Collingwood’s Tim Rood: Moving Mortgage Forward

first_img About Author: David Wharton Demand Propels Home Prices Upward 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Tim Rood is the Co-Founder and Chairman of the Collingwood Group, a Washington, D.C.-based advocacy group for the housing and mortgage industries. Collingwood works to identify and secure business opportunities with the federal government and the GSEs; helps financial services companies comply with, interpret, and operate within the ever-changing regulatory environment; and works directly with CEOs and boards of directors to help increase market share and profitability.Rood brings more than two decades of mortgage industry and entrepreneurial experience to the Collingwood Group. Rood recently spoke to DS News about his day-to-day role with Collingwood, how the industry is evolving, and where both he and the market are headed in the future.DS News: What do you see as Collingwood’s role in the market right now?Rood: We’re evolving just as the market is evolving. Collingwood, through the Obama administration, was laser-focused on advisory services related to risk management, compliance, and advocacy in certain circumstances to give lenders, service providers, and technology companies the best chance for commercial success in Washington, and that’s given us a solid foundation and customer base from which to work.In a situation where you’ve got razor-thin margins, lenders and servicers are having to evaluate where to make investments today. It’s historically been a binary choice. Do I invest more in compliance and risk management, or do I invest more in operational efficiencies, taking friction out of the process, and delighting my customers? Technology has caught up to that business problem and can solve the compliance and risk management problem while solving for the efficiency and delighting the customers.When Collingwood was acquired by Situs, that put us in a fortunate situation where we could rely on the infrastructure and capital of a much larger parent company in adjacent industries, multi-family, and commercial, and then repurpose some of those tools and leverage that infrastructure so that we became a higher-value business partner to our clients as it relates to transaction services across the continuum—origination, servicing, claims, professional services. We can get into business process engineering and help folks advance from strictly a compliance, risk management culture and then focus on how we can wring efficiencies out of the process while achieving all of the compliance and risk management objectives.DS News: What does your role with Collingwood look like on a day-to-day basis?Rood: One of the great things about this company is, it’s so dynamic. We find ourselves advising lenders, servicers, technology companies, outsourcers—anything that has to do with some intersection with Washington. The variety of topics that we are involved in, and the people that we interface with, never ceases to amaze me and excites me every day, just because you find yourself in the pocket of such mission-critical issues for the industry.We only take on causes that are about enlightened self-interest for the industry. If the cause we’re taking on is good for the industry—housing, mortgage, the economy—then we should get involved. However, the opposite is also true. We don’t take up causes that promote the self-interest of companies or individuals if it’s at the expense of the industry.The work is dynamic and fulfilling. Our days involve advising the executives of these organizations, getting a roadmap to achieving their objectives in and around Washington. We then leverage all of the tools and resources available to us to make sure that we’re part of not just the advice but the solution as it relates to how to operationalize things that they’re trying to accomplish, whether that be compliance, risk management, operational efficiencies, outsourcing, resource management. For a long time, we’ve been bootstrapping this business and had some hard-won success building a brand and our reputation in the industry. It’s empowering now to have a trunk full of tools at your disposal, and a well-funded parent company to underwrite our growth into these transactional business services and professional services.DS News: What are the challenges you’re preparing for in 2018 and beyond?Rood: You’re at what some would argue is a cyclical and secular crossroad here for the industry. Many companies need to reinvent themselves, particularly companies that don’t have a mortgage servicing rights (MSR) portfolio. Then they’re focused on obviously how to feed the beast on the origination side. We’re reaching an inflection point for some companies that are not properly capitalized, where they’re going to have to rationalize how they do business and explore partnerships with larger, well-capitalized companies that have more diversified business models.We’re alert to that and are looking at the industry regarding what role we play in that. Whether it be on advisory services or matchmaking, we are working with companies to make sure that they’re taking advantage of every opportunity to lower their costs and enter into a variable-cost business model to make sure that they’ve reached the elusive equilibrium between production capacity and product demand. That has been the bane of the existence of mortgage lenders for as long as I can remember.DS News: What are you seeing happening with home equity conversion mortgages (HECMs)?Rood: All the things that I’m hearing about the HECM program coming out of the administration and out of HUD are positive, well-intentioned, and earnest conversations. There’s alignment that the program needs to be sustainable. HUD needs to find ways to make the program less volatile, and they need to ensure that it is commercially marketable to enough seniors to make the juice worth the squeeze.I’m encouraged by all the things that I’m seeing. I was anxious that the new administration might not value the HECM program, despite some of the demographic realities in our country in terms of baby boomers aging, their desire to age in place, and the sad reality that too many of them are living in poverty yet are house-rich. That creates an opportunity. One of the things I’ve liked about this administration is, while fairness is still important and you’ve got to take care of people who need help, which there’s also a calculus that says, “It’s not just about fairness.” There’s a macroeconomic calculus to helping people