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August 17, 2019
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bmi wins Best Short Haul Leisure Airline in Condé Nast Readers

first_imgSource = Discover the World Marketing / bmi bmi is delighted to be the recipient of a Condé Nast Traveller Readers’ Award in this year’s awards, presented last week at the Royal Institution, London.  bmi won the award for Best Short-haul Leisure Airline, against stiff competition from Swiss International Air Lines, British Airways and KLM.The Condé Nast Traveller Readers’ Awards have been running since 2001 and are voted for by readers of the popular aspirational travel magazine.  In the voting this year readers particularly praised the bmi for its child-friendliness and value for money.  The airline scored a total of 87.37% in this category and was also a runner up in the Best Business Airline award.Commenting on the win, Dominic Paul, bmi’s Managing Director today said, ‘We are delighted to be recognised by the discerning readers of Condé Nast Traveller as offering a quality leisure product and we are very proud of our win.  It is great that our child-friendliness and value are acknowledged.’  For more information flybmi.comlast_img read more

August 17, 2019
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New Premier backs NSW tourism at ATE

first_imgSource = e-Travel Blackboard: M.H Greater Sydney Partnership chair Patricia Forsythe and Tourism NSW general manager Lyndel Gray NSW Premier Barry O’Farrell addresses guestscenter_img He may have been in power for little over a week, but new NSW Premier Barry O’Farrell has wasted no time in committing to the development of tourism in the state, announcing the formation of “Destination NSW”. “A new tourism body will be created called Destination NSW, which will bring together the expertise of Tourism NSW and Events NSW so that we have one body charged with marketing this state to interstate and international visitors,” Mr O’Farrell told guests at ATE’s Tourism NSW-hosted lunch. According to the Premier, Destination NSW will be required to “work closely with all industry partners to promote and market tourism and events” and will receive an additional AU$40 million in funding “to promote NSW tourism’s profile”.     Mr O’Farrell went on to stress the need for collaboration between government and industry, a partnership imperative to the goals of doubling state tourism by 2020. “Not all wisdom resides in government,” Mr O’Farrell said.“We need to listen more and work in partnership with those who do it day in-day out.”Talking to the importance of events in the state, the Premier said “for every million dollars spent on events in NSW”, almost “six million dollars in return” was delivered into the state’s economy. At a media presentation preceding the lunch, Greater Sydney Partnership chair Patricia Forsythe outlined plans for a “new Sydney”, speaking of the AU$6 billion development at Barangaroo, the redevelopment of Star City, a new exhibition and convention centre, and a southern hemisphere-first Frank Gehry building at UTS.“This is a story about people putting their faith in Sydney with multi-billion dollar investments,” Ms Forsythe said.last_img read more

August 17, 2019
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Agents clients only a message away with TripCase

first_imgOffering agents a means to stay in touch with travelling clients, Sabre Pacific has announced it will add a new messaging component to its TripCase app.As part of the application’s 2012 redesign, the company said in addition to the already launched integration into the Sabre GDS, it will also add an agency messaging portal that will offer consultants a means to distribute notifications and manage travel disruptions to travelling clients. Speaking at a media update, Sabre Pacific general manager, product and sales for Australia and New Zealand Carl Frier explained the new interface, to be unveiled later this year, will serve as a “total travel solution” and a means for agents to “manage engagement with travellers from the beginning to the end”.Mr Frier said with the usage growth of smart phones continuously expanding across the South Pacific, the company’s product adjustments and additions would serve to not only benefit clients but the company’s commitment to adapting “quickly and efficiently” for its partners.“Around the world, mobile devices have become part of people’s everyday lives and, as an industry, we have just scratched the surface in leveraging the power, reach and opportunity they represent,” Mr Frier said.  “As mobile devices evolve, we will continue to develop new innovative services and make them available through the TripCase web and mobile platform.” Other adjustments to the product include a new web version to serve as the traveller’s home base, a hidden but accessible menu on the left with important features and information, multiple itinerary view options, a separation of trips by past and present as well as branded messages from agencies, corporations and suppliers.“What makes TripCase unique is how we are able to anticipate travellers’ needs to make the overall travel experience better,” the GM of product added. “The new look and feel dramatically improves the experience of using TripCase and lays the foundation for us to develop new innovative features that are even more intuitive for the traveller.”The technology Group also unveiled a new-look to its Sabre Online product and announced a boost in local development to build programs and products that best match the needs of local agencies and partners.Click here to find out how Sabre is helping agents master their own destiny. Source = e-Travel Blackboard: N.Jlast_img read more

