Fitch Assigns Additional Servicer Ratings for PHH

first_img Fitch Assigns Additional Servicer Ratings for PHH Share Save  Print This Post in Daily Dose, Featured, News, Secondary Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Fitch HELOC PHH Ratings second-lien servicer Servicing 2018-09-10 Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago About Author: Radhika Ojha Tagged with: Fitch HELOC PHH Ratings second-lien servicer Servicing Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Previous: The Weight of Millennial Debt Next: BCFP Streamlines Advisory Committees Demand Propels Home Prices Upward 2 days agocenter_img Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. After being assigned an RPS3 rating as a residential primary servicer for its prime product in August, PHH Mortgage was assigned additional servicer ratings by rating agency Fitch on Monday. Fitch said that the servicer’s assigned ratings and Stable Outlook reflected the company’s experienced senior management staff, enterprise-wide risk environment, compliance protocols and investments in its servicing technology.The additional RPS 3 U.S. residential primary servicer rating was given to PHH for its Alt-A, subprime, and HELOC products as well as for being a special servicer and its specialty closed-end second lien operations.According to Fitch, it reviewed PHH’s financial statements to provide an internal assessment as a company’s financial condition is one of the components on which Fitch servicer ratings are analyzed.”PHH has a robust enterprise risk management hierarchy in place with multiple components embedded in the framework to identify, monitor, and address risk including proactive change management processes, quality assurance, and quality control protocols and a multi-dimensional testing program,” Fitch said. “PHH utilizes a hybrid model for internal audit where oversight is retained among a small group of auditors internally and the bulk of audit work is co-sourced to a third party auditing firm.”In February 2018, the company announced its planned merger with Ocwen Financial Corp. “The companies are currently targeting closing the transaction in the third quarter of 2018. The merger includes migrating Ocwen’s loan portfolio from its legacy proprietary system onto PHH’s system, which utilizes Black Knight Mortgage Processing Solutions (BKMPS) and LoanSphere Mortgage Servicing Package (MSP),” a statement from Fitch said, adding that the rating agency believed that the potential synergies realized with the merger, including an enhanced technology environment, best practices developed for compliance, audit, and loan servicing processes, as well as multi-layered disaster recovery and business continuity contingencies, could prove beneficial if developed properly in the resulting single entity.   Demand Propels Home Prices Upward 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Fitch Assigns Additional Servicer Ratings for PHH Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles September 10, 2018 2,276 Views The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more


first_imgCampaigners battling to save the two post offices in Rosguill got a major boost this week when 200 people attended their public meeting in Carrigart on Tuesday night.But as the meeting concluded Deputy Joe McHugh was challenged about supporting next week’s Dail motion for keeping these offices open, the Tirconail Tribune reports.“What way will you be voting: will you be backing us?” asked one of the postmasters in attendance. “No,” said McHugh, “I will be voting against the motion and supporting the Government,” and this comment was met with dismay.The services at Carrigart and Downings along with the three post offices in Fanad at Rossnakill, Cashel and Ballylar are among those in the queue for closure in the next eighteen months.If these closures go ahead the communities in Rosgull and Fanad, in many instances will be forced to travel twelve miles to either Milford or Kerrykeel.But inevitably the Govt TD’s will work hard to have any talk of the closures long-fingered until the elections are over. The political life of the Milford area came out in force and these speakers were in sparkling form at the Carrigart Hotel as they put their shoulders to the wheel backing the public campaign in a highly verbal manner that left no doubt whatever on the floor of the hall that the first shots were being fired in the local elections battle.There was much backing, good intentions and positive vibes on the night as the community initiative moves on to a more political plane of debate. And to this end, as the meeting concluded, a postmistress challenged Deputy Joe McHugh if he would vote in the Dail in support of the Postmasters motion on February 26th. ” No… I will be voting with the government and whatever lobbying I can engage within the party, I can do nothing if outside the party,” said McHugh.The meeting in Carrigart was called after the recent Postmasters Union warning that many of the small rural post office network will disappear unless urgent action is taken to save them.The Carrigart meeting heard public and community concerns about the disappearance of village life in its former format. There are now villages without shops: post offices: bank branches: Garda stations or much else and its as if the greater body politic has passed them by on the way to Leinster House and did not have time to notice the ‘state of chassis’ in the Donegal countryside.It is unlikely many improved services will come to our rural areas that have no public lighting, no footpaths, no sewerage services. There are areas that do not have public water supplies and some have extremely poor roads, the meeting was told.As the politicians made their remarks, a former Garda in Carrigart, Benny Kelly looked on…totally bemused. And when he took the microphone he made a rather telling contribution. He said that perhaps it is time to boycott the local elections because the politicians have failed the electorate.He said that it was unfortunate that the community should have to gather in a meeting to listen to these politicians.