Google+
Home | Daily Dose | Breaking Down Housing for 2017
Print This Post Print This Post

Breaking Down Housing for 2017

dsn-story1

(Editor's note: This special print feature originally appeared in the December 2016 issue of DS News.)

A sector-by-sector look at the housing industry from the perspective of those who know it best. We approached a distinguished panel of the leaders in their respective fields and asked a simple question: "What are you forecasting for your line of business in the coming year, and what are the factors that are going to shape your industry?""

Commentary by: Bill Green, Kurt Carlton, Greg Rand, Charles Tassell, Brian Cullen, Sam Tucci, Alan Jaffa, Bryan Lysikowski, Michael Harris, Tami Rund, Tom O'Grady, Brian Mingham, Shawn Miller, Min Lee Alexander, Dayna Silver, Rick Sharga, Maria Moskver, Joe Pensabene, Jesse Taylor, Lindsay Carrington, and Edmond Buckley.

Bill Green

CEO, LendingOne

As we look toward 2017, the real estate market is shifting for fix and flip and rental investors. In 2016, fix and flippers saw great opportunity in purchasing distressed properties, rehabbing, and selling them for a profit. The number of fix and flips in 2016 to date have increased from where they were this time last year.

However, the market is changing, and the inventory of distressed properties available has started decreasing, causing the value of these homes to steadily rise. Newer investors may have a tougher time creating value in this shrinking market, but the more experienced investors will have better chances of profiting off these more expensive investments. They have a greater network of contacts to help locate profitable deals in a short-supply market, and typically they will have built up more wealth to use towards purchasing these properties with higher price tags.

For buy and hold investors, the rental market began to blossom into areas of great profitability during this past year. Rents have increased due to the demand for single-family rentals rising, and the national vacancy rate is only 7 percent. The tremendous boom the rental market has showcased is anticipated to continue into 2017.

One reason for this could be the change in interest rates, which are expected to rise in the upcoming year. This will prompt buyers to rent instead, thereby decreasing the number of purchases and refinances. The millennials who are dealing with college debt can’t afford to buy, so they need to rent. Additionally, the effects from the last housing crash are still felt by people not able to qualify for mortgages as easily as before, so they turn to renting. The more experienced rental investors will recognize these changes and understand how to capitalize on this growing market of opportunities.

For private lenders, we anticipate more borrowers will seek financing to adapt to these changing market conditions so they can remain profitable. We anticipate the shift to be from the smaller “mom and pop” type investors to more experienced ones. Even if the rates were to rise, experienced borrowers who still utilize debt will only see marginal impacts to their home sales and levels of profitability in 2017.

Kurt Carlton

Founder, New Western Acquisitions

In the years following the 2008 Recession, the recovery of the market has prompted institutional investors to emerge as catalysts for market growth. The notable impact and efficiency of investment institutions lead us to believe they have tapped into what is proving to be an increasingly lucrative asset: The single-family rental home.

The rental market has rebounded in a big way since the Recession, and the purchase, renovation, and leasing of property to meet existing demand has been beneficial. The U.S. Census Bureau documented a renter increase by 9 million households between 2005 and 2015—an unprecedented rise. Without an adequate supply, this demand continues to surge, and resulting market predictions anticipate the 2010s to make history as the strongest decade of renter growth ever recorded.

The largest investment institutions, such as Blackstone’s Invitation Homes and American Homes 4 Rent, control a significant amount of financial assets in the United States and, naturally, have market influence across the board. According to the American Housing Survey, the majority of rentals, upwards of 14 million or one-third of the entire U.S rental housing stock, are renter-occupied single-family properties. Institutional investors, however, remain a minority in the market and account for only 2.6 percent of all single-family home purchases.

In many areas of the country, home values remain depressed and rental demand continues to rise. This growing imbalance of supply and demand resulted in a tilted market with little options for consumers. Such circumstances translate into opportunity, and institutions began purchasing foreclosed, distressed properties around the country in the hopes of managing a turnkey investment. New Western has played a leading role in supplying property for such ventures by providing access to thousands of single-family properties to serve as rentals, and, therefore, enable investors to earn steady returns through passive, long-term renting strategies.

The careful procurement of properties is essential, and would altogether be impossible without knowledgeable and sophisticated acquisition firms. Taking into account the importance of property acquisitions in a challenging rental market, we have fixed our eyes upon paving the way toward market growth. We work hard to stand out within the realm of real estate acquisitions, and through our development and application of patent-pending technology, resources, and user-friendly interfaces, we have done so.

At the core of our contribution to the future of real estate is our dedication to specialized data and cutting-edge technology. We are working with the current state of the rental market to provide homeowners and investors, alike, a viable option to succeed and benefit. The speed and simplicity of our resources and the properties we supply to investors have established our presence within the real estate market. Through our innovative contributions to technological resources, we hope to encourage investors to take advantage of rental demands, and, thereby, foster their success in this ever-changing market.

Greg Rand

CEO, OwnAmerica

In 2017 it will become clear to anyone paying attention that SFR is a new industry, separate from the homeownership industry underpinned by the MLS, and separate from the commercial real estate business. Something new, despite being something old.

This sector is massive, no matter how you measure it. NAR states that is represents an average of 22 percent of all home sales annually. The national housing database that has been indexed and measured by the nation’s major title insurance companies counts it at over 16,000,000 units. Apply that to the Census, and you find that SFR shelters more than 12 percent of US households.

Despite the fact that SFR has been in place since the founding of our country, the industry is still in its formative stages. Innovations in technology, data, and professional management systems that were hastily built for the institutional trend have laid the groundwork for a “new” real estate industry.

SFR as a product: A major breakthrough in understanding SFR came in 2016 when research revealed an uncanny balance between demand and supply. It is now understood that of the roughly 1,000,000 investor home purchases every year, where 800,000 are bought to hold, the vast majority are purchases of vacant homes that are turned into rentals. It has also been estimated that of the 16,000,000 rental homes in the U.S., about 5 percent are assumed to turn over every year. Those rental homes have typically been vacated in order to be sold. So, something like 800,000 landlords vacate rentals each year to sell them, and 800,000 investors buy vacant homes each year and rent them out. Almost a perfect match, if someone would just match them up.

SFR as a technology business: A few platforms were introduced in 2015 and 2016. Some were evolutions of existing business. A handful of new brands entered the space, and raised venture capital or were acquired with fantastic valuation, pre-launch. 2017 will be the year that they will prove their models, move product, sell real estate, close loans and help investors deploy capital. It will be interesting to see who pulls ahead and who feels the pain of that transition from PowerPoint deck to reality.

2017 is the year where the world will become aware that the best way to invest in single family rentals is to buy a fully occupied, performing rental property. Sellers win by maximizing income up to the closing. Buyers win by reducing risk and generating yield from day one. Tenants win because they don’t get kicked out. It’s the task of this new industry to form an efficient market to match this reality. It’s going to be interesting and profitable.

Charles Tassell

COO, National Real Estate Investors Association

Fortunes are made and lost in the midst of uncertainty. Uncertain people freeze precisely when they should move. With the aftermath of the U.S. elections still ringing in our ears, every sector and strata of society includes people who will hesitate when choosing a path forward. The regulatory climate will relax—but how much, and how quickly? The Congressional Budget Office previously forecast GDP would grow 4-4.5 percent from 2011-2014, but governmental regulations stunted this growth.

Assuming decent GDP growth, the Fed will increase rates, which will have mixed effects for investors. Domestically, the price of housing will go up, causing a slow-down in some markets while pushing longer-term homeowners’ values to rise above the water line. This is good news for the 12 percent of homeowners currently underwater. This rise will release some of those owners with pent up demand to sell.  Depending on their state’s economy, homeowners may increase investment in their own property or move to a state with an even hotter market for better prospects.

The international effect of higher interest rates will be more subtle. Increasing returns will attract foreign investors, especially those struggling with negative interest rates or uncertain leadership. This will be important for Eastern investors, such as China, seeking safe harbor from inflated markets now showing fracture lines. The billions of dollars flowing into U.S. markets will most significantly affect the transaction levels, cap rates, and values of commercial properties. Some of those funds are already pushing into the residential markets and may cause a bubble in cities where development outpaces growth. The international effect will also energize the stock market, pushing a dramatic but unsubstantiated increase.

Immigration, a hotly contested issue, makes growth factors important to consider in pricing the housing market. The upward mobility pressure applied by immigrants on housing may slacken during the political upheaval. The longer the issue remains on the front burner without a solution, the more this pressure will slacken.

While more economists are predicting a slow-down, domestic energy independence will help offset consumer fears, and variations in the spectrum of housing bubbles across the country by state and community will offer opportunities for flexible companies to take advantage of available pools of funds, albeit at slightly higher prices, than traditional institutional funds. The heat in the market should also marginalize foreclosure purchase opportunities, but not as much as in 2006. Should excess marginalization occur, however, the mini-bubbles in some states will have merged across state lines, so beware.

Brian Cullen

CEO, SingleSource

At SingleSource, we see the Title and Settlement market staying at levels that will be similar to those we processed in 2016. If there is an increase, it will most likely be under 5 percent. We expect the current business dynamic to remain stable and, therefore, do not expect to see a change.  As rates start to rise, the purchase market will continue to outpace the refinance market. Even with home appreciation starting to slow, we still believe the Home Equity market will continue to remain very active.

One of the areas of focus in title and settlement for 2017 will be the increased presence of technology in our day to day operations. This will be especially true for firms that operate in multiple states or regions. By utilizing the current technology that is available, such as a mobile closing application, national service providers, such as SingleSource, can present their clients with better communication and additional transparency. This has had the positive impact of expanding service levels and increasing quality. By utilizing our SingleSource Closing App, our settlement agents can keep our clients updated in real-time by providing information such as when they arrive at the closing site and when they complete the transaction.  Our settlement agents also utilize the app to expedite the shipping of documents back to our office.  This type of technology can also assist our client relations team, as it notifies them of the status of the closing. Providing them with more timely information makes them more productive overall. In addition, they can better help a Notary or Attorney if a situation should arise where changes need to be made.

Other industry issues from 2016, like the impact of TRID, have become more normalized in title and settlement, especially when compared to this time last year. Without a doubt, days to close have increased on conventional purchases, but the industry as a whole has adjusted. We have started to see these impacts reflected in purchase agreements that are submitted by our Realtors. Another factor facing our title and settlement business will be the unknown impacts of a changing environment in Washington. How will the recent election impact us all in regards to legislative and regulatory issues?  This measurement is harder to project, but even in this changing landscape, we expect to continue to see steady volume in the document management and loan modification markets.

Sam Tucci

VP Business Operations, U.S. Best Repair Service

We are stretching into the third-longest recovery without a recession since the Great Depression. Although the default rate has dropped to the lowest level since 2007, many economists point to indicators of a recession by 2018, perhaps as early as 2017. In addition to threats of another recession, loan modification rate hikes are entering their third and fourth years, adding greater financial stress to nearly 750,000 homeowners. It’s likely that modification resets and defaults will increase into 2017.

