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Home | Author Archives: Carrie Bay

Decline in Foreclosures Outpaces Decline in Loan Modifications

Mortgage Debt Relief

*+-An estimated 44,000 homeowners received permanent loan modifications from mortgage servicers during the month of November under both proprietary servicer programs and the government’s Home Affordable Modification Program (HAMP), HOPE NOW reports. While that total represents a 12 percent decrease from the 50,000 loan mods completed in October, the most recent data show a steeper 20 percent decline in foreclosure sales and a 17 percent decline in foreclosure starts between October and November.

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Berkshire Hills Completes Acquisition of BofA Branches in Central New York

deal closed, agreement, acquisition

*+-Berkshire Hills Bancorp, Inc., announced Tuesday that its banking subsidiary, Berkshire Bank, has completed the previously announced acquisition of 20 retail bank locations from Bank of America, effective January 17, 2014. As a result of the transaction, Berkshire acquired approximately $450 million in deposits and $4 million in loans as of January 14, 2014, bringing the total number of branches in Berkshire's footprint to 91 across New England and New York.

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IDS Names Next VP of Business Development

Movers & Shakers, people

*+-Mortgage document preparation vendor International Document Services, Inc. (IDS), in Salt Lake City, Utah, has hired Daniel Miller as VP of business development. With nearly 20 years’ experience in sales, Miller is responsible for overseeing IDS’ various partner integrations and new customer implementations, in addition to managing and growing sales in the western part of the United States.

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Stewart Continues Expansion of Capital Markets Group with Hiring of New Director

Movers & Shakers, people, Stewart Lender Services

*+-Stewart Lender Services hired John Desmond as director of regulatory compliance, capital markets. Desmond is responsible for overseeing the compliance and regulatory aspects of operations within Stewart’s capital markets group. Desmond has more than 19 years’ mortgage experience with a particular focus on origination operations and origination-related compliance. He has an additional five years’ legal experience in commercial litigation, corporate finance, and secured transactions.

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DocMagic Addresses Compliance Woes Related to ECOA Valuation Rule

ECOA rule, technology, valuation

*+-DocMagic, Inc., says it has a variety of solutions available that support lenders' compliance with the ECOA Valuation Rule, no matter what the lender's business rules are. Under the ECOA Valuation Rule, a creditor must provide an applicant with a copy of the appraisal and other written valuations upon completion, or three business days prior to consummation of the transaction, whichever is earlier.

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Pite Duncan Adds New Partner

*+-Pite Duncan, LLP, announced the promotion of Christopher Peterson to partner. Peterson joined Pite Duncan in 2009 and has been working as a senior associate attorney in the firm's litigation group. He has over 12 years’ legal experience in civil litigation.

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Judicious Property Manager Needed

DSN-Judicious

*+-Amid budget cuts and promises to eliminate waste, the government is bleeding billions to maintain and secure vacant, underutilized federally owned properties. Special Print Feature, originally appeared in the April 2013 issue of DS News Magazine.

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Miami Real Estate Agents Sentenced in Multimillion-Dollar Fraud

*+-Two former Miami real estate agents were sentenced Thursday for their roles in a $2.4 million mortgage fraud scheme. The Justice Department announced that Jose Filgueiras, 43, was found guilty of three counts of bank fraud. He was sentenced by a U.S. district judge to serve 57 months in prison. His wife, Raquel Filgueiras, 39, was found guilty of one count of bank fraud and sentenced to 30 months in prison.

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California AG Busts Statewide, Multi-Million Dollar Housing Scheme

*+-California officials on Wednesday arrested five individuals who allegedly ran a statewide housing scheme involving the fraudulent seizure of at least 23 homes in nine counties. Allegedly, since 2006, the group--which includes two attorneys and one individual who remains at large--unlawfully used the state's adverse possession laws to obtain titles on properties they had identified as abandoned.

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