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CEO Ronald M. Faris received the "Rooted in ESOP" award to recognize Ocwen's efforts in helping homeowners obtain affordable mortgage modifications and for the major servicer's innovative Shared Appreciation Modification Program (SAM). The program reduces principal to reflect the true market value of the home. "When Ocwen first approached ESOP, it was refreshing to find a company that was actively looking to be a partner in helping homeowners," said ESOP executive director Mark Seifert in a release. "Ron is committed to seeing what is happening in our community and responding with real, sustainable solutions that benefit homeowners, neighborhoods, and investors. It is an example to others in the industry that doing what's right for homeowners is good for business too." Faris also shared some words about the work of ESOP. "These groups are playing a critically important role in addressing the mortgage crisis. Ocwen's approach to working with homeowners depends on collaboration with effective groups like ESOP. We rely on them, as do homeowners," said Faris. The ESOP gala was held in Mayfield Heights, Ohio on October 18. Oklahoma rank: 19 90+ Day Delinquency Rate Foreclosure Rate september 2012 2.18% Unemployment Rate 3.32% 5.2% year ago 2.27% 2.98% 6.3% percent point change -3.7% 11.5% -17.5% Top County 90+ Day Delinquency Rate AdAir COunTy Foreclosure Rate september 2012 3.88% 9.27% year ago 4.71% 8.18% percent point change -17.5% 13.4% Top Core-Based Statistical Area MCAleSTer, OK 90+ Day Delinquency Rate Foreclosure Rate september 2012 1.59% 6.46% year ago 2.10% 5.18% percent point change -24.5% note: 24.7% The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the September 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary September 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 120 Oklahoma PAT SLACK RE/MAX PROS 405.722.3636 405.476.7653 patslack@remax.net CRS IN THE NEWS Oklahoma Residents First to Receive Mortgage Settlement Payments Oklahoma Attorney General (AG) Scott Pruitt has issued the first borrower payments resulting from settlements with the nation's five largest mortgage servicers over faulty foreclosure processing. Oklahoma families who were subject to the servicers' "unfair and deceptive practices … following the financial crisis," can expect to receive their checks soon, Pruitt said. Oklahoma was the only state to craft its own agreement with Bank of America, Citi, JPMorgan Chase, GMAC/Ally, and Wells Fargo. According to Pruitt, his break from the pack has allowed the Attorney General's Office to compensate Oklahoma residents impacted by questionable foreclosure practices up to 20 times more than residents in other states are expected to receive under the joint federal-state settlement. "These families endured horrendous conduct, lost their homes in many cases, and deserve more than an 'I'm sorry' and a few hundred dollars," Pruitt said. The attorney general's public protection unit manages the state settlement and mailed the first installment of checks to more than 100 Oklahomans on Monday, October 15. Checks will be mailed to recipients each week through the end of January. Families that qualify under one of two main categories receive a minimum of $5,000. Some will receive as much as $20,000. According to Pruitt's office, the latest estimates show residents in other states could receive as little as $840 from the federal fund. Pruitt also points out that many of the 49 states participating in the federal settlement are using the money they receive to fund various areas unrelated to housing, like the state, general fund, higher education, marketing, and additional staff for AG's offices. "There was a fair share of skeptics when we chose to make our own Oklahoma agreement apart from 49 other states, but we took what we learned from the 50-state investigation and created a plan that will help Oklahomans in a significant way," Pruitt said. More than 700 Oklahomans applied for relief from the Oklahoma Mortgage Settlement Fund, with an average payment so far of $11,000. Along with direct payments to residents, the attorney general's office is partnering with Legal Aid Services of Oklahoma, the Oklahoma Bar Association, and Oklahoma Lawyers for America's Heroes Program to help families navigate mortgage issues and increase their chances of staying in their homes. STAT INSIGHT 273 Newly repossessed REOs in Tulsa, Oklahoma, in Q3 2012. Source: RealtyTrac Oregon rank: 17 90+ Day Delinquency Rate Foreclosure Rate september 2012 1.94% Unemployment Rate 3.49% 8.7% year ago 2.30% 3.40% 9.4% percent point change -15.7% 2.6% -7.4% Top County 90+ Day Delinquency Rate CrOOk COunTy Foreclosure Rate september 2012 2.12% 7.02% year ago 3.36% 7.93% percent point change -36.9% -11.5% Top Core-Based Statistical Area Prineville, Or 90+ Day Delinquency Rate Foreclosure Rate september 2012 2.12% 7.02% year ago 3.36% 7.93% percent point change -36.9% note: -11.5% The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the September 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary September 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services.