Trustly’s Pay N Play has emerged as a solution capable of enhancing KYC processes and reducing abandonment when registering players. In part one of this feature, Trustly sets out the need for such a solution while some of its clients discuss its effectiveness, and we tackle the issues that have arisen in promoting such a product to the end user.While trends such as customer adoption of in-play wagering and gambling via mobile draws the industry’s attention, much less scrutiny has been paid to the industrywide trend of operators outsourcing core functions to third parties.This has seen trading, once crucial to any sportsbook operator, being handled by third-party service providers. Games development is already almost entirely handled by external studios, to the point that it’s more unusual for a B2C business to build games in-house than it is for them not to. It’s less a case of operators de-skilling, and more a case of bringing in efficient and effective ways of doing things, allowing businesses to focus on elements such as marketing and, increasingly, customer protection.Customer registration could soon become the latest operational element to be outsourced if a new product from Swedish financial technology solutions provider Trustly manages to secure a foothold in markets beyond the Nordics.Pay N Play, as with any industry innovation, is new way of carrying out an existing task, but while it does what any payment provider has done since the industry’s early days, it does it more efficiently and effectively than before.A new player goes to a site that’s integrated with the solution. Instead of filling out registration forms, he or she clicks ‘Play now’ and makes a deposit from their online bank account via Trustly. The “secret sauce”, as Trustly’s head of gaming accounts Vasilije Lekovic puts it, is the KYC solution.“One of the best parts of [the KYC solution] is it uses data that’s already been verified,” Morten Madsen, chief marketing officer of Global Gaming, an early adopter of Pay N Play, says.“It’s just so much more secure than the player entering it themselves in the traditional way.“With a traditional set-up, you register, link your credit card, and deposit – the KYC doesn’t happen until the customer withdraws money,” he says. “We do KYC straight away so we don’t have ineligible players, such as minors, gambling.”Gaming Innovation Group (GIG) chief marketing officer Tim Parker adds that with Trustly already a popular payment solution, Pay N Play has helped consolidate its position as the preferred method for players. It has grown so popular that GIG’s Thrills brand offers Pay N Play as the exclusive method for deposits and withdrawals.“The best proof of Pay N Play’s success is we now have over 60 operators live,” Lekovic says. “Some are even launching entirely new brands around this concept.”Shock of the new With 60 Pay N Play-powered sites launched since the solution went live, uptake has been relatively quick.Operators using the solution have secured licences from the Malta Gaming Authority, Sweden’s Spelinspektionen and the Estonian Tax and Customs Board, and is set to move into Denmark in the coming months.A number of operators, including GIG’s Thrills brand, have developed brands around the product. Raketech is working on the roll-out of Rapidi. Madsen, meanwhile, notes that Pay N Play is responsible for “a significant percentage” of Global Gaming revenue.However, Pay N Play’s spread has not been seamless and Lekovic admits that Trustly has faced challenges in educating regulators about the solution.“It hasn’t always been smooth sailing,” he says. “But before we launch in any market we first speak to the regulatory authorities. We’re a licensed financial institution so we go through all the correct channels.”He reveals that when Pay N Play was first presented to the Malta Gaming Authority, the regulator simply didn’t understand it. After all, a solution widely advertised by operators as a ‘no account’ solution – something Trustly is looking to discourage – is unlikely to receive a regulator’s blessing.It was a case of comparing how it allowed operators to onboard players to the same process set out in the island’s gaming regulations.