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30 MOVERS & SHAKERS KEEP UP WITH WHO'S DOING WHAT AND WHO WENT WHERE Got something to share with us? Send it to Editor@DSNews.com. Legal Costs Hurt Bank of America's Q3 Earnings Bank of America reported its earnings for the third quarter, revealing that the weight of a recent mortgage settlement with the Justice Department hurt the bank's profits. In its quarterly earnings release, the bank reported a net income of $168 million for Q 3, down from $2.5 billion a year ago. After preferred dividends, the results came to a loss of 1 cent per share. Revenue for the quarter totaled $21.4 billion, down just 1 percent from the same time last year. Bank of America's Q 3 earnings took a hit from a record $16.65 billion settlement with the Justice Department and other federal and state agencies in August to settle charges against the bank related to the sale of toxic mortgage-backed securities. at settlement cost the bank $5.3 billion (pretax), or $0.43 per share after tax. Factoring in the settlement, Bank of America's mortgage unit was the only one of its five businesses that didn't see income grow over the last year. e bank reported a loss of $5.2 billion for that segment. Consumer real estate revenues declined to $1.1 billion, down nearly half a billion dollars from Q 3 2013. Bank of America said the decrease was driven mostly by lower servicing fees due to a smaller portfolio, lower mortgage servicing rights results, and fewer originations—$11.7 billion in first-lien mortgages, a little more than half of last year's volume. Home equity lending bounced up, meanwhile, coming to $3.2 billion in originations last quarter compared to $1.8 billion last year. Safeguard Properties Announces Two IT Promotions Ohio-based Safeguard Properties, the nation's largest mortgage field services provider, has announced the promotion of two employees in its IT department. Amitha Rao has been promoted to VP for client systems and data analytics and Rick Moran has been promoted to the position of assistant VP of application architecture at Safeguard. Rao has been with Safeguard since 2002 and has been instrumental in designing and managing the company's enterprise data warehouse system. Rick Moran will be responsible for evolving the Safeguard IT systems and leading the design of the company's enterprise application architecture in his new position. This will include real-time integration with other systems, vendors, and clients as well as a roadmap for future system upgrades and standards that are designed to meet availability, security, performance, and goals. LenderLive Names Account Executives for Lending Divisions LenderLive Network, a domestic-based, end-to-end mortgage services provider headquartered in Colorado, announced the hiring of David Greif as regional account executive representing the company's correspondent lending division in Florida. In his new role, Greif will work with current and prospective clients, including community banks, credit unions, and mortgage banks that are participating in or considering LenderLive's correspondent program. Greif most recently served as senior account executive for Homeward Funding, where he assisted in developing correspondent emerging banking, and wholesale business channels. The company also announced that Dan Biebel has joined as the regional account executive for the firm's correspondent lending division. Biebel will be covering Iowa, Illinois, Minnesota, and Wisconsin in his new position with LenderLive. RIO Genesis Taps Effinger for Management Team RIO Genesis, a Nevada-based leading real estate software solutions provider, has announced the hiring of housing and mortgage servicing industry veteran Lynn Effinger as SVP of institutional services. Immediately prior to joining RIO Genesis, Effinger served as EVP of Ohio-based ZVN Properties. He has held several executive positions with financial institutions. Fannie Mae Hires EVP, General Counsel Former OneWest Bank vice chairman Brian P. Brooks is joining Fannie Mae as EVP, general counsel, and corporate secretary. Brooks has more than two decades of legal and business experience, also serving as chief legal officer for OneWest. In his dual roles there, he advised executive management and the board of directors on all key legal, risk, and strategic issues. Fabrizio & Brook Welcomes New Attorney Troy, Michigan-based real estate law firm Fabrizio & Brook, P.C., recently announced that John D. Stoddard has joined the firm to oversee the judicial foreclosure and commercial workout departments. Stoddard is an experienced creditors' rights and bankruptcy litigation attorney, having worked in the field for more than 20 years. Finkel Firm Hires New Default Services Attorney South Carolina-based law firm The Finkel Firm LLC, which practices in real estate, default services, bankruptcy, and many other areas, has announced the hiring of Samuel C. Waters as Of Counsel. With The Finkel Firm, Waters will concentrate on the default servicing practice. He has represented many mortgage banking clients in all aspects of default, including foreclosures. Hunoval Firm Welcomes Morris The Hunoval Law Firm, PLLC, a default and settlement services firm that serves North Carolina, South Carolina, and Virginia, has announced the hiring of Michael Morris as its lead default attorney for South Carolina. Morris has received many recent honors for his work as an attorney, including being named a "Rising Star" in both 2013 and 2014 by Super Lawyers Magazine. KML Law Group Hires Senior Counsel Pennsylvania-based law firm KML Law Group has announced that John F. Goryl, Esquire, has joined the firm as senior counsel as of October 1, 2014. He will be representing clients at hearings and sheriff's sales, serve as liaison with housing advocates and counseling agencies, oversee the title curative department, manage inquiries the firm receives from government units. In September, 29 states showed a year-over-year decline of more than 30 percent in foreclosure inventory, according to CoreLogic. KNOW THIS CONTINUED FROM PAGE 32

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