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[ad_1] The Republic of Vietnam will receive 2,00,000 doses of Bharat Biotech’s COVID-19 vaccine, a top official of the company said on Thursday. The announcement was made by Suchitra Ella, Joint Managing Director of Bharat Biotech at a function hosted by Voung Dinh Hue, President of the National Assembly of the Socialist Republic of Vietnam in the national capital. According to a release by the vaccine maker, the donation represents a gesture of goodwill to provide access to Bharat Biotech’s Covaxin to fight COVID- 19 pandemic across borders. Covaxin has received Emergency Use Listing (EUL) in Vietnam also. In Vietnam, Bharat Biotech has been working with Duc Minh Medical JSC, towards the commercialization of INDIRAB (Inactivated Rabies Vaccine). Duc Minh is Bharat Biotech’s local partner in Vietnam. Bharat Biotech was invited by the Embassy of Vietnam for a one-on-one meeting with the President of the National Assembly, to discuss avenues of cooperation, supplies, and technology transfer possibilities. “It is an honour for us to serve the Republic of Vietnam in a humble manner and wish Covaxin contribution will help boost up the country’s national vaccination program and recovery from the pandemic. We also like to thank H.E of Vietnam for inviting us to meet and discuss opportunities for collaboration,” Ella said. “We believe in vaccine equity, global public health, and having access to the vaccine is vital for national health, and I hope everyone in the Republic of Vietnam will take advantage of having access to the widely administered, safe and efficacious Covaxin,” Krishna Ella, Chairman and Managing Director of Bharat Biotech said. Bharat Biotech has completed Phase 2 and 3 trials of Covaxin for children in the age group 2 to 18 years. The data has been submitted to the Central Drugs Standard Control Organisation (CDSCO) and the final approval is awaited. On approval, children will also have access to the jab. Bharat Biotech has also supplied INDIRAB to the Republic Nation supporting their national rabies vaccine requirement, the release said. [ad_2] Source link

[ad_1] The last two years have been a wild ride. We’ve had the sharpest and yet also the shortest recession in history, record-low mortgage rates leading to record origination volumes, and record home prices as housing demand far outstripped supply. Let’s not forget the substantial fiscal and monetary policy that provided extraordinary levels of support for households, businesses, and markets here and abroad. The latest news regarding the Omicron variant has many cautious about whether the recovery that began in the second half of 2020 and blossomed in 2021 can continue. Odds are that this turn in the pandemic will likely be just a temporary setback. Public health officials note that we have many more tools to address this latest — and likely not the last — challenge. Nevertheless, while we view the trends described below as the most likely path for the economy and mortgage market in 2022, this news highlights the elevated level of uncertainty we’ve all been living with the past few years. The pandemic, as well as policymakers, continue to have the ability to send shocks through the system. The main takeaway from Mortgage Bankers Association forecast is that we see 2022 as a transition year, moving from a refinance market to a purchase market. Industry veterans know that past similar transitions have posed challenges as the industry works to match origination capacity to the new level of demand. A silver lining is that we are expecting both 2022 and 2023 to be record years for purchase originations. In thinking about the year ahead, I am going to frame my comments around five questions I often hear from lenders. How will the Federal Reserve respond to economic developments in 2022, and what will be the impact on mortgage rates? The Federal Reserve aims to meet three goals: reach full employment, keep inflation low and maintain a stable financial system. More specifically, that means targeting an unemployment rate close to 4%, inflation close to 2%, and using regulatory tools to prevent unsound lending or other financial imbalances. In response to the pandemic, the Fed brought short-term rates to zero while also more than doubling the size of their balance sheet, adding trillions of dollars in Treasuries and MBS to their holdings. When this article was published, the unemployment rate is at 4.2%, inflation is above 6%, and both stock market and housing market values are elevated. MBA forecasts that the unemployment rate will dip below 4% next year, ending the year at 3.5%. Businesses across the country have more than 11 million job openings and are raising wages to try to fill them.  