Whichever the economic outcome, US Best Repairs, and the industry, will continue to move towards mobile technology for greater risk management, real-time and verifiable data, and streamlined transactions. Innovative technology has removed a lot of the agony of waiting for results to return from the field, and mobile devices have improved communications, efficiency, and transparency. Mobile technology also has the advantage of showing us which person completed the work in the field, the date and time of service, and geotags to match and verify locations.

We’ve seen a lot of consolidation in our industry over the past few years, and that is a trend that is likely to continue. If you are going to survive in the field services industry, your business will have to make the transformation to mobile solutions. Much of the consolidation has to do with which companies are willing to keep up with the high costs of compliance. These costs have pushed many companies either out of the field services industry or out of business. We don’t know what is going to happen to the CFPB in 2017, but we do know that compliance will always be a huge part of our business.

An “all in” dedication to quality assurance and controls will also continue to shape our business. We are constantly checking to make sure that we are doing the right thing. Have we followed the rules? Have we verified property condition, occupancy, status? Have we verified our verification? Getting the job done fast is important. Getting the job done right the first time is more important.

There are a lot of unknowns, but one thing is for sure. We are looking forward to a growth-filled 2017 in an ever changing and advancing industry.

Alan Jaffa

CEO, Safeguard Properties

The future of property preservation in the mortgage servicing industry is bright as preservation companies, servicers, and investors collaborate to enhance preservation efforts to continue to reduce blight in communities across the country. The need for this partnership and aligning guidelines and best practices is stronger than ever to manage increasing oversight and legislation. The industry has come together to implement new standards of preservation and develop a system of checks and balances through technological innovation.

One of the main goals of property preservation is to ensure that neighborhoods are not overcome by blighted abandoned and vacant properties, in addition to protecting the properties themselves. Because those properties that are abandoned early in default can deteriorate over the course of the long foreclosure process, investors and servicers have recognized the need for extended preservation efforts for pre-sale properties that mirror those in REO (real-estate owned).

One example of this is the recent announcement from Fannie Mae at the 2016 National Property Preservation Conference on November 3that it now requires clear-boarding securing products over plywood window coverings for its pre-sale properties. Prior to this announcement, Fannie Mae only required clear-boarding for those properties post-sale. It is nearly impossible to know the difference between a property pre- or post-sale based on appearance; therefore, it is imperative that all vacant and abandoned properties are maintained to the REO standard and not stand out as a target for vandalism and crime.

Additionally, technology–specifically mobile offerings–has made property preservation work more efficient and reliable over the past few years. There have been several major advances in the mobile platform to enhance location validation, and to avoid costly mistakes, and guided or “smart” scripts for contractors to follow in the field to assure a comprehensive reporting of a property’s condition is provided. The goal is to create a real-time two-way conversation between property preservation companies and their contractors utilizing the latest advances in geo-location technology, GPS, and smart scripting. Smart scripting is no longer a back-office function for property preservation contractors in the field. They now are able to capture the property condition in real-time on-site and communicate it back to the preservation company within minutes.

Through Safeguard’s own beta testing, we have learned that video technology also is going to be the future for documenting property condition and “telling the story of a property,” and we also appreciate that the video app and corresponding business process to review the results must be carefully designed for simplicity and speed. The result for servicers is going to be a game-changer in terms of quality and the ability to effectively communicate property condition.

Bryan Lysikowski 

CEO, ZVN Properties

I think as Americans we can breathe again now that the presidential election is out of our way; however, this brings into our future some unchartered ways with both the House and Senate as well as the president led by the Republican party. This is something that has not happened in our country since the 1920s. I feel that this is something that will certainly affect the mortgage industry and will have a trickle-down effect on the field services side. I think you will see some regulations loosen up a little on the lending side and see interest rates rise for the first time since the housing crisis. What we will initially before things change for the better is what I would like to call a “ghost foreclosure.” This is a term I am giving to a borrower that is close to default but the low interest rates have kept the borrower in their homes and now they have an ARM loan set to reset and a refinance is needed. In the case of an increased interest rate the only choice for this borrower might be to default. This trend, however, is notable for our industry but will be short lived. As the economy continues to recover and regulations loosen up, so will the ability to obtain a home loan. As this begins to happen I feel you will also see an increase in default activity. I think the other major factor that is already occurring and will continue to occur in the field services industry is that as the volumes continue to constrict from their current crisis level the GSEs and servicers will become much more organized within their own shops. They will start to add smaller vendors into their vendor networks. This trend is going to continue to increase and it will benefit the smaller to mid-size field service firms. As this tactic continues there will be a changing of the guard within the field service industry which will put the dollars closer to the asset itself and put more money in the pocket of the vendor doing the work on the asset. This will lead to FHA properties conveying faster and REP assets selling faster as they are in a better marketable condition.

Michael Harris

President, Exceleras

For the last few years, technology development has been focused on regulatory compliance almost exclusively and to the detriment of profit-generating functionality and the user experience. Most recently it’s been about the TILA/RESPA Integrated Disclosure on the origination side, while servicers have struggled to manage consumer complaint resolution, effective default management and REO disposition.

With technology development focused mostly on keeping companies safe from non-compliance, little effort has been expended on creating new tools that will increase the profitability of the companies operating here.

A new administration in Washington may have an impact, but it’s too early to say with any certainty. In any event, the Consumer Financial Protection Bureau is not likely to go away and the government’s general focus on consumer protection will not change.

For the most part, the software we have today is meeting the needs of today’s mortgage loan servicers. In the future, we expect to see more functionality added that will allow the servicer to shift focus from compliance concerns to higher efficiencies, better customer experiences and more bottom line profit.

In addition to that, we see a huge underserved market in the real estate industry for technology that is easy to use and that can effectively connect various players, such as real estate investors, with the municipalities and community-based organizations that have properties to sell. Likewise, real estate agents are eager for opportunities to manage these assets, but need access to the right software and networks to get connected.

Many of these users are experienced in the real estate business, but less so when it comes to the use of information technology. The software we’re working on today makes it easy for these users to get what they need out of their business software without forcing them to become experts in IT.

The other shift we’re seeing and that we expect to see continue into 2017 is the fact that with the ability to more easily connect disparate software systems we’re seeing a shift to consolidate functionality into a single user experience. People don’t want to manage three different software solutions for real estate acquisition, rental and disposition. They want it all: workflow and associated data to be contained within the same platform.

Realizing this, we’re seeing more companies work together to offer their shared clients better solutions that are easier to use, more secure in the way they handle data and more capable of meeting all of the needs in their businesses.

As we move into 2017, watch for an increase in interesting software tools that will meet the needs of a broader real estate and home finance market. These tools will likely go well beyond compliance and finally give businesses the power technology has long promised.

Tami Rund

President, Asset Valuation & Marketing

There are a number of factors which have an impact on our forecast of trends in the residential valuation space. One of the biggest drivers in the front end origination space is interest rates. There has historically been a strong correlation between interest rates and residential 1st lien mortgage origination. In fact, the FED estimates that, for every 1 percent increase in the overall first mortgage interest rate on a 30 year fixed rate mortgage, first mortgage demand is reduced by between 2 and 3 percent (FED working papers, 2014). In light of that, we would expect first mortgage demand to drop some 3-5 percent over the next year as the FED continues to gently push the fed funds rate upward.

Similarly, in the default servicing space, we have seen a sharp decline in the first mortgage delinquency rate since roughly Q2 2012. In fact, according to most indices, we are approaching default rates experienced prior to the meltdown. While we expect a continuing gradual decline in the overall volume of NP assets over the next few years, we have seen the delinquency rate start to stabilize and we expect that trend to continue.

The residential valuation space is, generally speaking, a bifurcated market. We generally make the distinction between front end mortgage origination valuation and default/portfolio servicing valuation. In light of the fact that AssetVal has exposure in both spaces, we have to look at the leading indicators for both spaces in order to appropriately allocate resources.  With respect to the front end origination space, as has already been highlighted—we do expect a softening of the overall market, but would note that specific micro-markets are still witnessing very strong residential housing growth and we expect those markets to remain strong over the next year (e.g. Dallas, Texas; Denver, Colorado; and the Pacific Northwest). This requires us to allocate adequate resources to ensure appropriate coverage for those markets, all while ensuring continuity in the markets that are starting to soften a bit.

With respect to the default/portfolio space, while we expect to continue to see a gradual decline in the overall volume of assets, we have seen a strong uptick in the volume of portfolio trades over the past two years and expect that trend to continue, ensuring a strong demand for alternative valuation products over the next year plus. In addition, as the NP assets work their way through the different stages of default, we expect to see an increase in valuation services demand for disposition decisioning.

All this to say that our forecast for the next year (and longer) remains very optimistic, both in the front end origination space as well as the default/portfolio space.

Tom O’Grady

CEO, Pro Teck 
Valuation Services

Forecasting the 2017 housing market would have been easier before the presidential election. Most pundits believed that Hillary Clinton was going to win, and any changes to the regulatory or financial markets would have been minor shifts based on similar ideology. Not so with Donald Trump’s victory.

Trump’s transition team website has harsh words for Dodd-Frank, and states changes will be made to make it easier for banks to loan. How this is done and what specific changes are made is still very much a mystery.

If we assume no drastic changes in the short-term, I’d call 2017 the year we get “back to supply and demand fundamentals.” Lower foreclosures, increasing new home construction and loosening of credit policy should all help improve the health of the 2017 housing market.

Foreclosed properties sell at a discount; have too many and they impact the entire market by slowing price appreciation. Today, 21.6 percent of the top metros in the country have foreclosure as a percentage of market sales over 10 percent, down from 35.6 percent 12 months ago. We believe this reduction will continue in 2017, leading to more market-based selling.

Inventory is tight because new construction came to a standstill after the housing crash, leaving a four year gap in the creation of new housing. As more new supply becomes available, months of remaining inventory should rebound to historic norms.

For interest rates, most anticipate a modest increase and further actions to make credit available to more people–all these factors combined should help the nation’s real estate market to return to supply and demand market fundamentals, with fewer foreclosures and more new home sales.

Finally, there are some concerned that a few markets like San Francisco are approaching or passing bubble peak. We believe these values are based on strong market fundamentals. Today’s access to credit and underwriting is much more conservative than the loose credit and subprime lending that led to the bubble and housing crisis of the prior decade.

Brian Mingham

President, National Real Estate Solutions

Since 2008 our economy has struggled with employment and income gains, and both are currently starting to grow slowly.  With these items in conjunction with the housing crisis our recovery has been very slow and prolonged, and we will still feel the effects into 2017.  In the heart of the crisis, property values were crushed and familys lost enormous wealth and more importantly their homes and their community. Property values have come back most of the way in many part of our country because of historic low rates that help affordability and many investors, both small and large, taking this inventory and making it safe and livable housing across the U.S.

With the 2016 election behind us, the President Elect, Donald Trump, is considered to be a pro-banking president, and some of the laws passed during the past few years like Dodd-Frank and the Affordable Care Act will most likely be gutted and will allow banks to begin taking more risk with less regulation and with the ACA being replaced are both positive aspects for the consumers as it relates to the mortgage/real estate markets. Dodd-Frank will let banks create new loan products to get more consumers back into homes without the insane regulatory environment we see today. The ACA being redesigned and lowering the costs that have spiraled out of control in the past two years will improve consumer’s cash flow.

