DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/85814
VISIT US ONLINE @ DSNEWS.COM IN THE NEWS McDonald Computer Corporation Earns SSAE 16 Certification announced the completion of its SSAE 16 SOC 1 report, bringing the company to compliance with the latest global regulations for hosting clients' data. The SSAE (Statements on Standards for Attestation Engagements) 16 replaces McDonald Computer's SAS 70. Earning the certification indicates the company meets globally recognized requirements for controls and safeguards while hosting user data. McDonald Computer regularly enhances its services to offer the highest possible security. "Completing the SSAE 16 SOC 1 McDonald Computer Corporation www.MinnesotaREO.com Garth Johnson Michael C Olsen Jeff Detloff Claude Worrell Craig Murphy 952.844.1511 651.209.8444 952.829.2938 612.374.1628 763.433.9133 Minnesota share of homeownership for a profit or loss while maintaining eligibility to receive a check even if the HPI shows a decline in prices. The second financial contract is Equity- Lock's Job Loss Protection. It gives fractional share owners who experience job loss during their first two years of ownership the abil- ity to receive up to $500 for six consecutive months. Self-employed fractional share own- ers are also eligible. The costs of the contracts are included in the price of the fractional shares. "As the first fractional developer to STAT INSIGHT demonstrates our commitment to investing in the most advanced technology and enhancing the quality of our procedures, administration, security methods, and the overall strength of our day to day operations," said Jim McDonald, president and founder. McDonald Computer Corporation, based in Southfield, Michigan, is a privately owned mortgage servicing software company. Minnesota rank: 41 90+ Day 1.56% 1.83% -14.49% 90+ Day 2.76% year ago 3.40% percent point change -18.85% 36.08% Top Core-Based Statistical Area LA CROSSE, WI-MN 90+ Day 1.09% year ago 1.81% percent point change -40.01% 56.93% 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 July 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 1.91% Delinquency Rate july 2012 3.00% Foreclosure Rate 3.09% Delinquency Rate Foreclosure Rate july 2012 1.81% year ago 2.03% percent point change -10.99% Top County KANABEC COUNTY Delinquency Rate july 2012 4.20% Foreclosure Rate Unemployment Rate 5.8% 6.6% -12.1% 11,414 Unsold REO properties in the Minneapolis metro as of the end of May. Source: RealtyTrac IN THE NEWS Voyageur's Retreat Offers Contracts to Protect Fractional Owners EquityLock Solutions to offer two contracts to protect fractional resort homebuyers from market downturns and job loss. Voyageur's Retreat is a community Voyageur's Retreat partnered with of luxury single-family vacation homes in Minnesota's North Woods, while EquityLock Solutions works to protect consumers against financial risks by hedging against property value losses. Under the first EquityLock contract, nounced the inclusion of default servicing doc- uments as part of its document management services. The company will now offer services for default notices, demand letters, foreclosure affidavits, and other collection letters to ensure documents meet state and federal laws. The company's team of regulatory and risk Wolters Kluwer Financial Services an- management experts review the default no- tices and demand letters sent out by servicers. The experts can also help with revising and customizing existing notices and letters to meet compliance standards. In addition to the Consumer Financial Voyageur's Retreat homeowners can file a claim to get back up to 10 percent of their purchase price when selling their share. At time of contract, EquityLock will determine market projections for future claim payments using the Federal Housing Finance Agency's (FHFA) Home Price Index (HPI) for Duluth, Minnesota. After a two-year waiting period, Voyageur's Retreat customers can sell their Protection Bureau's focus on proposing new rules for servicers, Wolters Kluwer Financial Services says nearly 30 states passed new legislation related to default servicing in 2011. "Our professionals' deep understanding promote their protection contracts, we are excited about our relationship with Equity- Lock. We see this as a real game-changer for Voyageur's Retreat and our industry," said John Fedo, president of VRDC, Inc., the developer of Voyageur's Retreat. "As one of the top vacation retreats in Minnesota, the last thing we want our owners to worry about is the value of their investment in our com- munity and possible unemployment." Wolters Kluwer Financial Services Expands to Review Default Docs of the volatile and ever-evolving regulatory environment can help servicers reduce the time they spend monitoring compliance change, eliminate redundant or obsolete forms, and im- plement compliant and accurate documents," said Jason Marx, VP and general manager of Wolters Kluwer Financial Services' residential and indirect lending businesses. 97