August 17, 2019
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CaPTA Announces Staff Excellence Of The Year Award

first_imgLocal tourism operator The CaPTA Group has recognised the outstanding efforts of its employees with the announcement of its annual Staff Excellence Of The Year Award Winner for 2012-13.Melinda Nikolich from Australian Butterfly Sanctuary was selected as the overall winner out of 5 grand finalists from approximately 200 employees across 7 companies.Mel, who initially started on the admissions/souvenir counter at the attraction 15 years ago, has more recently trained as a tour guide, also learning all the background on pupa management.Ms Nikolich won a substantial cash prize at a special dinner at the Pullman Cairns International on Friday 10th May, attended by 60 people including senior management and monthly staff excellence winners from each of the companies.All grand finalists received a night’s accommodation to attend the dinner, as well as Green Island passes for 4 people kindly donated by guest judge Paula Wallace from Big Cat Green Island Cruises.CaPTA Chairman Charles Woodward said with this being the 7th year of the awards, with Mel’s win there has now been an annual winner from each company.“Recognising, acknowledging and rewarding outstanding service is vital to motivate and inspire staff and we’re proud to now have had a winner from each company across the group,” he said.“Congratulations to all of our finalists, and of course, Mel – this award really is testament to how dedicated she has been working for us over the past 15 years, and how much we value and appreciate her contribution.”The CaPTA Group is locally owned and operated by the Woodward family of Cairns, consisting of Rainforestation Nature Park, Tropic Wings Coach Tours, Jungle Tours, The Wildlife Habitat, Cairns ZOOm & Wildlife Dome and Australian Butterfly Sanctuary. L-R: Finalists CharmaineMcIntyre, Greg Slade, GarthBillam, with Pip Woodward,Melinda Nikolich, CharlesWoodward, and CaPTAFinalist Brad Dowley.   Source = CaPTAcenter_img L-R: CaPTA Owners Charles &Pip Woodward with Mel Nikolichand guest judge Paula Wallacefrom Big Cat.last_img read more

August 17, 2019
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Dubai Airport continues doubledigit growth pattern

first_imgMaintains its titles as secondbusiest airport for int’l passengers. Source = ETB News: NJ Dubai Airport chief executive Paul Griffiths said it was also the airport’s tenth consecutive month of double-digit growth and expects it to get busier as Ramadan and summer approaches. According to a Dubai Airports traffic report, the international gateway experienced an 18.9 percent growth in passengers numbers recorded from 4.3 million in May 2012 to 5.2 million in May 2013. In addition, May was also the sixth consecutive month the airport recorded passenger numbers exceeding five million, while the year-to-date traffic is up 16.8 percent to 27.1 million compared to 23.2 million during the first five months of 2012. Dubai International Airport has showcased why it is the second busiest airport for international passengers, with double-digit growth in passenger movements during May this year compared to last year. India remained the top destination country in terms of total passenger numbers for the month, while in terms of percentage growth in passenger numbers Eastern Europe remained the strongest market.last_img read more

August 17, 2019
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Visa application fees on the rise

first_imgAustralian Government announces increase to majority of visa application charges. The Australian Government has announced further increases to visa application fees.The majority of visa application charges will increase by 15 percent from 1 September 2013, according to changes announced in the recent Federal Budget.The only visas exempt from the fee rise are student visas and visitor visas.The price hike comes on top of considerable fee increases introduced on 1 July 2013, which in some cases doubled or even tripled the cost of visa applications.The increases are set to raise AU$542 million over the next 4 years, according to research by Acacia Immigration Australia.Source = ETB News: P.T.last_img