“The existing [registration process in Malta] has a lot of elements that can be interfered with, but with Pay N Play you could deposit with two-factor identification and have the KYC data coming from the bank – and you cannot easily trick your bank,” Lekovic says.Marketing issues Even when the solution is licensed, Pay N Play clients still find themselves with a tricky issue of how to present the product to clients. After all, trumpeting an easy registration process will not necessarily draw in the punters as much as special offers or highlighting the games available.Equally, describing the solution as offering ‘no-account’ or ‘no-registration’ gaming is unlikely to be well received by anti-gambling activists and even a significant number of players.Spelinspektionen general director Camilla Rosenberg has even told iGaming Business that operators have been warned against giving the impression that they can play without registering, which is required under the Swedish Gambling Act.Global Gaming did initially present its Pay N Play-powered offering as a no-registration or no-account solution, Madsen admits, if only to hammer home the ease of use for customers.However, he says marketing is shifting focus away from the existing no-registration angle, over fears that it could anger regulators.It’s an issue that hasn’t quite been resolved. The general trend seems to be to develop new brands focusing on the speed of the solution, in Global Gaming’s case with Ninja Casino. It offers a stripped-back gaming experience, with a series of slots, table and live dealer games put front and centre, alongside a boast of being able to process withdrawals in under five minutes.This approach goes as deep as Global’s marketing strategy for the brand, with a focus on offering players an easy way to play rather than bombarding them with offers and promotions.Such an approach may be effective in newly regulated markets such as Sweden, where new customers will appreciate the simplicity of the sign-up process. However, analysts have noted that Pay N Play has resulted in a high deposit turnover, leading to some hitting their mandatory spending limits quickly.In established territories, ease of use may not be as attractive to players.“But you don’t need to target the entire market,” Madsen says, noting that this is something gaming companies tend to forget. “You can be successful and profitable when focusing on a part of the market, and serve that part really well.“[Pay N Play] is not something that works extremely well in the older demographics because it’s a high-tech product. It will have a higher penetration among ‘digital natives’ who are early adopters of new trends and technology.”Yet a report by identity verification specialist Jumio, in partnership with iGaming Business, suggests there is a niche for Pay N Play-powered offerings to tap into. Jumio ran a series of operator surveys looking at abandonment rates across a number of igaming brands. Operator feedback suggested that about 16% of customers abandoned the registration process before completing, with 19% of those that completed it failing to make a deposit.As Pay N Play effectively removes the registration abandonment issue from the equation by completing registration, depositing and customer verification in one step, it presents a solution to this.Read the second part of Appetite for Disruption here. Appetite for disruption: Part One AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address Regions: Europe Baltics Nordics Southern Europe Estonia Denmark Sweden Malta Tags: Mobile Online Gambling Payments Topics: Tech & innovation Subscribe to the iGaming newsletter Trustly’s Pay N Play has emerged as a solution capable of enhancing KYC processes and reducing abandonment when registering players. In part one of this feature, Trustly sets out the need for such a solution while some of its clients discuss its effectiveness, and we tackle the issues that have arisen in promoting such a product to the end user. 2nd April 2019 | By contenteditor Tech & innovation
Diamond Bank Nigeria Plc (DIAMON.ng) listed on the Nigerian Stock Exchange under the Banking sector has released it’s 2006 annual report.For more information about Diamond Bank Nigeria Plc (DIAMON.ng) reports, abridged reports, interim earnings results and earnings presentations, visit the Diamond Bank Nigeria Plc (DIAMON.ng) company page on AfricanFinancials.Document: Diamond Bank Nigeria Plc (DIAMON.ng) 2006 annual report.Company ProfileDiamond Bank Nigeria Plc is a financial services institution in Nigeria operating in the treasury, business banking, corporate banking and retail banking sectors. The company offers a full service bank of products and services ranging from transactional accounts, electronic banking and money transfer services to securities dealing and custodian services; personal, automotive and home loans; MSME loans and diamond leasing services and investment and advisory services. Diamond Bank Nigeria Plc also offers, among others, life insurance products; foreign exchange services; cash management services; capital management and trade services; import finance; treasury bills and investment notes and working capital finance and contract financing. The financial institution’s head office is in Lagos, Nigeria. Diamond Bank Nigeria Plc is listed on the Nigerian Stock Exchange
