DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
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31 » VISIT US ONLINE @ DSNEWS.COM www.results-software.com powered by: VALUE ADDED SERVICES Property Maintenance Cleaning Services Landscaping Pools: Service/Repair/Maintenance Rehabs Tree Removal Remodels Plumbing Services Electrical Garage Doors Repair Services Eviction / Re-Key Services Foundations Interior & Exterior Painting Flooring Sales & Installation Roofi ng A/C & Heat Pest Control Appliances Service areas inclusive of, but not limited to: TX, OK, TN, GA, MS, LA, AR, AL, MO, KS Truly Noble Services, Inc. | www.trulynobleservices.com | (855) 898-2455 We've honed our skills for over 25 + years as a leading services provider in property preservation, rehabs, and repairs. Our commitment to bringing quality and consistency of services to the forefront shows in our dedication to training and constant technology updates to ensure our customers that we will be there for future support in services. All this commitment has laid the foundation for our long term success. From real estate agents to corporate clients who need anything from property maintenance to remodeling, we will show you why Truly Noble Services has earned the reputation as the service provider of choice. Where Servicing and Property Services Meet PROUD TO BE A VETERAN OWNED AND OPERATED BUSINESS FIVE STAR'S DELGADO: NO SEMBLANCE OF A CRISIS Five Star Institute President and CEO Ed Delgado dove into the default, foreclosure, and REO industries in a webinar presentation on ursday to advise members of the Federation of REO Certified Experts (FORCE) of past and present market conditions. e FORCE is Five Star's organization of residential agents and brokers working in the field of real estate owned (REO) properties. Recent housing data has continually painted a picture of a recovering housing market, and the same proves true for the REO market. In light of the strengthening housing market, Delgado emphasized the need for adaptation among companies in this space. e presentation first addressed foreclosure activity, which has declined dramatically over the last six years and is currently near 2007 levels when they hit 300,000, according to RealtyTrac. In 78 major metro areas across the country, first quarter foreclosure activity was below pre-recession levels. Data from capital economics showed that mortgage delinquencies declined 12 percent over the year in March, down to 4.08 percent, its lowest point since March 2007. In addition, Black Knight Financial Services found that 30-day delinquencies stand at just under 2 percent, their lowest level in more than 15 years. Delgado noted that this data points to a discernible recovery in the housing market. "e headlines in totality are pointing to an absolute recovery. I don't think there is any semblance of crisis that remains in the open markets, but there are pockets of risk—some are opportunities and some are not so favorable conditions that may transpire over the next 12 to 18 months," Delgado said. When it comes to loss mitigation strategies, the Federal Housing Finance Agency (FHFA) has been making changes to its disposition and loss mitigation strategies. e GSEs have moved away from the bulk sales strategies after shedding some of their REO inventory and are taking advantage of online auctions to dispense some of their REOs. Meanwhile, the FHFA is allowing principal reductions for seriously delinquent, underwater homeowners. In a separate interview with the Wall Street Journal in March, Delgado discussed how mortgage servicers and REO asset management companies that once thrived after the foreclosure crisis are revamping their image, business practices, and even changing their name in order to adapt to the strengthening real estate market. "ere's a risk of extinction for companies that are either slow to realize the change in the market or simply don't adapt," Delgado told the Wall Street Journal. Delgado again stressed the importance of default and mortgage servicing professionals having to adapt to the changing marketplace in the webinar presentation. He used Nationstar Mortgage Holdings, Ten-X (formerly Auction. com), and Altisource Portfolio Solutions as examples of companies that are expanding into other areas of the market to avoid extinction as the amount of distressed inventory continues to wane.