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Wingspan Chosen by Credit Union Group to Save Defaulting Loans

Wingspan Portfolio Advisors, LLC, a Dallas-based mortgage servicer specializing in highly delinquent loans, has announced its selection by the National Association of Federal Credit Unions (NAFCU) Services Corporation as the group's designated special servicer and preferred partner for dealing with defaulting loans. Wingspan will be providing its services to member credit unions in an effort to save as many of their problem loans as possible from foreclosure.

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LAMCO Welcomes Industry Veteran to Board of Directors

Lenders Asset Management Corporation (LAMCO), a nationwide REO management company, announced Tuesday that industry veteran Diane M. Cardinal is now a member of its board of directors and will aid in the company's strategic direction and growth of its REO portfolios. Cardinal has more than 37 years' experience within the REO and loan servicing industry, most recently as VP of the foreclosure asset management group at U.S. Bank.

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Fannie Mae Opens Mortgage Help Center in Miami

Fannie Mae announced Monday the opening of a mortgage help center in Miami to help distressed borrowers in South Florida with loans owned by the GSE. The Miami facility is the first in a series of local centers that the mortgage financier plans to open across the country. Fannie Mae says the goal is to accelerate the response time for struggling homeowners and improve the company's resolution of problem loans.

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Commercial Real Estate Prices Post Record Monthly Gain

Prices of commercial properties in the United States rose 4.1 percent in December, Moody's Investors Service said Monday, further feeding the debate over whether the sector's unpredictable crash has passed or still lies in the cards. It was the largest month-to-month increase in the 10-year history of Moody's commercial index, and marked the second consecutive month of price gains reported by the credit ratings agency. On top of those positives, transaction volume rose more than 75 percent from the previous month.

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IMS Expedites Loan Modification Process

Integrated Mortgage Solution, a Houston-based provider of collateral protection resources for the mortgage servicing sector, recently announced its electronic document retrieval and indexing capabilities, which the company says will help servicers increase permanent loan modifications.

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U.S. Subprime Prices Down Nearly 6%: Fitch

Subprime is a word that's now ostracized within the industry, but the repercussions of the housing boom days when subprime loans were commonplace are still resounding. Heightened concerns about the valuation of subprime assets backing U.S. residential mortgage-backed securities (RMBS) has manifested in an across-the-board drop for all vintages, Fitch Solutions reported last week.

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MCS Joins Forces With HomeTelos

In order to streamline communication between servicer clients and their investors, San Diego-based Mortgage Contracting Services (MCS), a nationwide property preservation and inspection services provider to the financial services industry, recently partnered with HomeTelos, a Dallas-based company that specializes in the development and support of Web-based solutions that support the management and marketing of real estate assets.

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Regulators Shut Doors on Four Banks

Last week came and went without the typical news of several FDIC-assisted bank closures, but the reprieve was short-lived. This weekend, regulators shut down four institutions - one each in California, Florida, Illinois, and Texas. These latest bring the number of failures on the FDIC's list to 20 for the year, and nearly all of the crashes have been linked in some way to bad mortgages or construction and development lending.

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NAR Publishes HAFA Guidance

In an effort to help Realtors understand the Home Affordable Foreclosure Alternatives Program (HAFA) and its guidelines, the national Association of Realtors has released a brochure about the program and is providing additional resources online, including government forms and guidelines, a video explaining the new federal guidelines, and frequently asked questions.

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Auctions Bode Well for Distressed CRE: A Connecticut Case Study

When the residential housing market took its big spill, real estate auctions became a quick means for lenders to dispose of growing distressed property inventories and a popular avenue for bargain-hunting buyers. The commercial real estate sector, too, now finds itself on a banana-peel floor, and here also the auction forum is proving to be a powerful business practice for tumultuous times.

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