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REO

Home Staging Business Named a Top 500 Franchise Company

Entrepreneur magazine ranked Showhomes 214th in its annual list of the top 500 franchise companies. The Nashville-based home staging company also ranked in the top 50 low-investment businesses, top 100 fastest growing franchise systems, and top 100 home-based businesses. Founded in 1986, Showhomes focuses on vacant properties. Franchisees recruit and train live-in home managers to stage and maintain the home while it is on the market.

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Massachusetts Court Voids Foreclosures, Citing Note Transfer Errors

The Massachusetts Supreme Court ruled Friday that U.S. Bank and Wells Fargo did not have the legal right to foreclose on two homes in the state, invalidating the lenders' seizure of the properties and raising further questions about foreclosure documentation - this time related to the proper transfer of ownership on mortgages packaged as securities. Analysts warn that the decision could have far-reaching implications on loans that have already been liquidated, those in the process of foreclosure, and sales of bank-owned homes.

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HUD Deploys New Risk Management Tool to Manage REO Inventory

HUD recently deployed a new risk management tool developed by Walzak Consulting Inc. for use in its Management and Marketing III (M&M III) program for HUD field service manager and asset manager contractors who oversee the maintenance and sales of foreclosed FHA homes. The model measures and tracks the performance of HUD's REO vendors in meeting and following the department's contractual requirements and operational procedures.

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KeyLink Announces Release of New REO Management Model

KeyLink Asset Management has announced the release and implementation of a new asset management model that assigns dual agents to each asset throughout the pre-listing and marketing stages of the REO process. The model also contains a task-based commission structure that rewards listing agents for high performance and creates income opportunities for servicers in instances of low performance.

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Trepp: CMBS Delinquencies Hit Record High Despite Market Optimism

The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) rose again in December with the percentage of loans 30 or more days delinquent, in foreclosure, or REO climbing 27 basis points to 9.20 percent, according to data released this week by Trepp LLC. The tracking firm says it's the highest delinquency rate in history for U.S. commercial real estate loans in CMBS. The value of delinquent loans now exceeds $61.5 billion.

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Clear Capital Reports 4.1% Drop in Home Prices in 2010

Clear Capital has released its home price report for the 2010 calendar year. The company's analysis shows that compared to where prices were at the end of 2009, nationally, residential properties lost 4.1 percent of their value over the last 12 months, with 70 percent of major markets reporting price declines for the year. The company is forecasting home prices nationally to fall by another 3.7 percent by the end of 2011, although the wild spikes experienced in 2010 will likely be replaced with more gradual price trends.

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LPS: Foreclosure Inventory Rises for Fifth Straight Month

Recent market data analyzed by Lender Processing Services (LPS) highlights delays in the resolution of unpaid mortgages after the robo-signing scandal, and reveals congestion in foreclosure pipelines where loans are languishing and further adding to the shadow inventory of properties that will ultimately become REO and could slow home price appreciation. At the end of November, nearly 2.2 million loans were 90 days or more past due but not yet referred to a foreclosure attorney. Of these, one-third have not made a mortgage payment in at least a year.

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Mortgage Contracting Services Announces Three New VPs

Mortgage Contracting Services LLC (MCS), a Florida-based nationwide provider of property preservation, inspections, and REO property maintenance to the financial services industry, announced three new company VPs on Tuesday. Todd Luckey was promoted to VP of REO operations, Megan Stinnett was promoted to VP of inspection operations, and Chad Mosley was hired as VP of business development.

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Regulators: Completed Foreclosures in Q3 Up 57% from Year Ago

New data from federal regulators show that the nation's largest banks and thrifts repossessed nearly 187,000 homes during the third quarter of 2010. The number of foreclosures completed during the three-month period is up 57.5 percent from a year earlier. The report shows that new foreclosures initiated also rose to more than 382,000. Although foreclosure activity increased during the quarter, servicers reported almost twice as many home retention actions as completed home forfeiture actions.

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Equator Announces Default Servicing Milestones

Default servicing software provider Equator has sold more than $100 billion in assets through its platform since 2003, according to an announcement from the company. In addition, since launching its automated short sale solution in November 2009, the company has initiated more than 500,000 short sales. The company plans to offer several new modules later this year that will interface with existing technology to assist servicers with growing inventories of distressed assets.

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