Robert J. Hopp & Associates, a regional provider of legal, default, disposition, and title services, has announced the promotion of Fred Van Remortel to managing partner. Van Remortel will provide management and oversight of all firm functions and will remain heavily involved in complex legal matters. He has been the firm's managing attorney and head of its litigation group since 2008.

Fannie Mae's latest market outlook continues to call for a ""modest improvement"" in housing activity this year, although the prevalence of distressed properties on the market has led to renewed weakness in home prices and the industry's shadow inventory looms large. The GSE's chief economist notes that as the economic recovery approaches its two-year anniversary in June, housing has not yet contributed to economic growth in any meaningful way and is significantly underperforming compared to previous market recoveries.

Chase, the consumer banking and home lending business of JPMorgan Chase & Co., opened a new Homeownership Center in Milwaukee, Wisconsin on Friday. The facility provides Chase borrowers who are struggling to make their mortgage payments with resources to help them avoid foreclosure. Trained advisors are on hand to help distressed homeowners evaluate their finances, review possible workout options, and answer any questions.

The already clogged foreclosure system in Florida could come to a near standstill this summer after state legislators voted not to extend a special round of funding approved last year, which awarded $6 million to the state court system to increase personnel and resources for handling foreclosure actions. That line item didn't make it back into the budget for the new fiscal year, which begins in July. One judge in Palm Beach County has already started cancelling scheduled foreclosure hearings.

Sun Law Group, PLC, a law firm based in Grand Rapids, Michigan that assists homeowners with negotiating and coordinating short sale transactions, and Lighthouse Title Group, a title insurance agency with 18 offices throughout Michigan, have formed an alliance to offer a joint short sale and closing service solution to homeowners in the state. The companies expect the number of short sales to continue to grow but note that these transactions present a unique set of issues that often require attorney oversight.

The U.S. Treasury released updated guidance for the Home Affordable Modification Program (HAMP) this week requiring certain servicers to provide borrowers with a single point-of-contact through the entire default resolution process. The new directive applies only to the largest servicers, however Treasury says all servicers participating in HAMP are encouraged to adopt the new guidance. The rule also carries over to the government's short sale and unemployment programs.

The nonprofit counseling agency CredAbility released the results of its first-quarter Consumer Distress Index Thursday. While the average U.S. household is still in financial distress - and has been for 10 consecutive quarters - the agency says the index has hit its highest score in two and a half years. CredAbility attributed the positive movement to the fact that employment levels rose and consumers now have a better handle on managing household budgets. On the flip side, the score dropped in the housing category.

Fixed mortgage rates have dropped for the fifth consecutive week to put them at their lowest point of the year. The declines continue despite reports of mixed economic and housing data. Adjustable-rate mortgages (ARMs), on the other hand, increased for the first time in over a month. Freddie Mac reports that 30-year fixed mortgage rates are now averaging 4.61 percent, while the 15-year rate is at 3.80 percent.

Industry data released Thursday shows a sharp drop in the percentage of home loans 90 or more days past due or in foreclosure. The Mortgage Bankers Association (MBA) reports 90-plus day delinquencies have dropped for five straight quarters, while the nation's foreclosure inventory recorded its largest decline since the trade group began tracking the market. At least one economist says the combination is a sign of ""genuine improvement."" Remaining troubles appear to be concentrated in a handful of states. Five account for over half of the loans in foreclosure in the country.

The National Association of Realtors said Thursday that the share of distressed home sales dropped last month, accounting for 37 percent of total existing-home sales volume, down from 40 percent in March. Overall, sales of previously owned homes fell back 0.8 percent in April, to an annual sales pace of 5.05 million. Realtors in the field say the numbers are being impacted by low appraisals that result in contract cancellations. There were 3.87 million existing homes available for sale in April, which represents a 9.2-month supply.