Servicing

Federal regulators and state Attorneys General may be close to a settlement with several major mortgage servicers over foreclosure processing violations, according to Federal Housing Commissioner David Stevens.

Alarmed by significant deficiencies uncovered as part of a regulatory review of residential servicing practices, federal banking agencies are preparing formal enforcement actions against the largest players in the receivables market that they hope will set de facto standards across the industry, according to sources familiar with the situation.

Mortgage Contracting Services LLC has made available a new product called REO Check that servicers can use as assistance for on-site assessments of foreclosed inventory throughout the REO lifecycle.

California home sales increased 5% between December and January but the median transaction price fell by almost 9%, according to the California Association of Realtors.

Hilco Real Estate has launched a new operating unit to service deeply distressed real estate loans and REO assets.

After using IndiSoft LLC services for 24 months, Wingspan Portfolio Advisors has expanded its partnership with the technology development firm addressing the needs of homeowners who do not qualify for loan modification or who are unable to retain their homes.

Bank of America recently hired former Saxon Mortgage CEO Tony Meola as a default servicing executive in its mortgage division.

ProGreen Properties Inc. has signed a letter of intent to use SolTech Energy Sweden AB solar technology and products for the roofs of its housing market.

Business owners looking to begin a company or expand their offices have an opportunity to access retail space in a northwestern suburb of Chicago.

The National Credit Union Administration is preparing its latest offering of corporate bailout bonds, this one a $840 million security collateralized by commercial mortgage-backed securities.