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U.S. Foreclosure Activity Drops to 16-Year Low in 2020

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Foreclosure Starts and Completions Hit New Record Lows Nationwide Amid Pandemic ATTOM Data Solutions, licensor of the nation’s most comprehensive foreclosure data and parent company to RealtyTrac (www.realtytrac.com), a foreclosure listings portal, released its Year-End 2020 U.S. Foreclosure Market Report, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 214,323 U.S. properties in 2020, down 57 percent from 2019 and down 93 percent from a peak of nearly 2.9 million in 2010, to the lowest level since tracking began in 2005. Those 214,323 properties with foreclosure filings in 2020 represented 0.16 percent of all U.S. housing units, down from 0.36 percent in 2019 and down from a peak of 2.23 percent in 2010. ATTOM’s year-end foreclosure report provides a unique count of properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 2,200 counties nationwide, with address-level data on nearly 25 million foreclosure filings historically, also available for license or customized reporting. The report also includes new data for December 2020, showing there were 10,876 U.S. properties with foreclosure filings, up 8 percent from the previous month but down 80 percent from a year ago. “The government’s moratoria have effectively stopped foreclosure activity on everything but vacant and abandoned properties. There is a backlog of foreclosures building up—loans that were in foreclosure prior to the moratoria; loans that would have defaulted under normal circumstances; and loans whose borrowers are in financial distress due to the pandemic,” said Rick Sharga, Executive Vice President of RealtyTrac, an ATTOM Data Solutions company. “While it’s still highly unlikely that we’ll see another wave of foreclosures like the one we had during the Great Recession, we really won’t know how big that backlog is until after the government programs expire.” Bank repossessions decrease 95 percent since their peak in 2010 Lenders repossessed 50,238 properties through foreclosure (REO) in 2020, down 65 percent from 2019 and down 95 percent from a peak of 1,050,500 in 2010, to the lowest level as far back as data is available—2006. Counter to the national trend, there were metropolitan statistical areas with a population greater than 200,000 that saw a year-over-year increase in REOs, including Lake Havasu, Arizona (up 30 percent); Champaign, Illinois (up 29 percent); Chico, California (up 26 percent); and Bremerton, Washington (up 25 percent). Lenders repossessed 1,972 U.S. properties through completed foreclosures (REOs) in December 2020, down 2 percent from last month and down 86 percent from a year ago. Foreclosure starts at new record low nationwide, Idaho only state to see an annual increase Lenders started the foreclosure process on 131,372 U.S. properties in 2020, down 61 percent from 2019 and down 94 percent from a peak of 2,139,005 in 2009, to a new all-time low going back as far as foreclosure starts data is available—2006. “The impact of the government foreclosure moratoria and mortgage forbearance programs is nowhere more obvious than in the foreclosure start numbers from 2020. We ended the year with a near-record number of seriously delinquent loans, but historically low levels of foreclosure activity,” Sharga said. “The good news is that the government and mortgage industry succeeded in working together to prevent unnecessary foreclosures; the question remains how many homeowners whose finances have been affected by the pandemic will ultimately default on their loans, and whether the strength of the housing market will help cushion the fallout.” States that saw declines in foreclosure starts from last year included Oregon (down 79 percent); Kansas (down 77 percent); Arkansas (down 77 percent); Nevada (down 71 percent); and Massachusetts (down 70 percent). Counter to the national trend, Idaho saw a slight uptick (up 4 percent) from last year. Those metropolitan statistical areas with a population greater than 1 million that had at least 500 foreclosure starts in 2020 and saw the greatest decline in foreclosure starts from last year, included Jacksonville, Florida (down 74 percent); Las Vegas, Nevada (down 74 percent); Washington, DC (down 72 percent); Memphis, Tennessee (down 72 percent); and Orlando, Florida (down71 percent). Delaware, New Jersey, Illinois post top state foreclosure rates in 2020 States with the highest foreclosure rates in 2020 were Delaware (0.33 percent of housing units with a foreclosure filing); New Jersey (0.31 percent); Illinois (0.30 percent); Maryland (0.26 percent); and South Carolina (0.24 percent). Rounding out the top 10 states with the highest foreclosure rates were Florida (0.23 percent); Connecticut (0.22 percent); Ohio (0.21 percent); Georgia (0.19 percent); and Indiana (0.18 percent). Peoria, Rockford, Trenton post top metro foreclosure rates in 2020 Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in 2020 were Peoria, Illinois (0.48 percent of housing units with a foreclosure filing); Rockford, Illinois (0.44 percent); Trenton, New Jersey (0.44 percent); Atlantic City, New Jersey (0.40 percent); and McAllen, Texas (0.35 percent). Metro areas with a population greater than 1 million that had the highest foreclosure rate, were, Cleveland, Ohio (0.34 percent); Chicago, Illinois (0.30 percent); Baltimore, Maryland (0.29 percent); Philadelphia, Pennsylvania (0.29 percent); and Riverside, California (0.28 percent). Average time to foreclose increases annually U.S. properties foreclosed in the fourth quarter of 2020 had been in the foreclosure process an average of 857 days, a 3 percent increase from the previous quarter and from a year ago. States with the longest average time to foreclose in Q4 2020 were Hawaii (2,186 days); New York (1,465 days); Kentucky (1,390 days); Pennsylvania (1,275 days); and Massachusetts (1,223 days). 