The only outstanding question is to what extent individuals who have dropped out of the labor force will be pulled back in as employers continue to push up their offers. Given that the decline in labor force participation has been largest for older workers, some of whom may have retired, at least temporarily, it may take more than a small raise to draw them back into the job market.  The improving job market is all to the positive. However, inflation running much higher than the Fed’s target is troubling, as higher inflation expectations are getting baked into consumer and business decision-making. The Fed and other central banks around the world are already responding to this trend with their words and are beginning to change their actions. The Fed began to taper their asset purchases in November, and at their December meeting announced that they would double the speed of their taper beginning in January, which means they will no longer be adding to their MBS holdings after March. Also at the December meeting, the median FOMC (Federal Open Market Committee) member indicated three rate hikes in 2022, although this is dependent upon a forecast of still strong growth and elevated inflation. Lenders should expect a much faster pace of hikes over the next few years than what was experienced following the 2009 recession. A more hawkish Fed, a strongly recovering economy, and large federal budget deficits are all likely to put upward pressure on longer-term rates, including mortgage rates. MBA forecasts that 30-year mortgage rates, averaging about 3.3% today, will reach 4% by the end of 2022. Source: FOMC Summary of Economic Projections, December 2021 Will home price growth slow in 2022? (What if it doesn’t?) While the market has struggled with a lack of inventory in 2021 and builders have reported ongoing supply chain challenges, there are more than 700,000 homes under construction right now, and a growing inventory of new homes for sale. The inventory of existing homes remains quite tight at less than 2.5 months, but the addition of new homes to the mix should lead to more choices for potential buyers in 2022, including many who had hesitated to list their homes in 2021. This should lead to an increase in the number of existing homes listed. This additional inventory is sorely needed. In the most recent readings, home prices nationally have been increasing at about an 18% rate compared to last year, with double-digit growth in almost every part of the country, and growth even faster in parts of the Mountain West. Per the chart below, this rate of growth is more than four times the pace of income growth. That’s clearly not sustainable, particularly for potential first-time homebuyers.  While existing homeowners can cash in their equity gains and use that gain toward a down payment for their next home, first-time buyers are seeing their chance to buy decrease, or at least are having to re-think the types and locations of properties that they might be able to afford. The encouraging news? MBA’s forecast for an increase in housing starts and home sales, coupled with our expectation of somewhat higher mortgage rates, should together lead to deceleration in home-price growth to around 5% in 2022. Note that this is a deceleration — a slowing in the rate of growth, not a decline in the level of home prices.  Could home prices actually decline next year?

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[ad_1] The Indian subsidiary of US-based helicopter transport firm BLADE has launched its scheduled by-the-seat services on Bengaluru-Coorg and Bengaluru-Kabini routes in Karnataka. BLADE first entered the state in December 2020 with its weekend private charter services. With the launch of the services on the two routes, travel time to the two cities from the state capital will be reduced from 6-7 hours by road at present, the company said in a release. BLADE India said it aims to connect congested and inaccessible surface routes in the country through an efficient air transport system and provide an all-around holistic experience through its baggage and ground transfers and partner benefits. Amit Dutta, MD, BLADE India, said, “Karnataka boasts of some of the most beautiful destinations in the country, however, their accessibility is a pain point. 6-7 hours of road travel from Bangalore eat into the precious time that travellers could otherwise spend enjoying their holiday. BLADE mitigates this pain with an hour’s seamless experience. BLADE India said it has tied up with Evolve Back Resorts to enable customers to book their flight and stay at once; land at the property directly in an hour and be more accessible. “We are excited to partner with BLADE India as they offer Helicopter Transfers from Bangalore to our resorts in Coorg and Kabini,” said Thomas Emmanuel Ramapuram, Director-Sales at Evolve Back Resorts. This will give a huge boost to luxury travel in Karnataka and will transform the leisure tourism industry in the months to come, he added. BLADE India, a joint venture between BLADE Urban Air Mobility Inc, headquartered in New York, and New Delhi-based venture capital firm Hunch Ventures, started operations in Maharashtra in 2019. [ad_2] Source link

