Month: May 2021

Month: May 2021

The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago OCC Urges Banks to Practice ‘Responsible’ Innovation Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago March 31, 2016 3,328 Views Servicers Navigate the Post-Pandemic World 2 days ago Previous: Is Housing Poised to Return to Pre-Crisis Glory? Next: Pierce and Associates Celebrates 41st Anniversary Share Save The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Banks Innovation OCC Technology Home / Daily Dose / OCC Urges Banks to Practice ‘Responsible’ Innovation Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Banks Innovation OCC Technology 2016-03-31 Brian Honea Related Articles  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Banks are more relevant today than they ever were due to the services they provide to their communities, according to Comptroller of the Currency Thomas J. Curry in a speech on Thursday. The rise of financial technology companies, or “fintechs” has presented a challenge to banks, however-which creates a need for banks to keep up with technology and make improvements to financial products and services they offer.While banks need to adapt in order to prosper and Curry said the OCC’s objective is to engage the banks it supervises in innovation that will be beneficial to consumers and businesses, there is a difference between “responsible” innovation and just plain innovation, he said.“But recalling the lessons of the financial crisis, when some ‘innovative’ products such as subprime mortgages and financially engineered securitizations were used in ways that had disastrous consequences for individuals, communities, and our economy, we want to be sure that the banks and thrifts we supervise innovate in a way that is compatible with safety and soundness and consistent with consumer protection laws and regulations,” Curry said in his speech at Harvard Kennedy School’s New Directions in Regulation Seminar in Cambridge, Massachusetts, on Thursday. “In short, what we are trying to encourage is responsible innovation.”To this end, the OCC released a white paper on Thursday titled “Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective” that outlines eight principles the agency plans to use to guide the development of its innovation framework. The OCC is currently soliciting comments from the public on the framework.“At a minimum, we’ll want to be sure we have the capacity to identify and understand new trends and technology, as well as the emerging needs of the consumers of financial products,” Curry said. “We want to be sure we’re in a position to quickly evaluate products that require regulatory approval and identify the risks that go with them—as well as the safeguards that will be necessary to manage those risks. And we want to be a resource for banks and thrifts looking for guidance on our supervisory expectations as they consider new and innovative products.”The eight principles outlined by the OCC are:Support responsible innovation.Foster an internal culture receptive to responsible innovation.Leverage agency experience and expertise.Encourage responsible innovation that provides fair access to financial services and fair treatment of consumers.Further safe and sound operations through effective risk management.Encourage banks of all sizes to integrate responsible innovation into their strategic planning.Promote ongoing dialogue through formal outreach.Collaborate with other regulators.Click here to view the OCC’s white paper.Click here to view Curry’s speech. About Author: Brian Honea Sign up for DS News Daily in Daily Dose, Featured, Government, News Subscribe read more


