Issue link: http://dsnews.uberflip.com/i/735933
112 CONNECTICUT Clayton Holdings Creates New Option for 'Fix and Flip' Lending Clayton Holdings LLC, a provider of loan due diligence, surveillance, REO manage- ment, consulting, valuation, title and settlement services to the mortgage industry, has developed an end-to-end underwriting, valuation and due diligence option for the "fix and flip" lending market, according to an announcement from the company. Clayton Holdings LLC states that the option, which is currently being utilized by several warehouse lenders, includes specs such as borrower underwriting, property underwriting project monitoring, and portfolio surveillance. e new option includes: Borrower underwriting: review of the bor- rower's professional track record; business plan, credit and financial standing; liquidity analysis of balance sheet and tax statements; and synop- sis of corporate structure. Property underwriting: review of purchase/ sales agreement; title and loan reviews; BPO with "as-is" and "as-repaired" values; desktop and automated valuation reviews of original appraisals; plan and budget analysis. Project monitoring: twice-monthly report- ing on rehab status, including building permits, HOA requirements, budgets and schedule; draw and release requests; property inspections and photos; and lien waivers, etc. Portfolio surveillance: Clayton's RAMP surveillance solution can deliver customizable reports providing ongoing visibility into opera- tional and financial aspects of the portfolio at the borrower, loan, and property level. "Low interest rates, rising home prices and tight inventory are all driving the growth of the fix and flip investment market and attracting new liquidity from Wall Street and private investors," said Jeff Tennyson, president of Clay- ton. "We have designed an integrated, one-stop solution for warehouse and hard-money lenders that draws on Clayton's deep experience in un- derwriting and the unique skill sets in valuing and monitoring single-family rental properties that reside within our Green River Capital and Red Bell Real Estate subsidiaries." WASHINGTON D.C. OCC Hires New Deputy Chief Financial Officer e Office of the Comptroller of the Cur- rency (OCC) has appointed Peggy Sherry as Deputy Chief Financial Officer, according to a recent announcement from the OCC. Sherry is taking over the Deputy Chief Financial Officer position from Gary Crane, who is retiring. In her new role with the OCC, Sherry will oversee the agency's planning and execution of its annual operating budget. She will also be responsible for oversight of the agency's financial systems, internal and financial controls program, travel policy and operations, and agency records management functions. Sherry will also be responsible for the OCC's Office of Management compliance and strategic planning functions. "e OCC is fortunate to add Sherry to our leadership team," said Comptroller of the Cur- rency omas J. Curry. "She brings deep experi- ence and long commitment to public services." Sherry's career includes a number of senior financial management roles with organizations such as the IRS, Department of Homeland Security, the U.S. Holocaust Museum, and the U.S. Government Accountability Office. Her most recent position was with the National Credit Union Administration as Deputy Chief Financial Officer, overseeing the NCUA's accounting and budget system and led resource planning, budgeting, accounting, procurement, internal controls, and facilities management efforts. MARYLAND Maryland Fiddles with Foreclosure Statute of Limitations (or does it?) By, Jeffrey Fisher, Founder and EVP of Business Development, BP Fisher Law Group, LLP Statutes of limitations have been a hot topic in the mortgage servicing industry but there has previously been no need for Maryland to be included in that discussion. Now, however, due to a couple of statutes passed by the Maryland General Assembly, it is important for the industry to be aware of these statutory changes and to consider the implications on the time in which a servicer has to institute a foreclosure action regarding owner occupied properties. e author's opinion is that the applicable statute of limitations is lengthy and unchanged. Nonethe- less, for no other purpose than the avoidance of litigation, servicers should act as if a three-year statute of limitations is in place. e general statute of limitations in Mary- land is three years from the date the cause of action accrues, except as otherwise provided. Specialties, including contracts under seal, have a 12-year period of limitations pursuant to Section 5-102 of the Courts and Judicial Proceedings Article of the Annotated Code of Maryland. Maryland deed of trust and note forms are generally sealed documents to which Connecticut Planet Realty, LLC Sales@CTREOTEAM.com 203-982-4985 cell www.CTREOTEAM.com Security • Preservation • Disposition Steve Rivkin 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 New York Todd Yovino Broker/Owner Island Advantage Realty, LLC Metropolitan New York and Long Island's Default Specialist for Over 27 Years Todd@iarny.com | 631-820-3400 www.islandadvantage.com