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REO

Equator Launches PRO REO Solution Aimed at Middle Market

Equator, a Los Angeles-based software provider for the default servicing industry, announced Monday the launch of its new Professional REO solution. The company explained that PRO REO encompasses all the power and best practices of Equator's enterprise REO application in an affordable, quick and easy to adopt solution for the middle market.

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REO Brokerage Aids Homeowners in Default

Desiree Patno Enterprises, Inc., a women-owned REO brokerage based out of Irvine, California, has announced the integration of a new department designed to provide assistance to homeowners in default at no cost. The company is now offering free information regarding loan modifications and short sales both in-office and online.

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Loan Modifications Lead to Fewer Mortgage Insurance Claims: Report

Mortgage insurance claims filed by servicers on defaulted loans are showing signs of tapering off, according to data released by the risk analysis and due diligence firm Clayton Holdings. Clayton's analysts attribute the decline to the increase in servicers' foreclosure prevention initiatives and fewer loans moving into REO status. They also noted that mortgage insurance providers are spending more time reviewing individual claims and evaluating servicers' modification decisions for continued insurance coverage.

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Saxon Appoints New EVP

Saxon Mortgage Services, Inc., based in Irving, Texas, announced Wednesday that it has named Stephen Staid as EVP of customer relationship management. His appointment comes as Saxon repositions itself into the residential subservicing space, specializing in distressed asset servicing.

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Home Prices Up 5% Year-Over-Year: Clear Capital

New data released by Clear Capital Thursday shows that home prices nationally are up 5.0 percent compared to February 2009. It's the second straight month that year-over-year price variations have been in positive territory. Clear Capital also reported that REO saturation increased in February, but that was expected with the typical winter slowdown in sales. Regarding the threat of a shadow inventory, the company suspects this inflow will arrive with a stronger springtime and summer buying season, helping to ease the shock to the marketplace.

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Specialized Asset Management Markets REO Assets on RealtyTrac

To better market its foreclosure listings, Highlands Ranch, Colorado-based Specialized Asset Management LLC (SAM), a national provider of asset marketing and disposition services to mortgage lenders, servicers, and investors, recently partnered with RealtyTrac, an online foreclosure marketplace headquartered in Irvine, California.

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Trepp Reports CMBS Delinquencies Are Slowing

Past due loans within commercial mortgage-backed securities (CMBS) rose 23 basis points in February, according to a new report from Trepp LLC. The firm noted that it's the smallest month-to-month rise since September 2009. The brief reprieve is welcome news for an industry struggling with rising defaults and looming loan maturities, but that's tempered by a quick reminder from Trepp that CMBS delinquencies are still setting new records as the highest the industry has seen since the CMBS market took hold.

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Altisource Establishes REO Asset Management Services

Georgia-based Altisource Solutions, Inc. has broadened its mortgage service offerings to include REO asset management operations. This recent expansion extends the company's real estate disposition and closing services to include oversight and coordination of the entire REO transaction lifecycle.

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California-Based Companies Form Joint Venture to Facilitate Short Sales

In response to the overwhelming amount of foreclosures that could have been avoided through a short sale, Retreat Capital Management Group, a provider of loss mitigation and outsourced fulfillment solutions, and First Team National Default Solutions have formed a joint venture to manage the short sale segment of the loss management process.

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LAMCO Welcomes Industry Veteran to Board of Directors

Lenders Asset Management Corporation (LAMCO), a nationwide REO management company, announced Tuesday that industry veteran Diane M. Cardinal is now a member of its board of directors and will aid in the company's strategic direction and growth of its REO portfolios. Cardinal has more than 37 years' experience within the REO and loan servicing industry, most recently as VP of the foreclosure asset management group at U.S. Bank.

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