Month: May 2021

first_img July 13, 2017 1,814 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Headlines, News Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Janet Yellen, Chair of the Board of Governors of the Federal Reserve, completed the second day of her semi-annual testimony to the Senate on Thursday, and fielded questions from Congress in regard to housing and banking, including her thoughts on proposed regulatory reform.Senator Mike Crapo (R-Idaho), released a pre-prepared statement in the morning expressing expectations for the hearing, which set the stage for Yellen’s testimony.“Today we will receive testimony from Federal Reserve Chair Janet Yellen regarding the Fed’s semiannual report to Congress on monetary policy and the state of the economy. Since the last Humphrey-Hawkins hearing in February, there have been numerous developments that will impact economic growth legislation. Particular interest has been focused on finding bipartisan solutions to tailor regulations, change the SIFI threshold, exempt certain firms from stress testing, fix the Volcker Rule, and simplify small bank capital rules.”Yellen was indeed asked to convey her opinions on Dodd-Frank reforms and how she best thought to change the Volcker Rule. Some members of Congress, including Chairman Crapo, believe that what they see as arbitrary thresholds—most specifically, the $50 billion SIFI threshold—make it difficult for smaller banks to do business. The suggestion has been presented in the past to raise that threshold to an indexed $125 billion, or even remove a monetary threshold and concentrate on a business model based regulatory approach. In response, Yellen said:“We’ve already said that we would favor some increase if Congress sticks with a dollar threshold that we would support some increase in the threshold. An approach that is based on business model or factors is also a workable approach from our point of view, conceivably. Some of the enhanced standards should apply to more firms with lower levels of assets and others with higher levels. I think that either type of approach is something we could work with.”Yellen was also pressed about the Volcker rule, which prohibits banks to make certain types of speculative investments, and whether or not she thought it worked.“The [Volker rule’s] goal is [one] in which I agree, and to permit market making. The implementation of it has been very complex and burdensome. We’ve suggested that community banks be exempt from it entirely. I wouldn’t [completely] get rid of it. I believe the Treasury report suggests maintaining their restriction on proprietary trading and depository institutions. So, I wouldn’t get rid of it, but I would look for ways to simplify it.”Yellen did, however, agree with the committee’s assessment that housing plays an important role in economic health. Previous: Analyzing Risks and Disruption Next: Paradatec Passes Fannie Mae Certification The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles About Author: Joey Pizzolato Tagged with: Fed Janet Yellen Senate  Print This Postcenter_img Demand Propels Home Prices Upward 2 days ago Yellen in the Hot Seat The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Fed Janet Yellen Senate 2017-07-13 Joey Pizzolato Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Home / Daily Dose / Yellen in the Hot Seatlast_img read more


Month: May 2021

first_img  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Homebuyers Growing More Diverse in the Lone Star State The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Journal, Market Studies, News Diversity First-Time Homebuyers Homebuyers homesellers Texas Texas Association of Realtors Texas Homebuyers and Sellers Report 2018-04-11 David Wharton Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Demand Propels Home Prices Upward 2 days ago Diversity and prices paid for homes in Texas are on the way up, according to the Texas Homebuyers and Sellers Report released Wednesday by the Texas Association of Realtors. The report found that the percentage of homebuyers who identified as African-American was 8 percent this year, up from 5 percent the previous year. A similar uptick showed up among Asians. Seven percent of Texas homebuyers identified as Asian, which is up from 4 percent a year ago.At the same time, buyers who identified as Hispanic remained consistent with prior years at 14 percent.”We have seen greater ethnic diversity among homebuyers over the last few years, which is an encouraging trend,” said Kaki Lybbert, Chairman of the Texas Association of Realtors. “At the same time, median household income in the state went up. That’s good news for Texans because our home prices have continued to rise in most areas as well.” According to the report, median household income among Texas homebuyers increased from $94,200 to $101,400, which is notably higher than the national numbers. Nationally, the median income of homebuyers was $88,800. The median home price paid among Texas homebuyers was $259,500, “significantly higher than the Real Estate Center at Texas A&M University’s estimation of $150,000 as a home price for entry-level and first-time homebuyers,” the report states. Single buyers in Texas showed small downturns. Single female homebuyers decreased 3 percent to 16, while single male buyers fell 1 percent to 8. On the other hand, the percentage of married Texas homebuyers increased 2 points to 68 percent.The median age for homebuyers in Texas increased for the fourth straight year. It’s now 47. The share of first-time homebuyers increased from 30 percent to 32 percent, while the median age of first-time homebuyers also went up—from 32 to 33. “As we mark the 50th anniversary since President Lyndon Johnson signed the Fair Housing Act into law, it’s good to see diversity increasing among homebuyers in Texas,” Lybbert said. “Our diversity is one of our state’s great strengths.”Lybbert also said Texas Realtors will be “leading the way to make even more progress to ensure that homeownership is attainable for all Texans in all types of real estate transactions and at all price points.” Share Save Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Homebuyers Growing More Diverse in the Lone Star Statecenter_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Scott Morgan The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Tagged with: Diversity First-Time Homebuyers Homebuyers homesellers Texas Texas Association of Realtors Texas Homebuyers and Sellers Report April 11, 2018 1,660 Views The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Angel Oak Selects Closepin for Closing Agent Compliance Next: Investing in the Future of Default Servicing Subscribelast_img read more


