DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
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ยป Movers & Shakers One thing's for certain: The default industry doesn't sit still. Keeping up with who's doing what and who went where can be a tough task, which is why DS News highlights those people in the industry who are making things happen. Got something to share with us? Send it to Editor@DSNews.com. Carrington Promotes 25-Year Industry Veteran to EVP of Operations Carrington Property Services, LLC, announced the promotion of Renee Deane to EVP of operations. A 25-year industry veteran, Deane is responsible for expanding Carrington's REO rental business. Before joining Carrington in 2010, she served as EVP and chief credit officer for Nations Director Mortgage, where she tripled origination volume within six months. Former President of Housing Partnership Exchange Joins NeighborWorks Charles Wehrwein joined NeighborWorks America as COO. Wehrwein was previously with the Housing Partnership Network, where he served as president of the Housing Partnership Exchange. Before that, he was SVP of strategic development initiatives at Mercy Housing, where he led the planning and implementation of Mercy's portfolio acquisition initiative. Butler & Hosch Attorney Appointed Vice Chair of ABA Committee Butler & Hosch, P.A., announced that Stephanie Goble, the firm's VP of title operations, was been accepted for a vice chair position with the American Bar Association's (ABA) Business Litigation General Committee in the Tort Trial and Insurance Practice Section. The firm praised Goble's appointment in recognition of her professional abilities and her strong reputation. Codilis & Associates Names Director of Sales and Client Relations Codilis & Associates recently named Mike Sullivan director of sales and client relations. Sullivan brings to his position 25 years of industry experience in default management, mortgage servicing operations, and real estate. He previously held high-level positions at Community Federal Savings and Loan, First Nationwide Bank, and Prudential Home Mortgage/Norwest Mortgage. WFG Selects EVP of Institutional Services Williston Financial Group (WFG) named Donald O'Neill EVP of institutional services. O'Neill joins WFG with 30 years' experience in mortgage and real estate services, most recently as COO and associate general counsel for Altisource's Premium Title. Previously, he was president of the origination practice group and chief risk officer for ISGN Solutions. Genpact Hires Assistant VP of Business Development William Mitchell joined Genpact Limited as assistant VP of business development for the company's Quantum Mortgage Origination System technology platform, responsible for sales and marketing of Quantum. Mitchell was previously with Mortgage Builder Software, where he served as both VP and national sales manager. Freedman Anselmo Lindberg Brings on Four Associates Freedman Anselmo Lindberg, LLC, announced that four associate attorneys joined the firm's growing default servicing practice. Christopher Weldon graduated from the University of Illinois at Urbana-Champaign in 2002 and from the John Marshall Law School in 2005. He is licensed to practice in the state of Illinois and the United States District Court, Northern District of Illinois. Christopher Iaria graduated from the University of California at Santa Barbara in 2004 and the Thomas M. Cooley Law School in 2009. He is licensed to practice in Illinois and in the United States District Court, Northern District of Illinois. He is a member of the Illinois State Bar Association and the Chicago Bar Association. Iaria practices in the areas of mortgage foreclosure, real estate law, and title insurance litigation. Michael Anselmo graduated from the University of Illinois at Urbana-Champaign in 2006 and from Washington University in St. Louis School of Law with a Juris Doctor in 2011. While attending law school, Anselmo served as VP for the legal fraternity Phi Alpha Delta, was a representative of the Justinian Society of Lawyers, and served as a judge for the St. Louis Urban Debate League. He practices in mortgage foreclosure and real estate law. CoesterVMS Announces New SVP of Operations CoesterVMS announced the hiring of a 20-year industry veteran to lead the company as its new SVP of operations. Robert T. Chasteen was selected for the role and is responsible for growing the company's market position as an appraisal management company and mortgage technology innovator. Prior to joining Coester, Chasteen worked with First Choice Bank as production manager. CONTINUED ON PAGE 34 VISIT US ONLINE @ DSNEWS.COM CoreLogic Examines the Positives of Negative Equity on Home Prices Declines in the share of REO properties and in the months' supply of unsold inventory are all leading to a revival in home prices, and these drops are driven, in part, by negative equity, CoreLogic concluded in a report. Basing the finding of rising home prices on its most recent home price index, CoreLogic reported that prices gained by 1.1 percent in April compared with the year before and by 2.2 percent from the month before in March. These were the price increases when including distressed sales. When analyzing prices after excluding distressed sales, prices increased by 1.9 percent year-over-year and by 2.6 percent month-over-month. One factor helping boost prices is the decreasing months' supply of homes, which dropped to 6.5 months in April, the lowest level in more than five years, according to CoreLogic. While a lower supply during a time of growing demand is a positive for home prices, Sam Khater, chief economist for CoreLogic and author of the report, explained negative equity is the main reason behind the low supply, not an increase in sales. Negative equity not only makes consumers more reluctant to buy, but it can also discourage homeowners from selling, leading to a smaller number of homes listed on the market. Data from the analytics firm revealed that among the 50 largest markets, those with a higher share of negative equity have, on average, a lower months' supply of inventory. For example, markets with negative equity share at or greater than 50 percent have an average supply at 4.7 months, but markets with a less than 10 percent negative equity share have an inventory supply of 8.3 months on average. Thus, as counterintuitive as it may seem, the high share of CONTINUED ON PAGE 34 33