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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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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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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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Ohio Inspection and REO Company Renews Service Contracts with HUD

A2Z Field Services, an inspection and property preservation service provider headquartered in Ohio, announced the renewal of the company's three Field Services Management (FSM) contracts with HUD. The company provides property management services to HUD in 18 states and the District of Columbia and will continue to assist the federal agency with its bank-owned inventory over the next year.

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HUD to Re-Foreclose on REO Homes in Michigan

HUD says foreclosures will have to be re-filed on some of its REO homes due to a Michigan court ruling. In April, the Michigan Court of Appeals issued a judgment stating that MERS does not meet the requirements under state statute to act as the foreclosing agent in non-judicial proceedings. HUD says most of the major title insurers in Michigan have ceased issuing title insurance for any repossessed properties involving MERS and a non-judicial foreclosure. The agency is directing mortgagees to re-foreclosure on any affected homes to cure the title defect.

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Credit Union Partners with Green River Capital for REO Management

Green River Capital recently partnered with Mountain America Credit Union to provide commercial and residential REO management services. The company's technology platform allows Mountain America to identify the status of its properties at any time and provides real-time reporting, valuation, offer acceptance, and expense tracking online.

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Double Dip: Altos Says Prices Have Been Steadily Rising Since Then

While a number of closely-watched home price indices show national readings have slipped into a double-dip, Altos Research says it's come and gone. The firm notes that the latest Case-Shiller findings declaring a new post-recession low are based on data through the end of March. Since that time, Altos has recorded a steady uptick in prices for both major metros and mid-city markets across the country. The firm expects to see a rising and falling pattern for several years and believes the double-dip is really just the start of the next housing cycle.

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Trepp: CMBS Delinquencies Retreat in May After Record-Setting April

The delinquency rate on loans held in commercial mortgage-backed securities (CMBS) fell slightly in May from the new record high set the month before, according to Trepp LLC. The research firm says the percentage of CMBS loans 30 or more days delinquent, in foreclosure, or REO has fallen back 5 basis points to 9.60 percent. Trepp says while it seems small, May's decline is actually the biggest rate drop in about two years. The value of delinquent loans within commercial mortgage bonds now stands at $61.5 billion.

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LenderLive Expands Title Service Offerings

LenderLive Settlement Services has expanded its title-related and portfolio management service offerings in response to new regulatory compliance requirements affecting lenders and servicers. In today's environment, LenderLive says it is even more imperative that servicers have all title and mortgage documentation in order. The company notes that there have been instances where foreclosures or other loan actions have been delayed because the title information could not be verified.

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CoreLogic Price Index Shows First Monthly Increase Since Mid-2010

The market has been battered by reports of continuing home price depreciation with both the Clear Capital and S&P/Case-Shiller indices confirming that national readings have fallen below the double-dip mark. But data released Wednesday by CoreLogic provided a flicker of improvement - at least from the short-term view. The company says its index shows home prices in the U.S. rose 0.7 percent between March and April. It's the first such increase since the homebuyer tax credit expired in mid-2010, and that reading includes distressed sales.

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