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From Dentist to Real Estate Executive

Five Brothers’ Nickie Kalas is Dedicated to Growth & Service by Carole VanSickle Ellis Nickie Badalamenti-Kalas grew up in the business of real estate. As the youngest child of Joseph “Joe Bada” Badalamenti, founder and present-day chairman emeritus of field service solutions provider Five Brothers Asset Management Solutions, the industry was always operating in the background of her childhood home. “My dad started [Five Brothers] with my mom, who worked hand-in-hand with him. We always had contractors coming to the house to get paid, and my dad did all of his delegating from home in the early days of the business,” Kalas recalled. However, this did not mean she planned to join the family business. Instead, long before becoming president and CEO of Five Brothers, she started a career in another family business: dentistry. “My brother is an orthodontist. My older sister is a dental hygienist, and my other sister is also a dentist, so I landed in dentistry,” Kalas explained. After Kalas finished dental school, the two sisters started a dental practice. Then, the housing crash happened. Five Brothers weathered the storm. Due to the ensuing tidal wave of new compliance requirements, their clients and investors needed field solutions more than ever. Joe Bada began to realize it was time to bring in the next generation of the family. “When my dad turned 85 in 2014, we were still on the recovery track from the recession in a lot of ways,” Kalas said. “He realized that things were going to continue to be different in the industry. He was going to need some help.” The siblings decided Kalas would be the one to train in the business, spending part of her time at Five Brothers and part of her time at the dental practice. Stretched thin, the family decided Kalas would leave the practice she ran with her sister to work full-time at Five Brothers. “You cannot be as effective as you want to be when you are trying to do two full-time jobs part-time,” Kalas said bluntly. “We had to decide where it was more important I spend my time. What we did know was that Five Brothers had to be a priority. We had—and still have—a lot of employees relying on our business to support their families. That is how I ultimately came on with Five Brothers full-time. Those employees are our family.” Treating Life and Business as a Journey Many people might have struggled with stepping into a learning role at a family company, but Kalas thrived at Five Brothers, which she knew from the start was going to be her new and permanent location. “This is a business that requires all hands on deck. After my first year in the business, I knew it was going to be my home,” she said. “When you are running a business with this many people involved, you quickly understand the responsibility that goes along with running that business. You can’t take anything lightly.” That mindset has served the company well for more than 50 years, enabling it to weather multiple economic cycles and, at present, continue operations during an ongoing global pandemic. “When the pandemic hit, we moved very quickly to protect our employees and our clients. Everyone moved to remote work. We got ready to help our clients deal with moratoriums on evictions and foreclosures and help them weather the storm,” Kalas said. “We’re all in the same boat, and we are making our best decisions based on the best information available.” Because she entered the business with relatively “fresh” eyes after planning and training for a career in dentistry, Kalas has a uniquely effective manner of communicating about tough decisions and changing regulatory environments. She is clear, concise, and honest about her relatively short tenure in the business. In fact, she says, that new, somewhat unusual perspective can be an advantage. “I always say that if I understand what we are doing or trying to accomplish on a large or small scale, anyone can. I don’t think it is ever easy to have someone come into a business fresh like I did and learn on the job, but everyone was so supportive of that process,” she recalled. These days, Kalas brings a combination of that learner’s attitude and a trained-on-site mentality to tough challenges like meeting client expectations in one of the toughest servicing environments in history. As public health intersects with real estate and housing policy in unprecedented ways, investors must have confidence in their servicing and field services providers, because so much of the industry spent 2020 in a holding pattern while politicians and health providers tried to work out the best way to “stop the spread” without devastating the economy in the process. “We had to make quick decisions in order to provide the best benefit to our clients,” Kalas explained. “We pride ourselves on our level of integrity, and that integrity has provided us with a level of flexibility when it comes to conforming to what specific clients need.” This flexibility has served Five Brothers clients and vendors well, providing the former with a relative degree of peace of mind and keeping the latter actively working in the field wherever health policy permits. “Dealing with COVID is a real, daily thing for these vendors,” Kalas said. “They have to keep their crews healthy, handle quarantines, and keep projects on schedule. On top of all that, when the moratoriums expire, they are going to have a substantial uptick in volume to deal with.” Kalas insists Five Brothers keep in close, consistent contact with vendors to make sure they are ready for anything in 2021, and the company does the same thing with employees and clients. A Firm Foundation for Future Opportunity That close contact has been and will continue to be essential in 2021 and beyond when the predicted uptick manifests. “We believe we are about to see some big numbers in terms of foreclosures, initiations of foreclosures, evictions, and defaults,” Kalas

