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REO Professionals Host Fundraiser to Benefit Struggling Homeowners

The REO For Non Profit Mastermind Group, a real estate collective of professional REO agents, and the National Association of Hispanic Real Estate Professionals (NAHREP) will co-host a V.I.P. charity event on Saturday, September 17th at the ICON Ultra Lounge in downtown Los Angeles to benefit two high-profile agencies working to assist struggling homeowners facing foreclosure.

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Spectrum Extends Pruvan’s Proof-of-Performance Service to All Clients

Spectrum Field Services Inc. provides financial institutions across the country with specialized REO preservation and specialty inspection services. Spectrum has been using the third-party certification technology from Pruvan to offer select clients proof-of-performance reporting on inspections since early 2011. Based on the results it's seen so far, Spectrum has decided to extend the service to all of its customers.

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CMBS Delinquencies Decrease for Third Month in Past Four

After rising in July, CMBS delinquencies picked up their downward trend again in August, decreasing 36 basis points to 9.52 percent. This drop is the third in the past four months, according to analysis released by Trepp LLC, a provider of commercial real estate data. Serious delinquencies also declined for the month and now make up 8.79 percent of commercial mortgage loans. According to Trepp, August's decline was the largest recorded since 2008 when the credit crisis began.

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StreetLinks Assures Lenders of UMDP Appraisal Compliance

StreetLinks Lender Solutions says the company can ensure compliance with phase one of the Uniform Mortgage Data Program (UMDP) for appraisals ordered through both its full-service AMC solution, LenderPlus, and self-managed appraisal software platform, LenderX. All appraisals on loans destined for Fannie Mae or Freddie Mac are now required to comply with new Uniform Appraisal Dataset (UAD) requirements. StreetLinks requires that appraisers provide their assessments in the UAD-compliant format.

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Safeguard Properties Appoints George Mehok CIO

Safeguard Properties has announced the appointment of George Mehok as the company's chief information officer (CIO). Mehok is responsible for all information technology-related resources and assets. Safeguard explained that he will play an active role in identifying strategies, plans, and opportunities to apply technology and related solutions to support the company's growth and business evolution.

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Servicers’ Proprietary Mods Increase 11% as Foreclosure Stats Drop

Mortgage servicers completed 56,000 permanent loan modifications through their own proprietary assistance programs during the month of July, according to figures released Wednesday by HOPE NOW. July's tally represents an 11 percent increase over the 50,000 proprietary mods reported in June. At the same time, foreclosure sales fell by 11 percent month-to-month and newly initiated foreclosure actions slipped 5 percent. HOPE NOW also found that the redefault rate for proprietary modifications is 20 percent.

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Home Prices Post Slight Gain for July but Still Below Year-Ago Levels

Home prices rose 0.8 percent in July, marking the fourth consecutive monthly increase, according to the latest home price index from CoreLogic. Capital Economics responded to CoreLogic's report saying, its analysts ""are wary"" of reading too much into the ""fairly optimistic"" house price report because prices have yet to respond to the recent weakening in consumer demand. Despite the monthly increase, Corelogic says home prices are down 5.2 percent from where they stood a year ago.

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Title Insurance Premiums Decrease in Second Quarter

Title insurance companies wrote $2.30 billion in premiums throughout the second quarter of 2011, down from $2.33 billion in the second quarter of 2010, according to the American Land Title Association's (ALTA) preliminary 2011 second-quarter market share analysis. At the same time, premiums increased in 21 states and Washington, D.C. The biggest premium gains were seen in Iowa and South Dakota. Fidelity underwriters claimed the largest market share, with more than a third of the new business.

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LPS Puts Average Delinquency+Foreclosure Timeline at 599 Days

The average mortgage loan in foreclosure has been delinquent for 599 days, according to Lender Processing Services (LPS). That's a record for the company's regular monthly study on mortgage performance trends. As of the end of July, LPS counted 2.2 million loans that were in foreclosure and nearly 1.9 million that were over 90 days past due but had not yet started the foreclosure process. The company also found that 38 percent of July's foreclosure starts were repeat foreclosures.

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Association of Mortgage Field Services Releases Practitioner Tools

The National Association of Mortgage Field Services (NAMFS) has teamed up with the REO property preservation firm Field Asset Services, Inc. to provide its members with information on local code enforcement officials and homeowners association (HOA) contacts. The organization's database contains approximately 12,000 code officials and 2,500 HOA contacts nationwide and has been tied to interactive search tools available via the NAMFS website.

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