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ยป "As the uses for property data expand from origination to servicing, lenders and servicers are leveraging a greater number of tools to validate collateral," said Vladimir Bien-Aime, president and CEO of Global DMS. "Incorporating DataQuick's solution into our valuations offering such as automated review products and hybrid valuations that combine manual appraisal know-how and data analytics allows us to provide unique solutions that are immediately available." ServiceLink Unveils MERS Reconciliation and Resolution Program ServiceLink, an end-to-end origination, servicing, and default solutions provider for mortgage lenders and servicers, introduced a program to monitor and manage data from Mortgage Electronic Registration Systems (MERS). The company's new MERS Reconciliation and Resolution Program is offered through ServiceLink's servicing division, LoanCare. By overseeing MERS data, the Pittsburgh-based company explained that lender and servicer clients can be assured information is accurate and in compliance with industry standards. According to ServiceLink, its program does more for MERS members than simply identify issues. The program not only offers loan-level research throughout the entire process, but it also resolves variances and discrepancies, the company explained. ServiceLink says the end result is errorfree data and documentation and significantly improved loan file quality, as well as potentially higher returns for servicers at the time of loan sale. "Many providers tout reconciliation solutions, however, the services they provide don't fully meet the definition of 'reconciliation,'" said Virginia Earley, director of client solutions for LoanCare. "While these offerings are great at comparing datasets and providing convenient lists of discrepancies, lenders and servicers still have to research and correct all of the resulting discrepancies in order to be in, and remain in, compliance with MERS regulations." "The ability to proactively identify and resolve issues within mortgage documents and public records is critical to enhancing portfolio compliance," added Gene Ross, president of LoanCare. Rhode Island rank: 16 90+ Day Delinquency Rate Foreclosure Rate May 2013 4.2% Unemployment Rate 3.1% 8.9% year ago 4.1% 3.9% 10.6% year-over-year change 4.2% -18.7% -16.0% Top County PRovIdenCe CounTy 90+ Day Delinquency Rate Foreclosure Rate May 2013 5.2% 3.8% year ago 5.0% 4.8% year-over-year change 5.6% -21.5% VISIT US ONLINE @ DSNEWS.COM requirement to record, there are no damages, and, therefore there is no cause of action," he stated. The decision was backed by a Rhode Island Supreme Court opinion in Bucci v. Lehman Bros. Bank, FSB. "It is only when a loan is transferred to a nonmember that an assignment of the mortgage must be executed and recorded," McConnell clarified. "This ruling mirrors similarly dismissed recorder fee lawsuits brought by counties in North Carolina, Iowa, Florida, Arkansas, Illinois, Missouri, and Kentucky," said Jason Lobo, director of corporate communications at Merscorp. STAT INSIGHT Top Core-Based Statistical Area PRovIdenCe-new BedfoRd-fAll RIveR, RI-MA 90+ Day Foreclosure Delinquency Rate Rate May 2013 4.4% 3.1% year ago 4.1% 3.9% year-over-year change 8.7% -19.2% 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 May 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary May 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. IN THE NEWS MERS Wins Rhode Island Recording Fee Suit Merscorp Holdings, Inc., announced it received another favorable ruling in a recording fee suit. The town of Johnston, Rhode Island, brought suit against Merscorp, its Mortgage Electronic Registration System (MERS) subsidiary, and other defendants, which included large banks and servicers. In Town of Johnson v. MERSCORP Holdings, Inc., et al., the town alleged MERS violated state law based on claims that Rhode Island requires all mortgages and assignments to be recorded with the city or town where the land is located. The town further alleged damages, arguing it was entitled to recording fees for each mortgage or mortgage assignment that should have been recorded. The claim was rejected because Rhode Island law "does not require that all mortgages and mortgage assignments be recorded," wrote U.S. District Judge John McConnell. "Absent a statutory 1,614 Completed foreclosures in Rhode Island during the 12 months ended in May. Source: CoreLogic South Carolina rank: 12 90+ Day Delinquency Rate Foreclosure Rate May 2013 2.3% Unemployment Rate 3.2% 8.0% year ago 2.5% 4.5% 9.3% year-over-year change -10.6% -28.9% -14.0% Top County JaSper CounTy 90+ Day Delinquency Rate Foreclosure Rate May 2013 4.9% 6.7% year ago 4.9% 8.2% year-over-year change 0.8% -18.3% Top Core-Based Statistical area orangeBurg, SC 90+ Day Delinquency Rate Foreclosure Rate May 2013 4.5% 5.4% year ago 4.7% 6.1% year-over-year change -4.2% -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 May 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary May 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. 91