[ad_1] In 2012, Dmitry Godin was seemingly on top of the world. Interfirst Mortgage, the retail mortgage business he founded in 2001, had grown to $14.5 billion in originations, cementing its place as the 15th-largest originator in the country. By July 2013, things were going so well that Godin and his wife purchased a lakefront mansion in Winnetka, Illinois, for nearly $13 million, a record for the posh Chicago suburb. But there was trouble ahead. The historically low interest rates that led to a boom in refinances in 2012 had ended, and Interfirst struggled to maintain volumes in following years as the market turned to purchase. The lender originated $10 billion in mortgages in 2013, $5 billion in 2014, $3 billion in 2015 and just $2 billion in 2016 before shutting down altogether in 2017. Godin made plans to relaunch the business in late 2019 as a tech-forward lender that originated loans across both wholesale and retail channels. “Market dynamics in early 2020, which have caused significant disruption to the origination and servicing markets, accelerated our plan to reenter the market with our new business model in a more robust way with a broader relaunch of the Company,” Mark Freedle, Interfirst’s executive vice president of production, told MReport in July 2020. “And today, unlike many other mortgage lenders, we reenter the residential mortgage origination market without any legacy challenges.” In November, Interfirst issued pink slips to hundreds of non-commissioned loan officers at its call centers in Charlotte, North Carolina and Rosemont, Illinois, according to WARN notices in both states. In all, 351 employees were laid off – 77 in North Carolina and 274 in Illinois – which former workers estimate to be more than half of Interfirst’s total staff. The layoffs take effect on Jan. 21, 2022. Former employees interviewed by HousingWire said the Chicago-based mortgage shop mainly originated safe, conventional refinance loans, and barely made any headway in the purchase market.  “They were trying to capitalize on the refinance boom,” said Cullen Gandy, a classically trained opera singer who had been hired as an LO at Interfirst and left in July. “I think 99% of the loans that I was writing there were refinances. And then when, you know, when they felt like that was going to not be viable anymore, they were just like, alright, pack up ship and then cut the fat.” HousingWire interviewed over a dozen former employees at Interfirst, who provide a portrait of a disorganized company with unclear long-term plans, a tech stack that hasn’t lived up to its billing, and an inexperienced staff not prepared to win in a purchase market. Interfirst’s ability to grow rapidly in a low-rate, refi environment but then struggle and contract when the market turns could be seen as a cautionary tale, even in an industry as cyclical as mortgage. Interfirst provided no explanation for the upcoming terminations. The company did not respond to multiple requests for comment left by HousingWire. Teacher, class has started When Interfirst relaunched operations in 2020, it had no interest in competing with scores of well-capitalized lenders for ready-made talent. In fact, the lender boasted of its ability to train people with no background in mortgage banking to be top-notch LOs through a rigorous training course paid for by Interfirst.  Teachers, nurses, first responders and food industry workers alike were encouraged to work in the company’s virtual call center. The pay would be below the industry standard – around $40,000 – but it was seemingly stable work that was beyond the front lines of the pandemic, former employees said. One experienced mortgage veteran who interviewed with Interfirst for a sales manager position said the company described its strategy as hiring neophyte LOs and putting them in a consumer direct setting, with no outside or self-sourced business, “where websites like Lending Tree & Rate.com drive you clients with rates .25% -.375% below the market.” Clients upload all documents into their loan origination system directly to reduce/eliminate operational staff. According to former employees and executives, business seemed strong as recently as summer 2021. The firm told HousingWire that it had originated $1.65 billion in mortgages between June 2020 and June 2021 and was actively recruiting new loan officers and support staff.  A $175 million investment from private holding company StoicLane in October would be used to grow operations and refine and develop new technologies. (StoicLane did not respond to a request for comment.) Still, former employees interviewed by HousingWire questioned what the company’s long-term ambitions were.  “It felt like there was a desire to grow and that senior management was always chasing something new and shiny, whether that was a new name, a new brand or a new dialer,” said Justin Woodward, a former loan officer at Interfirst. Woodward added that there was a notable push to hire new LOs and “to become more of a full-service lender and to get government-qualified to offer FHA, VA, and USDA loans.”  Ultimately, the refi model can only turn a profit in a crazy market where processing times and capacity issues drive clients to find the lowest rate and fees, the veteran sales manager said.  “But in a normal mortgage market where purchases outweigh refinances and people need more hand-holding and customization, this model falls flat.” Building the plane while flying it Interfirst executives also talked a big game about its new proprietary loan origination technology platform, former employees said. They evangelized that the tech stack would apply artificial intelligence to origination, eliminating upfront fees and cutting interest rates. Gandy, who was based in Illinois, remarked that while he was there from Oct. 2020 to July 2021, Interfirst’s tech was “constantly in a flux” and was tested on the call center as it was being developed. “They didn’t do anything to where it was like a beta, and then they would come out with a product, they would simply develop the product, in tandem with us doing our job,” he said. “A lot of my work involved me

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[ad_1] Delhi-NCR, being one of the largest real estate markets in India, offers a varied mix. Over the last few years, the real estate market in Delhi NCR has shown remarkable transformation. Being the capital of the nation, Delhi has always been one of the favourites for migrants & job seekers. Despite slower growth in recent times, it continues to be attractive for investors as well as end-users due to various factors, including the booming IT Industry, increasing Metro connectivity, the rise of affordable micro market, to name a few. With the increasing demand for residential property, certain shifts have been observed as per the demand-supply dynamics. The housing supply in Delhi has been fairly low as compared to its counterparts – Gurugram & Noida. The reason seems to be a mismatch in the demand & supply. Despite the massive demand in the city for affordable housing, property prices in most of the areas of the city have skyrocketed. As a result, certain areas that offer affordable housing or mid-segment projects have been performing relatively better property segments and different micro-markets across the region. Gurugram burst on to the real estate scene during the early 2000s, with its prime focus on targeting mostly DINK couples or people working in MNCs. The price tag of the properties even at that time was comparable with today’s property prices in Delhi NCR. It enjoyed & marketed exponentially for its proximity to the international airport. However, over the years, the city has turned out to be a complete real estate market with offerings for all segments of people. Now, Gurugram has affordable housing hubs, areas where properties for the middle class are available as well as the high-end class. The increasing demand has also been pushed because of various other factors like infrastructural push, job opportunities, policy amendments and many more. Consequently, a few areas have emerged as Delhi’s most vibrant affordable housing hotspots. Dwarka- L Zone, Uttam Nagar, Rohini, Gurugram, Sohna, Sector 65, Sector 68 have been seen as emerging hot favourites for real estate. Apart from the residential real estate growth, commercial growth has also been significant in the region. The infrastructural capacity & availability of the workforce has lured the interest of the corporates & employers, which continues to revive even after the effects of the pandemic, though, at a slower rate. According to a report by Knight Frank India, there has been an inclination among the buyers to purchase plots, near-completion properties & ready-to-move properties in the region. The lowered down property prices along with dipped home loan rates have enhanced the affordability index to a great extent. An increase in the project launches in the areas of Noida & Greater Noida has been evident of the increased demand. An interesting & fruitful aspect of the real estate market of the region has been a reduction in the unsold inventory, which has reduced by 9% from 2019. The micro-markets have been seen as one of the best performers for boosting the real estate market. New Gurugram, including the Dwarka Expressway & Golf Course Road, has attracted most of the buyers. The mid-segment buyers, looking for affordable