In its efforts to protect homeowners and avoid another mortgage and foreclosure crisis, the New York State Banking Department has issued new rules regarding the business practices of mortgage loan servicers. The regulations, which go into effect October 1, include halting foreclosure actions for borrowers being considered for, or currently in, a trial or permanent modification, as well as developing procedures for consumer complaints and ensuring homeowners do not have to submit multiple copies of required documents.

The number of permanent Home Affordable Modification Program (HAMP) mortgage restructurings completed by Bank of America through July has reached more than 76,000, a number that BofA says continues to lead the industry. In addition, nearly 100,000 Bank of America customers have received non-HAMP modifications this year, including many that did not qualify under the federal program. BofA also reported that it completed 25,000 short sale transactions during the second quarter of this year.

SMART Servicing, LLC, an affiliate of Steel Mountain Capital Management, recently announced the availability of its new privately owned software, ""SMART""--Servicing Management Asset Recovery & Tracking. The system provides residential mortgage professionals with relevant loan-level information to control loss severity, as well as asset-level transparency outside the traditional servicing system formats, the company says.

Clayton Holdings has announced the hiring of Scott H. Kramer, a 24-year veteran of the real estate industry, as director of commercial default servicing. Clayton Holdings provides customized risk analysis, loss mitigation, operational solutions, and staffing services to the mortgage industry. Kramer will work to expand the commercial real estate special servicing business in the company's Quantum Servicing unit in Tampa, Florida.

Mortgage rates are hitting record lows, but some fees associated with buying a home are getting higher. According to Bankrate.com's annual survey of closing costs, origination and third-party fees on a $200,000 mortgage are now averaging $3,741. This marks a 36.6 percent increase over 2009's average. New York and Texas claim the nation's highest closing costs, while Arkansas is the least expensive state.

Private investment firm Blue Horizon Capital has acquired California-based Veri-tax LLC. A provider of tax verification and fraud management solutions for the mortgage lending and consumer credit industry, Veri-tax clients include two of the nation's top four banks, as well as a slew of other lenders, originators, and financial institutions. The acquisition is expected to support the company's growth and the expansion of its fraud detection, management, and mitigation services.

San Diego-based New Vista Asset Management, a nationwide provider of REO asset management services, announced Tuesday that foreclosure industry veteran Ivan Choi is the company's new national default sales executive. Choi has 15 years' experience in the foreclosure and mortgage banking market. He previously held executive positions with Prospect Mortgage and Bank of America.

The North Metro Realtors Association (NMRA), serving real estate agents in the northern Twin Cities region, and the St. Paul Area Association of Realtors (SPAAR) have merged. The union will allow the groups to invest in enhanced services for their more than 6,800 combined members by streamlining redundant processes. With more than 55 and 120 years of service, respectively, the associations will continue to be based in the metro area at their Coon Rapids, St. Paul, and Eagan locations.

Mortgage Cadence, a provider of enterprise lending solutions, loss mitigation technology, and document services, has announced that private equity firm Monitor Clipper Partners has invested in the company. This alliance will provide capital to expand Mortgage Cadence's product and service offerings. The company says it expects the venture to enable continued growth and service to a wide range of market participants.

Farmington Hills, Michigan-based Trott & Trott, P.C., one of the largest law firms conducting residential default procedures and foreclosure avoidance solutions, has hired Jennifer Hawthorne, JD. According to an announcement from David A. Trott, the firm's president and managing partner, Hawthorne was appointed to the firm's title department.