In preparation for policing the nation's largest lenders, the Consumer Financial Protection Bureau (CFPB) Thursday released its examination procedures for mortgage servicers. The bureau will begin its review of more than 100 large banks, thrifts, and credit unions with extensive examinations of their mortgage servicing practices, including complaint resolution, loss mitigation procedures, and foreclosures. The agency stressed that mortgage servicing has a huge impact on consumers and therefore is a top priority for the CFPB.

The number of loans held in commercial mortgage backed securities (CMBS) resolved by special servicers in 2010 was more than four times the amount in 2009, according to Fitch's CMBS loss study released Wednesday. The company says special servicers have been increasingly successful selling properties and working with borrowers for discounted loan payoffs. However, despite this positive movement, Fitch remains uncertain what next year will bring amid current economic uncertainty.

The United States Supreme Court has denied a writ of certiorari in a case involving MERS, refusing to reconsider a California court ruling, which upheld MERS' right to initiate foreclosures. The Supreme Court of the State of California previously refused to review the initial decision, leading San Diego foreclosure attorney Ehud Gersten to elevate his client's case to the U.S. Supreme Court. ""It is disappointing,"" Gersten told DSNews.com, adding that a Supreme Court ruling would have ended state-by-state discrepancies in MERS cases.

Code Violation Services (CVS) announced Tuesday a new technology platform built to address obstacles presented when homeowner association (HOA) obligations are not satisfied on a property. The new HOA Plus technology will help investors, lenders, servicers, asset managers, and title and closing companies avoid fines and delays due to unmet HOA requirements. While CVS is not the first to offer an HOA database, its database is unique in that it helps match HOAs with specific addresses.

Wingspan Portfolio Advisors LLC, a special servicer based in Dallas, Texas, is launching an affiliate technology company to help servicers implement the single-point-of-contact requirement that is part of the GSEs' Servicing Alignment Initiative. The innovative technology that earned Wingspan a ""Servicer of the Year"" award will soon be available across the industry.

With the release Tuesday of the Zillow Real Estate Market Report, which recorded a 0.1 percent increase in home values from July to August, the company's chief economist issued his forecast for home prices heading into next year. Dr. Stan Humphries says prices have yet to find their trough. He doesn't expect a definitive bottom to be reached until 2012 at the earliest. Zillow's report also showed that foreclosure liquidation rates are still lower than they were before the robo-signing controversy - now more than a year since the news broke.

Integrated Mortgage Solutions (IMS) now offers a cost-effective, long-term solution to defective drywall, a problem that has plagued thousands of homes, particularly along the Gulf Coast. The term defective drywall refers to a type of drywall that releases sulfur compounds, especially in warm, moist climates. Salvaging a home with defective drywall required major reconstruction to replace all the drywall in the structure, but IMS now offers an on-location solution that requires about one-third of the time and about one-half of the cost of traditional methods.

Two Georgia congressmen are proposing a bill they believe will help some homeowners keep up with their mortgage payments and avoid foreclosure. Sen. Johnny Isakson and Rep. Tom Graves have introduced the Hardship Outlays to protect Mortgagee Equity (HOME) Act, which would amend the Internal Revenue Code of 1986 to provide penalty free distributions from certain retirement plans, which a homeowner could use to cover mortgage payments on a principal residence.

The FDIC has launched a suit against 11 executives of former Georgia-based Alpha Bank & Trust hoping to recover $23.92 million in damages as a result of the bank's ""failure to use ordinary care and gross negligence."" The Georgia Department of Banking and Finance closed Alpha Bank & Trust in October 2008 after less than 30 months of operation, making it the fastest-failing bank between 1992 and 2008. The filing specifically targets 13 commercial loans, which the FDIC says borrowers had no ability to repay.

Speaking on behalf of the Financial Stability Oversight Council, Treasury Secretary Timothy Geithner made recommendations before the Senate Banking Committee on reforming the housing finance system. Specifically, Geithner called for establishing national standards for mortgage servicers, which the committee believes will ""realign incentives and help reestablish confidence in the integrity of the housing market."" Geithner also stressed the importance of reducing the government's role in the housing market.