May 31

Back in the Saddle

first_imgMontgomery’s ascension to the FHA’s top position wasn’t an easy one, to say the least. Despite his previous tenure as commissioner from 2005 to 2009—he served under Presidents George W. Bush and Barack Obama—his experience didn’t exactly make for the smooth second confirmation most would expect.His most recent Senate confirmation hearing? Montgomery said it was almost the complete opposite of his first one.“I’d been at the White House and I had already been vetted, so that side of it was fairly quick,” he said of his 2005 confirmation. “I was able to get through a process up on the Senate known as unanimous consent. I got through the committee without any objection.”The first time around, the process took a mere 60 to 65 days, he said. This time, the gap between Montgomery’s appointment— which took place in September 2017—and his eventual confirmation on May 23, 2018, was a whopping eight months. “I can’t imagine that the private sector functions that way,” he said. “We’re a $1.2 trillion book in single-family—$1.3 trillionif you add it all together. It’s critical for us to serve our mission, that we better interact with our partners out there, whether they’re lenders or servicers. There’s been some amazing technological advances in this industry over the last ve or 10 years, and we’ve mostly been left behind.”Still, it’s not just the agency itself that will benefit from technological- and process-related change within the FHA. Montgomery said the end goal is to help homebuyers, lenders, and servicers, too.“We don’t operate in a vacuum,” he said. “We have to operate through lender partners and servicing partners who, in turn, help citizens of our country who want to use FHA. So to the degree that we can wring out those inefficiencies and bring some sort of common sense improvements, I think that makes the process certainly better for the homeowner, maybe for the servicer, and, hopefully, for us.”Changes don’t happen overnight though. Modernization is on the agenda but, Montgomery said, “We can’t just wave a magic wand.”“It’s like turning the oil tanker around,” he said. “It’s lumbering and slow, but there’s some common sense things I think we can do that could at least signal to the folks out there that rely on us that we also rely on them—that we heard you and we’re going to make some changes.” Brian Montgomery Federal Housing Finance Agency FHFA HOUSING HUD mortgage Senate Housing Committee U.S. Department of Housing and Urban Development 2018-11-08 Rachel Williams After sitting vacant for more than four years, the role of Federal Housing Administration (FHA) Commissioner has finallybeen filled. Though there were temporary leaders during that time—Acting Commissioner Dana Wade and Senior Advisor Adolfo Marzol, for example—a presidentially appointed, Senate-confirmed commissioner hasn’t been at the helm since 2014. November 8, 2018 2,077 Views Montgomery likens the vacancy—as well as the now 4.5-year one currently afoot in the office of Public and Indian Housing—to a corporation without a CEO. Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago THE MISSING CEO HIS SIGHTS ARE SETWhen looking ahead, Montgomery said his goals for FHA are twofold: first, strengthen its capital and second, modernize the agency’s processes and technologies.On the former, Montgomery explained, “We have a responsibility to the taxpayers to help balance our mutual mortgage insurance fund and to keep us in an actuarially sound position,” he said. “So, ‘strengthen our capital’ is always tantamount to what we do. Managing our risk is always extremely important.”But xing the agency’s technology, which Montgomery said “has been there a long time,” could help in that regard, too.“Our technology was insufficient my last tenure and, by and large, that technology’s still there,” he said. “Fixing that allows us to not only bring some economy to the scale, but also to help wring out inefficiencies and ultimately actually save us money. This is something that was actually cited in an audit by the Office of Inspector General last year.”Some of the work has already begun. Under the last administration, Montgomery said FHA’s loan-review system, defect taxonomy, and electronic appraisal-delivery system were all overhauled.“Credit goes to them. ey also helped develop the FHA technology roadmap, which we’ve updated,” he said. “That will allow us to move generationally ahead. It hasn’t been done because of the expense, and that’s something I’m trying to do right now, working with Senate and House appropriators and authorizers to hopefully get FHA the money that it needs.”But there’s still room for improvement. As of June this year, FHA had 135 outages in its single-family systems. FHA Commissioner Brian Montgomery is back for round two, but he didn’t have an easy road getting there. Montgomery sits down with DS News to talk tech, strategy, and serving the American people.Editor’s Note: This feature originally appeared in the November issue of DS News, out now. The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post “My ethics agreement with HUD and the Office of Government Ethics spells out the limited circumstances under which I would be required to recuse myself,” Montgomery said. “It will not interfere with my ability to perform the duties of FHA Commissioner.”During Montgomery’s two-hour hearing, he discussed everything from the housing crisis and resulting underwriting standards to affordable rental housing and mortgage insurance.“Public service is an honor that I take very seriously, and if confirmed, I will do my best to, once again, further equal access to affordable rental, housing, and homeownership opportunities, and seek solutions to restore vitality to the housing market,” Montgomery told the Senate.He also lauded FHA’s performance during the housing crisis, which occurred during his first tenure as commissioner.“FHA played no role in the housing boom or the collapse, but it was FHA, quite frankly, that stepped in and provided more than a trillion dollars in mortgage liquidity that helped more than 8 million families purchase or retain their homes between 2008 and 2012, and I am extremely proud of the effort that the HUD career staff played in that role,” he said. “Putting an exclamation point on that role, one noted economist said in 2011, quote, ‘If FHA lending had not expanded after private mortgage lending collapsed, the housing market would have cratered, taking the economy with it.’’’When Montgomery was finally confirmed seven months later, HUD Secretary Dr. Ben Carson called to congratulate him.