In 2017 we should see continued price appreciation. We will continue to see historic low inventory levels of SFR properties. The start of interest rate increases which should drive some fist time buyers to get off the fence and buy. Valuations will continue to be challenged in many markets where investors have been in the “fix and flip” space because of the length of time held along with some of the larger investors having the ability to move markets quickly when they begin to buy and sell again.

Shawn Miller

Director of Business Development, Hudson & Marshall

The residential mortgage default space has evolved and diversified in 2016. These changes have been driven by many variables, but the two core fundamentals have been basic supply and demand economics. The U.S. and International market demand continues to remain strong for U.S. residential property and continues to absorb much of the residential foreclosure supply at strong returns. The ownership demographic of residential loans and REO has shifted with the increased demand from sellers and buyers of non-performing and re-performing loan pools. This ownership shift, coupled with strong market demand, has driven different strategies to optimize returns for the portfolio.

The growth and value-add of utilizing third-party auction companies for foreclosure auctions has allowed servicers to increase third-party sale conversions while yielding strong returns. By engaging established and experienced real estate auction companies, foreclosure sales benefit from a significantly larger and more robust buyer pool versus the traditional foreclosure sale process. This increased demand, bundled with the efficiencies and auction experience supplied by a third-party auction provider, drives strong results. It has proven to be an effective disposition strategy. The updates to FHA’s Claims without Conveyance of Title program, and similar program adoptions by several other government guaranteed loan programs, have validated the value of engaging third-party auction companies. As REO supply stabilizes, auction companies are educating the investor demographic about foreclosure auction opportunities and the value-add of expanding their acquisition strategy.

As it relates to REO dispositions, there has been a tremendous shift in methodology and strategy to maximize recovery for each property. Historically, REO dispositions were divided between conventional and alternative strategies. Conventional would be the most traditional approach of engaging the most qualified listing broker to market and sell the asset through the traditional channels including—but not limited to—the multiple listing service, signage, broker networking and various marketing mediums. Alternative would include donations, bulk/pool and auction. With more stabilized REO supply levels and healthy market demand, many REO sellers are leveraging both conventional and auction strategies simultaneously. By taking a multi-channel approach, sellers benefit from the value-add of both strategies and two very large, expansive buyer pools. This approach has yielded an increase in overall execution, cycle-times, and offer activity—especially within markets benefiting from strong price appreciation. By immediately engaging a multi-channel disposition approach at REO intake, sellers will receive a direct pulse on market demand, pricing generated through a transparent offer submission process and benefit from a date-certain for sale. At the conclusion of the multi-channel marketing program, the ownership will have all the information to make an educated business decision to sell the asset in its current condition, continue the eviction process if applicable or choose to create additional value through a repair strategy. If a repair strategy is elected, the multi-channel disposition approach is then engaged at completion to ensure the property is exposed to all buyer demographics and yields the most return.

There is a different approach for every seller to optimize the return of their foreclosure and REO portfolios based upon numerous factors and goals. With the evolution of the conventional brokerage and auction strategies, coupled with overall market conditions, sellers have several powerful options to leverage multiple disposition channels or the option to leverage all disposition strategies simultaneously.

Min Lee Alexander

SVP Real Estate Services, 
Altisource

 

To be successful in today’s mortgage servicing environment, banks and financial institutions must adapt their late-stage default and REO asset disposition strategies for increasing compliance requirements, increasing holding costs, and decreasing foreclosure rates. In short, they must be able to do much more with much less.

This requirement presents a new challenge for most banks. How can a business maintain fully compliant, consumer-centric, and sustainable operations while managing declining portfolios? Without heavy investment in new technology and service team infrastructure, most banks will not be able to achieve this feat alone. Many banks are turning to asset management providers with existing scaled operations who have demonstrated deep-rooted knowledge in compliance, marketing, and asset disposition.

Here are the three key requirements for an effective asset management provider:

» Robust Compliance and Quality Assurance Programs: Sustainable compliance and quality assurance programs are not about “checking the box.” An effective compliance and quality assurance framework requires a portfolio of preventative controls focused on leading indicators throughout the asset management lifecycle to identify possible points of failure before failures occur. Operational discipline to maintain consistent review, monitor accountability and develop leading indicator reporting will continue to differentiate good asset managers from the rest of the pack.

» Comprehensive Asset Management Programs: For banks, integration costs can be high, approval processes can be lengthy and late-stage default and REO volumes are low. Effective asset managers demonstrate expertise that spans multiple services, including short sale, deed-in-lieu, foreclosure auction, CWCOT second chance auction and REO disposition to simplify processes and streamline vendor accountability. A good asset manager can decrease stress and non-value added work for the client team across multiple business processes.

» Technology-enabled and Transparent Operations: The complexity of making the right decision at the right time for any given asset has increased significantly. For disposition strategies, one size will not fit all. Rather, the most effective asset managers leverage decision trees and logic-based frameworks programmed directly into their workflow. Variables such as emerging regulations, state requirements, local requirements, sales seasonality and asset-level condition require automated controls to ensure consistent application of client rulesets. Banks must have transparency into an asset manager’s operations through clear frameworks and analytical reporting (not just data).

Our industry has evolved at such a fast pace, successful asset managers cannot operate in their business as usual mode from the past. Driven by compliance and the need to mitigate reputational and financial risks, the mental model has shifted from one prioritizing scale and profit to one prioritizing compliance, reputation and consumer-focused solutions.

As we look ahead to the new year, banks and financial institutions will continue to be more selective about the vendors they partner with for asset disposition strategies. The mortgage industry has evolved dramatically over the past few years, and those most adept at meeting new market demands will thrive moving forward.

DAYNA SILVER 

Director of Operations, Mortgage Quality Management and Research

Third party oversight of vendors is not new, but it has quickly become a key focus for banks, independent mortgage bankers, and vendors.  Long established requirements are being enforced and there is increased scrutiny by the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), and other regulating authorities. Regulators have made it clear that it is no longer enough to have good working relationships with vendors; organizations must assess several critical areas and key controls such as third party networks, business operations, and financial processes, in order to mitigate statutory or regulatory violations and consumer harm.

While obtaining a business license, validating insurance, and completing a business background check may have been sufficient in the past, in 2017 vendors will continue to be vetted, but will be required to provide thorough documentation and proof of controls for managing regulatory compliance and consumer protection. This shift in vendor due diligence has required vendors, such as Mortgage Quality Management and Research, LLC (MQMR), to invest in additional resources and infrastructure to meet this increasing demand on its clients. Our organization has established an internal team to manage the growing volume of due diligence requests and onsite audits, as well as requiring our own vendors to comply with the same standards for fourth party vendor management.

For years regulators provided lenders with some leniency with regard to vendor management responsibilities recognizing the stress lenders were under to comply with the Ability to Repay (ATR) and Qualified Mortgage (QM) rule, Servicing Standards and TRID.  Now that ATR/QM and TRID are behind us, organizations must focus their efforts on establishing and enhancing their vendor management oversight.  The CFPB has issued warning notices at multiple conferences and most recently noted in its Summer 2016 Supervisory Highlights that examiners found several institutions had weak compliance management systems and warned lenders that they must enhance/strengthen their service provider oversight.  In addition, a prominent bank and mortgage lender was fined $10 million dollars for ineffective monitoring and training pertaining to a vendor who enrolled customers into overdraft protection programs without their consent.

Outsourcing has provided an opportunity to leverage vendor expertise while establishing scale at reduced cost, but without effective oversight, organizations are at risk of non-compliance, and premium costs to the business. Furthermore, third party vendors that are proactive in implementing vendor management best practices will ultimately have a competitive edge when retaining and cultivating new business.

Rick Sharga

Chief Marketing Officer, Ten-X the parent company of Auction.com

I think there are a number of trends that will shape asset disposition in the near future.

First, we’re already seeing a much greater emphasis on speed. Lenders and servicers have learned over the past few years that the earlier they can move an asset in the process, the better off they’ll be. We’ll probably continue to see assets moved earlier and earlier: sales of non-performing loans; properties priced for sale at courthouse foreclosure auctions; and REO assets moved immediately after the foreclosure sale instead of the more traditional process of foreclosing, evicting, repairing and then re-marketing the properties. There are benefits for everyone involved in the transaction–servicers see a dramatic reduction in carrying costs and often sell at a higher price than if they’d held the property for the typical eight-12 months, investors get the properties before they’ve deteriorated even further, and the neighborhood benefits from the property being brought back to marketable condition.

Second is the probability that more and more asset disposition will take place online. This expands the pool of potential buyers from a local market to a global market. NAR estimates that over $102 billion in foreign capital flowed into the U.S. residential real estate market over the past 12 months, and a high percentage of that money was spent on investment properties. As international markets have become more volatile, more investors view U.S. real estate as a safe haven for their capital, and distressed assets can be especially interesting–as a data point to support this, our Auction.com site has been used by buyers from over 100 countries.

Third is an increased reliance on technology. Technology tools will drive asset marketing to a much higher level of sophistication, enabling sellers to reach exactly the right kinds of buyers (investors vs. first-time homebuyers, for instance) with exactly the right kinds of properties. It also entails an accelerated use of online and mobile solutions to enable these investors to find the assets along with the information they need to make an informed purchase decision, all in one easy-to-use interface, and then be able to execute the buy from wherever they are on whatever kind of device they want to use–desktop, laptop, tablet or smartphone. And these customer-facing technologies will ultimately be integrated with the back-end systems used by servicers and asset management companies to deliver a more efficient, cost-effective experience.

Maria Moskver

General Counsel & 
Enterprise Compliance Officer, LenderLive

When it comes to compliance, things are likely to change after January 20. Because President-Elect Donald Trump has publicly called for the dismantling of Dodd-Frank, those of us in the mortgage industry—along with a variety of other consumer finance industries—are looking at a moratorium and then a loosening of regulations.

At the same time, look for state regulators—such as attorneys general—to pursue an aggressive regulatory agenda, filling gaps that may be created at the federal level. Loss mitigation and the Servicemembers Civil Relief Act (SCRA) will continue to be areas of focus for regulators.

We anticipate, at the very least, changes to the structure of the CFPB. We will probably see a commission take the place of the Bureau’s present configuration with an autonomous regulator at the top, especially following the federal appeals court decision in favor of PHH Corp. in October which found that structure to be unconstitutional.

It seems likely that Trump’s administration will also work on constricting the collection of data such as consumer complaints. Compared to dismantling Dodd-Frank, that would be a relatively easy item to change.

Overall, the changes will be most beneficial to small community banks, as the regulations aimed at large financial institutions will probably see less of an overhaul.

The cost of in-house compliance for lenders will only increase. Installing the solutions, managing the information and then, eventually, looking to optimize—all while running the day-to-day business—is a process that will take months and possibly years to get done correctly and efficiently.

The SCRA is another set of regulatory challenges that servicers should expect to remain in place, as the Department of Justice is already pursuing enforcement of the Act.

