DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/91566
VISIT US ONLINE @ DSNEWS.COM Mississippi rank: 17 90+ Day 5.35% 5.31% 0.7% 90+ Day 5.07% year ago 5.44% percent point change -6.8% 31.4% Top Core-Based Statistical Area GULFPORT-BILOXI, MS 90+ Day 4.48% year ago 4.62% percent point change -2.9% -3.1% 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 August 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary August 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 4.86% Delinquency Rate august 2012 4.71% Foreclosure Rate 5.46% Delinquency Rate Foreclosure Rate august 2012 3.63% year ago 3.68% percent point change -1.1% Top County STONE COUNTY Delinquency Rate august 2012 7.18% STAT INSIGHT Number of days (estimated) to obtain a marketable title on a Mississippi property from the time foreclosure is initiated. 270 Source: Fannie Mae and Freddie Mac IN THE NEWS FNC Announces Patent for Appraisal Score Appraisal Score, making it the first patented appraisal review tool. FNC clients use the company's FNC, Inc., received a U.S. patent for automated Appraisal Score to discern compliance, risk, and fraud issues in residential property appraisals, and address the problems prior to funding or purchasing a loan. "Critics of the American appraisal process say the process is broken and they're looking to new government regulations to fix the problem. But we've already developed the solution: the adoption of our Appraisal Score and other technology can reform the process," said Bob Dorsey, FNC co-founder and EVP for data and analytics. Appraisal Score is based on a set of Missouri rank: 44 90+ Day 2.56% 2.74% -6.6% 90+ Day 1.54% year ago 1.93% percent point change -20.5% 33.7% Top Core-Based Statistical Area Foreclosure FAYETTEVILLE-SPRINGDALE-ROGERS, AR-MO 90+ Day Delinquency Rate august 2012 2.58% year ago 3.28% percent point change -21.3% Generally Accepted Appraisal Rules (GAAR) developed by FNC to automatically catch errors in violation of federal regulations. 9.5% 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 August 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary August 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 3.72% 4.07% Rate 3.05% Delinquency Rate Foreclosure Rate august 2012 1.59% year ago 1.80% percent point change -11.8% Top County DENT COUNTY Delinquency Rate august 2012 4.08% Unemployment Rate 7.2% 8.6% -16.3% Foreclosure Rate Unemployment Rate 9.1% 10.9% -16.5% Foreclosure Rate become aware of risk or potential fraud in an appraisal. If the system finds many violations, the appraisal report will receive a low Appraisal Score and will be routed automatically to a staff reviewer or underwriter for further examination. Headquartered in Oxford, Mississippi, Appraisal Score also helps users IN THE NEWS IHS Examines Show- Me State FNC has offered solutions that automate appraisal ordering, tracking, documenta- tion, and review for lender compliance with government regulations. the Show-Me State as part of its ongoing analysis of 12 swing states. According to the research firm, IHS Global Insight took a closer look at Missouri's housing market is proving to be a volatile one, with second-quarter starts described as "erratic," while home sales and the median sale price for single-family homes have gone up slightly. Also, falling prices are attracting buyers, which is helping to clear out inventory. However, IHS added, "overall economic conditions have not been strong enough to create a stable recovery in the state's real estate market." The analysis noted data from the Bureau of Labor Statistics, which showed that instead of job gains, Missouri experienced payroll declines and lost more than 3,100 jobs in the second quarter of 2012. With its September unemployment rate at 6.9 percent, Missouri maintains an average below the national rate, but IHS said the state is still a long way off from its peak employment mark. IHS anticipates "tepid growth" that is below the national average for employment, real gross state product, and real personal income throughout the year. The company's analysis also underscored the importance of consistent growth out of at least the manufacturing and professional and business services sectors throughout 2012. "If these sectors decelerate, it will certainly slow the recovery process and may tip Missouri toward an employment contraction," the research firm stated. Kansas City Rally Cry: Housing Downturn Put 3.2M Out of Work Missouri, Kansas, and Nebraska came together with local business leaders, real estate professionals, politicians, and civil rights leaders in late September in support of homeownership. The rally, organized by the National More than 800 homeowners from across Association of Home Builders (NAHB) and the Home Builders Association of 93