Origination (telephony)

Altisource Announces First Quarter 2024 Financial Results

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목요일, 4월 25, 2024

Origination (telephony), Delinquent, Depreciation, Real estate, Servicing, Adjustment, ASPS, Growth, Auction

LUXEMBOURG, April 25, 2024 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today reported financial results for the first quarter 2024.

Key Points:

LUXEMBOURG, April 25, 2024 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today reported financial results for the first quarter 2024.
“I am very pleased with our first quarter performance.
We generated $4.6 million of Adjusted EBITDA(1), marking our best quarterly performance since the third quarter of 2020, on $36.9 million of service revenue.
Mr. Shepro further commented, “We believe our financial results and sales wins demonstrate that we are not waiting for the default market to return to normal or for delinquency rates to rise to achieve growth.

The impact of regulatory changes on rating behaviour

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화요일, 4월 2, 2024

Długosz, Disagreement, Pi bond, Direct lending, Key, Research Papers in Economics, Finance Secretary (India), University of Oxford, STS, Journal of Economic Perspectives, International, American Economic Review, Life, Columbia Business School, British Academy of Management, Risk assessment, ABS, Rating, EBA, Development, Reputational damage, OBS, CRA, Bond credit rating, Cras, Journal of Monetary Economics, CDO, Becker, Paper, 2007–2008 financial crisis, Raja, University, Environment, Journal of Financial Economics, Perception, H3, Website, Securitization, Working paper, Market, Collection, Total, European Banking Authority, Quarterly Journal of Economics, BBB, Whetten, Column, ESMA, European Journal, Issuer, Asset quality, Information revolution, Federal Reserve Bank, OLS, Statistics, PDF, Private, ECB, Surety, Weighted-average life, CCC, European Commission, Social science, Journal of Financial Stability, JEL, Real, Bias, Journal, Research, Classification, Certification, Commission, Credit, The Journal of Finance, Literature, Karel Škréta, European Central Bank, AA, Finance Research Letters, Origination (telephony), Monetary economics, Section 5, Xia, Kraft Foods, Government, AAA, Mukherjee, Finance, Deku, DOI, White, Risk, IOSCO, MBS, OECD, Wang, Section 4, University Challenge 2013–14, Section 3, Ashcraft, Financial management, Accounting, Financial economics, Fannie Mae, Conference, Pressure, Central bank, Griffin, University of Michigan, Systematic review, EPRS, Freddie Mac, Loan, BCBS, Palgrave Macmillan, R2, Microeconomics, Quarterly Journal, Financial statement analysis, The Japanese Economic Review, Christian Social Union (UK), Green, University of Huddersfield, PSM, Management, Security (finance), Security, Civil service commission, Private placement, American Economic Journal, GFC, Reproduction, IMF, Small business, Trustee, Data

