HSBC Head of Mortgage Raman Muralidharan Talks Reevaluation

first_imgFor people who want a different treatment, like maybe extending the missed payments out, as a balloon, to the end of the loan, that’s available. That’s available in a very streamlined way, with very limited or no documentation.There are other modification treatments like term extension, principle reduction, interest rate reduction, which all can be discussed on a case-by-case basis. And, again, our ability as a portfolio lender, who keeps our loans on our balance sheets, it just gives us a lot more flexibility to work with borrowers and find a way to always keep them in their home and do what’s right for them. Sign up for DS News Daily About Author: Mike Albanese The Week Ahead: Nearing the Forbearance Exit 2 days ago August 12, 2020 1,796 Views HSBC Head of Mortgage Raman Muralidharan Talks Reevaluation in Daily Dose, Featured, News, Print Features Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago As the head of mortgage, he’s responsible for the entire mortgage profit and loss, including sales, underwriting, fulfillment, servicing, and collections. At HSBC, he was previously the Head of Customer Value Management, Head of Intelligence and Chief Marketing Officer and Consumer in Mortgage Lending.Muralidharan spoke with DS News on how mortgage originators may reevaluate business operations. And how servicers can assist homeowners leaving forbearance plans.What can mortgage servicers do to assist homeowners exiting forbearance plans?We had numerous customers who called and asked for forbearance and we had a little bit of head start in helping them in the sense that us, like many others in the industry, already had forbearance programs in place, which we’d used before for natural disasters. We were able to take those programs, adapt them to the requirements of the CARES Act, and other things that are COVID specific, and really begin to use them. Working with our sub-servicer, we were able to field all customer calls, inquiries, whether they came in via mail, via call, digitally via the web, and we were able to make it easy for our customers to contact us and request forbearance. Customers who requested forbearance got it with no questions asked. Subscribe Home / Daily Dose / HSBC Head of Mortgage Raman Muralidharan Talks Reevaluation Tagged with: HSBC Raman Muralidharan Previous: Preparing for the End of Forbearance Next: RealtyTrac Names Rick Sharga EVP of Marketing The Best Markets For Residential Property Investors 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville.  Print This Post Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago How could COVID-19 cause mortgage originators to reevaluate business operations?We’ve been facing some unique challenges across the mortgage industry. As interest rates have come down, a lot of customers have looked to the industry to help us help them in this time, and lower payments by refinancing their mortgage. We’ve had a lot of volume but a lot of the things we do to serve that volume have gotten more complicated during the lockdown. It’s been harder to do appraisals. County offices have closed. Title searches have become more difficult. So, we’re trying to deal with both record volumes and difficulties in operations. A lot of us are working from home. So how do we make all that work? Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Editor’s note: This piece originally appeared in the August 2020 edition of DS News, now available.Raman Muralidharan, EVP and Head of Mortgage, HSBC has been with the bank for more than 16 years, has been Head of Mortgage for the past five years. HSBC Raman Muralidharan 2020-08-12 Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Our average answer times were within 10 to 20 seconds. Our abandonment rateswere two to 3%, so we did a lot better than the rest of our industry in helping people request forbearance, and we continue to do that. Now that we have the first set of people who request forbearance in March, coming to a 90-day point, where we’re checking in with them and seeing what next? We’re contacting these customers and having conversations with every one of them to figure out what is the best option for the customer. We work through this one customer at a time making sure that we’re offering the customer all the options that are appropriate for them.With some customers, it’s very appropriate to come out of forbearance and resume making payments. About 31% of our customers, who are on forbearance, have already been making, at least, one payment through the forbearance period. Many of them maybe ready to come out of forbearance and catch up. And that’s great, we’ll help them do that. For those who want to catch up, but do that over a period of a few months, say six to 12 months, over a repayment plan, that lets them do so.For others, people who want to extend their forbearance, the CARES Act allows you to extend your forbearance for a full year, and we’ll make that option available. Related Articles We needed to adapt and at HSBC, we’ve been able to do that very well. A lot of things have helped us. First, we’re largely a portfolio lender, which means we keep the loans we make, for the most part, on our balance sheet. And then we service them ourselves. We have a lot of flexibility in deciding how we originate and how we continue to serve our customers well through difficult times. We have flexibility on where we could, for example, use an alternative appraisal method—like a desktop appraisal. That has really helped us in being able to keep more of our loans on our books, and be more flexible, and be more nimble go forward.We’ve also had a focus on international mortgages, and we work with borrowers from all over the world. We’ve always been prepared, and had the infrastructure in place, to work with borrowers remotely, people who can’t meet with us face-to-face. All of that work, which we’ve done in building up our digital infrastructure, and letting borrowers interact with us digitally through a point of sales system, the one we have is Roostify, and through automated underwriting, et cetera, has really helped us transition very seamlessly into a remote work, work from home, environment.I think that has all helped us really deal with record volumes. I’m really pleased to say that, not only have we had record origination volumes through the past few months, we’ve also delivered a great customer experience. Our net promoter score, which is the method by which we measure customer experience, is at all time high levels. It’s over 60 for the month of May, and anything over 60 is considered world class. In June our NPS increased further to 70. The mortgage industry average is about a 38, so this has worked well for us, and I’m glad we’ve been able to help our customers at a time where they really needed help in lowering their payments.last_img read more

