Servicing

Property valuation technology developer Veros said its VeroSELECT valuation management platform has been updated to interface with the Uniform Collateral Data Portal, the still-pending technology platform the government-sponsored enterprises will use to accept appraisal data on mortgages they purchase.

A ruling by Massachusetts' highest court Friday repudiating a widespread securitization practice could scuttle other foreclosure cases statewide and may portend similar blows to the industry elsewhere.

Millions of delinquent or foreclosure loans in need of default management assistance have created demand far and beyond the capacity of existing specialty servicers that, in return, is fostering the creation of mega servicer shops.

Modifications of securitized commercial real estate loans more than doubled in 2010 from the previous year, according to a new report from Standard & Poor's.

Federal Reserve Board chairman Ben Bernanke said he is dismayed by the persistence of high foreclosure rates, declining home values, and the futility of government efforts to engineer a recovery in the housing market.

Massachusetts' highest court on Friday voided foreclosures on two homes because the servicers that tried to take title to the properties failed to show they held the mortgages at the time of foreclosure.

The California Association of Realtors, whose members are frustrated by a dearth of short sales, has created a task force to examine the shortcomings of the government's Home Affordable Foreclosure Alternatives program.

PHH Corp., Mt. Laurel, N.J., could write up the value of its mortgage servicing rights by between $125 million and $175 million for the fourth quarter 2010, an earnings preview report from FBR Capital Markets predicts.

Citigroup Inc. is soliciting potential buyers for its subprime lending unit CitiFinancial, the Financial Times reported Friday, citing sources it did not identify.

Conventional mortgage-backed securities prepayment speeds in December slowed, marking what Barclays Capital called “the end of the 2010 refinancing ‘wavelet.’”