Abstract

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Abstract
We examine rating behaviour after the introduction of new regulations regarding Credit Rating
Agencies (CRAs) in the European securitisation market.
There is empirical evidence of rating catering in the securitisation market in the pre-GFC period (He et al.,
2012; Efing and Hau, 2015).
Competition among
CRAs could diminish ratings quality (Golan, Parlour, and Rajan, 2011) and promotes rating shopping by
issuers resulting in rating inflation (Bolton et al., 2012).
This paper investigates the impact of the post-GFC regulatory changes in the European
securitisation market.
In 2011, in addition to the creation of
European Securities and Markets Authority (ESMA), a regulatory and supervisory body for CRAs was
introduced.
We examine how rating behaviours have changed in the European securitisation market after the
introduction of these new regulations.
We utilise the existence of multiple ratings and rating agreements between
CRAs to identify the existence of rating shopping and rating catering, respectively (Griffin et al., 2013; He
et al., 2012; 2016).
We find that the regulatory changes have been effective in tackling conflicts of interest between issuers
and CRAs in the structured finance market.
Rating catering, which is a direct consequence of issuer and
CRA collusion, seems to have disappeared after the introduction of these regulations.
There is empirical evidence of rating catering in the securitisation market in
the pre-GFC period (He et al., 2012; Efing and Hau, 2015).
Competition among CRAs could diminish ratings quality (Golan, Parlour,
and Rajan, 2011) and promotes rating shopping by issuers resulting in rating inflation (Bolton et
al., 2012).
This paper investigates the impact of the post-GFC regulatory changes in the European
securitisation market.
In 2011, in addition
to the creation of European Securities and Markets Authority (ESMA), a regulatory and
supervisory body for CRAs was introduced.
We find that the regulatory changes have been effective in tackling conflicts of interest
between issuers and CRAs in the structured finance market.
Rating catering, which is a direct
consequence of issuer and CRA collusion, seems to have disappeared after the introduction of
these regulations.
Investors who previously demanded higher spreads for rating agreements for a
multiple rated tranche, did not consider the effect of rating harmony as a risk in the post-GFC
period.
Regarding rating shopping, we find that the effectiveness of the changes has been limited,
potentially for two reasons.
Additionally, we also find that rating over-reliance might still be an issue, especially
Rating catering is a broad term and it can involve rating shopping.
They re-examine the rating shopping and rating
catering phenomena in the US market by looking at the post-crisis period between 2009 and 2013.
Using 622 CDO tranches, they also observe the existence of rating shopping and the diminishing
of the rating catering.
Firstly, our main focus is the EU?s CRA Regulation and its effectiveness in reducing
rating inflation and rating over-reliance.
To the best of our knowledge, this paper is the first to
examine the effectiveness of the EU?s CRA regulatory changes on the investors? perception of
rating inflation in the European ABS market.
Hence, the coverage and quality of our dataset constitutes significant addition
to the literature and allows us to test the rating shopping and rating catering more authoritatively.
The following section reviews the literature
on securitisation concerning CRAs and conflicts of interest, and outlines the regulatory changes
introduced in the post-GFC period.
Firstly, ratings became ever more important as the Securities and
Exchange Commission (SEC) 5 began heavily relying on CRA assessments for regulatory purposes
(i.e.
the investment mandates that highlight rating agencies as the main benchmark for investment
eligibility) (SEC, 2008; Kisgen and Strahan, 2010; Bolton et al., 2012).
issuers) as one of the main explanations for the rating inflation (He et al., 2011; 2012; Bolton
et al., 2012; Efing and Hau, 2015).
Bolton et al., (2012) demonstrate that competition
promotes rating shopping by issuers, leading to rating inflation.
The last phase, CRA III, was implemented in mid-2013 and involves an additional
set of measures on reducing transparency and rating over-reliance.
As mentioned above, rating inflation can be caused by rating shopping
In order to be eligible to use the STS classification, main parties (i.e.
The higher the difference in the number of ratings for a
given ABS tranche, the greater the risk of rating shopping.
Alternatively, the impact of the new
regulations could be limited when it comes to reducing rating shopping.
This is because, firstly,
the conflict of interest between securitisation parties is not necessarily the sole cause for the
occurrence of rating shopping.
L is a set of variables (Multiple ratings, CRA reported, Rating agreement) that
we utilise interchangeably to capture the rating shopping and rating catering behaviour.
Hence, issuers are incentivised to report the highest possible rating and
ensure each additional rating matches the desired level.
All in all, our results suggest that
the new stricter regulatory measures have been effective in tackling conflicts of interest and
reducing rating inflation caused by rating catering.
Self-selection might be a concern in analysing the impact of the
new measures and investors? response with regard to the rating inflation.
This
result is in line with the earlier findings suggesting that regulatory changes have reduced investors?
suspicion of rating inflation and increased trust of CRAs.
Conclusion
Several regulatory changes were introduced in Europe following the GFC aimed at tackling
conflicts of interest between issuers and CRAs in the ABS market.
Utilising a sample of 12,469
ABS issued between 1998 and 2018 in the European market, this paper examined whether these
changes have had any impact on rating inflations caused by rating shopping and rating catering
phenomena.
We find that the
effectiveness of the changes has been more limited on rating shopping potentially for two reasons.
Tranche Credit Rating is the rating reported for a tranche at launch.

Altisource Announces Fourth Quarter and Full Year 2023 Financial Results

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목요일, 3월 7, 2024

Real estate, Growth, Face, Origination (telephony), ASPS, Corporation, Others, Servicing

LUXEMBOURG, March 07, 2024 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today reported financial results for the fourth quarter and full year 2023.

