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88 GEORGIA A New Spin on Affordable Housing? A report by Bloomberg details an Atlanta startup called PadSplit, which is working to help landlords turn rental properties into pay- by-the-week rooming houses. e company already manages more than 400 rooms in lower- and middle-income neighborhoods of single-family homes. "We're investing in this because we have basically come to believe that there is going to be a housing crisis again," says Arjan Shütte, Founder of Core Innovation Capital, a venture capital firm that's backing PadSplit. "Ten years ago the crisis was a financial one. is time it's a crisis of supply." PadSplit instructs landlords on how to convert properties into lodging and then manages them for a fee, working within local regulations. e report states that Atlanta currently doesn't allow rooming houses in single-family neighborhoods. PadSplits are designed so the tenants meet the city's definition of "single- family:" up to six unrelated people, plus another four, as long as the latter occupy no more than two rooms. Bloomberg states that PadSplit Founder Atticus LeBlanc plans to spread the concept and estimated 14 million people in the U.S. are candidates for PadSplit housing. Atticus says he is targeting "the thousands of mom-and-pop investors out there taking rent." He claims investment returns can jump to 9% from 6%, due to the economics and how the house is structured. e report adds that a six-bedroom house that stays fully rented can take in $43,000 in annual revenue. According to the report, single-room housing disappeared in the 1990s as more than 1 million units where either banned, or had limited zoning. Housing insiders are divided on the idea, and Chris Ptomey, Director of the Urban Land Institute in Washington, says in the report that advocates have been hoping "co-living" arrangements could expand to low- wage workers at a larger scale. "I think there's a lot of hope that these kinds of models could work at a lower price point," he says. "I think it's a great, novel model if it can be additive, if it can add units that are affordable." Georgia State University professor Dan Immergluck said PadSplit is mainly a testa- ment to the severity of the housing situation. "It's kind of a market solution, I guess, for the affordable housing crisis, to get one room, on a week-to-week basis, that really could be yanked out from under you at any time," Im- mergluck said. "It's a logical market response to a desperate need among single, low-income people. It's designed for people earning $10 to $12 per hour." SOUTH CAROLINA ServiceMac Implements Collateral Loss-Mitigation Solution From DIMONT DIMONT, a provider of specialty insur- ance and loan administration services to the residential and commercial mortgage industries, announced that Fort Mill, South Carolina-based ServiceMac, a new entrant in the mortgage servicing and portfolio man- agement market, has selected DIMONT's complete Collateral Loss Mitigation solution to further compliment their Special Servicing product offering. DIMONT's Collateral Loss Mitigation solution is comprised of an end-to-end convey- ance management platform that incorporates both hazard insurance claims adjustment and FHA & investor claims management, enabling mortgage servicers to handle all as- pects of the hazard insurance and FHA claim recovery process in parallel, from beginning to end. "DIMONT is a recognized industry expert in loss analysis and hazard claims manage- ment, which are key to our growth initiatives of offering a full-scope subservicing and specialty servicing portfolio," said Bob Caruso, President and CEO of ServiceMac. "Utilizing DIMONT's Collateral Loss Mitigation solu- tion—in tandem with our other offerings— creates a competitive advantage for us while also supporting our commitment to leading the industry toward increasing efficiencies through innovation." "By investing in our complete suite of col- lateral loss mitigation solutions, organizations like ServiceMac are well positioned to drive operational efficiency and provide more end- to-end solutions to support their clients," said Denis Brosnan, CEO of DIMONT. ServiceMac is focused on providing superior technology, products, and services for the mortgage and real estate industries backed by highly personalized service and support. rough continuous innovation and acquisition, its offerings are comprised of personalized solutions that span the mortgage continuum and enhance security, customer satisfaction, and profitability. Founded in 1996, Dallas-based DIMONT is a provider of specialty insurance and loan administration services to the residential and commercial mortgage industries in the United States. TEXAS Mortgage Contracting Services Acquires M&M Mortgage Services Mortgage Contracting Services (MCS) announced that it had reached an agreement to acquire the Miami-based M&M Mortgage Services. "Integrating M&M with MCS allows us to expand our operations in Miami and strengthen our vendor network nationwide," said Caroline Reaves, CEO, MCS. "We are excited to welcome M&M's employees so that we can combine MCS' industry-leading expe- rience with the passionate commitment that M&M pursues with each of its clients." Armando Sanz, M&M's VP of Opera- tions, will be joining the MCS management team to see over the Miami office, overseeing the integration of M&M's existing portfolio. "Adding a great business such as M&M Mortgage Services allows us to continue our pledge to clients to improve mortgage-related processes, build innovative technical solutions, and deliver on quality using the best people from the communities where we operate," Reaves said. "Mortgage Contracting Services and M&M Mortgage Services are two long- standing, trusted leaders in property preserva- Florida Minority Certified Business MIAMI-DADE & BROWARD COUNTIES 786-499-6994 www.REOPitStop.com Luis@ContinentalRealtors.com RESNET ID: 106089 | Equator ID: 272261 Luis F. Guzman Broker/Owner

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