United States Houses Year: Contractor: Area: 4500 ft² Year Completion year of this architecture project Projects ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/931289/bridge-house-la-dan-brunn-architecture Clipboard ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/931289/bridge-house-la-dan-brunn-architecture Clipboard CopyHouses•Los Angeles, United States Engineering:Gordon PolonCity:Los AngelesCountry:United StatesMore SpecsLess SpecsSave this picture!© Brandon ShigetaRecommended ProductsResidential ApplicationsAccoyaAccoya® Wood in a Split-Level West Vancouver HomeResidential ApplicationsULMA Architectural SolutionsAir Facade Panels in Fonsanta RestaurationWindowsVitrocsaMinimalist Window – SlidingWoodEGGERLaminatesText description provided by the architects. A visionary architectural exploration born in the heart of Hancock Park, Bridge House LA has officially reached completion after 2 years of construction. Designed by Dan Brunn, AIA, Principal of Dan Brunn Architecture, the one-of-a kind “bridge house” will literally bridge 65’ over a natural stream.Save this picture!© Brandon ShigetaStaying consistent with Brunn’s “less is more” approach to building, the home will occupy 4,500 square feet on a 15,000 square-foot lot.Save this picture!© Brandon ShigetaThe project’s commitment to sustainable solutions will serve as a demonstration of innovative systems and forward-thinking processes. The home’s design exemplifies Brunn’s signature minimalist aesthetic, evident inSave this picture!SectionSave this picture!© Brandon Shigetadynamic spatial choreography of light and volume. “The idea is to do something extraordinary with ordinary means”, says Brunn.Save this picture!© Brandon ShigetaProject gallerySee allShow lessInstant B Housing / Faye Architectes & Associes + Nadau ArchitectureSelected ProjectsAll Colors Sidewalk / Zoom Urbanismo Arquitetura e Design + LAO Engenharia & DesignSelected Projects Share Manufacturers: Bridger Steel, esthec Civil Engineering: 2019 Architects: Dan Brunn Architecture Area Area of this architecture project Bridge House LA / Dan Brunn ArchitectureSave this projectSaveBridge House LA / Dan Brunn ArchitectureSave this picture!© Brandon Shigeta+ 39Curated by Paula Pintos Share Photographs: Brandon Shigeta Manufacturers Brands with products used in this architecture project CopyAbout this officeDan Brunn ArchitectureOfficeFollow#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesLos AngelesOn FacebookUnited StatesPublished on January 06, 2020Cite: “Bridge House LA / Dan Brunn Architecture” 05 Jan 2020. ArchDaily. Accessed 10 Jun 2021.
Last year’s winner was Tesco for its Computers for Schools initiative.Contact Alison Cayton at the Institute of Grocery Distribution. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis 20 total views, 1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Nominations are now invited for the 2001 NestlÃ© Social Commitment Award. Part of the Food Industry Awards, the Social Commitment Award recognises a company and its charity partners for their achievements.Nominations are now invited for the 2001 NestlÃ© Social Commitment Award. Part of the Food Industry Awards, the Social Commitment Award recognises a company and its charity partners for their achievements.If your charity has worked on a joint project with a company in the food industry and you are particularly impressed by that company’s dedication, you are invited to nominate them. The closing date for nominations for NestlÃ© Social Commitment Award is 17 July. Advertisement NestlÃ© Social Commitment Award About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Howard Lake | 8 June 2001 | News
