Despite a monthly uptick in foreclosure starts, first quarter foreclosure activity fell to a six-year low, according to RealtyTrac's foreclosure market report for the first quarter and March. Data from RealtyTrac showed 442,117 properties received some type of foreclosure filing in Q1. The figure represents the lowest level since Q2 2007 and a quarterly and yearly decrease of 12 percent and 23 percent, respectively. Meanwhile, foreclosure starts, which numbered 73,113 in March, moved higher for the second straight month and posted a 2 percent increase from February.

A judge in Rhode Island ruled in favor of Mortgage Electronic Registration Systems, Inc. (MERS) and co-defendants and dismissed arguments of wrongful foreclosure from the plaintiff.

Fay Servicing, a special servicer based in Chicago, strengthened its legal team with the hiring of industry veteran Loren Morris, Esq. Morris, who has more than 25 years of experience in financial services, mortgage banking, servicing and secondary marketing, was appointed to serve in three roles-as general counsel, chief compliance officer, and EVP.

Specialized Business Software, a provider of custom software solutions for insurance, mortgage and financial services companies, announced the release of its web-based X12 EDI Translator. The solution allows mortgage servicers and insurance tracking companies to translate insurance policies from the X12 format into a more readable form, the Ohio-based company stated in a release.

Lender Processing Services (LPS) reported a spike in cure rates in February. About 500,000 loans were cured, or went from being delinquent to current, in February, with most of the cures reported on loans that were just one or two months past due, according to LPS' February Mortgage Monitor report. LPS also found an increase in modifications over the last two quarters after two years of decreases.

Martin, Leigh, Laws Fritzlen, P.C. promoted Lindsey McArthur to director of client relations and business development following the departure of Jane Woll. Woll, who spent six and a half years at the firm, will begin a new career at Stewart Lender Services (SLS) as SVP and strategic relationship manager on May 1. McArthur has been a part of Martin, Leigh, Laws & Fritzlen since 2009. Prior to her promotion, she served with the firm as the director of St. Louis operations in the Chesterfield, Missouri office.

A Montana court rejected claims from plaintiffs of wrongful foreclosure and ruled in favor of Mortgage Electronic Registration Systems, Inc. (MERS) and other defendants.

In January, Fannie Mae and Freddie Mac refinanced about 97,600 loans through the Home Affordable Refinance Program (HARP), of which nearly half represented underwater borrowers, the Federal Housing Finance Agency (FHFA) reported Tuesday. The agency's report revealed 47 percent of loans refinanced through HARP in January had loan-to-value (LTV) ratios greater than 105 percent. In addition, a quarter of the borrowers were deeply underwater, with 25 percent of loans refinanced through HARP having LTVs greater than 125 percent.

Five Fannie Mae servicers received record-breaking marks for their improvements in servicing loans. For the first time in the history of the Servicer Total Achievement and Rewards (STAR) Program, Fannie Mae assigned the four STAR designation to servicers. The program began in 2011 and assesses overall servicer performance by considering factors such as the delivery of foreclosure prevention solutions, customer service, and operational assessments. ""It is a sign of great progress to award four STAR designations for the first time,"" said Leslie Peeler, SVP of Fannie Mae's national servicing organization.

The first wave of checks for eligible borrowers covered by the recent foreclosure agreement with 13 mortgage servicers will be sent April 12, the Federal Reserve and the OCC announced Tuesday. About 4.2 million borrowers should expect to receive checks ranging $300 to $125,000. The first phase of payments will include 1.4 million checks, with the final phase of payments scheduled to be sent in mid-July 2013.