August 17, 2019
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NSW tops tourism awards

first_img“This outstanding result proves our tourism industry is delivering world class products and services to people who visit Sydney and NSW,” the NSW minister for tourism, George Souris said. The 2013 Qantas Australian Tourism Awards were celebrated at a lavish ceremony held at Sydney’s Luna Park. “These achievements prove the NSW Government’s commitment to tourism, which is worth AUD $27.5 billion annually and supports one in every 20 jobs in the State, is well worth the focus we are putting into this vital industry.” NSW tourism businesses and organisations took top honours, winning eight gold awards as well as eight silvers and five bronze awards at the 2013 Qantas Australian Tourism Awards, held on Saturday 8 February.center_img Source = ETB News: T.N. “The Qantas Australian Tourism Awards provides the benchmark for best practice within the tourism industry and acknowledges the hard work of individuals and organisations who strive for excellence,” destination for NSW chief executive officer, Sandra Chipchase said.last_img read more

August 17, 2019
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Adelaide Airport to build Australias largest airport rooftop solar sy

first_imgAdelaide Airport to build Australia’s largest airport rooftop solar systemAdelaide Airport today announced it will build the largest airport rooftop solar power system in Australia, further enhancing its reputation as a leader in environmental sustainability.The 1.17MW system, to be built on the short term car park roof by Solgen Energy, will reduce Adelaide Airport Ltd’s energy consumption and carbon emissions by close to 10 per cent.It will be the largest private-sector solar system in South Australia and will be more than 10 times larger than the airport’s existing system, bringing the total rooftop solar capacity to 1.28MW.Adelaide Airport Managing Director, Mark Young, said the solar system, made up of 4,500 panels, will be big enough to power the equivalent of more than 300 homes.“Adelaide Airport is again proud to be an aviation industry leader in sustainability,” Mr Young said.“This solar system significantly reduces our energy consumption, while assisting the State Government in achieving its renewable energy targets.“Earlier this year we became the first airport in Australia to be recognised by the global Airport Carbon Accreditation program for optimising our management and reduction of carbon emissions.“Adelaide Airport’s vision is to be a top tier airport business centre in the Asia Pacific region, and further improving our environmental credentials is a key part of this vision.”Solgen Energy Director, David Naismith, said that the Adelaide Airport solar power system is an exciting project for the industry.“This project further demonstrates the growing uptake of solar power as an integral part of any business’s energy mix, irrespective of industry.”“Working within Adelaide Airport’s site constraints we engineered a bespoke solution to solve the delicate balance of optimising power output, while delivering a robust business case.”“We’re excited about our partnership with Adelaide Airport to deliver a project that provides a cornerstone to the Airport’s environmental objectives showcased across 8,000 square meters of rooftop.” Mr Naismith said.Adelaide Airport first installed solar panels on the roof of its domestic and international terminal in 2007.Construction on the new solar system is expected to start in December and be completed by April 2016. Adelaide AirportSource = Adelaide Airportlast_img read more

August 17, 2019
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FREE 3 night Dubai stopover with Collette

first_img Collettediscover more here Go Collettemake your enquiries here Collette AustraliaFREE 3 night Dubai stopover with ColletteBook a Southern Africa tour and we will include three nights in Dubai complimentary.Combine Spectacular South Africa, a 13 day tour tapping into South Africa’s harmonious mix of cultures, cosmopolitan cities, magnificent wildlife and wine country. Add a four day Dubai stopover for a complete value packed adventure.From $3,534 per person land only.The 13 day small group ‘Exploring Southern Africa, Victoria Falls & Botswana’ with Collette provides guests with seven wildlife safaris and much more and they can experience Dubai for free!Offer available on select dates, call 1300 792 195 now for details.About ColletteTrue adventures go beyond incredible destinations or inclusive packages. Collette delivers a sense of possibility across hundreds of destinations across the world.Since 1918, we have been sharing our love of travel. Today our worldwide travel collection features comprehensive land tours, river cruises, rail journeys, small group tours, garden holidays and more. With Collette, wake each morning on tour with a new experience in front of you, and when your head hits the pillow, you will know it has been an amazing day. Best of all – we seamlessly handle the details. All you have to do is enjoy the adventure. Source = Go Collette Australialast_img read more