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Design Tips: Accent Walls

Renovating a Room With Just a Little Bit of Work by Alyssa Sprague Accent walls have become an increasingly popular way to give your home a unique and personal touch. And they can be designed to renovate any space or style. The walls can range from varying levels of difficulty as well, making it a perfect homeowner DIY project that elevates a room to a more upscale feel that fits into any budget. The designs homeowners use can be individually tailored from subtle to bold. So, if you are not quite ready to take a big leap, you can always start small and add into it as your style changes! The easiest way to add an accent wall is as simple as applying a coat of paint. Paint one wall in a room a different color and consider using a different finish on the paint to really make it stand out. This color can be just a couple shades darker (or lighter) than the remaining walls in the room. Or you can go as far as using a bright bold color like yellow to brighten the space and make the room feel bigger. Since an accent wall is meant to be different, consider using a dark color like navy blue or black on a single wall. When combined with lighter colors through the rest of the room, a dark accent wall can add depth without overpowering the entire room. While wallpapering your entire home (or a whole room) is definitely a thing of the past, homeowners have been impressed by the ability of a single wall of wallpaper used as an accent wall. The right wallpaper will give a space a more interesting design without having to fill the wall with décor. Especially with a temporary wallpaper (no long-term commitment) that can be easily removed, this is a huge opportunity to add in personal touches with a design that could be subtle or quirky—completely dependent on your personality! If you are looking to take on a bigger project, there are many ways to personally design and create an accent wall using varying wood materials— reclaimed wood, shiplap, or even using 1″x2″s to give a textured design without using paneling. While this will be more time consuming, with additional planning the final product is more than worthwhile. This type of project also allows for many pattern options: square/rectangle, herringbone, or even any pattern you create yourself! The wood design will naturally add more texture to the wall and painting it semi-gloss white can give it the same feel as upgraded chair rail or wainscoting. You can also consider painting this designed wall a bold color! When combined with a bold color, the wall will really pop and have a more glamorous outcome. Overall, adding an accent wall to your space can completely renovate the room with just a little bit of work! This will make the room have more dimension—whether it be your bedroom, living room, or dining room. The possibilities are endless! 

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The Single-Family Rental Market Has Become a Search for Supply

