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» Wisconsin rank: 24 90+ Day Delinquency Rate Foreclosure Rate April 2013 2.4% Unemployment Rate 2.5% 7.1% year ago 2.5% 3.6% 6.9% year-over-year change -2.8% -30.4% 2.9% Top County JaCkson CounTy 90+ Day Delinquency Rate April 2013 4.1% Foreclosure Rate 6.2% year ago 2.0% 7.4% year-over-year change 105.9% -15.9% Top Core-Based statistical area MenoMonie, Wi 90+ Day Delinquency Rate Foreclosure Rate April 2013 2.4% 3.4% year ago 2.1% 5.8% year-over-year change 12.1% -41.1% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the April 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary April 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. IN THE NEWS Majority of Mortgage Apps Submitted During Work Hours A majority of people applying for mortgage loans online are applying during work hours, according to a recent survey by MortgageMarvel.com, which is operated by Davis + Henderson Mortgagebot, a consumer lending technology firm based in Mequon, Wisconsin. After reviewing more than 650,000 online mortgage applications sent to more than 1,100 lenders last year, Mortgage Marvel found only 15 percent of applications were submitted on weekends. A majority of those submitted on weekdays—60 percent—were submitted between 7 a.m. and 6 p.m., prompting Mortgage Marvel to assume many applicants are applying while at work. "You have to assume that most people applying for a mortgage are employed, so they're obviously spending a bit of their workday on their mortgage application," said Rick Allen, COO at Mortgage Marvel. "In fairness though, many applications come in over the lunch hour, and it's also likely that people are doing regular work outside what we traditionally consider to be normal hours," he added. Furthermore, most mortgage applicants only take about 30 minutes to complete their applications. "People appreciate being able to complete an application on their schedule at their pace," Allen said. About 62 percent of applicants complete their entire application in one session, while the remainder start the process and then log in on a separate occasion to complete it. Allen reasons those who complete their applications over multiple sessions are either interrupted or need time to gather all the information required on the application. "We expect the number of online applications to continue to grow for many years to come," Allen said. Wisconsin Bank Shuttered Wisconsin saw its first bank collapse of 2013. The Wisconsin Department of Financial Institutions closed Banks of Wisconsin in Kenosha. As receiver, the FDIC entered into a purchase and assumption agreement with North Shore Bank, FSB out of Brookfield, Wisconsin, to assume all of the failed banks' $127.6 million in deposits and purchase a large portion of its $97.4 million in assets. The remaining assets—approximately $36.6 million—will be retained by the FDIC for later disposition. FDIC estimates the cost to its Deposit Insurance Fund will be $26.3 million. Banks of Wisconsin was the 14th FDIC-insured institution to fall so far this year. As of this time last year, 23 insured banks had collapsed. Two Wisconsin Counties Partner with CSC for eRecording Services Waushara County in Wisconsin is now using eRecording to electronically record real estate and land use records. The service was made available through a partnership with Corporation Service Company (CSC). According to a release, recording offices can benefit from the adoption through reduced costs, elimination of payment VISIT US ONLINE @ DSNEWS.COM errors, prompt payments, and increased staff productivity. "We're pleased to offer this new benefit to submitters of land records," said Heather Schwersenska, register of deeds for Waushara County. "We're confident that electronic submitters will experience faster recordation of their documents and fewer rejections." In addition, Taylor County in Wisconsin approved CSC as an eRecording vendor. The partnership expands electronic document recording services for the county, which has offered electronic document recording services since mid-2012. "We're looking forward to a long relationship with CSC," said Sara Nuernberger, register of deeds. "We're confident that this new partnership will allow us to quickly and economically process even more electronic document recording submissions." To eRecord, submitters need access to a computer, Internet connection, and scanner/ printer. Those who submit documents electronically should experience shorter wait times, fewer document rejections, faster rejection handling, and more secure transmission of documents, CSC explained. "Recording paper documents used to mean cutting checks, mailing documents, and waiting for acknowledgements to be returned. With eRecording, you can submit land records for recordation with a few clicks of your mouse, from the comfort of your own office," said Mark Rosser, VP of CSC. CSC also assured documents are in full compliance with federal, state and local laws, as well as industry standards. STAT INSIGHT 2.4% Foreclosure rate among outstanding mortgages in the state of Wisconsin as of the end of May. Source: Lender Processing Services 95

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