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FROM OUR DESK A New Year: A Clean Slate default servicing | in print and online for me rly PUBLISHER EDITORIAL DIRECTOR DESIGN DSNEWS.COM VIDEO EDITOR STAFF WRITER CONTRIBUTING WRITERS With the start of a new year comes the chance to start things anew and with that, opportunity. Those working in the default servicing industry have endured more than their fair share of bumps and bruises over the past several years, so the promise of a clean, untarnished slate and a better day on the horizon is certainly beguiling and enticing. But history has given those still standing the prudence to know that even with the allure of the possibilities that lie ahead, the future must be approached not with reckless abandonment but with a sense of careful and methodical attention. With that comes a renewed sense of duty and an unshakable resolve—traits that characterize those companies that have come through the crisis and the many changes it's brought with it stronger and more resilient, for there are many more changes to come. The premise of "The Cost of Compliance: Consolidation" on page 44 is centered on exactly that. It looks at how the companies that have made it through the storm have been able to survive and explores the challenges that still lie in waiting, namely the many regulatory changes now at the forefront of everyone's mind. Industry insiders warn that the sheer cost of implementing the new procedures and checkpoints required for compliance still threaten to squeeze the smaller shops out of business. Sandra Lane's article, "Ready, Set, Go!" on page 48 looks specifically at the most imminent changes hitting the industry with those new procedures and checkpoints this very month—the Consumer Financial Protection Bureau's Qualified Mortgage (QM) definition, Ability-to-Repay (ATR) rule, and new guiding principles for mortgage servicing that have essentially taken on life as the nationwide set of servicing standards so many have speculated about over the past half-decade. Through 2013, the industry has shown a level of steadfastness and solidarity that has at times had to hold certain members accountable and responsible for maintaining a standard of excellence, and at other times has shown liberal enthusiasm for tackling the issues the industry faces with dogged determination. This is especially evident in the legal professionals who have worked side-by-side with servicers, lenders, and investors to ensure business is handled professionally and efficiently. These standout firms deserve recognition, and for that reason, we are proud to bring you the 2014 Black Book—our annual directory of the industry's leading default servicing law firms. Our intention is for this year's Black Book to serve as your resource to those firms and attorneys who remain committed to exceeding their clients' needs and expectations even in the most tumultuous of market conditions, who are primed and committed to being an active, integral part of the recovery. Their investment in and commitment to ensuring the industry not only survives but also thrives in this period of economic rehabilitation is tantamount to the recovery effort as a whole. But this effort cannot happen in a vacuum—it requires collaboration between all parties involved in the default process. At DS News, we strive to serve as a vehicle for such collaboration and as the voice of an industry that will come through stronger and better because of the tests and trials it has endured. Lend your voice to that collective cognizance; drop us a line at Editor@DSNews.com and share your thoughts on today's compliance challenges, tomorrow's opportunities, and anything else that might move the industry closer to that new, better day on the horizon, and together, we can meet the new year with vigilance and fortitude, and make 2014 a productive and successful year. Your DS News Editorial Team COPY EDITORS EDITORIAL ADVISORY BOARD ADVERTISING DS NEWS BLACK BOOK AND LEGAL LEAGUE 100 SOCIAL MEDIA CIRCULATION CHAIRMAN AND VOL. 12 NO. 1 magazine Mark Hulme Carrie Bay Jonathon Won Jordan Funderburk Tory Barringer Jed Kolko, Sandra Lane, Scott Minerd, Peter Muoio, Ph.D. Alison Rich, Emily White Youree Jerry Alt, LOGS Network Amy Crews Cutts, PhD, Equifax Vic Draper, ProVest Steven Horne, Wingspan Portfolio Advisors Jeffrey Jaffee, CitiMortgage Rick Sharga, Auction.com Jason Myers: 214.525.6760 Thomas Griffin: 214.525.6754 Robyn Clayton: 214.525.6716 David Hoierman: 214.525.6728 Kelli Snowgren: 214.525.6786 Blake Stepan Rebecca McDowell Mark Hulme CHIEF CREATIVE OFFICER PRESIDENT AND Ed Delgado CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR OF ACCOUNTING MARKETING DIRECTOR OF CURRICULUM DESIGN PRODUCTION John Harrison Ernest Gillespie Matt Hulme Heather Jo Sean Walker Jason Stone Jonathon Won Denis Kashoid Luke Rose Follow DSNewsDaily on No part of this publication may be reproduced without written permission from the publisher. ©2014 REO Publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials. 2