With the ongoing housing recovery, the foreclosure market is also stabilizing and foreclosure prices are bottoming out, according to a report from, according to a report from FNC. Foreclosure price discounts are now at pre-housing crisis levels, averaging 12.2 percent in Q4 2012. In 2004, foreclosure discounts hovered near the same levels, averaging around 12 percent. At the peak of the crisis, discounts for foreclosed homes averaged 25 percent, data from FNC revealed.

Mortgage Contracting Services LLC (MCS) announced the addition of new tools to its mobile offering. The expanded toolset will provide vendors with several mobile field service applications that can be used across multiple devices and systems.

Ramsey and Hennepin counties filed suit against Mortgage Electronic Registration Service, Inc. (MERS), alleging the company violated Minnesota law by not recording mortgage assignments at county recorders' offices and by not paying attendant recording fees, Ramsey County Attorney John Choi announced Friday. In a statement, MERS said it will defend against the complaint, announcing it has ""prevailed in similar recording fee cases in Kentucky, Florida, Iowa, Missouri, Hot Springs, Arkansas, and Union County, Illinois.""

In a blog post Friday, Redfin revealed new conventional listings have actually gone up 2 percent compared to last year, while listings for distressed properties have been reduced in half. Redfin conducted an analysis of new property listings in the first five weeks of 2013 (January 1 to February 11) compared to the same period in 2012. The Seattle-based brokerage found short sale listings decreased 54 percent from 2012, while REO listings are down by 46 percent. Overall, new listings declined 18 percent from 2012.

The pace of modifications is slowing compared to the 2010 peak, but repeat modifications are on the rise, according to a recent research report from Barclays. Not only are mods returning for seconds, but researchers from Barclays also found remodifications perform more poorly than first-time mods. Barclays gave three reasons for the rise in repeat mods: first-time mods did not reduce payments enough, leading to higher re-defaults; servicers are taking advantage of HAMP principal reduction alternatives; and servicing transfers are leading to an increase in remodifications.

Lender Processing Services Inc. (LPS) agreed to pay $35 million to resolve criminal fraud violations involving fraudulently signed and notarized mortgage documents, the Justice Department announced Friday. LPS entered into a non-prosecution agreement with the department and the U.S. Attorney's Office for the Middle District of Florida. Through the settlement, LPS announced it will pay $20 million to the United States Marshals Service and $15 million to the United States Treasury. In a statement, Hugh Harris, LPS president and CEO, said, ""[t]he conclusion of the Justice Department's inquiry is another positive step for LPS.""

MountainView Servicing Group announced it is managing the sale of two MSR portfolios totaling $369 million. One loan contains $237 million of total unpaid principal balance (UPB) and another $132 million of total UPB.

Long & Foster Real Estate, Inc. appointed industry veteran Martha Witte Suss to manage three Maryland offices part of its Lacaze Meredith real estate brand.

Potestivo & Associates, P.C. announced the addition of Rafal H. Kopycinski to the firm's team of attorneys at the Chicago location.

Pro Teck Valuation Services hired Kevin Vadenais to lead the company as VP of product management and promoted Silas Nesheiwat as director of quality control.