August 17, 2019
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2017 starts with a bang – TravelManagers celebrate record sales

first_img2017 starts with a Bang – TravelManagers celebrate record sales month Executive General Manager – Michael Gazal2017 starts with a bang – TravelManagers celebrate record sales monthTravelManagers celebrate a record start to 2017 as their personal travel managers produce a new all-time sales revenue record. Sales for the month of February was 13% higher than the previous best month of sales, achieved a year ago in February 2016.TravelManagers’ Executive General Manager Michael Gazal is quick to point out with significant product discounting, this sales milestone is even more of an achievement worth celebrating.“The 13% growth in February’s month on month sales is technically underestimated. Significant airfare discounting has been driven by capacity growth which has affected the value of booking transactions and its impact on year-on-year sales comparisons.”Gazal further adds, “Sales reductions have not solely been limited to airfare discounting. Prevailing market conditions has resulted in substantial price reductions being experienced across many categories of travel products. Prices were definitely higher during February 2016, which really highlights a strong increase in our total transaction numbers and demand for the personal travel manager model. Average personal travel manager productivity has improved and the record sales underline the strength, relevance and diversity of TravelManagers product and service offerings.”The record month is not in isolation, TravelManagers report year to date, overall sales are ahead by 12% on 2016.“This is our strongest start to a year in history. We’re thrilled with these results as it shows personal service is still extremely important in a growing technological world. The professionalism and calibre of our 500 plus personal travel managers who focus on service and genuinely looking out for what is in their clients’ best interests,” says Gazal.Gazal sees the results as proof the TravelManagers business model is robust and confident and that consumer demand for the personal travel manager concept is strong.“When you’re dealing with a personal travel manager you’re dealing with the boss. They’re local, motivated and well informed. That’s why they’re proving to be so popular with clients and TravelManagers is winning market share due to strong referrals from past and present clients. Providing individual tailor made experiences, and having your own personal travel manager is what sets a personal travel manager apart from a traditional travel agent and its evident this is what Australians are now looking for.”Gazal highlights that the personal travel manager model is also attractive to travel consultants.“Despite the financial impact of the current reduction in the price of many travel products the TravelManagers’ business model continues to provide personal travel manager certainty. We’re expecting these sales figures to further cement our standing in the industry and we are also expecting more interest in our business model from travel agency owner/managers looking to lower their operating costs and improve their income. They work under their own steam, when and where they choose, in addition to the remuneration being very attractive.”TravelManagers dominance continues as Australia’s premium travel network.“Travellers are aware of the success of the personal travel manager concept and with our continued growth we’re going to need more people to meet demand,” says Gazal.For more information or to speak to someone confidentially about TravelManagers please contact Suzanne Laister on 1800 019 599.About TravelManagersTravelManagers operates in all Australian States and is a wholly owned subsidiary of House of Travel, Australasia’s largest independent travel company which has a forecast turnover of $1.5 billion for 2015. TravelManagers is a sister company to Hoot Holidays, also owned by House of Travel, and has more than 500 personal travel managers throughout Australia with a dedicated support team at the company’s national partnership office in Sydney. TravelManagers places all customer money in a dedicated and audited Client Trust Account which is separate from the general business accounts, ensuring client funds are only used for client purchases.last_img read more

August 17, 2019
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AccorHotels selects IDeaS to deliver advanced revenue strategy for its

first_imgAccorHotels selects IDeaS to deliver advanced revenue strategy for its networkAccorHotels Group and IDeaS Revenue Solutions have announced a partnership that will enable the AccorHotels Group’s properties to rely on IDeaS’ revenue optimisation expertise. IDeaS, the leading provider of automated revenue management capabilities, is one of the most trusted hospitality technology solution providers in the world, working with more than 9,000 properties.With IDeaS, each AccorHotels property will be able to intelligently price rooms through the use of advanced SAS® analytics and the IDeaS suite of user-friendly, cloud-based technology.By integrating thousands of hotel and external market data points into its analytics engine, the IDeaS G3 Revenue Management System (RMS) platform automatically evaluates demand fluctuations and competitive changes to deploy optimal pricing and inventory control decisions. It also offers comprehensive interactive dashboards and reporting tools to help hotels achieve maximum profitability.“Partnering with AccorHotels exemplifies IDeaS’ robust capabilities and our ability to drive better revenue for budget hotels, luxury brands and everything in between,” said Sanjay Nagalia, chief operating officer for IDeaS. “We are excited to show AccorHotels the impact our automated revenue management technology can have at each hotel and to the business as a whole.”AccorHotels’ 20 hotel brands will have the option to implement IDeaS’ advanced revenue management solutions, which include IDeaS G3 RMS, IDeaS Function Space Revenue Management and other related solutions.“IDeaS’ range of affordable solutions and capabilities for all our hotels is what attracted us toward this partnership, and we are confident the resulting implementations will help our investors enjoy the highest possible returns on their investments,” said Fabrice Otano, chief data officer for AccorHotels.“The SAS analytics behind IDeaS G3 RMS bring a superior dimension to the relationship, and we are eager to see how their proven analytics can optimise pricing and bottom-line revenue.” IDeas Revenue SolutionsSource = IDeas Revenue Solutionslast_img read more

