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56 technology and staffing needs. It also provides opportunities for Title and Closing partners to focus on technology and business process support to help minimize such pressures. Finally, in 2016 we will see renewed focus on the Consumer Experience and the need to develop a highly segmented consumer business model. Solutions, particularly in the technology arena, to enhance communication (i.e. social media, mobile apps etc.) and to make the process simpler and more efficient among different market segments is an imperative in 2016. It also creates opportunities for title and settlement companies to partner with lenders to deliver a unique, customized model for each consumer type. ose who can offer a seamless, innovative experience throughout the process will win. We feel 2016 provides great opportunities for our industry and we focus on partnering with lenders and servicers to deliver a truly consumer centric experience by incorporating innovative business process and technology tools, a tailored communication platform and by delivering operational excellence to assure our customers have the best execution in the market. COVER FEATURE FIELD SERVICES BRIAN MINGHAM President, National Real Estate Solutions e 2016 forecast for the mortgage field services industry is another year of transition. We will experience new regulatory scrutiny, new HUD P&P guidelines, consolidation, and technology advancements. e regulations that the financial services sector endures is passed down to their vendors and requires firms to adhere to strict guidelines. ese ability to quickly implement changes and get your vendor network trained improves the quality of work performed for clients. e HUD P&P Guidelines will improve some of the conveyance challenges experienced by servicers and their vendors. e specialized talent needed to perform quality conveyance work for clients is a must have in a "cradle to grave" organization and using it to build a company for the future. Along with an improving economy comes fewer foreclosures and many firms will find it necessary to roll up with others to improve efficiencies that large organizations can achieve. You have seen several roll ups in 2015 as well as several exit the space all together and that won't change in the next several years. Finally, technology is a game changer with regard to customer data security, vendor tracking, GIS, StormTracker, and compliance. is can't be done with an off the shelf technology, so companies are going to have to invest heavily in the development of world class technology. Having a technology partner with the same vision as the executive team and vision for the future will allow the development of a technology that will change the landscape of our business. In any given year one of these initiatives would keep a management team busy to ensure seamless integration, however with all of these topics being a critical component to the future of our business we need to stay focused, nimble and work to keep vendors trained and compliant. Our company takes this time of year to complete additional vendor training, new refresher courses, meet and debrief with clients on expectations for the next year and have our strategic planning meeting. By taking the time to plan, train, implement and execute, 2016 should allow the best companies continue to grow and thrive. COVER FEATURE INVESTING EDDIE SPEED Founder, NoteSchool People often refer to the "crash" of 2008 as a real estate crash. In reality, it was a real estate financing crash. e government put pressure on lenders to loosen their lending guidelines. e lenders seized the opportunity and became willing partners in the loose lending practices. e ripple effect of defaulting loans hit Fannie Mae, Freddie Mac and FHA quickly resulting in a knee jerk reaction by the government to this crisis. New laws and regulations were implemented and those had a deep effect on the entire real estate financing industry. e market repercussions to these changes are playing out today and in turn have created new opportunities. ese new restrictions forced banks and other lenders to reexamine their approach to the fallout of the financial crisis. e time consuming and expensive costs of foreclosure combined with the crippling new cash reserve requirements made it intolerable to continue with a " business as usual" attitude. A new approach had to be adopted. e new approach was to simply bundle and sell non-performing mortgaged backed notes. is approach was quicker, easier, more efficient and less expensive. is disposition strategy has worked so well that the "genie is out of the bottle" and banks will not go back to liquidating large numbers of REO's. e concept of selling non-performing loan pools quickly spread to Fannie Mae, Freddie Mac and FHA throughout 2015. is trend has resulted in what will be a record breaking year for the sale of non-performing loans. According to industry numbers, there were $147 Billion of 90-day delinquent loans on single-family homes in December 2014. $61 Billion of which were on the books of FDIC insured banks while $86 Billion were on Fannie and Freddie's books. To date an aggressive sale pattern saw approximately $11 billion in the non- performing notes sold in 2015. e fact that these sales have dramatically increased reinforces that the process has found its footing. COVER FEATURE Cover Feature: 30 Top Executives Tell You The Future Cover Feature: 30 Top Executives Tell You The Future Cover Feature: 30 Top Executives Tell You The Future EXPERT OPINION And although we do believe the Fed will increase interest rates at some point, we feel the impact on the real estate markets will be minimal. –TOM O'GRADY

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