLARIFIRE, a sophisticated, automated workflow engine that streamlines and integrates all of an organization’s business operations. Under Mason’s leadership, CLARIFIRE has won numerous awards over the years including one of Cloud’s Top 500 Applications Vendors for the past two consecutive years. She can be reached at [email protected] or on LinkedIn at LinkedIn.com/in/clarifire. Subscribe Demand Propels Home Prices Upward 2 days ago Disaster 2019-10-16 Seth Welborn October 16, 2019 1,244 Views Related Articles About Author: Jane Mason Share Save Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Natural Disaster Meets Digital Disruption Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Disaster The Best Markets For Residential Property Investors 2 days ago Print This Post
Make sure you enter British Baker’s window dressing competition, as part of National Cupcake Week, for the chance to win the fantastic prize of two tickets to the Baking Industry Awards 2010.This prize will be given to the bakery retailer that creates the best cupcake-themed window display to promote the week, which runs from 14-19 September.For the chance of winning, all we ask is that you incorporate the National Cupcake Week logo or posters into part of your display. These are available to download free from www.bakeryinfo.co.uk (click on the National Cupcake Week link on the homepage). If you are unable to print off posters, don’t worry, one poster will be sent out free to bakery and café subscribers of British Baker on 28 August. As the winner will be judged by the photography sent to us, make sure you try and achieve the best-quality pics you can, and try to avoid any nasty window reflections. Make sure you use a high-resolution setting when taking pictures with a digital camera.The deadline to enter is 30 September and winning entries will appear in a future issue of British Baker, so get planning now! Send images to [email protected] or Elizabeth Ellis, British Baker, Broadfield Park, Crawley, West Sussex RH11 9RT.
There can be no doubt – 2012 was the year that brought bakery to the headlines. And British Baker, via bakeryinfo.co.uk, was at the forefront of reporting the news as and when it developed.Here we take a look at our five best video reports of the year:National Cupcake WeekLast September we teamed up with CLIC Sargent, the charity for children and young people with cancer, and held a cupcake baking day for them as part of National Cupcake Week. Sabrina Collins, owner of Lady Jayne’s Cakes, and winner of the Best Themed Cupcake category at the National Cupcake Championships, took the class at a CLIC Home-from-Home centre in London. See: http://tinyurl.com/bqs2tq9Baking Industry AwardsThe Baking Industry Awards are the Oscars for the bakery world and last year saw the 25th anniversary of the prestigious event. The industry came together to see Robert Burns of Burns the Bread in Glastonbury crowned as Baker of the Year. See: http://tinyurl.com/bpy8qvtChina study tourBritish Baker joined a pan-industry study tour to China at the start of 2012. Here we speak to Ted Rich, the former MD of Rich Products UK, about the reasons behind the trip. See: http://tinyurl.com/bulyjpoBB75 LunchIn February 2012, British Baker launched its first ever networking lunch for BB75 – our comprehensive list of the biggest retailers in bakery. See what Greggs’ chief executive Ken McMeikan thought of the event: http://tinyurl.com/ccfxqr7Say no to the 20% pasty taxThe pasty tax was one of the biggest news stories of 2012, and the baking industry came together to get the government to change its mind about charging VAT on hot pies. Relive the Downing Street demonstration here: http://tinyurl.com/bnabn3z
“There is good evidence that schemes which have managed their risks well, and have built in sufficient resilience in their long-term funding strategy, are likely to have fared better as market conditions have worsened,” Fairs said.“Integrated risk management is needed now more than ever.”The new code – slated to take effect from January 2022 – will offer schemes two ‘tracks’ to choose from when reporting to the regulator: “fast track” and “bespoke”.TPR has said it envisages that the majority of schemes would qualify for a fast track approach, streamlining their reporting work and allowing TPR to focus more attention on schemes using the bespoke track.Fairs acknowledged the importance of flexibility but argued that the new code would preserve this, allowing trustees and sponsoring employers to “withstand significant economic fluctuations”.