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real estate-owned (REO)

Rushmore Loan Management to Expand Into Puerto Rico

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Rushmore Loan Management Services LLC has announced plans to extend its specialty residential loan servicing platform to Puerto Rico. The company will open a new branch in San Juan, Puerto Rico, which will be fully operational by Nov. 1, 2014. According to Rushmore CEO Terry Smith, Rushmore will immediately begin servicing approximately 4,000 residential loans and real estate-owned (REO) properties when the branch office opens in November.Click to continue

Cash Sales Account for Nearly 35 Percent of May Home Purchases

House Atop Money/Credit: Creatas

Cash sales comprised 34.4 percent of total home sales in May 2014, according to CoreLogic, the lowest share since May 2010, and down from 37.4 percent from the same month a year ago. While the cash sales share also fell from the 36.9 percent reported in April 2014, cash sales share comparisons should be made on a year-over-year basis due to the seasonal nature of the housing market. The share has fallen on a year-over-year basis each month since January 2013.Click to continue

Foreclosure Inventory Found to be Significantly Higher in Judicial States

Black Gavel Pic/Credit: Brand X Pictures

The Data and Analytics division of Black Knight Financial Services (BKFS) has released its latest Mortgage Monitor Report, looking at data as of the end of June 2014. An analysis of the month's mortgage performance data showed that the nation's inventory of loans in foreclosure is disproportionately distributed in states with judicial foreclosure processes.Click to continue

The Viability of GSE Recapitalization

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During a recent National Housing Conference Annual Policy Symposium in Washington, D.C., Treasury Undersecretary Mary Miller discussed the uncertain future of the government-sponsored entities (GSEs). She also covered the basics of the post-economic disaster and its meager, slow-moving recovery.Click to continue

More Than 500,000 REO Properties Sold by VRM Mortgage Services

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VRM Mortgage Services has announced that it has listed, managed and sold more than 500,000 real estate-owned (REO) properties since the company was founded eight years ago. According to company officials, the volume is more than any other asset management outsourcer over the same period and a result of the company’s emphasis on supporting local communities and preserving property values.Click to continue

LRES Takes Assembly Line Approach to REO Management

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LRES has announced its new real estate-owned (REO) operating model to increase efficiency and accommodate the influx of new clients with portfolios of assets in various stages of the foreclosure process. An assembly line operational system was developed to enable task managers to handle each stage of the life of the property from beginning to end. Previously, LRES employed the more traditional system whereby a single asset manager handled the entire servicing process.Click to continue

Monthly Foreclosure Activity Rises Eight Percent in January

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RealtyTrac has released its U.S. Foreclosure Market Report for January 2014, which shows foreclosure filings were reported on 124,419 U.S. properties in January an eight percent increase from December but still down 18 percent from January 2013. The report also shows one in every 1,058 U.S. housing units had a foreclosure filing during the month.Click to continue

CoreLogic: Annual Home Price Growth Strongest Since 2005

Home Equity/Credit: Comstock

CoreLogic has released its December CoreLogic Home Price Index (HPI) report which found that year-over-year, home prices nationwide, including distressed sales, increased 11 percent in December 2013 compared to December 2012. This change represents the 22nd consecutive monthly year-over-year increase in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, decreased by 0.1 percent in December 2013 compared to November 2013.Click to continue

Siomara Barboza Joins Inlanta Mortgage's Illinois Branch

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Inlanta Mortgage has announced the addition of Siomara Barboza to the origination team in Oak Brook, Ill. Barboza is a bi-lingual loan originator who specializes in helping Hispanic homebuyers with their financing needs. Barboza began her career in the mortgage industry a year after graduating from the University of Illinois in Chicago in 2002. She began as an assistant to the top producer, while being the only Spanish speaker in the office and assisting with all the Hispanic clientele. After a couple of years of learning the ropes, she branched out on her own.Click to continue

DataQuick: Housing Growth Slows in December

For Sale/Credit: Stockbyte

DataQuick has reported that both home sales and home price numbers slowed in many areas across the country in December. After months of increased home price growth across all 42 reporting markets in DataQuick’s monthly Property Intelligence Report (PIR), prices leveled off in many areas last month and even declined in four reporting counties—Cuyahoga, Ohio, Queens and Suffolk, N.Y., and Fairfield, Conn.Click to continue