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ยป VISIT US ONLINE @ DSNEWS.COM 75 gies realized with the merger, including an enhanced technology environment, best prac- tices developed for compliance, audit and loan servicing processes, multilayered disaster re- covery, and business continuity contingencies, could prove beneficial if developed properly in the resulting single entity," the ratings agency said while assigning a stable outlook for PHH. In the first quarter of 2018, PHH com- pleted its initiative of exiting capital-intensive businesses, exiting its private-label services origination business to focus only on subser- vicing loans for others, and maintaining a portfolio retention business. Some other factors that led to PHH giving an enhanced rating to PHH included the servicer's robust enterprise risk management hierarchy that identified, monitored, and addressed risk, including proactive change management processes, quality assurance, and quality control protocols, as well as a multi- dimensional testing program. PHH utilizes a hybrid model for internal audit where oversight is retained among a small group of auditors internally, and the bulk of audit work is co-sourced to a third-party auditing firm. Fitch said it had not identified any in- stances of material non-compliance in both the 0.16 percent, compared to a national average of 0.06 percent, according to industry data. "Mediation can save a home from fore- closure, yet too many homeowners enter the foreclosure process with their mortgage lender without an understanding of the type of relief that may be available to them," the New Jersey Housing and Mortgage Finance Agency stated with the announcement of the new program. Under the program, homeowners served with a foreclosure notice will be made aware of available housing counseling services through the U.S. Department of Housing and Urban Development. Counselors will be able to provide services such as creating an action plan, negotiating with the lender, and providing postmediation counseling. Counseling will be available to homeown- ers who are "the subject of an active residential mortgage foreclosure action," who request counseling within 60 days of foreclosure notice, who live in the property facing foreclosure, and who are not currently in bankruptcy. e New Jersey agency referenced research by the Urban Institute that suggested that homeowners who receive housing counseling when facing foreclosure are three times more likely to receive a loan modification and 70 percent more likely to remain current on their Reg AB and USAP reports of PHH for the year ended December 31, 2017. New Jersey Aims to Help Homeowners Facing Foreclosure With a foreclosure rate more than twice as high as the national average, New Jersey is aiming to help thousands of homeowners with a new housing counseling program. e New Jersey Housing and Mortgage Finance Agency announced recently that it would spend $1 million to provide housing counseling for up to 2,000 homeowners facing foreclosure. "Foreclosures continue to threaten homeowners in New Jersey, creating housing instability for thousands of people every year," said Lt. Governor Sheila Y. Oliver, Commis- sioner and Chair of the New Jersey Housing and Finance Agency Board. "By providing housing counselors who will work with the homeowners in the court's mediation program, we are hoping to provide many more residents, regardless of income, access to resources that may help save their home." New Jersey's foreclosure rate is currently RESULTS THROUGH REAL TIME SOLUTIONS. Strength Through Innovative Leadership. PROVIDING DEFAULT REAL ESTATE SOLUTIONS SINCE 1988 Todd Yovino Broker/Owner Island Advantage Realty, LLC Serving Metro New York & Long Island Todd@iarny.com | 631-820-3400 | www.islandadvantage.com