“Brian brings a wealth of housing knowledge and experience to HUD, having held this position in two previous administrations, and we are excited to welcome him back to the agency,” Carson said in a statement. “FHA’s work is critical to HUD’s mission of advancing sustainable homeownership opportunities and quality affordable housing for all Americans. Brian understands this better than anyone and will be ready on day one to address the challenges of today’s housing market.” Back in the Saddle Servicers Navigate the Post-Pandemic World 2 days ago About Author: Rachel Williams The Best Markets For Residential Property Investors 2 days agocenter_img It’s a problem that Brian Montgomery, who was officially confirmed to the position in May, said is doing the country a disservice.“At the end of the day, it’s the American people that lose out,” Montgomery said. “My position was vacant. There hadn’t been a confirmed FHA commissioner since October of 2014. That’s almost four years that position was vacant.” Data Provider Black Knight to Acquire Top of Mind 2 days ago “ That person is the de facto CEO. Could you imagine?” he asked. “ The Public and Indian Housing budget is $25 billion. The FHA budget is $10 to $11 billion. Can you imagine a $10- to $11 billion-dollar company not having a CEO for four years?”Still, the agency wasn’t without guidance during those four years, Montgomery said. He applauds the work of Wade and Marzol, saying they “did a great job”—especially given the difficulty nonconfirmed leaders face in government positions.“Once you have the Senate-confirmed person in the position, it’s much easier to get things done,” Montgomery said. “It’s never easy, but it’s much easier to get things done when the Senate-confirmed person is in there.” Ultimately, a Senate confirmation gives the commissioner more clout—more authority to get things done, Montgomery said. And at an agency that, as he calls it, is “the hallmark for first-time homebuyers,” getting things done is vital. Rachel Williams attended Texas Christian University (TCU), where she graduated with Magna Cum Laude with a dual Bachelor of Arts in English and History. Williams is a member of Phi Beta Kappa, widely recognized as the nation’s most prestigious honor society. Subsequent to graduating from TCU, Williams joined the Five Star Institute as an editorial intern, advancing to staff writer, associate editor and is currently the editor in chief and head of corporate communications. She has over a decade of editorial experience with a primary focus on the U.S. residential mortgage industry and financial markets. Williams resides in Dallas, Texas with her husband. She can be reached at [email protected] Related Articles Demand Propels Home Prices Upward 2 days ago Previous: Digitally Driven Next: The Industry Pulse Sign up for DS News Daily TAKING ON TERM NO. 2 FULL STEAM AHEADNow that the lengthy confirmation process has finally come to a close, Montgomery is plowing full steam ahead, working 12-hour days to steer the ship—and all that is inherent.Most of his time, Montgomery said, is spent in meetings. After all, he’s not just the head of FHA’s single-family unit. He’s also in chargeof the agency’s $90 billion-dollar multifamily portfolio and its $35 billion-dollar portfolio of healthcare facilities and nursing homes.“I’d say, probably, eight hours of my day is in meetings with my staff,” he said. “As you can imagine, there’s a lot of meetings discussing everything impacted within those different program offices.”There’s also the work Montgomery does with other groups—public housing, community planning, and development, etc., to name a few—as well as his speaking engagements and other public appearances, all of which are aimed to further the FHA’s goals and better its work with partner agencies and lenders.Montgomery even spoke at the recent Five Star Conference and sat down with the Mortgage Servicing Alliance to get input from the ‘boots on the ground,’ as he put it.“I like to think we need to hear from what’s happening from what I call ‘boots on the ground’—the day-to-day practitioners, whether it’s in default servicing, loss mitigation, origination, or property management,” he said. “While you can certainly hear that things aren’t working in Washington, D.C., I like to get out to the rest of the country, and this conference, in particular, has provided a great opportunity to do that. Whether it’s me speaking or, more importantly, me listening, I’m able to hear from the day-to-day FHA practitioners what’s working, what’s not working, what could work better, and how it could work better.” Share Save “FHA borrowers are somewhere between 81 to 83 percent first-time homebuyers,” he said. “It’s also been the hallmark of a lot of minority homebuyers.”Because of its unique ability to serve these cohorts—particularly minorities—the FHA is going to be of growing importance in the coming years, Montgomery said. He estimates that 70 percent of new homebuyers will be minorities in 20 years, with Latinos leading the pack in terms of FHA purchases.“We need to make sure FHA is there to help serve that market,” Montgomery said. “Not just for first-time homebuyers, but also to play the so-called counter-cyclical role that FHA has performed heroically several times in our nation’s past, especially after the housing market collapsed in 2007 and 2008, when FHA stepped in.” Subscribe “ This most recent time, the hearing was the complete opposite,” Montgomery said. “I’m the same person, right? Assistant secretaries and commissioners would typically go through unanimous consent. is go-around they’re doing the 30-hour rule for almost every nominee. That’s 30 hours of debate.”During his most recent Senate confirmation hearing, the Trump appointee faced opposition from Sens. Elizabeth Warren and Sherrod Brown, both who questioned his past work with The Collingwood Group—which helped some of the nation’s biggest lenders navigate programmatic and legal challenges. ey also called into question his ability to put aside potential conflicts—particularly with past Collingwood clients like U.S. Bank and Wells Fargo—should he be confirmed. Home / Daily Dose / Back in the Saddle Tagged with: Brian Montgomery Federal Housing Finance Agency FHFA HOUSING HUD mortgage Senate Housing Committee U.S. Department of Housing and Urban Development in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

