ARIZONA TRUSTEE ASSOCIATION ARIZONATRUSTEEASSOCIATION.COM

SPRING 2017 NEWSLETTER

Trustee Times

marketing habitsevery business

should have

50this money-making market bubble is about to burst

Freddie’s First salenets $667 million

page 7

page 10

page 4

the deFinitive housing market and interest rate Forecast For 2017| pg 5

Banks Dumping ZomBie Foreclosures pg 8

ata lunchDates... pg 4

the Bright line BetWeen marketing & salespg 9

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Trustee Times is published twice per year by the Arizona

Trustee Association.

ATA DisclAimerThe views or opinions expressed by any person in the Trustee Times or by ATA speakers are not endorsed by the ATA, nor do they necessarily represent the views of the ATA, the Directors or Members. This pertains to all information provided whether written or verbal.

2017 ATA BoArD memBersPresident Tracey Bayne

tbayne@firstam.com 602-685-7403

Vice President Paul Rhodesprhodes@tsofarizona.com

480-921-2190

secretary Becky Youngbeckyy@notecollection.com

800-473-3898

Treasurer Brenda Tucsonbrenda.tucson@fnf.com

480-214-4527

Director Rick Chamblissrec@bowwlaw.com

602-271-7774

Director Kim Lepore klepore@wrightlegal.net

602-845-8898

Director Rhonda Patterson info@arizonatrusteeassociation.com

NewsleTTer commiTTeeNewsletter chair Katie TerBush

katie@mkconsultantsinc.com623-434-5560

Newsletter Production Anthony TerBush - TerBush Creative

info@terbushcreative.com480-242-8726

The ATA is a non-profit corporation devoted to serving the needs of Trustees and related industries. For membership information, contact Tracey Bayne at 602-685-7403.

For more information on the ATA, please visit arizonatrusteeassociation.com.

©2017 ATA. All rights reserved. No part of the Trustee Times may be reprinted without permission. For permission contact Rhonda Patterson at: admin@arizonatrusteeassociation.com

Dear Fellow Members,

In an effort to continue the excellent work of my predecessors of the Arizona Trustee Association, I’d like to take this time to update you on the ATA “behind the scenes”, so to speak. We believe it is important to keep our members well-informed so that you know and trust in the value of your continued and appreciated membership – not only on our scheduled educational events, but with all aspects of the ATA.

As you may or may not know, we have a new lobbyist representing us at Triadvocates, Lauren King. Triadvocates has done an amazing job with representing the best interests of the ATA previously and we have every confidence that Lauren will continue to do a great job. I know Lauren is very busy at the Capitol, but I anticipate her giving us a legislative recap at the May 9th Luncheon and at the Convention. To date, I’m not aware of any legislation that impacts our trustee sale industry, but I have every confidence that the ATA will continue to be well represented by Triadvocates.

In December 2016, the UTA approached the ATA with a request of support for an Amicus Brief filing regarding the case, 10-56884 Vien-Phuong Ho v. ReconTrust Co., et al “Submit Amicus Brief With Consent per FRAP 29(a)” - the borrower in this case and its amicus allies requested a Petition for Review or En Banc review by the Ninth Circuit. The issue before the court is whether a trustee conducting a trustee sale is considered a “debt collector” under the Fair Debt Collections Practices Act. The initial ruling by the court was favorable to the ATA that stated trustees are not “debt collectors” within the meaning of the Act. Keep your fingers crossed that the court does not change its decision. The ATA has contributed to this brief previously and therefore, the Board of Directors voted unanimously to assist the UTA in a further contribution this year.

At our January 2017 Board meeting, the Board discussed increasing the monthly luncheon fee. The ATA has maintained the same luncheon fee for many years, while instituting the convenience of Paypal as an easier way to pay for the luncheons, and other events. As times progress, some of our trusted venues have increased their rates and therefore, the ATA Board has voted to increase the luncheon fee to $35 for members. Not a big increase, but by doing so, this will ensure that the ATA will not be operating at a loss when it comes to these monthly events.

For those who do not attend the monthly luncheons, you missed an exciting announcement at our February Luncheon. After much consideration and a final vote with the Board of Directors, the 2017 ATA Annual Convention will be held at the Enchantment Resort in Sedona, Arizona! This is a year that we would typically have chosen a Phoenix location, however 2017 is the 30th anniversary of the ATA and a special anniversary deserves a special location! If you did not get the chance to attend the convention last time we were at Enchantment, I highly recommend and encourage you and your office peers to join us this year. The Convention Committee is gearing up to start the Convention planning so if you have any ideas on education topics, speakers, or our Thursday night entertainment for that matter, PLEASE let one of our Convention Committee members or Board members know. YOU are the reason that the ATA continues to be a success and we highly encourage new ideas and new people to get involved with the ATA.