“We had a previous government that bankrupted the country and now we have another one doing exactly the same. We have a government in Dublin that couldn’t cares less about us and some day soon, Donegal will be sold off to some Arab,” he added to much acclaim. Donal Cullen and John O’Donnell, both bidding for seats on the Council were also critical of the political failures that have created these kind of problems.The other speakers included, John Sweeney, former postmaster at Carrigart: Tina Loughrey and Joan Ward, Postmasters: Cllrs. Noel McBride: Liam Blaney: Ian McGarvey: Ciaran Brogan and Deputy Joe McHugh. The proceedings were chaired by Joe Cullen.A public petition for the retention of the offices has begun this week and the community will travel to Dublin on February 26th as part of a nationwide protest outside the Dail. There are deep concerns about the future of every rural post office in Donegal says the IPU. There are complaints that all they are getting is lip service from the politicians until the local elections are over: and then the closures will be back on the agenda.The Postmasters Union points to the new departure by An Post to create a different services network outside of the company. This, they say includes services at Tesco stores, Supervalu and Green Apple filling stations. This service is called ‘Post & Pay’ and is having a serious impact on revenue in post offices. It has also emerged that the Social Welfare Contract, which is An Post’s big earner, could disappear within two year, say the postmasters. This contract believed to worth around EURO 50 million to An Post only sees EURO 20 million going into the actual network and now the Dept of Social Welfare is about to seek a reduction in the cost of this contract.At the same time many in receipt of social welfare are using the banks since An Post has not allowed many of it’s smaller offices to process the banking arrangements. An ESRI report has already highlighted the problem of financial exclusion with estimates that there are more than 300,000 households in Ireland without access to a bank account.The Union also warned that any move to remove social welfare payments from the post office network could lead to the immediate closure of 600 of the company’s 1150 branches operated by self-employed postmasters. Such a development would have a catastrophic effect on rural Ireland the Union pointed out. “Not only would post offices disappear but many shops in towns and villages would disappear too,” said general secretary, Brian McGann.While the Dail will debate the post office threats next week, the issue has already come up for debate at the end of January. Deputy Willie Penrose raised the matter with Junior Minister, Fergus O’Dowd and he said: “The programme for Government contains a specific commitment in respect of ensuring the sustainability of the post office network, which is a national and strategic asset.Commitments are easy to write and verbalise and they can easily morph into aspirations. To put flesh on the bones of the commitment to which I refer, there is a need for the Government to produce a comprehensive plan of action in respect of this matter. A whole-of-Government approach will be required in this regard, with each Department being obliged to have an input or make a submission. When this process is complete, the Government would formulate a cohesive plan of action and produce a report within six months or so. This matter cannot be placed on the long finger.A report must be produced, action must be taken and results delivered.All Departments should be obliged to identify new business opportunities they intend to pursue or existing businesses with which they are involved, the services relating to which could easily be provided by means of the post office network,” he added.In fact, said a number of postmasters the current policy of An Post to close post offices is already Government policy and it is not going to be changed. The Irish Postmasters Union has warned its members that the future of post offices is under the most serious threat it has faced in recent years.The Union has pointed to the loss of revenue as a consequence of government failure to honour their commitment as laid down in the programme for Government to retain the network. The commitment says the Union included plans to increase footfall at these offices but the opposite has happened. An Post has completed the installation of post boxes outside of offices amid complaints that this decision has reduced drastically the numbers of people using the network to purchase stamps and other services that are available in the post office.A spokeswoman for the Union told the Tribune: “Following the awarding of the welfare contract, An Post has tabled a proposal to reduce the rate paid for unemployment. This reduction, amounting to €4.6 million could result in the loss of up to 10% of their postmasters income.”The Postmasters Union has secured an agreement with Deputies Seamus Healy and John Halligan to put down a private member’s motion in the Dail to be debated on next Tuesday and Wednesday. Large numbers from around the country are expected to be outside Leinster House to lend their support to the campaign. However that motion will be hammered with support coming only from FF: SF and a number of Independent TD’s.ROSGUILL DELIVERS STRONG MESSAGE TO GOVT OVER FUTURE OF POST OFFICES was last modified: February 20th, 2014 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Carrigartpost officesRosquilllast_img read more

It’s Tax Season: Is Your Business Making the Most of Big Data and Tech?