achieve homeownership, to helping people tap the equity in their homes so that they can maintain a reasonable quality of life. There’s plenty of work to be done, but I like the direction in which we’re heading.DS News: Do you see any other challenges as far as this huge group of seniors or near-seniors who are aging up?Rood: We’re in this enigma wrapped in a riddle around the whole inventory problem and the affordability problem. There does not seem to be an easy solution there. The inventory that boomers occupy, if their bias is to age in place, then you break the housing ladder in half, where entry-level owners can’t move up. There’s just not enough inventory. At the entry level, you’re seeing demand stymied because builders can’t make the economic calculus work for building entry-level homes when regulatory costs can be $80,000 or more just to build a house. You’ve got record-high raw material costs. You’ve got the supply-chain issues in terms of finding qualified labor to build. We’re stuck here. Americans still have a bias towards living indoors, so something has got to break. We’ve got to find a way to remove some of the cost burdens to incentivize builders to build at the entry level, and we need to give seniors options other than aging in place.DS News: As I’m sure you know, the Mortgage Bankers Association (MBA) is going to lose its leader later this year with the retirement of David Stevens. How do you think that that transition into a new head of the MBA could potentially affect advocacy within the industry?Rood: There is only one Dave Stevens, so trying to find a mini Dave would be a fool’s errand. He was the perfect guy for the times. The challenge for the MBA as it goes forward is that a lot is going on in the industry, and there seems to be some separation between what the large financial institutions have as their agenda versus the agenda of independent mortgage companies. How you keep those companies aligned with a common set of objectives is one of the biggest things for the MBA and the industry to wrap their heads around.Advocacy for the MBA during the housing crisis was about trying to keep the administration and regulators from over-correcting and killing the industry in an attempt to save it. Now you’re dealing with a completely different environment, where the bias for the industry is to deregulate, and to be more transparent, and to be better business partners with the industry. So, it’s going to be a different set of issues. They need to contribute to whatever the solution is for the inventory problem. The MBA needs to contribute to the ongoing progress made from a regulatory and enforcement standpoint, to make the government and the private sector more aligned and less adversarial. They need to make sure that there is adequate and affordable access to credit.The housing finance industry still probably would benefit from a makeover. There’s still probably a negative and largely false narrative that exists in the administration and with lawmakers that needs to be addressed. I’ve spent my entire professional career in housing finance, and I know that the housing finance system and the actors in the system are, by and large, well-intentioned and good business partners for the government, and certainly are critical to the vibrancy of the economy and the housing market. The MBA will be an important voice for the housing finance industry as it looks to ensure the right people in the right places have the right impression of our industry.You can’t dismiss the fact that housing, in a normal year, can contribute upwards of 20 percent of the economy. Regulators need to be sensitive to the fact that patriotism doesn’t compel mortgage lenders to make mortgage loans. Capitalism does. If the lenders don’t have the confidence, if they can’t quantify the risks that they’re taking and an ability to mitigate those risks, sooner or later they’re just going to stop taking those risks. There’s going to be cataclysmic fallout to the economy if that happens. There’s probably a benefit to an advocacy campaign, making sure that people see all the value that this industry brings to the economy and that any cautionary tale from the past belongs where it is, which is in the past.DS News: What are some of the qualities you think will be necessary for whoever takes over as head of the MBA?Rood: It’s going to have somebody who still has Dave’s passion because it’s going to be a body blow to the MBA membership when Dave leaves. The person who takes over is going to have to instill confidence and energy in its membership base at a time where they’re going through a tough market. Anybody in the industry has got some anxiety over how 2018 will shape up, so it has to be somebody who understands the issues and energizes the membership base. Somebody who has a clear and compelling understanding of how Washington works, and the ability to pull the right levers at the right time to achieve the best outcome for their members. This is not a “learn on the job” point in time. That’s critical. At the same time, it has to be somebody that the industry is excited about, can relate to, and trust to represent their interests going forward.DS News: You sound like you might be a good candidate for the role yourself. If that opportunity came your way, is that something you would consider?Rood: That’s a good question. It would be an honor to be considered for something like that, but I’m thrilled with the job that I have, and I’ve never been more invigorated for the work and the opportunities that are in front of us. Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: California Gubernatorial Candidates on the State’s Housing Crunch Next: Courts Weigh in on Affordable Housing Struggle in Daily Dose, Featured, Headlines, Journal, News, Servicing The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Share Save Tagged with: Collingwood Group Compliance David Stevens HECMs Home Equity Conversion Mortgages MBA Mortgage Bankers Association mortgage servicing mortgage servicing rights Regulations Tim Rood Collingwood’s Tim Rood: Moving Mortgage Forward March 13, 2018 2,402 Views Home / Daily Dose / Collingwood’s Tim Rood: Moving Mortgage Forward Collingwood Group Compliance David Stevens HECMs Home Equity Conversion Mortgages MBA Mortgage Bankers Association mortgage servicing mortgage servicing rights Regulations Tim Rood 2018-03-13 David Wharton Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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Trojans and Utes end scoreless in overtime

