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» IN THE NEWS Florida Governor Signs H.B. 87 into Law to Expedite Foreclosures Florida Gov. Rick Scott signed a bill into law on June 7 that he says will aid the state's housing market and in turn the state's overall economy. The legislation, H.B. 87, allows property associations or other third parties to take action to expedite a foreclosure without a court hearing. "Florida's housing market is important to our economy's continuous recovery and this bill will aid in that effort by placing abandoned homes, caught up in the foreclosure backlog, back onto the market," Scott said in a statement issued with the passage of the bill. "This bill expedites an existing voluntary alternative court process for defaulted home loans in uncontested cases when the borrower and the bank both seek a more speedy finality," Scott said. The governor also highlighted several provisions aimed at protecting consumers, including a reduction in the length of time a lender has to file a deficiency judgment from five years to one year, a requirement that lenders must certify that they possess the note prior to filing civil foreclosure action, and institutes protections for "innocent third-party purchasers of a foreclosed home," according to Scott. However, not everyone agrees the bill is in the best interest of homeowners. The Law Office of Johnny J. Bardine, P.A., called the bill "disastrous to Florida consumers and homeowners" on its website. Likewise, the Florida Consumer Action Network said the bill "has the real potential to do more harm than good" while it "fails to address the real problem—rampant fraud in foreclosure documents." H.B. 87 was introduced in January by Rep. Kathleen Passidomo and although it had strong opponents within the legislature, passed both state houses in May with bipartisan support. The new statute of limitations and document requirements took effect July 1. These new procedures "are fairly stringent and will require modification of forms and likely processes to adapt," said Dan Consuegra, Esq., managing partner at the Tampa, Florida-based Law Offices of Daniel C. Consuegra, P.L., in a newsletter to his clients. The portion of the new law allowing property associations or other third parties to expedite foreclosures went into effect immediately on June 7. Consuegra noted that this provision "presents some interesting challenges and opportunities." According to an assessment from the Florida Legislature's Office of Economic and Demographic Research (made prior to the passage of H.B. 87) the average foreclosure in the Sunshine State stretched for 853 days from start to finish. Fidelity National Financial Agrees to Purchase LPS for $2.9B Fidelity National Financial, Inc. (FNF), is buying Lender Processing Services, Inc. (LPS). The Jacksonville, Floridabased companies announced jointly that a definitive agreement was reached in which FNF will acquire all of LPS' outstanding common stock for $33.25 per common share for a total equity value of approximately $2.9 billion. A little more than half of the purchase amount will be paid in cash, while the remaining amount will be paid in shares of FNF common stock. (Based on a reference price, FNF expects to issue approximately 37.8 million of its shares to LPS common stockholders.) At closing, FNF will combine its ServiceLink business with LPS in a new consolidated holding company and will sell a 19 percent minority equity interest to funds affiliated with Thomas H. Lee Partners, L.P., for approximately $381 million in cash. FNF will retain an 81 percent ownership interest in the new consolidated holding company. "We are excited to welcome LPS and its market-leading technology and services to the FNF family," said FNF chairman William P. Foley II. "We have significant experience and familiarity with LPS from our previous ownership of these businesses. This combination will create a larger, broader, more diversified and recurring revenue base for FNF and makes us the nation's leading title insurance, mortgage technology, and mortgage services provider." "As the mortgage industry continues VISIT US ONLINE @ DSNEWS.COM to face increasing regulation, participants in the industry are seeking out those strategic partners who offer quality, comprehensive solutions, a strong balance sheet, and a commitment to innovation," said LPS president and CEO Hugh Harris. "The combined LPS and FNF offer comprehensive technology and services to address many of the challenges facing the industry today and the best solutions to support future success." The transaction is subject to approval by LPS and FNF stockholders and federal and state regulators. The agreement included a "go-shop" period effective through July 7, during which LPS was permitted to solicit alternative acquisition proposals from third parties. The transaction is expected to close in Q 4 2013, the companies said. Volusia County, CSC Partner to Offer Electronic Document Recording Volusia County in Florida partnered with Corporation Service Company (CSC) for electronic document recording of real estate and land record processing. CSC says through its eRecord solution, recording offices can reduce costs, boost staff productivity, and eliminate payment errors. According to CSC, the partnership with Volusia County also greatly benefits title companies, law firms, financial institutions, and other real estate document submitters. By recording documents electronically, the company says submitters will see shorter wait times, fewer document rejections, faster rejection handling, and more secure transmission of documents. Submitters need a computer, Internet connection, and scanner/printer to eRecord. "The Volusia County Clerk's Office is committed to 'Setting the Standard for Public Service' and is excited to be working with CSC," said Diane M. Matousek, Volusia County Circuit Court clerk. "By constantly striving for improvement, e-recording provides the office with a more efficient, time saving, and secure way to record documents, as well as enhance our service to the public and related businesses." CSC provides commercial and residential real estate document recording solutions in both electronic and paper formats. 73

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