Loss Mitigation

Equator, the Los Angeles-based provider of software solutions for the default servicing industry, has introduced Professional (PRO) Short Sale and PRO HAFA modules to expand its PRO Workstation application. The newly launched modules provide a method for lenders, real estate agents, and borrowers to conduct real-time, transparent communication throughout the short sales process.

As part of a new strategic alliance, ClearMarkets, LLC, announced Tuesday that it is partnering with the Keller Williams Global Property Solutions Group. Through this partnership, ClearMarkets will gain access to Keller Williams' network of certified residential and commercial agents and brokers. In return, these agents will be trained by Keller Williams on ClearMarkets' technology and expertise for transparent bid management, asset sales and marketing, as well as reporting.

Hawaii Gov. Linda Lingle has joined lawmakers and governors in 13 other states across the country who are taking action to protect American homeowners from losing equity in their homes. Lingle has signed a new state law that places a ban on Wall Street Home Resale Fees, also known as private transfer fee covenants. These fees are sometimes worked into the language of home purchase contracts and require that a percentage of the sales price be paid to the original corporate owner of a property every time the property is sold, typically for 99 years.

Green River Capital, an REO asset management and loss mitigation firm based in Utah, recently announced that it has been awarded a contract from the U.S. Government Services Administration to provide its services to government agencies. The companys said it completed a lengthy and rigorous application process to demonstrate the intrinsic value of its services, its compliance with Federal Acquisition Rules, and its willingness to provide best pricing for federal customers.

Offering supplementary insurance for financial risk mitigation, DartAppraisal.com's newly introduced DartAssurance custom appraisal warranty provides mortgage lenders, investors, banks, and credit unions with an extra layer of protection against potential loss from default and foreclosure.

The Department of Veterans Affairs (VA) has joined federal agencies Fannie Mae and Freddie Mac in offering mortgage relief to borrowers who may be impacted by the BP oil spill still ravaging the Gulf Coast. The VA recently issued a notice to servicers of VA-guaranteed home loans instructing them to extend every possible forbearance to veterans experiencing difficulties because of the oil spill crisis.

Homeownership Preservation Foundation (HPF), a national nonprofit organization dedicated to foreclosure prevention counseling and preserving homeownership in the United States, has named Barrett Burns, president and CEO of VantageScore Solutions, to its board of directors. Burns joined VantageScore Solutions in 2005 and has more than 30 years' professional experience in risk and credit management.

The words ""real estate auction"" and ""investor"" usually go hand in hand, but Bank of America and the auction company REDC recently announced plans for a foreclosure auction exclusively for owner-occupant homebuyers. The July 24 auction will include more than 100 homes located in the Inland Empire of Ontario, California. These Bank of America-owned homes have been removed from the market and are inspected, repaired, and ready for sale.

Fannie Mae says delinquencies on home loans it guarantees declined again in April, marking the second consecutive month that past dues have fallen. The GSE's 90-plus-day delinquency rate fell 17 basis points to 5.30 percent. That follows a drop of 12 basis points in March, which was the first decline in three years. Fannie also reported that its mortgage holdings grew for the third straight month, as it continued to buy back loans from investors that were 120 days or more past due.

U.S. Reps. Jeff Miller (R-Florida) and Adam Putnam (R-Florida) have introduced legislation to provide mortgage forbearance to homeowners in the areas affected by the BP oil spill. This bill will allow for HUD to provide forbearance for those sustaining economic losses due to the oil spill. In addition, it will give HUD the opportunity to evaluate the resources and programs available within the agency that could provide further assistance to communities along the Gulf Coast.