DS News - Bank of America

82 DISTRICT OF COLUMBIA Situs Acquires Collingwood Group Situs recently announced that it has acquired e Collingwood Group, a Washington, D.C.-based advisory firm. By acquiring Collingwood, Situs obtains regulatory policy experience and insight across the residential housing and multifamily finance industry. "Collingwood is a thought leader in the housing industry, and we are excited to have them join the Situs team," Situs CEO Steve Powel said. "is acquisition expands our professional service offering beyond the commercial real estate sector, providing residential housing expertise and advice to manage complex credit risks and address continuing regulatory challenges. Further, the Collingwood team provides a presence in Washington, D.C., to better serve our existing GSE's relationships." e acquisition benefits the Collingwood team as well, according to Brian O'Reilly, the firm's President. "Collingwood has an established track record and credibility for providing consulting and advisory services in the housing industry," O'Reilly said. "Joining Situs enables us to also provide fulfillment services to our clients, and offer these clients the same level of industry expertise in the commercial real estate sector. e acquisition will also accelerate our growth in the strategy, risk management, and regulatory-compliance area." According to Stephen Friedman, Chairman of Stone Point Capital, a financial services-focused private-equity firm and the majority owner of Situs, the partnership will strengthen Situs' position in the marketplace. "We are delighted to partner with such an experienced and well-regarded team," Friedman said. "Collingwood has deep experience and specialized expertise in the policies and regulations impacting the housing industry. ese capabilities will complement Situs' service offerings in the commercial real estate sector and will significantly broaden Situs' overall position as a leading provider of risk management and operational support services to the real estate finance industry." MARYLAND Two Bills That Affect Maryland Foreclosure Notices By John Ansell e Maryland legislature has passed House Bill 26 ("HB26") that amends the foreclosure notice provisions contained in Maryland Real Property Article 7-105.2. HB 26, slated to take effect on October 1, 2017, provides that notice of a foreclosure sale must be sent to a condominium association (COA) or homeowner's association (HOA) that has recorded a lien against the property at least 30 days before the date of the proposed sale. is change now explicitly requires notice of sale be sent to any COA or HOA that has a lien recorded against the property at least 30 days prior to the scheduled sale. Since the current law requires notice to all subordinate lien- or judgment-holders (whose liens are recorded and indexed at least thirty days prior to the sale), this change is not particularly significant. Further, and more impactful, the bill provides that in the event of a cancellation of a foreclosure sale, the trustee must send notice of the cancellation to the record owner and to any COA or HOA to whom notice of the sale was sent within 14 days of the cancellation. e statute does not mandate a particular form for the notice. 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 Connecticut Planet Realty, LLC Sales@CTREOTEAM.com 203-982-4985 cell www.CTREOTEAM.com Security • Preservation • Disposition Steve Rivkin e legislature in Annapolis also passed House Bill 1048 (HB 1048), which adds a new registration component to the Maryland foreclosure process. Once it becomes effective, the law will require the property to be registered with the state's Department of Labor and Licensing Regulation within seven days of docketing the case. While none of the information to be collected for this registration is unusual, the eventual registration process (either through a form drafted by the Commissioner of Financial Regulation, or directly through electronic registration) includes the requirement to provide the contact information for the "person authorized to manage and maintain the Property before the foreclosure sale." us, in order to comply, servicers will need to provide property preservation contact info to their law firms early in the process (if relying on firms to handle the registration). is bill also further extends state pre-emption of current foreclosure registry requirements to include this new registration. Interestingly though, the statute defines this new notice as not a public record, but says the registration notice can be made available to the jurisdictions, a person who owns property on the same block, or the HOA or COA. Fortunately, the legislature explicitly moved back the effective date of this bill from the first draft until October 1, 2018. In summary, while neither of these bills make any fundamental changes to Maryland's foreclosure rules, they are additional administrative and procedural steps that will need to be monitored to ensure compliance. John A. Ansell III, is partner at Rosenberg & Associates, LLC. Born in Andrews AFB, Maryland, Ansell holds a Bachelor of Arts degree from the University of Maryland (1994) and a Juris Doctor from the University of Pittsburgh School of Law (2001). Ansell's practice focuses primarily in the areas of real estate, settlement, foreclosure and default litigation legal services, and he oversees the firm's appellate practice. Ansell is admitted to the state courts in Maryland, Virginia, and the District of Columbia, the United States District Court for Maryland, United States District Court for the District of Columbia, and the Eastern and Western Districts for the United States District Court for Virginia. The percentage Maryland home values have increased in the past year, but they are expected to rise another 1.9 percent in the next year. Source: Zillow Home Value Index through April 20, 2017 STAT INSIGHT 4.6%

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