Investors Are Exploring New Ways to Expand Supply by Greg Godderidge The durability and stability of the Single-Family Rental (SFR) market is one of the few real estate investment bright spots of the past year. If the 2020 trend continues, the SFR asset class is positioned to be one of the biggest stories of 2021. With the backdrop of a national housing supply/demand imbalance, the SFR growth trend is so strong that a new Build-to-Rent (BTR) micro-SFR market has been created by enterprising and forward-looking market participants for the purposes of creating additional rental housing stock. Build-to-Rent single-family homes coupled with traditional single-family properties are forming the backbone for a vibrant SFR industry. What is driving this demand for tenants, builders, and investors? And is there a role for evaluation service providers? According to the Census Bureau, occupancy rates across all single-family rentals averaged 95.3 percent in the third quarter of 2020, holding steady from the second quarter, following a 100-basis points spike from the first quarter. That is the highest reading for the SFR market since 1994. From their 2007 lows, occupancy rates for all SFR properties are up by 5.6 percent. What’s driving occupancy rates skyward is a combination of relentless demand and evaporating supply. Increasing numbers of Millennials have been fueling demand as they have formed families and moved out of multifamily properties. The COVID crisis accelerated demand for SFR properties as tenants have moved from cities in search of more indoor and outdoor space. At the same time the traditional sources of rental property inventory have dried up. Foreclosures are on hold nationwide, retirees who are usually looking to downsize are staying put during the pandemic, and it is getting increasingly difficult to find mom-and-pop property owners seeking to sell. Creating New Supply Together, those pressures have spurred home builders to create additional supply. Build-to-rent properties have been on an upward trend for the last two decades but have skyrocketed in the past year. There were more than 14,000 BTR starts in the third quarter of 2020, representing a 27 percent pop over the previous year, according to the National Association of Home Builders. Investors have taken notice, attracted not only to the steady cash flow of rental properties but also its stability. The most attractive element is opportunity. The SFR market is still small and fragmented with the 20 biggest single-family rental operators controlling only about 300,000 units. That leaves roughly 16 million rental units nationwide that have not yet been aggregated and securitized. Expansion into this vast untapped sector of the market is dependent on the ability to review and evaluate properties at scale. This has been a challenge during a public health crisis when in-person and on-site inspections are limited. Radian offers a range of services to facilitate securitization of SFR and BTR properties. Our collateral review and validation services include a thorough review and validation of sponsor and/or borrower data, property documentation and loan files. This is especially important for large institutional investors. In fact, we have served as diligence agent for every institutional SFR securitization transaction to date. Professional due diligence services allow buyers to have more control over their acquisitions and at the same time give lenders an extra level of confidence in the quality of the transactions they underwrite. SFR Market Being Driven to New Heights Currently, approximately only 6 percent of new single-family homes are purpose-BTR, which should contribute about 700,000 new units over the next 10 years. That is not nearly enough to meet demand, says real estate advisor RCLCO. Based on current trends, RCLCO believes the SFR market will likely be undersupplied over the next decade, despite the increased attention the segment is currently receiving. A historic confluence of economic, demographic, and public health trends is driving the SFR market to new heights. As the market matures and earns more recognition as its own asset class, new investors including institutional players, will explore new ways to expand supply, either by aggregating existing properties or building new ones. One prediction seems certain: The industry will continue to rely on professional collateral review and diligence services to make that search for supply more profitable.

