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» VISIT US ONLINE @ DSNEWS.COM 93 COLORADO With Fewer Legacy Loans Colorado Has Short Foreclosure Timelines e number of foreclosures in Colorado has fallen 86 percent from its peak reached in 2010, according to ATTOM Data Solutions. Colorado ranks No. 37 for foreclosure rate at the end of 2016. One in every 2,043 homes is in foreclosure in Colorado, according to the RealtyTrac website. Foreclosures were down 18.4 percent over the year in Colorado with 9,158 homes in some stage of foreclosure across the state. Foreclosure starts declined 31 percent over the year down to 6,547, and foreclosure completions declined 17 percent over the year to 3,153, according to ATTOM Data Solu- tions. Nationally, the number of days to foreclose jumped in the fourth quarter of the year as many banks worked through legacy foreclo- sures, according to Daren Blomquist, SVP at ATTOM Data Solutions. Nationally, the average number of days a loan that completed foreclosure in the fourth quarter spent in the foreclosure process was 803. However, Colorado ranked among the states with the shortest foreclosure timelines in the fourth quarter. At No. 5 on the list, homes foreclosed in Colorado in the fourth quarter took about 381 days to foreclose, ac- cording to ATTOM. Colorado also had a smaller share of legacy loans in foreclosure in the fourth quarter than the nation overall—40.6 percent compared to 55 percent. In total, there were 1,027 legacy loans in foreclosure in Colorado at the end of 2016. UTAH Ally Bank Introduces Direct-to-Consumer Mortgage System Ally Bank announced the implementation of its direct-to-consumer mortgage offering, Ally Home, a digital suite that features mort- gage servicing products for customers. Ally will collaborate with LenderLive to provide compliant, mortgage fulfillment, settlement, and document services. e Ally Home suite features mortgage products with various term options for com- petitively priced, fixed rate, and adjustable rate loans to help customers seeking to purchase a new home or refinance an existing mortgage. Diane Morais, Ally Bank CEO and Presi- dent, stressed the importance of maintaining customer relationships and what Ally Home will do for consumers. "At Ally, our goal is to 'Do It Right' for our customers, many of who have expressed a desire to deepen their rela- tionships with us through additional products to meet their personal finance needs," she said. "Because a home loan is a cornerstone financial product and the largest market within the consumer lending space, this is a natural next step for Ally." Ally Home products are integrated with the Ally Bank website, where consumers can view information about buying or refinancing a home, including current rates, loan types, and three interactive calculators: affordability, re- finance, and loan payment. Users can manage their loan-related documents from any device after applying for a loan. Customers will be guided throughout the application, approval, and closing processes by the Ally Home Team of loan experts. Morais discussed the decision to offer a plethora of mortgage services for consumers. "Offering a variety of home loan products with our hallmark emphasis on superior customer service and innovation serves as a proof point that we work tirelessly to be a relentless ally for our customers' financial well-being," Morais said. "e launch of Ally Home is the latest step to diversify our product offering to serve more of our customers' financial needs." WYOMING Four Wyoming Counties Adopt E-recording Technology Following New Law Simplifile, a provider of real estate docu- ment collaboration and recording technologies for lenders, settlement agents, and counties, announced that four new Wyoming counties have joined the company's e-recording network following the passage of a law authorizing e- recording statewide. Simplifile allows settlement agents the ability to scan and submit land records directly to any of the 1,559 participating county recording offices. e county recorder can review, stamp, record, and return documents to the settlement agent electronically within minutes. Recording fees and associated payments can be processed directly through Simplifile's secure service, eliminating payment errors and check-writing expenses. e bill, which went into effect on January 1, enables county recorders and settlement agents to eliminate expenses associated with paper recording and streamline work processes by au- tomating document examination, fee collection, image retention, and data processing. Paul Clifford, President of Simplifile, said that the counties will see significant cost- savings after using the company's technology. "is is a terrific development for Wyoming settlement agents and county recorders, who have long expressed an interest in modern- izing their recording processes," he said. "We're ready to help additional counties get up and running—a process that usually takes only days—so they can take advantage of e-record- ing's significant time- and cost-savings." Utah Robyn Moody SALT LAKE REO RealtyONE Group Signature Sales Agent/Owner Robyn@SaltLakeREO.com 801-566-8288 Office | 801-859-2539 Mobile www.SaltLakeREO.com Wyoming is the top state that is at risk of slower than normal economic growth and home price growth, according to Arch MI's Risk Index. KNOW THIS Utah has a negative equity rate of 1.0 percent, which is one of the lowest negative equity rates in the country, according to Black Knight Financial Services' November 2016 Mortgage Monitor. KNOW THIS