More than 1,300 speakers and thousands of activists and academics met in New York City from May 29 through May 31 for the annual Left Forum, this year with the theme “No Justice, No Peace: Confronting the Crises of Capitalism and Democracy.” Workers World Party and its allies in the revolutionary socialist youth organization Fight Imperialism, Stand Together and members of the United National Antiwar Coalition participated in numerous panels and debates on the major crises facing working-class and oppressed people.The militant Boston School Bus Drivers Union, led by USW Local 8751 President Andre François, along with Vice President Steve Kirschbaum and numerous other members, connected with labor and community allies on their struggle against multinational union-buster Veolia/Transdev and the city of Boston in a panel entitled “Union Power: Boston School Bus Drivers take on Goliath.”Abayomi Azikiwe, editor of the Pan African News Wire, along with Sara Flounders of the International Action Center and UNAC, Ramiro Fúnez of FIST and Honduran Resistance, and Teresa Gutierrez of the May 1st Coalition for Worker and Immigrant Rights and a Workers World Party Secretariat member, spoke on a panel on how to unite the struggles against racist police brutality, endless intensifying U.S. wars, and deepening budget cuts and austerity.Bill Doares of the International League of People’s Struggle, along with Azikiwe, Lamis Deek of Al-Awda New York, and Kazem Azin of Solidarity Iran discussed the Palestine liberation struggle, relations between the U.S., Israel, Saudi Arabia and Iran, the role of ISIS and the ongoing wars in Yemen, Syria and Iraq.FIST organized a debate on the struggle against U.S. war and the potential for uniting groups against imperialism. Nick Maniace from New York FIST debated members of the Revolutionary Student Coordinating Committee, along with other socialist organizations, on the defense of countries oppressed and exploited by U.S. imperialism, with particular focus on U.S. imperialism’s intervention in Syria.Organizers of the People’s Power Assembly in New York, including Claudia Palacios, Colin Ashby and Ramiro Fúnez of FIST, discussed the importance of the question of national oppression and liberation within the context of the Black Lives Matter movement. Monica Moorehead, editor of “Marxism, Reparations and the Black Freedom Struggle,” and Workers World Party First Secretary Larry Holmes joined the panel as well, discussing the need for broader sections of the left to stand in solidarity with the movement against police brutality and against broader state repression of the movement.There were also important panels on struggles in Latin America, the fight to free political prisoners Mumia Abu-Jamal, Oscar López Rivera, the MOVE 9, and many more.While the Left Forum is often dominated by academics and left organizations that take few positions against U.S. imperialism, Workers World, FIST and allies remained a strong anti-imperialist, revolutionary socialist current at the event.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare this
Twitter printA spin-off of 2014’s “Godzilla”, “Kong: Skull Island” turns a campy premise into a fun-filled adventure.The film follows a team of soldiers and scientists as their expedition across the mysterious Skull Island becomes marred with mayhem and monsters.In this image released by Warner Bros. Pictures, Tom Hiddleston, left, and Brie Larson appear in a scene from, “Kong: Skull Island.” (Vince Valitutti/Warner Bros. Pictures via AP)The plot is simple, but is helped by an interesting backstory and an air of mystery. The monster encounters are spread evenly throughout the film, creating a constant sense of danger for the team. The film isn’t afraid to kill off characters either, with the shock value keeping the pace from slowing down. These things combined give the film a strong energy as it moves forward, culminating in a knock-out finale. Since the ensemble cast serves as monster fodder, the film’s character development comes across as lacking and most of the cast is one-note. Brie Larson and Tom Hiddleston often phone it in as the film’s leads, moving from one scene to the next.Samuel L. Jackson, on the other hand, gives an over-the-top performance that works well for the film. Jackson’s character has an interesting motivation that makes his actions more believable and morally gray, and his performance makes the character consistently fun to watch.John C. Reilly gives an equally wacky performance that’s more hit-or-miss, but helps with the comedic elements of the film. Reilly and John Goodman also have important backstory that makes the actions of their characters easier to understand.Despite the acting and character development, it’s apparent that the actors are having fun and embracing the absurdity of the story. This gives the film