Month: May 2021

first_imgFrom Rewards and recognition to new appointments and initiatives get your buzz on the industry’s latest news in this weekly update.Altisource Portfolio Solutions S.A. has announced the appointment of Patrick McClain as SVP, Hubzu Auction Services, reporting to Joseph A. Davila, President, Servicer Solutions. In this role, McClain, who joins from Auction.com, will be responsible for driving the growth of Hubzu’s residential online marketing and auction business. Leveraging Hubzu’s scale, rich data resources, and fully integrated end-to-end services, McClain will oversee product innovation for the Company’s Online Auction, Live Auction, Short-Sale, Claims Without Conveyance of Title (CWCOT) and National Brokerage Services businesses along with Hubzu’s client management program and business development strategy. “Patrick has deep and highly-relevant product expertise and a broad industry network,” said Mr. Davila. “Hubzu is one of the largest online real estate auction services platforms in the country. We welcome Patrick’s entrepreneurial approach, significant industry experience and demonstrated operational expertise as we look to substantially grow Hubzu and stay at the forefront of this market.”_______________________________________________________________________The District of Columbia Housing Finance Agency (DCHFA) has appointed a new General Counsel, Michael Hentrel. In April, Hentrel’s tenure began at DCHFA where he is the agency’s lead attorney reporting to DCHFA’s Executive Director/CEO Todd A. Lee. “Michael’s appointment is a key addition to DCHFA’s senior management team. His extensive experience in the housing and finance industries will greatly contribute to DCHFA achieving its goals of providing innovative solutions in affordable housing in the District,” stated Lee. The General Counsel provides legal advice on operational, programmatic, and transactional actions of the agency through drafting opinions and providing legal interpretation and leading negotiations. Upon joining DCHFA Hentrel stated, “I have spent most of my professional career in the District and I am thrilled to bring my passion for housing to DCHFA and its mission-driven work.”_________________________________________________________________________Premium Title, a national provider of title and escrow services based in Atlanta, Georgia, announced it has secured escrow licensing in Idaho, New Mexico, Oregon, and Washington. This additional licensing expands the business’ footprint and allows Premium Title to now provide clients with direct title/settlement services in 45 states plus Washington, D.C. “We are dedicated to delivering a scalable suite of title and escrow services that help our customers drive efficiency, responsiveness and process controls required in today’s competitive market,” said James Weld, President, Premium Title. “Securing our licenses in these additional states is a milestone for Premium Title. It enables us to provide greater access—on a national scale—to the services customers need to help expedite the closing process and accelerate business growth.” This announcement comes on the heels of the recent integration Premium Title announced with eClosing technology solutions provider, Pavaso, helping lenders across the country to streamline the mortgage closing process and improve the borrower experience._________________________________________________________________________Wolters Kluwer, a leading worldwide provider of comprehensive compliance, risk management, and audit solutions for the financial services industry, announced that Allegiance Bank, headquartered in Houston, Texas, has selected the company’s CRA Wiz and Fair Lending Wiz solutions to help the bank manage fair lending compliance across its entire organization. Allegiance Bank operates 16 full-service banking locations and one loan production office and has serviced the Houston metropolitan area since 2007. The bank has and has an asset size of $2.86 billion. Fair Lending Wiz is a complete and automated fair lending management solution allowing Allegiance Bank to identify potential risk—such as underwriting and pricing risks—and promptly take corrective actions where needed. CRA Wiz helps the bank apply a range of fully customizable automation technologies to its CRA reporting process, including guaranteed accurate geocoding, to speed up data preparation for CRA reviews and, ultimately, to ensure banks meet the credit, service, and community development needs of the communities they serve.________________________________________________________________________The San Diego headquartered independent mortgage lender, Guild Mortgage, earned a Servicer Total Achievement and Rewards (STAR) Performer recognition from Fannie Mae for 2017. The STAR Program, which was initiated by Fannie Mae in 2011, is a performance management and recognition program designed to define industry standards and leading practices and seeks to provide a consistent methodology for measuring servicer performance, as well as identifying and recognizing Fannie Mae’s highest-performing servicers. Guild Mortgage received the recognition for General Servicing, and marks the first time that the mortgage company received a STAR award. “Guild continues to grow its servicing business at record rates while maintaining our personal touch and commitment to customer service,” said Mary Ann McGarry, President, and CEO of Guild Mortgage. “Everyone at Guild can be proud to be honored among Fannie Mae’s leading servicers.” Allegiance Bank Altisourcce DCHFA Digital Fannie Mae Guild Mortgage Insurance Technology title 2018-04-18 Radhika Ojha The Industry Pulse: Updates on Altisource, DCHFA, Guild Mortgage, and More … Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Senate Addresses Robocalls: What Mortgage Servicers Need to Know Next: Foreclosure Starts on the Rise The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save 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. Tagged with: Allegiance Bank Altisourcce DCHFA Digital Fannie Mae Guild Mortgage Insurance Technology title About Author: Radhika Ojha April 18, 2018 2,711 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Newscenter_img Related Articles Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / The Industry Pulse: Updates on Altisource, DCHFA, Guild Mortgage, and More … Sign up for DS News Daily Subscribelast_img read more