At this time, I want to express my gratitude to Katie TerBush for accepting the role of ATA Education Chair, in addition to being our Newsletter Chair. The Education Chair is not an easy position to fill and the person in this role works endlessly to search for new and interesting topic material that will benefit our membership. I think Katie is doing a fantastic job with the education and I’m so grateful to have her in the ATA! Not to mention the Newsletters – have you seen them? They are beautiful! Thanks so much, Katie!

I also want to let you know that Rhonda Patterson has accepted the ATA Membership Chair role, as well as maintaining the Website Chair position. Rhonda has stepped up to the plate and is doing an amazing job taking care of everyone’s membership needs, so thank you Rhonda! Rick Chambliss is continuing as Legislative Chair, with Brenda Tucson and myself, Tracey Bayne, as Convention Co-Chairs.

Thank you for your support!

Tracey BaynePresidentArizona Trustee Association 2017

president’s message

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THe DefiNiTiVe HoUsiNG mArKeT AND iNTeresT rATe forecAsT for 2017 By: Mark Greene

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Active and higher. That’s it, that’s my forecast; housing markets will be active and interest rates will trend higher. The question of course is how active and how much higher, so here you go:

Since what I do is all about finance and interest rates, people tend to assume that I know what is behind the doors with the signs that say “Interest Rates” and “Market Trends.” Truth is I am no better at handicapping interest rate and housing market trends than anybody else. I watch every day, I absorb what is happening, I make assumptions and I roll the dice just like everybody else.

Real estate agents dominate my cell phone and Outlook contacts. I am a mortgage guy and real estate people are important if I want to do things like pay bills, eat and maybe save for when I am too old to do this anymore. The technical term for mortgage “guy” is “originator.”

And real estate people ask me all the time what I think about economic things that have a lot to do with our respective livelihoods. I get asked about what direction interest rates are headed and where they will be in the future. I get asked what I think housing market activity will be and how strong the economy will look in 2017. I have been a mortgage guy for a long time and I think I have the exact right answer when I get asked the housing market activity question. What direction rates are headed and what the economy will be doing are questions that are above my pay grade, but I will do some common sense opining here in a moment.

As far as the housing market in 2017, I can say with absolute certainty that people will be selling houses, people will be buying houses and people will be getting mortgages. I am 100% certain of this and you can

use this information with ironclad confidence as you tread into whatever housing market dynamics you are contemplating. Mortgage interest rates do not drive or impede housing market activity. People buy and sell houses in all interest rate environments and for a host of reasons that have nothing to do with mortgage payments. Families grow, families shrink, jobs and fortunes change, people get married, people get divorced, this list could go on all night. Interest rates are just part of the equation; they are not the headline determinant.

And interest rates have already telegraphed the near term future trend with a dramatic move north following the U.S. Presidential election. Almost immediately after the votes were tallied, mortgage rates which had been hovering around 3.50% zoomed up to 4.25% and have settled in with this as the current norm. And while the Fed left short term rates unchanged at last week’s meeting, notice has been given that engineered rates will be moving north in 2017.

According to Dr. Yoav Benari of financialgauge.com; “The current environment of slow but steady economic growth and inflation suggest an end to the secular decline in bond yields once 10-year Treasuries top 2.5% - with a likely levelling off in a range between 3% and 4%”. At this writing, 10-year Treasury yields are trading slightly above 2.4% and mortgage interest rates are hovering around 4.25%. Should 10-year Treasury yields move to somewhere between 3% to 4%, we will see mortgage interest rates in the 4.75% to 5.75% range.

The U.S. economy has yet to break out and definitively march towards real growth but signs are bullish and bets are being made that robust will be a regular part of the economic lexicon before long.

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Congratulations to Sue Bouchard of Western Regional Foreclosures, LLC who has finally traded in her business suits for gardening gloves! After founding the trustee’s sale company with Mary Wendel in 2007 and running it successfully for 10 years, Sue decided it is time to relax and she is doing just that! At the time of this writing she is spending the sunny day poking around the eclectic shops of Bisbee. And if you’re in Durango this summer, stop in to say hello to her there!

Now do not fret for Sue’s customers because the good news continues! Western Regional Foreclosures, LLC was purchased by Total Lender Solutions, Inc. Experienced Tina Biskupiak is still sitting at the same desk in the same office with the same telephone number and is still processing defaults for old customers and new. With a new logo, new technology, and the backing of the California office, Tina and Total Lender Solutions are ready for more business.

