DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/163440
» South Carolina 90+ Day Delinquency Rate 90+ Day Delinquency Rate Tennessee South Dakota rank: 16 Foreclosure Rate June 2013 2.3% rank: 45 Unemployment Rate 3.1% 8.1% Foreclosure Rate June 2013 0.8% 4.5% 9.3% 1.0% 1.5% -12.9% -15.0% Top County -30.8% MCCook CounTy 90+ Day Delinquency Rate June 2013 Foreclosure Rate June 2013 6.8% 1.5% 8.9% 1.4% 3.4% Top Core-Based Statistical area 1.0% -6.6% Top Core-Based Statistical Area orangeBurg, SC RApiD CiTy, SD Foreclosure Rate 90+ Day Delinquency Rate June 2013 4.5% 5.2% 1.0% 1.2% year ago 6.0% 1.0% year-over-year change -7.3% Foreclosure Rate June 2013 year ago 4.8% IN THE NEWS year-over-year change -24.3% 90+ Day Delinquency Rate 615 Woodland Street Nashville, TN 37206 Office: 615-369-3278 Cell: 615-390-5247 www.FindAHomeInNashvilleTN.com year ago year-over-year change -35.2% Foreclosure Rate Kristy Hairston Village Real Estate Services 3.2% year ago 5.3% -11.4% Top County HampTon CounTy 3.4% 4.4% year-over-year change -30.8% 90+ Day Delinquency Rate 3.9% year ago year-over-year change -10.7% Unemployment Rate 1.0% year ago 2.6% VISIT US ONLINE @ DSNEWS.COM 1.7% year-over-year change -12.7% 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 June 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary June 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. IN THE NEWS OCC Hosts Workshop in South Carolina The Office of the Comptroller of the Currency (OCC) is hosting a workshop in Columbia, South Carolina, at the Columbia Marriott, September 16-18, for directors of national community banks and federal savings associations. "Mastering the Basics: A Director's Challenge" is a workshop designed for directors of institutions supervised by the OCC and provides practical information on the fundamental requirements of board participation. Taught by seasoned OCC supervision staff, the workshop focuses on directors' duties and core responsibilities, effective board and committee structure, expectations of the regulators, key information needs, and understanding bank ratings, among other critical topics. The workshop fee is $99 and is limited to the first 35 registrants. The South Carolina event is one of 37 being offered nationwide by the OCC to enhance and expand the skills of national community bank and federal savings association directors. -1.4% -28.3% 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 June 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary June 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. Tennessee rank: 37 90+ Day Delinquency Rate Foreclosure Rate June 2013 3.4% Unemployment Rate 1.3% 8.5% year ago 3.8% 2.1% 8.2% year-over-year change -11.3% -36.0% 3.7% Top County HiCkman CounTy 90+ Day Delinquency Rate June 2013 4.0% Foreclosure Rate 2.8% year ago 5.0% 4.6% year-over-year change -20.5% -39.0% Top Core-Based Statistical area HumBoldT, Tn 90+ Day Delinquency Rate Foreclosure Rate June 2013 5.1% 2.4% year ago 5.6% 2.4% year-over-year change -8.9% 0.3% 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 June 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary June 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. QMS CEO Reveals Top Three Compliance Problems in Loan Apps In a company release, Tommy Duncan, CEO of Tennessee-based Quality Mortgage Services (QMS) and a Certified Mortgage Technologist, exposed and explained the top three compliance issues concerning problematic mortgage applications. "The number one compliance problem in the origination and retail side takes place during the initial 1003 application," according to Duncan. "We continue to notice incomplete borrower information, liabilities not lining up properly against the credit report, no HMDA [Home Mortgage Disclosure Act] data, and missing signatures," Duncan said. "Although there was some improvement from 2011's 22.29 percent [error rate] to 2012's 18.19 percent, mortgage loan officers should exercise more thoroughness in the completion and accuracy of this document." The second highest compliance problem, Duncan asserts, is in initial Truth in Lending Act (TILA) disclosures and the Good Faith Estimate. QMS recorded a 16.25 percent error rate in 2012, though that was an improvement from 19.53 percent in 2011. The third largest compliance problem, according to Duncan, relates to missing or improperly prepared documentation by the Federal Housing Administration (FHA). "This is worsening as more and more originations are moving to the purchase market and first-time homebuyers," Duncan said. "As the refinance market reduces and the purchase market returns, more government lending programs will be used, and 137