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DS News April 2018

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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88 based full-service general contractor. According to Josh Sarchet and Steve Johnson, Northsight principals, "We are confident this fusion of organizations will add significant expertise and strength to North- sight. e team at Truly Noble has a solid reputation within the REO repair space which will fortify Northsight's service offerings, as well as further support and expand its current client base." Based in Garland, Texas, Truly Noble Services was established in 1996 when James L. Easley, CEO and Chairman of the Board, launched the company after working to repair flooded homes throughout Dallas. Soon afterward, the company expanded into servicing the vacant property market. Truly Noble Services strives for three things on every job: getting the work completed on time, on budget, and correctly the first time. Truly Noble now offers a wide array of repair and maintenance services across eight different Southeastern states, including their home state of Texas. "With the onboarding of our new team from Truly Noble, Northsight can continue its objective of becoming the premier service provider with an unfailing commitment to customer service, continuous improvement, and integrity," Sarchet stated. Founded in 2009, Northsight Management's commitment to high standards for all employees and contractors, as well as its advanced technology, services, and systems, surged the company forward as one of the fastest growing field service management companies in the industry. Today, Northsight preserves more than $700 million in real estate assets nationwide and offers a full range of property preservation and repair services, including but not limited to the following: inspection, re-key, eviction, winterization, rehab, lawn care maintenance, roofing, plumbing, electrical, and mold remediation. As part of the merger, Northsight will be opening a new office in Dallas, Texas. Northsight's headquarters will remain in Scottsdale, Arizona. Serious Delinquencies Spike in Texas, Florida Except for in the hurricane-hit states of Florida, Texas, and Puerto Rico, delinquency rates across the U.S. declined in November 2017 on a year-over-year basis, according to the Loan Performance Insights Report released by CoreLogic. e report examines all stages of delinquency as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. Nationally, the report stated, 5.1 percent of mortgages were at some stage of delinquency in November 2017, down from 5.2 percent recorded during the same period in 2016, showing a decline of 0.1 percent. e foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.6 percent, down 0.2 points from 0.8 percent in November 2016. e report indicated that the foreclosure rate had held steady since August 2017 and was the lowest level since June 2007. However, transition rates for 60-day and 90-day delinquencies rose in the hurricane- affected states of Texas, Florida and Puerto Rico. "Serious delinquency rates are up sharply in Texas and Florida compared with a year ago, while lower in all other states except Alaska. In Puerto Rico, the serious delinquency rate jumped to 6.3 percent in November, up 2.7 percentage points compared with a year before. In the Miami metropolitan area, serious delinquency was up more than one-third from one year earlier to 5.1 percent, and it more than doubled to 4.6 percent in the Houston area," said Dr. Frank Nothaft, Chief Economist for CoreLogic. According to the report, the rate for early- stage delinquencies remained unchanged on a year-over-year basis at 2.2 percent in November 2017. However, it was down 0.1 points from 2.3 percent in October 2017. e share of mortgages that were 60-89 days past due was up 0.2 points on a year- over-year basis at 0.9 percent in November 2017 and remained unchanged from the month earlier. e serious delinquency rate, reflecting loans 90 days or more past due, was 2 percent in November 2017, up from 1.9 percent in October 2017 but down 0.3 points year over year from 2.3 percent in November 2016. Before November 2017, the serious delinquency rate had held steady for five consecutive months at 1.9 percent—the lowest level for any month since October 2007 when it was also 1.9 percent. Drop-In Centers Working to Assist Hurricane-Impacted Texans It's been six months since Hurricane Harvey made landfall in Texas, but many residents in the South Texas area are still trying to recover from the storm's impact. Post-storm mortgage delinquencies spiked as affected homeowners missed payments or worked to repair damages to their homes. Texas Gov. Greg Abbott announced that FEMA had allocated $1 billion for Texas coastal communities to put toward hazard mitigation against future storms, such as buying out flood-prone homes or repairing seawalls. But for many homeowners who watched their homes invaded by floodwaters, the recovery is much more personal, much more complicated, and often involves questions they don't know how to answer. HOPE NOW Alliance, a nonprofit association of mortgage servicers and HUD- approved nonprofit housing counseling agencies, is working to help answer those questions. Partnering with the National Mortgage Servicing Association, HOPE NOW has announced it will be hosting a series of regularly scheduled drop-in center events where hurricane-affected residents can speak to professionals to learn how best to manage their own recovery and what resources are available to them. "e events are focused on key issues families are facing as they go through the rebuilding process so they can walk away with confidence and feeling supported on their next steps," says Eric Selk, Executive Director of HOPE NOW Alliance. Participating mortgage servicers will include representatives from Ocwen, Wells Fargo, Mr. Cooper, Carrington, and Wells Fargo. Housing experts will include representatives from Fannie Mae, Texas Windstorm Insurance, Texas Department of Insurance, and the FDIC. Attendees will receive insights into rebuilding options, available recovery and assistance programs, and how to spot and avoid scams. Ray Barbone, EVP Bank Operations, BankUnited and Chairman of the National Mortgage Servicing Association, says, "HOPE NOW was born out of the financial crisis as an alliance of mortgage market participants including servicers, counselors, investors, and regulators. ey played a vital role in assisting millions of borrowers with staying in their homes during the crisis. It is only natural that HOPE NOW extends that same assistance to the families and communities impacted by the devastation of Hurricane Harvey. e NMSA is honored to partner with HOPE NOW in support of those efforts to assist families in need." FLORIDA

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