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Charlotte, North Carolina

Queen City Real Estate Ramps Up in 2021 by Carole VanSickle Ellis Charlotte, North Carolina, is probably best known for banking. Despite trailing 21 other U.S. cities in size and falling firmly into the “second-tier” or 18-hour city categories in economic parlance, the Queen City is the second-largest banking center in the United States (behind only New York City) and has been successfully luring major employers, including Fortune 500 behemoths like Honeywell, into the metro area for years. The results of this dedicated, pro-business approach in Charlotte kept the local economy on solid ground during much of the 2020 COVID-19 lockdowns and appear quite likely to solidify the city’s standing as a thriving, recession-insulated market in 2021. “Charlotte is a hot market for investors whether they want to renovate and flip, buy to hold and rent, or invest in multifamily properties,” said Marco Santarelli, founder and CEO of Norada Real Estate Investments. “Even with the short-term impact of the ongoing global pandemic that impeded real estate sales activity in the entire nation, in the long term, the Charlotte real estate market remains strong.” Santarelli added he expects housing demand in Charlotte to continue to outpace supply thanks to strong demographic momentum as young professionals move to the area for work, a high quality of life, relatively affordable cost of living, and a wave of conscientious redevelopment. A Near-Perfect Combination for Sustained Growth The Charlotte metro boasts the unique combination of being an attractive place to live, an attractive place to work, an attractive place to start or own a business, and an attractive place to retire. This is likely why Charlotte has grown faster over the past year than almost every U.S. city (trailing only Phoenix, San Antonio, Fort Worth, and Seattle). The Charlotte housing market ranked ninth on PriceWaterhouseCooper’s “U.S. Markets to Watch in 2019” and fifth in 2020 on Forbes’ list of “Best Cities for Jobs”. 2020 also brought more accolades from U.S. News & World Report, including a sixth-place spot on the “Best Places to Live” list and a 23rd-place ranking on the “Best Places to Retire” list. Both of these rankings represent significant leaps upward, 14 spots and nine spots, respectively. “At the top of this year’s Best Places to Live rankings, we see a combination of metro areas that…offer a balance between cost and quality of living,” explained Devon Thorsby, real estate editor at U.S. News & World Report. Regarding the city’s sixth-place ranking on her publication’s “25 Best Places for Young Professionals” list, Thorsby cited competitive annual salaries, the city’s growing population, and “new construction in the area” including more stores and restaurants “attracting downtown visitors” as attractions for the city’s burgeoning millennial population. Investors should note that although the ongoing COVID-19 global pandemic and associated health policies have affected Charlotte’s retail and restaurant scene, the city has made notable efforts to keep retail and restaurants open, albeit at limited capacity. The state remained at a state-delineated “phase 3” level of operation and imposed and extended a statewide curfew from 10 p.m. to 5 a.m. for multiple months. “I think [Governor Roy Cooper] is doing everything in his power not to shut us down,” said one Charlotte restaurant owner after Cooper extended phase 3 restrictions for a third time at the end of December 2020. The owner admitted gross revenues are down for his restaurant by 30 percent since he reopened in June 2020, but noted that weekends have been especially busy since he reopened. Charlotte’s relatively short winter season and humid, subtropical climate are conducive to outdoor eating and entertainment, a boon during a period when consumers are encouraged to socially distance and gather outside or not at all. Strong Fundamentals in the Queen City Although North Carolina was historically known for tobacco and textiles, Charlotte has been a force to be reckoned with in the financial and banking industries for years. Bank of America has been headquartered in the Queen City since 1998, when NationsBank and BankAmerica merged to form today’s BOA (see sidebar). Thanks to low taxes, pleasant weather, and what FIG Partners bank analyst Christopher Marinac describes as “progressive banking culture,” Charlotte is now home to Wells Fargo and Bank of America headquarters. BB&T and Suntrust (now Truist) moved their combined headquarters to the city in 2020. “Banking really is an ecosystem,” Marinac noted. “You see it in Charlotte pretty clearly.” Wells Fargo head of digital business development, Jonathan Hartsell, cited his bank’s presence in Charlotte as, in part, the result of a decision to work together with other banking institutions to “have a bigger impact”. He explained, “Growing fintech talent and resources within the region benefits all of us as we seek to accelerate innovation in our industry.” With more than two decades of major banking activity and a growing presence in the biotechnology, energy, and information technology (IT) sectors, Charlotte is perfectly positioned for 2021. While other areas of the country lost employers, jobs, and population, Charlotte welcomed two new Fortune 500 companies (Honeywell and Truist), retained 18 Fortune 1000 companies in the area, kept unemployment in the mid-range single digits (between 6 and 7 percent), and ranked 7th on SmartAssets’s “Best Cities to Work from Home” list. Even prior to the pandemic, Charlotte already was attracting companies and residents who valued the ability to work productively from home, making it an extremely attractive market in the pandemic and post-pandemic economies. The Charlotte economy is rounded out with a variety of other sectors, including energy-oriented industries that have earned the city the nickname, “The New Energy Capital”. Charlotte also serves as a major distribution hub for the east coast and is home to the NASCAR Hall of Fame. Although NASCAR’s corporate headquarters are located in Daytona Beach, Florida, nine in 10 NASCAR teams operate within 75 miles of Charlotte. Dedicated Support for Local Employers Large & Small Charlotte’s determined support of local businesses, both large and small, has played a huge role in the city’s ability to

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Paving the Way for Investor Success

