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The Industry Pulse: Updates on FDIC, Altisource, and More

From rewards and recognition to new appointments and initiatives,
get the buzz on the industry's latest news in this weekly update.

Vice Chairman and a Member of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) Thomas M. Hoenig has announced that he is stepping down on April 30, 2018. Hoenig joined the Board in April 2012, and has served a full six-year term. Prior to joining the FDIC Board, Hoenig was the President of the Federal Reserve Bank of Kansas City and a Member of the Federal Open Market Committee (FOMC) from 1991-2011.

"It has been an honor and a privilege to serve the public and be a part of the FDIC and its mission during these past six years," Hoenig said.

"I would like to thank Vice Chairman Hoenig for his extraordinary career of public service at both the FDIC and the Federal Reserve Bank of Kansas City,” FDIC Chairman Martin Gruenberg said. “Tom has been a forceful advocate for strong, independent financial regulation and has contributed enormously to the mission of the FDIC during his time as Vice Chairman. The FDIC was fortunate to benefit from his service."


Luxembourg-based Altisource Portfolio Solutions S.A. has appointed Patrick McClain as SVP, Hubzu Auction Services. McClain will report to Joseph A. Davila, President, Service Solutions.

In this role, McClain will be responsible for driving the growth of Hubzu’s residential online marketing and auction business. Leveraging Hubzu’s scale, rich data resources, and fully integrated end-to-end services, McClain will oversee product innovation for the Company’s Online Auction, Live Auction, Short-Sale, Claims Without Conveyance of Title (CWCOT) and National Brokerage Services businesses along with Hubzu’s client management program and business development strategy.

“Patrick has deep and highly-relevant product expertise and a broad industry network,” said Davila. “Hubzu is one of the largest online real estate auction services platforms in the country. We welcome Patrick’s entrepreneurial approach, significant industry experience and demonstrated operational expertise as we look to substantially grow Hubzu and stay at the forefront of this market.”


Pennsylvania-based provider of real-estate lending support services, SBS, has announced the addition of Veros Real Estate Solutions’ VeroPRECISION product to their suite of valuation and appraisal management services.

VeroPRECISION gives users the ability to determine if an automated valuation model (AVM) is an appropriate tool for a specific property. While other AVMs are typically applied at broad geographic levels, VeroPRECISION can be applied to an individual property, first determining if it is a good candidate for an AVM and then determining which evaluation tool will provide the most accurate and appropriate data.

SBS offers a full suite of valuation and appraisal management services that can be tailored to meet unique specifications.The company provides real property appraisals and AVMs for banks, credit unions, mortgage lenders, and mortgage servicers.


Pennsylvania-headquartered national mortgage services company, ServiceLink, has announced the appointment of Terri Hunter who has joined the company as a national sales executive of default services. Hunter joins the ServiceLink team with a wealth of knowledge and expertise from her many years in the industry.

She most recently worked for Chronos Solutions as SVP of asset management and portfolio, where part of her responsibilities was overseeing all asset management contracts, both private and government, along with the profitability of that operation.

Prior to Chronos Solutions, she was with OneWest Bank where she was responsible for property collateral management and liquidation strategies of defaulted assets for the bank. She also spent time with Ocwen Financial Corporation and Indymac Bank.


Richard M. Squire & Associates, a Jenkintown, Pennsylvania based end-to-end mortgage default services law firm, announced its expansion into New Jersey. The firm, which brands itself as “smaller than some but second to none”, holds key business values such as “integrity, client satisfaction, and results.” The statement expressed the company’s excitement to now have a multi-state footprint with operations throughout Pennsylvania and New Jersey.

“We are thrilled to be able to provide client-focused representation in the State of New Jersey to our present and prospective clients,” the statement said. “Our services will be available state-wide and will adhere to our existing Pennsylvania standards of excellence.”

About Author: David Wharton

David Wharton, Editor-in-Chief at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 17 years' experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at David.Wharton@thefivestar.com.

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