2016 Annual Report Thomas S. Mowle El Paso County Public Trustee - - PowerPoint PPT Presentation

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2016 Annual Report Thomas S. Mowle El Paso County Public Trustee - - PowerPoint PPT Presentation

Nov 01, 2022 249 likes •506 views

2016 Annual Report Thomas S. Mowle El Paso County Public Trustee Appointed 2/1/2008 2016 Annual Report Public Trustee System Current Trends in Foreclosures and Releases Report on Operations and Finances Public Trustee System

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SLIDE 1

2016 Annual Report

Thomas S. Mowle El Paso County Public Trustee Appointed 2/1/2008

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SLIDE 2

2016 Annual Report

  • Public Trustee System
  • Current Trends in Foreclosures and Releases
  • Report on Operations and Finances
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SLIDE 3

Public Trustee System

  • Judicial States (mostly in East)

– Borrower promises to repay loan – Lender goes to court to claim property if default

  • Trustee States (mostly in West)
  • Trustee States (mostly in West)

– Borrower promises to replay loan – Borrower also grants lender a lien on property – When loan paid, lender asks trustee to release lien – If loan in default, lender asks trustee to foreclose

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SLIDE 4

Public Trustee System

  • Public Trustee System unique to Colorado

– Other states use Private Trustees

  • Private Trustee works for the foreclosing lender
  • Can be replaced at will by the lender
  • Can be replaced at will by the lender
  • Trustees work statewide – office 100s of miles away

– Public Trustee (PT) is neutral and accessible

  • Created in 1894 by legislature to protect property rights
  • One per county, so accessible to borrowers
  • Work for the citizens, so no bias towards lender
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SLIDE 5

Public Trustee System

  • Ten large counties, 71% of work

– PTs appointed by and report to Governor

  • Prepare budget under Title 24
  • Annual audit, quarterly reports to BoCCs & Governor
  • Subject to removal at Governor’s discretion
  • Subject to removal at Governor’s discretion

– Legislature has increased the number over the years

  • 53 smaller counties, 18% of work

– Treasurer also serves as Public Trustee – Not enough work to justify a separate office – Same reporting & budgeting rules apply

  • In Denver, elected Clerk is Public Trustee
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SLIDE 6

PTs and Counties

  • PT Offices statutorily separate from County

– Separate budget and finances from County – Provide quarterly reports to BoCC – Revenue in excess of expenses sent to County

  • Models of association

– Small counties co-locate PT as division of Treasurer – Mostly separate: Arapahoe, Boulder, Larimer, Pueblo, Weld – Cooperative: Adams, Douglas, El Paso, Jefferson, Mesa

  • PT in county building, PT pays for services (CAP, payroll, benefits)
  • Saves PT costs, increases County revenue & cash flow
  • EPC PT: 4 FT Deputies
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SLIDE 7

Public Trustee Process

  • If default occurs, lender files demand thru atty

– We ensure state law followed by lender – Set initial sale date 110-125 days – Mail interested parties notice of sale and rights – Publish notice of sale in a local newspaper – Manage borrower’s right to cure default – Answer borrower questions about foreclosure – Sell at public auction, Wednesdays at 10 a.m.

  • If debt paid off, lender requests release of lien

– Review filing for accuracy, so title will clear – Ensure compliance with legal requirements for release

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SLIDE 8

Current Trends

5,000 6,000 7,000

Monthly Releases of Deeds of Trust

1,000 2,000 3,000 4,000 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16

Monthly Releases 3-month average

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SLIDE 9

Current Trends

100,000 120,000

Annual Releases of Deeds of Trust

20,000 40,000 60,000 80,000 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

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SLIDE 10

Current Trends

14 16 18 20

Annual Releases of Deeds of Trust per 100 persons

2 4 6 8 10 12 14 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

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SLIDE 11

Metro Comparison

40000 45000 50000

In 2016, El Paso had 13.2% of large-county releases Up 8% from 2015; Rest of Front Range up 2%

Adams Arapahoe Boulder

5000 10000 15000 20000 25000 30000 35000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Boulder Denver Douglas El Paso Jefferson Larimer Mesa Pueblo Weld

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SLIDE 12

Current Trends

400 500 600

Monthly Foreclosure Starts

100 200 300 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16

Monthly Foreclosure Starts 3-month average

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SLIDE 13

Current Trends

5,000 6,000

Annual Foreclosure Starts

1,000 2,000 3,000 4,000 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

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SLIDE 14

Current Trends

7 8 9 10

Annual Foreclosure Starts per 1000 persons

1 2 3 4 5 6 7 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

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SLIDE 15

Metro Comparison

7000 8000

In 2016, El Paso had 21% of large-county foreclosure starts Down 12% from 2015; Rest of Front Range down 8% Down 76% from peak; Rest of Front Range down 87%

