Third-party investors are much faster at reselling foreclosures than banks, according to the tracking firm ForeclosureRadar. It keeps close tabs on foreclosure activity in states along the country's western seaboard, and the company says one market dynamic that's consistent throughout the area is that investors are moving foreclosed homes at a more rapid pace than lenders who take possession of REOs. For example, California banks on average take 104 days longer to dispose of REOs than third-party investors do to resell their distressed assets.

Claims Recovery Financial Services, LLC (CRFS), a nationwide provider of post-foreclosure claim processing management solutions, announced this week that it has begun offering a host of consulting and training services to educate, inform, and assist lenders, mortgage service companies, and financial institutions. The company says the inclusion of consulting services is a direct response to the significant turmoil within the mortgage industry that has forced lenders to bring on new personnel and provide additional training to existing staff.

Turbulent financial markets served to push mortgage interest rates to new lows this week. Despite the much-ballyhooed downgrade by S&P, investors made a run on Treasuries to send yields plummeting, and the Federal Reserve pledged to keep a key interest rate near zero for two years. Both had a profound effect on mortgage rate trajectories. Freddie Mac puts the 30-year fixed rate at 4.32 percent, a new low for 2011, with the 15-year fixed and adjustable-rate mortgages setting all-time record lows.

The Law Offices of Marshall C. Watson, P.A., a Fort Lauderdale, Florida-based provider of legal services to mortgage lenders and servicers, recently announced that former Broward Chief Circuit Judge Victor Tobin has joined the firm as general counsel. Tobin will oversee the attorneys and ensure best practices are followed and foreclosure procedures are enhanced, according to the firm.

The Nevada legislature has set an October 1 effective date for a new law aimed at dissuading homeowners facing foreclosure from vandalizing the property. The law ""prohibits the destruction of real property that is subject to foreclosure with the intent to defraud."" A person who intentionally removes, conceals, or destroys any real property and causes the secured party or lender to suffer a financial loss as a result is guilty of a misdemeanor crime.

The Hopp Law Firm, a regional provider of commercial and creditor legal services, recently announced that C. Kent Jolliff has joined its legal team. Jolliff will be based out of the firm's Little Rock, Arkansas office, and will serve as general counsel to the firm and collections group chair, oversee the collection and transportation practices on a daily basis. With over 28 years' experience, his background covers a range of regulatory and compliance matters in creditor's rights, real estate, mortgage banking, mortgage servicing, foreclosures, and litigation.

Foreclosure activity has fallen to its lowest level in over three-and-a-half years, according to RealtyTrac. The company released its July foreclosure market report on Thursday, which showed a 4 percent decline in filings from the previous month and a drop of 35 percent when compared to July 2010. The company says while the string of declines was initially triggered by the robo-signing controversy back in October 2010, the downward trend in foreclosure activity ""has now taken on a life of its own.""

Quality Mortgage Services (QMS) provides mortgage quality assurance and mortgage compliance solutions nationwide, and the company says it's able to perform foreclosure audits for any servicers that need or what a retrospective review. In April, federal regulators directed 14 of the nation's largest mortgage servicers to hire third-party firms to conduct a 'look-back' audit of their foreclosure cases from 2009 and 2010. QMS says all servicers should be ensuring they are, and have been, fully compliant with proper foreclosure procedures.

The Obama administration is setting the stage for a public-private collaboration to tackle the growing inventory of REO homes. On Wednesday, federal officials called on private investors and industry stakeholders to share their recommendations on how best to dispose of foreclosed homes held by Fannie Mae, Freddie Mac, and FHA. Together, the three hold nearly 250,000 REO homes. Federal officials believe the most effective tactic is to sell off pools of properties to responsible investors who will employ an REO-to-rental strategy.

Sirote & Permutt, P.C. has expanded its mortgage litigation practice into the Florida market with the opening of a new office in Pensacola. This is the fourth location for the law firm, which also has offices in Birmingham, Huntsville, and Mobile, Alabama. Sirote & Permutt says in response to client feedback, it evaluated the legal market and opted for expansion.