The CFPB may, in fact, change its organizational structure, but between Dodd-Frank, TRID, and impending HMDA changes, there is still a significant amount of compliance required.

It also remains to be seen how quickly the new administration will be able to implement changes to the federal regulatory structure. So, while 2018 and beyond may look very different for servicers, at least part of the next year will bring more scrutiny and more fines, even as the incoming leaders begin to chip away at the system created by Dodd-Frank.

Don’t expect total deregulation, in other words. Expect a phased relaxation of federal regulations beginning in 2017.

Joe Pensabene

President & CEO, 
Selene Finance

For years, our industry has felt the reverberation of the mortgage crisis and economic downturn and 2017 will not be without its challenges. The servicing sector, in particular, continues to navigate an ever-changing environment of regulatory scrutiny, shifting participants, and rate sensitivity. With the election behind us, it appears there may be an effort by the new administration to repeal financial regulations imposed under Dodd-Frank. Whether this will rise to the top of an ambitious agenda in 2017 is yet to be seen but would clearly affect the landscape.

Servicing costs have risen exponentially over the last several years as a result of regulatory changes. This ongoing scrutiny requires servicers to bolster processes, quality control and customer-facing practices to remain compliant. While some of these changes have improved operations, the cost has been crippling and servicing income has not increased to offset these expenses–notably, GSEs still pay the same rates.

In response to this, we’ve seen many servicers decrease capacity or drop out of servicing altogether. We can expect to see this trend continue in 2017. This shifting creates a lack of competent capacity, and specifically a lack of capacity at servicers with experience handling borrowers in distress. A spike in rates or a drop in the economy would have a heavy impact on the capacity at servicers with FHA/VA experience.

It’s also worth noting that there is a general perception that rising defaults are behind us, but with many HAMP and other modification programs starting to season (some with step rates) a slight move in interest rates could cause another spike. Currently, there isn’t much incentive for large originators to enhance special servicing capabilities, either in-house or through a partner. To them, even those with a compliant and efficient operation, a delinquent borrower represents too great a risk to their bottom line and brand. Should any large, nonbank servicers fail this problem becomes even greater.

Banks and the GSEs have made progress on moving NPLs to specialty servicers capable of leaving no stone unturned and offering every creative solution available to borrowers. As this volume has crested, a larger RPL universe is being created and this positive momentum is put forth to help keep those borrowers remain current and permanently re-enter the performing loan space. As such, 2017 will be a market dominated by surviving servicers adept at providing creative solutions to borrowers in a compliant fashion, ready for the challenges ahead.

Jesse Taylor

Client Solutions, 
Treliant Solutions

Fair lending compliance has been a hot topic and a focal point for financial institutions and industry regulators for some time. But 2017 will usher in a new level of scrutiny and those lenders that do not prioritize this key component of their compliance programs will find themselves facing dire consequences.

Lenders are fearful of becoming the next headline. Enforcement actions to date have demonstrated the consequences of non-compliance, but have provided limited insight into regulators’ continually evolving methods for evaluating what is actually fair. The emphasis on fair business practices is also being applied across new perspectives. Compliance is no longer only about whether institutions are lending fairly, but are they servicing fairly? Marketing fairly? Addressing complaints fairly? The industry has been warned by regulators to “know your data” and must continue developing methods for internal analysis and ongoing monitoring to be fully armed against reproach.

But looming in the distance is another compliance behemoth: the new Home Mortgage Disclosure Act (HMDA) rule. On January 1, 2018, several major components of this updated regulation will go into effect, and they will shape the next year for any institution concerned with fair lending. Those who take comfort in this seemingly distant effective date and postpone critical implementation milestones will find themselves in a year-end whirlwind, desperately scrambling to foster the cross-department collaboration necessary for success. While many lenders have heeded the industry’s warnings to start early, those that have succumbed to inertia will find their implementation process significantly more complex than anticipated.

Third-party providers will bear a heavy portion of this latest fair lending offensive. They will of course be responsible for creating the mechanisms necessary to capture the newly required information. The speed with which they offer the new and modified fields will determine how quickly institutions can begin testing that data’s integrity. But as always the responsibility for compliance will rest squarely on the financial institution itself.

Lenders don’t have the luxury of waiting to prepare until they have their updated loan origination system (LOS) or HMDA reporting tool in hand. Delaying procedural adjustments for the expanded data requirements will mean that when the system modifications do become available, the internal methods to collect, interpret, retain and transfer that data will be well behind. These lenders will be limited in taking advantage of their vendors’ preparedness, and the integrity of their own data could be compromised when left untested in the rush to meet the compulsory deadline.

The evolution of fair lending regulation necessitates an evolution of the compliance process itself. A single department cannot prepare for these major changes in a siloed environment but must instead work hand in hand with all partners in the life cycle of a loan. Regulators today expect an institution-wide culture of compliance, believing that ultimately it will result in a better experience for the borrower from end to end.

Lindsay Carrington

Partner, Bell Carrington & Price, LLC

Title agents and settlement providers should expect and prepare for continual change in the industry in 2017, albeit not to the momentous change that the industry experienced in late 2015 and 2016. As with most things in business and life, change comes in forms both good and bad and opportunity lies in both.

Consumer protection regulations continue to dominate headlines and the industry should prepare for increased scrutiny. Articles suggest the court ruling in PHH Corp. v. CFPB dealt a death blow to the CFPB’s regulatory reach are overblown. Regulators will continue to bring actions against lenders, servicers and originators for perceived violations of consumer protection laws. The fallout of these regulatory actions will trickle down to the vendors with increased audits and documentation. The resulting increased costs borne by title agents and settlement providers will produce consolidation of providers. Furthermore, regulatory actions should also lead lenders, servicers and originators to consolidate business with trusted vendors.

The good news for title agents and settlement providers is that the housing market will continue a strong pace in 2017, fueled by low mortgage rates, the perceived safety of the US real estate market and the entry of Generation Y into peak home-buying years. Most experts now believe interest rates will stay low until inflation expectations rise, which may not happen in 2017. Too, continued global economic unrest will not likely wane next year. These major factors, and other minor ones, ensure next year will produce a solid housing market.

Those in the industry that successfully navigate the increasing regulatory environment will be rewarded in a strong 2017 market. Title agents and settlement providers that demonstrate scalability and consistency will see increased market share in a year with a strong housing market and where lenders, servicers and originators reduce vendor risk by consolidating business with fewer, trusted vendors.

Edmond Buckley 

President, Aspen Grove Solutions

The overall level of mortgage delinquency has dropped over the last number of years and we see this trend continuing over the coming year. We are also predicting an ease in the level of regulation overhead. These two factors mean that the servicing supply chain, from the servicer to the field service professional, can dedicate more time to concentrate on service, quality, security and business intelligence, driven by and through technology from a business need perspective.

As an industry, we must always strive to enable technology solutions that embody service, security, quality and business intelligence. Business leaders in 2017 will focus on these business-critical aspects of technology solutions, as the time is ripe to make them a priority.

The “service” trend includes vendor management and compliance. Technology is leading the way in terms of providing solutions that enable vendor networks to be trained, to be compliant, and to deliver excellent service through integrated solutions that wrap data end-to- end in the supply chain. This service focus, by default, lends itself to better quality. However, if you add automated workflow and automated quality check weigh-stations along the service delivery highway, then excellent quality will be delivered through technology.

We cannot escape the security threats that are increasing daily. Technology solution providers have to ensure that they focus on this aspect of service delivery not just as an add-on but also as a core element of development and operations from end-to- end. Secure code reviews, firewall protection, and security certifications are all critical technology services. Additionally, we must also enable our clients and teams to identify threats and trends both internally and externally through our solutions and the data captured through our solutions.

Which leads us finally to data analytics and business intelligence, which make so much sense for business leaders. Creation and delivery of reporting solutions that enable business leaders to know, understand, and drill down into the data is a must-have and will form a critical part of what we do in 2017. It is not enough to provide and enable self-serve reporting; we have to combine that with our domain expertise to help our clients create value from the data, to easily spot trends, to highlight anomalies and to drive quality and service.

With current industry trends in mind, we think now is the time to focus on technology that helps provide business-critical solutions around service, security, quality and business intelligence.

 

About Author: Brian Honea

Profile photo of Brian Honea
Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.