heart and its own unique feel, which elevates it past most other monster movies.The film is also visually interesting, with the island providing a beautiful and diverse backdrop to the action. Kong comes across as detailed and realistic thanks to the use of motion capture, which makes his fighting natural and his presence intimidating. The variety in monster design provides a breath of fresh air as well, each coming across as thought-out and unique.Overall, “Kong: Skull Island” is great for audiences looking for action or adventure. The film’s campy nature makes it fun to watch with family or friends, but the violence may not be appropriate for young or squeamish viewers.Verdict:Despite some weak acting and one-note characters, “Kong: Skull Island” is a monstrously fun and over-the-top blockbuster.8/10 Facebook Sizzle Reel (Ep. 23 – Star Wars Celebration, DC Rumors and more) This image released by Warner Bros. Pictures shows a scene from, “Kong: Skull Island.” (Warner Bros. Pictures via AP) Previous articleHalf of FWISD board seats up for electionNext articleFirst-year student remembered for her humor Chris Garcia RELATED ARTICLESMORE FROM AUTHOR Chris Garcia ReddIt Chris Garciahttps://www.tcu360.com/author/chris-garcia/ Chris Garciahttps://www.tcu360.com/author/chris-garcia/ TCU VGP Video Finale (Ep. 25 – Call of Duty WWII, Cluster Trucks and more) Chris Garciahttps://www.tcu360.com/author/chris-garcia/ Sizzle Reel Finale (Ep. 24 – Teen Titans, Star Trek: Discovery and more) Welcome TCU Class of 2025 Linkedin TCU VGP (Ep. 24 – Battlefront Details, Telltale’s Guardians and more) ReddIt + posts Twitter Chris Garciahttps://www.tcu360.com/author/chris-garcia/ Facebook Linkedin World Oceans Day shines spotlight on marine plastic pollution TCU places second in the National Student Advertising Competition, the highest in school history Chris Garcia is a senior film and journalism double major from Midland, Texas. When he’s not working on student media’s newest podcasts, he can be found watching the latest releases at the closest theater.
November 27, 2006 – Updated on January 20, 2016 Two women journalists freed after being held for nine months Turkey’s never-ending judicial persecution of former newspaper editor April 2, 2021 Find out more April 2, 2021 Find out more News News Human rights groups warns European leaders before Turkey summit TurkeyEurope – Central Asia TurkeyEurope – Central Asia Receive email alerts to go further News Organisation Help by sharing this information Reporters Without Borders today hailed the release of Evrim Dengiz and Nesrin Yazar, two women journalists working for the Kurdish news agency DIHA. An assize court in the southern city of Adana ordered their release on 21 November during the fifth hearing in their trial on a charge of collaborating with the outlawed Kurdish separatist organisation, the PKK.Dengiz and Yazar had been held since 18 February, after police in Mersin claimed to have found Molotov cocktails inside their car as they were returning from covering a demonstration in support of Abdullah Öcalan, a PKK leader who has been in prison since 1999. A subsequent forensic report claimed they had substances intended to be used in making explosives, but this was always disputed by their lawyer.The prosecutor’s office in Mersin initially accused them of “jeopardising the unity of the state and territorial integrity” and requested life sentences. The charge was changed in August to collaborating with the PKK, for which the maximum sentence is 10 years in prison.At the latest hearing, the court was told that a new forensic report had concluded that the substances found in their car were not explosives. Although freed, the charge of collaborating with the PKK still stands. The next hearing is scheduled for 13 February. Journalists threatened with imprisonment under Turkey’s terrorism law News RSF_en Follow the news on Turkey April 28, 2021 Find out more
Pinterest In this Jan. 27, 2021 photo provided by Taryn Marie Photography, the Townsend family poses for a photo in Poynette, Wis. the day mother Kelsey Townsend came home from the hospital, nearly three months after being admitted due to COVID-19. Townsend, second from left, gave birth to Lucy, in her arms, via C-section on Nov. 4 while in a medically induced coma. She spent 75 days on lung and life support. She finally met the daughter she delivered face to face on Jan. 27. By Digital AIM Web Support – February 3, 2021 WhatsApp Local NewsUS News WhatsApp Facebook Wisconsin mother meets baby delivered during COVID-19 coma TAGS Twitter Twitter Previous articleGlobal Pharmaceutical Contract Packaging Market Research 2020-2024 | COVID-19 Market Impact Analysis | TechnavioNext articleGeospace Technologies: Fiscal 1Q Earnings Snapshot Digital AIM Web Support Pinterest Facebook