August 17, 2019
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THAI Welcomes HRH Princess Ubolratana Rajakanya

first_imgTHAI Welcomes HRH Princess Ubolratana RajakanyaTHAI Welcomes HRH Princess Ubolratana Rajakanya at ITB 2019Her Royal Highness Princess Ubolratana Rajakanya (center) recently visited the Thai Airways International Public Company Limited (THAI)’s promotional booth at International Tourism Borse (ITB)’s Thai Pavilion, Berlin Expo Center City (Messe) and was welcomed by Mr. Ekniti Nitithanprapas (third from left, front row), THAI Chairman of the Board of Directors and Mr. Sumeth Damrongchaitham (third from right, front row), THAI President, together with THAI Management and staff from Head Office, Frankfurt and Munich. This year, THAI’s promotional booth was decorated under the concept “The best rest is an uninterrupted one” – Fly THAI to Thailand, enjoy a proper rest, arrive refreshed and ready for business or pleasure, which has been visited by a lot of visitors and media.ITB Berlin is the world’s largest tourism convention that provides unique opportunities as the world leading travel trade show of the global tourism industry. In addition to very high exhibitor satisfaction, the large figures offer proofs that this is where supply meets demand.Seen in photo are Mr. Jesada Chandrema (first left, front row), THAI Regional Director, Europe; Mr. Wiwat Piyawiroj (second from left, front row), Executive Vice President, Commercial; Mrs. Theerasin Saengrungsri, (second from right, front row), Vice President, Corporate Image & Communications; Mr. Kittiphong Sansomboon (first right, front row), Director, Brand and Advertising; Mr. Matthias Horn (second from left, back row), THAI District Sales Manager, Germany, Austria & Eastern Europe; Mr. Patapong na Nakorn (third from left, back row), THAI General Manager, Germany; Mr. Thongchai Tungkasareeruk (third from right, back row), THAI General Manager, Munich; Mr. Pongpicha Wilaichon (second from right, back row), Assistance to General Manager Germany.Source = THAIlast_img read more

August 16, 2019
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Andhra Pradesh attracts 12183 lakh tourists in 2015

first_imgThe sunrise state of Andhra Pradesh, blessed with unique temples, enriched with pristine beaches, stunning hill stations, and scenic backwaters, continued to mesmerise millions of tourists across the globe by registering 1218.3 lakh tourist arrivals in 2015.Domestic footfalls to the state increased to 1218.3 lakh in 2015 as against 933 lakh in 2014, thereby registering a growth of 30%.Neerabh Kumar Prasad, IAS, Principal Secretary to Government, Tourism & Culture said, “In our endeavour to make Andhra Pradesh as India’s most preferred tourist destination, this data comes to us as a great encouragement. Under the leadership of our Chief Minister, N Chandrababu Naidu and with a focused strategy in place, we are hopeful of this growth momentum to be replicated year after year going forward. We will continue to invest and focus on developing tourism in Andhra Pradesh of global standard.”Anantapur district which houses the famous Puttaparthi and Lord Veerbhadra temple at Lepakshi became the most visited destination by foreign tourists with a footfall of 1.37 lakh foreigners.Among international tourist arrivals, 2.37 lakh tourists visited the state during the year 2015 as against 66,333 visited in 2014. The majority of the foreign tourists were from the Southeast Asian countries such as Singapore, Malaysia, and Middle East countries such as Dubai among others.Dr R P Khajuria, IFS, Commissioner, Department of Tourism said, “Andhra Pradesh is one of the few states in India, which has such a rich diversity in terms of tourism and has the capacity to attract tourists across all age groups. The potential that lays ahead for the state is vast and these numbers are testimonials to the fact that increasing number of tourists both in India and abroad are realising what the state can offer.”Andhra Pradesh also witnessed a large number of footfalls from business travellers owing to its strong focus on being an ideal investment destination and creating a conducive environment for doing business.last_img read more