Month: May 2021

first_img The Best Markets For Residential Property Investors 2 days ago November 4, 2018 1,372 Views Related Articles Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, Market Studies, News, Secondary Market Data Provider Black Knight to Acquire Top of Mind 2 days ago Election GSEs Housing Policy Midterms 2018-11-04 Seth Welborn Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Tagged with: Election GSEs Housing Policy Midterms Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily About Author: Seth Welborn America goes to vote on Tuesday, November 6, in a mid-term non-presidential election whose outcome is likely to impact the housing market in more ways than one—much of which will depend on who votes during this election, especially since early voting is already open.As DS News reported, many will be looking to the fate of the GSEs following the midterm elections. According to recent reports, the idea of scaling back Fannie Mae and Freddie Mac without legislative approval has gained traction, making the results of this mid-term election even more important in determining their fate moving forward.Chief among the changes that the housing market is likely to see is the possibility of the conservatorship of the GSEs.“It’s possible that the conservatorship will be unwound over the next year or two regardless of the midterm election outcomes, but if the Democrats take control of the House, they’ll look to build language into the agreement that provides funds for affordable housing, and offers expanded credit provisions for underserved borrowers–both of which Democrats included in the last bipartisan attempt to end the conservatorship a few years ago,” Rick Sharga, EVP, Carrington Holdings told DS News.The stewardship of the Bureau of Consumer Financial Protection (BCFP) is another area that is likely to be impacted by the election results. Also at stake this election season are affordable housing legislations, with the success of bills such as the Affordable Housing Credit Improvement Act, the New Markets Tax Credit (NMTC) Extension Act, the Historic Tax Credit (HTC) Enhancement Act, and others depending on who wins the House and Senate seats.Here’s what else is happening in the week ahead:CoreLogic Home Price Insights Report, Tuesday, 9 a.m. ESTMBA Mortgage Apps, Wednesday, 7 a.m. ESTEllie Mae Millennial Tracker, Wednesday, 10 a.m. ESTFreddie Mac Primary Mortgage Market Index, Thursday, 8 a.m. ESTNAHB Housing Opportunity Index, Thursday, 10 a.m. ESTcenter_img  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / The Week Ahead: Gearing Up for Mid-Terms The Week Ahead: Gearing Up for Mid-Terms The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Previous: QRL to Leverage DocMagic Technology Next: LoanLogics Enhances its Investor Module The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more


