Tag Archives: Ernst & Young

As part of its mission to transform the mortgage industry, the company announced the addition of Dan Madden to the team, as EVP and Chief Financial Officer of the organization.

A recent industry survey detects rising optimism in the commercial real estate sector and the single-family housing sector over the next few years. The survey, conducted in March by the Urban Land Institute and Ernst & Young, finds a consensus among economists and analysts that the real estate market will improve as transaction volumes rise and vacancies decline. Commercial real estate transactions totaled about $290 billion last year and are expected to rise to $310 billion this year. By 2015, analysts expect volumes of about $360 billion. The single-family market is anticipated to experience a rise in housing starts and a deceleration in price increases.

The Office of the Comptroller of the Currency (OCC) issued a report Tuesday on actions taken to correct deficiencies in mortgage servicing and foreclosure processing by the 12 institutions it oversees. The OCC has made public the names of the independent consultants retained for foreclosure reviews, and notes that evaluations of certain cases and mailings to more than 4 million borrowers are underway. The agency says all servicers have instituted policies to end dual-tracking and provide borrowers with a single point of contact.

As the Dodd-Frank Wall Street Reform and Consumer Protection Act reached its half-year mark, an analysis of the landmark legislation by Ernst & Young reveals that early mobilization will become more critical as rule-making activity moves toward the one-year anniversary - when many final rules are put in place. The firm's study indicates that financial firms are at different stages in their responses to Dodd-Frank. Many of the largest are conducting impact assessments and creating roadmaps and governance structures to guide compliance efforts.