WhatsApp Facebook Twitter SAN DIEGO–(BUSINESS WIRE)–Feb 16, 2021– Finance of America Reverse LLC (FAR) today announced that Mary-Alice Cárdenas is its newest Reverse Mortgage Consultant as the company continues to scale in key areas of the business to meet an increasing consumer demand for its retirement solutions. Ms. Cárdenas is based in the San Francisco Bay Area reporting to Scott Norman, VP of Field Retail Sales and Director of Government Relations. Mary-Alice Cárdenas brings a wealth of hands-on experience and a proven track record to her new role that includes elevating FAR’s sales, marketing, and customer service ecosystem—with over 1,000 reverse mortgage customers served throughout her 20-year career. “We are in growth mode and are continuing to invest in and build our field sales operations, including scaling the team with the most talented professionals in the business. We are thrilled that Mary-Alice has joined the FAR family,” said Norman. “Her extensive knowledge, wide-ranging experience, and sincere heart for the industry will play an important role in our ability to offer the best products, services and solutions to our valued customers and partners.” Ms. Cárdenas has dedicated her professional life to the service of America’s senior communities. Her passion is demonstrated by an extensive background in senior health, wellness, and caregiving. Prior to beginning her career in reverse mortgage lending, Cárdenas worked to support Alzheimer’s programs at elder care facilities in Massachusetts and California. Cárdenas is a graduate of the University of California, Los Angeles, with a B.S. in Psychology and received her Master’s in Public Health from the Boston University School of Public Health. She has also been certified by the American College of Sports Medicine and was licensed as a real estate salesperson earlier in her career. “I love nothing more than to help seniors remain healthy and happy in their homes to fully enjoy their retirement years,” said Ms. Cárdenas. “I feel fortunate to have developed life-long relationships with so many. I am excited to have joined FAR and the team who shares my commitment and values in educating and supporting the financial wellness for seniors.” As a retirement solutions company, FAR believes that every person deserves an opportunity to live their best lives in retirement. It is focused on providing individuals with holistic solutions that are underpinned by sound research and education as well as financial tools to help them make the most of their golden years. The Field Retail team remains a vital resource and supplier of HECM and proprietary reverse mortgages for FAR’s valued customers. As of February 2021, FAR remains the largest wholesale lender and the second-largest GNMA issuer of reverse mortgages overall. About Finance of America Reverse LLC (FAR) As a retirement solutions company, Finance of America Reverse is committed to empowering people with the tools they need to achieve financial independence and get to work on retirement. Through its team of Licensed Loan Officers and network of professional and wholesale partners, Finance of America Reverse offers products and services designed to help older Americans include home equity in their retirement plans. The company is licensed nationally and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). For more information, please visit www.fareverse.com or find us on Facebook, LinkedIn or Twitter. ©2021 Finance of America Reverse LLC is licensed nationwide | Equal Housing Opportunity | NMLS ID # 2285 ( www.nmls.consumeraccess.org ) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133 View source version on businesswire.com:https://www.businesswire.com/news/home/20210216005867/en/ CONTACT: Media Contact: Caleb Barnhart Sloane & Company [email protected] KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY INSURANCE FINANCE CONSULTING BANKING PROFESSIONAL SERVICES REIT RESIDENTIAL BUILDING & REAL ESTATE SOURCE: Finance of America Reverse LLC Copyright Business Wire 2021. PUB: 02/16/2021 12:00 PM/DISC: 02/16/2021 12:01 PM http://www.businesswire.com/news/home/20210216005867/en Twitter Pinterest Local NewsBusiness Facebook Finance of America Reverse Expands Field Retail Sales Team to Meet Market Demand WhatsApp By Digital AIM Web Support – February 16, 2021 TAGS Pinterest Previous articleLena Waithe & Hillman Grad Productions Join Forces with Indeed to Showcase BIPOC Filmmakers through ‘Rising Voices’ InitiativeNext articleWNDR Alpine Receives B Corp Certification Digital AIM Web Support
