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states where the delinquency rate worsened were Maine, Arkansas, and North Dakota. Despite the increases, their rates were below the national average, with North Dakota still registering the lowest statewide delinquency rate at 1.53 percent. Florida ended the year with the highest delinquency rate, 12.5 percent, while Nevada (+10.5 percent) and New Jersey (+7.7 percent) rounded out the top three. After assessing metropolitan areas, TransUnion also found 81.4 percent of metros saw their mortgage delinquency rate go down year-over-year. Metro areas that saw a significant improvement in their rate include Los Angeles (-33.6 percent), Memphis (-32.2 percent), Philadelphia (-28.3 percent), Detroit (-27.2 percent), and Baltimore (-26 percent). Although the mortgage delinquency rate has been trending downward, TransUnion expects future decreases to be fairly subdued. "The declines in the mortgage delinquency rate will likely be muted for the foreseeable future, as the foreclosure process in some states can take more than 1,000 days," Martin said. "It's not clear yet, but recently announced regulatory rules related to mortgage servicing may tend to slow down this process further. What is clear from the data TransUnion collects is that, until the old vintages work through the system, we expect the delinquency rate to remain elevated." Chicago Bank Shuts Its Doors The Illinois Department of Financial and Professional Regulation's Division of Banking closed Chicago's Covenant Bank in February, appointing FDIC as receiver. As of the end of last year, the FDIC-insured institution had approximately $58.4 million in total assets and $54.2 million in total deposits. According to a release from FDIC, Liberty Bank and Trust Company in New Orleans has agreed to assume all of the deposits of the failed bank and will purchase essentially all of the assets. The estimated cost to the Deposit Insurance Fund will be $21.8 million. Covenant is the first Illinois bank to fail this year. KNOW THIS Illinois Gov. Pat Quinn declared 2013 the "Year of Homeownership" and held a kick-off event on March 23, inviting potential homebuyers to meet with lenders, loan officers, and housing counseling agencies. 92 Indiana rank: 14 90+ Day Delinquency Rate Foreclosure Rate January 2013 3.02% Unemployment Rate 3.57% 8.6% year ago 3.23% 4.60% 8.5% year-over-year change -6.6% -22.4% 1.2% Top County NewToN CouNTy 90+ Day Delinquency Rate January 2013 3.33% Foreclosure Rate 6.87% year ago 3.49% 7.63% year-over-year change -4.6% -10.0% Top Core-Based Statistical Area 90+ Day Delinquency Rate LogANSporT, IN Foreclosure Rate January 2013 4.63% 6.49% year ago 4.09% 6.50% year-over-year change 13.3% -0.2% 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 January 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary January 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. IN THE NEWS LPS Consolidates Listing Service for Indiana Realtors The job for more than 5,000 Indiana realtors is now easier after a recent collaboration announced by Lender Processing Services (LPS). The Florida-based company has now consolidated the property listing data of 13 Realtor associations across 42 counties into a single MLS system for real estate professionals and their customers. LPS' new system will give users access to more than 750,000 real estate listings through Paragon's advanced system, Indiana Regional MLS (IRMLS). The new system will collect from and distribute list data to 13 Realtor associations in Indiana, allowing members to only pay one fee to access IRMLS data. "The ability to access a massive amount of aggregated listing data is going to help Realtors and their clients by allowing them to work more efficiently in the marketplace," said Carrie Kendall, general manager of the new IRMLS and executive officer of the Lafayette Regional Association of Realtors in Lafayette, Indiana, in a statement. "And, IRMLS now has the critical mass necessary to provide more services to our members and to their members' clients for years to come." The company worked with Kevin McQueen of Focus Forward Consulting and LPS to head the massive undertaking. Kendall anticipates that the new system will result in cost efficiencies, which will also provide additional benefits, including public records information, appointment services, and a consumer website. "When associations work together and deliver a more efficient multiple listing service, the members and their consumers all benefit," McQueen said in a statement. "This was not an easy project. I salute the associations for their focus on the future, their concerns for their members, and their willingness to work toward a common goal. We thank LPS for their investment in this exciting endeavor." Carrington to Add Nearly 600 Jobs Between Two Facilities Carrington Mortgage Services, LLC, revealed plans to add about 600 jobs in response to growing demand for specialty servicers. This year, the company expects 150 percent growth at its Fishers, Indiana, facility, and 100 percent growth at its Santa Ana, California, headquarters. Carrington explained traditional servicers are increasingly contracting out their distressed property portfolios to specialty servicers in response to heightened requirements and to provide the customer service necessary to manage loans in default. "Carrington's reputation as a leading specialty servicer combined with our commitment to growth effectively positions us to be the partner of choice for both lenders and larger servicing organizations looking to best serve their customers," said John Alkire, EVP of servicing at Carrington. In the first quarter of this year, the company says it expects to see about 50 openings in Santa Ana and 50 in Fishers. Mortgage industry professionals with experience in areas such as customer service, collections, loss mitigation, and escrow services are encouraged to research employment opportunities online.

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