Inspection
By Esther Cho | 04/12/2012
As of December 31, 2011, the Hardest Hit Fund (HHF), which is meant to fund innovative measures to help families through the housing crises in hardest hit states, has spent just 3 percent of its budget since its February 2010 inception, a report published by a watchdog organization for taxpayers revealed Thursday. More specifically, as of the end of 2011, HHF spent $217.4 million of the $7.6 billion available for the program, and has provided assistance to just 30,640 homeowners, which is about 7 percent of the 458,632 to 486,536 homeowners it is estimated to help over the life of the program, which ends in 2017.
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By Carrie Bay | 04/11/2012
Quandis, Inc., a California-based provider of default management technology solutions, recently announced the launch of a solution that connects mortgage service companies with a nationwide network of real estate vendors. The new module provides a centralized Web portal that creates a medium for vendors to list the services and expertise they provide, such as such as valuations and short sale facilitation, and for mortgage companies to locate vendors based on their business needs.
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By Esther Cho | 02/15/2012
For those juggling a list of REO properties that must be managed and maintained, Mobile Business Concepts created an app and software to make the process smoother and more efficient. REO Photo, the app's name, will help contractors get organized through features such as the ability to assign jobs, track progress, and document work with photos.
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By Esther Cho | 02/09/2012
Property code violations come in all shapes and prices, but Field Asset Services (FAS) narrowed the list down to the top 10. The list is based on FAS's 30 mortgage and asset management clients; the company services more than 130,000 active properties on an ongoing basis. "Cities and local municipalities across the nation are becoming more vigilant towards issuing code violations to reduce blight and improve neighborhood conditions," said Dale McPherson, CFO of Field Asset Services.
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By Kelli Snowgren | 01/30/2012
Field Asset Services (FAS), a provider of pre-foreclosure, REO, and renovation field services, has released its top 10 property preservation predictions for 2012, which focus on providing superior customer service, the need to take initiative to pre-empt future problems, and a demand for knowledge that will open communication and deliver results. Among the company's forecasts, institutional investors will begin to emerge as their interest in purchasing single-family residence REO properties increases, and innovation in the area of mobile technology will be necessary for vendors and contractors to work more efficiently from the field.
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By Carrie Bay | 01/16/2012
A study from the Government Accountability Office (GAO) found that vacant properties rose 51 percent over the span of a decade, from nearly 7 million in 2000 to 10 million in April 2010. Ten states saw vacancies go up by 70 percent or more as a result of high foreclosure rates. The elevated number of vacant homes carries a hefty price tag for lenders that must resume ownership after foreclosure, but GAO says it's local governments that are feeling "significant" pressure from the rise in vacant properties.
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By Carrie Bay | 01/10/2012
Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation services, inspections, and REO property maintenance, announced Tuesday the addition of Tod Phelps as chief information officer (CIO). Phelps started his career in the IT industry 23 years ago.
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By Carrie Bay | 12/21/2011
Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation, inspections, and REO property maintenance to the financial services industry, has announced the promotions of Judy Mroczka to SVP of finance and Laura Bast Nold to VP of human resources. Both joined MCS in 2007, Mroczka as VP of finance and Nold as a senior human resources manager.
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By Carrie Bay | 12/12/2011
The Federal Housing Finance Agency (FHFA) filed a lawsuit in federal court Monday against the city of Chicago contesting a local ordinance that makes lenders liable for the upkeep of vacant homes before they take possession of the title. FHFA says the law encroaches upon its role as the sole supervisor of Fannie Mae and Freddie Mac, and could raise costs for homeowners in the city. Both GSEs have instructed servicers to keep a record of all registration, inspection, and maintenance expenses incurred to comply with the Chicago ordinance.
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By Carrie Bay | 12/09/2011
Las Vegas has enacted a city ordinance that holds lenders liable for the upkeep of vacant homes even if a default or foreclosure is pending and the borrower still holds the title. Lenders who fail to comply with the maintenance requirements for vacant properties prior to repossessing them could face misdemeanor criminal charges that carry a $1,000 fine and six months in jail. Las Vegas, considered the epicenter of the nation's housing crisis, has a foreclosure rate six times the national average.
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