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local edition Or ig i nat ion SERVICING AmeriFirst Implements LPS' MSP Platform System is used for all servicing functions. 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 FLORIDA // Lender Processing Services, Inc. (LPS), a provider of technology, servicers, data, and analytics to the mortgage industry, announced that AmeriFirst Home Mortgage has completed the implementation of LPS' MSP mortgage and consumer loan servicing platform. The MSP platform is a single, comprehensive system created to manage all servicing processes, including loan boarding, payment processing, and escrow administration, giving servicers a fully integrated system to meet their needs for portfolios of all sizes. By converting its residential loans onto MSP, AmeriFirst will benefit from greater functionality, reduced operational costs, and greater revenue opportunities to assist expansion. "We were looking for a technology solution that provided more robust servicing capabilities to support our growth initiatives, while still helping us manage our operating expenses," said Mark Jones, president and co-founder of Michigan-based AmeriFirst. "We also needed a proven servicing system to help keep us in compliance with increased regulatory changes and federal requirements, as well as ensuring that our internal processes are secure. LPS offered the complete package." Another advantage AmeriFirst now enjoys is LPS' dedicated team assigned to support the bank's compliance by making sure MSP is up to date with regulatory changes and federal requirements. "We are pleased AmeriFirst Home Mortgage has chosen LPS' industry-leading technology and services to meet the evolving needs of its growing and successful business," said Robert Davis, EVP of sales 46 | The M Report and account management for LPS' Servicing Solutions and Technology division. "We are committed to providing AmeriFirst Home Mortgage with dynamic, innovative technology and collaborative support needed to face the challenges and opportunities ahead." Because it was unable to find another financial institution to take over the failed bank's operations, FDIC will mail checks directly to the Community's Banks depositors for the amount of their insured money. As of June 30, the Community's Bank held approximately $25.7 The FDIC announced the shutdown of two more bankse—bringing this year's failure tally to 22 so far. deposits and will purchase $2.7 billion of the collapsed bank's $3.1 billion in assets. In addition, FDIC and PlainsCapital entered into a lossshare transaction on $1.8 billion of First National's assets. First National was the first Texas-based FDIC-insured bank to fail in nearly two years. Together, the two collapses represent a cost of $645.3 million—$7.8 million for the Community's Bank and $637.5 million for First National. Axios Helps Prepare for Compliance Implementation Regulatory Review will now be included in the company's suite of services. States See Bank Failures Connecticut and Texas record first bank closures in years. CONNECTICUT // The FDIC announced the shutdown of two more banks—including Connecticut's first collapse in more than a decade—bringing this year's failure tally to 22 so far. The first announcement involved the Community's Bank in Bridgeport, Connecticut, which was shut down by the Connecticut Department of Banking. million in total deposits and possessed about $26.3 million in assets. FDIC will retain all the assets for later disposition. The Community's Bank was the first FDIC-insured institution to close in Connecticut since June 2002. In Texas, the Office of the Comptroller of the Currency (OCC) closed First National Bank, based in Edinburg. To protect depositors, FDIC announced it has entered into a purchase and assumption agreement with PlainsCapital Bank in Dallas. Under the agreement, PlainsCapital will assume all of First National's $2.3 billion in TEXAS // In Fort Worth, Texas, Axios Valuation Solutions now offers a Regulatory Review Program in its suite of services. According to a company release, the Regulatory Reviews are designed to meet requirements outlined in the Texas Administrative Code that call for minimum independent compliance reviews on appraisals performed by appraisal management companies (AMCs). Those reviews must be performed by a Texas licensed appraiser who has access to local multiple listing service (MLS) data. "At Axios, we are making a big push to ensure that our clients and the industry are educated on these constantly changing rules," said Tony Pistilli, Axios' chief appraiser, noting that non-compliance could result in a client's license being suspended or revoked. "Our goal is to make sure everyone is aware and taking the appropriate steps to comply." By integrating with local MLS data, Axios is able to automatically and systemically validate the significant characteristics of the subject and comparables on every Regulatory Review,