TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/145103
local edition or ig i nat ion ANALYTICS S e c on da r y M a r k e t a na ly t ic s se r v ic i ng Banks of Wisconsin was the 14th FDIC-insured institution to fall so far this year. As of this time last year, 23 insured banks had collapsed. Wisconsin Bank Collapses The closure marks the 14th FDIC-insured institution to fall this year. WISCONSIN // Wisconsin saw its first bank collapse of 2013 last month. The Wisconsin Department of Financial Institutions closed Banks of Wisconsin (Kenosha), the FDIC announced. As receiver, the agency entered into a purchase and assumption agreement with North Shore Bank, FSB (Brookfield, Wisconsin) to assume all of Banks of Wisconsin's $127.6 million in deposits and $97.4 million in assets. The remaining assets (approximately $36.6 million) will be retained by FDIC for later disposition. FDIC estimates the cost to the Deposit Insurance Fund will be $26.3 million. 54 | The M Report Banks of Wisconsin was the 14th FDIC-insured institution to fall so far this year. As of this time last year, 23 insured banks had collapsed. NTC Takes Advantage of Regulatory Opportunities Where some companies see cause for worry, Nationwide Title Clearing sees a chance to improve. FLORIDA // While many banks and lending institutions are apprehensive about the waves of compliance challenges coming in, Palm Harbor's Nationwide Title Clearing says the smartest companies are using regulatory changes as a springboard to grow. "All companies in the mortgage industry are in the same boat, but few are using the regulatory onslaught to become more competitive," said NTC CEO John Hillman. "By taking advantage of the changes rather than resisting them, companies can succeed in turning a risk into a benefit. Generating a better understanding of industry regulations is the key to maintaining proper processes." According to Hillman, one of the best ways to stay on top of regulatory issues is to focus on education, including pushing for continual employee training and attending industry conferences and workshops throughout the year. In addition to espousing greater understanding of compliance issues, NTC also has worked closely for years with many of the country's leading mortgage lenders and servicers to standardize the mortgage assignment document process. The company also maintains a long-held practice of being stringently audited under new vendor management rules set by enforcement actions and the National Mortgage Settlement. Illinois Market Strong in April Sales jump more than 25 percent, while prices are up nearly 8 percent. ILLINOIS // Illinois home sales jumped in April, while prices made their own big leaps. The Illinois Association of Realtors (IAR) reported that sales were up 25.3 percent yearover-year throughout the state. According to the association, statewide home sales (including single-family homes and condos) totaled 12,621 in April, the best