Mortgage Contracting Services LLC (MCS), a Florida-based nationwide provider of property preservation, inspections, and REO property maintenance to the financial services industry, announced three new company VPs on Tuesday. Todd Luckey was promoted to VP of REO operations, Megan Stinnett was promoted to VP of inspection operations, and Chad Mosley was hired as VP of business development.

Fannie Mae will utilize eMASON's Web-based Clarifire application to comply with the foreclosure pre-filing mediation process mandated by the Florida Supreme Court. Issued in December 2009, the statewide mediation program aims to open up communication between lenders and distressed borrowers prior to foreclosure proceedings. eMASON says Clarifire works to improve the prospect and cycle times associated with assisting borrowers by offering mediation and related workout options early in the loan's delinquency.

Default servicing software provider Equator has sold more than $100 billion in assets through its platform since 2003, according to an announcement from the company. In addition, since launching its automated short sale solution in November 2009, the company has initiated more than 500,000 short sales. The company plans to offer several new modules later this year that will interface with existing technology to assist servicers with growing inventories of distressed assets.

Former comptroller of the currency John C. Dugan will rejoin Covington & Burling LLP as a partner, according to an announcement from the Washington, D.C., firm. Dugan will chair the firm's Financial Institutions Group and advise clients on legal matters affected by increased regulatory requirements resulting from the financial crisis. Dugan led the U.S. Treasury's Office of the Comptroller of the Currency (OCC) for five years, until stepping down from the role on August 14, 2010.

According to the latest forecast from Veros Real Estate Solutions, select markets in the United States can expect 2.5 percent to 3.5 percent appreciation in home values over the next 12 months. Although only mild appreciation is anticipated, approximately 40 percent of all major metro areas are forecast to see property values go up in 2011. Veros places San Diego, California, at the top of the list in terms of strong price gains. Homes in Reno, Nevada, on the other hand, are projected to lose the greatest share of equity.

The annual consumer credit forecast from U.S. credit bureau TransUnion foretells a 20 percent drop in national mortgage loan delinquencies by the end of 2011. TransUnion predicts that the number of delinquent accounts -- 60 or more days past due -- will drop to 4.98 percent from an expected 6.21 percent at the conclusion of 2010. The company anticipates at least double-digit declines in mortgage delinquencies in every state and the District of Columbia through 2011.

Field Asset Services (FAS) anticipates the field services industry to focus on advancing the vendor network and creating higher quality field service offerings in 2011. The company says with the decline of the housing market, the use of field services has become a core business practice for banks, servicers, and investors taking on the day-to-day maintenance and preservation of REO properties. With predictions that the REO inventory will grow in 2011, FAS says there will be greater reliance on third-party support to gain control over costs and risks.

Wells Fargo has reached an agreement with California Attorney General Edmund G. Brown Jr., to provide loan modifications worth more than $2 billion to an estimated 14,900 California homeowners with pick-a-pay loans originated by World Savings and Wachovia, banks Wells Fargo acquired. Wells Fargo will also pay an additional $32 million to thousands of borrowers who lost their homes through foreclosure. The bank says the majority of Wachovia's Pick-a-Payment customers reside in California.

eMortgage Logic, LLC (EML), a nationwide property valuation company, recently completed the Statement on Auditing Standards No. 70 (SAS 70) Type II examination by an independent auditing group. The examination included an in-depth audit of control objectives and activities, which includes information technology controls and related processes.

Pro Teck Valuation Services, a Massachusetts-based provider of residential real estate valuations, recently hired Sal Mazzocca as national sales director. A 17-year industry veteran, Mazzocca is a former national sales executive at Fiserv Fulfillment Services. In his new role, he will introduce national accounts to the company's wide array of valuation services.