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» VISIT US ONLINE @ DSNEWS.COM 79 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 PropertyShark's foreclosure report for 2017 revealed that the number of foreclosed New York homes hit an eight-year high. During Q1 2018, the number of new foreclosure cases climbed 31 percent year-over-year. Proper- tyShark reports a total of 920 new foreclosures logged in NYC during Q1, up from 702 during Q1 2017. New York recorded a higher number of foreclosed homes during Q1 than during any quarter since 2009. Breaking things down by borough, Brook- lyn saw the highest increase of homes sched- uled for auction in Q1, recording a 64 percent year-over-year increase. at works out to 275 homes scheduled for auction during the quarter, compared to 168 during Q1 2017—the highest number ever recorded in the borough. During Q1 2016, the number was only 79. e Bronx saw a 33 percent year-over-year increase, amounting to 117 homes headed for auction during the quarter. While the Bronx did register a year-over-year increase, its fore- closure numbers dropped 41 percent below their Q 4 2017 totals. Following a significant spike in foreclosure activity during Q 4 2017, Staten Island saw only a small increase between Q 4 2017 (185 new fore- closures recorded) and Q1 2018 (189 new foreclo- sures recorded). However, like much of the rest of the city, Staten Island did record a whopping year-over-year increase of 226 percent. For Manhattan and Queens, the news was less dramatic. Foreclosures in Queens decreased 13 percent year-over-year during Q1 2018. Man- hattan saw a 5 percent year-over-year decrease. PENNSYLVANIA Angel Oak Selects Closepin for Closing Agent Compliance Closepin, headquartered in Plymouth Meet- ing, Pennsylvania, has officially launched an automated closing agent compliance process for the Atlanta, Georgia-based Angel Oak Home Loans LLC (AOHL) and their Lending Services platform. Closepin, a compliance and risk management platform for a lender's closing agent network, utilizes proprietary cloud-based software and customer support resources to remove the growing burden of compliance vali- dation faced by many lenders in today's market. "We are ecstatic about the opportunity to reduce risk and increase efficiency surround- ing the compliance data review of local closing agents for a leading lender like Angel Oak. It's a great partnership because they are on the cut- ting edge of post-crisis non-QM lending, and we are on the cutting edge of creating custom products and solutions that solve real problems for clients in the real estate and mortgage lend- ing marketplaces," said Ryan Peterson, EVP of Westcor Specialty. Ashlei McAleer, Managing Director of Lending Services for AOHL, said of Closepin, "We were thrilled to discover Closepin and their risk management platform. Since Angel Oak operates primarily as purchase-driven lender, we manage a significant number of closing agents nationally. We have been looking for vendor management solution that would simplify the process and allow Angel Oak to customize a technology platform suitable for our needs. We are confident the partnership with Closepin will enhance Angel Oak's ability to better serve our clients and support our rapid growth as an industry leader." e Lending Services team provides supple- mental operational support for all of the Angel Oak lending entities (Angel Oak Mortgage Solutions LLC, Angel Oak Prime Bridge LLC, and Angel Oak Home Loans LLC) to include oversight and maintenance of the closing agent approval process. Peterson added, "Creating Closepin and bringing it to the market has been an excit- ing project, and it's just one of the many new initiatives we're tackling at Westcor Specialty to create solutions for a rapidly changing industry." was the auction foreclosure rate in Philadelphia over the past year. At nearly double the national average, it is the 10th highest in the United States. Source: Boston Community Capital's Stabilizing Urban Neighborhoods initiative STAT INSIGHT 13%