Month: May 2021

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: crime cybercrime Foreclosure Law Technology Ransomware: Citing the Verizon Data Breach Incident Report, Travelers acknowledges that Ransomware is the fifth most common form of malware. Ransomware occurs when an individual penetrates a firm’s network and essentially holds their private information “ransom” until some form of monetary compensation is received. Upon receipt of payment, the individual hopefully then releases the information back to the firm. The most recent and crippling example of this came in 2017 with a Ransomware attack on DLA Piper. The attack resulted in the complete shutdown of the firm’s entire U.S. IT operations for several days. Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago crime cybercrime Foreclosure Law Technology 2019-08-26 Seth Welborn General Hacking: While it can be argued that all versions of cybercrimes involve some sort of hacking, this is perhaps the most basic one. Hacking occurs when a person gains access to information by way of weak or default passwords. Moreover, hackers can install malware to capture keystrokes, thus increasing the potential of a password being compromised. Subscribe Spear Phishing: Spear Phishing begins when an unsuspecting person receives an email from what they believe to be a legitimate source. Usually, this email will contain a hyperlink, and once the recipient clicks on that link, a hacker immediately gains access to professional and personal information. The hacker can now view anything that the employee has access to on the firm’s servers. In the default space, such an action could potentially expose thousands of records of confidential borrower information, including social security numbers. Cybercrime in Foreclosure Law: Wolves in Sheep’s Clothing Social Engineering: Perhaps one of the more common crimes in the legal sector involves a hacker taking the identity of someone within a firm in order to force an action. For example, a hacker will infiltrate the email box of Law Firm A’s Managing Partner. The hacker then composes and sends an email to Law Firm A’s accounting department requesting a wire transfer of $100,000. Believing that the request is legitimate, the accounting manager sends the requested funds. Although the transmitted funds are often unrecoverable, most cyber-insurance policies have a specific sub-limit for social engineering Numbers Don’t LieIn her 2018 Gallup article “Cybercrimes Remain Most Worrisome to Americans,” Megan Brenan found that Americans are more concerned about cybercrimes than violent crimes. Perhaps just as alarming, 71% of those polled indicated that they frequently fear a computer hacker will access their personal financial information. Brenan further noted, “The frequency with which Americans worry about becoming victim to a variety of different crimes is similar to last year, as they remain much more likely to fear being victimized by cybercrimes than traditional crimes.” The impending fear of victimization has continued to grow over the years, in part due to Americans’ increased reliance on digital information. Millions of Americans have been affected by a data breach in one form or another, whether due to an isolated incident such as identity theft or by way of a larger data breach. Continued dependency on digital platforms has increased potential exposure, whether in the form of online banking or through social media.According to the American Bar Association (ABA), 25% of all law firms in the United States have experienced at least one data breach. While firms certainly maintain a looming fear of an imminent breach, a core driver for such fears pertains to the hard and soft costs relating to an actual cyber loss. The ABA estimates that, of the firms infiltrated by a cyber threat, “notification is typically the largest single direct cost, with an estimated cost of $200,000. This includes requisite activities such as creating contact databases, retaining outside experts, postal expenditures, and determining regulatory requirements.” In terms of a direct loss, the same article references a 2016 report by insurer QBE. A study by the insurer confirms that more than $120 million was stolen across the legal profession within an 18-month period as the result of data breaches. If that number was not staggering in and of itself, there are also the resulting soft costs of cyber loss, including employee and network downtime, loss of billable hours, unrecoverable date, and reputational damage. In addition, law firms could be susceptible to lawsuits from their clients.Mitigating the ThreatThe ABA has produced a treasure trove of valuable information to help firms not only recognize cyber risks, but also to assist in providing the appropriate measures law firms need to take to help mitigate a cyber loss. According to the ABA, the first line of defense includes controlling access by way of authentication measures. These include basic processes such as the routine updating of passwords, as well as more complex systems such as fingerprint readers and facial recognition. The universal consensus acknowledges that, no matter if the device is a smartphone or laptop, all devices used by attorneys should incorporate some form of basic authentication. In addition to strong passwords, the ABA further recommends that firms also maintain a level of encryption. In basic terms, encryption allows data to be protected until it is decrypted by using a specified password or other measure. This form of access control protects data in storage and transmitted data. Data can include information housed on devices or servers and information exchanged through email or another messaging form. There is an additional concern with the popularity of remote access as web-based applications, as well as virtual private networks (VPNs). Thankfully, most platforms already utilize some level of basic encryption.Finally, there are other types of security measures the ABA recommends, including anti-spyware, firewalls, antivirus programs for devices, and intrusion detection. Firms that believe they could be especially prone to a cyberattack can hire third-party companies to perform a network penetration test, and then remediate any findings accordingly. While the ABA’s suggestions are valuable to all firms, foreclosure firms have an extra layer of responsibility both in terms of protecting their clients’ information