News

The House Committee on Oversight and Government Reform has launched an official investigation into the federal government's foreclosure prevention program. According to a statement from the head of the committee, the probe was triggered by complaints that servicers have been slow and inconsistent in modifying loans under the Making Home Affordable (MHA) program, and are not communicating clearly with eligible homeowners.

Service 1st Valuation and Settlement Services, Inc., a national appraisal management firm based in Pittsburgh, has joined the Ellie Mae Network, according to an announcement Monday. Connectivity to the network is integrated in Ellie Mae's Encompass360 management software, which is used by mortgage bankers, mortgage brokers, community banks, credit unions, and national and regional lenders across the nation.

In an effort to help the industry cope with the aftermath of the Protecting Tenants at Foreclosure Act (PTAFA), Austin, Texas-based TenantAccess offers a comprehensive, end-to-end solution called the Tenant Protection Response Program (TPRP) and is now providing tier 1 banks, servicers, and asset managers relief from the property and tenant management responsibilities they have acquired as a result of this legislature.

Noting a decrease in both purchase volume and refinance activity from 2009, the first-quarter update to iEmergent's formal 2010-2014 Mortgage Volume Forecast was recently released by the Des Moines, Iowa-based market research, forecasting, and advisory services firm

The distressed commercial real estate market has made it difficult for potential property owners and opportunistic investors to secure funding for new deals, as widespread losses on such assets have led banks to shy away from extending credit in recent months. But according to new data from Jones Lang LaSalle that tide appears to have turned, with a growing number of lenders to the commercial real estate sector anticipating an increase in loan production this year.

Despite the static housing economy, RE/MAX, a global real estate company based in Denver, earned No. 1 market share status in the Twin Cities 13-county metro for number of listings sold between January 1, 2009 and December 31, 2009. In addition to earning No. 1 market share in the Twin Cities 13-county metro, RE/MAX agents proved to be the most productive agents in the metro for 2009, the company said.

Multiple bank closures have become commonplace on Friday evenings, but last week, regulators shut the doors on just one institution-1st American State Bank of Minnesota. The bank operated two local branches in Hancock, with $16.3 million in deposits and $18.2 million in total assets. It was acquired by Community Development Bank, also in Minnesota.

The comprehensive Home Affordability and Stability Plan, introduced by the Obama administration in March 2009, was created in hopes of providing refinance and modification options for millions of homeowners. So far, though, that hasn't been the case. However, Fifth Third Mortgage Company, a financial services company headquartered in Cincinnati, Ohio and a subsidiary of Fifth Third Bank, says it has done its part to help homeowners stay in their homes.

A new study from PMI Mortgage suggests home prices have found their bottom. The company's data shows that residential property values began stabilizing considerably during the middle part of last year. PMI says the likelihood that home prices will drop lower over the next two years is diminishing for most large metro markets, but the company cautioned that high unemployment rates and rising foreclosures continue to threaten a full recovery.

According to a recent company announcement, Matt Vernon has been named short sale and real estate owned (REO) executive for Bank of America Homes Loans. In his new position, Vernon will develop and implement initiatives to manage and streamline the bank's efforts to use short sales and other property liquidation tools to prevent foreclosures. In addition, Vernon will oversee the management and marketing of properties in the bank's REO portfolio.