1,116 comments

  1. Pingback: Google

  2. Pingback: cell repair

  3. Pingback: tmj disorders

  4. Pingback: 스포츠닥터스

  5. Pingback: 스포츠닥터스

  6. Pingback: best kona coffee

  7. Pingback: 100% kona coffee

  8. Pingback: work from home jobs online

  9. Pingback: Rabbit Stimulation

  10. Pingback: Product Description Video

  11. Pingback: morkie videos

  12. Pingback: Carpet

  13. Pingback: Minnesota directorio

  14. Pingback: Vicky Vette Pocket Pussy

  15. Pingback: vibrator reviews

  16. Pingback: buy sex doll

  17. Pingback: pc games free download full version for windows 7

  18. Pingback: full version pc games download

  19. Pingback: pc games for windows 8

  20. Pingback: free tech

  21. Pingback: CEO Terbaik

  22. Pingback: سرور مجازی فرانسه

  23. Pingback: dog

  24. Pingback: little dogs

  25. Pingback: space research world

  26. Pingback: 100 вопросов сдачи теста на гражданство сша

  27. Pingback: apps for pc download

  28. Pingback: full version pc games download

  29. Pingback: pdr training

  30. Pingback: thruster sex toy

  31. Pingback: best sex toy for women

  32. Pingback: adam dual vibrating cock ring

  33. Pingback: SAI

  34. Pingback: Volvo VHD

  35. Pingback: movies malayalam

  36. Pingback: 롤대리

  37. Pingback: PHP Music Store

  38. Pingback: Roof repair near me

  39. Pingback: Hallelujah

  40. Pingback: edm consumables

  41. Pingback: whmcs modules

  42. Pingback: cat sitter

  43. Pingback: 5ml glass jars

  44. Pingback: chain saw sharpening diamond wheel

  45. Pingback: auction luxury watches

  46. Pingback: superior auto institute

  47. Pingback: superior auto institute

  48. Pingback: Double Penetration Toy

  49. Pingback: Dual Penetration Vibrator

  50. Pingback: app for laptop

  51. Pingback: games for laptop download

  52. Pingback: pc games for windows 10

  53. Pingback: free full download for windows pc

  54. Pingback: superior auto institute

  55. Pingback: Weddings

  56. Pingback: free download for windows 10

  57. Pingback: apps download for windows 7

  58. Pingback: pc games for windows xp

  59. Pingback: free download for windows pc

  60. Pingback: sexshop curitiba

  61. Pingback: lion kona coffee

  62. Pingback: Rom Menu Khmer

  63. Pingback: coffee beans kona

  64. Pingback: buy coffee beans kona

  65. Pingback: games for pc download

  66. Pingback: app download for windows 8

  67. Pingback: dildo

  68. Pingback: best clit vibrators

  69. Pingback: miniclip

  70. Pingback: app download for windows 10

  71. Pingback: male enhancement

  72. Pingback: menage a trois sex toy

  73. Pingback: Engine

  74. Pingback: software download for windows 8

  75. Pingback: games for pc download

  76. Pingback: Rotating Dildo

  77. Pingback: work from home jobs 2017

  78. Pingback: Chaga Pilz

  79. Pingback: Buy, Sell & Save Money

  80. Pingback: womens vibrator

  81. Pingback: bragi

  82. Pingback: mulvadi kona coffee beans

  83. Pingback: 100% pure mulvadi

  84. Pingback: CAT-240 Certification Dumps

  85. Pingback: better sex

  86. Pingback: g spot rabbit vibrator

  87. Pingback: dating advice

  88. Pingback: legit online jobs with no fees

  89. Pingback: plug toy

  90. Pingback: Ratings and reviews

  91. Pingback: νικολας σφηκας

  92. Pingback: peru tours

  93. Pingback: sex enhancer

  94. Pingback: bunny vibrator

  95. Pingback: free cash

  96. Pingback: photo editor look thinner free

  97. Pingback: foods to eat to lose weigh

  98. Pingback: desinfectionpunaisedelit

  99. Pingback: Sex Toys

  100. Pingback: thrusting silicone vibrator

  101. Pingback: wireless vibrator

  102. Pingback: Waterproof Sex Toy

  103. Pingback: penis enlargement pump

  104. Pingback: adult sex toy

  105. Pingback: funny

  106. Pingback: szybka chwilowka

  107. Pingback: buy sell cyprus

  108. Pingback: healthy recipes ground chicken

  109. Pingback: Download NSCA Certification Dumps

  110. Pingback: mobile forex app

  111. Pingback: Advertise Online

  112. Pingback: amazon Customer Reviews

  113. Pingback: gaming keyboards

  114. Pingback: audio spionaj

  115. Pingback: buy youtube views usa

  116. Pingback: microphone for fitness instructors wireless

  117. Pingback: iran backgammon

  118. Pingback: CBM Certification Exam Questions and Answers

  119. Pingback: used freightliner dump trucks

  120. Pingback: top smm panel

  121. Pingback: pc games free download for windows 7

  122. Pingback: g spot vibrator

  123. Pingback: waterproof rabbit vibrator

  124. Pingback: vibrating rabbit

  125. Pingback: the wet wabbit

  126. Pingback: rabbit vibrator

  127. Pingback: anal toys

  128. Pingback: adam and eve vibrators

  129. Pingback: dong

  130. Pingback: Cheap Phentermine

  131. Pingback: Google

  132. Pingback: silicone cock ring

  133. Pingback: Adam and Eve Luxury Sex Toys

  134. Pingback: Italian food

  135. Pingback: Cheap Atlanta Braves Hats

  136. Pingback: Diet Pills

  137. Pingback: 韓国エスコートアガシ

  138. Pingback: Arduino sensors

  139. Pingback: website here

  140. Pingback: Hot Runner Components

  141. Pingback: apps for pc free download

  142. Pingback: free download for windows 8

  143. Pingback: travel guide dominican republic

  144. Pingback: heat travels fastest in

  145. Pingback: traveling for free

  146. Pingback: 福井脱毛

  147. Pingback: 福井脱毛

  148. Pingback: i am on business travel

  149. Pingback: 福井脱毛

  150. Pingback: 福井脱毛

  151. Pingback: a whole new world travel agency philippines

  152. Pingback: Inspection in China

  153. Pingback: 福井脱毛

  154. Pingback: recovering from infidelity

  155. Pingback: bhutan lhayul tours & travels

  156. Pingback: awesome travel adventures

  157. Pingback: travel agencies in dubai

  158. Pingback: airzone travels salem

  159. Pingback: 9 fashion outlet

  160. Pingback: in the world fashion dothan al

  161. Pingback: fashionable zodiac

  162. Pingback: yeezy 3 fashion week

  163. Pingback: work from home job

  164. Pingback: brand loyalty

  165. Pingback: Cheap Milwaukee Brewers Jerseys

  166. Pingback: online beats

  167. Pingback: ladies c castle

  168. Pingback: خرید سرور مجازی

  169. Pingback: 兒子們/兒子家夥們dvd

  170. Pingback: iphone 6 comfortable

  171. Pingback: 34th street fashion avenue

  172. Pingback: home improvement 6x15

  173. Pingback: 100% kona

  174. Pingback: Ventura

  175. Pingback: home away

  176. Pingback: architects

  177. Pingback: LED Lighting Component Supplier OEM ODM Sanlibang

  178. Pingback: o'driscoll home improvements

  179. Pingback: house furniture for sale philippines

  180. Pingback: adam and eve sex toys shop

  181. Pingback: motu and patlu games

  182. Pingback: http://motuandpatlugames.com

  183. Pingback: margaritaville daytona

  184. Pingback: Tablet repair

  185. Pingback: Water softener

  186. Pingback: robert

  187. Pingback: prestigious textiles bd4 0sg

  188. Pingback: nSpire Network Signup

  189. Pingback: decorate home for easter

  190. Pingback: Movies online

  191. Pingback: home design 800 sq feet

  192. Pingback: home decor 86th street

  193. Pingback: shoes wedding party

  194. Pingback: http://www.hamptonbaylightinghd.com

  195. Pingback: http://www.motupatlugameshd.com

  196. Pingback: sexually transmitted disease

  197. Pingback: BDSM

  198. Pingback: Glass Vibrator

  199. Pingback: best kona

  200. Pingback: TensorFlow

  201. Pingback: kona 100%

  202. Pingback: wedding invitations miami

  203. Pingback: oral surgery daytona

  204. Pingback: Strap On Dildo

  205. Pingback: 6 month wedding dress diet

  206. Pingback: Mechanical Keyboard Switches,Mechanical Keyboard

  207. Pingback: Birthday Wishes for Wife

  208. Pingback: Women Sex Toys

  209. Pingback: Purchase Beer Online

  210. Pingback: jewelry design engineer

  211. Pingback: wedding rings history

  212. Pingback: Acne Treatment

  213. Pingback: special education process

  214. Pingback: g tec computer education trivandrum

  215. Pingback: online education journal articles free

  216. Pingback: barcode kaufen

  217. Pingback: email id list

  218. Pingback: home page

  219. Pingback: Internet Marketing

  220. Pingback: english education during british rule

  221. Pingback: s.t.o.p. back to school bash

  222. Pingback: u.s. business school rankings 2013

  223. Pingback: girlfriend studying abroad for 6 months

  224. Pingback: Lefkoşa satılık villa

  225. Pingback: Jinaat

  226. Pingback: bombshell

  227. Pingback: unique antiques

  228. Pingback: old postcards

  229. Pingback: home improvement 2day

  230. Pingback: sex toys for couples

  231. Pingback: e learning best buy

  232. Pingback: sex toys cleaner

  233. Pingback: hands free sex toys

  234. Pingback: male sex toys

  235. Pingback: adam and eve sex toys

  236. Pingback: clit sex toys

  237. Pingback: rampant rabbit sex toys

  238. Pingback: surfing lessons

  239. Pingback: dvd專賣店

  240. Pingback: ean codes

  241. Pingback: adam and eve sex toys

  242. Pingback: Rajamangala University of Technology Thanyaburi

  243. Pingback: coffee, 100% kona

  244. Pingback: coffee, 100% kona

  245. Pingback: clínica de reabilitação

  246. Pingback: tama tube

  247. Pingback: Apparel

  248. Pingback: best realistic dildo

  249. Pingback: vibrating dildo

  250. Pingback: realistic vibrating dildo

  251. Pingback: top design for long skirt

  252. Pingback: adam and eve sex toys shop

  253. Pingback: business quotes

  254. Pingback: b marketing consulting

  255. Pingback: free games download for windows 8

  256. Pingback: adam and eve

  257. Pingback: online scr game

  258. Pingback: 100 business success stories

  259. Pingback: 2 real estate

  260. Pingback: egyptian sheets sale

  261. Pingback: business finance formulas

  262. Pingback: industry yellow pages

  263. Pingback: 5 p marketing mix

  264. Pingback: 6 shopping mall kukatpally contact number

  265. Pingback: Air Cooled Scroll Chiller

  266. Pingback: business finance 1st limited

  267. Pingback: small business loans 0 interest

  268. Pingback: education unlimited

  269. Pingback: food bank tacoma

  270. Pingback: rampant vibrator

  271. Pingback: health and fitness salary

  272. Pingback: i sell life insurance

  273. Pingback: health care service corporation

  274. Pingback: news 4 woai

