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Commercial Mortgage Delinquencies Mixed with CMBS Faring Worst

Delinquency rates among different groups of commercial and multifamily mortgage investors were mixed in the first quarter, the Mortgage Bankers Association (MBA) reports. Delinquency loans held in commercial mortgage-backed securities (CMBS) reached their highest level since 1997, but MBA says the climb was slower than in recent quarters. On the other hand, delinquency rates for other investors, including Fannie and Freddie, remain below levels seen in the last major real estate downturn - some by large margins.

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Pro Teck Valuation Services Appoints Chief Financial Officer

Pro Teck Valuation Services, a real estate collateral valuation provider, announced Tuesday that Basil G. Pallone has joined the company as CFO. Basil will be responsible for all aspects of the company's financial operations, and has more than 25 years of financial management experience in public, private, and venture-backed companies.

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Mortgage Cadence Spins Off Document Prep Division

Mortgage Cadence, LLC, a provider of enterprise lending solutions (ELS), default servicing technology, and document services for the financial services industry, will spin off its compliance, content, and document preparation division, Mortgage Cadence Finale, into a separate entity. The new standalone service provider will go by the name Finale Document Services and allows lenders and servicers to create modification and short sale packages, as well as other financial documents.

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IndiSoft Delivers Default Servicing Tool to Counseling Agencies

IndiSoft announced Tuesday that its workflow technology now assists housing counseling agencies with internal operations and communications. Housing counselors provide consumers with advice on housing options as well as information regarding defaults, foreclosures, and credit issues. IndiSoft explained that its RxOffice Premium Counselor Edition provides case and document management features customized for counselors and allows them to more effectively communicate with both financially troubled consumers and servicers.

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Trepp: Loss Severities, Volume of CMBS Loans Liquidated Increase

Almost $1.4 billion in commercial mortgage-backed securities (CMBS) conduit loans were resolved with losses in May, according to Trepp LLC. That number was up about 11 percent from April and was the second highest total since the company began tracking this stat in January 2010. During the month of May, 148 loans with a total balance of $1.38 billion were liquidated. The losses on the May liquidations were about $594 million, representing an average loss severity of 43.2 percent.

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Underwater Ratio Improves but Seconds Sinking

The number of mortgage borrowers who owe more on the loan than their home is worth decreased slightly during the first quarter, but CoreLogic sees a problem area among homeowners with second mortgages. The company found that 10.9 million, or 22.7 percent, of all residential properties with a mortgage were in negative equity as of the end of March. CoreLogic says the underwater ratio of borrowers with home equity loans is more than double that of borrowers without second mortgages.

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Mississippi Passes Contested Broker Price Opinion Legislation

The Mississippi Legislature has approved a measure that defines the acceptable uses of broker price opinions (BPOs) to estimate the price of residential real estate property and provides greater clarity to real estate professionals on the preparation and delivery of BPOs in the state. The Broker Price Opinion Act has been signed into law by Gov. Haley Barbour and becomes effective July 1. As the basis for its BPO regulations, the state officially recognized and adopted the BPO Standards and Guidelines (BPOSG) from the BPO Standards Board and the National Association of BPO Professionals.

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Zillow Unveils Mortgage Marketplace App

Zillow, a Seattle-based mobile and online real estate information company, launched its Zillow Mortgage Marketplace iPhone app Tuesday for a mobile loan shopping experience. The app combines personalized loan quotes with calculators and tools to help borrowers ascertain home affordability, monthly payment amounts, and whether refinancing makes financial sense. Home shoppers can also use the app to receive instant, personalized loan quotes from lenders.

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Ocwen Launches Turnkey Operation for Distressed Mortgage Buyers

Specialty servicer Ocwen Financial Corporation recently launched a new product to help buyers of non-performing loan portfolios or residuals of private-label securities get more value from their loans. A turnkey product, PlatformPlus allows distressed asset investors to set up their own specialty servicing operations using Ocwen's expertise and management.

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WFG National Title Expands Default Services Division

Williston Financial Group and its wholly owned subsidiary WFG National Title Insurance Company have appointed Morgan Harris as EVP of default services. As head of the company's default services division, Harris will be responsible for the strategic direction of the division, as well as the oversight and management of all aspects of sales and production.

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