DS News - Digital Archives

VISIT US ONLINE @ DSNEWS.COM IN THE NEWS Zoliath.com Reports First-Year Growth service launch, Zoliath.com founder and CEO Tim Thornton announced the web- site's new features have increased traffic and generated new business for its membership. Zoliath.com is a marketing platform and search-based, members-only website that serves as a national directory and referral network for commercial real estate profes- sionals. When it went live in 2011, the site had a After completing a beta test period and membership base of more than 800 profes- sionals across the country and averaged 10 website "clicks" a day. Now, Thornton reports the site receives an average of more than two dozen clicks and 125 visitors daily. Thornton attributes the website's in- creased traffic to the addition of frequently updated original content and to Zoliath's social media presence. In one reporting period, from June 18 to July 16, a total of 142 Twitter posts generated 530 direct clicks to the website. Zoliath.com uses search technology to the MERS deed of trust gives MERS power to take action on behalf of a lender if neces- sary. He also ruled that MERS' sole role as beneficiary did not split the trust deed from the loan note, as Idaho law allows assign- ment or transfer of loans. "MERS' authority and duties as trust Simpson ruled the "legal title" clause in deed beneficiary [were] ruled valid and appropriate by this court as it has been in hundreds of similar lawsuits across the country," said Janis Smith, VP of corporate communications for Merscorp. Smith added that borrowers' pursuit of MERS based on meritless legal theories is proving costly and time consuming when the effort could be spent getting help from a housing counselors or mortgage servicers. STAT INSIGHT Mortgages in foreclosure in Idaho at the end of the second quarter. Source: Mortgage Bankers Association 2.91% assist commercial property owners, ten- ants, and service providers with finding the services they need by state, city, and category. Membership and basic site profiles are free, with profile enhancements available through pay-per-click campaigns. FROMT HE BENCH Idaho Judge Affirms Role of MERS as Trust Deed Beneficiary late July that an Idaho district judge upheld the role of Mortgage Electronic Registration Systems (MERS) as trust deed beneficiary. In his ruling in Wilkins v. First Magnus Financial Corporation, District Judge Darren B. Simpson denied a borrower's attempt to use the judicial system as what he called "a fishing expedition in search of flaws in the trust deed or the note." He also rejected the plaintiff's bid for ownership of property that was foreclosed on by MERS. Merscorp Holdings, Inc., announced in Illinois rank: 3 90+ Day 3.14% 3.19% -1.70% 90+ Day 3.54% year ago 5.39% percent point change -34.40% -3.49% Top Core-Based Statistical Area KANKAKEE-BRADLEY, IL 90+ Day 4.18% year ago 4.50% percent point change -7.14% 6.03% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90- plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the June 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary June 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 7.63% Delinquency Rate june 2012 8.09% Foreclosure Rate 11.64% Delinquency Rate Foreclosure Rate june 2012 6.64% year ago 6.48% percent point change 2.52% Top County LOGAN COUNTY Delinquency Rate june 2012 11.23% Foreclosure Rate Unemployment Rate 8.7% 9.9% -12.1% Illinois Robinson REO Team Leader Angela A Division of Elite Properties Chicago 875 N. Michigan Suite 3100 Chicago, Il 60611 312-226-9915 (c) ar@reoelite.com www.reoelite.com FROMT HE BENCH New Law Triples Maximum Mortgage Fraud Fine in Illinois a bill into law last month that raises fees for mortgage company licenses by $657 per year and triples fines for those who commit mort- gage fraud to a maximum of $75,000. The bill also clarifies that those facilitating loan modifications or short sales must be licensed for such services and cannot charge up-front fees for mods. "Exercising vigilant oversight in the Governor Pat Quinn of Illinois signed areas of loan modifications and short sales will be particularly beneficial as we work to slow the rate of foreclosure and protect distressed homeowners from financial exploitation," said Sen. Jacqueline Y. Collins (D-Chicago), a co-sponsor of the bill. MortgageKeeper Reports 411,000 Referrals at Mid-Year released its mid-year Homeowner Needs Status Report, revealing more than 411,000 homeowners were referred to various com- munity resources in the first half of 2012. The number is up approximately 75 percent from 235,647 referrals made during the same period in 2011. MortgageKeeper says utility assistance MortgageKeeper Referral Services was the most requested of its help categories, with food assistance, employment services, and housing counseling filling out the top four. Requests for affordable housing op- 119

• Cover