May 18

Flash flood turns Maryland town’s Main Street into raging muddy river

first_imgiStock/Thinkstock(Ellicott City, Md.) — A small Maryland town’s Main Street metamorphosed into a raging muddy river on Saturday.Flash floods caused storefronts in Ellicott City, located just outside of Baltimore, to become engulfed by brown, soupy water from the nearby Patapsco River. Parked cars on the street slid and collided into each other.A state of emergency was declared by the state’s governor, Larry Hogan. Earlier in the day Maryland’s Howard County issued a flash flood emergency at around 4:45 p.m.Charlie Risselado, a waiter at Tersiguel’s restaurant, told ABC News in a phone interview that the rainstorm had flooded the basement.“Right now we have about 6 inches,” he said.Risselado said water had been “gushing out of windows” of some of the storefronts and “blasting through the fronts of these buildings.”“I’m losing power and I would like to take care of my staff,” he added.Two years ago another rainstorm killed two residents and significantly impacted local businesses.Some people in the town managed to record some of Mother Nature’s mayhem.Parked cars were reduced to air hockey pucks.The newly-formed street river can be seen on full display in this video.A view from the second floor of an antique shop shows the treacherous waters that used to be a street.Even first responders were turning away at this street intersection. Copyright © 2018, ABC Radio. All rights reserved.last_img read more

September 17

Parting shots: The Daily Orange’s preview of Syracuse and Georgetown’s final Dome meeting as Big East rivals

first_img Published on February 22, 2013 at 1:47 pm Syracuse and Georgetown meet for the final time in the Carrier dome as Big East rivals Saturday at 4 p.m. The game has already been announced as a sellout and will break the record for an on-campus college basketball crowd with 35,012 tickets sold. The two teams enter the game ranked in the top 15 in the country and tied for first in the Big East, so the game sets up to be a classic, like so many of the Orange and Hoyas’ meetings have been in the past.Pick up a copy of The Daily Orange’s preview of the game or read the stories online. Read about some of the historic moments of the rivalry, from the top games to the all-time starting lineups to a heated, physical matchup in the 1984 Big East championship. This year’s game, the first of two meetings between the teams, comes at a time when both teams are rising in the rankings. Read a column by sports editor Chris Iseman about the importance of the rivalry continuing beyond the Big East. And watch and listen to the students camping out at Boeheimburg waiting to attain prime seating for the historic matchup. Comments Facebook Twitter Google+center_img Related Stories Boiling over: Decades of controversy, heated battles define storied rivalry between Syracuse and GeorgetownGrudge match: Syracuse, Georgetown to square off in Carrier Dome for final time before Orange’s move to ACCVideo: Syracuse students camp out for the week at Boeheimburg ahead of SU-GeorgetownUnrivaled stars: All-time lineup of Syracuse-Georgetown rivalryIseman: Despite Syracuse’s move to ACC, rivalry with Georgetown should continuelast_img read more