DLP’s Company Culture Creates Laser Focus on Productivity & Returns by Carole VanSickle Ellis After Don Wenner, founder and CEO of DLP Real Estate Capital, attended his eighth-grade career day, he plotted his career path as a financial advisor based on a salary chart that showed financial advisors made more money than doctors, lawyers, and accountants. “I was good at math, entrepreneurial, and driven. I thought, ‘Hey, I could do really well at that,’” Wenner recalled. As it turned out, he was right, but the journey ultimately led him to something much bigger than financial advisory. Instead, he became the founder and CEO of a multifaceted organization dedicated to “leading and inspiring the building of wealth and prosperity through the execution of innovative real estate solutions,” the DLP family of companies. Before Wenner could imagine and ultimately found DLP, however, he had to encounter the vast potential of real estate investing firsthand. This happened thanks to a surprising series of events. Throughout college, he worked at big firms like BlackRock and McGladrey & Pullen [now RSM] and waited tables on the weekends. One evening, a frequent patron of the restaurant, Nathan Robinson, recruited him to sell alarm systems. “He convinced me that if I came to work for him, I would make $2,000 per week. At 19 years old, that sounded really great,” Wenner recalled. His first weekend, he earned more than twice that, and the numbers climbed from there. Soon, Robinson, who was also a real estate agent at Keller Williams, had recruited Wenner to sell real estate as well. “I was still determined to become a financial advisor, but I quickly obtained my real estate license,” Wenner said. By October 2006, the young financial advisor was applying his practical, pragmatic strategies to the housing market, using a guaranteed sales program that would be the template for many of the numerous, similar programs agents often offer today. “From day one as a real estate agent, my message was, ‘Your home sold in 68 days, guaranteed, or I will buy it,” Wenner said. It was the peak of the real estate market, and his message was a perfect fit for the times. Wenner developed a lifelong love of real estate, a deep-seated passion for helping people invest in real estate both as a personal home and as an investment vehicle, and a firmly grounded belief in the importance of having a clear plan and vision. “If you can see it, you can do it, as long as you have the vision, a plan, and disciplined people [ready to take] action,” he explained. Today, Wenner is the founder and CEO of DLP Real Estate Capital, the parent company of a family of DLP companies specializing in investment housing funding (DLP Lending), innovation solutions for homebuyers and sellers (DLP Realty), property, asset, and construction management (DLP Real Estate Management), loan servicing (Alliance Servicing), and title services (Alliance Property Transfer). Jumping in with both feet when the market was at its height taught Wenner another lesson he would never forget: A company only grows when its people and its culture are in harmony. “I always wanted to hire people who were hardworking, willing to wear many hats, tended to be driven and curious, and who had ‘can-do’ attitudes,” Wenner explained. His first employee, a part-time assistant, is still with the company, and so are many others who came to work with DLP in those early years. “I always hire people who understand how the organization operates and who are willing to support our culture,” Wenner explained. “That is why so many from my original team are still with us today.” A Foundation in Learning, Self-Improvement & Growth Part of understanding the company culture involves understanding and embracing Wenner’s 10 core values—and being excited about participating in a workplace that embraces each of these multifaceted goals and characteristics in an industry that conventionally recommends keeping the core values at three or fewer. “We started with six, which is arguably too many according to some people, but over the years we just had to add four more,” Wenner laughed. “We evaluate them every year to make sure they are representative of us, and they really are the values that drive our organization.” Those core values (see sidebar) drive every aspect of DLP’s organization and form the foundation of a company that has grown exponentially since its founding. “I understood from very early on that there is only so much that one person can do and took steps from the beginning to bring on great people with incredible skill sets to help me build and expand what became the DLP family of businesses,” said Wenner. “I never wanted to be a ‘time-teller’ who was always personally needed when a challenge arose in my business. I wanted to be a clock-builder, investing in leaders and organizations that would take control and ownership within DLP.” The expansion of DLP was fast and, Wenner says, organic. As the housing market headed into a full-blown crash in 2007 and 2008, Wenner’s sell-your-home-guaranteed program took off. As he began buying and holding his own real estate during that time, other investors began asking how they could be involved and build their own portfolios. “Things moved fast from there,” Wenner said. By 2012, DLP had a real estate portfolio, was building a management company, running a construction company, and starting a brokerage. “We were investing capital, buying and flipping homes and apartment communities, and beginning to raise capital,” Wenner recalled. “That was the most challenging part of all.” By 2014, however, his reputation for solid, dependable, and impressive returns and asset management had taken hold and the company was thriving. In fact, in the first eight years in operation, DLP grew its annual revenues by at least 60 percent, Wenner said. That consistent, significant growth indicated to him that it was time for the next step. “We started to think about where we wanted to go next, and we decided to

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