Servicing

Bank of America is hiring financial advisors, including mortgage specialists, as it expands its network of high tech "specialty stores" for customers with $50,000 to $250,000 in "investable assets."

Lender Processing Services is now marketing its hybrid valuation service to owners of distressed property portfolios as an alternative to traditional broker price opinions.

Nationwide sales of homes in some stage of foreclosure or bank-owned status in the second quarter this year accumulated for 31% of all residential sales, according to RealtyTrac.

As the government makes changes to servicing regulations and short-sale fraud lawsuits continue to linger in the wake of the robo-signing scandal, Woodward Asset Capital is adapting to the ongoing changes to help lenders with their asset disposition strategies.

Kinecta Federal Credit Union has launched a jumbo loan program for high net worth borrowers that allows them to use a percentage of their assets in certain other financial products to help them qualify for hybrid adjustable-rate mortgages from $417,001 to $3 million in size.

Independent mortgage banking firms made an average profit of $575 per origination in the second quarter, a 66% gain compared to 1Q -- but a significant decline from two years ago when the average gain was $1,358.

Behringer Harvard, a global real estate investment program, has formed BH Capital that will focus on the acquisition of small-balance debt properties sold on the secondary market through individual transactions or portfolio sales.

Three properties in Ohio and Michigan that previously belonged to General Motors Corp. have been sold in separate transactions.

A payment has not been made on the average loan in foreclosure in 599 days, up from 587 the previous month, according to Lender Processing Services Inc.'s latest monthly Mortgage Monitor report.

After months of rumors, Bank of America made it official Wednesday morning, saying it would exit the correspondent mortgage space, where it ranks second nationwide.