August 16, 2019
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Philippines gears up for its annual Masskara Festival

first_imgThe MassKara Festival is one of the most celebrated annual events of the Philippines that reflect the love for entertainment and gaiety. It is set to take place on October 19 in order to celebrate the founding anniversary of Bacolod City.The name of the MassKara Festival is derived from the words ‘mass’ that means crowd and ‘kara’ that is a local word that translated to ‘face’. During the festival, the locals of the city are seeing donning colourful smiling masks demonstrating a multitude of smiling faces and backing Bacolod’s title of the ‘City of Smiles’.The highlights of the much-celebrated festival include carnivals, float parades, fairs and a mardi-gras style by costumed and masked street dancers. The festival’s history lies back in 1980 when the villagers in Bacolod were under the clutches of an economic crisis. In order to stand up against the sorrow, the villagers started celebrating the festival of smiles, MassKara, in hope of staying strong even during the hardest moments in life.A large crowd of travellers book their tickets to the Philippines during the destination’s festival dates just to participate in street dancing and carnivals with the locals.last_img read more

August 15, 2019
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HUD Reaches 202M Settlement With Deutsche Bank

first_img Agents & Brokers Attorneys & Title Companies FHA HUD Lenders & Servicers Processing Service Providers 2012-05-10 Ryan Schuette HUD announced Thursday that it reached a $202 million settlement with “”Deutsche Bank””:https://www.db.com/us/ and Mortgageit over allegations of misconduct and false certifications with a government lender program.[IMAGE][COLUMN_BREAK]The agency said that Mortgageit acknowledged and accepted responsibility for false certifications it submitted to HUD in order to gain from a direct lender program under the “”Federal Housing Administration””:http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory (FHA).For its part, Deutsche Bank admitted wrongdoing by failing to account for Mortgageit’s activities before it made the decision to close down the unit in 2008.The administration filed suit under the False Claims Act and U.S. District Judge Lewis Kaplan approved it.Manhattan U.S. Attorney “”Preet Bharara””:http://www.justice.gov/usao/nys/ said in a statement that the institutions “”treated FHA insurance as free Government money to backstop lending practices that did not follow the rules…. Their failure to meet these requirements caused substantial losses to the Government ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô losses that could have and should have been avoided.””A civil crimes unit helmed by Bharara’s office will oversee the settlement as it moves forward. May 10, 2012 419 Views HUD Reaches $202M Settlement With Deutsche Bankcenter_img in Government, Origination, Servicing Sharelast_img read more

August 15, 2019
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VIP Brings Top Talent to Tucson Branch

first_img Three “”stand-out mortgage professionals”” are now serving the Tucson, Arizona community at “”V.I.P. Mortgage, Inc””:http://www.vipmtginc.com/. [IMAGE]Carlos Gonzalez joined the Tucson branch as a loan officer. Gonzalez has an extensive financial and mortgage background, including time spent working in both commercial lending and investor relations. Having spent his childhood in both Mexico and the United States, he has familiarity with English and Spanish and will help V.I.P. serve the city’s substantial Latino population.A longtime resident of Tucson, Meg Swain is involved in a variety of mortgage and business boards and organizations, including the Southern Arizona Mortgage Lenders Association, the National Association of Women Business Owners, and AZ Small Businesses. In addition, Swain is involved with the Boys and Girls Club and National Charity League. V.I.P. celebrates her as an “”industry leader”” with “”out-of-the-box creative thinking.””Tina Steele is an 18-year industry vet and a specialist in reverse mortgages who possesses a special talent for explaining the complex reverse mortgage program to potential clients. Her strong suit is forging personal connections with reverse mortgage customers.””With nearly 50 employees–many of whom hold deep roots here in Old Pueblo–we are definitely on pace to fund double the amount of loans as last year, shaping up to be our best year yet,”” said Jim Kaiser, branch manager in Tucson. “”Each of these individuals adds such strong support in their respective niche; we are incredibly excited to have all of them on board.”” Agents & Brokers Attorneys & Title Companies Investors Lenders & Servicers Movers & Shakers Processing Service Providers 2012-10-29 Tory Barringer in Data, Government, Origination, Secondary Market, Servicing V.I.P. Brings Top Talent to Tucson Branchcenter_img October 29, 2012 377 Views Sharelast_img read more

