DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/1085639
78 According to the Connecticut Department of Social Services, in 2018 the state's median income was $58,526 annually for an individual and $112,550 for a family of four. KNOW THIS New Jersey Lisa G Lopez Broker of Record Home Alliance Realty 142 E. Bay Ave Manahawkin, NJ 08050 609-978-9009 (o) 609-384-5109 (c) lglopez@verizon.net www.HomeAllianceRealty.com www.LisaLopezProperties.com Pennsylvania The Team with More than 10 Years' REO Experience Emma Djiya 1st Class Realty 98 Forest Drive, Lords Valley, PA 18428 610.301.8003 (c) 570.775.6110 (o) 1stClassREO@gmail.com AroundThePoconos.com Connecticut Planet Realty, LLC Sales@CTREOTEAM.com 203-982-4985 cell www.CTREOTEAM.com Security • Preservation • Disposition Steve Rivkin NEW YORK Foreclosures in the Big Apple First-time foreclosure cases decreased quarter-over-quarter across New York in 2018, according to Property Shark's Q 42018 report on foreclosures in the Big Apple. e report indicated that across all New York boroughs 720 homes "hit the auction block for the first time." is is a 14 percent year-over-year decrease, with lis pendens cases also declining by 16 percent during this period. e only exception was Queens, which saw an 8 percent year-over-year increase in foreclo- sures during the quarter. e borough saw 252 first-time foreclosure cases in Q 4. However, on a quarter-over-quarter basis, Queens saw a 17 percent drop compared to Q 32018. On a quarter-over-quarter basis, first-time cases in Staten Island increased by 269 percent, the report said, "due to the very limited num- ber of foreclosures that occurred in Q 32018." "In Q 3, there were only 48 cases registered, while in Q 4 177 residential properties were auctioned off " in Staten Island, the report indicated. Year-over-year, the borough saw a decrease of 4 percent in foreclosures. Lis pendens or pre-foreclosure cases are also declining across the city. e report found that such cases had contracted 16 percent year-over-year with 2,113 lis pendens notices registered in the last quarter of 2018. Each borough saw decreases between 7 percent and 29 percent. e only exception, in this case, was Manhattan where pre-foreclosures saw an uptick of 2 percent during the quarter. e largest drop in these cases occurred in the Bronx, declining 29 percent, while most cases were registered in Queens. Despite an uptick in pre-foreclosures, Manhattan saw only 23 homes heading for the auction block in Q 42018, compared with the same period last year, when 28 homes were in foreclosure in this area. e borough, accord- ing to the report, continues to remain stable in terms of foreclosures with "first-time cases constantly hovering around 20 and 30 over the last couple of quarters." e Bronx saw the steepest drop in residential foreclosures with the number of cases dropping to more than half in Q 42018, compared with the same period last year. e borough also registered the steepest quarter- over-quarter decrease in foreclosures among all five areas with the decline pegged at 36 percent by Property Shark. TMS Strikes Deal With AmeriSave New York-based fintech and mortgage company e Money Source Inc. (TMS) announced that it had sold its originations business to Atlanta-based AmeriSave Mort- gage Corporation. According to the agree- ment, AmeriSave will assume TMS' offices in Plano, Texas and Chandler, Arizona. TMS said that AmeriSave would also welcome TMS employees associated with this business into its fold. "is is a perfect fit. AmeriSave brings years of delivering a truly exceptional, tech- forward experience to homeowners during originations as we do at TMS in servicing customers for the life of the loan," said Darius Mirshahzadeh, CEO of TMS. "We feel good knowing that they will take great care of our customers and our people while we double down on being the world's best servicer." For AmeriSave, the acquisition marks the company's efforts to scale its loan originations business with the company expected to gener- ate an originations volume of $1.5 billion in 2019 through this business. "We are excited to welcome the TMS originations team and business to AmeriSave," said Mike Berte, President of AmeriSave. "While we had a strong 2018, this acquisition kickstarts 2019, allowing us to expand our market share, add talented mortgage profes- sionals in two terrific markets, and help more people realize the dream of homeownership." TMS said that the acquisition was a strategic move for the company as it moved its focus to servicing through its customer service platform Servicing Intelligence Made Easy, and take a vertical approach to its core busi- nesses. "We are widely recognized as having the most advanced subservicing technology platform in the business," Mirshahzadeh said. "Transitioning originations to a pro like Am- eriSave makes perfect business sense. Now, we can champion our clients' success and deliver what the industry so desperately needs—a world-class customer servicing platform and stellar loan performance that we at TMS are so uniquely positioned to deliver." For the last 1o years, AmeriSave has invested heavily in its propriety technology creating a highly automated loan origina- tions system that removes the friction that customers typically experience while obtain- ing a mortgage. Recently, the company has embarked on significant expansion plans that include attracting top talent and considering other acquisitions.