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DS News September 2019

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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96 Connecticut Planet Realty, LLC Sales@CTREOTEAM.com 203-982-4985 cell www.CTREOTEAM.com Security • Preservation • Disposition Steve Rivkin Breaking down the foreclosure numbers by borough, the report said that cases in Queens dropped 9% year-over-year. However, quarter- over-quarter the borough saw the largest number of foreclosure cases with a total of 324 homes hitting the auction block in Q2. At 13%, Brooklyn saw the largest quarter- over-quarter percentage increase in foreclo- sures as well as a 7% uptick in foreclosure year- over-year. A total of 242 residential properties were foreclosed in the borough. Brooklyn also saw 1,040 unique cases of pre-foreclosure filed in Q2, marking a year-over-year uptick of 21%. Another borough that saw an increase in foreclosures was Staten Island, the report noted. In Q2, foreclosure activity here in- creased 9% with 159 homes being foreclosed in the area. Staten Island also tied with Brooklyn for quarter-over-quarter pre-foreclosure spikes. e borough saw the largest increase in lis pendens, up 23% year-over-year. e report indicated that the steepest drop in foreclosure activity occurred in the Bronx, where only 96 homes headed to the auction block. Year-over-year foreclosure cases dropped 24%, and 36% quarter-over-quarter in this borough. While foreclosures in Manhattan remained largely unchanged year-over-year, it saw a quarter-over-quarter drop of 32%. Powering a New System LoanScorecard is partnering with Sprout Mortgage to power Sprout's newly launched AUS, the ACORN System. Under this partnership, LoanScorecard's Portfolio Underwriter technology powers the Sprout ACORN System. is solution allows brokers to run loan scenarios and instantly determine potential options across Sprout Mortgage's non-QM loan products—accel- erating underwriting decisions and helping brokers originate non-QM loans with greater confidence. "At Sprout, we're committed to provid- ing our broker partners with solutions that allow them to better serve their borrowers and expand their businesses," said Michael Strauss, President of Sprout Mortgage. "By leveraging LoanScorecard's technology in our ACORN System, our broker partners can quickly and confidently inform potential borrowers of automated loan approvals through a simple self-serve process that is triggered from within their loan origination platform—which ulti- mately leads to more business." "In a flat housing market, forward- thinking lenders, like Sprout Mortgage, are differentiating themselves by using technology to better promote their non-QM products and accelerate the origination process for under- served borrowers," said Ben Wu, Executive Director at LoanScorecard. "With our AUS technology, wholesale lenders can not only reach more brokers, but also provide them with the tools they need to ensure happier bor- rowers and more closed loans." Headquartered in East Meadow, NY, Sprout Mortgage is a rapidly growing lender that specializes in non-Qualified Mortgage (non-QM) loan products that feature flex- ible qualifying criteria and common-sense underwriting for residential real estate inves- tors, self-employed borrowers, and those with recent credit events. HSBC Enhances Borrower Experience HSBC Bank USA, part of the HSBC Group has launched a digital home lending experience powered by Roostify. e partnership provides customers with a digital solution that is a faster, easier, and less stressful loan transaction experience, while en- abling HSBC to process and close loans more efficiently with fewer manual touches. "Digital plays a crucial role in supporting, enabling and driving our ambition of customer experience led growth," said Raman Muralid- haran, Head of Mortgage, Retail Banking and Wealth Management, HSBC Bank. "Customers are looking for the same ease-of- use and convenience for large transactions, like financing a home, which they've come to expect in other buying experiences. Roostify is able to accelerate our deployment timeframe with a solution that provides a superior experi- ence to our customers and to our mortgage consultants." e platform offers a loan application and fulfillment process for homebuyers and owners during a purchase or refinance. Customers are able to submit a loan request online, share documents digitally and securely, and track the status of their loan from application through to closing, in real-time. Roostify integrates with HSBC's loan origination system allowing the Bank's lending team to more easily transfer information and communicate effectively with customers, driving quality, and efficiency in the loan origination process. "HSBC has been a great partner in driv- ing innovation to improve their customer experience," said Rajesh Bhat, CEO and Co- Founder of Roostify. "Information exchange is a vital part of the home buying experience, and it can be a game-changer when done right. NEW YORK Pre-Foreclosures Spike in the Big Apple Pre-foreclosures have risen 13% year-over- year in New York City, according to the latest data from PropertyShark. Quarter-over-quar- ter they have registered a spike of 31%. Property Shark's Q2 foreclosure analysis for NYC indicated that the metro saw a total of 3,070 properties entering the pre-foreclosure stage for the first time. According to the report, foreclosures in the Big Apple are likely to increase in the coming quarters based on these numbers. In fact, each borough saw significant spikes, with the largest ones occurring in Brooklyn (43%), Staten Island (43%), and the Bronx (41%). Manhattan and Queens saw pre- foreclosures increasing by 17%. At present though, foreclosures seem to be stable in the city. In fact, the report indicated that first-time foreclosures decreased by 4% year-over-year in Q2 with a total of 847 proper- ties foreclosing during this period. e city also saw a quarter-over-quarter contraction of 3% in unique cases. New York Prince & Associates Realty Group Serving Suffolk and Nassau Counties 631.252.9539 princeaar.com Angela Prince Distressed Property Real Estate Broker

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