August 15, 2019
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FHFA Shifts Goals to Support LowIncome Borrowers

first_img Fannie Mae FHFA Freddie Mac 2014-09-02 Seth Welborn in Daily Dose, Government, Headlines, News, Secondary Market September 2, 2014 450 Views Sharecenter_img FHFA Shifts Goals to Support Low-Income Borrowers The Federal Housing Finance Agency (FHFA) proposed last week a rule to establish new housing goals for 2015 through 2017 for Fannie Mae and Freddie Mac.The FHFA is required by the Housing and Economic Recovery Act to establish new housing goals annually for the GSEs, and the current rule expires at the end of 2014.For single-family housing goals for 2015 through 2017, FHFA requests comment on three alternative approaches. The first alternative involves using Home Mortgage Disclosure Act data to calculate both a prospective benchmark level and a retrospective market measure; the second alternative involves setting only benchmark levels; and the third involves setting only the retrospective market level measure.Under the first alternative, prospective benchmarks for the percentage of all single-family purchases would remain at their current levels of 23 percent for low-income families and 7 percent for very low-income families for 2015 through 2017, encouraging the GSEs to promote more “safe and sound lending” to low-income borrowers, according to FHFA.Under the second alternative, single-family benchmark levels would be lower than the levels that have been proposed; and under the third alternative, prospective benchmark levels would not be set.For multifamily housing, a subgoal would be established in an effort to make it easier for low-income families to afford smaller properties (those with five to 50 units).Under the proposed rule, Fannie Mae’s benchmark levels for the number of multifamily housing units will remain at their current levels of 250,000 units for low-income families and at 60,000 for very low-income families through 2017. For Freddie Mac, benchmark levels for low-income families would move upward from the current number of 200,000 units up to 210,000 for 2015; 220,000 for 2016; and 230,000 for 2017.For very low-income families, those levels would increase from their current level of 40,000 up to 43,000 for 2015; 46,000 for 2016; and 60,000 for 2017. The benchmark levels proposed by FHFA would require the GSEs to continue supporting affordable multifamily housing even though  market share in multifamily housing will decrease for the GSEs due to the private sector’s increased participation in multifamily housing.FHFA invites interested parties to comment by October 28, 2014.last_img read more

August 15, 2019
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Matt Martin Real Estate Rebrands to Chronos Solutions

first_imgMatt Martin Real Estate Rebrands to Chronos Solutions Chronos Solutions Matt Martin Real Estate Management Rebrand 2015-10-14 Staff Writer Matt Martin Real Estate Management, a national real estate finance services provider, recently announced that the company has changed its name to Chronos Solutions and expanded its brand and service offerings.This update signals the firm’s intentions to make its wide array of real estate finance services known to its national market, which will lead to another period of growth.Matt Martin, Co-Founder and CEO of Chronos Solutions, noted that the rebranding decision was “a very natural progression for the company.”“We felt that MMREM no longer conveyed the true breadth of our firm’s capabilities,” he said. “We were known for some of our services, however, much of the market was unaware that the firm is much larger and diverse in its offering,” he said. “We have grown exponentially since we entered the market and we will continue to do so. We’re a much larger brand than when we started. Chronos Solutions is a much better representation of our national reach and comprehensive offerings, and will position us to extend our client base across the board. “Chronos Solutions is a technology enabled real estate finance services provider offering comprehensive solutions for mortgage lenders, federal agencies, GSEs, mortgage servicers, real estate portfolio investors and more. The company offers a comprehensive array of services and solutions, including advisory and consulting; title and settlement services; valuation; acquisitions; Home Owners Association solutions; REO management and disposition; auction services; and accelerated marketing and field services. Headquartered in Frisco, Texas, the company has a national geographic footprint; and has an established client base which includes federal agencies; top national lenders and banks; leading mortgage servicing companies; and more.“Our clients tell us that we offer the same breadth and depth of services that any of the other national service providers do,” said Jo Ann Kruse, COO for Chronos Solutions. “However, they marvel at our ability to manage high volume projects with the same service levels offered by the best boutique firms. As Chronos Solutions, we want the mortgage and real estate industry to know us for our capacity, our capabilities, our creativity and our flexibility.” Sharecenter_img October 14, 2015 631 Views in Headlines, News, Servicing, Technologylast_img read more

