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REO

Fannie Mae Announces 3.5% Buyer Assistance on REO Properties

Fannie Mae announced Monday that borrowers purchasing a Fannie Mae-owned property through HomePath, the GSE's REO disposition operation, will receive up to 3.5 percent in closing cost assistance. The company has implemented this temporary buyer assistance program fairly regularly since the beginning of last year -- a strategy aimed at helping the GSE unload a bloated supply of repossessed homes. Fannie Mae acquired 262,078 single-family REO properties through foreclosure in 2010, compared with 145,617 in 2009.

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Infinity Valuation Services Expands BPO Services

Utah-based Infinity Valuation Services (IVS), a full-service valuation company for commercial and retail properties and the sister company to REO outsourcer Green River Capital, expanded its broker price opinions (BPOs) and appraisal services to include the valuation of retail or non-distressed properties.

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Real Property Insight Selects Mercury Network for New Valuation Service

The Oklahoma-based technology developer a la mode has teamed up with Real Property Insight to bring the industry a new valuation service for distressed assets. Real Property Insight is a specialized integrator of information and services focused on distressed asset disposition, and the company has selected a la mode's Mercury Network Vendor Management Platform to manage the valuation portion of its new product, the Real Property Insight (RPI) Report. a la mode estimates this valuation service will save the industry approximately $72 billion.

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Distressed Sales Drag Down Home Prices: CoreLogic

Analysis of home prices through the end of February by CoreLogic shows a year-over-year decline of 6.7 percent when distressed properties - REO and pre-foreclosure short sales - are included in the numbers. February's drop marked the seventh straight month that CoreLogic has recorded a decline in its national home price index. But take out the distressed factor, and the company says home prices are showing signs of stability, down just 0.1 percent from a year ago.

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FASConnect Processes 100 Million Proof-of-Performance Photos

Field Asset Services (FAS) successfully processed more than 100 million photos in one year via FASconnect, its online photo management system for proof of performance reporting. The system captures, documents, and securely shares photos of work performed in the field. Powered by Pruvan, FASconnect GPS certification and time and date-stamping capabilities to provide lenders and service providers a ""certified"" performance guarantee of work completed on REO properties.

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REO Allegiance Adds Former BofA Exec to Its Team

REO Allegiance, a national property preservation and eviction field services firm based in New Jersey, has hired Brian Daily to serve as VP of business development. Daily joins REO Allegiance with over 25 years of executive level experience throughout the mortgage industry spanning origination, servicing, and default management, including 15 years with Bank of America.

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Clear Capital Says Home Prices in the West Now in Double-Dip

Clear Capital reports home prices in the western part of the country are sliding again, down 4.3 percent over the first three months of this year. The company says the West region, taken on the whole, has now officially entered double-dip territory, with home values hitting lows not seen since 2001. Across the rest of the U.S., though, Clear Capital says negative forecasts have been ""overstated,"" as prices in the other three regions have managed to find a bottom in the midst of ongoing foreclosure pressures and the traditionally slow winter season.

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PREO’s Online Marketplace Aims to Shorten Short Sales

Florida-based PREO operates an online marketplace aimed specifically at turning distressed properties into family homes. On Wednesday, the company announced the official launch of its new Web site, which PREO says can shrink the timeline for short sales to weeks instead of months.

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Mortgage Contracting Services Names Chief Information Officer

Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation, inspections, and REO property maintenance, announced Wednesday the addition of Frank Elmore as chief information officer. Elmore is the first individual to hold this position at the company and, beyond overseeing MCS' technology department, is responsible for managing all information technology and computer system initiatives that support corporate operational goals.

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CMBS Delinquencies Rise, but Trepp Sees Signs of Market Healing

The commercial mortgage research firm Trepp LLC says the delinquency rate for loans held in U.S. commercial mortgage-backed securities (CMBS) edged higher in March, but the agency says it's seeing clear signs that the market is starting to heal. Trepp reports that the percentage of CMBS loans 30-plus days delinquent, in foreclosure, or REO rose 3 basis points last month to 9.42 percent. It's the highest delinquency rate ever recorded by the company, but the smallest month-over-month increase in more than two years.

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