Loss Mitigation

VantageScore Solutions, an independently managed business created by the three major credit reporting agencies, has unveiled its new credit score model, VantageScore 2.0. The update was brought about by the significant change in consumer credit repayment behavior, said company officials, who added that all credit models should be updated regularly to ensure they remain accurate.

Kirchmeyer & Associates and its sister company, Real Info, recently partnered with Valligent to release a new collateral valuation product for appraising vacant residential land. The new solution, ParcelView, is intended to replace or enhance a lender's valuation tools for residential land collateral assessment and is expected to save lenders up to 50 percent compared to traditional land appraisals.

On Monday, the Florida Housing Finance Corporation will launch a pilot program to help unemployed and underemployed homeowners with their mortgage payments. The pilot will test the waters for the state's planned use of its federal dollars allocated through the Treasury's Hardest Hit Fund. Assistance is only available to Lee County homeowners during the 90-day pilot period, but officials say they plan to go statewide during the first part of 2011.

SigniaDocs, a national eMortgage solutions provider, has developed an automated system for warehouse lending. The company says with its technology, the entire warehouse lending process, from origination to investor purchase and replenish of the warehouse line, is complete within a couple of days, compared to the typical 14 days in the paper world.

IndiSoft announced Wednesday that Residential Credit Solutions (RCS) has deployed the company's RxOffice Loss Mitigation module. RCS is an integrated investment and servicing company focused on credit-sensitive residential mortgage loans. According to IndiSoft, the module streamlines RCS's processes while improving operating efficiencies for supporting loans in default.

Wells Fargo said Wednesday that it turned a profit of $3.35 billion for the three months ending in September. The Q3 number was higher than both the $3.06 billion for the previous quarter and the $3.24 billion profit posted a year earlier. Wells says this past quarter was the second highest for mortgage applications in the history of the company, earning $101 billion in mortgage originations. CEO John Stumpf also used the opportunity to explain his company's decision not to freeze foreclosures like other lenders.

ServiceLink has unveiled a comprehensive, end-to-end default solution that allows servicers to bridge their current technology to the company's optimized loss mitigation and default technology and outsourcing services. ServiceLink says the goal is to help servicers and investors make the optimal workout decision while maximizing asset value and remaining in compliance with changing regulatory rules.

UrbanAmerica Advisors and Green River Capital have created a joint venture minority business enterprise (MBE) called UrbanAmerica Res Services. Headquartered in Dallas with offices in Salt Lake City, Atlanta, and New York City, UrbanAmerica Res Services is a network of 7,000 deal sourcing, loss mitigation, asset management, and valuation professionals. The new company combines UrbanAmerica Advisors' national infrastructure and local community development relationships with Green River Capital's REO management and short sale services.

Bank of America said Tuesday that it lost $7.3 billion during the three-month period ending in September. The company attributed the deficit to new financial reform regulations related to credit and debit card payments. On the mortgage side of its business, though, the company is seeing improvements. Mortgage banking income jumped 95 percent last quarter, the ratio of nonperforming loans and assets declined, and no sizeable losses are expected from the company's foreclosure suspension and affidavit problems.

Bank of America and Fidelity National Financial have come to an agreement regarding the foreclosure paperwork issues that have plagued several of the largest lenders in the past weeks. Fidelity will continue to provide title insurance for BofA's foreclosed properties and defend new homeowners in court if title issues arise. The bank has agreed to cover all court related costs and settlements resulting from lawsuits surrounding title issues. The news comes just as Bank of America has announced that it will resume foreclosures in 23 judicial states beginning October 25th.