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California Joyce Essex joyce@essexharvey.com www.EssexHarvey.com 310-777-6375 phone 310-922-7476 cell Serving All Los Angeles County STAT INSIGHT -35% Quarter-over-quarter decline in California foreclosure sales for the first three months of 2013. Source: Lender Processing Services Listen closely to the beat of the industry. DS News—keeping you in sync with success. Subscribe today. Call 214.525.6700 or visit DSNews.com. 78 the largest bridge lenders in California, and CohnReznick currently ranks as the eleventh largest accounting, tax, and business advisory firm in the country. The move supports Lone Oak Fund's ongoing expansion of its investor base and regional operations, along with its requirement for a CPA firm with a national platform. "While it is still an economically challenging time for many Southern California businesses, the retention of CohnReznick clearly signals our growth and market penetration throughout California's premiere geographic areas. This is an opportune time for us to take advantage of CohnReznick's larger national presence and specialization in commercial real estate," said Jerry Ducot, Lone Oak Fund's founder and CEO. Carrington Renames Business Units to Unify Brand, Announces 14 New Hires In California, Carrington Holding Company, LLC, is renaming several of its businesses as part of an initiative designed to bring the entire Carrington family of companies under a single brand umbrella. The company's national residential real estate brokerage, Atlantic & Pacific Real Estate, will now operate as Carrington Real Estate Services. At the same time, Atlantic & Pacific Foreclosure Services and Atlantic & Pacific Document Services will operate as Carrington Foreclosure Services and Carrington Document Services, respectively. In addition, Compass Resolution Services, a specialized debt resolution services provider, will operate as Carrington Resolution Services. White Van Real Estate Services, L.P., which offers a full range of inspection, property preservation, maintenance, and repair services, will operate as Carrington Home Solutions, L.P. Finally, Carrington's business units currently housed under the Telsi brand—Telsi Real Estate Solutions and Telsi Escrow, Inc.—will become Carrington Title Services and Carrington Escrow, Inc. All management, personnel, ongoing business operations, and principal executive offices will remain the same, the company said. "After years of serving a diverse customer base, we've grown to understand the power of our integrated business model and have come to realize that the best way to strengthen the Carrington brand was inevitably to simplify things," said Bruce Rose, founder and CEO of Carrington Holding Company. "Now all of our businesses can leverage the Carrington name and more clearly communicate what we believe is a unique model in our industry. Carrington Mortgage Services' wholesale lending division also announced it has welcomed 14 professionals to its sales staff to better provide in-market services to brokers and borrowers. The company added to its offices all over the United States in order to "bolster its wholesale lending business by expanding its breadth of product and extending its market reach." The hiring initiative is another step in Carrington's efforts to more effectively serve brokers and their Realtor partners. Earlier this year, the company launched its 30-Day Loan Closing Program designed to create a shorter, more predictable timeline to secure financing. Also launched in 2013 was an FHA [Federal Housing Administration] Streamline Ready to Close Program, which enables borrowers to close eligible refinance loans any day of the month with no additional interest. In addition, the wholesale lending division began offering FHA 203k loans in April. "Carrington has worked diligently to refine its operational processes over the past year, enabling us and the brokers we partner with to offer an extended product portfolio backed by exceptional service," said Ray Brousseau, EVP of Carrington Mortgage Services' Mortgage Lending Division. "We have significantly grown our sales staff in order to more effectively share the benefits of these advancements with a larger base of brokers, Realtors, and borrowers, and to support the growing demand for quality loans and flexible, expeditious closings across these groups." Auction.com Sells 12 Multifamily Properties in 3-Day Auction The online real estate marketplace Auction.com sold off 12 multifamily properties for just under $43 million during a three-day online auction in April. The properties, which included a total of 1,716 units, ranged in size from two to 496 units and were located in California, North Carolina, South Carolina, Georgia, Tennessee, and Kentucky.