but also in terms of shielding confidential borrower information. If there is a “fortunate” component to compliance requirements, it comes in the form of the technology audit. While client mandates pose a staggering cost to default firms, both in terms of physical security and cybersecurity, they do outline requirements that make default firms more protected than most. In fact, the ABA’s recommendations and most servicer requirements share many similarities. Both include multi-factor authentication measures, disaster-recovery and business continuity plans, as well as the need for encrypted remote access. All Is Not LostThe increased creativity employed by cybercriminals makes it difficult to thwart every potential threat. While recognizing the risk is the obvious key to prevention, knowing what to do in the event of a loss can help mitigate further damage. A data breach involves myriad complexities, making cybercrimes much more difficult to track than any traditional form of theft. Often, a hacker can spend an indefinite amount of time monitoring a firm’s network before he or she decides to cause damage. Once a cyberattack occurs, the first step is to identify the problem and understand the root of the issue. This next step may not be as apparent, but there is a crisis-management component firms will need to employ to prevent reputational discreditation.  Vivian Hood, the CEO of Jaffee Partners, outlined a step-by-step guide in her 2018 piece for The National Law Review, entitled “Law Firms and Cyber Attacks—What’s a Law Firm to Do?” In her article, Hood argued that perhaps the single most important response was for firms to alert relevant parties before a breach became public. Hood noted, “Now more than ever, transparency is necessary—even though it may seem like the least desirable approach to take.” Hood made the argument that sharing the news of a data breach before its leaked by someone else allows a firm to prevent further reputational damage. This decision is a small component of a firm’s overall crisis communications plan, which should be shared with clients, staff, attorneys, and even vendors. A standard plan should have an outlined process for what information is to be communicated (and by whom), as well as a timeline identifying the breach, including information pertaining to what the firm is doing to lessen the damage. Ensuring Your Tech FutureWhile controlling the narrative is important to maintaining reputational integrity, there is undoubtedly a monetary component to consider as well. Cyber-insurance is a relatively new coverage type that came into existence approximately 15 years ago as a standalone policy with individual limits and sub-limits. In its basic form, cyber-insurance protects firms in the event they have a data breach and a resulting loss. Types of covered losses could be direct, such as an intercepted wire transfer, or indirect, such as the loss of revenue during network downtime. Other coverage provisions include limits for computer and legal experts, betterment, data restoration, and public relations. For law firms of all sizes and practice demographics, cyber-insurance is a relatively inexpensive layer of protection considering the exorbitant expense associated with a cyber-incident. For the foreseeable future, cyberthreats will remain a global danger to all companies. While lawyers and IT specialists alike have improved the network security of their respective firms, the ongoing creativity of hackers makes it difficult to outstep this ever-changing peril. It is important that all employees remain cognizant of cyber-fraud and continuously monitor any potential danger. While cybercrime certainly won’t be eliminated, it can be appropriately managed so law firms can lessen their risk of a loss. Share Save Demand Propels Home Prices Upward 2 days ago  Print This Post Foreclosure law firms have played an important role in the implementation of technology and have, in many ways, led the charge. Whereas traditional firms transmit an aura of forced conformity, the default sector has been seemingly receptive to technological progress. From the development of proprietary case management systems to installing paperless file and barcoding classifications, many firms have been receptive to exploring new efficiencies. Unfortunately, technological advancements do not always yield positive results. In the not too distant past, the thought of a law firm being infiltrated remotely by a third party seemed far-fetched, if not completely absurd. In an era of illicit creativity though, cyber-related crimes have continued to rise in recent years and now pose an existential threat to all companies, including law firms.The Five Follies Cybercrimes unfortunately do not fit a standard mold. According to Travelers Insurance, there are five specific types of threats, and understanding each type can better prepare a firm for a potential loss. About Author: Harrison Troppcenter_img The Best Markets For Residential Property Investors 2 days ago Previous: The Highest and Lowest Foreclosure Rates Next: Increases in Home-Price Growth Lagging in June Rogue Employee: According to Travelers, inside threats account for 15% of all data breaches. This type of threat is especially concerning due to the level of access some employees have to confidential or sensitive information. Not only can rouge employees access information, but they can also install malware or other malicious programs if they are technologically competent. Servicers Navigate the Post-Pandemic World 2 days ago August 26, 2019 2,309 Views The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Foreclosure, News, Print Features, Technology Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Harrison Tropp graduated from Florida State University with a degree in Political Science. Following graduation, he began work as an advisor for a consulting group representing default law firms. While Harrison’s primary responsibilities pertained to business development, he gained first-hand experience in default services, law firm operations, as well as audit and compliance requirement. He began his tenure at Shea Barclay Group towards the end of 2016 with the primary role of helping default firms with their insurance needs, particularly related to compliance mandated insurance. Sign up for DS News Daily Home / Daily Dose / Cybercrime in Foreclosure Law: Wolves in Sheep’s Clothinglast_img read more


