Bank of America is the first major mortgage servicer to leverage the federal government's Hardest Hit Fund to begin pilot programs of principal reductions for Arizona customers who owe more on their mortgages than their properties are worth. Through the Arizona pilot, BofA customers experiencing financial hardship may be eligible to have the amount owed on their mortgages reduced through matching contributions from the state and participating mortgage investors.

DepotPoint, Inc., a provider of Web-based default management, short sale, and REO workflow solutions, recently partnered with Code Violation Services, Inc., a provider of code violation disclosure reports and vacant property registration services. With this partnership, users of TrackPoint, DepotPoint's technology platform for managing default transactions, can now perform code violation checks on their REO properties.

DRI Management Systems, Inc., a provider of default process management software, added new functionality with several new modules to version 1.4 of its flagship technology. Officially relabeled DRI Office, the platform was previously known by its development code name, Rincon. According to DRI, the new version was created to relieve mortgage servicers' workloads and improve results with capacity planning, workflow tracking, services ordering, and enhanced communication capabilities.

Green River Capital, an REO asset management and loss mitigation provider for mortgage servicers, investment firms, and banking institutions, recently announced several company achievements for 2010, including the addition of seven new clients, the expansion of its preferred agent network, and completion of its SAS 70 Type II certification.

According to Empowering and Strengthening Ohio's People, a non-profit foreclosure prevention counseling agency, the Ohio Housing Finance Agency's failure to distribute funding - in addition to federal budget cuts - means turning away some homeowners. Starting Tuesday, the agency says it will be forced to stop taking in homeowners referred from the National Foreclosure Mitigation Counseling program.

Romspen Investment Corporation, the largest non-bank lender in Canada, will use the Mortgage Office from Applied Business Software Inc. (ABS) to administer its commercial loan portfolio and manage its mortgage investment fund. ABS is a Los Angeles-based global provider of software systems to the lending industry. Romspen's current portfolio is $500 million, and the company's mortgage investment fund has thousands of investors.

Proctor Financial, Inc., a Michigan-based provider of lender-placed hazard insurance for borrower and bank-owned properties as well as related services, has received the ISO 9001:2008 certification. According to a statement from the company, its objective in seeking the certification was to monitor, control, and continually improve the quality of its lender-placed insurance processes pursuant to the ISO 9001:2008 standards.

Coester Appraisal Group, a nationwide appraisal management company based in Maryland, announced the appraisal industry's first smart phone application last week. The free application, currently in beta testing and available later this year, connects Coester Appraisal Group with staff, contracted appraisers, and its lender and broker clients.

PCV Murcor recently celebrated its 30th anniversary. The company develops appraisal order-tracking system technology. PCV Murcor, owned and operating by an MAI-designated appraiser, is known for its technology, such as geo-coding and the advanced electronic assignment system. The firm's sister company Vendor Resource Management, which provides REO disposition and loss mitigation services, celebrates five years in business this year.

Platinum Data Solutions, a California-based provider of comprehensive appraisal review and collateral valuation technologies, appointed Ray Petta as a consultant focusing on brand building and business development. Petta is responsible for developing strategies that increase brand awareness and market share and overseeing their implementation.