Read More →

UPDATE: Three youth charged in stabbing near Ithaca Commons

first_img ITHACA, N.Y. — Three people under the age of 17 have been charged with gang assault and assault after police say they stabbed someone near the Ithaca Commons multiple times Friday evening.A 24-year-old Ithaca resident was stabbed several times at about 6:30 p.m. Friday, Dec. 7 on the 100 block of North Cayuga Street. According to police, the man was bleeding “profusely from the face and back.” On Monday, Public Information Officer Jamie Williamson said the man remains in “critical but stable condition,” at a trauma center he was flown to.Police have arrested three individuals who are under 17. Due to their age and recent Raise the Age laws around youth offenders, Williamson said they cannot release the names or ages. They have been charged with first-degree gang assault and first-degree assault, both Class B felonies.Williamson said they worked with the Tompkins County District Attorney’s Office to navigate Raise the Age legislation, which raised the age of juvenile delinquency to 17 in October. Williamson said it was a learning process and impacted what information they can release, where the youth have to be arraigned, and where they can be interviewed. They have also been sent to different detention facilities based on their ages, Williamson said. Your Crime & Courts news is made possible with support from: A jacket in the area roped off behind tape on the 100 block of North Cayuga Street. (Photo by Jacob Mroczek/The Ithaca Voice)Police roped off an area of North Cayuga Street on Friday after the victim had been transported for medical care. (Photo by Jacob Mroczek/The Ithaca Voice)Police say they have not developed information on a motive, and the attack appears to be random. Williamson said have not developed information that would suggest the victim and attackers knew each other.Ithaca Police, Ithaca Fire and Bangs Ambulance responded to the scene just after 6:30 p.m. At 9 p.m., police were still on scene and had taped off an area on the 100 block of North Cayuga Street near the Clinton House, as well as the driveway beside the Clinton House. State police also assisted with the investigation.Williamson said officers and investigators “did a great job … to put the pieces of the puzzle together” and to make sure the victim received appropriate care. “In regards to the investigation, our officers worked so well in locating the suspects and navigating through these new Raise the Age laws.”The three suspects were arraigned in Ithaca City Court and are due back in court Dec. 10. Two subjects were remanded to a Juvenile Detention Facility and the other subject was remanded to a Specialized Secure Detention Facility. Kelsey O’Connor Tagged: crime, ithaca commons, raise the age, Stabbing Kelsey O’Connor is the managing editor for the Ithaca Voice. Questions? Story tips? Contact her at [email protected] and follow her on Twitter @bykelseyoconnor. More by Kelsey O’Connorlast_img read more