“It is only right that with greater flexibility comes greater accountability and regulatory scrutiny,” he added. The UK’s Pensions Regulator (TPR) has issued a strong rebuttal against calls for it to revise or abandon its planned new funding code for defined benefit (DB) schemes.In a blog post published this morning, David Fairs, TPR’s executive director for regulatory policy, analysis and advice, expressed strong disagreement with trustees, advisers and other industry players who had called for significant changes to the code.Most arguments centred on the idea that TPR’s plans were “written in different, more benign, economic conditions” as a result of the COVID-19 pandemic, he wrote.While the regulator has delayed the consultation’s deadline until September to allow more time for responses, Fairs said the issues covered were “even more important and relevant in the light of COVID-19”. David Fairs, TPR’s executive director for regulatory policy, analysis and adviceThe fast track “benchmark” would allow for this without forcing employers to put more money into schemes than they could afford, he said.Fairs concluded: “We believe the principles we have laid out for consultation remain the right ones to focus on. We recognise the challenges the current environment brings and we intend to reflect prevailing conditions in any parameters we set in our second consultation on the DB code later on next year.”Former UK pensions minister Sir Steve Webb, now a partner at actuarial firm LCP, questioned whether the new regime would be appropriate during an online industry event at the start of this month.He said the new funding code would require deficit recovery plans to be “a lot shorter” in the future, and questioned whether this was appropriate given the economic and financial strains facing the UK in the coming months.In a note to clients last month, Herbert Smith Freehills partners Tim Smith, Marcus Fink and Francesca Falsini said the pandemic could “force the regulator to soften its tone towards sponsors and allow more time than it had planned for deficits to be cleared (even for stronger employers)”.To read the digital edition of IPE’s latest magazine click here.
Dwelling values are predicted to fall 3.3 per cent in Sydney and by as much as 6 per cent in Melbourne on the back of declines in inner-city areas.REIQ Gold Coast zone chairman Andrew Henderson believed the Gold Coast would outperform the two eastern cities.“Sydney and Melbourne have had significant years of growth at a pretty high trajectory of increase each year,” he said.“On the Gold Coast we’ve seen an increase but nowhere as steep a trajectory as Sydney or Melbourne have seen.“Also when you look at the population growth here, that will be where our advantage lies.“People still need somewhere to live and while they keep moving here they should aid that growth.”He also said the Coast’s lifestyle was a big drawcard.“People moving to the Gold Coast traditionally came here to retire or work in hospitality,” he said.“Now all age groups are coming, people can run businesses from home.“You don’t need to be in the office every day.“You’ve got the airport and can be in Sydney in an hour.” Gold Coast house prices are tipped to keeping rising.THE Gold Coast property market is tipped to defy a national housing downturn led by Sydney and Melbourne.A new housing value forecast report by CoreLogic and Moody’s Analytics predicted Gold Coast house prices would continue to climb off the back of steady growth over the past two years.Prices on the Glitter Strip are expected to rise 2.2 per cent in 2019 followed by a further 3.6 per cent in 2020.Nationally, prices are tipped to drop three per cent this year before climbing 2.2 per cent next year.According to the report, the Gold Coast was among Queensland’s “lifestyle” areas, which included the Sunshine Coast, Wide Bay and Cairns, that were expected to perform well.“Areas here are expected to perform better over the forecast period, as income growth remains robust and the degree of supply increase is not as great as in areas of Brisbane,” Moody’s Analytics economist Katrina Ell said.“ MORE NEWS: First look inside new Broadbeach tower House prices look set to start climbing. Moreover, the lifestyle areas are buoyed by overseas tourist demand, which has remained strong on the back of the falling Australian dollar.”The report paints a much more positive picture for the Coast than Sydney and Melbourne, which are expected to continue to decline.More from news02:37International architect Desmond Brooks selling luxury beach villa13 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoMORE NEWS: Indoor pool a standout