  275. Pingback: home sweet home etsy

  276. Pingback: nh health cost

  277. Pingback: u.s. citizens traveling to canada

  278. Pingback: home decorating magazine subscriptions

  279. Pingback: real estate gift tax

  280. Pingback: net zero home renovation

  281. Pingback: Venture Point Network

  282. Pingback: first time vibrator

  283. Pingback: most powerful vibrator

  284. Pingback: the sylvers

  285. Pingback: realistic dildo

  286. Pingback: best butt plug

  287. Pingback: Hot Hot Hot Site

  288. Pingback: Quick News Updates

  289. Pingback: read more

  290. Pingback: free full download for windows pc

  291. Pingback: so real 8 inch realistic dildo

  292. Pingback: couples toys

  293. Pingback: bond cleaning Melbourne

  294. Pingback: china brush cutter parts

  295. Pingback: g gasm

  296. Pingback: Easy recipes for vegetarians

  297. Pingback: sammamish pest control service

  298. Pingback: vibrating butt plug

  299. Pingback: gay sex toys

  300. Pingback: gay sex toys

  301. Pingback: butt plug

  302. Pingback: anal toy

  303. Pingback: let's talk about sex

  304. Pingback: Fragrant Jewels

  305. Pingback: sex toy reviews

  306. Pingback: adam and eve

  307. Pingback: Bond back clean Melbourne

  308. Pingback: bandiera italiana

  309. Pingback: kala jadu

  310. Pingback: The latest sports news from the most popular sporting event

  311. Pingback: interior design Singapore

  312. Pingback: g spot vibrator

  313. Pingback: Magic Massager

  314. Pingback: Butterfly Vibrator

  315. Pingback: Magic Wand Original

  316. Pingback: Realistic Dildo

  317. Pingback: Bondage Toys

  318. Pingback: Best Sex Lubricant

  319. Pingback: how to

  320. Pingback: vibrator lubricant

  321. Pingback: Bond back clean Melbourne

  322. Pingback: pc games free download for windows

  323. Pingback: home page

  324. Pingback: adam and eve sex toy shop

  325. Pingback: scissor lift service

  326. Pingback: x78bn5t37bc45rtb3x45ctbwxds

  327. Pingback: adammale

  328. Pingback: raiolamandaynoelpanda cc

  329. Pingback: nurse costume

  330. Pingback: couples toys

  331. Pingback: http://mer99furniture.com

  332. Pingback: pc games for windows 10

  333. Pingback: better sex

  334. Pingback: physical intimacy

  335. Pingback: games for laptop download

  336. Pingback: pc games for windows 8

  337. Pingback: games for pc download

  338. Pingback: air conditioning contractor Miami

  339. Pingback: how to use rabbit vibrator

  340. Pingback: petroleum

  341. Pingback: Century Bob Wavemaster Freestanding Punching bags

  342. Pingback: clitoral massager

  343. Pingback: light bondage

  344. Pingback: what causes alcoholism

  345. Pingback: fetish sex toy

  346. Pingback: Masturbation Toy

  347. Pingback: fantasy flex vibrator

  348. Pingback: pc games for windows 10

  349. Pingback: strap anal

  350. Pingback: دانلود قسمت هشتم شهرزاد دوم

  351. Pingback: lighted wall mirror

  352. Pingback: adsorbing agent

  353. Pingback: ecu tuning files download

  354. Pingback: adam and eve sex toy shop

  355. Pingback: vacuum pumps for ed

  356. Pingback: قیمت پنجره

  357. Pingback: web

  358. Pingback: official statement

  359. Pingback: anal kit

  360. Pingback: clitoral vibrator

  361. Pingback: resource

  362. Pingback: check out this site

  363. Pingback: willy

  364. Pingback: ABS Module Intercooler

  365. Pingback: try this site

  366. Pingback: porn

  367. Pingback: Visit Website

  368. Pingback: دوربین مداربسته

  369. Pingback: have a peek here

  370. Pingback: dig this

  371. Pingback: whopper sex toys

  372. Pingback: wikipedia reference

  373. Pingback: company website

  374. Pingback: click over here now

  375. Pingback: a knockout post

  376. Pingback: دانلود قسمت 17 عاشقانه

  377. Pingback: read the article

  378. Pingback: find out here

  379. Pingback: thin vibrators

  380. Pingback: paydaycgtloansnhj.com

  381. Pingback: Homepage

  382. Pingback: Recommended Reading

  383. Pingback: g-spot stimulation

  384. Pingback: tubepatrol.net

  385. Pingback: Click This Link

  386. Pingback: my response

  387. Pingback: jbeatz

  388. Pingback: porn

  389. Pingback: دانلود قسمت چهارده عاشقانه

  390. Pingback: April O'Neil

  391. Pingback: g spot stimulator

  392. Pingback: look at more info

  393. Pingback: check my reference

  394. Pingback: useful source

  395. Pingback: Penis Loop

  396. Pingback: A\u0026E Beginner's Power Pump

  397. Pingback: Kiera Rose

  398. Pingback: August Ames

  399. Pingback: August Ames

  400. Pingback: China men's custom t shirts supplier

  401. Pingback: extreme sex toys

  402. Pingback: Marley Brinx

  403. Pingback: xxx video hd

  404. Pingback: Abigail Mac

  405. Pingback: top article

  406. Pingback: penis pumping

  407. Pingback: Male P-Spot Massager

  408. Pingback: adult

  409. Pingback: دانلود شهرزاد قسمت هفتم فصل دوم

  410. Pingback: FRIKK

  411. Pingback: hampton bay ceiling fan blog

  412. Pingback: dolandirici sosyalmarketim

  413. Pingback: vibrating realistic dildo

  414. Pingback: Paleo Diet

  415. Pingback: xxx hd video

  416. Pingback: Homepage

  417. Pingback: find more info

  418. Pingback: My Homepage

  419. Pingback: a fantastic read

  420. Pingback: app download for pc

  421. Pingback: free download for windows

  422. Pingback: pc games for windows 10

  423. Pingback: Pest Control

  424. Pingback: real money casino games

  425. Pingback: probiotic sauerkraut

  426. Pingback: смотреть онлайн фильмы 2017

  427. Pingback: پنجره

  428. Pingback: click here now

  429. Pingback: app download for pc

  430. Pingback: Adam and eve

  431. Pingback: personal massager

  432. Pingback: glass sex toys

  433. Pingback: male sex toy

  434. Pingback: use this link

  435. Pingback: zeloporn.com

  436. Pingback: Loyola College for Sale by CollegeDunia

  437. Pingback: Skin Feel Dildo

  438. Pingback: Male Masturbator

  439. Pingback: Veronica Evans

  440. Pingback: دانلود قسمت پنجم شهرزاد دوم

  441. Pingback: Silicone Ben Wa Balls

  442. Pingback: candlestick patterns

  443. Pingback: canada50

  444. Pingback: دانلود ققسمت 12 عاشقانه

  445. Pingback: egg vibrator

  446. Pingback: his explanation

  447. Pingback: دانلود قسمت سوم شهرزاد دوم

  448. Pingback: دانلود قسمت یازدهم شهرزاد دوم

  449. Pingback: this hyperlink

  450. Pingback: buttplug

  451. Pingback: these details

  452. Pingback: you can check here

  453. Pingback: Male Masturbator Review

  454. Pingback: click for more

  455. Pingback: hop over to these guys

  456. Pingback: home page

  457. Pingback: navigate to this web-site

  458. Pingback: bypass windows 7 password

  459. Pingback: look at these guys

  460. Pingback: Minikert

  461. Pingback: clínica de recuperação

  462. Pingback: home

  463. Pingback: find

  464. Pingback: click over here now

  465. Pingback: my blog

  466. Pingback: Resources

  467. Pingback: find more

  468. Pingback: click for more

  469. Pingback: check that

  470. Pingback: Visit Your URL

  471. Pingback: click this site

  472. Pingback: find here

  473. Pingback: No NEET required

  474. Pingback: you could try these out

  475. Pingback: porno gratis

  476. Pingback: payday loan

  477. Pingback: adam and eve lingerie

  478. Pingback: porno

  479. Pingback: best female arousal products

  480. Pingback: خرید vpn pptp برای آیفون

  481. Pingback: Learn More Here

  482. Pingback: click here to investigate

  483. Pingback: check out here

  484. Pingback: my website

  485. Pingback: porno

  486. Pingback: porno

  487. Pingback: videos porno

  488. Pingback: penny stock to buy now

  489. Pingback: porno

  490. Pingback: URL

  491. Pingback: CBD Pills

  492. Pingback: آموزش پنجره دوجداره

  493. Pingback: bullet vibrator review

  494. Pingback: دانلود سریال عاشقانه

  495. Pingback: my explanation

  496. Pingback: Clicking Here

  497. Pingback: her response

  498. Pingback: a knockout post

  499. Pingback: additional hints

  500. Pingback: gay sex store

  501. Pingback: read here

  502. Pingback: why not check here

  503. Pingback: navigate to these guys

  504. Pingback: have a peek at this website

  505. Pingback: پنجره دوجداره ویستابست

  506. Pingback: دانلود قسمت هفده عاشقانه

  507. Pingback: خرید اپل ایدی

  508. Pingback: developer php

  509. Pingback: Acne Facial Treatments Hallandale Beach

  510. Pingback: Bondage

  511. Pingback: Facial Spa Services Hollywood

  512. Pingback: Facial Spa Services Hillsboro Beach

  513. Pingback: Facial Spa Services Lazy Lake

  514. Pingback: kegel ball exercises

  515. Pingback: erotica

  516. Pingback: signs of an affair

  517. Pingback: Facial Spa Services Tamarac

  518. Pingback: view it now

  519. Pingback: navigate here

  520. Pingback: sasha grey stroker

  521. Pingback: magic wand vibrator

  522. Pingback: have a peek at this web-site

  523. Pingback: this page

  524. Pingback: More hints

  525. Pingback: flame retardant polythene

  526. Pingback: link building quality vs quantity

  527. Pingback: home

  528. Pingback: website ranking philippines

  529. Pingback: دانلود موزیک

  530. Pingback: my website

  531. Pingback: link building how to

  532. Pingback: try this out

  533. Pingback: link building yahoo answers

  534. Pingback: navigate here

  535. Pingback: window protection

  536. Pingback: پنجره دوجداره

  537. Pingback: magnets

  538. Pingback: have a peek at this website

  539. Pingback: page

  540. Pingback: click here now

  541. Pingback: visit this site right here

  542. Pingback: groin wrap

  543. Pingback: فروش توری پنجره دوجداره

  544. Pingback: continue reading this

  545. Pingback: check here

  546. Pingback: check here

  547. Pingback: her comment is here

  548. Pingback: خرید apple id معتبر

  549. Pingback: click this link now

  550. Pingback: check this site out

  551. Pingback: visit the site

  552. Pingback: دانلود قسمت ششم شهرزاد

  553. Pingback: casino games play for real money

  554. Pingback: kala jadu

  555. Pingback: pleasure ring

  556. Pingback: adam and eve vibrators

  557. Pingback: best p spot stimulator

  558. Pingback: خرید اپل ایدی کانادا

  559. Pingback: bullet vibe

  560. Pingback: Roof Repair Long Island

  561. Pingback: 2beeg.mobi

  562. Pingback: 7 inch vibrator

