July 2012

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THE LATEST SERVICING for Servicer Settlement A new web-based platform will give consumer advocates a streamlined way to report violations related to the nation's servicer settlement. C the nation's five largest servicers complete requirements under the $25 billion settlement. Speaking at a conference to hear complaints and learn more about advocates' impres- sions of how the settlement is working," he said in a statement. "Although I'll extensively review reports and monitoring from the banks and my own team of auditors, it is still critical for me to receive information from the hosted by the National Community Reinvestment Coalition, Joseph A. Smith Jr., the settlement monitor, announced the standup of a website portal for complaints about servicers. "This allows me, as monitor, onsumer advocates now have the ability to re- port violations if their clients suspect any as heart of each community this settlement serves." Although the court order and settlement that made Smith responsible as monitor does not charge him with responsibility for consumer complaints, the statement said he will use any information gathered from the online tool to oversee implementation of the agreement. Mortgage Settlement Oversight (OMSO), directed the public to report complaints by visiting this website and filling out informa- tion about themselves or their clients there. The form will cover more than 200 servicing standards mandated by the agreement. "I believe that the settlement will bring relief to distressed His office, the Office of "This allows me, as monitor, to hear complaints and learn more about advocates' impressions of how the settlement is working." — Joseph A. Smith Jr., the Settlement Monitor New Online Complaint Tool borrowers and help communities across the country," Smith added. "To do so, we need to be certain that the agreement's servicing standards are being adhered to, and professionals who fill out this form will help inform me of any recurring issues that need to be addressed. I appreciate all who participate, as they will help ensure that this settlement makes a difference in mortgage servicing standards for all borrowers." The launch of an online tool appears as he stands up his of- fice and outlines the way he will monitor the settlement. In a past interview with DS News, our sister publication, the settlement monitor said that OMSO would roll out reporting requirements in the first three months of operation. He said he would continue to engage in pre- paratory meetings with servicers as the settlement moved forward. And if the servicers—including Ally Financial, Bank of America, Citigroup, Chase, and Wells Fargo—fail to comply? "I'll have plenty of backup from the [state attorneys gen- eral]," Smith told us, signaling that he and other officials would take servicers to court to pursue injunctive relief. Walker & Dunlop to Acquire CWCapital Through a multibillion-dollar transaction, the companies combine forces to become the second-largest multifamily lending operation in the U.S. W acquire CWCapital, LLC. The combination of the two companies alker & Dunlop, Inc., announced in recent days that it entered into a definitive agreement to creates one of the largest real estate lenders in the United States, with $7.7 billion of commer- cial real estate loan originations in 2011 and an aggregate servicing portfolio of $33.7 billion. The combined entity will be the second largest multifamily lender and the eighth largest commercial real estate lender in the country. CWCapital CEO Michael Berman will take a senior leadership role at Walker & Dunlop. "This is an exciting opportunity that will bring together two exceptional teams," said for $220 million, $80 million of which will be in cash and the rest in Walker & Dunlop stock. After the transaction, The company is purchasing CWCapital " it is expected that CW Financial will be Walker & Dunlop's biggest shareholder. "We are thrilled to announce this Berman. "The greatest strength of these com- panies is our people, and this combination will position Walker & Dunlop for substan- tial future growth. acquisition. CWCapital is an exceptional company with an outstanding team and corporate culture very similar to Walker & Dunlop's," said Willy Walker, chairman, president, and CEO of Walker & Dunlop. "CW's people, credit discipline, and client focus are highly regarded throughout the industry. It's a wonderful accomplishment to bring these two fantastic companies together and create a true industry force." THE M REPORT | 53 ORIGINATION SERVICING ANALYTICS SECONDARY MARKET

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