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Foreclosures Rise in October But Vary Regionally

Foreclosure rates increased on a monthly basis in October but remain well below last year's levels, according to the latest U.S. Foreclosure Market Report from RealtyTrac. Taking a closer look at market-level data, RealtyTrac found vast disparities in foreclosure activity across the nation. At a national level, foreclosures increased 3 percent in October, but they remain 19 percent lower than they were last October. In fact, despite the monthly increase, October is the third consecutive month in which an annual decrease in foreclosure starts took place.

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WFG National Title Appoints Information Technology VP

WFG National Title Insurance Company (WFG National Title) selected Rick Diamond as its VP of IT for agency operations. Diamond brings 24 years of industry experience to the company. In his new role, Diamond will oversee all IT initiatives in the company's agency operations nationwide.

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Freddie Mac Paints Realistic Picture of a ‘Healthy’ Market

The housing market is slowly but surely getting back up to speed, but don't expect it to recover to peak levels, Freddie Mac says in its latest U.S. Economic and Housing Market Outlook. In the November outlook, Freddie Mac takes into account recent trends, housing indicators, shifting demographic patterns to put together a picture of what makes a ""healthy"" housing market.

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FDIC to Close Last Temporary Satellite Office

FDIC put a date on the closure of the last of its satellite offices established in the wake of the financial crash. The agency's East Coast Temporary Satellite Office (ECTSO), located in Jacksonville, Florida, will close April 5, 2014.

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BofA Reaches $15.8B in Mortgage Relief Under Settlement Terms

Bank of America announced it's on track to fulfill consumer relief requirements as part of the national mortgage settlement within the first year of the three-year agreement. So far, the bank has completed or approved $15.8 billion in consumer relief for about 164,000 homeowners as of September 30. One form of consumer relief offered through the settlement is first-lien principal forgiveness, which BofA has offered to 30,000 customers, leading to $4.75 billion in principal reductions.

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California Dual-Tracking Ban Leads to Spike in Cancelled Foreclosures

A specific provision in California's Homeowner Bill of Rights may have led to a surge in foreclosure cancellations, according to a report from ForeclosureRadar. Foreclosure cancellations in California spiked 62.1 percent from September to October and 36.7 percent over a one-year period, data from ForeclosureRadar revealed. The jump from September to October is the largest monthly increase since the data provider began tracking foreclosures in September 2006.

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Freddie Mac: 29% of Q3 Refinancers Opt for Shorter Loan Term

In the third quarter of this year, 29 percent of borrowers who refinanced opted for a shorter loan term, while only 3 percent chose a mortgage with a longer term, according to data from Freddie Mac. Most borrowers—68 percent—decided to maintain the same term on their loan.

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Energy REO Solutions Recruits 30-Year Mortgage Banking Veteran

Dawn O'Connor has just joined Energy REO Solutions as the company's president. In this role, she will manage and lead all operations from the company's headquarters in Minnesota. A 30-year veteran of the mortgage banking industry, O'Connor was previously VP of default operations for Nationstar Mortgage.

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