Congratulations to Barbara Rostad, Vice President and Default Services Manager of Empire West Title Agency, LLC who has retired after 25+ years in the title business. Barbara started her career at United Title before moving to Capital Title. She was later offered her position at Empire West Title and happily made the move. We will miss mingling with her, and her husband Howard, at various business/social events. Currently Barbara is busy settling into their new home. Barbara leaves big shoes to fill but Sheri Morris has easily stepped into the Default Services Manager position and all remains in good hands here, too, with a smooth transition and uninterrupted service. Sheri is joined by attorney Catherine Hartnett, in-house counsel for Empire West. Cathy has 30+ years experience, including claims counsel for both Fidelity and First American, and curative litigation for Old Republic.

So with a goodbye and a hello, it’s good news all around. Best wishes to you both, Sue and Barbara, with your next chapter!

D E DD IE CLI A

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3420 E. Shea Blvd. Suite 168Phoenix, AZ 85028

602-795-5115

www.d3title.com

Providing Insured Title Products

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ello

The U.S. stock market at this level reflects a combination of great demand, great complacency, and great greed. Stocks are clearly in a bubble, and like all bubbles, this one is about to burst.

What do previous financial bubbles have in common with this one? There are many similarities, but one in particular is the real estate bubble of the mid-2000s that led to the 2008 global financial crisis. Then, extensive real estate buying overwhelmed supply. People were borrowing even more than 100% of the cost of the real estate, using creative means of financing never seen before in U. S. credit markets.But debt is debt, which means it is a liability that someone is responsible to repay. That obligation was totally absent in the minds of borrowers and lenders alike — until demand dried up and reality hit.

How is this similar to the market now? The Federal Reserve has created an environment of low- to almost non-existent returns on bank saving accounts, and in the process it ruptured the savings mentality that had been a foundation of American society. People once could live within their means and make a habit of saving some of their income for retirement. They expected banks to pay a rate of interest to savers that was fair and consistent.

When this was no longer the case, people with savings chased returns in riskier areas including stocks, as well as not saving as much. Indeed, the saving generation has been forced into stocks, in which they do not have deep-seated faith. They will take the first opportunity to return to their savings ways again.

Three factors substantiate the view that this market is in a bubble. Each factor warns that stocks are in extremely overbought territory.

The first factor is the CCT indicator. This indicator is a proprietary internal measurement of the general volume of the New York Stock Exchange. The

measurements take into account the institutional participation as a ratio of the overall volume. Also measured is the duration of heavy block buying in rallies.

The sum total of all the measurements now shows the lowest bullish energy ever — even lower than in 2008, just before the market crash.

The second factor is the sluggish VIX VIX, +2.95% and the persistence of readings just above 10. These overbought readings indicate a pressure to return to higher levels, thus requiring downside volatility to neutralize the pressure. The longer this persists, the greater the downside pressure.

The third factor is a short-term daily indicator called the 1.5% one-day decline, which signals a pending environment change in chart patterns. The U.S. market has now gone three months without a 1.5% one-day decline. This is the longest period in the record-keeping history of this indicator — and a sign of imminent danger. Bubbles burst.

Mark D. Cook (www.markdcook.com) runs The Mark D. Cook Advisory Service for investors and traders. Contact him at cooktrading@yahoo.com. He is the co-author with Michael Sincere of Prepare Now and Survive the Coming Bear Market.

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THis moNeY-mAKiNG mArKeT BUBBle is ABoUT To BUrsT By: Mark D. Cook - Published: Feb 13, 2017

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The market crash of 2008 produced thousands of foreclosed properties across the nation, with many sitting vacant for years. Some of the hardest hit neighborhoods found banks sitting on hundreds of foreclosure properties while lawsuits or claims worked their way through the system. These properties became vacant and fell into disrepair and soon became known as “zombie foreclosures.” It appears now that with zombie stockpiles near an all-time high, banks have finally decided to liquidate the properties and have been selling them off at a record pace. Real estate experts have noted that with new zombie foreclosure laws coming on the books in many states, combined with low-interest rates and a shortage of homes, the market is ripe for this type of bank sell-off.

The numbers are a little misleading considering the amount of vacant foreclosures has dropped nine percent from a year ago, yet the amount of bank-owned vacant properties has increased by over 67 percent, according to ATTOM Data Solutions. The group formerly known as RealtyTrac has indicated that there are an estimated 46,000 zombie foreclosures still lying dormant.

