3/04/2024

Moving Plan








Moving and Storage Choices

Moving a 2-bedroom house, storing for three months before moving across country plan.

First I sorted the things to throw away, the large furniture to sell super cheap, and what I hold dear to move. I'm not Marie Condo. I don't have a minimalist style. I have fifteen big boxes of stuff my children are making me keep forever, ugh.


1. Self-storage unit:

  • Pros:
    • Secure and affordable for larger quantities of furniture.
    • Various size options to fit your needs.
    • You have control over packing and can access belongings during storage (check facility access hours).
  • Cons:
    • Requires transporting furniture to and from the unit, which can add costs and complexity.
    • May require additional packing supplies to protect furniture from dust and moisture.

2. Portable storage container:

  • Pros:
    • Convenient - the container is delivered to your location for loading and then transported to a secure storage facility.
    • Often eliminates the need for extra packing supplies as the container itself is weatherproof.
    • Some companies offer mobile storage options where the container is delivered to your new location for unloading.
  • Cons:
    • Can be more expensive than self-storage, especially for longer distances.
    • Less flexibility in accessing belongings during storage (depends on the company's policy).

Here are some additional factors to consider when choosing the safest option for you:

  • Climate: If you're storing in a humid climate, choose a climate-controlled unit to prevent moisture damage.
  • Security: Look for a facility with good security measures, such as security cameras, gated entry, and individual unit locks.
  • Insurance: Make sure your belongings are adequately insured, regardless of the storage option you choose.
  • Accessibility: Consider how often you might need to access your belongings during storage.
By comparing the pros and cons of each option and considering your specific needs, you can choose the safest and most convenient way to store your furniture before your move. 
So is that the closest to your current home where you transport the boxes in your car and borrow a truck to put your furniture that you plan to keep in a roll up door storage? I do not recommend Public Storage, I and fifteen other units had a burglary.  I'm exploring renting a container from Pods, Pack Rat, or UPack. Zipper and Uhaul have poor ratings and the container isn't solid for a couple months of storage. Also looking at standard storage which means moving things twice. Moving to standard storage is more of my personal back labor but is cheaper than renting or buying a container. Container sales for a used twenty foot 20 X 8 container Conexwest.com or Conex Depot or many others is $1800- $2000 or they can be rented. The problem with the container is where to place it that is secure. Most container rental places don't let you inspect or go and recover a widget when you need something.

I do know to stay away from brokers who sell moving packages. 

Trucking and shipping supplies:
myteeproducts.com is great

Facebook and Nextdoor for used boxes and wrap but
jump on the listing and go pick them up with a box cutter
in your hands.

Moving is hard. Plan well. Keep lists. Label everything. Number the boxes. Please comment and give your advice on moving 3000 miles, but I will be in temporary housing for two months so I need storage for a spell.


























McKinsey, Boston Consulting Group, Bain & Company, KPMG, PwC, Deloitte, Blackstone, KKR, Carlyle, Sequoia, Kleiner Perkins, Accel, Goldman Sachs, J.P. Morgan, Morgan Stanley

2/29/2024

Risk Management in the Mortgage Industry













Risk Management in the Mortgage Industry

 

 

The mortgage industry is highly regulated and always changing. Risk Control Self- Assessments are done from different viewpoints. The major topics are financial, regulatory, customer facing, and reputation. 

QC review – Audit post close – Legal – Reporting- IT- Risk – Fair Housing- Cloud/Websites – Hacking – Physical Liability Crisis–

 

Apps and companies I’m familiar with but many of

these do or don't match with the needs of fintech, banking, and mortgage:

ICE Risk Management tools, Navex, Hyperproof, Benchmark Gensuite,IBM Open Pages,SAI 360, Resolver, Fusion Framework, Alyne, Tandem, Logic Gate, Policy Hub, Baker Tilly, Situs AMC, Financial Services Cloud, Bryt, Lending Pad,  The Mortgage Office, Mphasis Digital Risk, Covius, Meta Source, Loan Logics, Credit Plus, Adfittech, WolfPAC Integrated Risk Management, Venminder, Logic Manager  

The mortgage industry is a dynamic and highly regulated landscape, requiring lenders to constantly adapt and refine their risk management strategies. Self-assessments conducted from various perspectives, including financial, regulatory, customer-centric, and reputational, are crucial for identifying potential vulnerabilities.

Key Risk Areas:

  • Financial: Credit risk, interest rate fluctuations, market volatility, operational costs.
  • Regulatory: Non-compliance with Fair Housing Act (FHA) and other relevant laws, data security breaches.
  • Customer-Facing: Fair lending practices, loan servicing issues, cyber fraud.
  • Reputational: Negative publicity, loss of consumer trust.