Adams Arapahoe

1000 2000 3000 4000 5000 6000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Arapahoe Boulder Denver Douglas El Paso Jefferson Larimer Mesa Pueblo Weld

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SLIDE 16

Foreclosure Outcomes

60.00% 70.00% 80.00% 90.00% 100.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16

% Sold % WD % Active

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SLIDE 17

Current Trends

2016 County-wide starts: decrease 14% from 2015 Trends include only zip codes with >500 SFRs / >10 2015 FCs

Smallest Decrease

80817 (Fountain) +12% 80906 (Skyway/Broadmoor) -0.1% 80905 (West Side) 80915 (Cimarron Hills)

Greatest Density

80925 (East of Fountain) 15/1000 80817 (Fountain) 80916 (Panorama) 80808 (Calhan) 80915 (Cimarron Hills) 80132 (Monument/Woodmoor) -2%

Biggest Decrease

80951 (Claremont Ranch) -40% 80923 (Ridgeview) 80921 (Gleneagle/Northgate) 80829 (Manitou Springs) 80903 (Downtown/Hillside) -30% 80808 (Calhan) 80910 (Pikes Peak Park) 11/1000

Lowest Density

80106 (Elbert/Black Forest) 1/1000 80819 (Green Mountain Falls) 80919 (Rockrimmon/Mtn Shadows) 80921 (Gleneagle/Northgate) 80133 (Palmer Lake) 3/1000

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SLIDE 18

Foreclosure Density Trends

Starts/1000 SFRs

40.0 50.0 60.0 70.0

North East Manitou/Ute Pass Fountain Valley

North: 80106, 80132, 80133, 80908, 80921 East: 80808, 80831, 80832, 80833, 80835, 80864, 80928, 80929, 80930 Manitou/Ute Pass: 80809, 80819, 80829, 80863 Fountain Valley: 80817, 80911, 80925, 81008 Southwest: 80905, 80906, 80926 Southeast: 80910, 80915, 80916, 80951 Central: 80903, 80904, 80907, 80909, 80917, 80918, 80919 Northeast: 80920, 80922, 80923, 80924, 80927, 80938, 80939

0.0 10.0 20.0 30.0 2008 2009 2010 2011 2012 2013 2014 2015 2016

Southwest Southeast Central Northeast

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SLIDE 19

2016 Work Performed

  • 39478 Deeds of Trust released

+8%

  • 1287 New foreclosure starts
  • 12%
  • 774 Foreclosures withdrawn

(85 after cure)

  • 680 Properties sold (principal due: $145,062,365)
  • 680 Properties sold (principal due: $145,062,365)
  • 412 Sales to 3rd parties

61% of sales

  • $82,192,938 in fiduciary funds

+52%

  • STILL busiest PT office in state

– #1 in foreclosures (76% more than Arapahoe) – #4 in releases (6% less than Denver)

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SLIDE 20

2016 Financials

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SLIDE 21

2016 Financial Summary

  • Spending Down

– Cut ordinary costs by $6,170 from 2015 (-1.2%) – Total expenses down by $52,383 from 2015 (-9.6%)

  • Revenue Up

– Foreclosure revenue down $19,779 from 2015 (-6.5%) – Foreclosure revenue down $19,779 from 2015 (-6.5%) – Release revenue up $45,555 from 2015 (+8.3%) – Total revenue up $25,659 from 2015 (+3.0%)

  • Revenue Transferred to El Paso County

– $427,078, or 49% of earned revenue

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SLIDE 22

Public Trustee Expenses

$800,000 $1,000,000 $1,200,000 $1,400,000

TOTAL Cost of non-

$0 $200,000 $400,000 $600,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

TOTAL Cost of non- Salary, non-EPC Op Expenses TOTAL Cost of EPC- Provided Service TOTAL Cost of Salaries and Benefits

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SLIDE 23

Public Trustee Expenses + “Excess Revenue”

$1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000

Earned Net to EPC

$0 $200,000 $400,000 $600,000 $800,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Earned Net to EPC TOTAL Cost of non-Salary, non-EPC Op Expenses TOTAL Cost of EPC- Provided Service TOTAL Cost of Salaries and Benefits

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SLIDE 24

2017 Budget Projections

  • REVENUE

– 1200 Foreclosure starts $ 248,056 – 36,000 Releases of Deeds $ 540,000 – TOTAL $ 788,656 – TOTAL $ 788,656

  • EXPENSES

– Maximum budgeted $ 569,031

  • Excess Revenue

$ 219,625

  • Op Reserve Drawdown(actual)

$ 4,139

  • TOTAL TO EPC

$ 223,764