Month: May 2021

first_img 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 Share Save Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Great Recession Recession Recovery 2019-12-19 Mike Albanese The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles About Author: Krista F. Brock in Daily Dose, Featured, Market Studies, News Previous: Congresswoman Maxine Waters Questions CFPB Next: Wells Fargo Partners with Habitat for Humanity Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. center_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Housing Report Shows ‘Good News is Actually Good News’ Home / Daily Dose / Housing Report Shows ‘Good News is Actually Good News’ Subscribe Tagged with: Great Recession Recession Recovery  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Residential construction permits and housing starts both increased in November reaching a 12-year high, according to data released Tuesday by HUD and the U.S. Census Bureau. For all those who are mulling over this news with caution, wondering what this means for the future of the market and whether we’re on the brink of another recession, Jim Cramer from CNBC’s Mad Money has some advice: “Don’t try to overthink this economy, people.” Cramer added, the latest housing stats are evidence of recovery from the last recession not a harbinger of a new one. “Good news is actually good news, not a sign that things have gotten overheated and the end is nigh,” Cramer, who is also co-founder of TheStreet.com, said Tuesday.Cramer said the moment the report was released, his Twitter feed exploded with comments that we are about to relive the housing crisis of 2008. He staunchly argued the opposite. “It’s not a sign that we’re headed for another recession, for heaven’s sake,” Cramer insisted. “It’s a sign that we’re finally, finally, finally recovered from the last one.” Cramer said given population growth, we should expect more homebuilding, and the current numbers are only “back to where they were.” In fact, Cramer said the numbers are “pathetic” given the rate of population growth. Cramer also pointed out that good news for housing is good news for the economy because “housing punches above its weight.” Beyond homebuilders and banks, increasing housing starts will benefit retailers, real estate professionals, and other housing-related services. Building permits rose 1.4% over the month in October and are up 11.1% from a year ago, according to the report. Permits for single-family homes rose 0.8% over the month.Housing starts rose 3.2% over the month and are up 13.6% over the year. Meanwhile, housing completions took a different direction, falling 6.6% over the month but still coming in 7.3% above their level last year.In total, there were 1.482 million building permits authorized in November and 1.365 million housing starts.  December 19, 2019 1,227 Views Servicers Navigate the Post-Pandemic World 2 days agolast_img read more


