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real estate-owned (REO)

LPS Forms Data Exchange Partnership With RentRange

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Lender Processing Services Inc. (LPS) has announced an agreement with RentRange to offer rental property income data to mortgage servicers, investors and others in need of reliable rental market intelligence to make informed decisions related to distressed housing assets. With many servicers contemplating rental programs for their acquired assets, LPS will now provide RentRange reports to clients seeking accurate rent estimates for these real estate-owned (REO) properties and to investors and others wanting established values for properties based on their rental income potential.Click to continue

Using an REO AVM in Conjunction with an Inspection Report

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As stated in previous ValueNation columns, a reputable real estate-owned (REO) automated valuation model (AVM) is a great way for servicers and lenders to monitor valuation ranges for default properties in order to minimize loss severity and mitigate underselling. It is one of three widely recognized approaches for determining property value, with the other methods being an appraisal or broker price opinion (BPO). While all three are trusted methods, the REO AVM has proven to be objective and the least expensive.Click to continue

WFG Adds Two to Its Default Services Group

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WFG National Title Insurance Company has announced the addition of Steven Dunsmore and Dean Kirchen to manage its default services group. Dunsmore will serve as senior vice president, title operations manager-default services for both WFG National Title and WFG Title Insurance Company. In that role, he will work with Kirchen to oversee the day to day operations and development of the group’s default services operation. He comes to WFG National Title with 30-plus years of industry experience, 29 of which were spent as SVP with one of the nation’s largest title underwriters.Click to continue

Foreclosure Activity Drops Three Percent Nationwide in July

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RealtyTrac has released its U.S. Foreclosure Market Report for July 2012, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 191,925 U.S. properties in July, a decrease of three percent from the previous month and a decrease of 10 percent from July 2011. The report also shows one in every 686 U.S. housing units with a foreclosure filing during the month.Click to continue

Freddie Mac: Housing Recovery May be Coming Out of the Shadows

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Freddie Mac has released its U.S. Economic and Housing Market Outlook for August showing why shadow inventory might not be as foreboding as many thought and an important reason why is the rate at which excess housing is being absorbed. The Freddie Mac House Price Index for the U.S. showed a 4.8 percent gain from March to June 2012, the largest quarterly pickup in eight years; the national index posted a June-to-June rise of one percent, the largest annual appreciation since November 2006.Click to continue

Home Sale Prices See 1.3 Percent Monthly Climb in June

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CoreLogic has released its June Home Price Index (HPI) report which found that home prices nationwide, including distressed sales, increased on a year-over-year basis by 2.5 percent in June 2012 compared to June 2011. On a month-over-month basis, including distressed sales, home prices increased by 1.3 percent in June 2012 compared to May 2012. The June 2012 figures mark the fourth consecutive increase in home prices nationally on both a year-over-year and month-over-month basis.Click to continue

Mortgage Contracting Services Expands Its Texas Operations

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Mortgage Contracting Services LLC (MCS), a provider of property preservation, inspections and real estate-owned (REO) property maintenance to the financial services industry, has announced the expansion of its office in Plano, Texas. Presently at more than 30,000-square feet, MCS is adding more than 15,000-square feet to the second floor of its current office. The expansion is complete and hiring to fill those new positions has already begun.Click to continue

HUD Accepting Apps for the Purchase of Former FHA-Insured Distressed Loans Pools

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Qualified entities interested in purchasing pools of severely distressed loans formerly insured by the Federal Housing Administration (FHA) can now submit applications for the Distressed Asset Stabilization Program, an expansion of an FHA disposition program that sells pools of defaulted mortgages headed for foreclosure and provides the opportunity for the purchaser and borrower to avoid a costly foreclosure.Click to continue

U.S. Foreclosures Rise Two Percent in Q2

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RealtyTrac has released its Mid-Year 2012 Foreclosure Market Report, which shows a total of 1,045,801 U.S. properties with foreclosure filings—default notices, auction sale notices and bank repossessions—in the first half of 2012, a two percent increase from the previous six months, but still down 11 percent from the first half of 2011. The report also shows that 0.79 percent of all U.S. housing units (one in 126) had at least one foreclosure filing in the first six months of the year.Click to continue

The REO AVM as Compared to Other Valuation Methods

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In my May 2012 ValueNation column, I noted that while we are seeing the housing market start to level out, there are still a significant number of properties in default or foreclosure. These nearly six million properties pose a big challenge to a complete housing recovery. Accurate valuations are essential to moving these properties off the market quickly while maximizing returns.Click to continue