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136 MEMBER Adriana M Montes, MBA Juris Doctor Candidate Owner, Real Estate Broker REO, Short Sale, Property Management & Acquisitions Director, Luxury Home Specialist, Multimillion Dollar Producer » Awarded #17 with 203 home sales in 2014 of Top 250 Latino Real Estate Agents in US! » Awarded #17 with 220 home sales in 2013 of Top 250 Latino Real Estate Agents in US! » Awarded #16 with 200 home sales in 2012 of Top 250 Latino Real Estate Agents in US! » Awarded #48 with 120 home sales in 2011 of Top 250 Latino Real Estate Agents in US! www.FloridaDreamsRealty.com 321.689.6258 cell - Adriana@FloridaDreamsRealty.com FLORIDA Foreclosure Plaintiffs Win Against Wells Fargo Homeowners in Florida recently succeeded in getting a judgment in favor of Fargo dis- missed, allowing them to reverse a foreclosure action previously decided in the bank's favor. e case—Hicks v. Wells Fargo—reached the Fifth District Court of Appeals in the State of Florida. e issue turned on the statute of limitations, with the Fifth District holding that the bank's foreclosure claim was time barred by Florida's five-year statute of limitations for foreclosure filings, according to the complaint. In the petition for reversal of the prior decision, the homeowners claim that it all began when an initial default occurred on June 1, 2006. At some point, a prior holder of the note sued to foreclose on Sept. 8, 2006, but the case was voluntarily dismissed in 2008. en, in 2011, the current note holder (Wells Fargo) sent a notice to accelerate to the borrowers. e second foreclosure action did not occur until 2013, which is seven years past the origi- nal default date. e appellate court agreed with the bor- rowers that the 2013 foreclosure action by Wells Fargo is time-barred by the state's five- year statute of limitations; however, the court noted that the bank is not barred from pursu- ing new or remaining foreclosure claims that fall within the statute of limitations period. e court wrote, "Despite the previous ac- celeration of the balance owed in both the in- stant suit and prior suit, Bank is not precluded from filing a new foreclosure action based on different acts or dates of default not previ- ously alleged, provided that the subsequent foreclosure action on the subsequent defaults is brought within the statute of limitations period…" What is the takeaway from this case? Flori- da's statute of limitations period is sensitive and acceleration actions cannot suffice without a timely foreclosure action. However, not all is lost if a bank fails to file on time, as long as they have a new valid claim to bring forth. OpenClose & LBA Ware Partner to Automate Loan Comp Process OpenClose and Lending & Banking Automation Software (LBA Ware) announced that they have teamed up to provide an auto- mated loan compensation process, which will no longer require companies to manually track commission and payouts. OpenClose is an enterprise-class, multi- channel, end-to-end loan origination system (LOS) provider and LBA Ware provides com- mission automation software. e new partnership will combine loan information from OpenClose's LenderAssist LOS into LBA Ware's CompenSafe applica- tion, which will automate the commission pro- cess, a press release from the companies said. LBA Ware's CompenSafe technology is web-based and automates, tracks, calculates, forecasts, and provides analytics and dash- board-level reporting on compensation plans for loan officers, processors, branch managers, and other commission-based employees. e companies noted that along with OpenClose's LenderAssist, CompenSafe will be able to take loan data from the LOS to au- tomate and manage compensations in a variety of departments. "Integrating LenderAssist with Com- penSafe allows our mutual customers to completely eliminate the use of spreadsheets to manually calculate commissions and other forms of compensation, which is laborious, cumbersome and error prone," said Vince Furey, SVP of lending solutions at OpenClose. "With CompenSafe, however, our customers' loan officers now have complete visibility over their pipelines and when they'll be paid while management gains easy access to compensa- tion analytics, metrics, reporting and other performance indicators. is integration deliv- ers a great deal of value for lenders." Most LOS' are unable to automate com- mission and bonus calculations, which has caused many organizations much distress when handling many variable-based, complex commission sales structures while doing the work manually using Microsoft Excel and ad- ditional internal resources. CompenSafe will fix repetitive, error prone, manual calculations and data re-entry from the lending compensation function, which will increase efficiency, lower costs, and effectively oversee sales compensation and profitability. "Companies that recognize the value of knowing their numbers, assessing their pipe- line and production to look for opportunities, and having the information to make timely de- cisions are the companies that will thrive and prosper in this transforming mortgage mar- ket," said Lori Brewer, founder of LBA Ware. "e dependable and consistent stream of data CompenSafe pulls from LenderAssist allows near real-time compensation and metrics that our customers depend on for managing and increasing their loan volume." NORTH CAROLINA North Carolina Borrowers Receive Foreclosure Relief Money from SunTrust Settlement North Carolina residents harmed by mishandled or suspect foreclosures in the af- termath of the financial crisis are set to receive $2 million in cash payments from SunTrust Mortgage as part of a larger $550 million settlement, the state's Attorney General con- firmed in a press statement.