Read More →

South African man’s dream of flight comes true

first_img24 June 2015What came to Vusimuzi Mbatha in a dream turned into an exhilarating reality when he finally took to the skies in a helicopter today.From the passenger seat of the chopper, looking down on the Popo Molefe informal settlement outside Rustenburg that he calls home, he spoke of tasting freedom. “My dreams have come true. I never thought it would happen for me. I feel liberated,” he said after his flip.Mbatha was given a ride in a Bidvest Protea Coin chopper after the security group heard of his exploits.Before embarking on his 15-minute flight, Mbatha seemed unfazed by the crowd who had come to see his dream take flight.He captured the hearts of people around the country after news broke of the helicopter he built from bits of scrap metal, and his dream of one day flying his home-made aircraft. People who read his story made numerous pledges to help Mbatha realise his dream, saying what an inspiration he was.Taking flightToday, dressed in camouflage pants and a beanie, he showed little emotion as he walked around the yard where his hand-made chopper was parked outside his shack. He showed his creation to Bidvest Protea Coin and explained how he had imagined his aircraft taking off.Mbatha started building the helicopter in 2014. During a strike at the nearby platinum mines, he saw a chopper circling the area. Shortly afterwards, he began dreaming of flying and decided to build his own aircraft.Bidvest made his dream come true when they landed their own chopper on a dusty football pitch near Mbatha’s shack. “He is so lucky. Maybe they’ll even give him a job,” said one person in the excited crowd.Quiet manDescribed by residents as a quiet man who was always on his own, Mbatha walked to the chopper with his arms crossed over his chest, looking at his feet. His brother, Thamsanqa, who provided the isiXhosa translation, walked beside him.A hint of emotion finally showed on Mbatha’s face when George Tonking of Bidvest handed him his very own flying uniform – a blue overall with his name embroided on it. Mbatha beamed with pride as he was helped into his uniform.The crowd roared its approval and residents whipped out their cellphones to capture the moment as Mbatha posed in his flying gear. “Nothing like this has ever happened in this area. Never before have we seen a flying machine and today, someone we know and live with is going to be flying in one,” said a woman with a baby on her hip.The chopper took off and circled the area above the ululating, waving crowd. “This man has brought growth to this community,” said Israel Mamomane, adding that Mbatha was a role model for the youth.“He might not be very educated but he showed us that when you have wisdom, you can go far.”Local heroLuvuyo Maqwane, the ward councillor for the area, said Mbatha was a hero in the community. “He has left a legacy for the people of this area. People will now know of Popo Molefe.”But where to from here for Mbatha? After inspecting Mbatha’s homemade helicopter, Bidvest Protea Coin chief operations officer Waal de Waal said it “needed a bit more work” before it could take to the skies.The company has offered to help Mbatha land a job so he can earn an income and build not just a better helicopter, but a better future for himself.Source: News24Wirelast_img read more

Read More →

The Wallet Revolution [Infographic]

first_imgTags:#e-commerce fredric paul Money will never be the same. The rise of e-wallets, mobile payment services and e-coupons won’t put an end to old-fashioned money – though checks are quickly becoming an endangered species. But as e-payments become safer, cheaper, easier to use and more trusted, their use is expected to skyrocket. This ReadWrite infographic offers some key data points on the path to digital money. What it Takes to Build a Highly Secure FinTech … The Rise and Rise of Mobile Payment Technology Why IoT Apps are Eating Device Interfaces Related Posts Role of Mobile App Analytics In-App Engagement Infographic content by Michael Singer. Design by Richard Leeds, Images by Kate Francis.last_img read more