first_imgSophomore midfielder Savannah DeMelo posted four shots against Utah despite not scoring, bringing her season tally up to 61. (Emily Smith | Daily Trojan)The women’s soccer team was unable to come out with a victory in Utah Sunday after two overtime periods. The game ended in a 0-0 tie.Both teams came off tough matches against ranked opponents midweek, as the Trojans took on Colorado and the Utes played UCLA on Thursday. While the game lacked intensity, both teams had decisive opportunities at scoring, but could not put the ball in the back of the net. Utah had a good chance to score at the beginning of the second half, their play forced USC redshirt sophomore goalkeeper Kaylie Collins to make a double save to prevent the Utes from getting on the board. Right after that play, Utah hit the crossbar from a corner kick that almost caught the Trojans by surprise.The Utes proved to be a threat on set pieces, but were unable to convert any of their dangerous chances. “They surprised us with a little formation change, the good coaches they are did something different, so that was nice,” head coach Keidane McAlpine said. “It took us a little while to figure out where the spaces were because of that, we were a little hesitant in running. We just didn’t go when we had the opportunities to go and we didn’t slip the balls in the gaps that we had.”The Trojans looked uncharacteristically shaky while defending corners, and often left Utes players open to get a head on the ball. Collins was able to get in the way to stop every opportunity she faced.However, the Trojans looked as though they were the more likely team to score once they got settled in the second half. Senior forward Leah Pruitt was fouled in the box and the Women of Troy were awarded a penalty in the 59th minute of the game. Senior defender Ally Prisock, who scored her last penalty attempt against Arizona, hit it low to the keeper’s right, but it was not far enough away from Utah junior goalkeeper Carly Nelson, who made a great save. Soon after, redshirt sophomore midfielder Savannah DeMelo had a good opportunity on goal and hit the post from a left-footed shot from inside the box in the 60th minute of the game. DeMelo was the team’s brightest player Sunday, and was involved in most opportunities the Trojans created despite being double-teamed throughout the game. In the 82nd minute, junior left back Julia Bingham came close to scoring. She dribbled down the left hand side through two defenders and forced the keeper to make a tough save. That opportunity was one of the best in the game for the Trojans, aside from the penalty kick.Within the first couple of minutes of overtime, it appeared that the Trojans were the more likely team to score; however, much like the rest of the game, they were unable to convert any of their chances on goal.In the second period of overtime, Utah was inches away from winning the game off of a nice cross, but they just missed wide of the goal which ensured both teams coming out of the game with a draw.USC is now 15-1-2 on the year as it prepares to take on UCLA at StubHub Center on Friday in its final game of the regular season.last_img read more

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Oxford teams win; Conway Springs, Belle Plaine teams don’t; schedules and standings

