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RES.NET Adds Key Functionalities to AMP Management System

RES.NET has announced functionality enhancements to its landmark real estate management system, AMP. The platform was developed to improve the administrative and operational efficiencies of real estate professionals. Now, AMP boasts additional features that the company says will further streamline its use and enhance value, including a new ""buyers"" portal, a utilities section to manage and monitor recurring expenses, and a mobile application to expedite work in the field.

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Veros Integrates with a la mode’s Mercury Network for Appraisals

Oklahoma City's a la mode recently announced that Veros Real Estate Solutions has integrated their VeroSELECT and Valuation Risk Management products with the company's Mercury Network vendor management platform. The integration connects Veros' platform clients with one of the industry's largest networks of real estate appraisers and appraisal management companies, and provides electronic appraisal submission in full compliance with the GSE's Uniform Mortgage Data Program (UMDP) requirements.

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Survey: 78% of Americans Believe Home Prices Have Bottomed

Fannie Mae has conducted a poll of both homeowners and renters to gauge consumers' attitudes toward housing in the U.S. The results indicate that Americans have become more cautious about buying a home, though most believe the market has bottomed out. Rents are expected to increase more than home prices, and Fannie says mortgage borrowers, and even underwater borrowers, are less discouraged about homeownership than delinquent borrowers and renters.

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Obama to Name Warren to Start Up Consumer Protection Bureau

The big news coming out of Washington today -- President Obama will hold a special press briefing Friday to name Elizabeth Warren to set up the new Consumer Financial Protection Bureau. She won't be nominated to fill the role of the bureau's chief, as has been widely expected, at least not yet. Instead, she'll be appointed assistant to the president and special advisor to the secretary of the Treasury. She'll head a steering committee responsible for getting the new agency, which will oversee mortgage lending, up and running.

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Industry Reports Show Mixed Results for Mortgage Rates

Two closely-watched industry studies that track weekly mortgage interest rates were sending mixed signals on Thursday. The good news for homebuyers and borrowers looking to refinance is that rates are still hovering near 50-year lows. Freddie Mac reported that the 30-year rate edged up to 4.37 percent this week, while the 15-year rate dropped to 3.82 percent. Bankrate reported declines across the board.

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More Delinquent Loans Entering Foreclosure Process: LPS

Lender Processing Services (LPS) is offering a sneak peak at its upcoming mortgage market report, scheduled for release September 24. The company's study will show that the national home loan delinquency rate has retreated, while the foreclosure rate is on the rise. LPS says the numbers are a sign that more delinquent loans are entering the foreclosure process, as servicers pick up the pace working through their default backlogs. According to LPS, the country's inventory of pre-sale foreclosures stood at 2,038,000 at the end of August.

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Colorado Service Provider Uncovers Savings in Code Violation Detection

As a one-stop shop for code violation reports and vacant property registrations, Code Violation Services, Inc. says it can typically verify the status of any violations within three to 10 days of order. During a three month period, the company analyzed 1,209 properties for one client. Forty-four were found to have code violations without fees yet assessed. The early detection saved the client $802,582 in penalties.

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Genworth Reports Nearly $4.8B in Mortgages Saved from Foreclosure

Mortgage insurer Genworth Financial saved almost $4.8 billion in mortgages from foreclosure in the 12 months ending June 30, 2010. These statistics represent a nearly 80 percent increase from the same period last year. More than half of total mortgage dollars saved were the result of the administration's Home Affordable Modification Program (HAMP). Genworth reports that it completed more than 30,000 mortgage workouts nationwide during the period via its homeowner assistance program.

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Bank Repossessions Hit Record High in August: RealtyTrac

The number of homes taken back by lenders hit a new record high last month. RealtyTrac says lenders foreclosed on 95,364 U.S. properties in August, about 2 percent higher than the previous peak recorded in May. RealtyTrac's report shows overall foreclosure activity - including default notices, scheduled auctions, and REOs - jumped 4 percent between July and August. But the company says it's seeing a balance in the trend lines -- while bank repossessions are up, new default notices are down.

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Freddie Mac Expands First Look Initiative for REO Homes

Freddie Mac said Wednesday that it is expanding its First Look Initiative to allow any home shopper to buy a HomeSteps REO home as their primary residence during the first 15 days of the property's listing, without competition from investors. The new policy takes effect Friday, September 17. In addition to owner-occupant buyers, Freddie Mac's First Look window is open to buyers who are part of HUD's Neighborhood Stabilization Program, as well as groups affiliated with the National Community Stabilization Trust.

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