LPS' Mortgage Monitor Report Shows Total Delinquent Loans 21.3 Percent Higher Than Last Year; Foreclosure Rates At Record High

/PRNewswire/l/ -- The latest Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE:LPS) , a leading provider of mortgage performance data and analytics, shows that the total number of delinquent loans was 21.3 percent higher than the same period last year. Although the data showed a small 1.45 percent seasonal decline in delinquencies from January 2010 to February 2010 month-end, the national delinquency rate still stood at 10.2 percent. The report is based on data as of February 2010 month-end.

The nation's foreclosure inventories reached record highs. February's foreclosure rate of 3.31 percent represented a 51.1 percent year-over-year increase. The percentage of new problem loans also remains at a five-year high. The total number of non-current first-lien mortgages and REO properties is now more than 7.9 million loans. Furthermore, the percentage of new problem loans is also at its highest level in five years. More than 1.1 million loans that were current at the beginning of January 2010 were already at least 30 days delinquent or in foreclosure by February 2010 month-end.

As a result of the federal government's Home Affordable Modification Program (HAMP), delinquent loans that were modified and that remained current through HAMP's three-month trial period - called "cures-to-current" - have increased. Advanced delinquency rolls, however, remain elevated from a historical perspective.

Other key results from LPS' latest Mortgage Monitor report include:

Total U.S. loan delinquency rate: 10.2 percent
Total U.S. foreclosure inventory
rate: 3.3 percent
Total U.S. non-current* loan rate: 13.5 percent
Florida, Nevada, Arizona,
Mississippi, California, New
Jersey, Georgia, Illinois, Ohio and
States with most non-current* loans: Indiana
North Dakota, South Dakota, Alaska,
Wyoming, Nebraska, Montana,
States with fewest non-current* Vermont, Colorado, Washington and
loans: Minnesota

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Note: Totals based on LPS Applied Analytics' loan-level database of mortgage assets.

LPS manages the nation's leading repository of loan-level residential mortgage data and performance information from approximately 40 million loans across the spectrum of credit products. The company's research experts carefully analyze this data to produce dozens of charts and graphs that reflect trend and point-in-time observations for LPS' monthly Mortgage Monitor Report.

To review the full report, listen to a presentation of the report or access an executive summary, visit http://www.lpsvcs.com/NEWSROOM/INDUSTRYDATA/Pages/default.aspx.

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Georgia Department of Banking and Finance's Order to Cease and Desist Issued to Atlanta Home Modification Services, LLC d/b/a Atlanta Home Mods Final

On September 21, 2009, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to Atlanta Home Modification Services, LLC d/b/a Atlanta Home Mods located at 1588 Atkinson Road, Suite 106, Lawrenceville, Georgia, 30043 became final.

This Order to Cease and Desist was issued by the Department after it obtained evidence that Atlanta Home Modification Services, LLC d/b/a Atlanta Home Mods engaged in residential mortgage brokering activities without a license or under an applicable exemption in violation of O.C.G.A. § 7-1-1002.

Pursuant to Georgia law, it is prohibited for any person knowingly to purchase, sell, or transfer a mortgage loan or loan application from or to an entity that is not licensed or exempt from licensing or registration provisions to engage in mortgage broker or lender activities.

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One Georgia Bank is State's Fastest-Growing Lender to Small Businesses

/PRNewswire/ -- Sprinting ahead of the pack in 2008, One Georgia Bank grew its SBA 7(a) loan volume faster than any other lender in the state. The Atlanta-based community bank set the leading pace during the first year of its newly created SBA Lending Division that started operations in March 2008. In November 2008, the bank received approval from the U.S. Small Business Administration as a Preferred Lender.

One Georgia Bank approved fourteen 7(a) loans totaling $6,600,000 for SBA's fiscal year which ended September 30, 2008, earning the bank SBA's Pacesetter Award.

Among all lenders in the state for 7(a) loans, One Georgia Bank ranked fourth by total dollar volume at the end of December 2008 with four 7(a) loans totaling $2.8 million. The company trailed the leader by only $314,500.

"Small businesses are the lifeblood of the economy, and we're proud to do our part to help them grow and thrive," said Willard "Chuck" Lewis, president and chief executive officer of One Georgia Bank. "During these difficult economic times it's crucial that we support our local entrepreneurs."

In an effort to continue and expand that support, One Georgia Bank has become a Patriot Express lender. The SBA program is designed to help military veterans and their spouses, current or widowed, gain access to loans for expanding small business ventures.

With the Patriot Express program, loans of up to $500,000 are available. Loans of $150,000 or less qualify for the SBA's maximum guaranty of 85 percent. Loans of more than $150,000 qualify for a 75 percent guaranty.

Patriot Express loans can be used for most business purposes, including acquisition of real estate, equipment, inventory and working capital.

"It is an honor to have the opportunity to help brave members of our military lead successful lives once they return home from duty," Lewis said. "After the sacrifices they have made for our country, our veterans and their families are undoubtedly deserving of professional financial help at home."

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