Read More →

Police: Venus Williams driving ‘lawfully’ at time of fatal crash

first_img(FILES) This file photo taken on June 2, 2017 shows US Venus Williams as she plays against Belgium’s Elise Mertens during their tennis match at the Roland Garros 2017 French Open in Paris. / AFP PHOTO / Lionel BONAVENTURENew evidence shows Venus Williams was driving “lawfully” when she was involved in a deadly car crash that sparked a lawsuit against the tennis star, police in Florida said Friday.An initial police report on the June 9 crash in Palm Beach Gardens described Williams as being “at fault” in the incident.ADVERTISEMENT Pagasa: Kammuri now a typhoon, may enter PAR by weekend On Friday, Palm Beach Gardens police issued a statement saying new video obtained of the collision showed that “the vehicle driven by Venus Williams lawfully entered the intersection on a circular green traffic signal, and attempted to travel north through the intersection to BallenIsles Drive.”She was forced to halt in the intersection when a south-bound vehicle turned in front of her, police said.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSWin or don’t eat: the Philippines’ poverty-driven, world-beating pool starsOnce that car passed, Williams began to proceed through the intersection, also in accordance with traffic laws.By that time, however, the light had changed and a vehicle driven by Linda Barson, traveling west on an intersecting street, collided with Williams’ car. Sports Related Videospowered by AdSparcRead Next China furious as Trump signs bills in support of Hong Kong Pagasa: Kammuri now a typhoon, may enter PAR by weekend Robredo: True leaders perform well despite having ‘uninspiring’ boss PLAY LIST 02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ Heat make it official, signing Waiters, Johnson and Olynyk Lacson: SEA Games fund put in foundation like ‘Napoles case’ MOST READ Barson’s husband, 78-year-old Jerome Barson, died on June 22 of injuries sustained in the crash.Barson’s family filed a lawsuit against Williams in Palm Beach County claiming she “negligently operated” her vehicle.She has not been cited for any violation, and police said Friday their investigation continues.Michael Steinger, a lawyer for the Barsons, said the video confirmed that Williams blocked his clients’ right of way.“The video released by the Palm Beach Gardens Police Department (PBGPD) continues to support the fact that Ms Williams remained in the intersection at a red light, violating the Barsons’ right of way,” Steinger said.ADVERTISEMENT LOOK: Jane De Leon meets fellow ‘Darna’ Marian Rivera Nikki Valdez rushes self to ER due to respiratory tract infection LATEST STORIES “There is nothing that disputes Ms Williams was in the intersection on a red light, and the witnesses clearly confirm the Barsons’ had a green light and lawfully entered the intersection.”Williams, 37, reached the last 16 at Wimbledon on Friday. Earlier in the week at the All England Club, she broke down in tears during a press conference when asked about the crash.Lawyers for both sides were in court on Friday in Palm Beach Gardens, where Williams’ attorney wanted a judge to set guidelines on how both parties could inspect the cars involved and retrieve data from on-board computers.Williams’ lawyer had obtained an emergency court order preventing the Barson family from unilaterally inspecting the vehicles. Another vape smoker nabbed in Lucena View comments Don’t miss out on the latest news and information. last_img read more

