Servicing

The share of California homes sold in nondistressed, traditional sales transactions is at its highest level in seven years, according to data from the California Association of Realtors.

Valuation Partners, an appraisal management company in Sugar Land, Texas, said on Thursday that it has launched a unit to handle valuations of commercial properties.

Servicing income rose last year but not enough to offset other expenses.

Prior to 2006, the industry primarily relied on enforcing lender representations and warranties. Recent widespread litigation has shown the immense costs of relying on cures. Prevention is a better solution.

New York banking regulator Benjamin Lawsky said Wednesday his office will investigate claims that Ocwen Financial Corp. and other servicers require distressed borrowers to sign nondisclosure agreements in order to receive mortgage modifications.

Most of the loan pools are geographically diverse, but a pool concentrated in the Southwest is expected to appeal to bidders that want to turn nonperforming loans into single-family rental properties.

Recently raised regulatory concerns about the massive transfer of mortgage servicing rights from banks to nonbanks are fueling industry hopes that policymakers may be open to addressing the issue.

Congressional inaction on debt forgiveness provision leads to more foreclosures.

New York regulator Benjamin Lawksy plans to eliminate several layers of review for mortgage bankers to apply for a license or a new branch location, and to expand an investigation into the affiliated businesses of nonbank servicers.

New York Attorney General Eric Schneiderman renewed calls for the state legislature to address the problem of "zombie properties," or foreclosed homes that banks have walked away from to avoid the cost of maintenance.