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Independent Audit: Blueberry Systems LOS Implementation Saves $287.75 per Loan ...

18.05.12

PHOENIX, Apr 23, 2012 (BUSINESS WIRE) -- Blueberry Systems, LLC, a provider of advanced technology solutions to the mortgage and financial services industries, announced today from the Mortgage Bankers Association's National Technology in Mortgage Banking Conference & Expo, the independent findings of a MarketWise Advisors' detailed ROI Analysis of the implementation of its RELAY(TM) loan origination system (LOS) at Plano, TX based Starkey Mortgage.

"We are excited about the direct and measurable advantages that RELAY has already given us. We're looking forward to the increased returns as time goes on," said Starkey CIO Bill Burke. "But just as important to us has been the high level of service and the partnership they have developed with us. They are sincerely invested in our success."

Starkey Mortgage implemented RELAY in January 2012 and MarketWise Advisors closely analyzed the subsequent impact of the system on the lender's loan origination operations. Based on the system's performance, it found that in a typical implementation of RELAY, a mid-tier mortgage lender with $500M-$5B in annual origination would ultimately save nine hours of work, or approximately $287.75 per loan. Starkey Mortgage is well on the way towards achieving this objective ahead of plan. This operational impact spans all areas of origination, processing, closing, post-closing and secondary marketing and MarketWise projected direct ROI benefit at 5.07x payback with a peak efficiency levels within three years of implementation.

Source: MarketWatch (press release)

Short Sales See 33 Percent Year-Over-Year Gains in January

18.05.12

RealtyTrac has unveiled a new report outlining expected short sale trends in 2012, showing a 33 percent year-over-year increase in pre-foreclosure sales (typically short sales) in January 2012, with annual increases in 32 states, including Georgia (113 percent increase), Michigan (90 percent increase), California (52 percent increase), Texas (48 percent increase), Arizona (44 percent increase), Nevada (36 percent increase), and Florida (20 percent increase). Short sales outnumbered real estate-owned (REO) sales in 12 states, including Utah, California, Arizona, Florida, Indiana, Colorado, New York and New Jersey. 

“Short sales have long held great promise as a market-based solution to the nation’s foreclosure problem, but short sales transactions over the past three years have actually declined after peaking in the first quarter of 2009,” said Daren Blomquist, vice president at RealtyTrac and author of the report. “January foreclosure sales numbers, along with first quarter foreclosure activity, strongly indicate that downward trend is ending, and we believe 2012 could be a record year for short sales.”

Source: National Mortgage Professional Magazine