heard on the street
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includes the Default Services Division (formerly known as LandAmerica Default Services Company) and BackInTheBlack, the industry’s most comprehensive endto-end default servicing technology platform. These former LandAmerica business units are now known as UTLS Default Services and UTLS BackInTheBlack. “With proven client focused methodologies in place, we will quickly build on the foundation of providing innovative and superior business solutions to our clients,” said Tim Walsh, president of UTLS. “Our default management clients are increasingly challenged with delinquencies and foreclosures, as well as the increased focus on regulatory compliance and loss mitigation. Blending the service capabilities with the BackInTheBlack technology enables UTLS to offer the mortgage industry the best and most integrated default and technology servicing solutions in the marketplace.” For more information, visit www.unitedtechls.com.
ing property auction services with LPS’ other leading default solutions, we can offer our clients an unparalleled toolset for managing and disposing of REO assets that delivers the best overall results. This acquisition solidifies LPS’ position as the leading provider of asset management solutions.” LPS Auction Solutions takes a creative and comprehensive approach to auction property marketing, including the development of compelling property sales materials, as well as extensive outreach involving radio, television and print advertising, direct mail and email campaigns, public relations initiatives and social media engagement. “With access to a powerful array of promotional channels and our unique understanding of local market conditions, we can quickly adjust our marketing strategy for each individual auction,” said Neel. “This helps ensure that we’re attracting the maximum number of potential buyers and investors to each auction event.” For more information, visit www.lpsvcs.com.
LPS acquires auction solutions provider for residential REO properties
Lenders One partners with Cenlar FSB
NetMore America has hired John Cassell as senior vice president of retail production.
Mortgage Professionals to Watch Flagstar Bancorp has announced the election of president and chief executive officer Joseph P. Campanelli to the position of chairman, replacing Thomas J. Hammond who retired in October. The company has also announced the appointments of Salvatore Rinaldi to the position of vice president and chief of staff, and Marshall Soura to the position of executive vice president and director of corporate services.
Joseph Campanelli
Credit Plus Inc. has promoted Greg Holmes to the position of national director of sales and marketing.
John Cassell
At its 96th Annual Convention & Expo in San Diego, the Mortgage Bankers Association (MBA) has elected Robert E. Story Jr., CMB of Seattle Financial Group as association chairman; Michael D. Berman, CMB of CWFinancial Services as association chairman-elect; and Michael W. Young of Cenlar FSB as association vice chairman.
Robert Story
Michael Berman Greg Holmes
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Author and columnist, Atare E. Agbamu, CRMS is director of reverse mortgages at Minneapolis-based AdvisorNet Mortgage LLC. A member of the BusinessWeek Market Advisory Board, Agbamu is author of Think Reverse! and more than 100 articles on reverse mortgages. Through his advisory firm, ThinkReverse LLC, Agbamu advises financial professionals, institutions and regulators across the country. In a 2007 national report on reverse mortgages, the AARP cited Agbamu’s work. He can be reached by phone at (612) 436-3711 or (612) 203-9434, and e-mail at aagbamu@advisornet.com or atare@thinkreverse.com.
DECEMBER 2009
What is your favorite reverse mortgage story? I have heard and have been involved in many feel-good stories about how reverse mortgages have made a differ-
ence in people’s lives. But I have to say that during 1998-1999, when my colleagues and I at Lehman Brothers were working on the first securitization and getting to understand the product, the market and its growth potential, is was one of my favorite times in the reverse mortgage business. We knew we were not simply working on a transaction, but rather, building a business and that securitization is vital to the growth of the industry.
OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE
What prospects and challenges do you see for RMBS after the Great Recession of 2008-2009? The prospects are very encouraging. Ginnie Mae’s HMBS program has made a significant difference in changing investors’ attitude toward the reverse mortgages. Given the massive flight to quality we have seen over the past few years, any product with government guarantee is going to be seen as attractive to many investors. As a result, investors are much more open to discussing the product with us. When you factor in the zero risk [really?] weighting of a Ginnie Mae HMBS with the favorable pre-payment characteristics of HECMs and HMBS structure, it is not surprising that interest in reverse mortgages as a new asset class has grown significantly in the past twelve months.
www.NationalMortgageProfessional.com
Lender Processing Services Inc. (LPS), a provider of integrated technology and services to the mortgage and real estate industries, has announced its acquisition of Rising Tide Auctions, known for its property auction expertise and innovative property auction strategy. The acquisition will expand the asset management offerings of LPS and allow the company to provide comprehensive property auction solutions to help servicers minimize real estate-owned (REO) timelines and reduce costs. Furthermore, real estate buyers and investors will be provided with the ability to purchase individual or multiple bank-owned properties directly from the nation’s leading REO disposition service provider. Mortgage servicers have long relied on a wide range of default-related solutions from LPS, including national field services, full-service asset management, title and closing services, as well as bankruptcy and foreclosure management. With the addition of property auction services through LPS, servicers now have more REO management options from a single provider. Additionally, servicers working with LPS Auction Solutions will benefit from the company’s ability to manage all aspects of the auction process from beginning to end, including data collection, property due diligence, open house showings and the auction event. To help ensure timely REO dispositions, the company also utilizes a comprehensive broker outreach program to encourage broker participation in the auction events. “Rising Tide Auctions brings significant assets to LPS, including an impressive team of executives with more than 30 years of successful property auction marketing experience,” said Chad Neel, president of LPS Asset Management and Field Services. “By integrat-
Lenders One Mortgage Cooperative, a national alliance of independent mortgage bankers, has announced its newest partnership with subservicing giant Cenlar FSB, which will provide cooperative members with the ability to maintain the servicing rights on their loans. Cenlar has serviced residential loan portfolios for more than 40 years in all 50 states, allowing the company to reach all Lenders One members. “Loan servicing is quickly emerging as a trend—as well as necessary business component—for independent mortgage bankers, and we want our members to be on its forefront,” said Scott Stern, Lenders One chief executive officer. “Partnering with Cenlar benefits our members with timely, scalable term and interim mortgage servicing. These benefits are then translated to borrowers in the form of a more diverse, quality loan offering.” Cenlar is working with Lenders One to provide its membership with customized subservicing for a wide variety of mortgage products, all private-labeled under each lender’s name and logo. Offering cooperative members the opportunity to maintain the servicing rights to their loans helps them reap the benefits of that servicing revenue without fixed operational costs. It also enables them to avoid the added expenses and time to build this capacity internally. “Based on the volatility and ongoing evolution of the industry, lenders need the flexibility to adapt to changing market conditions,” said Lori J. Pinto, CMB, senior vice president of business development for Cenlar FSB. “This relationship provides Lenders One’s members a means to effectively grow their business models and expand new offerings to their respective communities. Lenders One is committed to the industry’s mortgage bankers and focused on providing the business partner-
ships that will bring the most value to its members. For this reason, we are looking forward to not only expanding our relationship with them, but also assisting these lenders explore new markets.” For more information, visit www.lendersone.com or www.cenlar.com.
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