The total number of outstanding mortgages in the nation fell below the 5 million mark for the first time since 2008, according to data from Lender Processing Services. In March, non-current loans totaled 4,997,000, down from 5,104,000 in February. The figure for non-current loans includes 3,308,000 million properties past due 30 days or more but not in foreclosure, as well as 1,689,000 properties sitting in foreclosure inventory.

The Consumer Financial Protection Bureau (CFPB) announced two individuals were added to the bureau's leadership team, and two current staff members will be serving in different roles. Dan Smith was hired as the first assistant director for the newly-created Office of Financial Institutions and Business Liaison. The office was formed to connect the CFPB with bank and nonbank trade associations, financial institutions, and businesses to enhance collaboration and communication.

Illinois experienced an increase in home sales and median prices over year ago levels in March, the Illinois Association of REALTORS reported. Home sales last month totaled 10,992, up 13.6 percent from March 2012 when sales were at 9,679. At the same time, median prices in the state showed a 3.6 percent improvement from last year, the association reported.

Competition is tightening for asset management and home preservation service providers as the housing market recovers and defaults and foreclosures recede. Distressed Asset Logistics (DAL), a firm that works with banks, credit unions, mortgage banks and asset management firms to streamline default services and REO activities within the enterprise, says it believes firms that master the ""Cradle-to-Grave"" offering will be the likely winners in this new environment.

Xerox Mortgage Services announced the release of BlitzDocs Servicing to simplify the paperless mortgage process for lenders and servicers. BlitzDocs provides an electronic loan folder that imitates traditional paper loan folders. Through the expanded offering, the solution is able to provide a single point of reference for all documentation related to a borrower for the lifespan of a loan, which results in better customer service for the borrower.

Grant funds secured through the national mortgage settlement will be used to provide a wide range of assistance to California homeowners impacted by the state's foreclosure crisis. California Attorney General Kamala D. Harris announced 21 organizations were awarded funds through a $9.4 million grant.

The Wolf Firm announced the appointment of Kayo Manson-Tompkins as managing attorney of the firm’s eviction department.

The Office of the Comptroller of the Currency (OCC) announced the second wave of payments resulting from the foreclosure settlement with federal regulators and 13 servicers was sent Friday. The most recent batch of relief payments includes 1.4 million checks totaling $1.2 billion. So far, 2.8 million checks totaling $2.4 billion have been sent.

Overall Bay Area home sales were up month-over-month but down from a year ago, according to DataQuick's March home sales report for the region. Home sales-which include new and resale houses and condos-totaled 7,263 in the nine county Bay Area in March. The figure represents a 34.4 percent increase from the month before, but sales were still down 6 percent March 2012, according to the San Diego-based company.

Real estate sales have been weakening in California, but ForeclosureRadar found flipping activity in the state reached its highest level since September 2005. In March 2013, sales for distressed and non-distressed transactions decreased 12.9 percent from a year ago, according to a property report from the analytics firm. On the other hand, flipping activity, which ForeclosureRadar defined as reselling a property within six months, nearly tripled over a one year period ending in March after accounting for 5.2 percent of total sales.