August 30

Delasport – Sponsor Profile – #bofcon2017

first_img Delasport elevates online casino offering with Betsoft deal June 3, 2020 Delasport is sponsoring Betting on Football 2017, the fourth edition of the largest international football and betting trade conference at Chelsea FC’s Stamford Bridge.Ahead of the 3-5 May event, we spoke to Delasport Business Development Manager Ofir Shemesh about how the market is changing from a consumer perspective and how betting and football stakeholders can work more effectively together.SBC: From a consumer perspective, how is football betting changing?OS: In the age of instant gratification, consumers are overwhelmed with constant new services looking to convince them of their needs.From the most capable experts to the least interested recreational players, the amount of choices they have now is like none we’ve ever seen. A global phenomenon, football has transcended borders to bring to the table a shared passion. The same can be said for the changes happening on the betting front; we strive to bring you all the best and even least heard of events. Making sure that any player can jump into the action right from the get-go and not miss a beat. With a constant flow of major and minor leagues, coming from some of the farthest corners of the world. Today’s user knows that if they want it, they can find it.In a field that is one of the most open to change, players are yet to experience the best that we as providers have to offer and they anticipate it greatly. We are humbled and honoured in being able to give a hand into this vast industry’s development; we know we’ve made the right bet.SBC: How can betting & football stakeholders work better and more effectively together?OS: The needs and wants while continuously shifting tend to keep a single constant, direct accessibility. Compliance with most industry standards is what keeps bookmakers and clients keeping the fast pace to which they are accustomed, while still evolving the business in a chaotic but productive manner. As a collective, we all need to approach our development with an open and all-encompassing attitude. We ourselves believe that through constant innovation and dedicated effort we will manage to bring down the walls constraining the potential of conventional gaming. We are committed to setting new trends and reaching new heights in the world of online entertainment, while simultaneously paving the way for others to follow in the wake of our success.With knowledge applied from constant reworks and high standards, we are building the future of e-gaming experiences by laying its foundations on trust, innovation and excellence. SBC: What new technology do you feel will have the biggest impact on football betting?OS: The future is bright, lit and luminous. In the wake of the biggest technological advancement any generation of people have witnessed, all aspects of everything we do is changing for the best. With a flurry of new platforms and markets to explore we love the dynamic and proudly contribute to it heavily. Amongst other things, our attention is on new wearable computing wonders. Items that look to astound and fully mix in with current technology. An innovation like the Microsoft HoloLens truly shows the direction to which all service providers will need to adjust and conform. Augmented reality pieces will become highly accessible within the coming years and set a standard for performance for most and soon to be all software. Any business looking to strive with providing the highest quality service needs to be mindful and prepared. Football betting is a phenomenon in itself and will be requested across any and all platforms as soon as they are released. Delasport look to provide a competitive mobile experience with which a player can transition into a far more efficient routine. Our B2B services encompass all that is needed to make sure you are getting 100% value from your investment; this is done through a collective of several departments each specifically tailored to maximize and expand on any task given. Being able to handle all type of player volume, expanding into the unknown market, and maximizing profit for our clients, providing the utmost in marketing and hitting the niche of the business is how we can proudly call ourselves one of the top in the industry. SBC: What key agenda, debate or discussion do you want to hear at BOFCON 2017?OS: With a flurry of exciting content in the coming month it’s difficult to narrow down our favourites. We are looking forward to talks on risk management as we ourselves have experience and look to learn more the even more from the seasoned experts. With providing such a varied package of services, our attention will be on how we can best satisfy our investors’ needs and how we can build upon our B2B relations. Of course our sights are set to attend Thursday’s talks on Creative approach – innovation in football betting. As a company, Delasport strives to provide the most cutting edge in software and service we want to evaluate ourselves and expand our horizon vastly through the shared knowledge of our peers. Delasport agrees new partnership with BetOBet May 26, 2020 Related Articles Submit Share Share Delasport clients get access to Kiron’s BetMan RGS platform April 27, 2020 StumbleUponlast_img read more