Servicing

CP Federal Credit, Jackson, Miss., will give away a foreclosed home on Friday during a noon ceremony at its headquarters, as part of its "Wish Upon A Home" giveaway program.

Delinquency rates on commercial mortgages were mixed in the second quarter. The rate on banks' commercial and multifamily mortgages appears to have reached a plateau, while the delinquency rate for loans in commercial securities continued to climb during the period, according to the latest data from the MBA.

David Frase, executive vice president in charge of warehouse lending at Southwest Securities FSB, Dallas, has left the company, industry officials confirmed to National Mortgage News.

The National Association of Realtors' gauge of future home sales rose 5.2% in July after falling 28% since April when two federal tax credits for home buyers expired.

Fannie Mae wants out of its defaulted residential mortgage holdings as quickly as possible and is warning loan servicers not to stand in its way.

In California, foreign language translation requirements have been added for essentially all lenders other than federally chartered banks, credit unions, savings banks or thrifts, which are expressly exempt.

One third-party vendor is seeing more of its mortgage servicer clients use short sales as a strategy to reduce timeframes and loss severity for managing homes in default. In fact, many client buyers are also using this remedy in terms of doing their due diligence when buying distressed assets in bulk sales.

Commercial mortgage securities issuance is still far below 2007 levels—five bonds pooling commercial property loans have come to market in the past six months—and the deals are dramatically different from those assembled before the credit crisis.

The Irving, TX-based servicer Saxon Mortgage Services, Inc. has signed up with the National Community Stabilization Trust “First Look” program, which gives participants priority access to distressed properties for sale.