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Author Archives: Heather Cernoch

Phoenix Asset Management Announces Leadership Changes

Denver-headquartered Phoenix Asset Management recently announced several promotions within its leadership team. Jim Steffen, former company VP, was promoted to president. David Francis was promoted from AVP to VP. Jaysen Greenleaf was promoted to director of client relations and business development.

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Milestone Asset Resolution Company Undergoes Corporate Changes

Milestone Asset Resolution Company, a diversified financial services management firm, announced several changes last week regarding the expansion of its business operations following a corporate investment from Oaktree Investment Holdings. Oaktree will acquire a non-controlling equity position in the company, and going forward, Milestone will be known as Sabal Financial Group.

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Ohio Mortgage Company Employees Indicted on Fraud Charges

Thirteen defendants were indicted on mortgage fraud offenses involving nearly $13 million in fraudulent loans in Ohio, according to a statement from county prosecutor Bill Mason and the Cuyahoga County Mortgage Fraud Task Force. Defendants included a supervisor, account managers, and appraisers formerly working for Argent Mortgage Company. Argent was one of the largest home loan originators in Cuyahoga County from 2003 to 2005.

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HUD Revises Disclosure on Protecting Military Homeownership Rights

HUD announced a revised Notice of Disclosure form that emphasizes the rights of active duty military and their dependents who are protected under the Servicemembers Civil Relief Act (SCRA). Under the SCRA, military personnel on active duty are entitled to mortgage relief, including a lower interest rate on their mortgages and foreclosure protection. HUD says it is the lender's responsibility to determine military status in connection with a foreclosure.

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Massachusetts Foreclosures Starts and Deeds Down by Double-Digits

According to the Warren Group, a Boston-based real estate data firm, foreclosure activity in Massachusetts dropped year-over-year in May, which marked the fewest number of deeds recorded in any month so far this year. Foreclosure deeds, which represent completed foreclosures, decreased almost 65 percent from a year earlier. Foreclosure petitions, which mark the first step in the foreclosure process, dropped almost 67 percent.

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Wells Fargo, Bank of America Donate Properties to Ohio Land Bank

Wells Fargo and Bank of America recently joined Fannie Mae, HUD, and JP Morgan Chase as revitalization and demolition partners to the Cleveland-based Cuyahoga Land Bank, which works to alleviate foreclosure and home abandonment in Cuyahoga County. Both lenders plan to donate vacant and foreclosed low-asset properties to the land bank with monetary contributions for demolition costs to help eliminate neighborhood blight and increase local property values.

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Allonhill Names Managing Director of Business Process Management

Allonhill, an independent third-party review firm specializing in mortgage due diligence and credit risk management, has hired Jim Sadler as managing director of business process management and analytics. He is responsible for refining the firm's business processes and operational strategy. Additionally, he will develop custom analytics to measure and report the company's performance and help put into operation a new client-facing implementation team.

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IndiSoft Partners with Hosting.com to Offer Cloud Technology

Default technology provider IndiSoft has partnered with Hosting.com, a provider of cloud hosting and recovery services, to provide guaranteed, consistent compliance and SaaS integration services for IndiSoft clients. IndiSoft will refer its clients to Hosting.com for compliance, business continuity, and disaster recovery solutions. IndiSoft says the collaboration will allow it to effectively manage clients technology needs so they can focus on their core business.

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Wholesale Lender Offers Special Financing for Fannie Mae REOs

California-headquartered Kinecta Federal Credit Union now provides its brokers and business partners with HomePath mortgages from Fannie Mae. HomePath is the GSE's venture for marketing and selling REO properties, and it offers special financing terms for the purchase of select Fannie Mae-owned properties. Currently, Kinecta is the only approved credit union in California and one of only five in the nation to offer HomePath mortgages.

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Northlight Financial Announces Launch of $100 Million Fund

Northlight Financial LLC, a New York-based manager of private equity debt investments, has announced the formation of a limited partnership, Northlight LP. The fund will provide asset-backed loans to middle market companies, acquire whole loans in the secondary market, and purchase distressed assets in the commercial, industrial, and real estate sectors. It will initially deploy $100 million in capital.

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