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2 n the President's State of the Union address in January, President Obama covered many topics, but the ailing housing markets was not one of them. e President spent more time lecturing his Congressional colleagues than he did laying out a solid plan on how his administration would lead the charge to a stable market recovery, leading many to wonder if the industry is being left on its own to figure out how to stabilize the market and how to survive the mounting costs of stability. e premise of "e Cost of Compliance: Community-Based Servicing" on page 46 is centered on exactly that. It looks at how the companies that have made it through the storm will be able to survive the potentially expensive aftermath. 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. Investors and field services providers weigh in on the duality of their roles in the recovery in the month's Point/Counterpoint on page 50. Getting to this point in the recovery is has not happened in a vacuum. It required the joint efforts of all of the cogs in the industry's wheel to move forward. And, while some companies have fallen to the wayside, many have risen to the occasion. is is especially evident in the lenders and servicers that spend each day ensuring they are providing the highest quality service to consumers. ese standout companies deserve recognition, and for that reason, we are proud to bring you the annual guide to the industry's leading lenders and servicers. Our intention is for this year's guide is to serve as your resource to those companies who remain committed to exceeding their clients' needs and expectations despite the unpredictability of market conditions, and who are primed and committed to being spearheading the recovery. At DS News, we strive to serve as a arbiter for collaboration and cooperation as the voice of an industry that has learned the lessons of the past and applying the knowledge and wisdom with vigor. Lend your voice to that collective drum beat; 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 security and stability. Your DS News Editorial Team Health Check: The State of the Industry default servicing | in print and online VOL. 12 NO. 2 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. PUBLISHER EDITORIAL DIRECTOR DESIGN DSNEWS.COM VIDEO EDITOR STAFF WRITER CONTRIBUTING WRITERS COPY EDITORS EDITORIAL ADVISORY BOARD ADVERTISING DS NEWS BLACK BOOK AND LEGAL LEAGUE 100 SOCIAL MEDIA CIRCULATION Mark Hulme Carrie Bay Jonathon Won Jordan Funderburk Tory Barringer Carol Guy, Barry Hays, Bryan Lysikowski 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 f o r m e rl y m a g a z i n e Follow DSNewsDaily on CHAIRMAN AND CHIEF CREATIVE OFFICER PRESIDENT AND CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR OF ACCOUNTING MARKETING DIRECTOR OF CURRICULUM DESIGN PRODUCTION Mark Hulme Ed Delgado John Harrison Ernest Gillespie Matt Hulme Heather Jo Sean Walker Jason Stone Jonathon Won Denis Kashoid Luke Rose IT'S A WHOLE NEW WORLD OUT THERE You Need a Field Services Partner Who is Prepared To Handle It ANY NEED. ANY LOCATION. ANYTIME. MCS CAN HANDLE IT. Backed by a management team with over 450 years combined industry experience, it's our continued mission to provide the very best quality and care possible across our wide range of property inspection, preservation and maintenance services. Trusted by the best, because we're made up of the best. | PROPERTY PRESERVATION | PROPERTY INSPECTIONS | REO PROPERTY MAINTENANCE | REO REHAB & REPAIR | MUNICIPAL PROPERTY REGISTRATIONS | 6504 INTERNATIONAL PARKWAY, SUITE 1500 | PLANO, TEXAS 75093 | 813.387.1100 | WWW.MCS360.COM MCS Ad_JAN14.indd 1 12/19/13 8:52 AM FROM OUR DESK From DS News' January issue featuring the Black Book, the following directory listings included errors. Our most sincere apology for the oversight. Page 104: Minnesota - Shapiro & Zielke's listing referenced a photo profile on page "XX," which should have been deleted. Page 107: North Carolina - Shapiro & Ingle's listing failed to reference their photo profile correctly, which can be found on page 88.