housing, have been inclined to areas nearing Greater Noida West constructed DME has fueled the demand for housing projects across this highway belt. Projects launched in these areas got a good response, which is visible in the way they are widening of NH 24 and newly sold within the days of being launched. Apart from the affordable & micro market segments, one more segment in real estate, which is to be observed especially for the Delhi NCR region, is the rise of luxury real estate. With the rising number of ultra-net-worth individuals, the range of luxury and ultra-luxury residential options can very well cater to the demand of designed and customized abodes, as preferred by HNIs, UHNIs, and NRIs is evolving at a higher rate. Sustainable living options are on the rise, homes designed and constructed on the lines of wellness and health amenities are gaining more attention. The rise in the number of first-time asset creators along with various other favourable conditions is likely to take the region’s real estate growth further in the coming times. Delhi NCR has evolved as a precious asset for the real estate market & shall continue being that as well. (By Aman Trehan, Executive Director, Trehan IRIS) [ad_2] Source link

[ad_1] The Federal Housing Finance Agency (FHFA) is the latest stakeholder to examine how racial bias may creep into property valuations. In a Dec. 14 blog post, Fannie Mae and Freddie Mac’s regulator and conservator said it found examples of “overt references to race, ethnicity, and other prohibited bases under federal fair lending laws,” which FHFA said indicate the “continued presence of valuation bias.” Appraisers are not supposed to base their analysis on protected classes, and in the Uniform Residential Appraisal Report, appraisers attest that “race and the racial composition of the neighborhood are not appraisal factors.” But when the FHFA hunted for examples of racial bias by keyword searching the free-form commentary section in millions of appraisal reports, it found thousands of references to race and ethnicity. After reviewing those “potential race-related flags,” the FHFA found that many were false positives. Still, there were a number of troubling examples — although the report does not specify how many. “The racial and ethnic compositions of a neighborhood should never be a factor that influences the value of a family’s home,” the report read. “Our observation of appraisals suggests that racial and ethnic compositions of a neighborhood are still sometimes included in commentary, clearly indicating the writer thought it was important to establishing value.” Numerous appraisal reports cited the ethnic or racial makeup of neighborhoods, in percentages or, sometimes, using more expressive language. One appraiser noted the ethnic groups that had immigrated to an area, and called it “one spicy neighborhood.” Another described a neighborhood as “predominately Hispanic” and said the residents have “assimilated their culture heritage” into the neighborhood. One appraisal report said a neighborhood was originally “White-Only,” before becoming a “White-Flight Red-Zone” to explain why the neighborhood was now mostly “Working-Class Black.” An area was ‘not especially-diverse’ ethnically, with a high percentage of white people,” another appraiser wrote. It’s unclear whether the inclusion of references to race in appraisal reports reveals bias in the valuation process or introduces it. The FHFA conceded, in its report, that there is no one solution to eliminate bias in property valuation. But “increased transparency and awareness and more training and education” could help combat appraisal bias, the report said. Guidance and best practices could at least result in more “objective free-form text narratives.” FHFA participates in the task force the Department of Housing and Urban Development convened earlier this year to root out appraisal bias, in light of numerous media accounts of appraisers undervaluing appraisals for Black homeowners. Freddie Mac, the lone agency that has published research on the phenomenon, found that in minority neighborhoods, the appraised value was more likely to fall short of the contracted sales price. But besides the report from Freddie Mac, there is little public information detailing the scope of the problem. HUD has declined to say how complaints of appraisal bias it has received, citing pending investigations. The Consumer Finance Protection Bureau receives complaints from consumers, and has also received a handful of complaints of appraisal bias since 2019. The task force has said it will issue a set of actions and recommendations early next year that HUD Sec. Marcia Fudge tweeted would “help end these discriminatory practices for good.” The post FHFA takes a swing at racial bias in appraisals appeared first on HousingWire. [ad_2] Source link