Read More →

Symmetry is essential for power network synchronization

More information: Takayuki Ishizaki et al, Graph-Theoretic Analysis of Power Systems, Proceedings of the IEEE (2018). DOI: 10.1109/JPROC.2018.2812298 Synchronized cluster of an aggregated model obtained by simultaneously integrating the two sets of symmetrical generator groups and buss (connection point) groups in Figure 1. According to Ohm’s law and Kirchhoff’s law, it is a mathematically and physically feasible aggregated model. Credit: Proceedings of the IEEE This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. Citation: Symmetry is essential for power network synchronization (2018, May 9) retrieved 18 July 2019 from https://phys.org/news/2018-05-symmetry-essential-power-network-synchronization.html A joint research team from Tokyo Institute of Technology (Tokyo Tech) and North Carolina State University has clarified the fundamental principles for achieving the synchronization of power generator groups in power networks, which is essential for the stable supply of electric power. Based on this principle, the team developed a method for constructing an aggregated model of a power network that can efficiently analyze and control the behavior of generator groups (including rotor phase angles and connection point voltages) with complex connection to a power grid. A power network consisting of four generators and six buses (connection points). Generators 1 and 2 and Buses 1 and 2 to which these are connected become a symmetrical network for Bus 5. Similarly, Generators 3 and 4 and Buses 3 and 4 become symmetrical for Bus 6. The two sets of symmetrical generator groups and buses are shown as Clusters 1 and 2. Credit: Proceedings of the IEEE Overview of Research AchievementAssistant Professor Takayuki Ishizaki, Professor Jun-ichi Imura of Tokyo Tech, and Associate Professor Aranya Chakrabortty of the NSF ERC FREEDM System Center at North Carolina State University worked on multiple studies including power network modeling, stability analysis, and stabilization control from the perspective of graph theory. They have clarified that the symmetry of the network in graph theory is the fundamental principle for realizing the synchronization of generator groups at thermal power plants integrated with power grids (connected to a network). Better power grid synchronization may enable smart grids to self-recover from failures Explore further The behavior of generators connected through a network in a power grid is represented by complex equations (differential algebraic equations) that combine differential equations and algebraic equations. The differential equations express “behavior of generators” derived from Newton’s second law of motion, and the algebraic equations express “power balance at power grid connection points” derived from Ohm’s law and Kirchhoff’s law. Analysis of these differential algebraic equations was generally performed by transformation into a mathematically equivalent differential equation through a simplification method called the Kron reduction. However, since the algebraic equation representing the power grid is eliminated by deleting the redundant variable representing the connection point voltage, it was not suitable for analyzing the relationship between the network structure of the power grid and the behavior of the generator.To resolve this issue, they analyzed the network structure of the power grid contained in the algebraic equations from the viewpoint of symmetry based on an understanding of graph theory. Specifically, by analyzing the behavior of the generator without eliminating the algebraic equations, they discovered that the symmetry of the power grid (Figure 1) is the basic principle for realizing synchronization of generator groups. In addition, based on a new idea of simultaneously integrating generator groups that show synchronous behavior and the power grid that couples these, it became possible to mathematically and physically construct a feasible aggregated model (Figure 2).It is expected that this achievement will result in a basis for developing analysis and control methods for realizing stable power supply to large and complex electric power systems. In the future, Professor Imura says that it aims to develop more complex electric power systems including converters, and to establish a theory to approximate the synchronization of generator groups.This research result was published in Proceedings of the IEEE on April 25, 2018. It is known that the synchronization phenomenon of generator groups such as at multiple thermal power plants is closely related to the stable supply of electric power. Specifically, if a generator is out of synchronization, that generator and its surrounding generators will not be able to operate stably, and in worst cases, serious accidents such as power outages can occur.In addition, energy problems caused by global warming and the depletion of fossil fuels have become more serious on a global scale. Therefore, from the viewpoint of reducing carbon dioxide and systematic use of energy, high expectations have been placed on renewable energy such as that typified by photovoltaic (PV) generation. When large-scale PV generation equipment and power storage equipment are introduced, in addition to power generation such as conventionally used thermal power, hydraulic power and nuclear power, it is necessary to consider power charge and discharge by PV-generated output and storage batteries in order to maintain equilibrium between supply and demand. However, the amount of power from PV generation fluctuates since there is uncertainty related to changes in weather and changes in solar radiation volume according to the time zone. This makes it more difficult to maintain the synchronization of generator groups. The need to analyze synchronization is greater than ever.With conventional analysis, a major approach is based on numerical simulation. There are no studies that theoretically clarify the basic principles for how to properly synchronize generator groups according to the network structure of power transmission. There is an urgent need to build a power supply and demand framework that efficiently utilizes power storage equipment to allow for the uncertainty of PV generation and demand predictions. Journal information: Proceedings of the IEEE Provided by Tokyo Institute of Technology read more

Read More →