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84 MICHIGAN Potestivo & Associates Welcomes New Attorney Potestivo & Associates, P.C. has hired Brian C. Gurta. He is serving as Associate Attorney for the Landlord and Litigation Departments, located at the firm's Rochester office, according to an announcement from the firm. "We are pleased with Brian's advance- ment and commitment to excellence. He ex- emplifies the dedication and professionalism in serving our clients," stated Brian Potes- tivo, President and Managing Attorney. Gurta completed his B.S. at Grand Valley State University in 2011, majoring in Psy- chology and minoring in Business and Legal Studies. He then went on to earn his J.D. at Wayne State University Law School in 2015. Gurta's experience prior to this position includes being a Legal Intern at Quicken Loans, as well as a Litigation Law Clerk for Potestivo & Associates, P.C. Because of this experience, the firm feels Brian demonstrates that he is a good fit for the legal needs and objectives of Potestivo & Associates, P.C. In addition to his legal work, Gurta also belongs to the Detroit Veterans Bar As- sociation and volunteers for the AmeriCorps Urban Safety Project. He has also earned his commission as an officer in the Michigan Army National Guard and United States Army. Potestivo & Associates is headquartered in Rochester, Michigan; and operates offices in Rochester Hills, Michigan; Grand Rap- ids, Michigan; and Chicago, Illinois. healthy servicing market for the first quarter of 2016 and a decreasing need for new loss-mit- igation actions, according to the Office of the Comptroller of the Currency's (OCC) newest quarterly report on mortgages. e report showed that 95 percent of mort- gages at the seven largest banks were current and performing at the end of Q1, up from just over 94 percent a year earlier. Also, banks ser- viced approximately 21 million first-lien mort- gage loans with $3.6 trillion in unpaid principal balances, which was 38 percent of all first-lien residential mortgage debt outstanding. e report also showed that foreclosure activity declined 7 percent from Q 4 of 2015 and 29 percent from a year ago; there were 58,921 new foreclosures during the Q1 of 2016 than Q1 of 2015. Home forfeiture actions— completed foreclosure sales, short sales, and deed-in- lieu-of-foreclosure actions— also decreased 19 percent from a year earlier, to 38,429. Servicers implemented 34,481 mortgage modifications in the first quarter of 2016. Of these modifications, 91 percent were "com- bination modifications," meaning modifica- tions that included multiple actions affecting affordability and sustainability of the loan, such as an interest rate reduction and a term extension. An additional 2,681 loan modifica- tions received only a single action. Eighty- seven percent of these mods reduced the loan's pre-modification monthly payment, the report stated. Among modifications that were completed during the third quarter of 2015‒‒the first quarter for which all loans modified during the quarter could have aged at least six months by March 31‒‒servicers reported that 6,058 were 60 or more days past due or in the process of foreclosure at the end of the month that they became six months old. California had the highest number of modifications of any state, with 2,933. North Dakota had the fewest, with five. Demand Retreats Despite Stronger Fundamental Drivers After five months on the climb, and while housing scarcity inflates, housing demand fell off by 5.3 percent in May, according to the latest Redfin Housing Demand Index. May's index of 114 marks the sixth straight month of year-over- year declines. "Faced with a diminishing number of homes to choose from, 4.5 percent fewer people wrote offers last month than a year earlier," the OHIO Fifth Third Names New SVP of Mortgage Division Edward L. Robinson has been named SVP and Head of Fifth ird Mortgage, according to an announcement from Fifth ird Ban- corp. In his new position, Robinson will be responsible for overseeing all mortgage-related functions at Fifth ird and will report to Chad Borton, EVP and Head of the Con- sumer Bank with the bank. Robinson's most recent position was with PHH, one of the top 10 mortgage originators in the nation, as SVP. In that position, he led servicing operations for a portfolio of more than 1.1 million loans and $234 billion through nearly 1,500 employees and contractors. Before serving as SVP with PHH, he was VP of originations. "We are very pleased to add a leader of Ed's caliber to Fifth ird. He has consistently demonstrated a solid track record of success in a variety of challenges and roles," Borton said. "He brings extensive mortgage expertise and a strong financial and operational skillset that will directly enhance and accelerate our ability to grow the mortgage business." Prior to working at PHH, Robinson held various positions of increasing responsibility with Genworth Financial and General Electric. He also served 15 years in the U.S. Army as a Special Operations team leader, during which time he successfully completed elite technical and leadership training and completed four combat tours operating in 15 countries. "I am excited to join the leadership team at Fifth ird," Robinson said. "I have always respected Fifth ird as a competitor and its level of commitment to the Mortgage busi- ness. I am confident I can make an immediate contribution and help the Bank fully capitalize on its growth prospects in both the purchase and refinance markets." NORTH DAKOTA Mortgage Performance Holding Strong High performance of first-lien mortgages and declining foreclosure activity spelled a Minnesota www.MinnesotaREO.com 612-669-6324 952-935-1144 763-432-7640 612-821-7500 952-844-1511 763-533-9133 651-209-8444 507-424-6026 Bruce McAlpin Jeff Detloff Long H. Doan Maribel Garcia Garth Johnson Craig Murphy Michael Olsen Brian Rossow

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