Risk Management Tools:

While no tool is foolproof, various solutions can mitigate risks, including:

  • Compliance software: Automates compliance checks, ensuring adherence to regulations.
  • Advanced credit scoring models: Provide a more holistic assessment of borrower creditworthiness.
  • AI-powered fraud detection systems: Identify and prevent fraudulent loan applications.
  • Interactive mortgage calculators: Empower borrowers to make informed financial decisions.
  • Credit monitoring services: Allow borrowers to track and manage their credit health.

Beyond the Tools:

  • Comprehensive risk assessments: Regularly evaluate potential threats and vulnerabilities.
  • Open communication: Foster transparency between lenders and borrowers.
  • Continuous improvement: Regularly review and update risk management strategies to adapt to the evolving landscape.

It's important to acknowledge that even with robust tools and processes, absolute risk mitigation is impossible. However, by adopting a multi-faceted approach and embracing a culture of continuous improvement, lenders can navigate the complexities of the mortgage industry with greater confidence and protect both themselves and their borrowers.

Other Considerations:

  • Human error and unforeseen events can still pose risks.
  • While ESG (environmental, social, and governance) factors may not be directly relevant to this specific discussion, they are increasingly important for financial institutions considering the long-term sustainability of their practices.

 

Compliance software: Staying compliant with complex regulations is crucial for lenders. These tools help automate compliance checks, ensuring adherence to Fair Housing Act (FHA), Federal and State lending laws, 

  • Equal Credit Opportunity Act (ECOA) .
  • .Americans With Disabilities Act (ADA) ...
  • Civil Rights Act of 1866. ...
  • Home Mortgage Disclosure Act (HMDA)

and other relevant laws.

 

 

Nothing digital is secure.

Human beings are frail bags of water.

Planning for bad events is good but never perfect.

   ∴。   

    ・゚*  

         ・ *゚  

                       ï¾Ÿ・。

                                *・。 *.

                                          。・ °*. ï¾Ÿ

                            。 °*. ï¾Ÿ

                                *. 。。   ・゚ °*. *・。

 

 

 







 

2/27/2024

VASP Veterans Foreclosure Program

 VASP through the VA is going to purchase defaulted VA loans from mortgage servicers starting March 1 2024. Then the VA will place them in the VA-owned portfolio as direct loans. Empower America to work with Veterans experiencing severe financial hardship to adjust their loans – and their monthly payments – so they can keep their homes.

Foreclosure and the VA Servicing Purchase (VASP) Program: What Veterans Need to Know

Facing foreclosure can be a stressful and overwhelming experience for any homeowner, but for veterans with VA-guaranteed loans, there are options available to help them save their homes. The Department of Veterans Affairs (VA) recently announced the VA Servicing Purchase (VASP) program, specifically designed to assist veterans struggling to make their mortgage payments and at risk of losing their homes.

What is the VASP program?

The VASP program allows the VA to purchase defaulted VA-guaranteed loans from mortgage servicers. The VA then modifies the loan terms, making them more affordable for the veteran, and holds the loan in its own portfolio. This program provides veterans with a last resort option if other traditional loss mitigation options haven't been successful.

What happens to a veteran in foreclosure under the VASP program?

If a veteran is facing foreclosure on a VA-guaranteed loan, the following steps might occur:

1.  Servicer Attempts Other Solutions: Before resorting to foreclosure, the loan servicer is required to explore other options with the veteran, such as forbearance, loan modification, or repayment plans.

2.  VASP as an Option: If other solutions prove unsuccessful, the servicer may propose selling the loan to the VA under the VASP program.

3.  Loan Modification: If the VA purchases the loan, they will work with the veteran to modify the loan terms, typically by:

o   Reducing the interest rate

o   Extending the loan term

o   Forgiving a portion of the principal

4.  Repayment Plan: The veteran establishes a new repayment plan with the VA based on their current financial situation.

5.  Continued Homeownership: If the veteran successfully fulfills the terms of the modified loan, they can remain in their home.

Important Points for Veterans:

  • VASP is not yet available: While the program was announced in November 2023, it is not expected to launch until March 2024.
  • Not every veteran qualifies: The VASP program is intended for veterans facing imminent foreclosure and who have exhausted other options.
  • Seek help early: Veterans facing difficulty making their mortgage payments should immediately contact their loan servicer to discuss available options, including forbearance, loan modification, and the VASP program when it becomes available.

What will happen to Veterans who agreed to sub-to, wrap around, creative sales programs for investors? What will happen to veterans who were in foreclosure in 2023-2024 before this program?

Veterans income that can make sense to stay. I’m hoping financial arrears are tacked on to the end of the thirty years, create forty-year loans, waive servicing legal and late fees, find uniformity in hazard insurance policies, and forgive without 1099 to the vet. Local property tax assessor offices, state revenue offices, and the IRS need to join hands and forgive and reduce fees and taxes to veterans in trouble. What say you?

HERE ARE THE PUBLIC COMMENTS TO THE PROGRAM:

https://www.federalregister.gov/documents/2023/11/27/2023-26083/agency-information-collection-activity-department-of-veterans-affairs-servicing-purchase-vasp