August 15, 2019
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Servicers Get Ready for Record Low Mortgage Modification Rates

first_img Share in Daily Dose, Government, Headlines, News, Servicing Fannie Mae Freddie Mac Servicers Standard Modification Interest Rate 2016-05-09 Staff Writer Servicers, Get Ready for Record Low Mortgage Modification Ratescenter_img Fannie Mae and Freddie Mac recently announced a big change to the benchmark mortgage modification interest rate that will help servicers.In an effort to match the already historically low interest rates, the GSEs revealed that later this week the standard mortgage modification rate will decrease from 3.750 percent to 3.625 percent.Beginning on May 13, 2016, the benchmark rate for both Fannie and Freddie will fall to its lowest level ever, which should bode well for servicers. The current rate of 3.750 percent can still be used until May 12, 2016.The new rate is a full percentage point lower than when the GSEs established the mortgage modification interest rate in January 2012 at 4.625 percent. It was also 4.625 percent in September 2013. The rate has since fluctuated but has only hit 3 percent three other times. March 2016 was the previous low for the modification rate at 3.750 percent, while in February 2016 and November 2015, the rate was 3.875 percent.Source: Fannie MaeSource: Freddie MacFannie Mae stated that its standard modification interest rate is subject to periodic adjustments based on an evaluation of prevailing market rates. The servicer must use the current modification rate when evaluating a borrower for a conventional mortgage loan modification, excluding Fannie Mae HAMP Modifications.Freddie Mac said that servicers must use its standard modification interest rate when determining the terms of a standard modification trial period plan, Freddie Mac streamlined modification trial period plan, or a capitalization and extension modification for disaster relief trial period plan. In these situations, the same modification interest rate used for the trial period plan must also be used for the final modification.”By adjusting the interest rate from time to time, you will have the ability to provide borrowers with a rate that aligns more closely to current market conditions,” Freddie Mac said in its Standard Modification FAQs. May 9, 2016 540 Views last_img read more

August 15, 2019
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Price Cuts Hit Several Markets

first_img September 2, 2018 546 Views Inventory Price Cuts Prices rates Shortage 2018-09-02 Seth Welborn Home price cuts have increased across the country, according to a study from realtor.com. According to the inventory data from realtor.com, frequency of price cuts increased in in 39 of the 45 largest markets in the U.S. The 45 markets analyzed saw a median price cut of 22 percent, than percent higher than August of last year, and seven percent higher than August 2013.Nationally, the share of home price cuts went up to 19.1 percent in August, an increase from 17.6 percent year over year. Realtor.com notes that this may be an indication of a higher number of home sellers beginning to react to “buyer fatigue” and adjusting their reactions accordingly.Realtor.com also states that the combined median list price in the top 10 markets with the biggest jumps in price cut frequency was significantly higher than the top 10 markets with the smallest jumps. The top 10 markets with large jumps had a median list price of $500,000 compared to $278,000 for the smallest.Additionally, markets that have seen inventory growth appear to have shown the biggest jumps in price cuts. In the top 10 markets with the biggest jumps in the price cut share, inventory was up 19 percent year over year on average. The opposite is true for areas with low inventory. Inventory was down by five percent year over year in the top 10 markets with the smallest jumps in the price cut.According to realtor.com, the inventory shortage appears to be slowing, a factor in the increase in price cuts. There were only two percent fewer for-sale listings on the market in August 2018 than there were in August 2017, while inventory also increased 2 percent month over month in August. Around 488,000 new listings entering the market during that month, but realtor.com predicts it would take around 24 more months until the market flip into the buyer’s favor, even with price cuts across the country.For more info, visit Realtor.com. in Daily Dose, Data, Newscenter_img Price Cuts Hit Several Markets Sharelast_img read more