REO

Industry veteran Michelle Begni-Hymer will join Equity Pointe Asset Services, Inc. as SVP of sales and marketing, according to an announcement made by the company. Begni-Hymer has over 15 years' experience in the default mortgage servicing industry, most recently serving as VP of customer relations for Lender Processing Services.

Stewart Lender Services is hosting a job fair on Monday, December 19 in Houston, Texas, in order to hire approximately 200 to 300 associates to fill mortgage servicing and loss mitigation positions. The company says it is growing in all areas, including call center services, home retention services, loan servicing, loan processing services, and REO. The event offers job seekers on-the-spot interviews and gives them a chance to meet face-to-face with hiring managers and recruiters.

Low property valuations and steep sales discounts reduce the proceeds from liquidated loans by almost a third, according to Moody's Investors Service. As home prices drop, equity erosion drives most of the losses incurred on defaulted loans, but Moody's says in today's environment that's not the whole story. The agency's analysis of 46,000 loans liquidated since 2007 found that on average, a foreclosed property will be valued about 18 percent lower than average home prices, and will be subject to an additional sales discount of about 15 percent.

Foreclosure activity slipped 3 percent in November when compared to the previous month, but filings at various stages of the process showed starkly different movements, according to RealtyTrac's latest market report. Scheduled auctions hit a nine-month high following the default surge that began in August. At the same time, RealtyTrac says REO activity is at a 44-month low. Total filings are down by double-digits from a year ago, but RealtyTrac doesn't view the numbers as the making of a trend.

Citing data from Lender Processing Services estimating more than 2 million properties in some state of foreclosure, Fitch Ratings says REO sales - both single-property and bulk sales - will be an integral component of the housing market over the next two years. However, the timing and method of disposition will have significant implications for home prices, according to Fitch. The agency notes that distressed properties generally sell at a substantial discount, further exacerbated by the presence of excess inventory.

NuView Financial Services provides services related to borrower outreach, loss mitigation, and short sale liquidation to mortgage servicers, insurers, and investors across the country. The company announced last week that it has retained Gilmore Consulting Group, LLC to manage partnership initiatives that include community and government relations. The collaboration aims to expand the role of counseling agencies, real estate professionals, and other critical stakeholders devoted to preserving communities.

Brillion Asset Solutions, Inc., an asset management firm headquartered in Newport Beach, California, announced Tuesday that it has acquired Infinity National Asset Management, a San Diego-based REO asset management company. Terms of the transaction were not disclosed. According to a statement from Brillion, the acquisition increases its portfolio of clients and its real estate practitioner network to support a more efficient and timely disposition of non-performing assets.

While home values are continuing to decline, they are beginning to stabilize as the market nears the bottom, according to the Zillow Real Estate Market Report released Tuesday. On a yearly basis, the average home price fell 5.1 percent in October, arriving at $147,000. However, on a monthly basis, the drop was just 0.3 percent, demonstrating a deceleration from recent declines. In addition to stabilizing prices, Zillow reported another positive sign for the market, with the foreclosure liquidation rate slipping to 8.1 out of every 10,000 homes.

With the holiday season approaching, the tracking firm ForeclosureRadar is seeing declines in the number of completed foreclosures in four of the five states it monitors along the country's West Coast - California, Nevada, Oregon, and Washington. Only Arizona saw foreclosure sales rise in November, up 25 percent from October. Even with the recent increase, Arizona's numbers remain well below the state's monthly average for the year. Sales of foreclosures to third-party investors have risen sharply when compared to year-ago levels.

The Federal Housing Finance Agency (FHFA) filed a lawsuit in federal court Monday against the city of Chicago contesting a local ordinance that makes lenders liable for the upkeep of vacant homes before they take possession of the title. FHFA says the law encroaches upon its role as the sole supervisor of Fannie Mae and Freddie Mac, and could raise costs for homeowners in the city. Both GSEs have instructed servicers to keep a record of all registration, inspection, and maintenance expenses incurred to comply with the Chicago ordinance.