DS News - Bank of America

» VISIT US ONLINE @ DSNEWS.COM 125 THE LEADER IN DEFAULT SERVICING NEWS Help shape the next issue of DS News. Drop us a line at Editor@DSNews.com. pany's investment marketplace for individual investors, less than six months since its launch, is funding more than 10 percent of all new loans originated by the company. LRES Names New Chief Appraiser Real estate services provider LRES has announced the promotion of Wynetta Byers to chief appraiser. Byers previously served as senior staff ap- praiser with LRES, where her responsibilities included managing client appraisal appeals processes, assisting new clients with product development, establishing appraisal require- ments, and analyzing and reconciling different valuation products for clients. Before joining LRES, Byers was a certified appraiser for a residential appraisal company which special- ized in origination appraisals probabe, and complex and high-end properties. As chief appraiser for LRES, Byers will be responsible for developing, recommending, and implementing sound valuation risk man- agement strategies. ose strategies include developing and refining LRES property valu- ation products and services in order to increase efficiency and reduce problems for customers. Her responsibilities in her new role will also include: overseeing appraisal and valua- tion techniques, developing and implementing strategies to increase productivity and compli- ance, developing staff and client training programs, developing solutions within the ap- praisal review process, and ensuring appraisals comply with regulatory guidelines and meet applicable standards. "Wynetta's established leadership coupled with her strong understanding of appraisal regulatory requirements such as USPAP greatly streamlines LRES' valuation department," said Roger Beane, CEO of LRES. "Her extensive knowledge of property valuation methods and mortgage loan collateral issues make her the obvious choice for the position." LRES is a national company headquar- tered in Orange, California, and provides residential and commercial real estate services including REO asset management, HOA, and technology solutions for the mortgage and real estate industry. COLORADO Altavera Mortgage Services Names New SVP of Due Diligence Altavera Mortgage Services, a Denver- based provider of third-party residential mort- gage origination services, has named Jennifer Fountain SVP of due diligence, according to an announcement from the company. In her new position as SVP of due diligence with Altavera, Fountain will have oversight of the company's closed-loan file review business, also known as pre-purchase review. Closed- loan file review is the review and approval of loans prior to investor purchase or the audit of a loan package prior to the package being pur- chased by a correspondent buyer or aggregator. When they purchase loans, independent, non-bank mortgage companies and investment firms often consider outsource providers to limit their exposure to poor loan quality. Alta- vera recently announced that it would expand its closed-loan file review services starting in the third quarter. e company's closed-loan file review services include: » Validation of product acceptability to inves- tor guidelines; » Review of credit decision and supporting documentation; » Confirmation of QM/ATR requirements; » Performance of compliance review; » Review of appraisals and property value validation; and » Review of closing documentation. Fountain has more than three decades of expe- rience in the residential mortgage lending business. Her career has been distinguished by an emphasis on credit and underwriting policy, operations, due diligence, management, and training. "I worked with Jennifer at Aurora before she went to Redwood and know her to be an unrivaled expert in the fields of closed-loan file review and rating agency approval. She also has a long and deep history in credit policy and credit risk management," said Altavera Chief Operating Officer Debora Aydelotte. "Jennifer possesses and exceeds the critical qualifications mortgage lenders and investors expect when they outsource closed-loan file review to a service provider partner." California's foreclosure rate sits at .07 percent in July 2016 compared to the national rate of .06 percent, according to RealtyTrac. KNOW THIS Home values in Denver have risen 45 percent on average since the housing crisis, according to Zillow. KNOW THIS

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