Home / News (page 1602)


Hotel Reservations: Fitch Expects Hotel CMBS Defaults to Hit 30%

Since the peak of 2008, hotel revenue has declined almost 20 percent. Fitch Ratings says it's the largest decline among the major commercial mortgage-backed securities (CMBS) property types. Given the current capital restrictions, the agency predicts defaults on hotel loans held by CMBS investors will nearly double by 2012 - with delinquencies jumping from the current level of 16.6 percent to 30 percent.

Read More »

Equator Launches HAFA Software Solution

With the effective date of the administration's Home Affordable Foreclosure Alternative (HAFA) program just around the corner, lenders and servicers are preparing for an influx of short sale and deed-in-lieu requests. In an effort to provide industry professionals with the technology they will need to service the hundreds of thousands of loans estimated to be eligible for HAFA, Equator Financial Solutions, a Los Angeles-based software provider of default servicing solutions, is launching a HAFA software solution.

Read More »

Lending Valuation Company Appoints Director of Client Relations

Santa Barbara, California-based Equi-Trax Asset Solutions, LP, a national collateral valuation provider offering a line of hybrid valuation products that bridges the gap between broker price opinions and full appraisals, recently promoted Danielle Drewisch to the position of director of client relations.

Read More »

Pro Teck Unveils Appraisal Order Portal for Wholesale Market

Pro Teck Valuation Services announced Tuesday the expansion of its service offerings with the introduction of a configurable appraisal order portal for wholesale and retail mortgage origination. The platform, already in use by top national mortgage wholesalers, is designed to meet both regulatory and investor appraisal requirements.

Read More »

Despite Low Interest Rates, Mortgage Applications Decrease

Following two consecutive weeks of growth, mortgage loan application volume fell 1.9 percent for the week ending March 12, 2010, the Mortgage Bankers Association (MBA) reported Wednesday. The slump in mortgage application volume was surprisingly accompanied by a week-to-week drop in interest rates.

Read More »

Treasury Report Shows Lending by TARP Recipients Remains Constricted

New loans made by the nine U.S. banks with the largest unsettled government bailouts declined 35 percent from December to January, according to federal data released this week. The Treasury's monthly lending survey of the top Troubled Asset Relief Program (TARP) recipients with funds outstanding shows that the nine banks in the upper echelon originated approximately $36 billion in new loans during the first month of this year - the smallest total since last October.

Read More »

NAR Supports Use of BPOs in HAFA Program

The allowance of broker price opinions in the administration's Home Affordable Foreclosure Alternatives (HAFA) program has created a major controversy. As DSNews.com previously reported, four appraisal organizations recently wrote a letter to Treasury Secretary Timothy Geithner, voicing concerns over the use of BPOs for short sales under HAFA. In response to this opposition, Vicki Cox Golder, president of the National Association of Realtors (NAR), wrote her own letter, supporting HAFA and its allowance of BPOs.

Read More »

Wells Fargo Signs on to HAMP’s Second Lien Program

Wells Fargo said Wednesday that it has agreed to participate in the administration's Second Lien Modification Program (2MP). Wells is only the second major servicer to sign on to the junior lien component since it was introduced nearly a year ago. Under 2MP, when a borrower's first lien is modified under HAMP and the second lien servicer is a 2MP participant, that servicer must offer either to modify the second lien or to accept a lump sum payment from Treasury in exchange for fully extinguishing the second lien.

Read More »

HOPE NOW’s Non-HAMP Loan Mods Lead the Way

HOPE NOW says its members completed 99,499 proprietary loan modifications in January, almost double that of the 50,364 permanent mods finalized under the Home Affordable Modification Program (HAMP) industry-wide during the same month. Although HOPE NOW is seeing substantial success with non-HAMP modifications, the organization is also taking a lead in helping servicers collect borrowers' documents at its localized outreach events, in order to speed the process of converting trial HAMP mods to permanent status.

Read More »


Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.