  563. Pingback: schlong

  564. Pingback: couples sex toys

  565. Pingback: hotel booking sites usa

  566. Pingback: adam and eve sex toy shop

  567. Pingback: Savvy bullet vibrator

  568. Pingback: clone a willy kit

  569. Pingback: sex lotion

  570. Pingback: prostate vibrator

  571. Pingback: cliquez ici

  572. Pingback: hospital glendale

  573. Pingback: buy zynga poker chips

  574. Pingback: Nintendo 64 games

  575. Pingback: actual-news.pro

  576. Pingback: download pc games for windows

  577. Pingback: clash royale cheats

  578. Pingback: پنجره دوجداره

  579. Pingback: express cargo

  580. Pingback: Hanoi Tam Coc

  581. Pingback: ノロウイルス

  582. Pingback: پنجره

  583. Pingback: secret wooden ring

  584. Pingback: Bandar Judi

  585. Pingback: lingerie

  586. Pingback: bitcoin trading

  587. Pingback: coin-banks exchange

  588. Pingback: coin-banks review

  589. Pingback: bitcoin hft

  590. Pingback: DraftKings DFS

  591. Pingback: bitcoin hft

  592. Pingback: bitcoin trading

  593. Pingback: bitcoin investment coin-banks

  594. Pingback: coin-banks.com

  595. Pingback: le site

  596. Pingback: clique aqui

  597. Pingback: دانلود قسمت هشتم شهرزاد دوم

  598. Pingback: mdansby

  599. Pingback: vpm

  600. Pingback: australia golf clubs price

  601. Pingback: کول دانلول

  602. Pingback: دانلود شهرزاد قسمت 15 پانزده

  603. Pingback: دانلود شهرزاد 13

  604. Pingback: دانلود شهرزاد قسمت 13

  605. Pingback: get clash royale gems

  606. Pingback: Super middleweight blue karate uniforms

  607. Pingback: adam and eve sex toys

  608. Pingback: g-spot

  609. Pingback: best lubricant

  610. Pingback: bunny rabbit vibrator

  611. Pingback: theofficialkristin.ning.com/profiles/blogs/how-exactly-to-get-river-homes-and-shoreline

  612. Pingback: quotations

  613. Pingback: jiechuhui.com/upload/home.php?mod=space&uid=372591&do=profile&from=space

  614. Pingback: Dildo

  615. Pingback: Butt plugs

  616. Pingback: bondage gear

  617. Pingback: triple pleasure vibrator

  618. Pingback: Anal toys

  619. Pingback: massage after sex

  620. Pingback: دانلود شهرزاد قسمت 16

  621. Pingback: Haley

  622. Pingback: Nipple Toys

  623. Pingback: Mikemaid

  624. Pingback: دانلودسریال عالیجناب قسمت دوم

  625. Pingback: دانلود فیلم

  626. Pingback: 食品

  627. Pingback: bangal ka jadu

  628. Pingback: driving tips

  629. Pingback: Get More Information

  630. Pingback: ماندگاری ترمیم مو

  631. Pingback: adidas elitemartial arts uniform

  632. Pingback: Adam and Eve Commercial

  633. Pingback: men sex toy

  634. Pingback: دانلود فیلم

  635. Pingback: mamba3

  636. Pingback: آموزش پنجره دوجداره

  637. Pingback: Помощь психолога

  638. Pingback: sex toys for couples

  639. Pingback: strap-on

  640. Pingback: taylormade r15

  641. Pingback: couples sex toys

  642. Pingback: ساب زنی

  643. Pingback: lgbt sex toys

  644. Pingback: Carpet Cleaning Killeen TX

  645. Pingback: First for magnets

  646. Pingback: Limo Rental Vancouver BC

  647. Pingback: builders polythene

  648. Pingback: smooth dildo

  649. Pingback: نصب دوربین های مدار بسته

  650. Pingback: lire

  651. Pingback: sex toys for couples

  652. Pingback: طراحی سایت آموزشگاه

  653. Pingback: wtf youth male kata gi

  654. Pingback: sell home

  655. Pingback: buy home

  656. Pingback: دانلود فیلم

  657. Pingback: http://www.bacdanhiepthanh.com/index.php?option=com_k2&view=itemlist&task=user&id=242632

  658. Pingback: ترمیم مو و کاشت مو

  659. Pingback: نصب و اجرای دوربین مداربسته

  660. Pingback: فروش دوربین های مدار بسته مخفی

  661. Pingback: how to buy bitcoins

  662. Pingback: Double chambered

  663. Pingback: Lil Wayne

  664. Pingback: jee juh

  665. Pingback: http://sigmaclub-ui.org/index.php?option=com_k2&view=itemlist&task=user&id=1218087

  666. Pingback: فروش دوربین های مدار بسته مخفی

  667. Pingback: ترمیم مو، کاشت مو ، مو طبیعی

  668. Pingback: Sex toys for couple

  669. Pingback: پنجره

  670. Pingback: تعمیر یخچال در محل

  671. Pingback: strap-on dildo

  672. Pingback: gay dildo

  673. Pingback: قیمت پنجره دوجداره

  674. Pingback: دانلود

  675. Pingback: Business

  676. Pingback: پنجره ضد سرقت

  677. Pingback: پنجره دوجداره

  678. Pingback: اموزش ساخت پنجره دوجداره

  679. Pingback: https://storify.com/jorgedavidson

  680. Pingback: دوربین مدار بسته پویابین

  681. Pingback: پنجره

  682. Pingback: High Precision Dosing Peristaltic Pump

  683. Pingback: affordable SEO services

  684. Pingback: survival site

  685. Pingback: آموزش نصب دوربین های مدار بسته

  686. Pingback: how to buy weed online

  687. Pingback: مشاوره کسب و کار اینترنتی

  688. Pingback: errotic stories

  689. Pingback: Garden Bridges

  690. Pingback: Mitch McConnell

  691. Pingback: بهترین مارک دوربین مدار بسته

  692. Pingback: نصب دوربین های مدار بسته

  693. Pingback: adam and eve sex toy

  694. Pingback: legitimate work from home job no startup fee

  695. Pingback: white box packaging

  696. Pingback: http://www.magnetic.co.uk/Category/magnetic-accessories

  697. Pingback: http://www.indigo.co

  698. Pingback: iron stair parts

  699. Pingback: دوربین مدار بسته پویابین

  700. Pingback: Ba Be National Park

  701. Pingback: mdf

  702. Pingback: 3M™ VentureClad™ Tapes

  703. Pingback: high flow showerhead

  704. Pingback: ed sheeran songs list

  705. Pingback: private proxies

  706. Pingback: http://www.dotboating.com/user_detail.php?u=mcclain27risager

  707. Pingback: free download for windows pc

  708. Pingback: free download for windows 10

  709. Pingback: دانلود

  710. Pingback: دانلود

  711. Pingback: pc games for windows 8

  712. Pingback: فیلم اکسیدان

  713. Pingback: download best

  714. Pingback: Investment

  715. Pingback: free download for windows 7

  716. Pingback: نصب و اجرای دوربین مداربسته

  717. Pingback: free app for pc download

  718. Pingback: دوربین مدار بسته پویابین

  719. Pingback: instagram turbanli sex izle

  720. Pingback: free download for pc

  721. Pingback: apps for pc download

  722. Pingback: بهترین مارک دوربین مدار بسته

  723. Pingback: Learn Colors

  724. Pingback: Yakima

  725. Pingback: apps for pc download

  726. Pingback: visit their website

  727. Pingback: download full version pc games

  728. Pingback: make money dropshipping

  729. Pingback: پنجره دوجداره

  730. Pingback: پنجره دوجداره

  731. Pingback: دانلود

  732. Pingback: پنجره

  733. Pingback: http://mucangchaitours.com

  734. Pingback: garden bridge

  735. Pingback: alpineskiresort.net/members/sharkphone8/activity/268666/

  736. Pingback: نصب و اجرای دوربین مداربسته

  737. Pingback: Web Design

  738. Pingback: http://mxsponsor.com/riders/centrum-centrum

  739. Pingback: Learn Colors for Kids

  740. Pingback: usi-tech

  741. Pingback: EVA TV

  742. Pingback: live sex cams

  743. Pingback: 동화세상에듀코

  744. Pingback: 192.168.o.1 login

  745. Pingback: mais informações

  746. Pingback: karajupvc

  747. Pingback: دانلود

  748. Pingback: دانلود

  749. Pingback: download

  750. Pingback: window

  751. Pingback: garden bridge

  752. Pingback: دانلود

  753. Pingback: Florida Resident Database

  754. Pingback: wordpress real estate theme idx integration

  755. Pingback: brandy

  756. Pingback: fall fashion sale

  757. Pingback: fall fashion sale

  758. Pingback: Skin care devices

  759. Pingback: fall fashion sale

  760. Pingback: watch it movie streaming

  761. Pingback: Band

  762. Pingback: Andrew Wright Attorney Maine

  763. Pingback: romance

  764. Pingback: دوربین مدار بسته

  765. Pingback: Mature couple homemade sex tape

  766. Pingback: unlimited smtp

  767. Pingback: دوربین مدار بسته ارزان

  768. Pingback: personnel recruitment consulting

  769. Pingback: work from home jobs 2018

  770. Pingback: دوربین مدار بسته ارزان

  771. Pingback: juicer dildo

  772. Pingback: Best Female Dildo

  773. Pingback: vape pen starter kit with juice

  774. Pingback: blackhead removal

  775. Pingback: authentic cheap jordans

  776. Pingback: womens fashion

  777. Pingback: footwear

  778. Pingback: sfico.info

  779. Pingback: 脱毛

  780. Pingback: Rancho Cordova taxi to Sacramento airport

  781. Pingback: خرید ، فروش دوربین مدار بسته

  782. Pingback: how to use a double ended dildo

  783. Pingback: Dildo

  784. Pingback: buy illegal seo

  785. Pingback: women sex toys

  786. Pingback: vehicle shippers

  787. Pingback: دوربین مدار بسته بی سیم وایرلس

  788. Pingback: test banks

  789. Pingback: chennai tamil news

  790. Pingback: Best Kona Coffee Online

  791. Pingback: kona coffee online

  792. Pingback: http://www.google.com/url?sa=t&source=web&url=http://porncityxxx.com

  793. Pingback: https://www.behance.net/infob0324f42/followers

  794. Pingback: Bandar Togel

  795. Pingback: masturbation

  796. Pingback: roro shipping

  797. Pingback: door swing for adults

  798. Pingback: دوربین دنده عقب

  799. Pingback: anal plug

  800. Pingback: sport knee socks

  801. Pingback: misting sex toy cleaner

  802. Pingback: google leaks

  803. Pingback: justindianporn.net

  804. Pingback: leo man and libra woman horoscope

  805. Pingback: best vibrator

  806. Pingback: viagra

  807. Pingback: پنجره

  808. Pingback: پنجره دوجداره

  809. Pingback: دوربین مدار بسته آنالوگ

  810. Pingback: Magic Wand Magic

  811. Pingback: activation key

  812. Pingback: دانلود آینه بغل

  813. Pingback: دوربین مدار بسته آنالوگ

  814. Pingback: دانلود شهرزاد فصل دوم

  815. Pingback: دانلود فیلم

  816. Pingback: دانلود سریال شهرزاد

  817. Pingback: brutalxxxporn butt sex

  818. Pingback: استخدام نصاب دوربین مدار بسته

  819. Pingback: دوربین مدار بسته هایک ویژن

  820. Pingback: music

  821. Pingback: فیلم نهنگ عنبر

  822. Pingback: pornapp downloader

  823. Pingback: the best limos rental in Vancouver BC

  824. Pingback: real caller blackberry

  825. Pingback: Baby car seat cover

  826. Pingback: SkinAlley

  827. Pingback: دوربین مدار بسته هایک ویژن

  828. Pingback: dual stimulators

  829. Pingback: sex trafficking

  830. Pingback: warming wand

  831. Pingback: Going Here

  832. Pingback: Penis Pump Canada

  833. Pingback: Using Rabbit Vibrator

  834. Pingback: missguided coupon code

  835. Pingback: Judi Bola El Classico

  836. Pingback: Best Vibrator

  837. Pingback: Clone a Willy Results

  838. Pingback: best g spot vibrator

