REO

In an effort to help the industry cope with the aftermath of the Protecting Tenants at Foreclosure Act (PTAFA), Austin, Texas-based TenantAccess offers a comprehensive, end-to-end solution called the Tenant Protection Response Program (TPRP) and is now providing tier 1 banks, servicers, and asset managers relief from the property and tenant management responsibilities they have acquired as a result of this legislature.

According to a recent company announcement, Matt Vernon has been named short sale and real estate owned (REO) executive for Bank of America Homes Loans. In his new position, Vernon will develop and implement initiatives to manage and streamline the bank's efforts to use short sales and other property liquidation tools to prevent foreclosures. In addition, Vernon will oversee the management and marketing of properties in the bank's REO portfolio.

Lenders Asset Management Corporation (LAMCO), a nationwide REO management company, said Thursday that it has enhanced its disaster recovery plan, which details LAMCO's procedures for responding to emergency situations, such as natural disasters or accidents, that could potentially threaten service level agreements.

The four week streak of falling mortgage rates ended this week, according to surveys released Thursday by Freddie Mac and Bankrate. However, despite this slight increase, mortgage rates remain relatively stable and are notably lower than rates this time last year.

Home loan delinquency rates in the United States have now surpassed 10 percent, Lender Processing Services (LPS) reported this week. When you factor in homes already in the foreclosure process, the total rate of noncurrent mortgages sits at 13.3 percent, according to the company's national loan-level database. This rate indicates that more than 7.2 million mortgage loans are now behind on payments, LPS explained, with another one million properties already taken back by banks and in REO status.

The Corvus Group, a Washington, D.C.-area firm with nearly $10 billion of real estate assets under management from failed banks, has formed a Troubled Asset Advisory Group (Corvus TAAG). The group, based in Chicago, says it provides specialized staffing and advisory services to companies involved with troubled and distressed commercial real estate and homebuilder/residential development debt.

Fannie Mae says it will cover the closing costs on purchases of its REO homes - an incentive the GSE hopes will help it pare down a bloated supply of repossessed properties. From now until May 1, people purchasing a home through HomePath, Fannie Mae's REO disposition operation, will receive up to 3.5 percent of the final sales price, which can be applied toward closing costs or used to purchase appliances for their new home. At the end of September, Fannie Mae had 72,275 REO properties on its books, marking a 7 percent increase year-over-year.

The Arizona real estate market seems to be on the mend, according to recent data released by Fidelity National Title, a title insurance and escrow service company in Arizona, in partnership with The Cromford Report, an online statistical resource on the metropolitan Phoenix residential resale market.

According to an announcement Tuesday by Irvine, California-based REDC, the company auctioned 654 properties in its four-day, seven-city live auction series January 21, 23, 24, and 25, producing $41.4 million in sales. ""We're very pleased with the results from the auctions,"" said Jeff Frieden, CEO of REDC.

In an effort to prepare for the mortgage industry's high volume of foreclosures that are expected to occur throughout 2010, Lenders Asset Management Corporation (LAMCO), a full-service default asset management company based in Littleton, Colorado, announced the development of its REO Services Scalability Initiative.