Key Points:

LUXEMBOURG, March 07, 2024 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today reported financial results for the fourth quarter and full year 2023.
“I am pleased with our performance in 2023 as we continue to strengthen our financial position and win new business which has not fully ramped.
We improved total company Adjusted EBITDA(2) by $15.7 million compared to 2022 and by $30.8 million compared to 2021,” said Chairman and Chief Executive Officer William B. Shepro.
Mr. Shepro further commented, “Turning to 2024, we believe our sales wins, enhanced margins and lower corporate costs position Altisource for strong Service revenue and Adjusted EBITDA(2) growth.

Consolidated Analytics Announces loanDNA Origination and Servicing QC Platform

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목요일, 2월 15, 2024

Panorama, QC, Origination (telephony), RESPA, Risk, HMDA, Medical device

SANTA ANA, Calif., Feb. 15, 2024 /PRNewswire/ -- Consolidated Analytics (CA), a leader in innovative mortgage solutions, is proud to announce the expansion of loanDNA, its intelligence-based platform for Origination and Servicing Quality Control.

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SANTA ANA, Calif., Feb. 15, 2024 /PRNewswire/ -- Consolidated Analytics (CA), a leader in innovative mortgage solutions, is proud to announce the expansion of loanDNA, its intelligence-based platform for Origination and Servicing Quality Control.
The loanDNA platform already saves time in bookmarking and data extraction for due diligence; now, it will help transform lenders' and servicers' quality control processes, ensuring efficiency, accuracy, and compliance in loan origination and mortgage servicing operations.
CA's loanDNA platform addresses these challenges, empowering clients to streamline their QC workflows with less reliance on manual processes to mitigate risks and save time and money.
Commenting on the loanDNA expansion, Arvin Wijay, CEO at Consolidated Analytics, stated: "Our loanDNA platform offers access to data-driven portfolio intelligence.

Aquila Air Capital Adds Eoin Connaughton to Commercial Analysis and Pricing Team

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월요일, 1월 29, 2024

Against the backdrop of this year’s Airline Economics Growth Frontiers Dublin conference, Aquila Air Capital (“Aquila”), a leading lessor focused on end-of-life solutions, announced the addition of a new member to its Commercial Analysis and Pricing team, Eoin Connaughton as AVP, Commercial Analysis and Pricing.

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Against the backdrop of this year’s Airline Economics Growth Frontiers Dublin conference, Aquila Air Capital (“Aquila”), a leading lessor focused on end-of-life solutions, announced the addition of a new member to its Commercial Analysis and Pricing team, Eoin Connaughton as AVP, Commercial Analysis and Pricing.
Connaughton will be based out of the company’s Irish office, focusing on the analysis, structuring, and pricing of transactions for various aircraft and engine types in collaboration with the Commercial and Origination teams.
Connaughton joins Aquila from SMBC Aviation Capital (“SMBC”), where most recently he served as VP, Commercial Analysis, working closely with the Marketing and Trading teams to ensure all transactions were appropriately structured, accurately priced, and completed in a timely fashion.
I am excited to be able to bring my extensive knowledge and skillset to assist in the expansion of the current leasing and trading platform,” commented Eoin Connaughton as Aquila Air Capital’s AVP, Commercial Analysis and Pricing.

BTIG Promotes Michael Passaro to Head of Equity Capital Markets

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화요일, 1월 9, 2024

Banking, Professional Services, Finance, Origination (telephony), Deutsche Bank, UBS, Wells Fargo, ECM, Equity capital markets, RBC, Growth, Security (finance)

BTIG announced that Michael Passaro has been promoted to Head of Equity Capital Markets.

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BTIG announced that Michael Passaro has been promoted to Head of Equity Capital Markets.
Since joining BTIG in 2020, Mr. Passaro has been instrumental in the expansion and success of the equity capital markets group.
“We are excited to promote Michael to Head of Equity Capital Markets,” said Anton LeRoy, Chief Executive Officer of BTIG.
As part of that expansion, the firm recently hired Anthony Faria as a Director of Equity Capital Markets where he will help expand the firm’s capital markets origination effort and play a key role in the execution of Equity Capital Markets transactions.

Hydrostor and Transgrid Enter First-of-its-kind Agreement to Provide Backup Power in Broken Hill

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목요일, 12월 7, 2023

Partnership, Potosi Mine, Agreement, Silver, Origination (telephony), Gravity battery, Employment, Renewable energy

BROKEN HILL, AUSTRALIA, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Hydrostor, a global long duration energy storage (LDES) developer and operator, has reached an Agreement with Transgrid, which will see the 200MW/1600MWh Silver City Energy Storage Project (Silver City) provide back-up power to Broken Hill as early as 2027.

