The market's been flooded with REOs, and banks are struggling to get these properties off their books and back into the hands of responsible homeowners. According to Field Asset Services, the answer to moving these properties faster is simple - with some pretty standard repairs, such as fresh paint and updated appliances, the company's independent market study found that lenders can cut more than two-thirds off the length of the sales cycle.

Income and expense data released by the Federal Reserve this week shows the central bank is earning a pretty penny from its investments in mortgage securities. The Fed began buying mortgage bonds from Fannie Mae, Freddie Mac, and Ginnie Mae in November of 2008 to help prop up the nation's deteriorating mortgage markets. In 2009, Fed officials reported that these efforts, combined with its purchases of Treasury securities, yielded a $46.1 billion profit. In 2010, earnings on those investments jumped to $76.2 billion.

Mortgage rates retreated this week, marking the second week in a row they've headed lower. Interest rates began a sharp ascension in early November, and experts have warned that the trend is likely to continue. The recent change of pace was attributed to last Friday's jobs report, which was weaker than market forecasts. Freddie Mac says 30-year rates this week dropped to 4.71 percent while 15-year rates fell to 4.08 percent. Bankrate says the larger jumbo 30-year fixed rate edged down to 5.57 percent.

Cyprexx Services LLC has a new online look. The Florida-based default and REO field services firm has just launched a completely redesigned Web site and Web portal. The new layout offers improved navigation features and provides both clients and vendors an easier-to-read site. In addition to offering more information about new releases and updates to the company's technology platform, the new login panel provides users with special enhancements that include an improved property search page to return results faster.

Lenders repossessed 1,050,500 homes last year, according to the 2010 end-of-year foreclosure report from RealtyTrac. The annual figure marks a record-high number of new bank-owned properties tracked by the company. The 2010 tally is up 14 percent from the previous year, when banks seized 918,376 homes. While the number of homes taken back by lenders jumped by more than 130,000 from 2009 to 2010, RealtyTrac's data show the number of default filings declined by 20 percent over the same period.

The Federal Reserve published its latest edition of the popular Beige Book Wednesday. Based on information received from contacts in the field, the central bank says economic activity across the country ""continued to expand moderately"" during the last part of 2010 with steady improvements seen in labor markets. However, the real estate sector, and residential housing in particular, continues to be a significant hurdle for the economic recovery, with local housing markets characterized as ""sluggish.""

Financial Asset Services, Inc. (FAS) recently announced that it has been recognized by the National Women Business Owners Corporation (NWBOC) as a member and has been granted its Woman Business Enterprise Certification (WBE). Financial Asset Services has provided property disposition and valuation services for mortgage companies and financial institutions for more than 30 years.

Claims Recovery Financial Services, LLC (CRFS) has announced the appointment of two new assistant vice presidents (AVPs). The company has promoted Sean Snook to AVP of conventional claims and Anthony Di Staulo to AVP of client relations and marketing. Claims Recovery Financial Services was founded in 2002 to deliver post-foreclosure claim processing management solutions to the mortgage industry. The company says its products are designed to maximize the recovery of financial advancements as a result of servicing a mortgage loan.

The number of mortgage applications filed by consumers rose last week as interest rates eased and more homeowners moved to refinance their home loans. According to data released by the Mortgage Bankers Association (MBA) Wednesday, total mortgage loan application volume increased 2.2 percent for the week ending January 7, 2011, when compared to the previous week. It marked the second week in a row that application volume has climbed as MBA's index hit its highest level in nearly a month.

As the backlog of foreclosures continues to drive down housing prices, losses on private-label residential mortgage backed securities (RMBS) will increase in 2011, according to Moody's. The forecast for more red ink seeping from home loans sold to investors comes despite the fact that the agency believes the rate at which loans become delinquent will decline during the year. Moody's expects flaws in foreclosure practices that have recently come to light to delay foreclosures by three to six months, further extending the window of losses for investors.