Sign up for DS News Daily Tagged with: default Great Recession GSEs HAMP Housing Bubble JPMorgan Chase mortgage mortgage modification Default Data After the Great Recession Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The collapse of the housing bubble and the Great Recession that followed left many mortgage borrowers deep “underwater,” owing more on their mortgage than it was actually worth. With many losing their jobs and struggling to keep their homes, it’s no surprise that delinquency rates on residential mortgages increased sharply during the years after the collapse. Now a new JPMorgan Chase report analyzes the various mortgage modification programs that were instituted to help mitigate the damages of the financial crisis, and what they meant for the borrowers who made use of them.JPMorgan Chase’s report sampled from 1 million Chase mortgage customers who received a modification, creating a data asset of 450,000 de-identified modification recipients. Those spotlighted borrowers all fit three criteria: 1) they received a modification from the Federal Government’s Home Affordable Modification Program (HAMP), one of the GSEs, or a Chase proprietary modification program; 2) the modification happened between July 2009 and June 2015; and 3) it was their first mortgage modification.Chase found that “borrowers with similar payment burdens (as measured by pre-modification mortgage payment-to-income ratio, or PTI) received considerably different payment reductions depending on the modification they received.” Borrowers with a mortgage PTI above 50 percent doubled the amount of payment reduction they received from HAMP as opposed to the GSE program—a -55 percent HAMP reduction versus -27 percent under the GSEs. On the other end of the spectrum, borrowers with a low mortgage PTI benefited much less from HAMP. The GSE program granted a -25 percent payment reduction for these borrowers, compared to only -8 percent for HAMP.According to Chase’s report, a little can go a long way: the report found that a mortgage payment deduction of only 10 percent could decrease the default rate by 22 percent. The report also discovered that most defaults by “underwater” borrowers were likely not “strategic defaults”—in other words, the borrowers weren’t realizing they were underwater and deciding simply to try and cut their losses. “There was no difference between the post-modification default rates of borrowers who received principal plus payment reduction and borrowers who received only payment reduction,” according to Chase.Instead, by far the driving factor for defaults was found to be sudden income loss. Chase report found a pattern of drops in income being followed closely by a default. That’s not surprising, but it does further clarify why many borrowers wind up defaulting. Chase’s report says, “This pattern held regardless of pre-modification mortgage PTI or loan-to-value (LTV) ratio, suggesting that it was an income shock rather than a high payment burden or negative home equity that triggered default.Chase also found that underwater borrowers didn’t change their consumption habits whether they received a mortgage principal reduction or not. “There was no difference in the post-modification credit card spending of borrowers who received principal plus payment reduction and borrowers who received only payment reduction relative to their spending 12 months before modification,” said Chase.You can read the full JPMorgan Chase report by clicking here. Share Save Home / Daily Dose / Default Data After the Great Recession Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: David Wharton The Best Markets For Residential Property Investors 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 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 December 6, 2017 2,435 Views Related Articles in Daily Dose, Featured, Foreclosure, Government, Journal, News Previous: LGBT and Mortgage Leaders Collaborate to Better Diversity and Inclusion Next: Breaking Down Non-Performing Loan Sales Servicers Navigate the Post-Pandemic World 2 days ago default Great Recession GSEs HAMP Housing Bubble JPMorgan Chase mortgage mortgage modification 2017-12-06 David Wharton