Key Points:

BROKEN HILL, AUSTRALIA, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Hydrostor, a global long duration energy storage (LDES) developer and operator, has reached an Agreement with Transgrid, which will see the 200MW/1600MWh Silver City Energy Storage Project (Silver City) provide back-up power to Broken Hill as early as 2027.
“We are delighted by this new partnership with Transgrid and the recognition of Silver City’s value to the region and the community”, said Martin Becker, Hydrostor’s VP, Origination & Development.
“Advanced Compressed Air Energy Storage represents a scalable, cost-effective solution for the provision of long duration energy storage.
The Agreement requires Hydrostor to provide up to 50MW of capacity, representing up to 250MWh, from Silver City in the event of a planned or unplanned power outage.

Inspirational Production 'Tafuta!' Empowers Child Facing Kwanzaa Bullying Through Music, Dance, and Poetry

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금요일, 12월 1, 2023

Empowerment, Columbus Avenue, Origination (telephony), Ageing, Roxbury Community College, Music, Poetry, Child, School, Telephony, Bullying, Human, Entertainment

BOSTON, Dec. 1, 2023 /PRNewswire-PRWeb/ -- OrigiNation Cultural Arts Center – pioneers of innovative and dynamic performing arts programs that motivate, challenge and inspire youth to be the best they can be, is back for this year's musical theater production of Tafuta! A Young Child's Search for the True Meaning of Kwanzaa on Friday, December 15, 2023 beginning at 7pm at Roxbury Community College's Main Stage Theater, 1234 Columbus Avenue, Roxbury. For tickets: www.originationinc.org/performances

Key Points:

is a unique production that combines music, dance, and poetry to tell the story of a young child who faces bullying in school due to his family's tradition of celebrating Kwanzaa.
For tickets: www.originationinc.org/performances
Don't miss this empowering production that highlights the importance of embracing one's heritage and overcoming adversity.
is a unique production that combines music, dance, and poetry to tell the story of a young child who faces bullying in school due to his family's tradition of celebrating Kwanzaa.
Join us for a night of music, dance, and poetry as we celebrate Kwanzaa and support the young child in his journey of self-discovery and empowerment.

netnumber Global Data Services Launches Number Lock and Number Watch To Deliver Leading-Edge Protection Against Brand Impersonation and Fraudulent Messaging Activities

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화요일, 11월 28, 2023

Fraud, Origination (telephony), Product management, GDS, Num Lock, Non-bank financial institution, Mobile phone

BOSTON, Nov. 28, 2023 /PRNewswire/ -- As the communications ecosystem strengthens its defenses against messaging fraud, netnumber Global Data Services, the world-leading provider of phone number intelligence data, announces the launch of Number Lock and Number Watch. These two robust services were developed to help defend telecom providers, financial institutions and other enterprises against sophisticated acts of organized messaging fraud while furthering recent regulatory initiatives to safeguard text messaging.

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Number Lock increases security for enterprises by restricting text messaging on customer-specified 10-digit non-mobile numbers upon the request of the subscriber to the number.
With Number Lock, enterprises can secure their brand and prevent fraudsters from using well-known business phone numbers via text messaging to gain a victim's trust.
Number Watch, the company's other new innovation, is a comprehensive phone number monitoring solution for telecom providers, financial institutions and enterprises.
Number Watch stores customer-specified phone numbers on a watchlist continually monitored for a wide range of events and activities by netnumber GDS.

EDF Renewables North America Signs Agreement with El Paso Electric for Solar+Storage Project

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월요일, 9월 25, 2023

“We are very pleased to partner with El Paso Electric and contribute to its commitment to provide responsible, sustainable, and reliable energy to its customers,” said Matthew Beltz, Director, Origination & Power Marketing at EDF Renewables.

Key Points:

“We are very pleased to partner with El Paso Electric and contribute to its commitment to provide responsible, sustainable, and reliable energy to its customers,” said Matthew Beltz, Director, Origination & Power Marketing at EDF Renewables.
EDF Renewables, one of the largest renewable developers in North America, is committed to providing solutions to meet our customer’s carbon-reduction goals.
EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy.
EDF Renewables North America is a subsidiary of EDF Renewables, the dedicated renewable energy affiliate of the EDF Group.