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IN THE NEWS
MCS Consolidates
Tampa Operations
Through New Facility
Mortgage Contracting Services LLC
(MCS) opened up a new facility in December
2012 to consolidate operations in its Tampa
headquarters.
Through the facility, Tampa-based MCS
is now able to have all of its staff collaborate
in one location. The new office also provides
room for additional staff, preparing the company for growth in 2013.
Earlier in 2012, the company also expanded its Plano, Texas, office and built a
third site in Ruston, Louisiana. The company
stated the Louisiana location has brought at
least 90 high-quality jobs to a rural area.
"The expansion of MCS's footprint this
year has been tremendous. We are fortunate
enough to have created jobs, better concentrated our resources, and prepared for a strong
growth trajectory," Caroline Reaves, CEO of
MCS, explained.
MCS provides property preservation,
inspections, and REO property maintenance
to the financial services industry nationwide.
OFS Loss Mitigation
Pilot Leads to High
Returns
Last month, Outreach Financial Services,
LLC (OFS) reported returns on investment
of 800 percent through its loss mitigation
pilot program efforts.
OFS, a Jacksonville, Florida-based
mortgage services provider, says the "figure
is based on the incremental losses that were
avoided."
Through the company's pilot program efforts, at-risk borrowers have access to various
resources to find financial stability, including nonprofit financial counseling. OFS
explained reconnecting with borrowers and
having them complete counseling were critical steps for successful modifications or other
solutions, which drove the exponential return
on investments.
"The program's success is largely due to
the model. By incorporating holistic financial
counseling up front, increased cash becomes
available for repayment of the mortgage, and
an improved borrower debt-to-income ratio
is realized, resulting in a greatly reduced
re-default rate," said Bill Magro, CEO and
president of OFS.
OFS explained borrowers receive free
financial counseling through the National
Foundation for Credit Counseling (NFCC)
network of member agencies. During counseling, NFCC counselors review the finances
of borrowers and create a workable budget,
with priority given to the mortgage payment.
Then, attention is given to other debt, such as
a car loan.
"A delinquent mortgage payment is often
symptomatic of an overall financial problem
that is most effectively addressed by a trained
and certified credit counselor, and that's why
we emphasize resolving existing financial
issues," Margo explained.
FDIC to Close Last
Temporary Satellite
Office
FDIC put a date on the closure of the
last of its satellite offices established in the
wake of the financial crash. The agency's East
Coast Temporary Satellite Office (ECTSO),
located in Jacksonville, Florida, will close
April 5, 2014.
FDIC's board of directors approved the
establishment of the ECTSO in May 2009
to ease the workload created by the increased
number of failed financial institutions located
in the Southeast. Three regional offices were
established around the country; one in California and one in Illinois.
The ECTSO is the last temporary office
to be closed.
The decision to close the office was made
after "a review of ongoing workload and in
recognition of the signs of the improving
health of the banking industry," according to
a release from FDIC.
"The dedicated employees of our
East Coast Temporary Satellite Office
have exhibited the highest degree of
professionalism during a period of
extraordinary stress in the financial system,"
said Bret Edwards, director of FDIC's
Division of Resolutions and Receiverships.
"Their presence in the Southeast allowed the
FDIC to fulfill its mission of maintaining
stability and public confidence in the nation's
banking system. I thank all of the staff in
Jacksonville for their exemplary public service
during a very challenging time."
The ECTSO currently has a staff of 420
and manages 138 failed bank receiverships.
VISIT US ONLINE @ DSNEWS.COM
Employees will be retained until the office
closes and will receive outplacement support to
help their employment transition. The office's
remaining work is expected to be absorbed by
FDIC's regional office in Dallas, Texas.
KNOW THIS
Between
November
2011 and
November
2012 REOs
increased by
15 percent
in Florida,
according to
RealtyTrac.
"Specializing in the marketing and sales of
luxury, equestrian/farm/land and REO
Properties from Miami To Palm Beach"
Cinthia Ane
Keller Williams Luxury Properties
Reo Home Team
(954) 218-3231 phone (954) 607-5818 fax
cinthia@kw.com
www.MyLuxuryHomeSouthFlorida.com
www.REOHomeTeam.com
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