  839. Pingback: life like dildo

  840. Pingback: rotating vibrator

  841. Pingback: تردمیل باشگاهی

  842. Pingback: https://www.youtube.com/watch?v=GPJYH7LYunc

  843. Pingback: Hike Cape Town

  844. Pingback: m88 mobile

  845. Pingback: دوچرخه ثابت

  846. Pingback: اسکی فضایی الپتیکال

  847. Pingback: Pet Products

  848. Pingback: morocco sahara tours marrakech

  849. Pingback: pornmd com

  850. Pingback: porn movie

  851. Pingback: adam and eve adult products

  852. Pingback: تجهیزات ورزشی پویاجیم

  853. Pingback: adam and eve discount codes

  854. Pingback: adam and eve deals

  855. Pingback: فیلم نهنگ عنبر

  856. Pingback: awma karate sparring head gear

  857. Pingback: Newsflash Olahraga

  858. Pingback: دانلود

  859. Pingback: Maen Bola!

  860. Pingback: kim guzman dolci

  861. Pingback: دوربین مدار بسته دی جی کالا

  862. Pingback: Brazilian Hair

  863. Pingback: Google cheat 2017

  864. Pingback: ارزانترین دوربین مدار بسته

  865. Pingback: porn movie

  866. Pingback: porn movie

  867. Pingback: pirater un compte facebook

  868. Pingback: لینکدونی فروش

  869. Pingback: buy hacklink

  870. Pingback: Hair Extensions Wholesale

  871. Pingback: Milky Way Hair Wholesale

  872. Pingback: Malaysian Hair Wholesale

  873. Pingback: world cup football heads

  874. Pingback: شرکت دوربین مدار بسته

  875. Pingback: pot holder

  876. Pingback: exito mundial de ganadoras

  877. Pingback: Oddsmonkey

  878. Pingback: Indian Hair Wholesale

  879. Pingback: 2 دانلود نهنگ عنبر

  880. Pingback: tratamiento adicciones

  881. Pingback: فروش دوربین مدار بسته

  882. Pingback: ร้านผ้าญี่ปุ่น

  883. Pingback: hack instagram account

  884. Pingback: دوربین مدار بسته وای فای

  885. Pingback: بهترین دوربین دنده عقب

  886. Pingback: prediksi bola

  887. Pingback: Oddsmonkey

  888. Pingback: قیمت دوربین آنالوگ

  889. Pingback: Oddsmonkey

  890. Pingback: Oddsmonkey

  891. Pingback: Oddsmonkey

  892. Pingback: Oddsmonkey

  893. Pingback: Anal Beads

  894. Pingback: adamandeve.com

  895. Pingback: sex toys

  896. Pingback: prostara

  897. Pingback: Kegel Exerciser

  898. Pingback: www.consumerhealthdigest

  899. Pingback: Cosmetic Packaging Design

  900. Pingback: omega xl review

  901. Pingback: بازاریابی محتوا

  902. Pingback: menoquil review

  903. Pingback: suterh

  904. Pingback: بازاریابی شبکه اجتماعی

  905. Pingback: 1 btc to usd

  906. Pingback: دانلود فیلم نهنگ عنبر

  907. Pingback: دانلود فیلم رگ خواب

  908. Pingback: Stretchy car seat cover

  909. Pingback: Stretchy car seat cover

  910. Pingback: kona coffee beans

  911. Pingback: smart film

  912. Pingback: read more

  913. Pingback: ترمیم مو و کاشت مو

  914. Pingback: Google spam tactics

  915. Pingback: war dragons cheats iphone no survey

  916. Pingback: Monica Berdion de Crudo

  917. Pingback: dome tent price

  918. Pingback: chuporn.net

  919. Pingback: Email Archiving

  920. Pingback: High gloss polishing Constance

  921. Pingback: Hakukoneoptimointi Espoo

  922. Pingback: mobile accessories

  923. Pingback: دوربین مدار بسته مخفی

  924. Pingback: دوربین مدار بسته خودرو

  925. Pingback: karate for kids

  926. Pingback: richardson

  927. Pingback: latest technology

  928. Pingback: supernatural

  929. Pingback: kona coffee

  930. Pingback: بازاریابی محتوایی

  931. Pingback: 2017 acura nsx armytrix exhaust

  932. Pingback: adamandeve.com

  933. Pingback: chubby fun vibe

  934. Pingback: orgasm

  935. Pingback: penis extender

  936. Pingback: https://www.kiwibox.com/lamoosh/blog/entry/141625885/locating-cosmetics-online/?pPage=0

  937. Pingback: blowjob tips

  938. Pingback: best selling vibrator

  939. Pingback: http://

  940. Pingback: Cottelli Cupless And Crotchless Bra Set With Flock Print And Bow Ornament

  941. Pingback: Ahhh bullet of love

  942. Pingback: buy viagra online

  943. Pingback: Arvind Pandit

  944. Pingback: adidas nmd

  945. Pingback: finger vibrator

  946. Pingback: discount rabbit vibrators

  947. Pingback: penis vacuum pump price

  948. Pingback: free porn tube

  949. Pingback: Ñåðèàëû, ñìîòðåòü îíëàéí

  950. Pingback: computer disposals wokingham

  951. Pingback: anal sex toys

  952. Pingback: recycling computer reading

  953. Pingback: computer recycling companies oxford

  954. Pingback: com meu bebe

  955. Pingback: footfuckporn

  956. Pingback: pornbit.info

  957. Pingback: Tri-Cities Cell Store

  958. Pingback: intimate costumes

  959. Pingback: کمد دیواری ریلی

  960. Pingback: best male prostate massager

  961. Pingback: Tinglers Vibrating Butt Plug

  962. Pingback: write my essay

  963. Pingback: ساب زنی

  964. Pingback: dong

  965. Pingback: beginners dildo strap on

  966. Pingback: limousine service MSP

  967. Pingback: Arabic songs

  968. Pingback: 3D Model of Apple IWatch Concept 1

  969. Pingback: پک آماده دوربین مداربسته

  970. Pingback: pink realistic vibrator

  971. Pingback: More Help

  972. Pingback: kona coffee

  973. Pingback: Yahoo Finance

  974. Pingback: شراء الريبل

  975. Pingback: دزدگیر اماکن

  976. Pingback: Twin Cites Limo

  977. Pingback: more info

  978. Pingback: bigg boss 11

  979. Pingback: Schnelle Türöffnung

  980. Pingback: como mantener una buena ereccion

  981. Pingback: mspy reviews

  982. Pingback: pornbitter.com

  983. Pingback: هوشمند سازی ساختمان

  984. Pingback: libro de mierda

  985. Pingback: طراحی سایت

  986. Pingback: best penis vibrator

  987. Pingback: digital marketing app

  988. Pingback: Daniel

  989. Pingback: dentist near me

  990. Pingback: خرید اپل ایدی

  991. Pingback: things to do singer island

  992. Pingback: خرید اپل آیدی

  993. Pingback: wild rabbit vibrator

  994. Pingback: porn city

  995. Pingback: online virtual number for whatsapp veriy

  996. Pingback: prepaid card

  997. Pingback: programas de ventas gratis

  998. Pingback: Fıstık Ezmeleri

  999. Pingback: the best female sex toy

  1000. Pingback: oplata smieciowa warszawa

  1001. Pingback: adam sex toys

  1002. Pingback: exotic adult toys

  1003. Pingback: pirater un compte facebook

  1004. Pingback: adam & eve welcome kit

  1005. Pingback: adam n eve lingerie

  1006. Pingback: تولید محتوا

  1007. Pingback: aer conditionat cu montaj in 24 ore

  1008. Pingback: pornonaft.net

  1009. Pingback: top ranked sex toys

  1010. Pingback: Sripatum university

  1011. Pingback: anniversary gifts

  1012. Pingback: g spot finder toy

  1013. Pingback: what lube to use for sex

  1014. Pingback: moms chips

  1015. Pingback: ترمیم مو

  1016. Pingback: which dildo to buy

  1017. Pingback: هایک ویژن

  1018. Pingback: mk bags outlet

  1019. Pingback: fifty shades of grey toys

  1020. Pingback: nike iphone 6 case

  1021. Pingback: javstreaming.mobi

  1022. Pingback: online casino games

  1023. Pingback: senegal oussouye

  1024. Pingback: SandiWeb

  1025. Pingback: Sheika Involed in Scam

  1026. Pingback: progressive insurance

  1027. Pingback: Cell Phones

  1028. Pingback: chinese tea

  1029. Pingback: cheap michael kors

  1030. Pingback: used anal beads for sale

  1031. Pingback: poker ceme online

  1032. Pingback: visit the next page

  1033. Pingback: suction cup dildo

  1034. Pingback: whiplash treatment

  1035. Pingback: Holy Spirit

  1036. Pingback: bici assistite prezzi

  1037. Pingback: Crystal Jellies 12 Big Boy Dildo

  1038. Pingback: free games download for windows 8

  1039. Pingback: satin al

  1040. Pingback: software download for windows 8

  1041. Pingback: apps download for windows 10

  1042. Pingback: pc apps for windows 10

  1043. Pingback: louboutin sydney

  1044. Pingback: pc games for windows 7

  1045. Pingback: قیمت دوربین فیش آی

  1046. Pingback: free app for pc

  1047. Pingback: قیمت لامپ.دوربین دار

  1048. Pingback: apps for pc download

  1049. Pingback: apps for pc

  1050. Pingback: Pinganillo

  1051. Pingback: gold jewelry

  1052. Pingback: best vibrator reviews

  1053. Pingback: Boonswang SEO

  1054. Pingback: anal plug kit

  1055. Pingback: دوربين مداربسته

  1056. Pingback: دوربين مدار بسته

  1057. Pingback: free porn sites

  1058. Pingback: homemade porn sites

  1059. Pingback: pure enrichment peak wand massager reviews

  1060. Pingback: metal trivets

  1061. Pingback: chat

  1062. Pingback: sex movie

  1063. Pingback: دوربين مدار بسته

  1064. Pingback: deeeep.io unblocked

  1065. Pingback: work from home full time

  1066. Pingback: Professional Mason in Wall NJ

  1067. Pingback: best free porn sites

  1068. Pingback: Exchange Bitcoin with instant paypal

  1069. Pingback: spinz.io hack

  1070. Pingback: best free porn

  1071. Pingback: varmepumpe

  1072. Pingback: menage a trois strap on

  1073. Pingback: prostate massagers

  1074. Pingback: porno

  1075. Pingback: double vibrator

  1076. Pingback: دوربين مداربسته

  1077. Pingback: mumbai police

  1078. Pingback: instagram porn

  1079. Pingback: g spot stimulation

  1080. Pingback: anal vibrator

  1081. Pingback: best kona coffee beans

  1082. Pingback: best kona coffee beans

  1083. Pingback: دوربين مدار بسته

  1084. Pingback: Live Video Chat With Santa Claus

  1085. Pingback: saturday party

  1086. Pingback: cheap viagra online

  1087. Pingback: magic wand massager

  1088. Pingback: personal lube

  1089. Pingback: Orlando SEO

  1090. Pingback: vibrating prostate stimulator

  1091. Pingback: Womanizer

  1092. Pingback: Cracked phone

  1093. Pingback: شماره نصاب انتن

  1094. Pingback: how to do anal sex

  1095. Pingback: buy pocket vagina

  1096. Pingback: what is the best dildo

  1097. Pingback: خرید اپل آیدی

  1098. Pingback: اپل ایدی

  1099. Pingback: نصب انتن

  1100. Pingback: Realistic dildo

  1101. Pingback: خريد lions box

  1102. Pingback: buy gynexol

  1103. Pingback: top liwe

  1104. Pingback: خرید vpn

  1105. Pingback: خرید وی پی ان

  1106. Pingback: خرید کریو

  1107. Pingback: silicone finger vibe

  1108. Pingback: love doll

  1109. Pingback: anal vibrator

  1110. Pingback: خرید کریو پر سرعت

  1111. Pingback: boy shoes on sale

  1112. Pingback: holger-schmidt-integration.com

  1113. Pingback: فروش lions box

  1114. Pingback: the last of us pc download full version

  1115. Pingback: amateur porn sites

  1116. Pingback: rhalyns online store

Leave a Reply

Scroll To Top