While it seems odd that there are this many vacant homes in the midst of a hot housing market, keep in mind that many of the homes are in less than desirable neighborhoods. The properties that reside in the hottest housing markets have likely been already snapped up – zombie or not. But a decrepit house in a non-desirable area may not attract investors or homebuyers anytime soon. All market indicators show that we are reaching the top of another mortgage bubble. Investors will start shying away from the purchase of properties that may need thousands in repairs unless they can buy at a price far below what the market bears.

The numbers appear to indicate the majority of zombie foreclosures are located in and around large urban centers, such as New York, Atlanta, and Chicago. While a substantial inventory of bank-owned properties would seem like a boon for real estate investors, these areas may have to wait until the market cools, the neighborhoods improve, or the bank decides to lower the bar on price. Demand may be high, but so is risk aversion. Investors will likely sit on the sidelines or look for greener pastures for which to place their investment capital.

Even though the zombie population has declined nationwide, certain areas see the numbers holding steady or even slightly increasing. States such as California and Florida saw a drop in zombie numbers over last year, yet New York, New Jersey, and Massachusetts saw a slight increase in bank-owned vacant REOs.

In a market where there seems to be an extreme housing shortage, one has to ask the question as to why there are so many unsold REOs? That question can best be addressed with the condition of the property. Savvy investors typically consider properties in any area when making a decision to purchase, as long as there is a profit to be had. This strategy indicates that the remaining vacant REOs have already been looked at and passed over. That would lead one to believe that these properties are simply the “worst of the worst” with regards to investment.

First-time homebuyers or consumers looking for a “fixer” would seemingly be good candidates for these types of properties, yet lending guidelines from banks and government-backed mortgage enterprises restrict lending on properties until repairs have been made. This conundrum leaves REO banks with the option of investing thousands into properties they may have already taken a bath on, or simply let the homes sit and hope for a cash buyer down the road. The result is apparent in states such as Michigan and Georgia where the expedient non-judicial foreclosure process has produced a glut of vacant bank-owned homes in such disrepair that they will not even attract investment buyers.

Taking all market indicators into account, it appears that banks have finally gotten the memo – dump the zombies. Banks across the country are now working with local realtors to attempt to find buyers for some of the worst zombies in their inventory. In evaluating the price of these properties, banks are apparently taking into consideration that the cost of doing nothing may now include penalties and fines from local or state governments. As the pressure from communities to clean neighborhoods of zombie properties mounts, investors will stand-by waiting until the bank sees no alternative but to unload the properties for well below market prices.

Nema Daghbandan, Esq.

BANKs KilliNG ZomBie foreclosUres Geraci Law Firm - By: Nema Daghbandan, Esq.

These days in the legal world, you don’t hear the terms “marketing” and “sales” very often. “Marketing” lost its luster during the severe cutbacks in law firms’ marketing communications programs during the recession. Firms lost their appetite for big investments that would take a long time to pay off (at least visibly) because they faced a rapid shrinkage in client demand. Lawyers needed work and cash now. That required an emphasis on Sales.

In-house Marketing departments and outside consultants recognized that and made a massive and rapid shift away from marketing in favor of sales. However, since “sales” was a term that made many firms and lawyers comfortable, we adopted the less-threatening euphemism “business development.” Today, everything is BD.

Does it really matter if you refer to your client-getting pursuits as “business development,” or “marketing,” or “sales”? Absolutely, and not merely because I’m a language zealot. Undefined terminology (such as “relationship-building”) provides cover for activity-for-its-own-sake, and enables us to delude ourselves that we’re making progress when we’re not.

Here are my definitions of the three terms:

• Marketing: One-to-many communication that creates awareness of your value and stimulates prospects voluntarily to engage with a sales-decision process

• Sales: One-to-one direct interaction with the end customer that converts demand by facilitating an informed buying decision

• Business Development: Working through partners (channels) to sell to the end customer, in a scalable way. (From Andrew DuMont’s blog)

The key distinction is that BD is selling through channels. BD teams work through existing partner infrastructures. The art of business development comes in identifying partners that fit your needs, while finding a way to provide value to the partner’s end customer and business.

ExAMPLES OF LAWYER BD

If you get most of your business through a distribution relationship with a trade association, you’re doing BD. Say you’re providing an incorporation package for startups through an incubator. You made one sale -- the distribution agreement. The incubator is doing all the rest of the selling for you. This is different than referrals, where the source is providing you with leads, but you must still make each individual sale.

If you’ve packaged legal advice with a technology company’s solution, that company is your channel. They’re selling your offering direct to their customer for you. That’s BD.

YOU’RE NOT DOING BDMost lawyers aren’t doing much, if any, of these types of things. Yet, when we describe our activity as “business development,” it makes us feel good that we’re, well, developing business. but we’re not. We’re marketing.

