FHA Introduces Lender Evaluation Metric to Expand Credit Access

first_img August 17, 2015 1,985 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago FHA Introduces Lender Evaluation Metric to Expand Credit Access in Daily Dose, Featured, Government, News Tagged with: Federal Housing Administration FHA FHA-Approved Lenders Supplemental Performance Metric The Week Ahead: Nearing the Forbearance Exit 2 days ago Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Previous: The TRID Delay: What it Means for the Industry Now and In the Future Next: DS News Webcast: Tuesday 8/18/2015 Share Save Demand Propels Home Prices Upward 2 days ago The Federal Housing Administration (FHA) announced Monday a new method that will be used to evaluate the lending practices of FHA-approved lenders and help them understand the type of borrowers they are serving.“This is one more tool to help FHA, lenders, and the public, know exactly who we’re serving,” said Ed Golding, principal deputy assistant secretary for housing. “By better understanding FHA’s acceptable risk tolerance levels for a variety of credit scores, lenders will have the confidence to lend more broadly and FHA will have more data on how successful those lenders are.”The new method, FHA’s Supplemental Performance Metric will work jointly with the agency’s existing ‘compare ratio’ and offer different insight into a lender’s specific performance while encouraging lenders to serve eligible borrowers that are not necessarily credit worthy.FHA lenders will be able to see the impact of their business at all ends of the credit spectrum with the new supplemental performance metric, the FHA says. This will fall in line with the FHA’s willingness to insure loans to eligible borrowers with lower credit scores.Currently, the FHA calculates a ‘compare ratio’ for all FHA-approved lenders. This ratio compares a lender’s rate of early defaults and claims for insured single family mortgage loans to other approved lenders in a geographic area. Compare ratios identify lenders with a large amount of default and claim rates compared to their counterparts and which lenders FHA may terminate.The FHA noted that lenders placed concerns about the compare ratio being a comparison to one’s peers rather than to FHA’s risk tolerance, which the Supplemental Performance Metric responded to.The metric, along with the compare ratio, provides a more granular, nuanced look at lender performance by measuring default rates and claims in three distinct credit bands. Additionally, lenders will have a better understanding of who they are serving, according to the announcement.In May 2014, FHA proposed the development of a Supplemental Performance Metric—one component of FHA’s Blueprint for Access to Credit initiative, an effort to expand access to mortgage credit to underserved borrowers.This new complementary metric was made available at end of the July 2015 in FHA’s Neighborhood Watch Early Warning System. The new metric is designed to help mitigate adverse selection of borrowers with certain credit profiles and encourage the extension of homeownership opportunities to underserved segments of the market. The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribecenter_img Sign up for DS News Daily Related Articles Demand Propels Home Prices Upward 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Federal Housing Administration FHA FHA-Approved Lenders Supplemental Performance Metric 2015-08-17 Brian Honea The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / FHA Introduces Lender Evaluation Metric to Expand Credit Access About Author: Xhevrije Westlast_img read more

Harvard offers secure and sustainable electronics recycling for free

first_imgMost of us are familiar with recycling paper and plastic, but did you know electronics can be recycled, too? Because many of our old phones, computers, and other electronics contain small amounts of heavy metals or old personal data, it is especially important to make sure the data is securely destroyed and the items safely recycled.As part of Harvard’s commitment to sustainability and information security, Harvard University Information Technology and the Harvard Office for Sustainability have teamed up to offer free secure and sustainable electronics recycling during the month of April — April 19 at the Science Center Plaza and April 25–26 on the Longwood campus.Both personal and University electronics and devices will be accepted at the events, ensuring that all sensitive and personal data is removed from the devices before they are responsibly recycled.“It’s easy to look past the risks of disposing of electronics that may contain residual data stored on them, and for those who understand the risks, it can be difficult to know what to do,” said the Chief Information Security Officer for Harvard University Information Technology. “That’s why I am thrilled to be collaborating with the Office for Sustainability to create this great opportunity for members of the Harvard Community to dispose of unwanted electronics in a way that is both secure and kind to the environment.”Harvard’s University-wide Sustainability Plan outlines a commitment to recycling or disposing of hazardous and electronic materials in a responsible and ethical manner, and forthcoming Sustainable IT Standards will encourage the repair or recycling of all electronic materials in a secure and sustainable manner, using certified vendors.“When it comes to electronics, we have a particular responsibility to keep them out of landfills — for health, environmental, and information security reasons,” said David Havelick, sustainability manager for the Harvard Office for Sustainability. “Collection events like this are crucial to making it convenient for our community to do the right thing, even with their personal electronics from home.”Data destruction and electronics recycling will be done free-of-charge by a Harvard preferred vendor, DataShredder. They will be accepting an exhaustive range of electronics from computers, to cell phones, to lab equipment. Certificates of secure destruction will also available upon request. Read Full Storylast_img read more

C-Kore completes Western Australia operations

first_imgC-Kore Systems has completed deployment of its Cable Monitor and Subsea TDR units for an operator in Western Australia. The C-Kore units identified and localised anomalies in the subsea infrastructure saving time and money on the subsea campaign while ensuring the operator gained accurate information to inform the field’s maintenance program. Greg Smith, general manager of C-Kore added, “It is great to be able to work so closely with this operator. Their repeated business is testimony to the strong working relationships we build up with our customers and the time and money our technology saves. We were delighted that we could successfully perform measurements on this campaign that had been unsuccessful with conventional testing equipment. With the difficulties of getting people offshore due to COVID-19, it is an added benefit that our equipment can be used without any extra offshore personnel.”center_img A subsea engineer for the operator said, “We were very pleased with C-Kore’s excellent service and the quick and accurate data their Cable Monitor and Subsea TDR gave. The results achieved could not be obtained using conventional test equipment. With our most recent mobilisation during the COVID-19 crisis, it was a relief we didn’t need to send any personnel offshore with the equipment.”last_img read more

Nigerian Lady Golfers Finish Ninth at All Africa Challenge Trophy

first_imgFrom Olawale Ajimotokan in AbujaNigeria’s lady golfers placed ninth at the 16-nation All Africa Challenge Trophy held in Tunisia. South Africa won the 54 holes event played at Citrus Golf Club, Hamammet, while Morocco finished in second place ahead of Tunisia.It was Nigeria’s best outing since they placed 13th in 2010 when the event was held in Abuja. The team made up of Evelyn Oyome from Ibadan Golf Club, Amina Wilfred from IBB International Golf and Country Club, Abuja and youth prodigy, Anita Uwadia, shot the combined score of 524 in difficult conditions with prevailing temperature as low as 0 degree Celsius and wind at 35-40 km per hour.Uwadia contributed 246 while Wilfred played 278. Though Oyome returned 301, it never tallied as only the best two scores per team counted. The team which was managed by Mrs Ekanem Ekwueme, the 1st Vice President Northern Zone, Ladies Golfers Association of Nigeria (LGAN) was accompanied by six travelling supporters, including the treasurer, Mrs. Funke Majekodunmi and PRO, Queen Asanobi.Ekwueme said that apart from unfavourable weather, the morale of the team was dampened by the demise of LGAN President, Mrs Tima Animashaun, before the team left for Tunisia.Eight-handicapper, Wilfred, who played at the AACT in Abuja in 2010 and Botswana two years later, said the team could have fared better if they had enough time to prepare or get used to the course.“We trained for only one day which obviously wasn’t enough . The course is very challenging and has water as its feature. We struggled against rain and wind. Also on hole 2, a par 5, I played 10 down, though I birdied the same hole on the first two days. It was that bad,” Wilfred said.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more