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82 banks and credit unions, and we saw it again last year with the shift from big bank loan ser- vicing operations to smaller non-bank servicers and special servicers. In 2015, we see a similar shift away from very large property valuation providers to smaller, more nimble shops." e first trend is about volume, according to Ahlensdorf. Servicers sent tens of thou- sands of orders to BPO shops for evaluations at the height of the foreclosure crisis, and even the largest of companies could not handle the volume—and the quality of results suffered. Although that wave has passed, a new one has begun as investors are buying undervalued housing inventory for rental stock. "Volume is both friend and foe in our indus- try," Ahlensdorf said. "While higher volumes mean more business for everyone, those firms that are ill-equipped to deal with the increased work run high risks. at can also create higher risks for the companies they serve." e "new wave" of buy-to-rent investors has been buying properties by the hundreds of thousands for the last couple of years, but as a result of declining inventory of distressed properties combined with home price ap- preciation, investors are taking more time for deliberations, which makes way for the sec- ond trend: investors are seeking out smaller companies in favor of larger firms in order to increase quality. Ahlensdorf said investors are looking for viable partners with a track record, suitable technology, and a sufficiently trained staff that can provide a quality prod- uct: easy-to-read reports and data that can be accessed anytime from anywhere. According to Ahlensdorf, this trend is already winning new business for Summit Valuations. "When deals were very affordable, it was easier to take risk and absorb any losses caused by bad collateral valuations, but as prices have risen, this has fallen out of favor with these buyers," Ahlensdorf said. "is has led to a flight to quality in the collateral valuation space and sent a lot of work to smaller companies that have a lower ratio of orders to employees." According to Ahlensdorf, only pre- qualified agents holding an active real estate license that Summit has verified can be admitted to Summit's agent panel, and panel members are consistently graded on their performance to ensure that they are provid- ing quality, thorough, highly accurate, timely valuations. Summit validates accuracy of its valuations using a propriety, multifaceted quality assurance process with hundreds of checkpoints. A member of the quality assur- ance team hand-reviews every field in each valuation. Indiana RANK: 18 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate NOVEMBER 2014 2.65% 1.73% 5.8 YEAR AGO 2.83% 2.50% 6.8 YEAR-OVER-YEAR CHANGE -6.6% -30.6% -1 Top County BENTON COUNTY 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2014 2.00% 4.08% YEAR AGO 3.42% 3.81% YEAR-OVER-YEAR CHANGE -41.5% 7.3% Top Core-Based Statistical Area BEDFORD, IN 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2014 4.60% 3.41% YEAR AGO 4.64% 4.53% YEAR-OVER-YEAR CHANGE -1.0% -24.6% 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 November 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary November 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Iowa RANK: 27 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate NOVEMBER 2014 1.50% 1.34% 4.1 YEAR AGO 1.55% 2.06% 4.2 YEAR-OVER-YEAR CHANGE -3.3% -35.1% -0.1 Top County KEOKUK COUNTY 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2014 1.91% 3.73% YEAR AGO 2.05% 3.06% YEAR-OVER-YEAR CHANGE -6.6% 21.7% Top Core-Based Statistical Area FORT MADISON-KEOKUK, IA-IL-MO 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2014 3.37% 4.35% YEAR AGO 2.67% 3.07% YEAR-OVER-YEAR CHANGE 26.4% 41.9% 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 November 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary November 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Kansas RANK: 31 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate NOVEMBER 2014 2.07% 1.04% 4.2 YEAR AGO 2.19% 1.33% 4.9 YEAR-OVER-YEAR CHANGE -5.5% -22.3% -0.7 Top County LABETTE COUNTY 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2014 3.88% 4.73% YEAR AGO 3.83% 3.43% YEAR-OVER-YEAR CHANGE 1.1% 38.0% Top Core-Based Statistical Area PARSONS, KS 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2014 3.88% 4.73% YEAR AGO 3.83% 3.43% YEAR-OVER-YEAR CHANGE 1.1% 38.0% 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 November 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary November 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Michigan RANK: 42 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate NOVEMBER 2014 1.96% 0.63% 6.3 YEAR AGO 2.21% 1.00% 8.3 YEAR-OVER-YEAR CHANGE -11.3% -37.4% -2 Top County OSCODA COUNTY 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2014 2.04% 1.95% YEAR AGO 2.74% 2.05% YEAR-OVER-YEAR CHANGE -25.4% -5.1% Top Core-Based Statistical Area STURGIS, MI 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2014 2.73% 1.62% YEAR AGO 3.21% 2.02% YEAR-OVER-YEAR CHANGE -15.0% -19.8% 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 November 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary November 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics.