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495,000 borrowers had requested a review. Through the $8.5 billion settlement with 10 servicers, the Independent Foreclosure Review was replaced and the servicers were required, instead, to pay $3.3 billion in cash payments to about 3.8 million borrowers and another $5.2 billion for mortgage assistance. In addition to JPMorgan, the other servicers in the settlement include Aurora, Bank of America, Citibank, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo. Nine days after those 10 servicers signed on to the regulators��� settlement, two New York-based financial powerhouses���Goldman Sachs and Morgan Stanley���struck a similar deal to settle allegations of wrongful foreclosure. The two firms agreed to pay$232 million directly to eligible borrowers and provide $325 million in assistance to struggling homeowners. According to a report from Fitch Ratings, the deal will benefit the companies involved since it marks an end to the foreclosure review process and will allow the banks to refocus on services they provide. The servicers will also be able ���to reassign internal staff that have been involved with the lengthy review process,��� Fitch stated. Fitch also noted ���the agreement makes the final compensation structure clear and eliminates further cost for the independent reviews that will allow the servicers to better establish their future cost to service and potentially allow funds to be released for improvements in the quality of their services. S&P Dow Jones Launches New REIT Index S&P Dow Jones Indices, the largest provider of financial market indices in the world, announced the launch of the Dow Jones U.S. Select Equal Weight Real Estate Investment Trust (REIT) Index. The new index is designed to measure the performance of publicly traded REITs and REIT-like securities, serving as a proxy for direct real estate investment. To be listed on the index, a company must be both an equity owner and operator of commercial or residential real estate. At least 75 percent of the company���s total revenue must be derived from the ownership and operation of real estate assets. ���The launch of this Index is indicative of the investment community���s growing interest in REITs,��� said Michael Orzano, associ- 100 ate director of global equity indices at S&P Dow Jones Indices. ���Equal-weighting is a logical product extension as market participants��� attitudes towards REITs mature and they begin to seek more nuanced products in the asset class.��� First-Time Foreclosures in New York City Reach 7-Year Low First-time foreclosures in New York City hit a 7-year low, according to PropertyShark. com, a real estate research site. In 2012, the Big Apple saw 912 new foreclosures scheduled for auction, a 76 percent decrease from 2008 and an 8 percent decline from 2011. Over a one-year period, Manhattan was the area within the city to experience the biggest decline in first-time foreclosures, falling 23 percent to 154. In Queens, there were 358 first-time foreclosures, down 10 percent from 2011 and down 85 percent from 2008. New foreclosures in Brooklyn fell to 164, down 18 percent from 2011 and 67 percent from 2008. However, pre-foreclosure filings were up 14 percent over a one-year period, totaling 11,877 in 2012. STAT INSIGHT +74.58% Annual change in foreclosure filings in New York from January 2012 to January 2013. Source: RealtyTrac North Carolina rank: 29 90+ Day Delinquency Rate Foreclosure Rate december 2012 2.94% Unemployment Rate 2.38% 9.2% year ago 3.20% 3.18% 10.4% percent point change -8.3% -25.0% -11.5% Top County HerTford CouNTy 90+ Day Delinquency Rate Foreclosure Rate december 2012 5.29% 5.08% year ago 5.43% 5.31% percent point change -2.7% -4.3% Top Core-Based Statistical Area LumBerToN, NC 90+ Day Delinquency Rate Foreclosure Rate december 2012 5.33% 3.85% year ago 5.65% 4.96% percent point change -5.8% -22.5% note: 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 December 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary December 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. North Carolina James Williamson & Associates REO Sales & Marketing, 20+Years REO Brokerage, Property Preservation 336.682.4007 or 336.655.5990 fax: 800.795.7065 james@jamesewilliamson.com MEMBER IN THE NEWS Default Services Law Firm Adopts Lean Six Sigma Strategy Hunoval Law Firm, PLLC, which specializes in default legal services, partnered with the University of North Carolina���s (UNC) Center for Lean Logistics and Engineered Systems to offer Lean Six Sigma training to the firm���s employees. This is the first time the center has partnered with a law firm. Six Sigma and other