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real estate-owned (REO)

Chad Mosley Named SVP of Business Development for Mortgage Contracting Services


Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation, inspections and real estate-owned (REO) property maintenance to the financial services industry, has announced the promotion of Chad Mosley to senior vice president of business development. Mosley has played a key role in MCS’ sales efforts and customer relationship management and retention, while taking on the oversight of corporate marketing efforts.Click to continue

Nearly 25 Percent of Q2 Nationwide Home Sales Were Foreclosures


RealtyTrac has released its Q2 2012 U.S. Foreclosure Sales Report, which shows that sales of homes that were in some stage of foreclosure, or real estate-owned (REO) or bank-owned accounted for 23 percent of all U.S. residential sales during the second quarter—up from 22 percent of all sales in the first quarter and up from 19 percent of all sales in the second quarter of 2011.Click to continue

Commercial and Multifamily Mortgage Delinquency Rates Continue to Decline

Commercial Property Photo

Commercial and multifamily mortgage delinquency rates continued to drop for banks and rise for commercial mortgage-backed securities (CMBS) during the second quarter of 2012. Delinquency rates also declined for Fannie Mae during the second quarter, and increased by 0.01 percentage points for life companies and 0.04 percentage points for Freddie Mac according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.Click to continue

Equator Launches Short Sale- and REO-Specific Training


Equator has launched its Servicer Specific Training program to enable mortgage servicers to train real estate agents on their exact short sale and REO sale processes and standards. The program is provided through Equator’s EQ Platform and can be customized to each servicer’s unique requirements, thereby enhancing compliance, performance and borrower experience—all based on the servicer’s specific needs and objectives.Click to continue

Equifax: Consumers Improving Their Credit Management Through Refis

Refi Money/Credit: Creatas

Delinquency rates across home, auto and credit card finance accounts have demonstrated double-digit percentage declines from July 2011-2012, according to Equifax's monthly National Consumer Credit Trends Report. In descending order, notable year-over-year dollar-based declines include ...


►Auto loan 60-day plus delinquency rates declined 35%

►Consumer finance 60-day plus delinquency rates declined 23%

►Bank credit card 60-day plus delinquency rates declined 21%Click to continue

LPS Forms Data Exchange Partnership With RentRange


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

Home Appraisal

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


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


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

Shadow Home/Credit: Comstock

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