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STATE OF AFFAIRS: NORTHEAST » Because Appraisal Logistics will be audited by ISO every six months, the company has implemented a daily, weekly, and monthly reporting schedule that pulls data on areas of improvement, uncovering flaws and driving efficiency. "Right now, there is no official audit process for [appraisal management companies]. It's the financial institution's responsibility to verify third party compliance and many simply don't have the means to audit vendors," Danna said. "ISO includes that audit verification within it. We can provide our clients with a seal of approval that is much more stringent than [Consumer Financial Protection Bureau] guidelines." STAT INSIGHT 74% Annual increase in foreclosure starts in Maryland in November, as state bucked the national downward trend. Source: RealtyTrac Massachusetts rank: 27 90+ Day Delinquency Rate Foreclosure Rate october 2013 3.5% Unemployment Rate 1.9% 7.2% year ago 3.4% 2.4% 6.7% year-over-year change 1.5% -22.0% 7.5% Top County Franklin county 90+ Day Delinquency Rate Foreclosure Rate october 2013 3.7% 4.4% year ago 7.3% 3.9% year-over-year change -49.4% 10.7% Top Core-Based Statistical Area SpringField, Ma 90+ Day Delinquency Rate Foreclosure Rate october 2013 5.8% 3.1% year ago 5.1% 3.5% year-over-year change 12.9% -11.2% 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 October 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary October 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. 116 IN THE NEWS Pro Teck Unveils Appraisal Desktop with Inspection Massachusetts' Pro Teck Valuation Services introduced Appraisal Desktop with Inspection (ADI), a new hybrid desktop appraisal platform for home equity and second mortgage lending. Compliant with Uniform Standards of Professional Appraisal Practice (USPAP), ADI was designed to fill the gap between an automated valuation model (AVM) with property condition report and a field appraisal. According to a company statement, ADI leverages two of Pro Teck's strongest core assets: the experience of its national staff appraiser team and its large national network of real estate brokers and agents. The process begins with one of Pro Teck's local brokers or agents, who takes photos and completes an inspection of the subject property and neighborhood influences. The inspection continues on to an appraiser who uses multiple listing services and other market data (along with Pro Teck's local market condition analytics) to determine the most accurate valuation. "For those searching for a valuation product that meets stringent risk and regulatory demands, Pro Teck's ADI is a safe, accurate, timely, and affordable field appraisal alternative," said Tom O'Grady, CEO of Pro Teck Valuation Services. "The ADI provides a quality valuation in an easy-to-read format with a turn-time of less than five business days." Mortgage Master Expands Footprint Walpole, Massachusetts-based Mortgage Master, Inc., continued its strategic expansion in 2013 by opening 20 new retail branch offices in 13 states, including five that the company previously did not have a presence in—Indiana, Kansas, Minnesota, Tennessee, and Texas. Over the past year, Mortgage Master has attracted 103 loan originators to further extend its reach across the United States. The company attributes its growth to more than two decades in the business. "Our expansion is being driven by two primary factors—borrowers looking for a trusted lender that can offer the best possible pricing, solutions, and service, and experienced loan originators wanting to partner with a lender that is known for a responsible, supportive, and sustainable lending model," said Paul Anastos, president of Mortgage Master. "Our entry into five new states and the expansion of our retail branch office network, coupled with the significant increase in the number of fully licensed loan originators joining our team, allows Mortgage Master to help a larger segment of borrowers while housing prices remain affordable and interest rates close to record lows," Anastos added. Mortgage Master is now licensed in 26 states and the District of Columbia, and the company is investing heavily in actively recruiting talent. During the first 11 months of 2013, average production per loan originator at Mortgage Master was $22.6 million, significantly above industry averages. KNOW THIS Down payments on Massachusetts loans originated in Q3 2013 averaged 17.5%, LendingTree reports, among the highest in the nation. New Hampshire raNk: 35 90+ Day Delinquency Rate Foreclosure Rate october 2013 2.1% Unemployment Rate 1.3% 5.1% year ago 2.4% 1.7% 5.7% year-over-year cHaNge -12.3% -28.0% -10.5% Top County SullivaN couNty 90+ Day Delinquency Rate Foreclosure Rate october 2013 2.9% 2.2% year ago 3.1% 3.4% year-over-year cHaNge -7.4% -35.5% Top Core-Based Statistical Area berliN, NH-vt 90+ Day Delinquency Rate Foreclosure Rate october 2013 3.1% 2.6% year ago 3.2% 2.9% year-over-year cHaNge -1.3% -10.8% 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 October 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary October 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics.