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IN THE NEWS Florida Clarifire Technology Available for Integration with Fannie Mae's SMDU Adriana M Aleman, MBA Florida Dreams Realty Group aaleman@floridadreamsrealty.com Cell 321 689 6258 www.floridadreamsrealty.com MEMBER STAT INSIGHT -25% Current price discount on a distressed home in Florida, down from a high of -32% in 2010. Source: Federal Housing Finance Agency Matrix FS YOUR GENERAL CONTRACTOR in FLORIDA Since 1981 i e l d e r v i c e s Freddie Mac Vendor Wells Fargo Vendor Mold & Lead Certified Open Permit Resolution REO & Rental Renovations We are the people who actually do the work!!!! 727-692-8679 MatrixFS1@gmail.com www.MatrixFS.com Florida State License # CGC021900 116 Clarifire Connector, an application from Florida-based Clarifire, can now be used by mortgage servicers for integration with Fannie Mae's Servicing Management Default Underwriter (SMDU). SMDU is a technology platform used by mortgage servicers to provide consistent, real-time decisions on loan modifications and other solutions for homeowners with payment challenges based on Fannie Mae's guidelines. Integration to SMDU uses Clarifire Quick to import case data in bulk and Clarifire Optimizer to trigger the decisioning of multiple loans at one time. With single loan processing, servicers can click a button and Clarefire's application will transfer all necessary information to SMDU for decisioning as well as relevant response data for reporting. "This means servicers will have automated timeline management, a full audit trail of workout processes, automated document assembly tied to milestones, and automated case submissions to Fannie Mae—all at their fingertips," said Jane Mason, Clarifire's CEO. to create a superpriority status for municipal code enforcement liens are invalid as they directly conflict with the Florida statutes. When a foreclosure includes a municipality due to a code enforcement lien, the city attorney will litigate and claim its interest is superior to the mortgage. Some judges accept this argument based on the ordinance language. If the lien is recorded after the foreclosure is commenced, normally the municipality will not release the lien and the creditor's legal representative is forced to negotiate a reduced payoff. Based on the ruling in City of Palm Bay, the firm can now include those liens in the foreclosure suit and establish the lender's priority over subsequently recorded code enforcement liens. If the lien is recorded after the foreclosure is commenced, it will not attach to the property; however, for full protection, the complaint should be amended and a court order obtained stating the lien is foreclosed. If the lien is not included in the foreclosure, the municipality cannot time the release of the lien to impact an REO sale. This "From the Bench" article was contributed by Dan Consuegra, managing partner, and Ben Ewing, associate, at the Law Offices of Daniel C. Consuegra, P.L. in Tampa, Florida. FROM THE BENCH Municipal Lienholders Take Backseat A recent Florida Supreme Court decision clarifies whether a municipality can create an ordinance that states code enforcement liens have priority that is equal to property tax and cannot be foreclosed. In City of Palm Bay v. Wells Fargo Bank, N.A., 114 So.3d 924, (Fla. 2013), Wells Fargo filed a foreclosure action and named the city of Palm Bay for a code enforcement lien recorded after the mortgage. The city filed an answer asserting that its ordinance included language creating a superpriority lien and was superior to the mortgage even if the mortgage was recorded before the code lien. The Florida Supreme Court ruled that municipalities may not create code enforcement liens that have superpriority status over previously filed interests of record. The Supreme Court found that city ordinances attempting "Specializing in the marketing and sales of luxury, equestrian/farm/land and REO Properties from Miami To Palm Beach" Cinthia Ane Keller Williams Luxury Properties Reo Home Team (954) 218-3231 phone (954) 607-5818 fax cinthia@kw.com www.MyLuxuryHomeSouthFlorida.com www.REOHomeTeam.com