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Oregon rank: 16 90+ Day Delinquency Rate Foreclosure Rate April 2013 1.9% Unemployment Rate 3.2% 8.0% year ago 2.0% 3.6% 8.8% year-over-year change -6.6% -9.1% -9.1% Top County 90+ Day Delinquency Rate CrOOk COunTy Foreclosure Rate April 2013 2.0% 6.7% year ago 2.3% 7.6% year-over-year change -14.4% -12.2% Top Core-Based Statistical Area Prineville, Or 90+ Day Delinquency Rate Foreclosure Rate April 2013 2.0% legal challenges," according to the local media outlet OregonLive. The decision reverses the appeals court's decision and allows lenders to confidently pursue non-judicial foreclosures in the state without recording every assignment of the trust deed as a result of a change in loan ownership. In a joint statement, the Oregon Mortgage Bankers Association, the Oregon Bankers Association, and several other industry groups said, "We are pleased with many of the conclusions reached in the court's opinions." "We view today's opinions from the Oregon State Supreme Court as consistent with Mortgage Electronic Registration Systems, Inc.'s (MERS) role and authority to act on behalf of lenders in Oregon," MERS said in its statement. "Ultimately this is a winning decision for the banks," Kelly Harpster, an Oregon attorney told OregonLive. 6.7% year ago 2.3% 7.6% year-over-year change -14.4% -12.2% 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. Pennsylvania rank: 15 90+ Day Delinquency Rate Foreclosure Rate April 2013 2.8% Unemployment Rate 3.3% 7.6% year ago 2.6% 3.9% 7.8% year-over-year change FROM THE BENCH Oregon Court Supports Non-judicial Foreclosures in Ruling 8.7% -16.3% -2.6% Top County Monroe CounTy 90+ Day Delinquency Rate April 2013 5.8% Foreclosure Rate 12.8% year ago 5.6% 13.4% year-over-year change The Oregon Supreme Court ruled Mortgage Electronic Registration Systems, Inc. (MERS), can carry out certain actions on behalf of a lender when granted the authority to do so. The landmark ruling also allows for non-judicial foreclosures in the state. The court released these decisions in its final rulings in Niday v GMAC Mortgage, LLC and Brandrup v Recontrust Company, N.A. The court said in Niday, "If it can be shown that the original lenders and their successors conferred sufficient authority on MERS, to act on their behalves in the necessary respects, MERS may have the authority, as the true beneficiary's agent to hold and transfer interests in the trust deed." In response to the ruling, MERS issued a statement saying, "We are confident that we have and can prove such authority." An appeals court ruled against MERS in July in Niday v GMAC Mortgage, LLC. After the decision, lenders began sending foreclosures through the courts "to avoid possible 88 4.6% -4.2% Top Core-Based Statistical Area eAST STroudSBurg, PA 90+ Day Foreclosure Delinquency Rate Rate April 2013 5.8% 12.8% year ago 5.6% 13.4% year-over-year change 4.6% -4.2% 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 Philadelphia's Foreclosure Prevention Program Turns 5 The Philadelphia Mortgage Foreclosure Steering Committee celebrated the fifth anniversary of the First Judicial District of Pennsylvania's award-winning Mortgage Foreclosure Diversion Program (MFDP) on June 12. Members of the Consumer Financial Protection Bureau were on hand for the anniversary celebration. MFDP provides a court structure for lenders and homeowners to meet and resolve mortgage loan issues without delay, legal hurdles, or unnecessary complications. Aklero, NYLX Merge to Form LoanLogics Aklero Risk Analytics Inc. and NYLX have merged to form LoanLogics, a new firm headquartered in Fort Washington, Pennsylvania. LoanLogics combines Aklero's expertise as a provider of loan quality management software and NYLX's experience as a provider of mortgage loan pricing, performance analytics, and monitoring. The merged company has 450 clients and more than 20,000 users and offers proven technology, compliance and risk expertise, and an inherent drive improve the transparency and reliability of loan assets throughout the life of a loan. The LoanLogics management team is made up of senior managers from Aklero and NYLX as well as a few new industry recruits. Howard H. Conyack, founder and CEO of NYLX, serves as chairman and founder, while Aklero CEO Brian K. Fitzpatrick is president and CEO. "Both NYLX and Aklero have had a vision to truly address the need for better quality loan data and greater transparency and reliability of loan assets through the life of the loan," Conyack said. "Independently we were making progress, but together we will have the talent and technology to achieve this goal more quickly and with greater impact." As its first major announcement, LoanLogics has created the mortgage industry's first enterprise loan quality and performance analytics platform that enables lenders, investors, servicers, and counterparties to improve loan quality, validate compliance, improve profitability, and manage risk during the origination, sale, and servicing of loan assets, the company announced. "The merger of Aklero and NYLX enables clients to benefit and gain the advantages of a seamless solution that reduces risk and formally tracks and reports on loan quality and performance metrics at various stages of the life of the loan," Fitzpatrick said.

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