There’s no way around the fact that, if you want more business, you have to sell. Successful marketing gives you a willing person to sell to, but you have to make the sale.The bright line is the decision. Unless you’re helping a prospect inform and make a specific decision about a specific offer, you’re not selling, you’re still marketing. It’s only when you progress to the point where the entire focus is on deciding whether or not to buy that you’re selling. Everything else is marketing. If it’s about your products or services, it’s marketing. You may have some overlap, i.e., where you have to do some ongoing solution discussion during the sale, but the important point is recognizing that if you’re not talking about a decision, you’re not selling yet, which means you’re not getting closer to getting business.

The key pipeline-quality indicator is “How many decisions are in process?” Not how many articles or blog posts you’ve written, or speaking engagements you’ve had. Not how many downloads of your eBook. And not even how many sales calls you’ve had. Until there’s a decision under discussion, it falls under “necessary but not sufficient.”

Focus your efforts on getting more decisions under consideration and, more importantly, where you’re facilitating them rather than sitting on the sidelines awaiting them.

THe BriGHT liNe BeTweeN mArKeTiNG AND sAlesBy: Mike O’Horo

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Freddie Mac today announced it sold via auction 3,621 deeply delinquent non-performing loans from its mortgage investments portfolio. The loans, totaling $667 million, are currently serviced by either Nationstar Mortgage LLC or Specialized Loan Servicing LLC. The transaction is expected to settle in May 2017, and servicing will be transferred post-settlement.

The sale is part of Freddie Mac’s Standard Pool Offerings, and was offered to potential bidders through Freddie’s advisers, which are Wells Fargo Securities, LLC and First Financial Network, Inc., a woman-owned business. The offering was made on February 16, 2017, to potential bidders, including minority and women-owned businesses, non-profits, neighborhood advocacy funds, and private investors active in the NPL market.

The loans were offered as four separate pools of geographically diverse mortgage loans. Investors had the flexibility to bid on each pool individually and/or a combination of pools.

The loans have been delinquent for more than two years, on average. Given the deep delinquency status of the loans, the borrowers have likely been evaluated previously for or are already in various stages of loss mitigation, including modification or other alternatives to foreclosure, or are in foreclosure. Mortgages that were previously modified and subsequently became delinquent comprise approximately 50 percent of the aggregate pool balance. The aggregate pool is geographically diverse and has a loan-to-value ratio

of approximately 89 percent, based on Broker Price Opinion (BPO).

There were four pools of loans: (1) $203 million (unpaid balance), 1,171 loans; (2) $111.4 million (unpaid balance), 700 loans; (3) $171.2 million (unpaid balance), 830 loans; and (4) $181.4 million (unpaid balance), 920 loans.

The average months’ delinquency on the loans ranged from 20 to 31 months. BPO CLTV loan values ranged from 69 to 136. Average loan balance was from 159.1 to 206.3.

Pools 1 and 2 were sold to Pretium Mortgage Credit Partners I Loan Acquisition, LP. Pool 3 was sold to Upland Mortgage Acquisition Company II, LLC, and Pool 4 was sold to Rushmore Loan Management Services LLC.

Freddie Mac’s Seasoned Loan Offerings are focused on reducing liquid assets in an economically sensible way from the company’s mortgage investments portfolio. This includes sales of NPLs, securitizations of re-performing loans (RPL), and structured RPL transactions. Prior to this trade, Freddie Mac has sold more than $6.6 billion in NPLs, securitized $26 billion in RPLs and transacted $1 billion in structured offerings.

Objectives guiding the servicing of these transactions are focused on improving borrower outcomes and stabilizing communities.

freDDie’s firsT sAle of 2017 NeTs $667 millioNFrom: DSNews.com, editor@dsnews.com

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Cover Image by artist Dale TerBush. An original acrylic on canvas painting titled:

“Rejoice in The LighT”See more of his work, originals paintings, and prints, online at www.DaleTerBush.com or if you are in the Phoenix area, visit Mainview Gallery on Main Street, in Old Town Scottsdale, Az. www.MainViewGallery.com

*image used with artist permission. all rights reserved by artist.

30 SAVE THE DATE... THE ATA IS CELEBRATING OUR

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Room Rates: $195.00 + $25.00 Resort FeeGolf Rate: $200.00

Convention Registration Rates: $550.00 member/$650.00 non-memberJoin us for Black & White Casino Night!

Sponsorship Opportunities Available Contact Convention Co-Chairs: Brenda Tucson and Tracey Bayne

at The Enchantment ResortAugust 30th - September 1st

SAVE THE DATE... THE ATA IS CELEBRATING OUR

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