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102 Florida Minority Certified Business MIAMI-DADE & BROWARD COUNTIES 786-499-6994 www.REOPitStop.com Luis@ContinentalRealtors.com RESNET ID: 106089 | Equator ID: 272261 Luis F. Guzman Broker/Owner FLORIDA Florida FinTech Firms Merge Two technology and outsourcing compa- nies used in the financial services, real estate, and legal industries have joined forces. Now, Tampa, Florida-based Firm Solutions and assure360 have the ability to offer new and unique technology-compliance solutions for law firms and servicers, and all under one brand name: Firm Solutions. By becoming a single company, Firm Solu- tions' leadership can now deliver a more mod- ernized and complete offering to the industry, according to Scott Brinkley, CEO of a360inc. "Law firms and mortgage servicers are both in the process of recalibrating to the new nor- mal of the default servicing industry," Brinkley said. "As the market continues to transition from the capacity challenges of recent years to the mounting compliance and performance burdens, new solutions and new thinking are imperative. Demand for innovative technology and new approaches to data-enabled outsourc- ing options that offer operational efficiency gains and ensure compliance will continue to increase." e newly formed Firm Solutions also an- nounced plans to debut an all-new platform to launch in the fall, which will be custom built for the changing compliance, vendor manage- ment, and audit requirements that law firms and servicers face today. "As we continue to evolve our practice- management solutions, this strategic decision enables us to deliver a more streamlined, cohesive, and complete offering to the indus- try," Brinkley said. "Organizationally and operationally, this single-company approach will enable us to better develop, deliver, and market the innovative solutions we know the industry needs. With new products poised for release and the active pursuit of additional strategic acquisitions, the industry can expect more major announcements in the immediate future." GEORGIA Ocwen Partners with New Residential Ocwen Financial Corporation is partner- ing with another servicer, New Residential Investment Corporation, according to a press release issued in July, which announced the two companies have put pen to paper on a deal that was originally discussed back in May. Under the terms of the agreement, Atlanta- based Ocwen will transfer New Residential Mortgage (a subsidiary of New Residential Investment Corp.), the mortgage servicing rights (MSRs), and subservicing of approxi- mately $110 billion in unpaid principal balance (UPB). Further, all subservicing agreements implemented with the transfer will replace existing agreements between New Residential Investment Corp. and Ocwen. According to the press release, Ocwen will continue to service the loans under the newly drafted subservicing agreement for at least five years; New Residential could pay as much as $400 million for the servicing rights. In return, New Residential will make an equity investment in Ocwen in the form of a common stock purchase for the price of $13.9 million. at amount is equal to 4.9 percent of Ocwen's total market share. Transfer of the MSRs could begin in September 2017 and con- tinue into 2018. Both companies' leaders have said they're excited by the deal. "is is a great transaction for both compa- nies, and we are extremely pleased to announce our new strategic partnership with Ocwen," said Michael Nierenberg, Chairman and CEO of New Residential. "We believe the new sub- servicing arrangement will further secure our interests in our MSR investments and provide additional stability to the overall servicing in- dustry. We are encouraged by the performance of our investment portfolio to date and remain optimistic in our ability to continue driving shareholder value going forward." President and CEO of Ocwen, Ronald M. Faris, also commented, "New Residential has been a close business partner and this new ar- rangement extends and builds upon a mutually beneficial relationship. We look forward to working closely with New Residential to help homeowners in their servicing portfolio." Atlanta Servicer Reports Rebounding Finances Atlanta-based Ocwen Financial Corpora- tion looks to be on the rebound, according to its recently announced operating results for the second quarter of 2017—though the company technically reported a loss. e company recorded a net loss of $44.4 million, which amounts to $0.36 per share for three months prior to its June 30, 2017 end date. is figure is a step forward for Ocwen, which reported a net loss of $87.2 million for the three months prior to its June 30, 2016 end date. e lender's total revenue amounted to $311.3 million—a 16.6 percent drop from the second quarter of 2016. Ocwen attributes this loss to "the impact of portfolio run-off and lower HAMP fees due to the expiration of the program offset by mortgage lending growth." Cash flow figures were up for the first two quarters of the year compared to the same time period last year, with reported cash flow of $280.7 million and $172 million, respectively. e second quarter accounted for $195.1 million of the total recorded $280.7 million. During the second quarter, Ocwen also completed 11,029 loan modifications—24 percent of those being HAMP modifications. Additionally, delinquencies were down from 11.2 percent from year-end 2016, clocking in at 9.6 percent in Q2 2017. e company attributes this decrease in delinquencies to its efforts in loss mitigation. On the other side of the industry, Ocwen originated forward mortgage loans with an unpaid principal balance (UPB) of $699.5 mil- lion; reverse mortgages totaled $275.4 million in UPB. MISSISSIPPI Mississippi Claims Highest Delinquencies Delinquency rates historically tick up in the summertime, but according to the June First Look at Mortgage Data report released by Black Knight in July, 2017 is bucking that trend. Current delinquency rates are holding steady month-over-month.

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