Servicing

West Coast foreclosure activity continued to fall in July compared to the previous month, according to the latest report from ForeclosureRadar.

Tom Millon and Capital Markets Cooperative, a secondary marketing specialist based in North Florida, are in an enviable position: they have $100 million of Wilbur Ross' money and aim to spend it—though they are in no rush to do so.

GCC Servicing Systems, a provider of mortgage servicing technology and solutions for banks, mortgage companies and credit unions, has launched its customer service resolution module through its G/Serv platform to assist lenders with the management and tracking of customer disputes.

DJM Realty has been retained to manage the disposition of all the remaining Borders Group and Waldenbooks real estate throughout the country.

Flagstar Bancorp, Troy, Mich., is selling 22 retail banking branches in Indiana to First Financial Bancorp, Cincinnati, for a 7% premium on $328 million in deposits. The deal should result in a one-time gain of $23 million.

The national delinquency rate for loans 30 or more days past their payment date but not in foreclosure is at 8.34% through July 2011.

The Knights of Columbus late Tuesday said in a press release that it has expanded a case against the Bank of New York as trustee for 18 residential mortgage-backed securities trusts originally issued by Countrywide with additional claims of breach of contract, among other things.

Stock market volatility drove rates on the 30-year fixed-rate mortgage to hit a new low point for the year but it also contributed to a pull-back in the purchase market, holding the increase in mortgage application volume to just 4.1% for the week ended Aug. 12, according to the Mortgage Bankers Association.

Property preservation provider REO Allegiance, Bayonne, NJ, has been selected to be part of a new inspection program created by Atlas REO Services to protect foreclosed homes.

Only a few years ago most of the talk about short sales revolved about how to make the process more efficient - meaning shorter, since on average it lasted anywhere from 60 to 90 days. That worry is a thing of the past.