DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/958746
80 New York STRENGTH THROUGH LEADERSHIP WISDOM THROUGH EXPERIENCE Mitigating Your Risks and Maximizing Your Returns NEW YORK'S FINEST PROVIDER OF DEFAULT REAL ESTATE SOLUTIONS SINCE 1988 Todd Yovino Broker/Owner Island Advantage Realty, LLC Serving Metro New York & Long Island Todd@iarny.com | 631-820-3400 www.islandadvantage.com New Jersey Lisa G Lopez Broker of Record Home Alliance Realty 142 E. Bay Ave Manahawkin, NJ 08050 609-978-9009 (o) 609-384-5109 (c) lglopez@verizon.net www.HomeAllianceRealty.com www.LisaLopezProperties.com MARYLAND IndiSoft Rebrands Technology Platform to Sunesis IndiSoft, a technology development firm based in Columbia, Maryland that specializes in systems for the financial services industry, announced it had rebranded its module-based RxOffice technology platform to Sunesis, an enterprise-wide platform providing more flex- ibility in work processes. With Sunesis, which means the conflu- ence of two rivers to create a single, deep and powerful current, IndiSoft offers clients unified products on a single platform along with a continuum of functionality versus modular components via the Platform as a Service model (PaaS). IndiSoft's goal is to continue to put robust technology in the hands of its users by providing them the regulatory content they need to meet compliance requirements. "During this exciting time in the mortgage industry, we have the opportunity to rebuild how we conduct business with by implementing technology that fits the needs of companies with the desire to remain compliant," said Camillo Melchiorre, president of IndiSoft. "Sunesis gives our business partners the tools they need to ef- fectively manage risk in their business process." e new platform has out-of-the-box content for crucial regulatory requirements for audits and to oversee counterparties for any business process. e architecture within Sunesis is highly-configurable making for easy adoption as well as easier adaptation. "Technology will continue to play a large role in creating efficiencies and helping compa- nies protect against risk," said Hans Rusli, CEO of IndiSoft. "Sunesis users will immediately see the benefits of having such a system. Sunesis has the agility to allow users to align their processes to meet existing regulations and conform to new rules as well. NEW YORK New York Buys Distressed Mortgages to Fight Zombie Homes New York Gov. Andrew Cuomo has an- nounced that the state, working through its Community Restoration Fund, has purchased 172 distressed mortgages in high-foreclosure areas, hoping to help keep the homeowners in their homes and avoid letting more abandoned properties fill the market. To date, the Fund has invested around $10 million and purchased 570 distressed mortgages, according to Newsday. In a news statement, Cuomo said, "New York continues to fight the spread of Zombie properties by supporting homeowners seeking the American Dream and investing in at-risk neighborhoods. rough this transformative program, New Yorkers are provided the tools they need to make critical home improvements while helping communities grow stronger in every corner of the state." Newsday reports that this latest round of purchases was funded through a mixture of more than $35 million in "privately funded debt and equity investments" and around $3 million from state settlements with lenders over foreclo- sure abuses. While state officials said that the primary goal was to keep the affected home- owners in their homes, the program could make some of its money back if those homeowners resume making mortgage payments. Carol Yopp, Director of Counseling at the Long Island Housing Partnership, said that helping homeowners avoid foreclosure would "stabilize the neighborhood and have a home- owner back on the tax rolls." While foreclosure rates have been trend- ing downward nationwide, PropertyShark's annual foreclosure report recently found that New York City had 3,306 homes scheduled for auction in 2017, a year-over-year increase of 58 percent. However, the number of homes enter- ing the foreclosure process with the receipt of a lis pendens notice—a formal notice of intent to foreclose, sent from the lender to the borrower after several months of delinquency—continued the downward trend of previous years. New York City recorded 12,072 new filings in 2017, which amounted to a four percent year-over- year decrease. at's the lowest total in a decade, with the exception of 10,911 filings in 2011 from throughout the city.