first_imgFollow the Puck Ryan Ayers Related Posts Tags:#tax management#taxes#tech Why IoT Apps are Eating Device Interfaces Ryan Ayers is a researcher and consultant within multiple industries including information technology, blockchain and business development. Always up for a challenge, Ayers enjoys working with startups as well as Fortune 500 companies. When not at work, Ayers loves reading science fiction novels and watching the LA Clippers. More and more, legislators leverage big data technology for the study and reform of important tax issues that affect businesses. In addition, accounting experts use technology to inform their decision-making when analyzing and debating tax reforms.When running an enterprise, there are many things to consider. Taxes are one thing, however, that you want to set up and do correctly, right from the start in your business. Accordingly, enterprises are leveraging big data technology to come out on top during tax season.Using Data to Mitigate Tax RisksThe IRS maintains a massive database that holds all the tax filings submitted by the nation’s enterprises. The database is freely accessible through the IRS Statistics of Income (SOI) website. Tax specialists use the database to assess clients’ risk for tax audits and to conduct research for client engagements.Big data systems allow enterprises, such as the IRS, to capture and analyze enormous amounts of information.However, tax specialists must have familiarity with the database as well as knowledge of how to use big data systems in order to make the most of this information. Business advisors and accountants are strategically positioned to take advantage of emerging big data technology. In fact, the largest accounting firms employ dedicated teams that use big data analytics technology to solve complex financial issues.The companies that use big data analytics presents an abundance of opportunities for accounting professionals skilled in using big data systems. Organizations – such as the American Institute of Certified Public Accountants (AICPA) and the American Accounting Association – provide continuing learning in this regard. For example, the organizations host yearly big data conferences in addition to seminars and webinars aimed at teaching accounting professionals how to leverage big data technology.Keeping Things in OrderToday, figuring out how to manage large amounts of data is one of the biggest challenges faced by enterprise leaders. As an example, Walmart completes over 1 million transactions per hour, generating more than 2.5 petabytes of information. That’s equivalent to 25 million gigabytes of data generated every hour of every day.Tax experts express that the business environment is growing increasingly complex, as the world becomes progressively globalized, and new financial laws continue to emerge.Due to these changes, organizations generate an astonishing amount of information. To remain competitive, they must have the ability to manage the relatively recent windfall of business and consumer data as well as quickly adapt to legislative changes. Some accounting professionals, for instance, need ways to leverage a large volume of information captured from emails and documents to comply with the Foreign Account Tax Compliance Act (FACTA).There are two kinds of information from which finance specialists must draw this data: structured and unstructured. Structured data encompasses the type of information that big data systems can analyze easily, such as numbers and statistics. Unstructured data, however, consists of information such as the emails and documents that accounting experts need to comply with FACTA.Unstructured data may also include non-text information such as audio, image and video files. Now, the latest generation of big data systems allow specially trained accountants to find meaningful insights by evaluating unstructured information that is inherently difficult to scrutinize.The Future of Corporate Tax ManagementToday, executives increasingly recognize the value of data-driven decision-making. Using data to make decisions also applies to finance departments that manage complex tax issues. Using big data technology, financial specialists can help organizations overcome challenges such as navigating complicated international transactions or mergers and acquisitions with global partners. Big data systems allow them to intricately analyze these kinds of complex transactions and accurately predict how they will impact an organization’s finances, legal standing and operations.Historically, accounting professionals who are responsible for tax compliance have struggled to manage information stored across various company networks and systems.Thanks to advanced imaging technology, however, information specialists can now collect and evaluate physical documents to produce meaningful reports and build centralized repositories. For organizations that want to bring their accounting systems into a new era, merging their financial information into a centralized database is a powerful first step. Data warehouses eliminate redundancies and errors.For financial professionals, the data warehouse can be part of a company’s legacy network or a dedicated system explicitly used for accounting. Paired with a database extract, transform, load (ETL) function, which standardizes information collected from disparate sources, big data systems automate the gathering, storing and analysis of mission-critical intelligence for features such as tax analysis.Moreover, data mining technology allows financial specialists to find tax-related opportunities, identify risks and avoid the negative impact of uninformed decisions. These kinds of meaningful insights are only possible with the aid of modern big data technology. Big data systems that automate critical financial processes free personnel from tedious manual analyses.Contrary to widely held belief, however, the technology does not place financial professionals’ careers at risk. Instead, it presents an opportunity to use new skills to help organizations make powerful strides toward achieving desired outcomes. What it Takes to Build a Highly Secure FinTech … Trends Driving the Loyalty Marketing Industrylast_img read more