DS News - U.S. Bank

4 This Month FROM OUR DESK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 DS JOURNAL e Ripple Effect of Recession Foreclosures, Which Markets Are Still Recovering?, e Future of e 'Late Cycle' Economy, e Impact of Population Growth, Hensarling: "ere's Something Amiss At FHFA ...", Helping Delinquent Borrowers Save eir Homes, Evolving Middle-Class Household Demographics, e Economy and the Housing Market, Struggling Neighborhoods and Property Taxes, Homeownership Rates Lag in LGBT Communities MOVERS AND SHAKERS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 FIVE MINUTES WITH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 COUNSEL'S CORNER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 ASK THE ECONOMIST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 STATE OF AFFAIRS Impactful local market information at your fingertips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 INDUSTRY INSIGHT BACK IN THE SADDLE FHA Commissioner Brian Montgomery is back for round two, but he didn't have an easy road getting there. Montgomery sits down with DS News to talk tech, strategy, and serving the American people. . . . . . . . . . 60 By Rachel Williams INDUSTRY INSIGHT SLASHING THROUGH THE SERVICING JUNGLE Default servicing costs have skyrocketed over the past decade, leaving servicers lost in a jungle filled with compliance overhead, complicated investor rules, and unfair penalties. Finding the way out requires knowing exactly what you're looking for. . . . 64 By Sean Ryan INDUSTRY INSIGHT THE ROCKY ROAD TO FEE RECOVERY A Court of Appeal has limited the lender's right to recover attorney's fees after successfully defending against borrower lawsuits challenging a foreclosure. at means a victory in court could still prove costly.. . . . . . . . . . . . . . . . . 68 By T. Robert Finlay, Esq. INDUSTRY INSIGHT REBUILDING PARADISE More than a year after Hurricane Maria made landfall in Puerto Rico, the island faces many challenges along the road to recovery. DS News spoke to industry leaders working to facilitate that process, and about how the upcoming PR18 summit could help. . . . . . . . 72 By David Wharton Contributors T. ROBERT FINLAY, ESQ. is one of the three founding partners of Wright, Finlay & Zak. Since 1994, Finlay has focused his legal career on consumer credit, business, and real estate litigation and has extensive experience with trials, mediations, arbitrations, and appeals. Finlay is at the forefront of the mortgage banking industry, handling all aspects of the ever- changing default-servicing and mortgage-banking litigation arena, including compliance issues for servicers, lenders, investors, title companies, and foreclosure trustees. He is a regular speaker (at industry events and for clients) on a variety of loan- servicing and mortgage-banking issues, including key legislative and legal updates, California and Nevada Homeowner Bill of Rights (HOBR), Nevada HOA lien problems, and other relevant litigation and compliance issues. SEAN RYAN is CEO of Aspen Grove Solutions, a provider of property-servicing technology solutions. Aspen delivers solutions that reduce costs and man- age risks for Asset owners and Servicers, particularly in the area of default asset management. Aspen's Property Servicing Platform sits alongside and complements loan servicing. It focuses on managing the asset and timelines across all internal teams and the supply chain that delivers services on the asset from preforeclosure through to resolution. DAVID WHARTON, Online Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 15 years of experience in journalism and previously worked at omson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at David.Wharton@DSNews.com. RACHEL WILLIAMS is Editor-in-Chief of DS News. She attended Texas Christian University (TCU), where she graduated Magna Cum Laude with a dual Bachelor of Arts in English and History. Williams is a member of Phi Beta Kappa, widely recognized as the nation's most prestigious honor society. Subse- quent to graduating from TCU, Williams joined the Five Star Institute as an Editorial Intern, advancing to Staff Writer, Associate Editor, and is currently the Editor-in-Chief and Head of Corporate Communi- cations. She has over a decade of editorial experience with a primary focus on the U.S. residential- mortgage industry and financial markets. Williams resides in Dallas, Texas, with her husband. She can be reached at Rachel.Williams@eFiveStar.com. Join the Conversation Do you have a suggestion, story idea, or some feedback you'd like to share with DS News readers? Help shape our next issue by emailing Editor@DSNews.com. N O V E M B E R 2 0 1 8 C o n t e n t s D S N E W S . C O M 56 72 68 60 SLASHING THROUGH THE SERVICING JUNGLE 64

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