Servicing

Commercial real estate service firm Newmark Grubb Knight Frank closed the sale of Park Terrace Apartments for $3.4 million on behalf of the seller City National Bank.

A true bottom has formed under house prices but that assumption could be challenged later this year as the share of distressed sales once again outpaces home sales during the fall and winter months.

One effect of the current default crisis is that servicers are squeezed for fees. To compete, they need to differentiate their offerings by providing more value than their competitors. How can servicers add value?

The distressed mortgage market and demand for default-servicing technology is not ebbing away any time soon. Before that happens, vendors are busy beefing up their strategic resources.

With more activity and more investor interest in the nonperforming loan market recently, it's a good idea to know what steps should be taken to protect your interests when buying or selling these assets.

Through the end of May, Wells Fargo said it had 771,757 mortgage modifications completed or in the process of getting finalized.

With more than a third of mortgage originations in the first quarter of 2012 and a strategy targeting 40% down the road, Wells Fargo has benefited from solid if not always stellar execution in mortgage production and servicing as well as from the stumbles of key competitors, leaving it well out in front of the pack.

Fidelity National Financial’s ServiceLink division acquired DRI Management Systems, while simultaneously rebranding DRI’s default servicing workflow platform.

Printing and marketing materials provider Taylor Corp. will enter the mortgage industry with its acquisition of servicing documentation provider Venture Encoding.

In an interview at his office in Washington, CFPB director Richard Cordray discussed why the complaint database was so important, how he is trying to create a new culture for the agency and why the agency delayed the much-anticipated qualified mortgage proposal.