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80 NORTHEAST REGION Clayton Holdings Named Representation and Warranty Reviewer for Angel Oak Capital's New Non- Prime Securitization Clayton Holdings LLC, a provider of loan due diligence, surveillance, REO manage- ment, and consulting services to the mortgage industry, announced that it was selected by Angel Oak Capital Advisors, LLC to be the representation and warranty reviewer for a $150.4 million private-label securitization of non-prime whole loans. "We selected Clayton for this role based on the company's extensive experience in loan reviews and private-label securitization," said John Hsu, Head of Capital Markets at Angel Oak. e companies closed the transaction last month, with 555 non-prime whole loans origi- nated by two of Angel Oak Capital's affiliate companies: Angel Oak Mortgage Solutions and Angel Oak Home Loans. Clayton will provide an independent review of certain loans based on triggers defined within the transac- tion documents. In the event that a loan becomes seriously delinquent or is liquidated with a realized loss, Clayton will complete a set of tests designed to determine whether the loan complied with the representations and warranties made about the loans to the trust and whether any observed test failure represents a material breach. Following Clayton's reporting of a material breach, the trustee could then request repurchase or other remedy from the represen- tation provider. "One of the headwinds that has slowed the return of non-prime private-label securitiza- tion has been a concern over whether the trust- ee adequately represents the interests of the investors over the life of the deal," said Mark Hughes, EVP at Clayton. "By formally nam- ing a representation and warranty reviewer, Angel Oak has proactively addressed this concern. Going forward, we expect this kind of function to be included in other non-prime securitizations." PENNSYLVANIA ValuAmerica Integrates with FHA's Electronic Appraisal Delivery Portal National title agency, appraisal manage- ment company (AMC) and technology provider ValuAmerica announced that it is now integrated with the Federal Housing Administration (FHA)'s Electronic Appraisal Delivery (EAD), a Web-based technology sys- tem that enables FHA-approved lenders and their third-party service providers to transmit appraisal data and reports to FHA prior to loan endorsement. e EAD portal reviews submissions against FHA appraisal data and report re- quirements in real time, and notifies lenders of any discrepancies that need to be addressed. "We're committed to providing our clients with the services and technology they need to successfully run their mortgage businesses," said Shawn Murphy, executive vice president of ValuAmerica. "Integrating with FHA's EAD portal will help our clients enormously by streamlining data entry processes, allowing them to seamlessly upload reports to FHA, and reducing error rates before endorsement by identifying any appraisal data or compliance issues upfront." ValuAmerica, headquartered in Pittsburgh, is one of the first AMCs to provide access to the EAD portal with direct system-to-system integration for its lender clients. All FHA- approved lenders are required to use the EAD portal effective June 27, 2016. WASHINGTON DC President's FY17 Budget Invests Heavily in Ending Homelessness In his final State of the Union address, President Obama failed to mention housing policy at all. In his 2015 speech, he barely men- tioned it, just giving a brief nod to the then- recent 50-basis point reduction on mortgage insurance premiums by the FHA. e president's Budget for Fiscal Year 2017 (which begins on October 1, 2016) includes a historic proposal regarding housing, however. According to an announcement from HUD, the president's budget request for $11 billion to end family homelessness in the budget. e Opening Doors program, which was the first-ever federal strategic plan to prevent and end homelessness, was launched by Presi- dent Obama nearly six years ago. While that program has made strides, there is more work to be done, according to HUD. "Today, we can celebrate historic suc- cesses in reducing homelessness in all its forms—but we need to reach more families with the proven, cost-effective strategies that have driven that success," HUD stated in its announcement. New Jersey Lisa G Lopez Broker of Record Home Alliance Realty 142 E. Bay Ave Manahawkin, NJ 08050 609-978-9009 (o) 609-384-5109 (c) lglopez@verizon.net www.HomeAllianceRealty.com www.LisaLopezProperties.com Connecticut Planet Realty, LLC Sales@CTREOTEAM.com 203-982-4985 cell www.CTREOTEAM.com Security • Preservation • Disposition Steve Rivkin New York Todd Yovino Broker/Owner Island Advantage Realty, LLC Metropolitan New York and Long Island's Default Specialist for Over 27 Years Todd@iarny.com | 631-820-3400 www.islandadvantage.com