Month: May 2021

first_img A Letterkenny Councillor has claimed there has been a lack of action on the LUTS study which was commissioned in 2009 to identify the town’s main traffic black spots.Councillor Dessie Larkin says that while there have been some measures introduced as a result of the study, a long term solution to traffic issues at junctions on pearse Road and Oldtown Road has yet to be found.The LUTS study founds 17 thousand vehicles used those junctions daily; he says the temporary measures introduced our causing heartache for motorists and local businesses.Councillor Larkin wants roads engineers to revisit the situation:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/04/lark830.mp3[/podcast] Pinterest Three factors driving Donegal housing market – Robinson Calls for maternity restrictions to be lifted at LUH RELATED ARTICLESMORE FROM AUTHOR Google+ Traffic issues on Pearse Road and Oldtown Road need to be addresses – Cllr Larkin WhatsApp Facebook Twitter NPHET ‘positive’ on easing restrictions – Donnelly Pinterestcenter_img Google+ Facebook Twitter News 448 new cases of Covid 19 reported today Help sought in search for missing 27 year old in Letterkenny By News Highland – April 13, 2011 WhatsApp Previous articleMan arrested in connection with Donaldson murderNext articleCiaran McLaughlin to be co-opted onto Buncrana Town Council this evening News Highland Guidelines for reopening of hospitality sector publishedlast_img read more


Month: May 2021

first_img Need for issues with Mica redress scheme to be addressed raised in Seanad also Homepage BannerNews Previous articleKangaroo reportedly on the loose in Co TyroneNext articleLoughs Agency expresses concern after pig carcasses are discovered beside the Foyle admin Calls for maternity restrictions to be lifted at LUH By admin – May 15, 2015 RELATED ARTICLESMORE FROM AUTHOR A police investigation has been launched in Derry after an incident last night in which a number of men forced their way into a house in the Galliagh area.Just before 11 o’clock last night, five masked men, one of whom is believed have been armed with a gun, forced their way into a house at Bloomfield Park.After asking for an individual and checking the property they left. A woman in her 20s and a four-year-old child who were in the property at the time were uninjured.Police are appealing for information, with Chief Inspector Tony Callaghan urging anyone who was in that area at the time and saw anyone or any vehicles acting suspiciously to contact the PSNI. WhatsApp WhatsApp Pinterest Twitter Facebookcenter_img Twitter LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Almost 10,000 appointments cancelled in Saolta Hospital Group this week Guidelines for reopening of hospitality sector published Google+ Facebook Pinterest Google+ Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Child uninjured as masked men force their way into house in Galliaghlast_img read more


Month: May 2021

first_img Facebook RELATED ARTICLESMORE FROM AUTHOR HSE warns of ‘widespread cancellations’ of appointments next week Pinterest Man arrested on suspicion of drugs and criminal property offences in Derry €1.5 million spent on private ambulances at Letterkenny General since 2013 Facebook Homepage BannerNews By admin – July 24, 2015 WhatsApp Google+ Twittercenter_img Pinterest PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal 365 additional cases of Covid-19 in Republic Man arrested in Derry on suspicion of drugs and criminal property offences released The HSE has spent almost €1.5 million on private ambulances in Co Donegal.€1.47 million has been spent on operating these vehicles from Letterkenny General Hospital since the start of 2013.This is the despite the Saolta group establishing a hospital transport service for patients two years ago which was meant to see costs decrease.Donegal Deputy Padraig MacLochlain says he has serious concerns about the resourcing of the ambulance service:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/07/pad1pm.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Previous articleEd Sheeran trip departs Highland – PhotosNext articleJames Horan backing Fermanagh in Qualifier admin Twitter WhatsApp Google+ Dail to vote later on extending emergency Covid powers last_img read more


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