Category Archives: Servicing

Harvard: Housing market slowdown will dampen renovation boom

American spending on home improvements and repairs has seen steady growth as the slow housing market has convinced many to stay put and renovate instead. But this growth is expected to slow in the coming year, according to a new report released by the Joint Center for Housing Studies of Harvard University.

Harvard’s Leading Indicator of Remodeling Activity predicts that residential remodeling expenditures will reach 7.7% this year – the highest level in a decade – but then shift to a downward trend in next year, falling to 6.6% by the third quarter of 2019.

Chris Herbert, managing director of the Joint Center for Housing Studies, explained that while remodeling activity will still be strong, it will be tempered by rising interest rates and low home sales activity. This is because homebuyers represent a portion of those who spend money to renovate.

“Low for-sale inventories are presenting a headwind because home sales tend to spur investments in remodeling and repair both before a sale and in the years following,” Herbert said.

But while the housing market’s slowdown may dampen renovation spending, it will still remain strong.

“Even so, many other remodeling market indicators including home prices, permit activity, and retail sales of building materials continue to strengthen and will support above-average gains in spending next year,” says Abbe Will, associate project director in the Remodeling Futures Program at the Joint Center.

“Through the third quarter of 2019, annual expenditures for residential improvements and repairs by homeowners is still expected to grow to over $350 billion nationally,” Will added.

Article source: https://www.housingwire.com/articles/47172-harvard-housing-market-slowdown-will-dampen-renovation-boom

CBCInnovis announces partnership with Floify

CBCInnovis, a provider of credit and data verification, recently announced it will utilize Floify’s point-of-sale technology to facilitate the processing of its credit reports.

“The credit reporting integration we developed hand-in-hand with CBCInnovis has created a comprehensive, seamless loan process for our mutual customers by helping to efficiently facilitate the processing of CBCInnovis credit reports,” Floify CEO Dave Sims said in a statement.

“We are excited to work with CBCInnovis to continue our efforts to centralize mortgage document collection in a single system, which improves the efficiency and experience of the home buying process for both lenders and borrowers,” Sims added.

Upon submission of a loan application, CBCInnovis customers will be able to automatically collect a borrower’s single, dual or tri-merge credit report using data from all three of the nationwide consumer reporting agencies, according to a release.

The company says that the availability of this data will enable lenders to better determine the likelihood of a borrower fulfilling the terms of their loan.

“CBCInnovis is excited to announce our integration with Floify,” CBCInnovis Senior Vice President Ken Viviano said. “We strive to align ourselves with technologies that streamline lender workflows and increase efficiencies; this new integration with Floify is a step toward that important goal.”

CBCInnovis isn’t the only company utilizing Floify’s solutions.

Earlier this week, Floify announced a partnership with AFR Wholesale.  

AFR’s partnership with Floify aims to reduce origination time and increase broker productivity. According to a release, Floify’s POS platform can save up to 15 hours of processing time per loan.

Article source: https://www.housingwire.com/articles/47164-cbcinnovis-announces-partnership-with-floify

Navy Federal Credit Union names Mary McDuffie president and CEO

Navy Federal Credit Union is about to have a new leader.

The world’s largest credit union announced Thursday that it is promoting Mary McDuffie to serve as its new president and CEO. Previously, McDuffie served as the credit union’s chief operating officer.

McDuffie has been with Navy Federal since 1999, serving in a variety of executive roles. Previously, McDuffie served as Navy Federal’s executive vice president of delivery channels and communications.

In this role, McDuffie led the expansion of the credit union’s marketing efforts and launched Navy Federal’s mobile banking initiative.

Earlier in her career, McDuffie served as senior vice president of marketing for Star Systems and as a senior manager at J. Walter Thompson, a multinational communications company.

McDuffie will officially take over as president and CEO in January 2019, following the retirement of Cutler Dawson, who is leaving the organization after 14 years.

“Mary McDuffie is a talented and proven leader,” Navy Federal Board of Directors Chairman John Lockard said. “Mary understands our mission of member service. There is no other person more qualified for this role and no other could be as dedicated in our mission to serve our members.”

Article source: https://www.housingwire.com/articles/47165-navy-federal-credit-union-names-mary-mcduffie-president-and-ceo

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