first_imgGarden Plain401.00052.714 00.000 Oxford Girls: Oxford 39 CV-Dexter 33 Oxford opened a 18-5 first-quarter lead and held a 27-9 advantage at the half.Scoring for Oxford: Perez 12, Payne 9, Metz 9, Norris 6, Whitlock 3. CV/D: Kuntz 12, Artherton 8, Clapp 4, Burdette 4, Ames 4. Wichita Collegiate02014.200 Over-all Wichita Independent00051.833 South Haven25.286 Elk Valley Oxford 24.333 Caldwell West Elk Clearwater201.00042.667 Circle21.66751.833 00.000 23.400 33.500 00.000 Cheney401.00061.857 Wellington12.33333.500 Andale301.000601.000 14.200 Douglass00032.600 Central Plains – girls: 00.000 00.000 23.400 Bluestem000050 Conway Springs00034.429 Belle Plaine00025.286 00.000 00.000 Medicine Lodge040070 Conway Springs22.50034.429 32.600 Wichita Independent12.33314.200 00.000 Over-all W. Independent 47 Belle Plaine 31Independent led 19-9 at the end of the first quarter and stayed in front double digits the rest of the way.•••••Sports schedule this week in Sumner County:Thursday, Jan. 9:Wellington Middle School basketball: vs. Winfield: Girls – home; Boys – away.Friday, Jan. 10: Varsity basketball: Wellington at Augusta; Chaparral at Conway Springs; Belle Plaine at Douglass; Caldwell at Oxford; Udall at South Haven; Goessel at Argonia.Varsity wrestling: at Rossville in double dual with Junction City.Saturday, Jan. 11: Varsity wrestling: Rossville tournament.WMS basketball: 7th-8th boys B team in Haysville, 9 a.m.••••••Ark Valley-Chisholm Trail-Division IV – boys: Chaparral13.25016.143 Circle12.33342.667 Augusta21.66742.667 00.000 Medicine Lodge00034.429 WL League Wichita Trinity22.50034.429 04.000 West Elk Caldwell Cheney00052.714 15.167 23.400 Clearwater02033.500 00.000 Andale21.66733.500 Ark Valley-Chisholm Trail-Division IV – girls:center_img 33.500 00.000 23.400 15.167 Sedan South Haven26.250 00.000 Sedan Flinthills 14.200 Cheney 35 Conway Springs 25Cheney and Conway Springs were tied at the half 14-all. Cheney opened up a 12-5 third-quarter run and eventually won by 10. Sarah Eckelberry scored 15 points for Conway Springs. Douglass401.000601.000 00.000 24.333 South-Central Border League boys Chaparral00016.143 WL 00.000 Wellington12.33333.500 00.000 Central Plains – boys: 60.1000 Garden Plain00024.333 04.000 Cheney 65 Conway Springs 50Cheney opened with a 19-12 lead and led 39-29 at the half. Conway Springs’ Ross Rasmussen had 26 points. Elk Valley Argonia WL 00.000 by Tracy McCue, Sumner Newscow — The Oxford boys and girls basketball teams swept Cedar Vale-Dexter. The Conway Springs and Belle Plaine boys and girls were not as successful, and updated schedules and league standings are below:Boys: Oxford 60 Cedar Vale-Dexter 35Oxford opened with a 17-10 first quarter lead and held a 29-18 advantage at the half en route to an easy win over CV-Dexter.“It was a good win for us to even our record at 3-3,” said Kyle Green, Oxford head boys basketball coach. “The kids shook off some after Christmas break rust early. We played well most of the game. We need to continue to get better and finish inside.”Oxford battles Sedan Friday at Oxford High School.“That’s a big game for us in terms of SCBL seeding,” Green said. ” I was proud of our kids effort tonight. They played well together and played hard.”Scoring for Oxford: Derek Williams 21, Dexter Norris 14, Carson Crain 4, Colter Silhan 4, Timmie Catlin 5, Tyler Eckstein 8, Kurt Sloan 4. CVD: Sweaney 4, Boatman 7, Berkley 8, Hollingshed 5, Massey 11.Free throws: Oxford: 7/16, CVD: 9/13. 3-point field goals: Oxford: 1 (Norris 1)CVD: 2 (Sweaney 1, Berkley 1) 00.000 33.500 00.000 W. Independent 78 Belle Plaine 46Indy opened with a 23-10 lead and never looked back. Augusta12.33315.167 00.000 Flinthills 00.000 Wichita Collegiate11.50041.800 Argonia 33.500 Wichita Trinity00042.667 Udall Udall CVDX Central 00.000 Bluestem030050 South-Central Border League girls 42.667 Central 32.400 CVDX Belle Plaine13.25025.286 WL 00.000last_img read more

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Medley Mayor Poses in Photo with Man in Blackface

first_imgPhotos obtained by Local 10 News in Miami show a man in blackface at an event held by the Medley Police Department. The incident occurred at an annual fashion show for senior citizens. The theme: African Safari.The man in blackface was also wearing a tribal-like costume and holding a spear.Smiling in a photo with the man was Medley Mayor Roberto Martell.last_img

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