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82 MINNESOTA Why U.S. Bank is the "World's Most Admired Company" U.S. Bank, the country's fifth-largest com- mercial bank based in Minneapolis has been recognized as a 2019 World's Most Admired Company by Fortune magazine. e bank was listed as the world's most admired superre- gional bank for the ninth consecutive year. e companies on this list are determined by a survey of executives, directors, and ana- lysts rating companies in their industry on a series of criteria. Among superregional banks, Fortune ranked U.S. Bank as No. 1 in eight of the nine key attributes of reputation. ey included quality of management, community responsi- bility, innovation, quality of products/services, people management, use of corporate assets, financial soundness, and long-term investment value. e bank was also ranked among the Top 10 most admired companies for its community responsibility and its financial soundness. Of the 680 companies ranked by Fortune across all industries, U.S. Bank was ranked eighth and ninth on both these parameters respectively. "Ethical leadership and financial discipline are core to how we create value for our stake- holders," said Andy Cecere, President and CEO of U.S. Bancorp. "We are honored to be recognized among companies that are known for shaping the future with those principles in mind. ese core principles help us meet the needs of our customers, employees, sharehold- ers, and communities every day." is isn't the first award for the bank which has won a number of accolades over the years for its diversity and inclusion initiatives. Over the past 30 years, the bank has invested more than $9.4 billion in helping to build affordable housing in all 50 states, particularly for people of color, veterans, and homeless individuals. e bank was also recognized in 2018 as the best employer for Diversity by Forbes and while 60 percent of its workforce at the end of 2017 was made up of women, it also employs around 2,000 military veterans. With 74,000 employees and $467 billion in assets as of December 31, 2018, U.S. Bancorp is the parent company of U.S. Bank. e Minneapolis-based bank was recognized by the Ethisphere Institute as 2018's World's Most Ethical Company for its commitment towards serving retail, business, wealth management, payment, commercial and corporate, and in- vestment services customers across the country and around the world as a trusted financial partner. NORTH DAKOTA Gauging Defaults and Delinquencies Mortgage delinquencies hit a year-end record low at the end of 2018 while the national foreclosure rate was the lowest rate recorded at year-end since 2005, according to Black Knight's most recent "First Look" report. In December, 3.9 percent of mortgages in the United States were delinquent—at least 30 days past due but not in foreclosure yet. Al- though this is up 4.71 percent from the month earlier, it is down a significant 17.55 percent from a year ago. e national foreclosure rate was a slight 0.52 percent in December. Like the delinquen- cy rate this was higher than last month but lower than a year earlier. e foreclosure rate rose 1.19 percent over the month but had fallen 19.23 percent over the year in December. e states with the smallest percentage of non-current mortgage loans were North Da- kota (2.46 percent), Idaho (2.32 percent), Wash- ington (2.28 percent), Oregon (2.12 percent), and Colorado (1.90 percent). In total, 46,300 properties went into fore- closure over the month of December, up 2.43 percent from November and up 4.04 percent from the previous December. Black Knight attributed the uptick in foreclosure starts over the year in December to "suppressed MICHIGAN Home Point's New Non- Agency Program Home Point Financial Corporation (Home Point) has announced the launch of non-agen- cy mortgage lending solutions with its new Home Point Edge suite of products. Will Pendleton, Senior Managing Direc- tor–Non-Agency Segment Manager will be leading this initiative for Home Point. "A significant segment of the workforce has been largely underserved by the traditional agency and prime jumbo mortgage products for years," Pendleton said. "e Home Point Edge lending platform is designed to provide financ- ing solutions to those previously underserved, yet credit-worthy consumers. e Edge plat- form will provide our business partners with financing solutions that enable them to grow their business and serve more of their qualified customers while maintaining discipline around their ability to repay and sustainable lending practices. Our proprietary lending platform will feature innovative products paired with a best-in-class support team, competitive rates, and optimized technology. Our goal is to provide our partners with the tools they need to grow their business while being stewards of the industry." Home Point Edge will initially offer a Near- Prime product tier, with its Expanded Access and AUS Express products coming soon. Over time, Home Point will look to expand its offer- ings to best meet its partners' needs. "We strive to understand the needs of our clients and their customers. With Home Point Edge, we can help our partners navigate the complexity of non-agency lending and deliver not just loans, but confidence and execution," said Phil Shoemaker, Chief Business Officer at Home Point Financial. Home Point is a national mortgage origi- nator and servicer. Located in Ann Arbor, Michigan, Home Point Financial is a sub- sidiary of Home Point Capital LP, a financial services holding company founded in 2014 and owned by members of management and by investment funds managed by Stone Point Capital LLC. Last month, Bill 4306 was introduced in the Michigan House, which requires a foreclosure notice to include information like the name, address, and telephone number of the foreclosing attorney. KNOW THIS Gov. Tim Walz recently introduced a $49 billion two-year budget plan. If enacted, the state's housing budget would increase by $177 million. KNOW THIS

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