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» VISIT US ONLINE @ DSNEWS.COM 79 cessful since its initiation in 2009, according to Boston Community Capital, which stated that "nearly all" of its borrowers are current on their payments, and more than 148 of the 900 fami- lies helped through the program have already paid their loans in full. Veros Partners with SBS for Property- specific Valuation Tools Pennsylvania-based provider of real-estate lending support services, SBS, has announced the addition of Veros Real Estate Solutions' VeroPRECISION product to their suite of valuation and appraisal management services. VeroPRECISION gives users the ability to determine if an automated valuation model (AVM) is an appropriate tool for a specific prop- erty. While other AVMs are typically applied at broad geographic levels, VeroPRECISION can be applied to an individual property, first de- termining if it is a good candidate for an AVM and then determining which evaluation tool will provide the most accurate and appropriate data. SBS offers a full suite of valuation and ap- praisal management services that can be tailored to meet unique specifications. e company provides real property appraisals and AVMs for banks, credit unions, mortgage lenders, and mortgage servicers. "is application gives our customers a unique tool by which to more accurately evalu- ate properties," said Dan Kavanaugh, VP, SBS. "It's an example of our dedication to providing customers with new and innovative solutions that meet their specific and changing needs." "SBS offers an expansive suite of property valuation offerings for use during every phase of the mortgage lifecycle and we are honored to have them add VeroPRECISION to the mix," said Rob Walker, VP, Sales at Veros. "VeroPRE- CISION is the first offering of its kind to address an inconvenient truth: that an AVM may not be an appropriate valuation tool for a particular subject property. With its addition, SBS clients will now have the ability to decisively determine when and when not to use AVMs; enabling them to make well-informed business decisions." Veros is a proven leader in enterprise risk management and collateral valuation services. e firm combines the power of predictive tech- nology, data analytics, and industry expertise to deliver advanced automated solutions that control risk and increase profits throughout the mortgage industry, from loan origination to servicing and securitization. the four agencies awarded the grant to assist seniors. And while the measures are intended to benefit the homeowners in Philadelphia, they also result in additional protection for mortgage lenders and servicers by virtue of slowing down the tax foreclosure process, which can negatively impact their mortgage liens." Affordable Mortgage to Avoid Foreclosures A new source of relief has arrived for strug- gling Philadelphia homeowners. Boston Com- munity Capital's Stabilizing Urban Neighbor- hoods (SUN) Initiative announced that it was coming to Philadelphia to help homeowners facing foreclosure to keep their homes. "We buy troubled homes and sell them back to the homeowners with a mortgage they can afford," said Elyse Cherry, CEO of Boston Community Capital, a nonprofit community development financial firm founded in 1985. Partnering with nonprofits and private investors, the organization will purchase homes from lenders at distressed market values and then sell them back to their owner-occupants with a new 30-year mortgage loan featuring more favorable terms for the owners. Under this initiative, homeowners would pay around 31 percent less per month than they paid under their previous mortgage, while their prin- cipal would be reduced by 34 percent on average. "Communities of color, and low-income neighborhoods in cities like Philadelphia, con- tinue to be hardest hit by foreclosures," Cherry said. "Boston Community Capital's SUN Initiative helps working class families stay in their homes and helps preserve the stability and vitality of their neighborhoods." "Foreclosures remain an issue in Pennsyl- vania, particularly among our most vulner- able populations," said Michelle W. Lewis, President, and CEO, Northwest Counseling Service, Inc, a nonprofit that provides real estate and housing counseling services to Philadelphia area residents. "We are pleased to have another option to keep struggling homeowners in their properties. We have already identified a number of cases where these tools can be useful." Pennsylvania was one of eight states to expe- rience rising foreclosures in the first half of 2017 compared to the first half of 2016, according to Boston Community Capital. Philadelphia has a foreclosure rate that is currently almost double the national average, and auction foreclosures in the city have risen almost 13 percent over the past year, according to Boston Community Capital. e SUN Initiative has been largely suc- THE LEADER IN DEFAULT SERVICING NEWS Help shape the next issue of DS News. Drop us a line at Editor@DSNews.com.

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