Fay Servicing, a special servicer that manages distressed and at-risk residential mortgages, expanded its presence in Illinois with the opening of a second office located in Oakbrook Terrance.

In January, servicers completed about 78,400 modifications, bringing the total since 2007 to 6.15 million, according to data from HOPE NOW. The number of completed short sales in January slowed to 29,244, down from 34,909 in December 2012. As of December 2009, the industry has completed 1.18 million short sales. When combining foreclosure prevention solutions through loan modifications and short sales, the cumulative total is about 7.33 million.

Foreclosure starts in February showed some pick-up in activity month-over-month, while REOs fell to their lowest level since September 2007, according to RealtyTrac’s foreclosure market report for February. RealtyTrac reported a 10 percent increase in foreclosure starts from January after three straight months of declines. Year-over-year, foreclosure starts were still down 25 percent. Bank repossessions, or REOs, hit a 65-month low in February, according to RealtyTrac, and were 11 percent lower from the previous month and down 29 percent from February 2012.

While every homebuyer is different, certain features in residential properties tend to be of greater value to consumers. To find out what some of those features are, the National Association of Realtors (NAR) surveyed over 2,000 households that purchased a home between 2010 and 2012. Out of the 33 home features presented in the survey, NAR reported central air conditioning was the most important feature to buyers, with 65 percent stating this was very important. A walk-in closet in the master bedroom was said to be of great value among 39 percent of buyers, making it the second most important feature.

About 4.2 million eligible borrowers should expect to receive a check ranging from hundreds of dollars to $125,000 in the next few months as part of the new agreement that replaced the Independent Foreclosure Review (IFR), regulators announced during a call Wednesday. Suzanne Killian of the Federal Reserve and Ted Wartell of the OCC explained Rust Consulting, the paying agent, will send the 4.2 million borrowers a postcard notifying them of eligibility at the end of this month, and then additional correspondence and a check should follow in 4-8 weeks.

Freddie Mac announced it is offering mortgage relief to homeowners who were victims of the storms that swept through Mississippi in February. Only Freddie Mac borrowers in locations declared major disaster areas are eligible for additional relief.

Clear Title Agency of Arizona expanded its residential team with the hiring of Colleen Frost as senior escrow officer. Frost joins Clear Title with 20 years of industry experience. In her new role, handles refinances and short sales while working with a team of escrow officers, escrow assistants, business development managers, and executive team members.

CBRE Group, Inc. received recognition as a top commercial real estate brand by both Fortune magazine and Lipsey, a training and professional development firm specializing in commercial real estate.

Nonprofits such as Rebuilding Together, Habitat for Humanity, NeighborWorks America and others play a critical role in the home improvement and repair industry, according to a study from the Harvard Joint Center for Housing Studies. The report found that while the private sector spends about $300 billion a year to improve and repair homes, nonprofits support the home remodeling industry by fulfilling a need unmet by the private sector. By maintaining and improving homes for vulnerable populations, nonprofits help groups such as the elderly and disabled by creating a safer residence for those who may not be able to undertake crucial home repair projects.

Robert J. Jackson and Associates, Inc. announced associate attorney Paymon Khatibi was accepted into the Future Leaders Program from the California Mortgage Bankers Association (CMBA).