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Reno Bank Shut Down by Regulators

For the second weekend in a row, banking regulators closed the doors on just one institution, as opposed to the massive rounds of failures that the industry has grown accustomed to since the financial crisis took hold. This weekend, it was Nevada Security Bank in Reno that met its demise. The closing brings the number of FDIC-insured bank failures for the year to 83. Oregon's Umpqua Bank acquired the seized institution.

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GSEs Extend Forbearance to Borrowers with Chinese Drywall Problems

The damage caused by toxic drywall imported from China has left far too many borrowers in a situation of financial hardship, with replacement costs eating away at their funds to the point that some are unable to make their mortgage payments. Government-backed mortgage giants Fannie Mae and Freddie Mac announced Friday that they will grant forbearances to borrowers experiencing problems as a result of the defective wallboard, which investigations have concluded can cause health problems and corrodes wiring, plumbing, gas pipes, even fire alarms.

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Altos Index Shows Rise in Home Prices, First in Nine Months

Analysis by Altos Research shows that home prices in most major U.S. cities have broken free of the downward spiral. The company's 10-city composite index was up 0.2 percent in May - the first monthly increase recorded by Altos in nine months. Another positive, Altos says readings of weekly price changes have continued to show modest seasonal increases for the past seven weeks, indicating that traditional home price metrics will soon show increases as well.

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Price Reductions Unchanged as Sellers Start the Summer With Optimism

Unchanged from last month, 22 percent of listings on the market as of June 1, 2010 experienced at least one price reduction, San Francisco-based Trulia recently reported. And price reductions dipped slightly from the same period last year when 23.6 percent of listings experienced price cuts. According to Trulia, the total dollar amount slashed from home prices was $26.7 billion, and the average discount for price-reduced home continued to hold steady at 10 percent off of the original listing price.

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Wells Fargo Extends Mortgage Assistance to Gulf Coast Borrowers

Wells Fargo has joined the growing faction of lenders offering mortgage assistance to customers in the Gulf Coast region who are facing hardship as a result of the BP oil spill. The company says it is working closely with its borrowers who've been impacted by the events in the Gulf, and is implementing a 90-day foreclosure moratorium for those customers currently working with the bank to resolve delinquency or foreclosure matters.

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Lenders Reclaim $10 Billion of Commercial Property: Report

Distressed commercial real estate is being reclaimed by lenders at a rapid pace, but relatively few assets are being marketed and re-sold. According to the research firm Real Capital Analytics, lenders acquired some $10 billion of commercial property during the first five months of this year -- via foreclosure or negotiated settlement. But they disposed of just $2.6 billion of commercial REO during the same period, even though there is a large amount of ready capital eager to acquire these assets.

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Title Insurance Premiums Jump 4.3% in the First Quarter of 2010: ALTA

Title insurance premiums written during the first quarter of 2010 inched up 4.3 percent when compared to the same quarter last year, the American Land Title Association (ALTA) recently reported. According to its preliminary Market Share Analysis, the title insurance industry generated $2.07 billion in title insurance premiums during the first quarter of this year, up from $1.98 billion during the first quarter of 2009.

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Collins Center’s Foreclosure Mediation Program Expands Across Florida

The Collins Center's foreclosure mediation program is spreading like wildfire across the state of Florida. The program was recently implemented by the 14th Judicial Circuit of Florida, which covers six counties, including Bay, Calhoun, Gulf, Holmes, Jackson, and Washington. This marks the fourth circuit in the Sunshine State to put the program into practice.

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CoreLogic Credco Adds New Tools to Suite of Fannie Mae LQI Solutions

CoreLogic Credco, recently introduced Instant Merge LQ and ENCORE LQ as part of its complete suite of compliant Fannie Mae Loan Quality Initiative (LQI) solutions. The company said it created these products to help lenders satisfy requirements under the new Fannie Mae LQI, which was designed to help lenders avoid loan buy-backs.

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OfferSubmission.com Streamlines REO Sales Process

REO properties continue to flood the market, but the process to submit an offer on one can be extremely confusing. According to industry statistics, more than half of all offers submitted on REO properties never get a response. And many never even get a glance from a decision maker because the system is so clogged and disorganized. In an effort to resolve all this confusion, Woodward Asset Capital created OfferSubmisssion.com, a new technology system aiming to streamline the REO sales process and make sure every offer is viewed and responded to within one day

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