News

San Diego-based MDA DataQuick, a division of MDA Lending Solutions and a provider of property data to real estate and mortgage professionals, recently announced that Burbank, California-based Lockheed Federal Credit Union (LFCU) has selected MDA DataQuick's collateral validation to help the credit union, which has $2.9 billion in assets, proactively identify and manage loan risk and set loan loss reserves.

Stewart Lender Services is offering a new solution to help mortgage servicers meet the requirements of the federal government's Home Affordable Foreclosure Alternatives (HAFA) program. The company says it is providing servicers with an effective alternative to costly in-house processing, while improving communication among all parties involved and accelerating transaction completion.

Negative equity continues to diminish the severity of foreclosure for many homeowners. Industry studies show that borrowers become more likely to default when they owe more on their home than it is worth. Unfortunately, the underwater number is still growing. First American CoreLogic said Tuesday that more than 11.3 million residential properties were in negative equity at the end of 2009. That equates to 24 percent of all homes in the United States with mortgages.

Encore Retail, LLC, a privately held real estate development firm and subsidiary of Dallas-based Encore Enterprises, Inc., recently announced the appointment of Michael Nelson as VP and director of leasing for the company. Nelson brings over 25 years' experience in retail, office, medical, and industrial assets to his new position.

Despite current reports of stabilization within the economy, commercial real estate sectors continue to be negatively impacted by fallout from the recession, but according to the National Association of Realtors (NAR), there is hope for some improvement by next year. Vacancy rates are expected to stay elevated throughout 2010, but NAR says with the job market anticipated to turn for the better later this year, the industry should see rising demand for office and warehouse space in 2011.

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.

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.

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.

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.

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.